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Triumph Group Reports Strong Operating Results for Third Quarter Fiscal 2008; Total Fiscal Year 2008 Guidance Increased to Upper End of Range
    --  Net sales from continuing operations for third quarter fiscal
        2008 increased 16% to $275.1 million

    --  Operating income from continuing operations for third quarter
        fiscal 2008 increased 17% to $28.7 million

    --  Backlog improved 14% over prior year to $1.2 billion and
        increased an additional 4% from second quarter fiscal 2008

    --  Income from continuing operations for third quarter fiscal
        2008 increased 53% to $17.9 million, or $1.00 per diluted
        share, computed on 9.4% higher share count

    --  Net income for third quarter fiscal 2008 increased 55% to
        $16.7 million, or $0.93 per diluted share, inclusive of loss
        of $0.07 per diluted share from discontinued operations

WAYNE, Pa.--(BUSINESS WIRE)--Jan. 24, 2008--Triumph Group, Inc. (NYSE:TGI) today reported that net sales from continuing operations for the third quarter of the fiscal year ending March 31, 2008 totaled $275.1 million, a sixteen percent increase from last year's third quarter net sales of $237.8 million. Income from continuing operations for the third quarter of fiscal year 2008 increased fifty-three percent to $17.9 million, or $1.00 per diluted share, versus $11.7 million, or $0.71 per diluted share, for the third quarter of the prior year. Net income for the third quarter of fiscal year 2008 increased fifty-five percent to $16.7 million, or $0.93 per diluted share, versus $10.8 million, or $0.66 per diluted share, for the third quarter of the prior year. The number of shares used in computing diluted earnings per share for the third quarter of fiscal 2008 increased to 18.0 million shares. During the quarter, the company generated $21.9 million of cash flow from operations.

Net sales from continuing operations for the first nine months of fiscal year 2008 were $829.9 million, a twenty-two percent increase over last year's third quarter net sales of $677.6 million. Income from continuing operations for the first nine months of fiscal year 2008 increased fifty-three percent to $54.4 million, or $3.07 per diluted share, compared to income from continuing operations of $35.5 million, or $2.17 per diluted share, in the prior year period. Net income for the first nine months of fiscal year 2008 increased forty-six percent to $47.9 million, or $2.70 per diluted share, compared to net income of $32.8 million, or $2.01 per diluted share, in the prior year period. During the nine months ended December 31, 2007, the company generated $26.2 million of cash flow from operations.

The Aerospace Systems segment reported net sales for the quarter of $213.0 million compared to $187.8 million in the prior year period, a thirteen percent increase. Operating income for the third quarter of fiscal year 2008 was $26.1 million, compared to $26.1 million for the prior year period. Organic sales growth for the quarter was fourteen percent. Operating income for the quarter included $3.8 million of legal expenses associated with the ongoing trade secret litigation, an increase of $3.2 million over the prior year period.

The Aftermarket Services segment reported net sales for the quarter of $62.7 million, compared to $50.5 million in the prior year period, a twenty-four percent increase. Operating income for the third quarter of fiscal year 2008 was $6.5 million, compared to $3.2 million for the prior year period, a 102 percent increase. Operating margins for the quarter improved to 10.4 percent from 6.4 percent in the prior year period. Organic sales growth for the quarter was eight percent.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "Fiscal year 2008 continues to be strong, marked by sustained growth in revenues, operating income, and earnings. The markets we serve continue to expand and our robust backlog bolsters our confidence in the outlook for the remainder of fiscal year 2008 and beyond."

Commenting on the guidance for the year, Mr. Ill stated, "Based on our current outlook, we are now projecting full year earnings per share from continuing operations to be at the upper end of our previously announced range of $3.95 to $4.10."

Under the terms of the company's convertible debt, the increase in the stock price, in addition to driving greater dilution, triggered a provision which gave holders of the notes a put option through March 31, 2008, as described in our press release dated January 2, 2008. Accordingly, the balance sheet classification of the notes will be short term for as long as the put option remains in effect.

As previously announced, Triumph Group will hold a conference call tomorrow at 8:30 a.m. (ET) to discuss the fiscal year 2008 third quarter results. The conference call will be available live and archived on the company's website at http://www.triumphgroup.com. A slide presentation will be included with the audio portion of the webcast. An audio replay will be available from January 25th until February 1st by calling (888) 266-2081 (Domestic) or (703) 925-2533 (International), passcode #1187893.

Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and accessories. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.

More information about Triumph can be found on the Internet at http://www.triumphgroup.com.

Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including expectations of future aerospace market conditions, financial and operational performance, revenue and earnings growth and sales and earnings results for fiscal 2008. All forward-looking statements involve risks and uncertainties which could affect the company's actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph's reports filed with the SEC, including our Annual Report on Form 10-K for the year ended March 31, 2007.

                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                (in thousands, except per share data)


                              Three Months Ended    Nine Months Ended
                                 December 31,         December 31,
                              -------------------  -------------------

CONDENSED STATEMENTS OF
 INCOME                         2007      2006       2007      2006
                              --------- ---------  --------- ---------


Net Sales                     $275,099  $237,756   $829,875  $677,561

Operating Income                28,726    24,513     90,823    67,333

Interest Expense and Other       3,310     2,534     10,083     8,694
Charge for Early
 Extinguishment of Debt              0     5,088          0     5,088
Income Tax Expense               7,493     5,161     26,304    18,083
                              --------- ---------  --------- ---------

Income from Continuing
 Operations                     17,923    11,730     54,436    35,468
Loss from Discontinued
 Operations, net of tax         (1,206)     (929)    (6,572)   (2,623)
                              --------- ---------  --------- ---------

Net Income                     $16,717   $10,801    $47,864   $32,845
                              ========= =========  ========= =========

Earnings Per Share - Basic:

Income from Continuing
 Operations                      $1.08     $0.72      $3.30     $2.19
Loss from Discontinued
 Operations                     ($0.07)   ($0.06)    ($0.40)   ($0.16)
                              --------- ---------  --------- ---------
Net Income                       $1.01     $0.66      $2.90     $2.03
                              ========= =========  ========= =========

Weighted average common
 shares outstanding - Basic     16,563    16,262     16,515    16,168
                              ========= =========  ========= =========

Earnings Per Share - Diluted:

Income from Continuing
 Operations                      $1.00     $0.71      $3.07     $2.17
Loss from Discontinued
 Operations                     ($0.07)   ($0.06)    ($0.37)   ($0.16)
                              --------- ---------  --------- ---------
Net Income                       $0.93     $0.66 *    $2.70     $2.01
                              ========= =========  ========= =========

Weighted average common
 shares outstanding - Diluted   18,002    16,459     17,706    16,353
                              ========= =========  ========= =========

Dividends declared and paid
 per common share                $0.04     $0.04      $0.12     $0.08
                              ========= =========  ========= =========


* Difference due to rounding.
                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
            (dollars in thousands, except per share data)

BALANCE SHEET
                                              December 31,  March 31,
                                                  2007        2007
                                              ------------ -----------
                   Assets
  Cash                                             $10,615     $7,243
  Accounts Receivable, net                         165,233    168,372
  Inventory                                        344,739    296,080
  Deferred Income Taxes                             11,794     11,316
  Assets Held for Sale                              23,875     28,643
  Prepaid Expenses and Other                         5,187      6,713
                                              ------------ -----------
    Current Assets                                 561,443    518,367

  Property and Equipment, net                      298,972    283,681
  Goodwill                                         338,762    339,930
  Intangible Assets, net                            61,208     69,919
  Other                                             14,155     17,261
                                              ------------ -----------

  Total Assets                                  $1,274,540 $1,229,158
                                              ============ ===========

     Liabilities & Stockholders' Equity

  Accounts Payable                                 $97,395   $101,332
  Accrued Expenses                                  64,921     75,582
  Liabilities Related to Assets Held for Sale        3,756      7,545
  Income Taxes Payable                                 196      1,484
  Current Portion of Long-Term Debt                201,473      5,702
                                              ------------ -----------
    Current Liabilities                            367,741    191,645

  Long-Term Debt, less current portion             120,815    310,481
  Deferred Income Taxes and Other                  102,419     99,669

  Stockholders' Equity:
    Common Stock, $.001 par value, 50,000,000
     shares authorized, 16,731,224 and
     16,469,617 shares issued                           16         16
    Capital in excess of par value                 287,439    278,177
    Accumulated other comprehensive income
     (loss)                                          1,248       (120)
    Retained earnings                              394,862    349,290
                                              ------------ -----------
      Total Stockholders' Equity                   683,565    627,363
                                              ------------ -----------

  Total Liabilities and Stockholders' Equity    $1,274,540 $1,229,158
                                              ============ ===========
                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                        (dollars in thousands)



SEGMENT DATA                   Three Months Ended   Nine Months Ended
                                  December 31,        December 31,
                               ------------------- -------------------

                                 2007      2006      2007      2006
                               --------- --------- --------- ---------

Net Sales:
  Aerospace Systems            $213,025  $187,846  $650,816  $538,939
  Aftermarket Services           62,728    50,459   181,095   140,941
  Elimination of inter-segment
   sales                           (654)     (549)   (2,036)   (2,319)
                               --------- --------- --------- ---------
                               $275,099  $237,756  $829,875  $677,561
                               ========= ========= ========= =========

Operating Income (Loss):
  Aerospace Systems             $26,095   $26,064   $87,559   $71,737
  Aftermarket Services            6,519     3,229    17,072     8,434
  Corporate                      (3,888)   (4,780)  (13,808)  (12,838)
                               --------- --------- --------- ---------
                                $28,726   $24,513   $90,823   $67,333
                               ========= ========= ========= =========

Depreciation and Amortization:
  Aerospace Systems              $7,423    $6,509   $22,034   $19,158
  Aftermarket Services            3,266     2,328     9,502     6,483
  Corporate                          64        57       197       168
                               --------- --------- --------- ---------
                                $10,753    $8,894   $31,733   $25,809
                               ========= ========= ========= =========


Capital Expenditures:
  Aerospace Systems             $12,219   $10,431   $25,876   $25,229
  Aftermarket Services            4,339     3,344    11,670    14,247
  Corporate                         162        43       707       188
                               --------- --------- --------- ---------
                                $16,720   $13,818   $38,253   $39,664
                               ========= ========= ========= =========
                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                        (dollars in thousands)

Non-GAAP Financial Measure
 Disclosures


Earnings before Interest, Taxes, Depreciation and Amortization
 ("EBITDA") for the three months ended December 31, 2007 was $39.5
 million with a margin of 14.4%. EBITDA for the three months ended
 December 31, 2006 was $33.4 million with a margin of 14.1%. EBITDA
 for the nine months ended December 31, 2007 was $122.6 million with a
 margin of 14.8%. EBITDA for the nine months ended December 31, 2006
 was $93.1 million with a margin of 13.7%.

Management believes that EBITDA provides the reader a good measure of
 cash generated from the operations of the business before any
 investment in working capital or fixed assets.

The following definition is provided for the non-GAAP financial
 measure identified above, together with a reconciliation of such non-
 GAAP financial measure to the most directly comparable financial
 measure calculated and presented in accordance with GAAP.

                               Three Months Ended   Nine Months Ended
                                  December 31,        December 31,
                               ------------------- -------------------
                                 2007      2006      2007      2006
                               --------- --------- --------- ---------
Earnings before Interest,
 Taxes, Depreciation and
 Amortization (EBITDA):

  Income from Continuing
   Operations                   $17,923   $11,730   $54,436   $35,468

  Add-back:
    Income Tax Expense            7,493     5,161    26,304    18,083
    Charge for Early
     Extinguishment of Debt           0     5,088         0     5,088
    Interest Expense and Other    3,310     2,534    10,083     8,694
    Depreciation and
     Amortization                10,753     8,894    31,733    25,809
                               --------- --------- --------- ---------

  Earnings before Interest,
   Taxes, Depreciation and
   Amortization ("EBITDA")      $39,479   $33,407  $122,556   $93,142
                               --------- --------- --------- ---------

  Net Sales                    $275,099  $237,756  $829,875  $677,561
                               --------- --------- --------- ---------

  EBITDA Margin                    14.4%     14.1%     14.8%     13.7%
                               ========= ========= ========= =========
                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                        (dollars in thousands)

Non-GAAP Financial
 Measure Disclosures
 (continued)

Earnings before
 Interest, Taxes,
 Depreciation and
 Amortization (EBITDA):      Three Months Ended December 31, 2007
                         ---------------------------------------------
                                              Segment Data
                                   -----------------------------------
                                   Aerospace Aftermarket Corporate /
                           Total    Systems    Services   Eliminations
                         --------- --------- ----------- -------------

  Income from Continuing
   Operations             $17,923

  Add-back:
    Income Tax Expense      7,493
    Interest Expense and
     Other                  3,310
                         ---------

  Operating Income
   (Expense)              $28,726   $26,095      $6,519       ($3,888)

    Depreciation and
     Amortization          10,753     7,423       3,266            64
                         --------- --------- ----------- -------------

  Earnings (Losses)
   before Interest,
   Taxes, Depreciation
   and Amortization
   ("EBITDA")             $39,479   $33,518      $9,785       ($3,824)
                         ========= ========= =========== =============

  Net Sales              $275,099  $213,025     $62,728         ($654)
                         ========= ========= =========== =============

  EBITDA Margin              14.4%     15.7%       15.6%          n/a
                         ========= ========= =========== =============


Earnings before
 Interest, Taxes,
 Depreciation and
 Amortization (EBITDA):       Nine Months Ended December 31, 2007
                         ---------------------------------------------
                                              Segment Data
                                   -----------------------------------
                                   Aerospace Aftermarket Corporate /
                           Total    Systems    Services   Eliminations
                         --------- --------- ----------- -------------

  Income from Continuing
   Operations             $54,436

  Add-back:
    Income Tax Expense     26,304
    Interest Expense and
     Other                 10,083
                         ---------

  Operating Income
   (Expense)              $90,823   $87,559     $17,072      ($13,808)

    Depreciation and
     Amortization          31,733    22,034       9,502           197
                         --------- --------- ----------- -------------

  Earnings (Losses)
   before Interest,
   Taxes, Depreciation
   and Amortization
   ("EBITDA")            $122,556  $109,593     $26,574      ($13,611)
                         ========= ========= =========== =============

  Net Sales              $829,875  $650,816    $181,095       ($2,036)
                         ========= ========= =========== =============

  EBITDA Margin              14.8%     16.8%       14.7%          n/a
                         ========= ========= =========== =============
                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                        (dollars in thousands)

Non-GAAP Financial Measure Disclosures
 (continued)

We use "Net Debt to Capital" as a measure of financial leverage. The
 following table sets forth the computation of Net Debt to Capital:

                                              December 31,  March 31,
                                                  2007        2007
                                              ------------ -----------

  Calculation of Net Debt
---------------------------------------------
  Current Portion                             $   201,473  $    5,702
  Long-term debt                                  120,815     310,481
                                              ------------ -----------
  Total Debt                                      322,288     316,183
  Less: Cash                                       10,615       7,243
                                              ------------ -----------
  Net Debt                                    $   311,673  $  308,940
                                              ============ ===========

  Calculation of Capital
---------------------------------------------
  Net Debt                                    $   311,673  $  308,940
  Stockholders' equity                            683,565     627,363
                                              ------------ -----------
  Total Capital                               $   995,238  $  936,303
                                              ============ ===========

  Percent of Net Debt to Capital                     31.3%       33.0%

    CONTACT: Triumph Group, Inc.
             Sheila Spagnolo, Vice President
             610-251-1000
             sspagnolo@triumphgroup.com

    SOURCE: Triumph Group, Inc.
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