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Triumph Group Reports Year End Results
WAYNE, Pa., Apr 17, 2002 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI) reported today that for the twelve months of fiscal 2002, net sales were $612.8 million, compared to $560.6 million for fiscal 2001, a nine percent increase.

For the twelve months ended March 31, 2002, net income, before a nonrecurring special charge recorded during the second quarter, was $52.7 million, or $3.31 per common share, versus $39.2 million, or $3.11 per common share for the same period last year. Including the special charge, reported net income was $49.4 million or $3.11 per common share. Effective April 1, 2001, the Company adopted Statement of Financial Accounting Standards ("SFAS") No. 142 "Goodwill and Other Intangible Assets." For the twelve months ended March 31, 2001, net income as adjusted for the adoption of SFAS No. 142, on a pro forma basis, would have been $44.7 million, or $3.54 per common share excluding after-tax goodwill amortization of $5.5 million. All references to earnings per share herein are on the diluted basis.

Net sales for the fourth quarter ended March 31, 2002 were $148.5 million, compared to $156.9 million, a decrease of five percent from the same period a year ago. Net income rose 24 percent to $14.5 million, or $0.91 per common share, versus $11.8 million, or $0.89 per common share, for the same period last year. For the quarter ended March 31, 2001, net income as adjusted for the adoption of SFAS No 142, on a pro forma basis, would have been $13.3 million, or $1.00 per common share excluding after-tax goodwill amortization of $1.5 million.

As a result of the Company's equity offering during the fourth quarter of fiscal 2001 and first quarter of fiscal 2002, the number of shares used in calculating earnings per share, was 15.9 million for the current quarter and year to date versus 13.2 million and 12.6 million, respectively, for the same periods last year.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "Despite the very difficult events of the past year, Triumph has continued to move forward and grow. Our industry has experienced reduced or deferred build rates and many airlines have parked or removed planes from service. We, like our peers, have certainly been impacted, but I am proud to say that our people have remained focused on the business at hand. I am very pleased with our continued positive operating results, our solid balance sheet and our ongoing ability to generate strong cash flow."

Triumph's Aviation segment operating income, for fiscal year 2002 was $96.6 million, compared to $84.7 million as reported for the prior year. Adjusting the prior year for the adoption of SFAS No. 142 would have resulted in $91.9 million of operating income. Net sales for the year increased 13 percent, to $565.3 million, from $500.2 million in fiscal year 2001.

The Metals Segment reported operating income for fiscal year 2002 of $0.4 million, compared to $2.3 million for the prior year. Net sales of $47.4 million for the year were down 21 percent from $60.4 million reported in fiscal year 2001.

Regarding the outlook for the upcoming year, Mr. Ill stated, "We remain committed to our strategy of making accretive acquisitions, expanding our operating capacity, adding products and services, increasing our international presence, particularly in Europe, and continuing to market our complete capabilities. Although improving, the short-term future of our industry remains relatively uncertain but I am confident that our core strategy, along with a renewed attention to increasing market share and reducing operating costs will enable Triumph to continue to be successful."

Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and industrial gas turbine components and accessories. The Company serves a broad, worldwide spectrum of the aviation industry, including commercial airlines and air cargo carriers, as well as original equipment manufacturers of aircraft and aircraft components and power generation equipment. The Company also distributes, processes and fabricates metal products.

More information about Triumph can be found on the World Wide Web Site at http://www.triumphgroup.com.

Statements which are not historical facts, including statements about continued growth opportunities, contained in this release are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties including statements regarding the outlook for continued opportunities for future growth. The company wishes to caution readers that several important factors 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 Form 10-K for the year ended March 31, 2001.

FINANCIAL DATA (UNAUDITED) ON FOLLOWING 2 PAGES
*T
                       FINANCIAL DATA (UNAUDITED)
                  TRIUMPH GROUP, INC. AND SUBSIDIARIES
                 (in thousands, except per share data)
                      Three Months Ended          Twelve Months Ended
                          March 31,                    March 31,
                      ------------------------------------------------
                      ------------------------------------------------
CONDENSED STATEMENTS

OF INCOME 2002 [A] 2001 2002 [A] 2001

-------- -------- --------- -------- Net Sales $148,514 $156,893 $612,770 $560,615

Operating Income

(Expense):

Ongoing Operating

Income 21,456 23,354 89,576 81,494

Special Charge - - (5,044) -

--------- -------- -------- -------- Total 21,456 23,354 84,532 81,494

Interest Expense 3,057 5,043 12,730 20,709 Income Tax Expense 3,863 6,543 22,365 21,571

--------- -------- -------- -------- Net Income $14,536 $11,768[B] $49,437[C] $39,214 [D]

                      =========    ===========   =========  ==========
Earnings Per Share
 - Basic                $0.92          $0.90       $3.13        $3.23
                      =========    ===========   =========  ==========
Weighted average
 common shares
 outstanding
 - Basic               15,790         13,100       15,784      12,125
                      ========     =========     ==========   ========
Earnings Per Share
 - Diluted              $0.91        $0.89 [B]    $3.11 [C]  $3.11 [D]
                      ========     ===========   ==========  =========
Weighted average
 common shares
 outstanding
 - Diluted             15,899        13,246         15,918      12,629
                      =======      ===========   ==========   ========
[A] Excludes goodwill amortization in accordance with the Company's
    adoption of SFAS No. 142 "Goodwill and Other Intangible Assets".
[B] For the quarter ended March 31, 2001, net income as adjusted for
    adoption of SFAS No 142, would have been $13,279 and diluted
    earnings per share would have been $1.00 excluding after-tax
    goodwill amortization of $1,511.
[C] Includes the after-tax special charge of $3,218 or $0.20 per
    common share ($5,044 pretax) write off of the development expense
    on a new aircraft program, which is deemed to be unlikely to go
    into production at this time.
[D] For the twelve months ended March 31, 2001, net income as adjusted
    for the adoption of SFAS No. 142, would have been $44,684 and
    diluted earnings per share would have been $3.54 excluding
    after-tax goodwill amortization of $5,470.
              FINANCIAL DATA (UNAUDITED)
         TRIUMPH GROUP, INC. AND SUBSIDIARIES
                    (in thousands)
SEGMENT DATA        Three Months Ended            Twelve Months Ended
                        March 31,                      March 31,
                    --------------------------------------------------
                    --------------------------------------------------
2002 [A] 2001 2002 [A] 2001

-------- ------- -------- ----- Net Sales:

 Aviation           $137,336    $142,542          $565,343    $500,201
 Metals               11,178      14,351            47,427      60,414
                    ---------   ---------         ----------  --------
                    $148,514    $156,893          $612,770    $560,615
Operating Income
 (Expense):
   Aviation          $23,281     $24,720           $96,645     $84,743
   Metals                180         476               422       2,312
   Corporate          (2,005)     (1,842)           (7,491)    (5,561)
   Special Charge          -           -            (5,044)         -
                    ----------  --------            -------   --------
                     $21,456   $23,354 [B]         $84,532 $81,494 [C]
                    ========== ===========         ======= ===========
Depreciation and
 Amortization:
  Aviation            $5,414     $6,522            $20,430    $25,012
  Metals                  50        220              1,164      1,100
  Corporate               44         18                116         78
                    ---------  ------------        -------   ---------
                      $5,508     $6,760 [B]       $21,710  $26,190 [C]
                    =========  =============      ======= ============
[A] Excludes goodwill amortization in accordance with the Company's
    adoption of SFAS No. 142 "Goodwill and Other Intangible Assets".
[B] For the quarter ended March 31, 2001, operating income as adjusted
    for the adoption of SFAS No. 142, would have been $25,322 and
    depreciation and amortization would have been $4,792.
[C] For the twelve months ended March 31, 2001, operating income as
    adjusted for the adoption of SFAS No. 142, would have been $88,620
    and depreciation and amortization would have been $19,064.
*T
CONTACT:          JoAnn P. Huston
                  Director, Investor Relations
                  610-293-6823 Ext. 104
                  jhuston@triumphgroup.com

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