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Triumph Group Reports First Quarter Results
WAYNE, Pa., Jul 25, 2002 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI) reported today that for the first three months of fiscal 2003, net sales were $150.6 million, compared to $153.5 million for the first quarter of fiscal 2002, a two percent decrease. Net income for the first three months of fiscal 2003 was $10.0 million, or $0.63 per common share, versus $13.0 million, or $0.81 per common share for the prior year quarter. All references to earnings per share herein are on the diluted basis.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "The results for the quarter were in line with our expectations and consistent with our plans for the year. We executed on our strategy of increasing market share and reducing costs in a difficult environment. Our outlook includes a continuing gradual increase in air traffic, driving higher aftermarket revenue, offsetting the continuing decline in new aircraft deliveries. This outlook, combined with anticipated success on the acquisition front, gives us reason to be optimistic for the year."

Triumph's Aviation segment operating income for the first quarter of fiscal 2003 was $20.2 million, compared to $25.2 million for the prior year period. Net sales for the quarter decreased one percent, to $139.8 million, from $140.5 million in the prior year quarter.

The Metals Segment reported operating income for the first quarter of fiscal 2003 of $0.4 million, compared to $0.1 million for the prior year. Net sales of $10.8 million for the quarter were down 17 percent from $13.0 million in fiscal year 2002.

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 regarding the Company's outlook for increased air traffic and prospects for its acquisition program 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, 2002.

                      FINANCIAL DATA (UNAUDITED)
                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                 (in thousands, except per share data)
                                                 Three Months Ended
                                                      June 30,
                                               -----------------------
CONDENSED STATEMENTS OF INCOME                   2002            2001
                                               --------       --------
Net Sales                                      $150,635       $153,532
Operating Income                                 18,666         23,553
Interest Expense                                  3,091          3,238
Income Tax Expense                                5,529          7,354
                                               --------       --------
Net Income                                     $ 10,046       $ 12,961
                                               ========       ========
Earnings Per Share - Basic                     $   0.64       $   0.82
                                               ========       ========
Weighted average common shares
 outstanding - Basic                             15,817         15,768
                                               ========       ========
Earnings Per Share - Diluted                   $   0.63       $   0.81
                                               ========       ========
Weighted average common shares
 outstanding - Diluted                           15,991         15,952
                                               ========       ========
                      FINANCIAL DATA (UNAUDITED)
                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                            (in thousands)
SEGMENT DATA                       Three Months Ended
                                        June 30,
                                 -----------------------
                                    2002         2001
                                 ---------    ---------
Net Sales:
        Aviation                 $ 139,789    $ 140,509
        Metals                      10,846       13,023
                                 ---------    ---------
                                 $ 150,635    $ 153,532
                                 =========    =========
Operating Income (Expense):
        Aviation                 $  20,239    $  25,189
        Metals                         415          109
        Corporate                   (1,988)      (1,745)
                                 ---------    ---------
                                 $  18,666    $  23,553
                                 =========    =========
Depreciation and Amortization:
        Aviation                 $   5,968    $   4,865
        Metals                         375          371
        Corporate                       24           24
                                 ---------    ---------
                                 $   6,367    $   5,260
                                 =========    =========
Capital Expenditures:
        Aviation                 $   5,170    $   5,027
        Metals                         429        1,385
        Corporate                        8            7
                                 ---------    ---------
                                 $   5,607    $   6,419
                                 =========    =========
                      FINANCIAL DATA (UNAUDITED)
                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                            (in thousands)
Balance Sheet
                                          June 30,         March 31,
                                            2002             2001
                                          --------         --------
                Assets
 Cash                                     $  7,218         $  6,913
 Accounts Receivable, net                  109,711          104,450
 Inventory                                 195,714          182,102
 Prepaids and Other                          3,268            3,430
                                          --------         --------
   Current Assets                          315,911          296,895
 Fixed Assets, net                         180,559          176,061
 Goodwill, net                             251,291          250,410
 Intangible Assets, net                     33,803           34,947
 Other                                      15,698           14,652
                                          --------         --------
 Total Assets                             $797,262         $772,965
                                          ========         ========
   Liabilities & Stockholders' Equity
 Accounts Payable                         $ 41,353         $ 46,082
 Accrued Expenses and Other                 40,876           46,713
 Income Taxes Payable                        6,212            6,445
 Deferred Income Taxes                       5,059            4,635
 Current Portion of Long-Term Debt          11,513           11,295
                                          --------         --------
   Current Liabilities                     105,013          115,170
 Long-Term Debt, less current portion      168,699          146,961
 Deferred Income Taxes and Other            57,353           57,333
 Stockholders' Equity:
   Common Stock, $.001 par value,
    50,000,000 shares authorized,
    16,027,324 and 14,178,789 shares
    issued                                      16               14
   Class D common stock convertible,
     $.001 par value, 6,000,000 shares
     authorized, 0 and 1,848,535 shares
     issued and outstanding                      0                2
 Capital in excess of par value            258,413          258,256
 Treasury Stock, at cost, 173,260 and
  210,210 shares                            (4,329)          (5,252)
 Accumulated other comprehensive loss       (1,532)          (3,156)
 Retained earnings                         213,629          203,637
                                          --------         --------
   Total Stockholders' Equity              466,197          453,501
                                          --------         --------
 Total Liabilities and Stockholders'
  Equity                                  $797,262         $772,965
                                          ========         ========
CONTACT: Triumph Group, Inc., Wayne John Bartholdson, 610/975-0420 jbartholdson@triumphgroup.com
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