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|Triumph Group Reduces Revenue and Earnings Expectations|
WAYNE, Pa.--(BUSINESS WIRE)--Jan. 22, 2003--Triumph Group, Inc. (NYSE:TGI) today stated that results for the third quarter ended December 31, 2002 will be lower than expected.
"During the past month, we have experienced significant reductions in shipments to our commercial OEM customers," said Richard C. Ill, President and CEO of Triumph. "Adding to the negative effect of this reduction is the weak demand we have experienced from the commercial airline industry."
"Due to this lower than-expected demand, Triumph's results for the December quarter will be below prior expectations and Wall Street estimates," Mr. Ill said.
"Our current financial condition remains strong and was enhanced with significant positive cash flow in the quarter," Mr. Ill continues. "The strength in our military markets continued, but was not sufficient to offset results on the commercial side."
As previously announced, Triumph will report results after the market close on January 30, 2003 followed by a conference call with management on January 31, 2003.
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 at http://www.triumphgroup.com.
Statements which are not historical facts contained in this release are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995. All forward-looking statements, including statements regarding the outlook for continued opportunities for future growth, involve risks and uncertainties.
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.