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Triumph Group Reports Year End Results

WAYNE, Pa.--(BUSINESS WIRE)--April 24, 2003--Triumph Group, Inc. (NYSE:TGI) reported today that for the twelve months of fiscal 2003, net sales from continuing operations were $565.4 million, compared to $565.3 million for fiscal 2002.

Net income for the twelve months of fiscal 2003 was $36.7 million, or $2.31 per common share, versus $49.4 million, or $3.11 per common share for fiscal 2002. The fiscal 2002 results included an after-tax special charge of $3.2 million, or $0.20 per common share ($5.0 million pretax), related to the write-off of the development expense on an aircraft program, which was deemed unlikely to go into production. At the end of fiscal 2003, Triumph announced that it has designated its Metals segment as a discontinued operation. Discontinued operations incurred a net loss of $0.9 million for the twelve months of fiscal 2003. Income from continuing operations for the twelve months of fiscal 2003 was $37.6 million, or $2.36 per common share, compared to $49.1 million, or $3.09 per common share, for fiscal 2002. All references to earnings per share herein are on the diluted basis.

Net sales from continuing operations for the fourth quarter ended March 31, 2003 were $151.7 million, compared to $137.3 million for the prior year period, a ten percent increase. Net income for the fourth quarter of fiscal 2003 was $8.7 million, or $0.55 per common share, down from $14.5 million, or $0.91 per common share, in the prior year period. Income from continuing operations for the three months ended March 31, 2003 was $9.5 million, or $0.60 per common share, compared to $14.4 million, or $0.91 per common share, for the three months ended March 31, 2002. Discontinued operations incurred a net loss of $0.8 million for the three months ended March 31, 2003.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "These earnings are reflective of a downturn in commercial, business, and regional aircraft production and the decrease in airline passenger miles flown. In addition, the industrial gas turbine business declined during the year. Our military business, however, increased significantly year over year." Continues Ill, "We are encouraged by our success in increasing market share in this difficult environment and remain focused on reducing costs and eliminating redundant capabilities. Our ability to increase sales in the quarter is a direct result of these efforts."

Regarding the outlook for the upcoming year, Mr. Ill stated, "We are optimistic about our near and long-term future based on our backlog and our ability to enhance market share. The aerospace and industrial gas turbine markets, however, will be depressed for the foreseeable future, and our success in meeting the challenges ahead depends on our ability to take cost out of our system and reduce redundancy. The alignment we recently announced will allow us to continue to execute our business plan and meet this challenge."

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.

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 backlog levels, foreseeable industry conditions, and opportunities to reduce costs, 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   Twelve Months Ended
                                    March 31,            March 31,
                              -------------------  -------------------

CONDENSED STATEMENTS OF
 INCOME                           2003      2002       2003      2002
                              --------- ---------  --------- ---------


Net Sales                     $151,690 $137,336 $565,381 $565,343

Ongoing Operating Income        17,579    21,276     70,623    89,154
Special Charge                       0         0          0    (5,044)
                              --------- ---------  --------- ---------
Operating Income                17,579    21,276     70,623    84,110

Interest Expense                 2,792     3,041     12,365    12,773
Income Tax Expense               5,249     3,829     20,682    22,220
                              --------- ---------  --------- ---------

Income from Continuing
 Operations                      9,538    14,406     37,576    49,117
(Loss) Income from
 Discontinued Operations          (828)      130       (859)      320
                              --------- ---------  --------- ---------

Net Income                      $8,710 $14,536 $36,717 $49,437
                              ========= =========  ========= =========

Earnings Per Share -
 Basic:

Income from Continuing
 Operations                      $0.60 $0.91 $2.37 $3.11
(Loss) Income from
 Discontinued Operations        ($0.05)    $0.01     ($0.05)    $0.02
                              --------- ---------  --------- ---------
Net Income                       $0.55 $0.92 $2.32 $3.13
                              ========= =========  ========= =========

Weighted average common shares
 outstanding - Basic            15,843    15,790     15,833    15,784
                              ========= =========  ========= =========

Earnings Per Share -
 Diluted:

Income from Continuing
 Operations                      $0.60 $0.91 $2.36 $3.09
(Loss) Income from
 Discontinued Operations        ($0.05)    $0.01     ($0.05)    $0.02
                              --------- ---------  --------- ---------
Net Income                       $0.55 $0.91 (a)  $2.31 $3.11
                              ========= =========  ========= =========

Weighted average common shares
 outstanding - Diluted          15,877    15,899     15,924    15,918
                              ========= =========  ========= =========

(a)  difference due to rounding.

OTHER SELECTED INFORMATION

Continuing Operations:

Depreciation and
 Amortization                   $6,349 $5,458 $24,387 $20,546
                              ========= =========  ========= =========


Capital Expenditures            $9,417 $10,778 $31,567 $29,311
                              ========= =========  ========= =========



                              FINANCIAL DATA
                               (UNAUDITED)

                     TRIUMPH GROUP, INC. AND SUBSIDIARIES
                             (in thousands)

BALANCE SHEET
                                                   March 31, March 31,
                                                       2003      2002
                                                   --------- ---------
                        Assets
   Cash                                              $8,583 $6,830
   Accounts Receivable, net                         106,841    99,655
   Inventory                                        196,343   175,164
   Assets held for sale                              27,883    28,510
   Prepaids and Other                                 3,549     3,468
                                                   --------- ---------
       Current Assets                               343,199   313,627

   Fixed Assets, net                                215,832   159,845
   Goodwill, net                                    260,467   250,410
   Intangible Assets, net                            31,055    34,947
   Other                                             13,615    14,136
                                                   --------- ---------

   Total Assets                                    $864,168 $772,965
                                                   ========= =========

      Liabilities & Stockholders' Equity

   Accounts Payable                                 $47,466 $39,763
   Accrued Expenses and Other                        44,808    45,375
   Liabilities related
    to assets held for sale                           6,361     8,181
   Income Taxes Payable                               3,231     6,445
   Deferred Income Taxes                              1,585     4,635
   Current Portion of
    Long-Term Debt                                    7,831    11,295
                                                   --------- ---------
       Current Liabilities                          111,282   115,694

   Long-Term Debt, less current portion             191,692   146,961
   Deferred Income Taxes and Other                   66,209    56,809

   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                   258,675   258,256
   Treasury Stock, at cost, 183,260 and
    210,210 shares                                   (4,549)   (5,252)
   Accumulated other comprehensive
    income (loss)                                       543    (3,156)
   Retained earnings                                240,300   203,637
                                                   --------- ---------
       Total Stockholders' Equity                   494,985   453,501
                                                   --------- ---------

   Total Liabilities and
    Stockholders' Equity                           $864,168 $772,965
                                                   ========= =========
CONTACT: Triumph Group, Inc. John Bartholdson 610/251-1000 jbartholdson@triumphgroup.com SOURCE: Triumph Group, Inc.
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