Print Page  Close Window

News Release
Triumph Group Reports Record Year End Results

WAYNE, Pa.--(BUSINESS WIRE)--April 19, 2001--Triumph Group, Inc. (NYSE:TGI) reported today that for the twelve months of fiscal 2001, net sales were a record $560.6 million, compared to $441.7 million for the twelve months of fiscal 2000, a 27 percent increase. Net income for the twelve months of fiscal 2001 increased 13 percent to a record $39.2 million, or $3.11 per common share, versus $34.6 million, or $2.79 per common share, for the same period last year.

Net sales for the fourth quarter ended March 31, 2001 were a record $156.9 million, an increase of 35 percent over the same period a year ago. Net income rose 25 percent to a record $11.8 million, or $0.89 per common share, up from $9.4 million, or $0.76 per common share, for the same period last year.

Shares used in computing earnings per common share include the effect of the issuance of 3 million shares of common stock in the fourth quarter.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "our growth in sales and earnings reflect on our often stated philosophy of protecting the integrity of our individual operating companies and their products and services, while at the same time benefiting from being part of a larger group and providing the highest levels of service and quality."

Triumph's Aviation Segment operating income for fiscal year 2001 was $84.7 million, compared to $62.5 million for the prior year. Net sales for the year increased 36 percent, to $500.2 million, from $368.6 million in fiscal year 2000. The Segment's sales increase benefited in part from three acquisitions made during the year.

The Metals Segment reported operating income for fiscal year 2001 of $2.3 million, compared to $4.2 million for the prior year. Net sales of $60.4 million decreased 17 percent from $73.1 million reported in fiscal year 2000.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "Triumph had an excellent fiscal 2001. We are pleased with the significant growth in sales and earnings and are proud that our Aviation Segment earned more than $500 million in revenue for the first time. We made three strategic acquisitions that add to our ability to better serve our customer base and successfully completed a follow-on equity offering which further strengthened our balance sheet and provides us with the resources necessary for future growth."

Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs, and overhauls aircraft components. 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. 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 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. 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, 2000.

                  FINANCIAL DATA (UNAUDITED) FOLLOWS




                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES

                 (in thousands, except per share data)

                              Three Months          Twelve Months
                                 Ended                  Ended
                                March 31,             March 31,
                              -------------         -------------
CONDENSED STATEMENTS
 OF INCOME                   2001       2000       2001       2000
                             ----       ----       ----       ----

Net Sales                  $156,893   $116,153   $560,615   $441,699

Operating Income:
  Ongoing Operating
   Income                    23,354     17,617     81,494     62,407
  Special Charge               --         --         --          734
                           --------   --------   --------   --------
   Total                     23,354     17,617     81,494     61,673

Interest Expense and
 other                        5,043      2,695     20,709      9,521
Income Tax Expense            6,543      5,521     21,571     17,550
                           --------   --------   --------   --------

Net Income                 $ 11,768   $  9,401   $ 39,214   $ 34,602
                           ========   ========   ========   ========
Earnings Per Share
 - Basic:
   Net Income              $   0.90   $   0.81   $   3.23   $   2.96
                           ========   ========   ========   ========
Weighted Average
 Common Shares
 Outstanding -
 Basic                       13,100     11,665     12,125     11,689
                           ========   ========   ========   ========
Earnings Per Share
 - Assuming Dilution:
 Net Income                $   0.89   $   0.76   $   3.11   $   2.79
                           ========   ========   ========   ========
Weighted Average Common
 Shares Outstanding -
 Assuming Dilution           13,247     12,379     12,629     12,397
                           ========   ========   ========   ========


                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES

                            (in thousands)

                         Three Months              Twelve Months
                            Ended                     Ended
                           March 31,                 March 31,
                         -------------             -------------

SEGMENT DATA           2001         2000         2001         2000
                       ----         ----         ----         ----

Net Sales:
   Aviation Segment  $ 142,542    $  99,074    $ 500,201    $ 368,614
   Metals Segment       14,351       17,079       60,414       73,085
                     ---------    ---------    ---------    ---------
                     $ 156,893    $ 116,153    $ 560,615    $ 441,699
                     =========    =========    =========    =========
Operating Income
 (Expense):
   Aviation Segment  $  24,720    $  17,985    $  84,743    $  62,509
   Metals Segment          476        1,068        2,312        4,171
   Corporate            (1,842)      (1,436)      (5,561)      (4,273)
   Special Charge         --           --           --           (734)
                     ---------    ---------    ---------    ---------
                     $  23,354    $  17,617    $  81,494    $  61,673
                     =========    =========    =========    =========
Depreciation and
 Amortization:
   Aviation Segment  $   6,522    $   5,083    $  25,012    $  18,630
   Metals Segment          220          161        1,100        1,054
   Corporate                18           17           78           53
                     ---------    ---------    ---------    ---------
                     $   6,760    $   5,261    $  26,190    $  19,737
                     =========    =========    =========    =========

--30--DS/ph*

CONTACT: Triumph Group, Inc.
John R. Bartholdson
Senior Vice President, Chief Financial Officer
610/975-0420