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News Release
Triumph Group Reports Results for the Quarter Ended December 31, 2001
WAYNE, Pa., Jan 24, 2002 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI) reported today that net sales for the third quarter ended December 31, 2001 were $149.3 million, compared to $143.2 million, an increase of 4 percent over the same period a year ago.

Net income rose 18 percent to $11.8 million, or $0.75 per common share, versus $10.0 million, or $0.80 per common share, for the same period last year. For the quarter ended December 31, 2000, net income as adjusted for adoption of SFAS No 142, on a pro forma basis, would have been $11.0 million, or $0.88 per common share excluding pretax goodwill amortization of $1.6 million. All references to earnings per share herein are on the diluted basis.

For the first nine months of fiscal 2002, net sales were $464.3 million, compared to $403.7 million for the first nine months of fiscal 2001, a 15 percent increase. For the nine months ended December 31, 2001, net income, before a nonrecurring special charge recorded during the second quarter, was $38.1 million, or $2.39 per common share, versus $27.4 million, or $2.21 per common share for the same period last year. Including the special charge, reported net income was $34.9 million or $2.19 per common share. For the nine months ended December 31, 2000, net income as adjusted for adoption of SFAS No 142, on a pro forma basis, would have been $30.7 million, or $2.47 per common share excluding pretax goodwill amortization of $5.2 million.

As a result of the Company's equity offering during the fourth quarter of fiscal 2001, the number of shares used in calculating earnings per share, was 15.8 million for the current quarter and 15.9 million year to date versus 12.5 million and 12.4 million respectively for the same periods last year.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "Today's reported results reflect the third quarter's volatile market conditions. While we were able to achieve an increase in sales in spite of major shifts in customer delivery schedules, both sales and operating income were negatively impacted by the effect on the entire aviation industry as a result of the events of September 11th. We are confident, however, that our strong financial position, continuing efforts to provide an increasing number of products and services to our customer base, as well as increased sales to the gas turbine market, will provide the opportunity to continue to grow."

Triumph's Aviation segment operating income, for the third quarter of fiscal 2002 was $22.4 million, compared to $22.0 million as reported for the prior year period. Adjusting the prior period for the adoption of SFAS No. 142 would have resulted in $23.5 million of operating income. Net sales for the quarter increased 7 percent, to $138.5 million, from $129.6 million for the same period in fiscal year 2001.

The Metals Segment reported operating income for the third quarter of fiscal year 2002 of $29 thousand, compared to $181 thousand for the prior year period. Net sales of $10.8 million for the quarter were down 20 percent from $13.6 million reported for the same period in fiscal year 2001.

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
                      FINANCIAL DATA (UNAUDITED)
                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                 (in thousands, except per share data)
                    Three Months Ended          Nine Months Ended
                       December 31,                December 31,
                  ---------------------     -----------------------
CONDENSED
 STATEMENTS OF
 INCOME            2001 (A)      2000         2001 (A)       2000
                  ---------   ---------     ---------     ---------
Net Sales         $ 149,297   $ 143,163     $ 464,256     $ 403,722
Operating Income
 (Expense):
  Ongoing
   Operating
   Income            20,704      20,689        68,120        58,140
  Special Charge         --          --        (5,044)           --
                  ---------   ---------     ---------     ---------
    Total            20,704      20,689        63,076        58,140
Interest Expense      3,453       5,906         9,673        15,666
Income Tax
 Expense              5,415       4,781        18,502        15,028
                  ---------   ---------     ---------     ---------
Net Income        $  11,836   $  10,002(B)  $  34,901(C)  $  27,446(D)
                  =========   =========     =========     =========
Earnings Per
 Share - Basic    $    0.75   $    0.83     $    2.21     $    2.32
                  =========   =========     =========     =========
Weighted average
 common shares
 outstanding -
 Basic               15,778      12,068        15,782       11,806
                  =========   =========     =========     =========
Earnings Per
 Share - Diluted  $    0.75   $    0.80(B)  $    2.19(C)  $    2.21(D)
                  =========   =========     =========     =========
Weighted average
 common shares
 outstanding -
 Diluted             15,844      12,459        15,925        12,427
                  =========   =========     =========     =========
(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 December 31, 2000, net income as adjusted
    for adoption of SFAS No 142, would have been $11,017 and diluted
    earnings per share would have been $0.88 excluding pretax goodwill
    amortization of $1,591.
(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 nine months ended December 31, 2000, net income as
    adjusted for the adoption of SFAS No. 142, would have been $30,708
    and diluted earnings per share would have been $2.47 excluding
    pretax goodwill amortization of $5,158.
                      FINANCIAL DATA (UNAUDITED)
                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                            (in thousands)
SEGMENT DATA        Three Months Ended          Nine Months Ended
                        December 31,             December 31,
                   ------------------------------------------------
                    2001 (A)      2000        2001 (A)      2000
                   ---------    ---------    ---------    ---------
Net Sales:
  Aviation         $ 138,485    $ 129,597    $ 428,007    $ 357,659
  Metals              10,812       13,566       36,249       46,063
                   ---------    ---------    ---------    ---------
                   $ 149,297    $ 143,163    $ 464,256    $ 403,722
                   =========    =========    =========    =========
Operating Income
 (Expense):
  Aviation         $  22,448    $  21,954    $  73,364    $  60,023
  Metals                  29          181          242        1,836
  Corporate           (1,773)      (1,446)      (5,486)      (3,719)
  Special Charge        --           --         (5,044)        --
                   ---------    ---------    ---------    ---------
                   $  20,704    $  20,689(B) $  63,076    $  58,140(C)
                   =========    =========    =========    =========
Depreciation and
 Amortization:
  Aviation         $   5,288    $   6,504    $  15,016    $  18,490
  Metals                 371          293        1,114          880
  Corporate               25           24           72           60
                   ---------    ---------    ---------    ---------
                   $   5,684    $   6,821(B) $  16,202    $  19,430(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 December 31, 2000, operating income as
    adjusted for the adoption of SFAS No. 142, would have been $22,280
    and depreciation and amortization would have been $5,230.
(C) For the nine months ended December 31, 2000, operating income as
    adjusted for the adoption of SFAS No. 142, would have been $63,298
    and depreciation and amortization would have been $14,272.

CONTACT: Triumph Group JoAnn P. Huston, 610/293-6823 Ext.104 jhuston@triumphgroup.com