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
"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
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.
||Triumph Group, Inc., Wayne
||John Bartholdson, 610/251-1000