WAYNE, Pa.--(BUSINESS WIRE)--Jan. 19, 2004--Triumph Group, Inc.
(NYSE:TGI) today announced that during the third quarter, the market
for industrial gas turbines fell precipitously and was far short of
expectations. Sales to our largest customer, which totaled $35 million
in the fiscal year ended March 2003, dropped during this quarter to an
annualized run rate of less than $5 million with no expectation of any
significant increase in the near term. As a result of this changed
market condition and the related declines in revenue and margins, we
have commenced a review and evaluation of the industrial gas turbine
business in order to make any changes that may be prudent.
The aerospace industry continues to demonstrate a bottoming out of
the original equipment manufacture market and a continuing recovery in
the maintenance, repair and overhaul market, which is in line with our
expectations in the third quarter.
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
More information about Triumph can be found on the Internet at
Statements which are not historical facts, including statements
regarding expectations regarding the future of the market for
industrial gas turbines and future prospects for the aerospace
industry, including the original equipment manufacture and
maintenance, repair and overhaul markets, 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, 2003.
CONTACT: Triumph Group, Inc.
John Bartholdson, 610-251-1000
SOURCE: Triumph Group, Inc.