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News Release
Triumph Group Reports First Quarter Results

WAYNE, Pa., Jul 29, 2004 (BUSINESS WIRE) -- Triumph Group, Inc. (NYSE:TGI) reported today that for the first three months of fiscal 2005, net sales from continuing operations were $165.4 million, an eighteen percent increase from last year's first quarter sales of $140.6 million. Net income for the first quarter of fiscal 2005 was $2.9 million, or $0.18 per common share, versus $7.1 million, or $0.45 per common share, for the first quarter of the prior year. Income from discontinued operations was $0.8 million for the first three months of fiscal 2005. Income from continuing operations for the first quarter of fiscal 2005 was $2.1 million, or $0.13 per common share, compared to $7.6 million, or $0.48 per common share, for the same period in the prior year. During the quarter, the Company generated $17.2 million of cash flow from operating activities. All references to earnings per share herein are on the diluted basis.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "While we are encouraged by our strong revenue growth and solid cash flow, earnings for the quarter were disappointing. We continue to experience growth in our aviation markets but are faced with near-term challenges that have increased our expenses and impacted our results by over $3.0 million this quarter. The primary causes related to increases in health care, regulatory and legal costs. The quarter's results include an operating loss of $4.4 million related to the IGT activities."

Commenting on the outlook for the year, Mr. Ill stated, "Although we are concerned about the above-mentioned cost increases, we remain optimistic as to our revenue growth and cash flow. Our military and aviation aftermarket businesses continue to grow, and as commercial build rates begin to ramp up and we lower operating costs, we expect that our results will improve."

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 Internet at http://www.triumphgroup.com.

Statements in this that are not historical facts are forward-looking statements under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties which 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 fiscal year ended March 31, 2004.

                     FINANCIAL DATA  (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                (in thousands, except per share data)


                                              Three Months Ended
                                                   June 30,
                                            -----------------------

CONDENSED STATEMENTS OF INCOME                  2004        2003
                                            ----------- -----------

Net Sales                                     $165,353    $140,629

Operating Income                                 6,447      14,673

Interest Expense and Other                       3,257       2,833
Income Tax Expense                               1,085       4,203
                                            ----------- -----------

Income from Continuing Operations                2,105       7,637
Income (Loss) from Discontinued Operations         754        (557)
                                            ----------- -----------

Net Income                                      $2,859      $7,080
                                            =========== ===========
Earnings Per Share - Basic:

Income from Continuing Operations                $0.13       $0.48
Income (Loss) from Discontinued Operations       $0.05      ($0.04)
                                            ----------- -----------
Net Income                                       $0.18       $0.45 (a)
                                            =========== ===========
Weighted average common shares outstanding -
 Basic                                          15,860      15,835
                                            =========== ===========
Earnings Per Share - Diluted:

Income from Continuing Operations                $0.13       $0.48
Income (Loss) from Discontinued Operations       $0.05      ($0.04)
                                            ----------- -----------
Net Income                                       $0.18       $0.45 (a)
                                            =========== ===========
Weighted average common shares outstanding -
 Diluted                                        15,935      15,883
                                            =========== ===========

(a) Difference due to rounding.


OTHER SELECTED INFORMATION

Continuing Operations:


Depreciation and Amortization                   $7,571      $6,479
                                            =========== ===========

Capital Expenditures                            $2,974      $7,211
                                            =========== ===========


                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                            (in thousands)

BALANCE SHEET
                                                  June 30,  March 31,
                                                    2004       2004
                                                 ---------- ----------
                                Assets
   Cash                                             $6,568     $6,766
   Accounts Receivable, net                        111,448    122,273
   Inventory                                       207,490    206,751
   Assets held for sale                             28,503     28,296
   Income Tax Refund Receivable                      3,934      8,829
   Prepaid Expenses and Other                        3,633      3,801
                                                 ---------- ----------
       Current Assets                              361,576    376,716

   Property and Equipment, net                     244,943    248,626
   Goodwill                                        269,090    267,621
   Intangible Assets, net                           26,448     27,514
   Other                                            16,336     15,371
                                                 ---------- ----------

   Total Assets                                   $918,393   $935,848
                                                 ========== ==========

                  Liabilities & Stockholders' Equity

   Accounts Payable                                $50,669    $55,259
   Accrued Expenses                                 46,539     49,771
   Liabilities related to assets held for sale       8,938      8,809
   Income Taxes Payable                              2,453      1,533
   Deferred Income Taxes                             1,444      1,444
   Current Portion of Long-Term Debt                 4,687      4,884
                                                 ---------- ----------
       Current Liabilities                         114,730    121,700

   Long-Term Debt, less current portion            207,585    220,963
   Deferred Income Taxes and Other                  78,193     78,069

   Stockholders' Equity:
       Common Stock, $.001 par value, 50,000,000
        shares authorized, 16,027,324 shares
        issued                                          16         16
   Capital in excess of par value                  259,322    259,322
   Treasury Stock, at cost, 167,260 shares          (4,152)    (4,152)
   Accumulated other comprehensive income            1,318      1,408
   Retained earnings                               261,381    258,522
                                                 ---------- ----------
       Total Stockholders' Equity                  517,885    515,116
                                                 ---------- ----------

   Total Liabilities and Stockholders' Equity     $918,393   $935,848
                                                 ========== ==========


                     FINANCIAL DATA  (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                (in thousands, except per share data)


Non-GAAP Financial Measure Disclosures


Earnings before Interest, Taxes, Depreciation and Amortization
("EBITDA") for the three months ended June 30, 2004 was $14.0 million
with a margin of 8.5%.  EBITDA for the three months ended June 30,
2003 was $21.2 million with a margin of 15.0%.

Management believes that EBITDA provides investors with an important
perspective on the current underlying performance of the business by
identifying non-cash expenses, interest and taxes included in income
from continuing operations.

The following definition is provided for the non-GAAP financial
measure identified above, together with a reconciliation of such non-
GAAP financial measure to the most directly comparable financial
measure calculated and presented in accordance with GAAP.


                                                  Three Months Ended
                                                       June 30,
                                                 ---------------------

                                                    2004       2003
                                                 ---------- ----------

Earnings before Interest, Taxes, Depreciation and
     Amortization (EBITDA):


   Income from Continuing Operations                 2,105      7,637

   Add-back:
      Income Tax Expense                             1,085      4,203
      Interest Expense and Other                     3,257      2,833
      Depreciation and Amortization                  7,571      6,479
                                                 ---------- ----------

   Earnings before Interest, Taxes, Depreciation
     and Amortization ("EBITDA")                    14,018     21,152
                                                 ---------- ----------


   Net Sales                                       165,353    140,629
                                                 ---------- ----------

   EBITDA Margin                                       8.5%      15.0%
                                                 ========== ==========

SOURCE: Triumph Group, Inc.

Triumph Group, Inc., Wayne
John Bartholdson, 610-251-1000
jbartholdson@triumphgroup.com