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News Release
Triumph Group Reports Third Quarter Fiscal 2005 Results

WAYNE, Pa.--(BUSINESS WIRE)--Jan. 28, 2005--Triumph Group, Inc. (NYSE:TGI) today reported net sales from continuing operations for the third quarter of fiscal 2005 totaled $171.3 million, a seventeen percent increase over last year's third quarter sales of $146.8 million. Income from continuing operations for the quarter increased forty-nine percent to $3.9 million, or $0.25 per diluted common share, versus $2.6 million, or $0.17 per diluted common share, for the same period last year. Discontinued operations incurred a loss of $6.1 million net of tax for the quarter, which included a $6.5 million after-tax loss on the sale of the remaining assets of the Metals Group. This contributed to a net loss, including discontinued operations, of $2.1 million, or $0.13 per diluted common share, in the third quarter of fiscal 2005, versus net income, including discontinued operations, of $2.7 million, or $0.17 per diluted common share, last year. During the quarter, the company generated $26.9 million of cash flow from operating activities.

Net sales from continuing operations for the first nine months of fiscal 2005 were $506.6 million, a seventeen percent increase over net sales of $432.6 million last year. Income from continuing operations in the first nine months of fiscal 2005 was $10.9 million, or $0.69 per diluted common share, compared to $18.2 million, or $1.14 per diluted common share, for the same period in fiscal 2004. Net income was $6.4 million, or $0.40 per diluted common share, compared to net income of $17.0 million, or $1.07 per diluted common share, in the prior year period. During the nine months, the company generated $53.5 million of cash flow from operating activities.

The Aerospace Systems segment reported net sales for the quarter of $121.2 million, a twenty-one percent increase over the prior year quarter's sales of $100.0 million. Operating income for the current quarter increased thirteen percent to $13.5 million, compared to $11.9 million in the prior year period.

The Aftermarket Services segment reported net sales for the quarter of $44.9 million, compared to net sales of $37.3 million in the prior year period, a twenty percent increase. Operating income for the third quarter of fiscal 2005 was $2.6 million, compared to $4.4 million in the prior year, a forty-two percent decrease.

In the Other segment, which is primarily comprised of activities and operations related to the IGT business, net sales for the third fiscal quarter decreased thirty-eight percent to $6.4 million compared to $10.4 million in the prior year period. The segment incurred an operating loss in the third fiscal quarter of $3.9 million, compared to an operating loss of $7.5 million in the prior year period.

Richard C. Ill, Triumph's President and Chief Executive Officer, said, "We are pleased to again report strong revenue growth across all our core businesses accompanied by outstanding cash generation, which allowed us to reduce borrowings under our revolving credit facility by $38 million in the third quarter. In addition, as previously announced, we were able to execute on our plan to divest our Metals operation in order to focus on our core aviation businesses as well as complete the majority of our restructuring steps to exit the IGT business. With this activity substantially behind us, we are confident that our focused business model along with our strong balance sheet will provide the potential for sustainable long-term growth."

Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and accessories. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of aircraft and aircraft components as well as commercial, military and air cargo customers.

More information about Triumph can be found on the Internet at http://www.triumphgroup.com.

Statements in this release which are not historical facts are forward-looking statements under the provisions of 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 Annual Report on Form 10-K for the year ended March 31, 2004.



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


Net Sales                      $171,278  $146,815  $506,611  $432,560

Operating Income                  8,814     6,870    25,141    33,646

Interest Expense and Other        3,189     3,168     9,656     8,943
Income Tax Expense                1,686     1,065     4,546     6,513
                               --------- --------- --------- ---------
Income from Continuing
 Operations                       3,939     2,637    10,939    18,190
(Loss) Income from
 Discontinued Operations         (6,080)       19    (4,549)   (1,165)
                               --------- --------- --------- ---------

Net (Loss) Income               ($2,141)   $2,656    $6,390   $17,025
                               ========= ========= ========= =========

Earnings Per Share - Basic:

Income from Continuing
 Operations                       $0.25     $0.17     $0.69     $1.15
(Loss) Income from
 Discontinued Operations         ($0.38)    $0.00    ($0.29)   ($0.07)
                               --------- --------- --------- ---------
Net (Loss) Income                ($0.13)    $0.17     $0.40     $1.08
                               ========= ========= ========= =========

Weighted average common shares
 outstanding - Basic             15,881    15,839    15,870    15,837
                               ========= ========= ========= =========

Earnings Per Share - Diluted:

Income from Continuing
 Operations                       $0.25     $0.17     $0.69     $1.14
(Loss) Income from
 Discontinued Operations         ($0.38)    $0.00    ($0.29)   ($0.07)
                               --------- --------- --------- ---------
Net (Loss) Income                ($0.13)    $0.17     $0.40     $1.07
                               ========= ========= ========= =========
Weighted average common shares
 outstanding - Diluted           15,994    15,930    15,957    15,906
                               ========= ========= ========= =========


                      FINANCIAL DATA (UNAUDITED)

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

BALANCE SHEET
                                              December 31,  March 31,
                                                 2004         2004
                                              ------------ -----------
                                Assets
   Cash                                            $6,089      $6,766
   Accounts Receivable, net                       112,388     122,273
   Inventory                                      215,782     203,593
   Assets held for sale                             4,132      33,579
   Income Tax Refund Receivable                         0       8,829
   Prepaid Expenses and Other                       4,304       3,801
                                              ------------ -----------
       Current Assets                             342,695     378,841

   Property and Equipment, net                    235,774     246,501
   Goodwill                                       281,100     267,621
   Intangible Assets, net                          27,925      27,514
   Other                                           16,102      15,371
                                              ------------ -----------

   Total Assets                                  $903,596    $935,848
                                              ============ ===========

                  Liabilities & Stockholders' Equity

   Accounts Payable                               $55,446     $55,259
   Accrued Expenses                                53,035      49,771
   Liabilities related to assets held for sale          0       8,809
   Income Taxes Payable                             5,260       1,533
   Deferred Income Taxes                            1,444       1,444
   Current Portion of Long-Term Debt                2,977       4,884
                                              ------------ -----------
       Current Liabilities                        118,162     121,700

   Long-Term Debt, less current portion           166,931     220,963
   Deferred Income Taxes and Other                 95,147      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                 259,348     259,322
   Treasury Stock, at cost, 133,910 and
    167,260 shares                                 (3,324)     (4,152)
   Accumulated other comprehensive income           2,404       1,408
   Retained earnings                              264,912     258,522
                                              ------------ -----------
       Total Stockholders' Equity                 523,356     515,116
                                              ------------ -----------
   Total Liabilities and Stockholders' Equity    $903,596    $935,848
                                              ============ ===========


                      FINANCIAL DATA (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                        (dollars in thousands)



SEGMENT DATA                Three Months Ended     Nine Months Ended
                               December 31,          December 31,
                           --------------------- ---------------------
                             2004       2003       2004       2003
                           ---------- ---------- ---------- ----------

Net Sales:
    Aerospace Systems       $121,185   $100,022   $362,691   $293,620
    Aftermarket Services      44,892     37,327    127,054    104,674
    Other                      6,394     10,366     21,591     37,332
    Elimination of inter-
     segment sales            (1,193)      (900)    (4,725)    (3,066)
                           ---------- ---------- ---------- ----------
                            $171,278   $146,815   $506,611   $432,560
                           ========== ========== ========== ==========

Operating Income (Expense):
    Aerospace Systems        $13,533    $11,933    $39,442    $35,138
    Aftermarket Services       2,572      4,438      6,133     11,282
    Other                     (3,856)    (7,467)   (10,789)    (5,384)
    Corporate                 (3,435)    (2,034)    (9,645)    (7,390)
                           ---------- ---------- ---------- ----------
                              $8,814     $6,870    $25,141    $33,646
                           ========== ========== ========== ==========

Depreciation and
 Amortization:
    Aerospace Systems         $4,892     $3,895    $14,229    $11,302
    Aftermarket Services       2,131      1,902      6,294      5,664
    Other                        474      1,265      1,979      3,143
    Corporate                     33         40        108        104
                           ---------- ---------- ---------- ----------
                              $7,530     $7,102    $22,610    $20,213
                           ========== ========== ========== ==========

Capital Expenditures:
    Aerospace Systems         $2,083     $2,970     $9,957    $13,347
    Aftermarket Services       1,654      1,511      3,550      3,798
    Other                        112      1,225        136      2,725
    Corporate                     22        251         56        304
                           ---------- ---------- ---------- ----------
                              $3,871     $5,957    $13,699    $20,174
                           ========== ========== ========== ==========


                     FINANCIAL DATA  (UNAUDITED)

                 TRIUMPH GROUP, INC. AND SUBSIDIARIES
                        (dollars in thousands)

Non-GAAP Financial Measure Disclosures


Earnings before Interest, Taxes, Depreciation and Amortization
 ("EBITDA") for the three months ended December 31, 2004 was $16.3
 million with a margin of 9.5%.  EBITDA for the three months ended
 December 31, 2003 was $14.0 million with a margin of 9.5%.  EBITDA
 for the nine months ended December 31, 2004 was $47.8 million with a
 margin of 9.4%.  EBITDA for the nine months ended December 31, 2003
 was $53.9 million with a margin of 12.5%.

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   Nine Months Ended
                                  December 31,        December 31,
                               ------------------- -------------------
                                 2004      2003      2004      2003
                               --------- --------- --------- ---------
Earnings before Interest,
 Taxes, Depreciation and
 Amortization (EBITDA):

Income from Continuing
 Operations                      $3,939    $2,637   $10,939   $18,190

Add-back:
     Income Tax Expense           1,686     1,065     4,546     6,513
     Interest Expense and
      Other                       3,189     3,168     9,656     8,943
     Depreciation and
      Amortization                7,530     7,102    22,610    20,213
                               --------- --------- --------- ---------
Earnings before Interest,
 Taxes, Depreciation and
 Amortization ("EBITDA")        $16,344   $13,972   $47,751   $53,859
                               --------- --------- --------- ---------

Net Sales                      $171,278  $146,815  $506,611  $432,560
                               --------- --------- --------- ---------

EBITDA Margin                       9.5%      9.5%      9.4%     12.5%
                               ========= ========= ========= =========

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

SOURCE: Triumph Group, Inc.