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News Release
Triumph Group Reports Fourth Quarter and Year End Fiscal 2006 Results

WAYNE, Pa.--(BUSINESS WIRE)--May 5, 2006--Triumph Group, Inc. (NYSE:TGI):

  • Net sales for fiscal year 2006 increased 10% to $760.4 million
  • Operating income in fiscal year 2006 increased 68% to $56.1/
  • million
  • Income from continuing operations for fiscal year 2006 increased 118% to $34.5 million
  • Year end backlog reached a new record high of $887.8 million, up 48% over prior year

Triumph Group, Inc. (NYSE:TGI) today reported that, for the fiscal year 2006, net sales totaled $760.4 million, a ten percent increase from fiscal year 2005 net sales of $688.5 million. Income from continuing operations for fiscal year 2006 increased 118 percent to $34.5 million, or $2.15 per diluted common share, versus $15.8 million, or $0.99 per diluted common share, for fiscal year 2005. During this fiscal year, the company generated $40.4 million of cash flow from operations.

Net sales for the fourth quarter ended March 31, 2006 were $211.9 million, a sixteen percent increase from last fiscal year's fourth quarter net sales of $181.9 million. Income from continuing operations for the fourth quarter of fiscal year 2006 increased 125 percent to $11.0 million, or $0.68 per diluted common share, versus $4.9 million, or $0.30 per diluted common share, for the fourth quarter of the prior fiscal year. The quarterly results also include a tax benefit of $2.2 million associated with changes in tax reserves resulting from completed audits. During the quarter, the company generated $14.1 million of cash flow from operations.

The Aerospace Systems segment reported net sales for fiscal year 2006 of $578.3 million, compared to $495.4 million for the prior fiscal year, an increase of seventeen percent. For the fourth quarter of fiscal year 2006, the segment's net sales increased twenty-two percent to $162.2 million from $132.7 million for the prior fiscal year period. Operating income for fiscal year 2006 was $72.8 million, compared to $54.0 million for the prior fiscal year, an increase of thirty-five percent. For the quarter, operating income increased forty-nine percent to $21.8 million versus $14.6 million for the prior fiscal year quarter. Operating income for the fiscal year 2006 included $3.6 million of legal expenses associated with the trade secret litigation versus $2.8 million of legal expenses included in the operating income for the fiscal year 2005.

The Aftermarket Services segment reported net sales for fiscal year 2006 of $185.0 million, compared to $173.0 million for the prior fiscal year, an increase of seven percent. For the fourth quarter of fiscal year 2006, the segment's net sales increased ten percent to $50.6 million from $45.9 million for the prior fiscal year period. The operating loss for the fourth quarter was $2.2 million. For the fiscal year 2006, the segment's operating loss was also $2.2 million, which included $10.8 million of costs associated with the transition of castings and sheet metal products to new aerospace programs and startup costs associated with our new Thailand maintenance and repair facility. "We remain optimistic as to the results of the Aftermarket Services segment in fiscal year 2007 despite the effect of these costs on fiscal year 2006," said Richard C. Ill, Triumph's President and Chief Executive Officer.

Mr. Ill continued, "Triumph had an excellent fiscal year 2006 driven by strong organic growth in revenue, operating income and earnings across our core businesses. Our record level of backlog demonstrates that our products and services are in strong demand from our global customers. As we look ahead to fiscal year 2007 and beyond, we are confident that our commitment to develop new systems, products and services and our strong financial position will provide the foundation for continued revenue and earnings growth throughout the current upswing in the aerospace market."

In commenting on the outlook for fiscal year 2007, Mr. Ill said, "We see continued momentum across our operations in fiscal year 2007. We project sales in the range of $875 million to $925 million and earnings per share for the fiscal year of $2.40 to $2.70."

As previously announced, Triumph will hold a conference call today at 8:30 a.m. (EDT) to discuss the fiscal year 2006 fourth quarter and year-end results. The conference call will be available live and archived on the company's website at http://www.triumphgroup.com. An audio replay will be available from May 5th until May 12th by calling (888) 266-2081 (Domestic) or (703) 925-2533 (International), passcode #889458.

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 commercial and regional airlines, air cargo carriers, as well as original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components.

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, including expectations of future product and service development, the aerospace market conditions, financial performance, revenue and earnings growth and sales and earnings results for fiscal 2007. 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, 2005.



                     FINANCIAL DATA  (UNAUDITED)

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


                               Three Months Ended  Twelve Months Ended
                                    March 31,           March 31,
                               ------------------- -------------------

CONDENSED STATEMENTS OF INCOME   2006      2005      2006      2005
                               --------- --------- --------- ---------

Net Sales                      $211,870  $181,874  $760,421  $688,485

Operating Income                 15,937     8,289    56,087    33,430

Interest Expense and Other        3,074     3,369    12,519    13,025
Income Tax Expense                1,908        50     9,053     4,596
                               --------- --------- --------- ---------

Income from Continuing
 Operations                      10,955     4,870    34,515    15,809
Income (Loss) from
 Discontinued Operations              0       168         0    (4,381)
                               --------- --------- --------- ---------

Net Income                      $10,955    $5,038   $34,515   $11,428
                               ========= ========= ========= =========

Earnings Per Share - Basic:

Income from Continuing
 Operations                       $0.69     $0.31     $2.17     $1.00
Income (Loss) from
 Discontinued Operations          $0.00     $0.01     $0.00    ($0.28)
                               --------- --------- --------- ---------
Net Income                        $0.69     $0.32     $2.17     $0.72
                               ========= ========= ========= =========

Weighted average common shares
 outstanding - Basic             15,952    15,898    15,920    15,877
                               ========= ========= ========= =========

Earnings Per Share - Diluted:

Income from Continuing
 Operations                       $0.68     $0.30     $2.15     $0.99
Income (Loss) from
 Discontinued Operations          $0.00     $0.01     $0.00    ($0.27)
                               --------- --------- --------- ---------
Net Income                        $0.68     $0.31     $2.15     $0.72
                               ========= ========= ========= =========

Weighted average common shares
 outstanding - Diluted           16,126    16,016    16,060    15,971
                               ========= ========= ========= =========



                      FINANCIAL DATA (UNAUDITED)

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


BALANCE SHEET
                                                  March 31,  March 31,
                                                    2006       2005
                                                  ---------  ---------
                                Assets
Cash                                                $5,698     $4,844
Accounts Receivable, net                           147,780    127,942
Inventory                                          235,878    217,234
Deferred Income Taxes                                6,868      5,422
Prepaid Expenses and Other                           4,894      3,887
                                                  ---------  ---------
   Current Assets                                  401,118    359,329

Property and Equipment, net                        237,325    234,123
Goodwill                                           272,737    273,476
Intangible Assets, net                              49,424     56,227
Other                                               14,183     14,560
                                                  ---------  ---------

Total Assets                                      $974,787   $937,715
                                                  =========  =========

                  Liabilities & Stockholders' Equity

Accounts Payable                                   $73,995    $65,211
Accrued Expenses                                    68,488     75,598
Income Taxes Payable                                 5,195      2,922
Current Portion of Long-Term Debt                    8,078      1,740
                                                  ---------  ---------
   Current Liabilities                             155,756    145,471

Long-Term Debt, less current portion               153,339    156,042
Deferred Income Taxes and Other                    101,986    109,539

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                  260,124    259,448
   Treasury Stock, at cost, 18,311 and 123,160
    shares                                            (455)    (3,057)
   Accumulated other comprehensive (loss) income      (159)       306
   Retained earnings                               304,180    269,950
                                                  ---------  ---------
      Total Stockholders' Equity                   563,706    526,663
                                                  ---------  ---------

Total Liabilities and Stockholders' Equity        $974,787   $937,715
                                                  =========  =========



                      FINANCIAL DATA (UNAUDITED)

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


SEGMENT DATA                   Three Months Ended  Twelve Months Ended
                                    March 31,           March 31,
                               ------------------- -------------------
                                 2006      2005      2006      2005
                               --------- --------- --------- ---------

Net Sales:
   Aerospace Systems           $162,194  $132,734  $578,324  $495,425
   Aftermarket Services          50,643    45,904   184,978   172,958
   Other                              0     4,969         0    26,560
   Elimination of inter-
    segment sales                  (967)   (1,733)   (2,881)   (6,458)
                               --------- --------- --------- ---------
                               $211,870  $181,874  $760,421  $688,485
                               ========= ========= ========= =========

Operating Income (Loss):
   Aerospace Systems            $21,819   $14,604   $72,766   $54,046
   Aftermarket Services          (2,172)    1,494    (2,172)    7,627
   Other                              0    (4,200)        0   (14,989)
   Corporate                     (3,710)   (3,609)  (14,507)  (13,254)
                               --------- --------- --------- ---------
                                $15,937    $8,289   $56,087   $33,430
                               ========= ========= ========= =========

Depreciation and Amortization:
   Aerospace Systems             $5,360    $5,452   $21,981   $19,681
   Aftermarket Services           2,587     2,132     9,904     8,426
   Other                              0       297         0     2,276
   Corporate                         48        37       153       145
                               --------- --------- --------- ---------
                                 $7,995    $7,918   $32,038   $30,528
                               ========= ========= ========= =========


Capital Expenditures:
   Aerospace Systems             $7,665    $2,103   $16,156   $12,060
   Aftermarket Services           3,752     2,468    12,248     6,018
   Other                              0       326         0       462
   Corporate                         72         6       373        62
                               --------- --------- --------- ---------
                                $11,489    $4,903   $28,777   $18,602
                               ========= ========= ========= =========



                     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 March 31, 2006 was $23.9
million with a margin of 11.3%.  EBITDA for the three months ended
March 31, 2005 was $16.2 million with a margin of 8.9%.  EBITDA for
the twelve months ended March 31, 2006 was $88.1 million with a
margin of 11.6%. EBITDA for the twelve months ended March 31, 2005
was $64.0 million with a margin of 9.3%.

Management believes that EBITDA provides the reader a good measure of
cash generated from the operations of the business before any
investment in working capital or fixed assets.

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  Twelve Months Ended
                                    March 31,           March 31,
                               ------------------- -------------------
                                 2006      2005      2006      2005
                               --------- --------- --------- ---------
Earnings before Interest,
 Taxes, Depreciation and
 Amortization (EBITDA):

Income from Continuing
 Operations                     $10,955    $4,870   $34,515   $15,809

Add-back:
   Income Tax Expense             1,908        50     9,053     4,596
   Interest Expense and Other     3,074     3,369    12,519    13,025
   Depreciation and
    Amortization                  7,995     7,918    32,038    30,528
                               --------- --------- --------- ---------

Earnings before Interest,
 Taxes, Depreciation and
 Amortization ("EBITDA")        $23,932   $16,207   $88,125   $63,958
                               --------- --------- --------- ---------

Net Sales                      $211,870  $181,874  $760,421  $688,485
                               --------- --------- --------- ---------

EBITDA Margin                      11.3%      8.9%     11.6%      9.3%
                               ========= ========= ========= =========



                     FINANCIAL DATA  (UNAUDITED)

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


Non-GAAP Financial
 Measure Disclosures
 (continued)

Earnings before Interest,
 Taxes, Depreciation and
 Amortization (EBITDA):        Three Months Ended March 31, 2006
                          --------------------------------------------
                                               Segment Data
                                    ----------------------------------
                                    Aerospace Aftermarket  Corporate/
                            Total    Systems    Services  Eliminations
                          --------- --------- ----------- ------------

Income from Continuing
 Operations                $10,955

Add-back:
   Income Tax Expense        1,908
   Interest Expense and
    Other                    3,074
                          ---------

Operating Income
 (Expense)                 $15,937   $21,819     ($2,172)     ($3,710)

   Depreciation and
    Amortization             7,995     5,360       2,587           48
                          --------- --------- ----------- ------------

Earnings (Losses) before
 Interest, Taxes,
 Depreciation and
 Amortization ("EBITDA")   $23,932   $27,179        $415      ($3,662)
                          ========= ========= =========== ============

Net Sales                 $211,870  $162,194     $50,643        ($967)
                          ========= ========= =========== ============

EBITDA Margin                 11.3%     16.8%        0.8%      n/a
                          ========= ========= =========== ============


Earnings before Interest,
 Taxes, Depreciation and
  Amortization (EBITDA):       Twelve Months Ended March 31, 2006
                          --------------------------------------------
                                               Segment Data
                                    ----------------------------------
                                    Aerospace Aftermarket  Corporate/
                            Total    Systems    Services  Eliminations
                          --------- --------- ----------- ------------

Income from Continuing
 Operations                $34,515

Add-back:
   Income Tax Expense        9,053
   Interest Expense and
    Other                   12,519
                          ---------

Operating Income
 (Expense)                 $56,087   $72,766     ($2,172)    ($14,507)

   Depreciation and
    Amortization            32,038    21,981       9,904          153
                          --------- --------- ----------- ------------

Earnings (Losses) before
 Interest, Taxes,
 Depreciation and
 Amortization ("EBITDA")   $88,125   $94,747      $7,732     ($14,354)
                          ========= ========= =========== ============

Net Sales                 $760,421  $578,324    $184,978      ($2,881)
                          ========= ========= =========== ============

EBITDA Margin                 11.6%     16.4%        4.2%      n/a
                          ========= ========= =========== ============



                     FINANCIAL DATA  (UNAUDITED)

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


Non-GAAP Financial Measure Disclosures (continued)

We use "Net Debt to Capital" as a measure of financial leverage.  The
following table sets forth the computation of Net Debt to Capital:


                                                   March 31, March 31,
                                                     2006      2005
                                                   --------- ---------

Calculation of Net Debt
-----------------------
Current Portion                                      $8,078    $1,740
Long-Term Debt                                      153,339   156,042
                                                   --------- ---------
Total Debt                                          161,417   157,782
Less: Cash and Cash Equivalents                       5,698     4,844
                                                   --------- ---------
Net Debt                                           $155,719  $152,938
                                                   ========= =========

Calculation of Capital
----------------------
Net Debt                                           $155,719  $152,938
Stockholders' Equity                                563,706   526,663
                                                   --------- ---------
Total Capital                                      $719,425  $679,601
                                                   ========= =========

Percent of Net Debt to Capital                         21.6%     22.5%

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