Triumph Group Reports Record Results for the Quarter Ended September 30, 2001.Business Editors WAYNE Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. , Pa.--(BUSINESS WIRE)--Oct. 24, 2001 Triumph Group, Inc. (NYSE NYSE See: New York Stock Exchange :TGI TGI Tribunal de Grande Instance TGI Target Group Index TGI Thank God It's Friday (US restaurant chain) TGI Tracheal Gas Insufflation TGI Tumor Growth Inhibition TGI Trato Gastrointestinal (Portugese) ) reported today that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter ended September September: see month. 30, 2001 were a record $161.4 million compared to $131.6 million, an increase of 23 percent over the same period a year ago. Net income for the current quarter, before a nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. unusual charge, increased to $13.3 million, or $0.83 per common share, versus net income of $9.2 million, or $0.74 per common share for the same period last year. The quarter includes an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. unusual charge of $3.2 million, or $0.20 per common share ($5.0 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern ) related to the write off of the development expense on a new aircraft program, which is deemed to be unlikely to go into production at this time. Including the unusual charge, reported net income was $10.1 million or $0.63 per common share. Adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142 added $1.3 million or $0.08 per common share for the quarter. All references to earnings per share herein are on the diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. For the first six months of fiscal 2002, net sales were $315.0 million, compared to $260.6 million for the first six months of fiscal 2001, a 21 percent increase. Net income, before the unusual charge, was $26.3 million, or $1.65 per common share, up from $17.4 million, or $1.41 per common share. Including the unusual charge, reported net income was $23.1 million or $1.44 per common share. Adoption of SFAS 142 added $2.6 million or $0.16 per common share year to date. As a result of the Company's equity offering during the fourth quarter of fiscal 2001, the number of shares used in calculating earnings per share was 16.0 million for the current quarter and year to date compared to 12.4 million for the same period last year. The proceeds of approximately $122 million were utilized to reduce debt and had a positive impact on interest expense for the quarter. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a C. Ill, Triumph's President and Chief Executive Officer, said, "In light of the recent tragic events in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Washington D.C., and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York it is likely that the aerospace industry will face significant challenges in the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future. Build rates will be down and airlines must work to recover passenger miles, but Triumph's customer base is diverse and we compete in many markets. Besides the commercial large transport market, Triumph serves the military, the business and regional jet market, the industrial gas turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. market, and the space program. In addition, our company is in excellent financial condition with a solid balance sheet, a low debt to capital ratio, strong cash flow and a healthy backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , enabling us to continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our future and our ability to meet the industry's challenges." Triumph's Aviation segment operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , for the second quarter of fiscal 2002 was $25.7 million, compared to $20.0 million as reported for the prior year period. Adjusting the prior period for the adoption of SFAS No. 142 would have resulted in $21.7 million of operating income. Net sales for the quarter increased 29 percent, to $149.0 million, from $115.2 million in fiscal year 2001. The Metals segment reported operating income for the second quarter of fiscal year 2002 of $0.1 million, compared to $0.7 million for the prior year period. Net sales of $12.4 million were down 24 percent from $16.3 million reported in fiscal year 2001. Triumph Group, Inc. headquartered in Wayne, Pennsylvania Wayne is an unincorporated community and a U.S. Post Office located on the Main Line, centered in Delaware County, Pennsylvania, United States. While the center of Wayne is in Radnor Township, Wayne extends into both Tredyffrin Township in Chester County and Upper Merion Township , 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 Air Cargo Carriers is a cargo airline based in Milwaukee, Wisconsin, USA. It was established in 1986 and operates feeder cargo services for major express carriers in Canada, the Caribbean and the USA. Air Cargo Carriers, Inc. , as well as original equipment manufacturers of aircraft and aircraft components. The Company also distributes, processes and fabricates metal products. More information about Triumph can be found on the World Wide Web Site at http://www.triumphgroup.com. Statements which are not historical facts contained in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All forward-looking statements involve risks and uncertainties including statements regarding the outlook for the aerospace industry. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 31, 2001.
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(in thousands, except per share data)
Three Months Ended Six Months Ended
September 30, September 30,
-------------------- --------------------
CONDENSED STATEMENTS
OF INCOME 2001 (A) 2000 2001 (A) 2000
-------- -------- -------- --------
Net Sales $161,427 $131,563 $314,959 $260,559
Operating Income:
Ongoing Operating
Income 23,863 19,479 47,416 37,451
Unusual Charge 5,044 5,044
--------- --------- --------- ---------
Total 18,819 19,479 42,372 37,451
Interest Expense 2,982 4,917 6,220 9,760
Income Tax Expense 5,733 5,389 13,087 10,247
--------- --------- --------- ---------
Net Income $10,104(B) $9,173(C) $23,065(B) $17,444(D)
========= ========= ========= =========
Earnings Per
Share - Basic $0.64 $0.79 $1.46 $1.49
========= ========= ========= =========
Weighted average
common shares
outstanding - Basic 15,799 11,676 15,783 11,674
========= ========= ========= =========
Earnings Per
Share - Diluted $0.63(B) $0.74(C) $1.44(B) $1.41(D)
========= ========= ========= =========
Weighted average
common shares
outstanding - Diluted 15,977 12,426 15,965 12,411
========= ========= ========= =========
(A) Excludes goodwill amortization in accordance with the
Company's adoption of SFAS No. 142 "Goodwill and Other
Intangible Assets".
(B) Includes the after-tax unusual charge of $3,218 or $0.20 per
common share ($5,044 pretax) related to the write off of the
development expense on a new aircraft program, which is deemed
to be unlikely to go into production at this time.
(C) For the quarter ended September 30, 2000, net income as
adjusted for adoption of SFAS No. 142, would have been $10,289
and diluted earnings per share would have been $0.83 excluding
pretax goodwill amortization of $1,772.
(D) For the six months ended September 30, 2000, net income as
adjusted for the adoption of SFAS No. 142, would have been
$19,691 and diluted earnings per share would have been $1.59
excluding pretax goodwill amortization of $3,567.
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(in thousands)
SEGMENT DATA Three Months Ended Six Months Ended
September 30, September 30,
---------------------- ----------------------
2001 (A) 2000 2001 (A) 2000
---------- ---------- ---------- ----------
Net Sales:
Aviation $149,013 $115,222 $289,522 $228,062
Metals 12,414 16,341 25,437 32,497
---------- ---------- ---------- ----------
$161,427 $131,563 $314,959 $260,559
========== ========== ========== ==========
Operating Income
(Expense):
Aviation $25,727 $19,965 $50,916 $38,069
Metals 104 731 213 1,655
Corporate (1,968) (1,217) (3,713) (2,273)
Unusual Charge (5,044) 0 (5,044) 0
---------- ---------- ---------- ----------
$18,819 $19,479(B) $42,372 $37,451(C)
========== ========== ========== ==========
Depreciation and
Amortization:
Aviation $4,863 $5,883 $9,728 $11,986
Metals 372 293 743 587
Corporate 23 18 47 36
---------- ---------- ---------- ----------
$5,258 $6,194(B) $10,518 $12,609(C)
========== ========== ========== ==========
(A) Excludes goodwill amortization in accordance with the
Company's adoption of SFAS No. 142 "Goodwill and Other
Intangible Assets".
(B) For the quarter ended September 30, 2000, operating income as
adjusted for the adoption of SFAS No. 142, would have been
$21,251 and depreciation and amortization would have been
$4,422
(C) For the six months ended September 30, 2000, operating income
as adjusted for the adoption of SFAS No. 142, would have been
$41,018 and depreciation and amortization would have been
$9,042
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion