Triumph Group Reports Record Sales And Income For The Quarter Ended Sept. 30, 1998.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. 21, 1998--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 Wednesday Wednesday: see week. 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 Sept. 30, 1998 were $99.5 million, an increase of 32 percent over the same period a year ago. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , before extraordinary gain rose 40 percent to $8.0 million, or $0.63 per common share, up from $5.7 million, or $0.54 per common share, for the same period last year. For the first six months of fiscal 1999, net sales were $190.6 million, compared to $147.0 million for the first six months of fiscal 1998, a 30 percent increase. Income from continuing operations, before extraordinary gain increased 53 percent to $15.6 million, or $1.23 per common share, from $10.2 million, or $0.97 per common share. The fiscal 1998 financial results include the 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. gain on the sale of the assets of Air Lab Inc. of $0.8 million, or $0.07 per common share. Excluding this unusual item, income from continuing operations, before extraordinary gain rose 62 percent to $8.0 million for the second quarter ended Sept. 30, 1998 from $4.9 million for the same period in the prior year, and for the first six months of fiscal 1999 income from continuing operations, before extraordinary gain rose 65 percent to $15.6 million from $9.4 million for the same period in the prior year. The significant increase in earnings per share occurred despite an increase in the number of outstanding shares resulting from Triumph's public offering of 2,143,945 additional shares of common stock in November November: see month. , 1997. On an actual basis, shares outstanding and weighted shares outstanding increased 22 percent and 21 percent, respectively, over the same quarterly period last year, which had the effect of reducing per share earnings. 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 unless otherwise stated. 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 "the second quarter results are due to our continued success in building the business and market share of our existing operations, as well as growing through acquisition. "Growth came both from continued strong demand for our manufacturing, repair and overhaul of aircraft components, and from four acquisitions made last year and one acquisition in the second quarter of this year." Triumph's Aviation Group 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 1999 was $14.4 million, compared to $9.2 million for the same period last year excluding the gain on sale of the Air Lab assets. Net sales for the quarter increased 52 percent, to $81.8 million, from 53.9 million in the second quarter of fiscal 1998. The Group's second quarter benefited from the operating contribution from the acquisition of Nu-Tech Industries Inc. effective July July: see month. 1, 1998 and from the acquisitions of Hydro-Mill Co., Stolper-Fabralloy Company and Frisby Aerospace Inc. during fiscal 1998. The Metals Group reported operating income for the second quarter of fiscal year 1999 of $1.3 million, compared to $1.2 million for the same period last year. Net sales of $17.7 million were down 17 percent from the second quarter of fiscal 1998. The major part of the decline was due to the sale of the assets of the Deluxe de·luxe also de luxe adj. Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. Specialties Mfg. division at the end of fiscal 1998. "Triumph triumph Ancient Roman ritual procession honouring a general who had won a major battle and killed at least 5,000 of the enemy. Senators and magistrates were followed by sacrificial animals, captured loot, and captives in chains. continued its growth trend in the second quarter of fiscal 1999," said Ill. "We finished the quarter achieving significant growth in both sales and earnings. Also, to continue our internal growth, we invested over $3.0 million in the second quarter of fiscal 1999 to expand the capabilities, plant and equipment of our Triumph companies." Triumph Group Inc. headquartered in Wayne, designs, engineers, manufactures, repairs, overhauls and distributes aircraft components. 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.triumphgrp.com. Statements which are not historical facts contained in this release are forward looking statements 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. 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, 1998 and Form 10Q for the quarter ended June June: see month. 30, 1998. FINANCIAL DATA (UNAUDITED) ON FOLLOWING 2 PAGES -0-
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP INC. AND SUBSIDIARIES
(in thousands, except per share data)
Three Months Six Months
Ended Ended
Sept. 30, Sept. 30,
------------ ----------
CONDENSED STATEMENTS
OF INCOME 1998 1997 1998 1997
---- ---- ---- ----
Net Sales $99,482 $75,146 $190,622 $147,002
Operating Income:
Ongoing Operating Income 14,384 9,129 27,542 17,329
Gain on Sale of Assets -- 1,250 -- 1,250
------ ------ ------ ------
Total 14,384 10,379 27,542 18,579
Interest Expense 1,306 1,043 2,011 1,879
Income Tax Expense 5,100 3,641 9,959 6,513
------ ------ ------ ------
Income from Continuing
Operations, Before
Extraordinary Gain 7,978 5,695 15,572 10,187
Extraordinary Gain,
net of taxes -- 610 -- 610
------ ------ ------ ------
Net Income $7,978 $6,305 $15,572 $10,797
====== ====== ======= =======
Earnings Per Share - Basic:
Income from Continuing
Operations, Before
Extraordinary Gain $0.67 $0.58 $1.31 $1.04
Extraordinary Gain,
net of taxes -- 0.06 -- 0.06
------ ------ ------ -------
Net Income $0.67 $0.65 $1.31 $1.11
Weighted Average Common
Shares Outstanding
-- Basic 11,900 9,750 11,899 9,750
====== ====== ====== ======
Earnings Per Share --
Assuming Dilution:
Income from Continuing
Operations, Before
Extraordinary Gain $0.63 $0.54 $1.23 $0.97
Extraordinary Gain,
net of taxes -- 0.06 -- 0.06
------ ------ ------ ------
Net Income $0.63 $0.60 $1.23 $1.03
====== ====== ====== ======
Weighted Average Common
Shares Outstanding --
Assuming Dilution 12,654 10,489 12,673 10,476
====== ====== ====== ======
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP INC. AND SUBSIDIARIES
(in thousands)
Three Months Ended Six Months Ended
Sept. 30, Sept. 30,
------------------ ------------------
SEGMENT DATA 1998 1997 1998 1997
---- ---- ---- ----
Net Sales:
Aviation Group $81,807 $53,903 $155,864 $102,773
Metals Group 17,675 21,243 34,758 44,229
------- ------- -------- --------
$99,482 $75,146 $190,622 $147,002
======= ======= ======== ========
Operating Income
(Expense):
Aviation Group $14,428 $9,204 $27,847 $16,862
Metals Group 1,296 1,169 2,050 2,700
Gain on Sale of Assets -- 1,250 -- 1,250
Corporate (1,340) (1,244) (2,355) (2,233)
------- ------ ------- -------
$14,384 $10,379 $27,542 $18,579
======= ======= ======= =======
Depreciation and
Amortization:
Aviation Group $3,162 $1,733 $5,777 $3,335
Metals Group 260 261 517 522
Corporate 15 9 30 18
-- - -- --
$3,437 $2,003 $6,324 $3,875
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