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Triumph Group, Inc. (NYSE:TGI) today reported that, for the fiscal
year 2007, net sales totaled $954.7 million, a twenty-six percent
increase from fiscal year 2006 net sales of $760.4 million. Net income
for fiscal year 2007 increased thirty-six percent to $47.1 million, or
$2.87 per diluted common share, versus $34.5 million, or $2.15 per
diluted common share, for fiscal year 2006. During this fiscal year,
the company generated $47.7 million of cash flow from operations.
Net sales for the fourth quarter ended March 31, 2007 were $263.5
million, a twenty-four percent increase from last fiscal year's fourth
quarter net sales of $211.9 million. Net income for the fourth quarter
of fiscal year 2007 increased thirty percent to $14.2 million, or
$0.86 per diluted common share, versus $11.0 million, or $0.68 per
diluted common share, for the fourth quarter of the prior fiscal year.
During the quarter, the company generated $27.0 million of cash flow
from operations. Results for the fourth quarter of fiscal year 2007
included $0.03 per share charge related to stock-based compensation.
Prior year period segment results have been changed to classify
certain revenue and costs from the Aftermarket Services segment to the
Aerospace Systems segment for the operation of Triumph
Fabrications-Phoenix and Triumph Fabrications-Fort Worth due to the
fact that most of their product line has been transitioned to
aerospace OEM products. The transitioning of these business units
resulted in the shift of approximately $6.6 million in revenue and
$2.4 million in operating loss for the quarter ended March 31, 2006,
previously reported in the Aftermarket Services segment, to the
Aerospace Systems segment. Segment results have been adjusted to
reflect these changes.
The Aerospace Systems segment reported net sales for fiscal year
2007 of $750.9 million, compared to $600.0 million for the prior
fiscal year, an increase of twenty-five percent. For the fourth
quarter of fiscal year 2007, the segment's net sales increased
twenty-three percent to $206.9 million from $168.8 million for the
prior fiscal year period. Operating income for fiscal year 2007 was
$101.6 million, compared to $66.0 million for the prior fiscal year,
an increase of fifty-four percent. For the quarter, operating income
increased fifty-six percent to $30.2 million versus $19.4 million for
the prior fiscal year quarter. Organic sales growth for the fiscal
year 2007 was sixteen percent.
The Aftermarket Services segment reported net sales for fiscal
year 2007 of $206.3 million, compared to $164.0 million for the prior
fiscal year, an increase of twenty-six percent. For the fourth quarter
of fiscal year 2007, the segment's net sales increased thirty percent
to $57.2 million from $44.0 million for the prior fiscal year period.
Operating income for fiscal year 2007 was $8.4 million, compared to
$4.6 million for the prior fiscal year, an increase of eighty-three
percent. For the quarter, operating income increased 496 percent to
$1.6 million versus $0.3 million for the prior fiscal year quarter.
Organic sales growth for the fiscal year 2007 was fourteen percent.
Operating costs in excess of revenue associated with the new Thailand
maintenance and repair facility was $0.9 million for the quarter and
$3.4 million for the fiscal year 2007. In addition, the fourth quarter
of fiscal 2007 included a charge of $1.2 million related to a change
in the method of accounting for power by the hour contracts.
Richard C. Ill, Triumph's President and Chief Executive Officer,
said, "Triumph had an excellent fiscal year 2007. Continued
improvement in both our OEM and aftermarket markets resulted in strong
growth in revenue, operating income and earnings across our core
businesses. Our record level of backlog is a clear indication of the
success of our products and strategy and provides us with strong
momentum heading into fiscal 2008 and beyond."
In commenting on the outlook for fiscal year 2008, Mr. Ill said,
"We expect to see continued growth in customer demand across our
operations in fiscal year 2008. We project sales in the range of $1.1
billion to $1.2 billion and earnings per share for the fiscal year of
$3.60 to $3.80."
As previously announced, Triumph will hold a conference call
tomorrow at 8:30 a.m. (ET) to discuss the fiscal year 2007 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. A slide presentation will be included
with the audio portion of the webcast. An audio replay will be
available from May 4th until May 11th by calling (888) 266-2081
(Domestic) or (703) 925-2533 (International), passcode #1072694.
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 2008. 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, 2006.
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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 2007 2006 2007 2006
--------- --------- --------- ---------
Net Sales $263,450 $211,870 $954,735 $760,421
Operating Income 25,295 15,937 90,653 56,087
Interest Expense and Other 3,714 3,074 14,468 12,519
Charge for Early
Extinguishment of Debt 0 0 5,088 0
Income Tax Expense 7,355 1,908 24,026 9,053
--------- --------- --------- ---------
Net Income $14,226 $10,955 $47,071 $34,515
========= ========= ========= =========
Earnings Per Share - Basic:
Net Income $0.87 $0.69 $2.90 $2.17
========= ========= ========= =========
Weighted average common shares
outstanding - Basic 16,377 15,952 16,220 15,920
========= ========= ========= =========
Earnings Per Share - Diluted:
Net Income $0.86 $0.68 $2.87 $2.15
========= ========= ========= =========
Weighted average common shares
outstanding - Diluted 16,599 16,126 16,413 16,060
========= ========= ========= =========
Dividends declared and paid
per common share $0.04 $0.00 $0.12 $0.00
========= ========= ========= =========
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FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands, except per share data)
BALANCE SHEET
March 31, March 31,
2007 2006
----------- -----------
Assets
Cash $7,257 $5,698
Accounts Receivable, net 174,526 147,780
Inventory 307,665 235,878
Deferred Income Taxes 10,481 6,868
Prepaid Expenses and Other 6,805 4,894
----------- -----------
Current Assets 506,734 401,118
Property and Equipment, net 294,479 237,325
Goodwill 342,881 272,737
Intangible Assets, net 69,919 49,424
Other 17,261 14,179
----------- -----------
Total Assets $1,231,274 $974,783
=========== ===========
Liabilities & Stockholders' Equity
Accounts Payable $103,164 $73,995
Accrued Expenses 78,192 68,488
Income Taxes Payable 2,081 5,195
Current Portion of Long-Term Debt 5,702 8,078
----------- -----------
Current Liabilities 189,139 155,756
Long-Term Debt, less current portion 310,481 153,339
Deferred Income Taxes and Other 104,291 101,985
Stockholders' Equity:
Common Stock, $.001 par value,
50,000,000 shares authorized,
16,469,617 and 16,027,324 shares
issued 16 16
Capital in excess of par value 278,177 260,124
Treasury Stock, at cost, 0 and 18,311
shares 0 (455)
Accumulated other comprehensive income
(loss) (120) (162)
Retained earnings 349,290 304,180
----------- -----------
Total Stockholders' Equity 627,363 563,703
----------- -----------
Total Liabilities and Stockholders' Equity $1,231,274 $974,783
=========== ===========
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FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands)
SEGMENT DATA Three Months Ended Twelve Months Ended
March 31, March 31,
------------------- -------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Net Sales:
Aerospace Systems $206,850 $168,836 $750,852 $599,984
Aftermarket Services 57,175 44,021 206,309 164,026
Elimination of inter-
segment sales (575) (987) (2,426) (3,589)
--------- --------- --------- ---------
$263,450 $211,870 $954,735 $760,421
========= ========= ========= =========
Operating Income (Loss):
Aerospace Systems $30,169 $19,372 $101,624 $66,016
Aftermarket Services 1,640 275 8,381 4,578
Corporate (6,514) (3,710) (19,352) (14,507)
--------- --------- --------- ---------
$25,295 $15,937 $90,653 $56,087
========= ========= ========= =========
Depreciation and Amortization:
Aerospace Systems $6,977 $5,727 $26,300 $23,491
Aftermarket Services 3,180 2,220 10,500 8,394
Corporate 61 48 229 153
--------- --------- --------- ---------
$10,218 $7,995 $37,029 $32,038
========= ========= ========= =========
Capital Expenditures:
Aerospace Systems $14,010 $7,727 $39,364 $17,428
Aftermarket Services 5,434 3,690 20,031 10,976
Corporate 111 72 299 373
--------- --------- --------- ---------
$19,555 $11,489 $59,694 $28,777
========= ========= ========= =========
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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, 2007 was $35.5
million with a margin of 13.5%. EBITDA for the three months ended
March 31, 2006 was $23.9 million with a margin of 11.3%. EBITDA for
the twelve months ended March 31, 2007 was $127.7 million with a
margin of 13.4%. EBITDA for the twelve months ended March 31, 2006
was $88.1 million with a margin of 11.6%.
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,
------------------- -------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Earnings before Interest,
Taxes, Depreciation and
Amortization (EBITDA):
Net Income $14,226 $10,955 $47,071 $34,515
Add-back:
Income Tax Expense 7,355 1,908 24,026 9,053
Charge for Early
Extinguishment of Debt 0 0 5,088 0
Interest Expense and
Other 3,714 3,074 14,468 12,519
Depreciation and
Amortization 10,218 7,995 37,029 32,038
--------- --------- --------- ---------
Earnings before Interest,
Taxes, Depreciation and
Amortization ("EBITDA") $35,513 $23,932 $127,682 $88,125
--------- --------- --------- ---------
Net Sales $263,450 $211,870 $954,735 $760,421
--------- --------- --------- ---------
EBITDA Margin 13.5% 11.3% 13.4% 11.6%
========= ========= ========= =========
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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, 2007
--------------------------------------------
Segment Data
----------------------------------
Aerospace Aftermarket Corporate /
Total Systems Services Eliminations
--------- --------- ----------- ------------
Net Income $14,226
Add-back:
Income Tax Expense 7,355
Charge for Early
Extinguishment of
Debt 0
Interest Expense
and Other 3,714
---------
Operating Income
(Expense) $25,295 $30,169 $1,640 ($6,514)
Depreciation and
Amortization 10,218 6,977 3,180 61
--------- --------- ----------- ------------
Earnings (Losses)
before Interest,
Taxes, Depreciation
and Amortization
("EBITDA") $35,513 $37,146 $4,820 ($6,453)
========= ========= =========== ============
Net Sales $263,450 $206,850 $57,175 ($575)
========= ========= =========== ============
EBITDA Margin 13.5% 18.0% 8.4% n/a
========= ========= =========== ============
Earnings before Interest,
Taxes, Depreciation and
Amortization (EBITDA): Twelve Months Ended March 31, 2007
--------------------------------------------
Segment Data
----------------------------------
Aerospace Aftermarket Corporate /
Total Systems Services Eliminations
--------- --------- ----------- ------------
Net Income $47,071
Add-back:
Income Tax Expense 24,026
Charge for Early
Extinguishment of
Debt 5,088
Interest Expense
and Other 14,468
---------
Operating Income
(Expense) $90,653 $101,624 $8,381 ($19,352)
Depreciation and
Amortization 37,029 26,300 10,500 229
--------- --------- ----------- ------------
Earnings (Losses)
before Interest,
Taxes, Depreciation
and Amortization
("EBITDA") $127,682 $127,924 $18,881 ($19,123)
========= ========= =========== ============
Net Sales $954,735 $750,852 $206,309 ($2,426)
========= ========= =========== ============
EBITDA Margin 13.4% 17.0% 9.2% n/a
========= ========= =========== ============
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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,
2007 2006
----------- -----------
Calculation of Net Debt
---------------------------------------------
Current Portion $5,702 $8,078
Long-term debt 310,481 153,339
----------- -----------
Total Debt 316,183 161,417
Less: Cash 7,257 5,698
----------- -----------
Net Debt $308,926 $155,719
=========== ===========
Calculation of Capital
---------------------------------------------
Net Debt $308,926 $155,719
Stockholders' equity 627,363 563,703
----------- -----------
Total Capital $936,289 $719,422
=========== ===========
Percent of Net Debt to Capital 33.0% 21.6%
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FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measure Disclosures
The Company believes its earnings excluding the third quarter charge
for the early extinguishment of debt provides financial statement
users with meaningful insight into operating trends.
Reconciliation of Non-GAAP EPS to GAAP EPS:
Three Months Ended Twelve Months Ended
March 31, March 31,
------------------- -------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Earnings Per Share - Basic: $0.87 $0.69 $2.90 $2.17
Third Quarter Charge for Early
Extinguishment of Debt $0.00 $0.00 $0.20 $0.00
--------- --------- --------- ---------
Earnings Per Share-Basic,
Excluding Charge for Early
Extinguishment of Debt $0.87 $0.69 $3.10 $2.17
========= ========= ========= =========
Earnings Per Share - Diluted: $0.86 $0.68 $2.87 $2.15
Third Quarter Charge for Early
Extinguishment of Debt $0.00 $0.00 $0.20 $0.00
--------- --------- --------- ---------
Earnings Per Share-Diluted,
Excluding Charge for Early
Extinguishment of Debt $0.86 $0.68 $3.07 $2.15
========= ========= ========= =========
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