Triumph Group
Annual Report 2005

Plain-text annual report

Layouts6.6-4.f 6/15/05 6:10 PM Page C1 2005 Annual Report Foundation of Strength Layouts6.6-4.f 6/15/05 6:10 PM Page C2 At a Glance: Triumph Group, Inc. Financial Highlights Triumph Group, Inc., headquartered in Wayne, Pennsylvania, is a major supplier of components, subassemblies, systems and services to the global aerospace market. The Company serves a wide spectrum of the aviation industry, including commercial and regional airlines, air cargo carriers, as well as original equipment manufacturers (“OEMs”) of commercial, regional, business and military aircraft and aircraft components. These products and services are offered through 28 companies which operate in two groups: Triumph Aerospace Systems Group, which designs, engineers, manufactures and repairs a wide range of components, assemblies and systems; and Triumph Aftermarket Services Group, which provides comprehensive maintenance, repair and overhaul services on components and accessories manufactured by third parties. ▼ The Company • Formed in 1993, successfully completed initial public offering in 1996 • Employs over 3,800 people in 41 operating locations worldwide • Sales grew from $230 million in 1993, of which $68 million were aviation related, to $688 million in 2005 ▼ Our Business • Focused aerospace supplier • Broad portfolio of products, capabilities and solutions from a single point of contact • Designs, engineers, manufactures, repairs and overhauls aircraft components, subassemblies and systems ▼ Our Customers • Commercial airlines • Air cargo carriers • OEMs • Military ▼ Our Strategy • To add products and services • To expand operating capacity • To acquire aggressively • To market complete portfolio of capabilities • To expand international presence (Dollars in thousands, except per share data) Results for Year: Sales Income from Continuing Operations % of Sales Income Tax Expense Interest Expense & Other Operating Income % of Sales Depreciation & Amortization Earnings before Interest, Taxes, Depreciation & Amortization* % of Sales Net Income % of Sales Earnings per share – Diluted: Income from Continuing Operations (Loss) Income from Discontinued Operations Net Income March 05 $ 688,485 $ 15,809 2% 4,596 13,025 $ 33,430 5% 30,528 $ 63,958 9% $ 11,428 2% March 04 $ 608,315 $ 19,410 3% 4,991 12,212 $ 36,613 6% 28,237 $ 64,850 11% $ 18,222 3% March 03 $ 565,381 $ 37,576 7% 20,682 12,365 $ 70,623 12% 24,387 $ 95,010 17% $ 36,717 6% March 02 $ 565,343 $ 49,117 9% 22,220 12,773 $ 84,110 15% 20,546 $ 104,656 19% $ 49,437 9% March 01 $ 500,201 $ 37,845 8% 20,788 20,549 $ 79,182 16% 25,090 $104,272 21% $ 39,214 8% $ $ 0.99 (0.27) 0.72 $ $ 1.22 (0.07) 1.14 $ $ 2.36 (0.05) 2.31 $ $ 3.09 0.02 3.11 $ $ 3.00 0.11 3.11 Weighted Shares – Diluted (in thousands) 15,971 15,918 15,924 15,918 12,629 Capital Expenditures Year-End Position: Working Capital Current Ratio Property & Equipment at cost Property & Equipment, net Debt Cash Net Debt Stockholders’ Equity Capital Net Debt to Capital Ratio $ 18,602 $ 25,446 $ 31,567 $ 29,311 $ 20,604 $213,858 2.5 $350,249 $234,123 $ 157,782 4,844 $152,938 526,663 $679,601 23% $ 257,274 3.1 $343,999 $246,501 $225,847 6,766 $219,081 514,314 $733,395 30% $231,917 3.1 $294,157 $215,832 $199,523 8,583 $190,940 494,344 $685,284 28% $ 197,933 2.7 $218,665 $ 159,845 $ 158,256 6,830 $ 151,426 453,117 $604,543 25% $188,008 2.6 $186,924 $143,433 $ 176,322 4,614 $171,708 389,891 $561,599 31% Book Value per Common Share $ 33.11 $ 32.43 $ 31.20 $ 28.65 $ 25.38 Employees Sales per Employee 3,887 177 $ 3,883 157 $ 3,770 150 $ 3,554 159 $ 3,492 143 $ * Management believes that earnings before interest, taxes, depreciation and amortization (“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. Foundation of Strength: ▼ ▼ ▼ ▼ Core Values Operational Excellence Innovative Practices Teamwork Strong companies are built on uncompromised principles continuously practiced. ▼ Sound Business Fundamentals • Consistent sales growth • Strong cash flow • Steadily increasing backlog • Balanced sales mix • Healthy balance sheet Sales ($ in millions) Cash Flow from Operations ($ in millions) Backlog ($ in millions) Major Markets ▼ 500 01 565 02 565 03 608 04 688 05 19.8 01 74.7 02 65.0 03 45.6 04 65.0 05 358 01 368 02 475 03 513 04 598 05 44% Commercial aircraft 34% Military 6% Regional jets 8% Business jets 8% Non-aviation 1 Layouts6.6-4.f 6/15/05 6:10 PM Page 2 Fellow Shareholders: per diluted common share, down from $19.4 million, or $1.22 per diluted common share, for fiscal 2004. Net income for fiscal 2005 was $11.4 million, or $0.72 per diluted common share, compared with $18.2 million, or $1.14 per diluted common share, for the prior year. Your senior management team views the past year as a transitional one, but more important, feels the restructuring that characterized this transitional period is at an end. Our refocused business model, strong balance sheet and outstanding workforce, combined with an industry that is once again expanding, with higher build rates and growth in available seat miles, position us for accelerated growth during the next several years. Our optimism also stems from the engineering, operating, marketing, service and support strengths exhibited by our two segments: Triumph Aerospace Systems Group and Triumph Aftermarket Services Group. As seen in fiscal 2005, both segments are experiencing strong sales growth. Excluding the Other segment, which was disposed of or shut down this year, sales in Triumph Aerospace Systems were up 18% for the year; sales in Triumph Aftermarket Services were up 17%. Underlying Strengths Fueling that growth are several important factors. One is that Triumph Group companies continue to develop deeper and more extensive customer relationships. This means that we are working more closely with customers earlier in the design and development process; engaging in collaborative efforts that go beyond the design/build of components to encompass delivery of entire systems for commercial and military aircraft. The role of systems supplier brings with it not only higher revenue and profit potential, but places Triumph on the short list of preferred suppliers in whom customers place an extra measure of trust and value. Within our core aerospace businesses, fiscal 2005 was a year of solid growth and profitability for Triumph Group. Sales for fiscal 2005 rose 13% to $688.5 million while cash flow from operations increased 42% to $65.0 million. And at year end, the Company’s backlog of work on order was $598 million, a 17% increase over the same point last year. Additionally, proceeds from the sale of our Metals business and assets of our Industrial Gas Turbine (IGT) business along with strong cash flow from operations, allowed us to pay down $68 million in debt, reducing our debt-to- capital ratio to 23%. With the sale of the Metals Operations and, even more important, our exit from the IGT business, Triumph Group resources, energy and innovation can now be channeled exclusively to aerospace systems and services. That being said, the Company did not achieve its financial goals in fiscal 2005 due to the costs associated with winding down the IGT business, which had a material effect on earnings in fiscal 2005. Operating losses in IGT and expenses related to the divestiture, combined with two other unusual expense items – litigation and non-recurring charges related to Sarbanes-Oxley compliance – reduced net income from continuing operations by $0.80 a share. As a result, income from continuing operations for fiscal 2005 for Triumph Group was $15.8 million, or $0.99 Another equally important factor is the increasingly integrated delivery of Triumph Group products and services. Although we continue to rely on a decentralized management approach and the entrepreneurial instincts of local managers, we are also making it easier to do business with the Triumph Group by providing a single point of customer contact within our Company. At the same time, this coordinated group marketing significantly increases our ability to cross-sell other Triumph Group capabilities. Many of the major contract wins we had in fiscal 2005 reflect our move up the supplier food chain. Triumph Composite Systems was awarded a contract to design and manufacture the floor panel system for the new A380 Airbus freighter. The contract required that we participate in the joint definition phase of the aircraft’s design. A good example of our customers placing a high degree of trust in our companies was Triumph Gear Systems’ being awarded a contract to continue to supply General Electric with the inlet gearbox and related spare parts for the life of the CFM56 engine program. These multi-year and other contracts not only add to the predictability of our revenue and earnings stream, they presage opportunities for future sales to these important customers. A Winning Course Since becoming a public company in 1996, the management of Triumph Group, Inc. has followed the same strategic course; namely: we continually add new products and services; we expand our operating capacity; we acquire aggressively and accretively; we market our complete capabilities; and we increase our international presence. Because we embrace change as a matter of business practice, we are well positioned to capitalize on the shifting dynamics in today’s aerospace industry. Our lean enterprise efforts will ensure that we remain competitive in all aspects of our businesses. Our focus over the past year has been on developing four “model” sites that will provide our customers with unparalleled levels of products, services and support, while serving as world class lean learning centers for our 3,800 plus employees. This focus will continue for the foreseeable future. Concurrently, we are engaged in extensive lean transformations at nearly every one of our other operating companies, many of which are using the lessons learned from our Lean University in Spokane, WA and from participating in lean events at their facilities and Triumph’s model sites. All of this is being done to ensure that Triumph is extremely well positioned to take advantage of the changes and growth in our industry. These changes include airframe manufacturers concentrating on the integration and assembly of aircraft and outsourcing the design/manufacturing of an increasingly large number of parts and systems to cost-effective suppliers like Triumph. Airlines, always driving for that extra measure of efficiency, are outsourcing more of their maintenance to third parties, few of which have the breadth of capabilities offered by Triumph. They are also moving to smaller, more efficient regional jets. Because we anticipated this trend several years ago, we know these aircraft components well and are able to service and refurbish them with a level of speed, agility and quality that few, if any, of our competitors can match. Our restructuring has positioned us for success and reinforced what was already a strong financial foundation. We are confident that through the dedication of our people and commitment to our customers, we will be successful in reaching our primary financial objectives and creating greater wealth for our shareholders. We are prepared operationally, strategically and financially to take full advantage of the robust and expanding aerospace industry. RICHARD C. ILL PRESIDENT AND CHIEF EXECUTIVE OFFICER ▼ Focused Vision ▼ ▼ Unwavering Commitment ▼ ▼ Foundation of Strength: Core Values To be a premier supplier to the global aerospace market of high value, technical products, systems and service capabilities covering the entire life cycle of an aircraft. 2 • Integrity • Quality • Service These values are our guiding principles as we fulfill our commitment to our customers, employees, suppliers, shareholders and communities in which we operate. ▼ 3 Layouts6.6-4.f 6/15/05 6:10 PM Page 4 Triumph Aerospace Systems Group Triumph. Integrated solutions for aerospace. The broad capabilities of Triumph Aerospace Systems Group include the design and development, manufacture and life cycle support of mechanical, electromechanical, hydraulic and hydromechanical control systems as well as metallic structural details and assemblies. A single point of customer contact within this Group yields access to an entire range of opportunities from individual components or specific spares requirement; to kits of components or assemblies delivered just in time at point-of-use to support customer requirements. To add greater value for our customers and their products, Triumph Aerospace Systems Group offers integrated solutions for complex systems by providing unique capabilities and synergies with other Triumph Group companies as well as third party suppliers who work under the aegis of the Group. The confidence that our customers have in us is based on our proven track record of high-quality products, on-time and on- budget delivery and engineering excellence. Triumph Aerospace Systems Group is committed to forging partnerships with our customers by providing innovative solutions with superb, cost-effective performance. Triumph Aerospace Systems Group Jeffry D. Frisby, Group President Phone: 336-766-9036 E-mail: jfrisby@triumphgroup.com Chem-Fab Corporation Performs chem-milling and other metal finishing processes and produces com- plex sheet metal parts and assemblies. M. Anthony Johnson, President Phone: 501-321-9325 E-mail: tjohnson@triumphgroup.com Hot Springs, Arkansas Constructions Brevetees d’Alfortville (C.B.A.) Manufactures mechanical ball bearing control assemblies for the aerospace, ground transportation, defense and marine industries. Michel Pommey, President Phone: 011 33 1 4375 2053 E-mail: mpommey@triumphgroup.com Alfortville, France DV Industries, Inc. Provides high-quality finishing services to the aerospace, military and commercial industries. Peter J. LaBarbera, President Phone: 323-563-1338 E-mail: plabarbera@triumphgroup.com Lynwood, California EFS Aerospace, Inc. Designs, manufactures, and repairs complex hydraulic and hydromechani- cal aircraft components and systems such as accumulators, actuators and complex valve packages. Brian Barrett, President Phone: 661-295-1015 E-mail: bbarrett@triumphgroup.com Valencia, California Frisby Aerospace, LLC Designs, manufactures, and repairs complex hydraulic and hydromechanical aircraft components and systems such as variable displacement pumps and motors, linear actuators, and valves. Richard Reed, President Phone: 336-766-9036 E-mail: rreed@triumphgroup.com Clemmons, North Carolina Phone: 516-378-0162 Freeport, New York HTD Aerospace, LLC Designs, manufactures and repairs complex hydraulic, hydromechanical and mechanical aircraft components and systems, such as nose wheel steering motors, helicopter blade lag dampers, mechanical hold-open rods, coupling and latching devices, as well as mechanical and electromechanical actuation products. Thomas Holzthum, President Phone: 860-242-5568 E-mail: tholzthum@triumphgroup.com Bloomfield, Connecticut Phone: 860-739-4926 East Lyme, Connecticut Phone: 203-544-8277 Redding, Connecticut K-T Corporation Produces aircraft fuselage skins, lead- ing edges and web assemblies through the stretch forming of sheet, extrusion, rolled shape, and light plate metals. Donald E. Kendall, President Phone: 317-398-6684 E-mail: dkendall@triumphgroup.com Shelbyville, Indiana L.A. Gauge Company Manufactures ultra-precision machined components and assemblies to the aviation, defense, space and commercial industries. Kevin Dahlin, President Phone: 818-767-7193 E-mail: kdahlin@triumphgroup.com Sun Valley, California Lee Aerospace, Inc. Manufactures windshields and flight deck and cabin windows to the gener- al aviation and corporate jet markets. James E. Lee, President Phone: 800-379-6840 E-mail: jlee@triumphgroup.com Wichita, Kansas Northwest Industries Machines and fabricates refractory, reactive, heat and corrosion-resistant precision products. Frederick W. Kuebrich, President Phone: 541-926-5517 E-mail: fkuebrich@triumphgroup.com Albany, Oregon Nu-Tech Industries, Inc. Manufactures precision machined parts and mechanical assemblies for the avia- tion, aerospace and defense industries. David Soper, President Phone: 816-763-8600 E-mail: dsoper@triumphgroup.com Grandview, Missouri Triumph Components – San Diego, Inc. Produces close tolerance complex sheet metal assemblies such as exhaust systems, plugs and nozzles and pneumatic ducting made from all types of aerospace materials using forming and joining techniques. Mark Gobin, President Phone: 619-440-2504 E-mail: mgobin@triumphgroup.com San Diego, California Triumph Composite Systems, Inc. Manufactures interior non-structural composites for the aviation industry, including air control system ducting, flooring panels, aisle stands and glareshields. MaryLou B. Thomas, President Phone: 509-623-8100 E-mail: mthomas@triumphgroup.com Spokane, Washington Triumph Controls, Inc. Designs and manufactures mechanical and electromechanical control systems. William Bernardo, President Phone: 215-699-4861 E-mail: wbernardo@triumphgroup.com North Wales, Pennsylvania Phone: 317-421-8760 Shelbyville, Indiana Triumph Gear Systems, Inc. Manufactures complex gear assem- blies, highlift actuation systems, gears and other components, servic- ing the aerospace industry. Gregory Blanchard, President Phone: 586-781-2800 E-mail: gblanchard@triumphgroup.com Macomb, Michigan Phone: 435-649-1900 Park City, Utah Triumph – Seattle, Inc. System engineering and integration for landing gear, hydraulic, deployment, cargo door and electro-mechanical type systems. Capabilities include design, analysis and testing to support these types of systems and components. Don P. Fowler, President Phone: 425-636-9001 E-mail: dfowler@triumphgroup.com Redmond, Washington Triumph Structures – Los Angeles, Inc. Manufactures long structural compo- nents, such as stringers, cords, floor beams and spars for the aviation industry. Machines, welds and assem- bles large complex precision structural components. Kevin Dahlin, President Phone: 626-965-1630 E-mail: kdahlin@triumphgroup.com City of Industry, California Phone: 818-341-1314 Chatsworth, California Phone: 626-965-1630 Walnut, California Triumph Thermal Systems, Inc. Designs, manufactures, and repairs aircraft thermal transfer components and systems. Michael Perhay, President Phone: 419-273-2511 E-mail: mperhay@triumphgroup.com Forest, Ohio Triumph Wichita Support Center Provides commercial, technical, and logistics support for the Triumph Group companies’ Wichita-based customers. James E. Lee, President Phone: 316-636-9200 E-mail: jlee@triumphgroup.com Wichita, Kansas ▼ Technical Expertise ▼ ▼ ▼ Lean Organizational Structure ▼ Foundation of Strength: Operational Excellence With the specialized technological skills found in every Triumph company, solutions are developed quickly and in close cooperation with our customers. 4 Triumph companies are organized to eliminate unnecessary cost and complexity. By implementing lean practices, we deliver products and services in shorter time frames, with greater quality, and at lower cost. ▼ 5 Layouts6.6-4.f 6/15/05 6:10 PM Page 6 Triumph Aftermarket Services Group Triumph. Integrated solutions for aerospace. Triumph Aftermarket Services Group is an international supplier of maintenance, repair and overhaul services for the commercial and military aerospace industry. The Group provides a wide array of repair capabilities which range from detailed components to complex subsystems including auxiliary power units, thrust reversers, flight controls, engine accessories and avionics as well as offering comprehensive MRO solutions, leasing packages, exchange programs and FAA-approved repairs and parts manufacturing options. The practice by the low-cost airlines of outsourcing their maintenance functions to service providers has sparked a growing trend in the airline industry. Triumph Aftermarket Services Group is uniquely positioned to take advantage of this trend due to the fact that we offer our customers the unparalleled expertise that comes from a dedicated product focus as well as a range of capabilities that is unparalleled in its breadth. Triumph Aftermarket Services Group is committed to meeting customers’ needs by providing a low cost, high- quality maintenance solution through a wide variety of repair and engineering capabilities not typically found within one company. Aerospace Technologies, Inc. Manufactures and repairs metallic/composite bonded compo- nents and assemblies. Richard Clark, President Phone: 817-451-0620 E-mail: dclark@triumphgroup.com Fort Worth, Texas Triumph Aftermarket Services Group John Brasch, Group President Phone: 602-659-7301 E-mail: jbrasch@triumphgroup.com Advanced Materials Technologies Designs, engineers, manufactures, repairs and overhauls aftermarket aerospace gas turbine engine compo- nents and provides repair services and aftermarket parts and services to air- craft operators, maintenance providers and third-party overhaul facilities. Michael Hansen, President Phone: 602-437-1144 E-mail: mhansen@triumphgroup.com Phone: 602-438-8760 Tempe, Arizona Chandler, Arizona Triumph Accessory Services Provides maintenance services for air- craft heavy accessories and airborne electrical power generation devices, including constant speed drives, inte- grated drive generators, air cycle machines and electrical generators. Triumph Air Repair Repairs and overhauls auxiliary power units and related accessories. Michael Hansen, President Phone: 602-437-1144 E-mail: mhansen@triumphgroup.com Phoenix, Arizona Robert Bierk, President Phone: 620-326-2235 E-mail: rbierk@triumphgroup.com Wellington, Kansas Phone: 210-932-6700 San Antonio, Texas Triumph Aftermarket Services Division Provides distribution, exchange and lease programs for APUs, APU compo- nents and components supported by Triumph Group Companies. Lee R. Jacobs, General Manager Phone: 602-470-7226 E-mail: ljacobs@triumphgroup.com Phoenix, Arizona Triumph Aftermarket Services (Europe) Limited Provides distribution, exchange and lease programs for APUs, APU compo- nents and components supported by Triumph Group Companies. Lee R. Jacobs, General Manager Phone: 011 44 1256 381507 E-mail: ljacobs@triumphgroup.com Lasham Alton Hampshire, England Triumph Airborne Structures, Inc. Repairs and overhauls thrust reversers, nacelle components, flight control surfaces and other aerostructures. Richard Clark, President Phone: 501-262-1555 E-mail: dclark@triumphgroup.com Hot Springs, Arkansas Triumph Instruments & Avionics Repairs and overhauls aircraft instru- ments and avionics and serves as an authorized stocking distributor for a variety of aircraft components. Richard R. Rockwood, President Phone: 818-246-8431 E-mail: rrockwood@triumphgroup.com Glendale, California Edward J. Furst Phone: 201-440-0075 E-mail: efurst@triumphgroup.com Teterboro, New Jersey David G. Vorsas Phone: 954-772-4559 E-mail: dvorsas@triumphgroup.com Fort Lauderdale, Florida Phone: 512-218-1900 Austin, Texas Triumph Precision Castings Company Applies advanced directionally solidi- fied (polycrystal or single crystal) and Equiax investment casting processes to produce products for the commer- cial and defense gas turbine markets. Dean Evans, President Phone: 480-449-5750 E-mail: devans@triumphgroup.com Chandler, Arizona ▼ ▼ Integration ▼ ▼ Responsiveness ▼ Foundation of Strength: Innovative Practices 6 The broad range of manufacturing, design, engineering and aftermarket service capabilities makes Triumph unique. Integrating these capabilities allows us to supply solutions for larger, more complex aerospace systems and to do so earlier in the project’s life. Our operating philosophy of protecting the integrity of individual Triumph companies while offering the advantage of being part of a larger entity enables us to keep decision making close to the customer. ▼ 7 Layouts6.6-4.f 6/15/05 6:10 PM Page 8 Executive Officers & Directors Shareholder Information Executive Officers Richard C. Ill President and Chief Executive Officer John R. Bartholdson Senior Vice President, Chief Financial Officer and Treasurer Lawrence J. Resnick Senior Vice President – Operations John B. Wright, II Vice President, General Counsel and Secretary Kevin E. Kindig Vice President and Controller Directors William O. Albertini Executive Vice President, Chief Financial Officer Bell Atlantic Global Wireless, Inc. (Retired) John R. Bartholdson Senior Vice President, Chief Financial Officer and Treasurer Triumph Group, Inc. Richard C. Gozon Executive Vice President Weyerhaeuser Company (Retired) Richard C. Ill President and Chief Executive Officer Triumph Group, Inc. Claude F. Kronk Vice Chairman and Director J&L Specialty Steel, Inc. (Retired) Joseph M. Silvestri Vice President Citicorp Venture Capital, Ltd. George Simpson Chief Executive Officer Marconi, PLC (Retired) Terry D. Stinson Chairman and Chief Executive Officer Xelus, Inc. ▼ Our People Foundation of Strength: Teamwork Our success is the result of the dedicated performance of Triumph employees at every level throughout our Company. Forward–Looking Statements In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements contained in this report are forward-looking in nature. These forward-looking statements include matters such as our expectations for our industry, our markets, our Company’s business strategy and potential and other future-oriented matters. Such matters inherently involve many risks and uncertainties. For additional information, please refer to the Company’s Securities and Exchange Commission filings including its Form 10-K for the year ended March 31, 2005. Certifications The certifications by the Chief Executive Officer and the Chief Financial Officer of Triumph Group, Inc. required under Section 302 of the Sarbanes-Oxley Act of 2002 have been filed as exhibits to Triumph Group, Inc.’s 2005 Annual Report on Form 10-K. In addition, in July 2004, the Chief Executive Officer of Triumph Group, Inc. certified to the New York Stock Exchange (“NYSE”) that he is not aware of any violation by the Company of NYSE corporate governance listing standards, as required by Section 303A.12(a) of the NYSE Corporate Governance Rules. Triumph Group, Inc. Corporate Headquarters 1550 Liberty Ridge Drive Suite 100 Wayne, PA 19087 (610) 251-1000 www.triumphgroup.com Annual Meeting July 27, 2005, 9:00 am 1550 Liberty Ridge Drive, Suite 100, Wayne, PA 19087 Financial Information A copy of the Company’s Form 10-K filed with the Securities and Exchange Commission may be obtained without charge upon written request. Requests for Triumph Group, Inc.’s 10-K or other shareholder inquiries should be directed to: John R. Bartholdson Senior Vice President, Chief Financial Officer and Treasurer Triumph Group, Inc. 1550 Liberty Ridge Drive, Suite 100 Wayne, PA 19087 (610) 251-1000 Fiscal 2005 Stock Prices Per Common Share $41.00 High $29.04 Low $38.94 Year-End Common Stock Triumph Group, Inc. Common Stock is listed on the NYSE. Ticker symbol: TGI Independent Auditors Ernst & Young LLP 2001 Market Street Suite 4000 Philadelphia, PA 19103 Transfer Agent National City Bank Corporate Trust Operations P.O. Box 92301 Cleveland, OH 44193-0900 (888) 843-5542 E-mail: shareholder.inquiries@nationalcity.com Equal Opportunity at Triumph Triumph Group, Inc. is committed to providing equal opportunities in the workplace. 8 9 Layouts6.6-4.f 6/15/05 6:10 PM Page 10 Triumph Group, Inc. 1550 Liberty Ridge Drive Suite 100 Wayne, PA 19087 (610) 251-1000 www.triumphgroup.com 

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