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Triumph Group Reports Second Quarter Fiscal 2010 Results

Posted by Dana in October 28th 2009

* Net sales for second quarter fiscal 2010 were $313.1 million
* Income from continuing operations for second quarter fiscal 2010 was $20.7 million, or $1.25 per diluted share
* Net income for second quarter fiscal 2010 was $19.5 million, or $1.17 per diluted share

Triumph Group, Inc. (NYSE:TGI) reported that net sales for the second quarter of the fiscal year ending March 31, 2010 totaled $313.1 million, a three percent decrease from last year’s second quarter net sales of $323.4 million. Income from continuing operations for the second quarter of fiscal year 2010 was $20.7 million, or $1.25 per diluted share, versus $25.1 million, or $1.51 per diluted share, for the second quarter of the prior year. Net income for the second quarter of fiscal year 2010 was $19.5 million, or $1.17 per diluted share, versus $24.0 million, or $1.44 per diluted share, for the second quarter of the prior year. The number of shares used in computing diluted earnings per share for the second quarter of fiscal year 2010 was 16.6 million shares. During the quarter, the company generated $40.8 million of cash flow from operations. The results for the quarter included $1.5 million of incremental non-cash interest expense associated with the adoption of APB 14-1, which required a change in the accounting for convertible debt interest, and approximately $1.0 million of start up costs related to the Mexican facility. Prior year period results were also restated to reflect the adoption of APB 14-1, resulting in an incremental $1.6 million of interest expense over the previously reported amount.

Net sales for the first six months of fiscal year 2010 were $629.3 million, a two percent decrease from net sales of $643.9 million last fiscal year. Income from continuing operations for the first six months of fiscal year 2010 was $42.2 million, or $2.54 per diluted share. Net income for the first six months of fiscal 2010 was $37.5 million, or $2.26 per diluted share. During the six months ended September 30, 2009, the company generated $73.3 million of cash flow from operations.