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Triumph Group Reports Third Quarter Fiscal 2010 Results

Posted by Dana in February 4th 2010

* Net sales for third quarter fiscal 2010 increased 10% over the prior fiscal year to $313.5 million
* Operating income for third quarter fiscal 2010 increased 8% to $32.9 million
* Income from continuing operations for third quarter fiscal 2010 was $18.1 million, or $1.08 per diluted share
* Net income for third quarter fiscal 2010 was $5.6 million, or $0.34 per diluted share, which included a non-cash impairment charge of $17.4 million in discontinued operations
* Cash flow from operations for third quarter fiscal 2010 was $53.2 million, a 106% increase, and year to date was $126.5 million, a 65% increase

Triumph Group, Inc. (NYSE:TGI) reported that net sales for the third quarter of the fiscal year ending March 31, 2010 totaled $313.5 million, a ten percent increase from last year’s third quarter net sales of $285.2 million. Income from continuing operations for the third quarter of fiscal year 2010 was $18.1 million, or $1.08 per diluted share, versus $20.1 million, or $1.21 per diluted share, for the third quarter of the prior year. Net income for the third quarter of fiscal year 2010 was $5.6 million, or $0.34 per diluted share, versus $19.2 million, or $1.16 per diluted share, for the third quarter of the prior year. The loss from discontinued operations for the quarter included an impairment charge of $17.4 million. The number of shares used in computing diluted earnings per share for the third quarter of fiscal 2010 was 16.7 million shares. During the quarter, the company generated $53.2 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 $1.8 million of interest expense associated with the $175 million in aggregate principal amount of senior subordinated notes issued during the quarter. Approximately $0.8 million of start up costs related to the Mexican facility were also included in the results for the quarter. Prior year results were restated to reflect the adoption of APB 14-1, resulting in an incremental $1.5 million of interest expense over the previously reported amount.

Net sales for the nine months of fiscal year 2010 were $942.8 million, a one percent increase from net sales of $929.2 million last fiscal year. Income from continuing operations for the first nine months of fiscal year 2010 was $60.3 million, or $3.62 per diluted share. Net income for the first nine months of fiscal year 2010 was $43.1 million, or $2.59 per diluted share. During the nine months ended December 31, 2009, the company generated $126.5 million of cash flow from operations.