Triumph (TGI) 8-K Financial statements and exhibits

Exhibit 99.1

NEWS RELEASE
	Contact:
	John Bartholdson
	Senior Vice President,
	Chief Financial Officer
	Phone (610) 251-1000
	jbartholdson@triumphgroup.com

TRIUMPH GROUP REPORTS YEAR END RESULTS

Wayne, PA – April 24, 2003 – Triumph Group, Inc. (NYSE:TGI) reported today that for the twelve months of fiscal 2003, net sales from continuing operations were $565.4 million, compared to $565.3 million for fiscal 2002.  Net income for the twelve months of fiscal 2003 was $36.7 million, or $2.31 per common share, versus $49.4 million, or $3.11 per common share for fiscal 2002.  The fiscal 2002 results included an after-tax special charge of $3.2 million, or $0.20 per common share ($5.0 million pretax), related to the write-off of the development expense on an aircraft program, which was deemed unlikely to go into production.  At the end of fiscal 2003, Triumph announced that it has designated its Metals segment as a discontinued operation.  Discontinued operations incurred a net loss of $0.9 million for the twelve months of fiscal 2003.  Income from continuing operations for the twelve months of fiscal 2003 was $37.6 million, or $2.36 per common share, compared to $49.1 million, or $3.09 per common share, for fiscal 2002.  All references to earnings per share herein are on the diluted basis.

Net sales from continuing operations for the fourth quarter ended March 31, 2003 were $151.7 million, compared to $137.3 million for the prior year period, a ten percent increase.  Net income for the fourth quarter of fiscal 2003 was $8.7 million, or $0.55 per common share, down from $14.5 million, or $0.91 per common share, in the prior year period.  Income from continuing operations for the three months ended March 31, 2003 was $9.5 million, or $0.60 per common share, compared to $14.4 million, or $0.91 per common share, for the three months ended March 31, 2002.  Discontinued operations incurred a net loss of $0.8 million for the three months ended March 31, 2003.

Richard C. Ill, Triumph’s President and Chief Executive Officer, said, “These earnings are reflective of a downturn in commercial, business, and regional aircraft production and the decrease in airline passenger miles flown.  In addition, the industrial gas turbine business declined during the year.  Our military business, however, increased significantly year over year.”  Continues Ill, “We are encouraged by our success in increasing market share in this difficult environment and remain focused on reducing costs and eliminating redundant capabilities.  Our ability to increase sales in the quarter is a direct result of these efforts.”

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Regarding the outlook for the upcoming year, Mr. Ill stated, “We are optimistic about our near and long-term future based on our backlog and our ability to enhance market share.  The aerospace and industrial gas turbine markets, however, will be depressed for the foreseeable future, and our success in meeting the challenges ahead depends on our ability to take cost out of our system and reduce redundancy.  The alignment we recently announced will allow us to continue to execute our business plan and meet this challenge.”

Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and industrial gas turbine components and accessories.  The Company serves a broad, worldwide spectrum of the aviation industry, including commercial airlines and air cargo carriers, as well as original equipment manufacturers of aircraft and aircraft components and power generation equipment.

More information about Triumph can be found on the World Wide Web Site at http://www.triumphgroup.com.

Statements which are not historical facts, including statements regarding the Company’s backlog levels, foreseeable industry conditions, and opportunities to reduce costs, are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995.  All forward-looking statements involve risks and uncertainties including statements regarding the outlook for continued opportunities for future growth.  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 for the year ended March 31, 2002.

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FINANCIAL DATA  (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(in thousands, except per share data)

	Three Months Ended March 31,						Twelve Months Ended March 31,
	2003			2002			2003			2002
CONDENSED STATEMENTS OF INCOME
Net Sales	$	151,690		$	137,336		$	565,381		$	565,343
Ongoing Operating Income	17,579			21,276			70,623			89,154
Special Charge	0			0			0			(5,044		)
Operating Income	17,579			21,276			70,623			84,110
Interest Expense	2,792			3,041			12,365			12,773
Income Tax Expense	5,249			3,829			20,682			22,220
Income from Continuing Operations	9,538			14,406			37,576			49,117
(Loss) Income from Discontinued Operations	(828		)	130			(859		)	320
Net Income	$	8,710		$	14,536		$	36,717		$	49,437
Earnings Per Share - Basic:
Income from Continuing Operations	$	0.60		$	0.91		$	2.37		$	3.11
(Loss) Income from Discontinued Operations	$	(0.05	)	$	0.01		$	(0.05	)	$	0.02
Net Income	$	0.55		$	0.92		$	2.32		$	3.13
Weighted average common shares outstanding - Basic	15,843			15,790			15,833			15,784
Earnings Per Share - Diluted:
Income from Continuing Operations	$	0.60		$	0.91		$	2.36		$	3.09
(Loss) Income from Discontinued Operations	$	(0.05	)	$	0.01		$	(0.05	)	$	0.02
Net Income	$	0.55		$	0.91	*	$	2.31		$	3.11
Weighted average common shares outstanding - Diluted	15,877			15,899			15,924			15,918
OTHER SELECTED INFORMATION
Continuing Operations:
Depreciation and Amortization	$	6,349		$	5,458		$	24,387		$	20,546
Capital Expenditures	$	9,417		$	10,778		$	31,567		$	29,311

*  difference due to rounding.

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TRIUMPH GROUP, INC. AND SUBSIDIARIES

(in thousands)

BALANCE SHEET

	March 31, 2003			March 31, 2002
Assets
Cash	$	8,583		$	6,830
Accounts Receivable, net	106,841			99,655
Inventory	196,343			175,164
Assets held for sale	27,883			28,510
Prepaids and Other	3,549			3,468
Current Assets	343,199			313,627
Fixed Assets, net	215,832			159,845
Goodwill, net	260,467			250,410
Intangible Assets, net	31,055			34,947
Other	13,615			14,136
Total Assets	$	864,168		$	772,965
Liabilities & Stockholders’ Equity
Accounts Payable	$	47,466		$	39,763
Accrued Expenses and Other	44,808			45,375
Liabilities related to assets held for sale	6,361			8,181
Income Taxes Payable	3,231			6,445
Deferred Income Taxes	1,585			4,635
Current Portion of Long-Term Debt	7,831			11,295
Current Liabilities	111,282			115,694
Long-Term Debt, less current portion	191,692			146,961
Deferred Income Taxes and Other	66,209			56,809
Stockholders’ Equity:
Common Stock, $.001 par value, 50,000,000 shares authorized, 16,027,324 and 14,178,789 shares issued	16			14
Class D common stock convertible, $.001 par value, 6,000,000 shares authorized, 0 and 1,848,535 shares issued and outstanding	0			2
Capital in excess of par value	258,675			258,256
Treasury Stock, at cost, 183,260 and 210,210 shares	(4,549		)	(5,252		)
Accumulated other comprehensive income (loss)	543			(3,156		)
Retained earnings	240,300			203,637
Total Stockholders’ Equity	494,985			453,501
Total Liabilities and Stockholders’ Equity	$	864,168		$	772,965

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