Forward-Looking Statements

This report contains forward-looking statements about our financial condition, results of operations and business. You can find many of these statements by looking for words such as "may," "will," "expect," "anticipate," "believe," "estimate" and similar words used in this report.

These forward-looking statements are subject to numerous assumptions, risks and uncertainties. Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution readers not to place undue reliance on the statements, which speak only as of the date of this report.

The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

Risks and uncertainties that could cause actual results to vary materially from those anticipated in the forward-looking statements included in this report include general economic conditions in the markets in which we operate and industry-related and other factors such as:

	•	Our businesses depend upon general economic conditions and we serve some customers in highly cyclical industries; as a result we are subject to the risk of downturn and loss of sales due to recession, which could negatively affect us;

	•	Our products are typically highly engineered or customer-driven and, as such, we are subject to risks associated with changing technology and manufacturing techniques, which could place us at a competitive disadvantage;

	•	In the past, we have grown primarily through acquisitions. If we are unable to identify attractive acquisition candidates, successfully integrate our acquired operations or realize the intended benefits of our acquisitions, we may be adversely affected;

	•	Increases in our raw material or energy costs or the loss of a substantial number of our suppliers could adversely affect our profitability and other financial results;

	•	We may be unable to successfully implement our growth strategies. Our ability to realize our growth opportunities, apart from acquisitions and related cost savings, may be limited;

	•	We depend on the services of key individuals and relationships, the loss of which could materially harm us;

	•	We may incur material losses and costs as a result of product liability, recall and warranty claims that may be brought against us;

	•	Our business may be materially and adversely affected by compliance obligations and liabilities under environmental and other laws and regulations;

	•	We may be subject to further unionization and work stoppages at our facilities or our customers or suppliers may be subjected to work stoppages, which could seriously impact the profitability of our business;

	•	Our healthcare costs for active employees and retirees may exceed our projections and may negatively affect our financial results;

	•	Many of the markets we serve are highly competitive, which could limit the volume of products that we sell and reduce our operating margins;

	•	A growing portion of our sales may be derived from international sources, which exposes us to certain risks which may adversely affect our financial results and impact our ability to service debt;.

	•	We have significant goodwill and intangible assets, and future impairment of our goodwill and intangible assets could have a material negative impact on our financial results;

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	•	We have substantial debt and interest payment requirements that may restrict our future operations and impair our ability to meet our obligations;

	•	We have significant operating lease obligations, and our failure to meet those obligations could adversely affect our financial condition; and

	•	Restrictions in our debt instruments and accounts receivable facility limit our ability to take certain actions and breaches thereof could impair our liquidity.

We disclose important factors that could cause our actual results to differ materially from our expectations under Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this report. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. When we indicate that an event, condition or circumstance could or would have an adverse effect on us, we mean to include effects upon our business, financial and other condition, results of operations, prospects and ability to service our debt.

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Part I. Financial Information

Item 1. Financial Statements

TriMas Corporation
Balance Sheet
March 31, 2004 and December 31, 2003
(Unaudited — dollars in thousands)

				March 31, 2004				December 31, 2003
Assets
Current assets:
Cash and cash equivalents				$	6,920			$	6,780
Receivables					108,260				118,970
Inventories					136,620				124,090
Deferred income taxes					11,010				10,900
Prepaid expenses and other current assets					11,140				8,440
Total current assets					273,950				269,180
Property and equipment, net					196,860				187,420
Goodwill					658,040				658,900
Other intangibles					320,680				322,750
Other assets					60,540				61,780
Total assets				$	1,510,070			$	1,500,030
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt				$	3,300			$	10,920
Accounts payable					104,560				94,130
Accrued liabilities					75,330				75,100
Due to Metaldyne					3,560				4,400
Total current liabilities					186,750				184,550
Long-term debt					731,280				725,060
Deferred income taxes					150,580				149,030
Other long-term liabilities					36,620				37,770
Due to Metaldyne.					6,570				6,960
Total liabilities					1,111,800				1,103,370
Commitments and contingencies (Note 9)
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None					—				—
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 20,010,000 shares					200				200
Paid-in capital					399,460				399,870
Retained deficit.					(35,700	)			(38,240	)
Accumulated other comprehensive income.					34,310				34,830
Total shareholders' equity					398,270				396,660
Total liabilities and shareholders' equity				$	1,510,070			$	1,500,030

The accompanying notes are an integral part of these financial statements.

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TriMas Corporation
Statement of Operations
For the Three Months Ended
March 31, 2004 and March 30, 2003
(Unaudited — in thousands, except for per share amounts)

				Three Months Ended March
				2004				2003
Net sales				$	260,900			$	217,970
Cost of sales					(196,290	)			(162,480	)
Gross profit					64,610