United
States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities |
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Exchange Act of 1934 |
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For the Quarterly Period Ended December 31, 2003. |
or
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Transition Report Pursuant to Section 13 or 15(d) of the Securities |
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Exchange Act of 1934 |
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For the Transition Period From to |
Commission File Number: 1-12235
TRIUMPH GROUP, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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51-0347963 |
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(State or other
jurisdiction of |
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(I.R.S. Employer Identification No.) |
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1550 Liberty Ridge, Suite 100 |
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19087 |
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(Address of principal executive offices) |
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(Zip Code) |
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(610) 251-1000 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act. Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.
Common Stock, par value $0.001 per share, 15,857,064 shares as of January 30, 2004.
TRIUMPH GROUP, INC.
INDEX
Triumph Group, Inc.
Consolidated Balance Sheets
(dollars in thousands)
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DECEMBER 31, |
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MARCH 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
6,066 |
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$ |
8,583 |
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Accounts receivable, net |
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102,063 |
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106,841 |
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Inventories |
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205,992 |
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196,343 |
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Assets held for sale |
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26,889 |
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27,883 |
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Prepaid expenses and other |
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5,080 |
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3,549 |
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Income tax refund receivable |
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4,382 |
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— |
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Total current assets |
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350,472 |
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343,199 |
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Property and equipment, net |
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221,768 |
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215,832 |
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Goodwill |
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268,087 |
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260,467 |
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Intangible assets, net |
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27,912 |
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31,055 |
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Other, net |
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14,856 |
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13,615 |
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Total assets |
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$ |
883,095 |
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$ |
864,168 |
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1
Triumph Group,
Inc.
(dollars in thousands, except per share data)
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DECEMBER 31, |
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MARCH 31, |
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(unaudited) |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
40,823 |
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$ |
47,466 |
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Accrued expenses |
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37,393 |
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44,808 |
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Liabilities related to assets held for sale |
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7,525 |
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6,361 |
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Income taxes payable |
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3,112 |
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3,231 |
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Deferred income taxes |
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1,585 |
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1,585 |
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Current portion of long-term debt |
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5,331 |
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7,831 |
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Total current liabilities |
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95,769 |
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111,282 |
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Long-term debt, less current portion |
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205,491 |
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191,692 |
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Deferred income taxes and other |
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67,870 |
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66,209 |
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Stockholders’ equity: |
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Common stock, $.001 par value, 50,000,000 shares authorized, 16,027,324 shares issued |
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16 |
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16 |
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Capital in excess of par value |
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259,316 |
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258,675 |
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Treasury stock, at cost, 172,360 and 183,260 shares |
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(4,279 |
) |
(4,549 |
) |
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Accumulated other comprehensive income |
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1,587 |
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543 |
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Retained earnings |
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257,325 |
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240,300 |
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Total stockholders’ equity |
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513,965 |
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494,985 |
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Total liabilities and stockholders’ equity |
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$ |
883,095 |
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$ |
864,168 |
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SEE ACCOMPANYING NOTES.
2
Triumph Group, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
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THREE
MONTHS ENDED |
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NINE
MONTHS ENDED |
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2003 |
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2002 |
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2003 |
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2002 |
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Net sales |
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$ |
146,815 |
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$ |
132,574 |
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$ |
432,560 |
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$ |
413,691 |
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Operating costs and expenses: |
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Cost of products sold |
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112,997 |
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92,647 |
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320,022 |
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290,376 |
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Selling, general, and administrative |
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19,845 |
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17,535 |
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58,678 |
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52,233 |
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Depreciation and amortization |
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7,103 |
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6,222 |
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20,214 |
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18,038 |
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139,945 |
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116,404 |
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398,914 |
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360,647 |
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Operating income |
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