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 Exchange Act of 1934 |
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For the Quarterly Period Ended September 30, 2004. |
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or |
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the Transition Period From to |
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Commission File Number: 1-12235 |
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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 Drive, Suite 100 |
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19087 |
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(Address of principal executive offices) |
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(Zip Code) |
(610) 251-1000
(Registrant’s telephone number, including area code)
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 $0.001 per share, 15,871,064 shares as of September 30, 2004.
TRIUMPH GROUP, INC.
INDEX
Item: 1. Financial Statements
Triumph Group, Inc.
(dollars in thousands)
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SEPTEMBER 30, |
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MARCH 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
6,241 |
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$ |
6,766 |
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Accounts receivable, net |
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119,005 |
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122,273 |
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Inventories |
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214,235 |
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206,751 |
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Assets held for sale |
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31,293 |
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28,296 |
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Prepaid expenses and other |
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4,945 |
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3,801 |
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Income tax refund receivable |
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4,339 |
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8,829 |
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Total current assets |
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380,058 |
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376,716 |
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Property and equipment, net |
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243,944 |
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248,626 |
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Goodwill |
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267,937 |
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267,621 |
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Intangible assets, net |
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25,375 |
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27,514 |
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Other, net |
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16,070 |
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15,371 |
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Total assets |
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$ |
933,384 |
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$ |
935,848 |
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1
Triumph Group, Inc.
Consolidated Balance Sheets (continued)
(dollars in thousands, except per share data)
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SEPTEMBER 30, |
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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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$ |
52,852 |
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$ |
55,259 |
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Accrued expenses |
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50,871 |
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49,771 |
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Liabilities related to assets held for sale |
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11,533 |
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8,809 |
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Income taxes payable |
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3,611 |
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1,533 |
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Deferred income taxes |
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1,444 |
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1,444 |
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Current portion of long-term debt |
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4,475 |
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4,884 |
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Total current liabilities |
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124,786 |
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121,700 |
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Long-term debt, less current portion |
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206,221 |
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220,963 |
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Deferred income taxes and other |
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78,350 |
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78,069 |
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Stockholders’ equity: |
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Common stock, $.001 par value, 50,000,000 shares authorized, 16,027,324 shares issued |
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16 |
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16 |
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Capital in excess of par value |
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259,330 |
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259,322 |
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Treasury stock, at cost, 156,260 and 167,260 shares |
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(3,879 |
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(4,152 |
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Accumulated other comprehensive income |
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1,507 |
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1,408 |
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Retained earnings |
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267,053 |
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258,522 |
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Total stockholders’ equity |
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524,027 |
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515,116 |
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Total liabilities and stockholders’ equity |
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$ |
933,384 |
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$ |
935,848 |
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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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SIX MONTHS ENDED |
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2004 |
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2003 |
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2004 |
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2003 |
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Net sales |
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$ |
169,980 |
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$ |
145,116 |
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$ |
335,333 |
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$ |
285,745 |
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Operating costs and expenses: |
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Cost of products sold |
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126,523 |
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106,619 |
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252,680 |
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207,025 |
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Selling, general and administrative |
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26,068 |
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