Foundation of Strength 2005 Annual Report
Layouts6.6-4.f 6/15/05 6:10 PM Page C1
Foundation of Strength
Annual Report 2005 Layouts6.6-4.f 6/15/05 6:10 PM Page C2
At a Glance: Triumph Group, Inc. Financial Highlights
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, is a major supplier of components, (Dollars in thousands, except per share data) subassemblies, systems and services to the global aerospace market. The Company serves a Results for Year: March 05 March 04 March 03 March 02 March 01 Sales $688,485 $608,315 $565,381 $ 565,343 $ 500,201 wide spectrum of the aviation industry, including commercial and regional airlines, air cargo carriers, as well as original equipment manufacturers (“OEMs”) of commercial, regional, Income from Continuing Operations $ 15,809 $ 19,410 $ 37,576 $ 49,117 $ 37,845 business and military aircraft and aircraft components. These products and services are offered % of Sales 2% 3% 7% 9% 8% through 28 companies which operate in two groups: Triumph Aerospace Systems Group, Income Tax Expense 4,596 4,991 20,682 22,220 20,788 which designs, engineers, manufactures and repairs a wide range of components, assemblies Interest Expense & Other 13,025 12,212 12,365 12,773 20,549 Operating Income $ 33,430 $ 36,613 $ 70,623 $ 84,110 $ 79,182 and systems; and Triumph Aftermarket Services Group, which provides comprehensive % of Sales 5% 6% 12% 15% 16% maintenance, repair and overhaul services on components and accessories manufactured Depreciation & Amortization 30,528 28,237 24,387 20,546 25,090 by third parties. Earnings before Interest, Taxes, Depreciation & Amortization* $ 63,958 $ 64,850 $ 95,010 $104,656 $104,272 % of Sales 9% 11% 17% 19% 21%
▼ The Company • Formed in 1993, successfully completed initial public offering in 1996 Net Income $ 11,428 $ 18,222 $ 36,717 $ 49,437 $ 39,214 % of Sales 2% 3% 6% 9% 8% • Employs over 3,800 people in 41 operating locations worldwide Earnings per share – Diluted: • Sales grew from $230 million in 1993, of which $68 million were aviation related, Income from Continuing Operations $ 0.99 $ 1.22 $ 2.36 $ 3.09 $ 3.00 to $688 million in 2005 (Loss) Income from Discontinued Operations (0.27) (0.07) (0.05) 0.02 0.11 Net Income $ 0.72 $ 1.14 $ 2.31 $ 3.11 $ 3.11
▼ Our Business Weighted Shares – Diluted (in thousands) 15,971 15,918 15,924 15,918 12,629 • Focused aerospace supplier Capital Expenditures $ 18,602 $ 25,446 $ 31,567 $ 29,311 $ 20,604 • Broad portfolio of products, capabilities and solutions from a single point of contact • Designs, engineers, manufactures, repairs and overhauls aircraft components, Year-End Position: subassemblies and systems Working Capital $213,858 $ 257,274 $231,917 $ 197,933 $188,008 Current Ratio 2.5 3.1 3.1 2.7 2.6
▼ Our Customers Property & Equipment at cost $350,249 $343,999 $294,157 $218,665 $186,924 • Commercial airlines Property & Equipment, net $234,123 $246,501 $215,832 $159,845 $143,433 • Air cargo carriers Debt $ 157,782 $225,847 $199,523 $158,256 $ 176,322 Cash 4,844 6,766 8,583 6,830 4,614 • OEMs Net Debt $152,938 $219,081 $190,940 $151,426 $171,708 • Military Stockholders’ Equity 526,663 514,314 494,344 453,117 389,891 Capital $679,601 $733,395 $685,284 $604,543 $561,599 Net Debt to Capital Ratio 23% 30% 28% 25% 31% ▼ Our Strategy • To add products and services Book Value per Common Share $ 33.11 $ 32.43 $ 31.20 $ 28.65 $ 25.38
• To expand operating capacity Employees 3,887 3,883 3,770 3,554 3,492 Sales per Employee $ 177 $ 157 $ 150 $ 159 $ 143 • To acquire aggressively • To market complete portfolio of capabilities * Management believes that earnings before interest, taxes, depreciation and amortization (“EBITDA”) provides the reader a good measure of cash generated from the operations of the business before any investment in working capital or fixed assets. • To expand international presence ▼ ▼ Sound Business Fundamentals Sales Cash Flow from Operations Backlog Major Markets ($ in millions) ($ in millions) ($ in millions) Foundation of Strength: • Consistent sales growth • Strong cash flow Strong companies are built 44% Commercial aircraft Core Values • Steadily increasing backlog 34% Military on uncompromised principles • Balanced sales mix 6% Regional jets Operational Excellence • Healthy balance sheet continuously practiced. 8% Business jets Innovative Practices 8% Non-aviation ▼▼▼▼ Teamwork 500 565 565 608 688 19.8 74.7 65.0 45.6 65.0 358 368 475 513 598 1 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 Layouts6.6-4.f 6/15/05 6:10 PM Page 2
Fellow Shareholders:
per diluted common share, down from $19.4 million, Another equally important factor is the increasingly “model” sites that will provide our customers with or $1.22 per diluted common share, for fiscal 2004. integrated delivery of Triumph Group products unparalleled levels of products, services and support, Net income for fiscal 2005 was $11.4 million, or and services. Although we continue to rely on a while serving as world class lean learning centers for $0.72 per diluted common share, compared with decentralized management approach and the our 3,800 plus employees. This focus will continue $18.2 million, or $1.14 per diluted common share, entrepreneurial instincts of local managers, we are also for the foreseeable future. Concurrently, we are for the prior year. making it easier to do business with the Triumph Group engaged in extensive lean transformations at nearly by providing a single point of customer contact within every one of our other operating companies, many of Your senior management team views the past year our Company. At the same time, this coordinated which are using the lessons learned from our Lean as a transitional one, but more important, feels the group marketing significantly increases our ability to University in Spokane, WA and from participating in restructuring that characterized this transitional cross-sell other Triumph Group capabilities. lean events at their facilities and Triumph’s model period is at an end. Our refocused business model, sites. All of this is being done to ensure that Triumph strong balance sheet and outstanding workforce, Many of the major contract wins we had in fiscal is extremely well positioned to take advantage of the combined with an industry that is once again 2005 reflect our move up the supplier food chain. changes and growth in our industry. expanding, with higher build rates and growth in Triumph Composite Systems was awarded a contract Within our core aerospace businesses, fiscal 2005 was available seat miles, position us for accelerated to design and manufacture the floor panel system These changes include airframe manufacturers a year of solid growth and profitability for Triumph growth during the next several years. for the new A380 Airbus freighter. The contract concentrating on the integration and assembly of required that we participate in the joint definition aircraft and outsourcing the design/manufacturing of Group. Sales for fiscal 2005 rose 13% to $688.5 Our optimism also stems from the engineering, phase of the aircraft’s design. A good example of an increasingly large number of parts and systems to million while cash flow from operations increased 42% operating, marketing, service and support strengths our customers placing a high degree of trust in our cost-effective suppliers like Triumph. Airlines, always to $65.0 million. And at year end, the Company’s exhibited by our two segments: Triumph Aerospace companies was Triumph Gear Systems’ being driving for that extra measure of efficiency, are backlog of work on order was $598 million, a 17% Systems Group and Triumph Aftermarket Services awarded a contract to continue to supply General outsourcing more of their maintenance to third parties, increase over the same point last year. Additionally, Group. As seen in fiscal 2005, both segments are Electric with the inlet gearbox and related spare few of which have the breadth of capabilities offered proceeds from the sale of our Metals business and experiencing strong sales growth. Excluding the parts for the life of the CFM56 engine program. by Triumph. They are also moving to smaller, more assets of our Industrial Gas Turbine (IGT) business Other segment, which was disposed of or shut down These multi-year and other contracts not only add efficient regional jets. Because we anticipated this along with strong cash flow from operations, allowed us this year, sales in Triumph Aerospace Systems were to the predictability of our revenue and earnings trend several years ago, we know these aircraft to pay down $68 million in debt, reducing our debt-to- up 18% for the year; sales in Triumph Aftermarket stream, they presage opportunities for future sales components well and are able to service and refurbish capital ratio to 23%. With the sale of the Metals Services were up 17%. Operations and, even more important, our exit from the to these important customers. them with a level of speed, agility and quality that Underlying Strengths IGT business, Triumph Group resources, energy and A Winning Course few, if any, of our competitors can match. innovation can now be channeled exclusively to Fueling that growth are several important factors. Since becoming a public company in 1996, the Our restructuring has positioned us for success and aerospace systems and services. One is that Triumph Group companies continue management of Triumph Group, Inc. has followed the reinforced what was already a strong financial to develop deeper and more extensive customer That being said, the Company did not achieve its same strategic course; namely: we continually add foundation. We are confident that through the relationships. This means that we are working more financial goals in fiscal 2005 due to the costs new products and services; we expand our operating dedication of our people and commitment to our closely with customers earlier in the design and associated with winding down the IGT business, capacity; we acquire aggressively and accretively; we customers, we will be successful in reaching our development process; engaging in collaborative which had a material effect on earnings in fiscal 2005. market our complete capabilities; and we increase primary financial objectives and creating greater wealth efforts that go beyond the design/build of Operating losses in IGT and expenses related to the our international presence. Because we embrace for our shareholders. We are prepared operationally, components to encompass delivery of entire systems divestiture, combined with two other unusual expense change as a matter of business practice, we are well strategically and financially to take full advantage of for commercial and military aircraft. The role of items – litigation and non-recurring charges related to positioned to capitalize on the shifting dynamics in the robust and expanding aerospace industry. systems supplier brings with it not only higher Sarbanes-Oxley compliance – reduced net income today’s aerospace industry. revenue and profit potential, but places Triumph from continuing operations by $0.80 a share. As a on the short list of preferred suppliers in whom Our lean enterprise efforts will ensure that we remain result, income from continuing operations for fiscal customers place an extra measure of trust and value. competitive in all aspects of our businesses. Our 2005 for Triumph Group was $15.8 million, or $0.99 RICHARD C. ILL focus over the past year has been on developing four PRESIDENT AND CHIEF EXECUTIVE OFFICER ▼ ▼ ▼ ▼ ▼ ▼ Focused Vision Unwavering Commitment
Foundation of Strength: To be a premier supplier to the global • Integrity aerospace market of high value, technical • Quality Core Values products, systems and service capabilities • Service covering the entire life cycle of an aircraft. These values are our guiding principles as we fulfill our commitment to our customers, employees, suppliers, shareholders and communities in which we operate.
2 3 Layouts6.6-4.f 6/15/05 6:10 PM Page 4
Triumph Aerospace Systems Group Triumph. Integrated solutions for aerospace.
Triumph Aerospace EFS Aerospace, Inc. K-T Corporation Triumph Components – Triumph – Seattle, Inc. Systems Group Designs, manufactures, and repairs Produces aircraft fuselage skins, lead- San Diego, Inc. System engineering and integration for Jeffry D. Frisby, Group President complex hydraulic and hydromechani- ing edges and web assemblies through Produces close tolerance complex landing gear, hydraulic, deployment, Phone: 336-766-9036 cal aircraft components and systems the stretch forming of sheet, extrusion, sheet metal assemblies such as cargo door and electro-mechanical type E-mail: [email protected] such as accumulators, actuators and rolled shape, and light plate metals. exhaust systems, plugs and nozzles systems. Capabilities include design, complex valve packages. Donald E. Kendall, President and pneumatic ducting made from all analysis and testing to support these The broad capabilities of Triumph Aerospace Systems Group Chem-Fab Corporation Brian Barrett, President Phone: 317-398-6684 types of aerospace materials using types of systems and components. Performs chem-milling and other metal include the design and development, manufacture and life Phone: 661-295-1015 E-mail: [email protected] forming and joining techniques. Don P. Fowler, President finishing processes and produces com- cycle support of mechanical, electromechanical, hydraulic E-mail: [email protected] Shelbyville, Indiana Mark Gobin, President Phone: 425-636-9001 plex sheet metal parts and assemblies. Valencia, California Phone: 619-440-2504 E-mail: [email protected] and hydromechanical control systems as well as metallic M. Anthony Johnson, President L.A. Gauge Company E-mail: [email protected] Redmond, Washington structural details and assemblies. A single point of customer Phone: 501-321-9325 Frisby Aerospace, LLC Manufactures ultra-precision San Diego, California E-mail: [email protected] Designs, manufactures, and repairs machined components and assemblies Triumph Structures – contact within this Group yields access to an entire range of Hot Springs, Arkansas complex hydraulic and hydromechanical to the aviation, defense, space and Triumph Composite Systems, Inc. Los Angeles, Inc. opportunities from individual components or specific spares aircraft components and systems such commercial industries. Manufactures interior non-structural Manufactures long structural compo- Constructions Brevetees composites for the aviation industry, nents, such as stringers, cords, floor as variable displacement pumps and Kevin Dahlin, President requirement; to kits of components or assemblies delivered d’Alfortville (C.B.A.) motors, linear actuators, and valves. Phone: 818-767-7193 including air control system ducting, beams and spars for the aviation Manufactures mechanical ball bearing just in time at point-of-use to support customer requirements. Richard Reed, President E-mail: [email protected] flooring panels, aisle stands and industry. Machines, welds and assem- control assemblies for the aerospace, Phone: 336-766-9036 Sun Valley, California glareshields. bles large complex precision structural To add greater value for our customers and their products, ground transportation, defense and E-mail: [email protected] MaryLou B. Thomas, President components. Triumph Aerospace Systems Group offers integrated solutions marine industries. Clemmons, North Carolina Lee Aerospace, Inc. Phone: 509-623-8100 Kevin Dahlin, President Michel Pommey, President Phone: 516-378-0162 Manufactures windshields and flight E-mail: [email protected] Phone: 626-965-1630 for complex systems by providing unique capabilities and Phone: 011 33 1 4375 2053 Freeport, New York deck and cabin windows to the gener- Spokane, Washington E-mail: [email protected] synergies with other Triumph Group companies as well as E-mail: [email protected] al aviation and corporate jet markets. City of Industry, California Alfortville, France HTD Aerospace, LLC Triumph Controls, Inc. Phone: 818-341-1314 James E. Lee, President third party suppliers who work under the aegis of the Group. Designs, manufactures and repairs Designs and manufactures mechanical Chatsworth, California Phone: 800-379-6840 DV Industries, Inc. complex hydraulic, hydromechanical and electromechanical control systems. Phone: 626-965-1630 The confidence that our customers have in us is based on our E-mail: [email protected] Provides high-quality finishing Walnut, California and mechanical aircraft components Wichita, Kansas William Bernardo, President proven track record of high-quality products, on-time and on- services to the aerospace, military and systems, such as nose wheel Phone: 215-699-4861 Triumph Thermal Systems, Inc. budget delivery and engineering excellence. and commercial industries. steering motors, helicopter blade lag Northwest Industries E-mail: [email protected] Designs, manufactures, and repairs Peter J. LaBarbera, President dampers, mechanical hold-open rods, Machines and fabricates refractory, North Wales, Pennsylvania aircraft thermal transfer components Triumph Aerospace Systems Group is committed to forging Phone: 323-563-1338 coupling and latching devices, as well reactive, heat and corrosion-resistant Phone: 317-421-8760 and systems. E-mail: [email protected] as mechanical and electromechanical precision products. Shelbyville, Indiana partnerships with our customers by providing innovative Lynwood, California actuation products. Michael Perhay, President Frederick W. Kuebrich, President Thomas Holzthum, President Triumph Gear Systems, Inc. Phone: 419-273-2511 solutions with superb, cost-effective performance. Phone: 541-926-5517 Phone: 860-242-5568 Manufactures complex gear assem- E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] blies, highlift actuation systems, Forest, Ohio Albany, Oregon Bloomfield, Connecticut gears and other components, servic- Phone: 860-739-4926 Triumph Wichita Support Center Nu-Tech Industries, Inc. ing the aerospace industry. East Lyme, Connecticut Provides commercial, technical, and Manufactures precision machined parts Gregory Blanchard, President Phone: 203-544-8277 logistics support for the Triumph Group and mechanical assemblies for the avia- Phone: 586-781-2800 Redding, Connecticut companies’ Wichita-based customers. tion, aerospace and defense industries. E-mail: [email protected] Macomb, Michigan James E. Lee, President David Soper, President Phone: 435-649-1900 Phone: 316-636-9200 Phone: 816-763-8600 Park City, Utah E-mail: [email protected] E-mail: [email protected] Wichita, Kansas Grandview, Missouri ▼ ▼ ▼ ▼ ▼ Technical Expertise ▼ Lean Organizational Structure
Foundation of Strength: With the specialized technological skills Triumph companies are organized to found in every Triumph company, solutions eliminate unnecessary cost and complexity. Operational Excellence are developed quickly and in close By implementing lean practices, we deliver cooperation with our customers. products and services in shorter time frames, with greater quality, and at lower cost.
4 5 Layouts6.6-4.f 6/15/05 6:10 PM Page 6
Triumph Aftermarket Services Group Triumph. Integrated solutions for aerospace.
Triumph Aftermarket Aerospace Technologies, Inc. Triumph Accessory Services Triumph Air Repair Services Group Manufactures and repairs Provides maintenance services for air- Repairs and overhauls auxiliary power John Brasch, Group President metallic/composite bonded compo- craft heavy accessories and airborne units and related accessories. Phone: 602-659-7301 nents and assemblies. electrical power generation devices, Michael Hansen, President E-mail: [email protected] Richard Clark, President including constant speed drives, inte- Phone: 602-437-1144 Phone: 817-451-0620 grated drive generators, air cycle E-mail: [email protected] Triumph Aftermarket Services Group is an international Advanced Materials Technologies E-mail: [email protected] machines and electrical generators. Phoenix, Arizona Designs, engineers, manufactures, supplier of maintenance, repair and overhaul services for Fort Worth, Texas Robert Bierk, President repairs and overhauls aftermarket the commercial and military aerospace industry. The Group Phone: 620-326-2235 Triumph Airborne Structures, Inc. aerospace gas turbine engine compo- E-mail: [email protected] Repairs and overhauls thrust reversers, provides a wide array of repair capabilities which range nents and provides repair services and Wellington, Kansas nacelle components, flight control from detailed components to complex subsystems including aftermarket parts and services to air- Phone: 210-932-6700 surfaces and other aerostructures. craft operators, maintenance providers San Antonio, Texas auxiliary power units, thrust reversers, flight controls, engine and third-party overhaul facilities. Richard Clark, President Phone: 501-262-1555 Michael Hansen, President accessories and avionics as well as offering comprehensive E-mail: [email protected] Phone: 602-437-1144 Hot Springs, Arkansas MRO solutions, leasing packages, exchange programs and E-mail: [email protected] Phone: 602-438-8760 FAA-approved repairs and parts manufacturing options. Triumph Instruments & Avionics Tempe, Arizona Repairs and overhauls aircraft instru- Chandler, Arizona The practice by the low-cost airlines of outsourcing their ments and avionics and serves as an maintenance functions to service providers has sparked a authorized stocking distributor for a variety of aircraft components. growing trend in the airline industry. Triumph Aftermarket Richard R. Rockwood, President Services Group is uniquely positioned to take advantage of Phone: 818-246-8431 this trend due to the fact that we offer our customers the E-mail: [email protected] Glendale, California unparalleled expertise that comes from a dedicated product Edward J. Furst focus as well as a range of capabilities that is unparalleled Triumph Aftermarket Services Phone: 201-440-0075 Division in its breadth. E-mail: [email protected] Provides distribution, exchange and Teterboro, New Jersey lease programs for APUs, APU compo- Triumph Aftermarket Services Group is committed to nents and components supported by David G. Vorsas Triumph Group Companies. Phone: 954-772-4559 meeting customers’ needs by providing a low cost, high- E-mail: [email protected] quality maintenance solution through a wide variety of Lee R. Jacobs, General Manager Fort Lauderdale, Florida Phone: 602-470-7226 Phone: 512-218-1900 repair and engineering capabilities not typically found E-mail: [email protected] Austin, Texas within one company. Phoenix, Arizona Triumph Precision Castings Triumph Aftermarket Services Company (Europe) Limited Applies advanced directionally solidi- Provides distribution, exchange and fied (polycrystal or single crystal) and lease programs for APUs, APU compo- Equiax investment casting processes nents and components supported by to produce products for the commer- Triumph Group Companies. cial and defense gas turbine markets. Lee R. Jacobs, General Manager Dean Evans, President Phone: 011 44 1256 381507 Phone: 480-449-5750 E-mail: [email protected] E-mail: [email protected] Lasham Alton Hampshire, England Chandler, Arizona ▼ ▼ ▼ ▼ ▼ ▼ Integration Responsiveness
Foundation of Strength: The broad range of manufacturing, design, Our operating philosophy of protecting the engineering and aftermarket service integrity of individual Triumph companies Innovative Practices capabilities makes Triumph unique. while offering the advantage of being part of Integrating these capabilities allows us to a larger entity enables us to keep decision supply solutions for larger, more complex making close to the customer. aerospace systems and to do so earlier in the project’s life.
6 7 Layouts6.6-4.f 6/15/05 6:10 PM Page 8
Executive Officers & Directors Shareholder Information
Executive Officers Triumph Group, Inc. Forward–Looking Statements Richard C. Ill Corporate Headquarters In accordance with the safe harbor provisions of the Private President and Chief Executive Officer 1550 Liberty Ridge Drive Securities Litigation Reform Act of 1995, the Company Suite 100 John R. Bartholdson notes that certain statements contained in this report are Wayne, PA 19087 forward-looking in nature. These forward-looking Senior Vice President, Chief Financial Officer and Treasurer (610) 251-1000 statements include matters such as our expectations for www.triumphgroup.com Lawrence J. Resnick our industry, our markets, our Company’s business strategy Senior Vice President – Operations Annual Meeting and potential and other future-oriented matters. Such matters inherently involve many risks and uncertainties. John B. Wright, II July 27, 2005, 9:00 am Vice President, General Counsel and Secretary 1550 Liberty Ridge Drive, Suite 100, Wayne, PA 19087 For additional information, please refer to the Company’s Securities and Exchange Commission filings including its Kevin E. Kindig Financial Information Form 10-K for the year ended March 31, 2005. Vice President and Controller A copy of the Company’s Form 10-K filed with the Directors Securities and Exchange Commission may be obtained Certifications without charge upon written request. Requests for William O. Albertini The certifications by the Chief Executive Officer and the Triumph Group, Inc.’s 10-K or other shareholder inquiries Executive Vice President, Chief Financial Officer Chief Financial Officer of Triumph Group, Inc. required Bell Atlantic Global Wireless, Inc. (Retired) should be directed to: under Section 302 of the Sarbanes-Oxley Act of 2002 have John R. Bartholdson been filed as exhibits to Triumph Group, Inc.’s 2005 Annual John R. Bartholdson Senior Vice President, Chief Financial Officer and Treasurer Report on Form 10-K. In addition, in July 2004, the Chief Senior Vice President, Chief Financial Officer and Treasurer Triumph Group, Inc. Executive Officer of Triumph Group, Inc. certified to the Triumph Group, Inc. 1550 Liberty Ridge Drive, Suite 100 New York Stock Exchange (“NYSE”) that he is not aware Richard C. Gozon Wayne, PA 19087 of any violation by the Company of NYSE corporate Executive Vice President (610) 251-1000 governance listing standards, as required by Section Weyerhaeuser Company (Retired) 303A.12(a) of the NYSE Corporate Governance Rules. Fiscal 2005 Stock Prices Richard C. Ill Per Common Share President and Chief Executive Officer Triumph Group, Inc. High $41.00 Low $29.04 Claude F. Kronk Year-End $38.94 Vice Chairman and Director J&L Specialty Steel, Inc. (Retired) Common Stock Joseph M. Silvestri Triumph Group, Inc. Common Stock is listed on the NYSE. Vice President Ticker symbol: TGI Citicorp Venture Capital, Ltd. Independent Auditors George Simpson Ernst & Young LLP Chief Executive Officer 2001 Market Street Marconi, PLC (Retired) Suite 4000 Terry D. Stinson Philadelphia, PA 19103 Chairman and Chief Executive Officer Xelus, Inc. Transfer Agent National City Bank Corporate Trust Operations P.O. Box 92301
▼ Our People Cleveland, OH 44193-0900 (888) 843-5542 Foundation of Strength: Our success is the result of the dedicated performance of Triumph employees at every E-mail: [email protected] Teamwork level throughout our Company. Equal Opportunity at Triumph Triumph Group, Inc. is committed to providing equal opportunities in the workplace.
8 9 Layouts6.6-4.f 6/15/05 6:10 PM Page 10
Triumph Group, Inc.
1550 Liberty Ridge Drive Suite 100 Wayne, PA 19087
(610) 251-1000 www.triumphgroup.com