- Net sales for first quarter fiscal year
2015 were $896.9 million
- Operating income for first quarter
fiscal year 2015 was $240.5 million and included a settlement gain,
net of legal fees, of $134.7 million related to the Eaton
litigation and $8.7 million of costs related to the Jefferson
Street/Red Oak facility transition. Excluding these items,
operating income was $114.6 million, reflecting an operating margin
of 13%
- Net income for first quarter fiscal
year 2015 was $128.2 million, or $2.46 per diluted share, which
included non-recurring items totaling $103.3 million pre-tax ($66.1
million after tax or $1.27 per diluted share). Excluding these
items, earnings per share were $1.19 per diluted share
- Adjusted earnings before interest,
taxes, depreciation and amortization (Adjusted EBITDA) for first
quarter fiscal year 2015 were $134.4 million, reflecting an
Adjusted EBITDA margin of 15%
- Cash flow utilization from operations
for first quarter fiscal 2015 was $6.8 million prior to pension
contributions of $45.2 million
Triumph Group, Inc. (NYSE: TGI) today reported financial results
for its first quarter of fiscal year 2015, which ended June 30,
2014.
“Triumph’s fiscal year is off to a solid start with adjusted
first quarter results coming in slightly above the upper end of our
guidance,” said Jeffry D. Frisby, Triumph’s President and Chief
Executive Officer. “We had a productive quarter, having
successfully completed the acquisition of GE Aviation’s hydraulic
actuation business and transitioning into the Red Oak facility. In
addition, same store backlog grew both sequentially and year over
year, demonstrating the strong demand for our products and services
from our global customers. The 747-8 program remains on schedule
with performance in line with our expectations. We remain focused
on execution relative to customer commitments while increasing
profitability, expanding margins and generating strong cash flow in
order to maximize returns to our shareholders.”
Net sales for the fiscal first quarter of 2015 were $896.9
million, a five percent decrease compared to fiscal first quarter
2014 net sales of $943.7 million. Organic sales for the quarter
decreased six percent primarily due to production rate cuts on the
747-8 and V-22 programs, lower revenues on the 767 program and the
shifting of several C-17 shipments into the second quarter of
fiscal year 2015.
Net income for the first quarter of fiscal year 2015 was $128.2
million, or $2.46 per diluted share, compared to $79.0 million, or
$1.50 per diluted share, for the first quarter of the prior fiscal
year. Results in the first quarter of fiscal year 2015 included
$8.7 million pre-tax ($5.6 million after tax or $0.11 per diluted
share) of costs related to the Jefferson Street/Red Oak facility
transition and $22.6 million pre-tax ($14.5 million after tax or
$0.28 per diluted share) of costs related to the refinancing of the
Senior Notes due 2018. Also included in the quarter’s results was a
gain of $134.7 million pre-tax ($86.2 million after tax or $1.65
per diluted share), net of legal fees, related to the settlement of
the Eaton litigation. Excluding these non-recurring items totaling
$103.3 million pre-tax ($66.1 million after tax or $1.27 per
diluted share), earnings per share for the first quarter of fiscal
year 2015 were $1.19 per diluted share. The prior fiscal year’s
quarter included approximately $3.6 million pre-tax ($2.3 million
after tax or $0.04 per diluted share) of non-recurring costs
related to the Jefferson Street facility move. Excluding these
items, earnings per share for the prior fiscal year’s first quarter
were $1.54 per diluted share. The number of shares used in
computing diluted earnings per share for the quarter was 52.1
million shares.
Adjusted earnings before interest, taxes, depreciation and
amortization (Adjusted EBITDA) for the first quarter of fiscal year
2015 were $134.4 million and reflected an Adjusted EBITDA margin of
fifteen percent. This compares to Adjusted EBITDA of $168.1 million
and an Adjusted EBITDA margin of eighteen percent in the prior
fiscal year’s first quarter.
For the quarter ended June 30, 2014, cash flow utilization from
operations was $6.8 million before pension contributions of $45.2
million; after these contributions, cash flow utilization from
operations was $52.1 million. As previously announced, the company
enhanced both the strength and flexibility of its balance sheet by
refinancing its high yield debt due 2018 and redeeming its 2.625%
Convertible Senior Subordinated Notes due 2026, which effectively
resulted in the repurchase of an approximate 284,000 shares. This
was in addition to the repurchase of 750,000 shares of stock during
the quarter under the company’s existing 5.5 million share
repurchase authorization. As of June 30, 2014, approximately 4.5
million shares remained under the share repurchase
authorization.
Segment Results
Aerostructures
The Aerostructures segment reported net sales of $611.9 million
in the first quarter of fiscal year 2015 compared to $651.9 million
in the prior year period. Organic sales for the quarter declined 6%
primarily due to production rate cuts on the 747-8 program, lower
revenues on the 767 program and the shifting of several C-17
shipments into the second quarter of fiscal year 2015, as
previously discussed. Operating income for the first quarter of
fiscal year 2015 was $70.9 million, compared to $100.4 million for
the prior year period, and included a net unfavorable cumulative
catch-up adjustment on long-term contracts of $0.7 million. The
segment’s operating results for the quarter also included $8.7
million of pre-tax charges related to the Jefferson Street/Red Oak
facility transition. The segment’s operating margin for the quarter
was twelve percent. Excluding the Jefferson Street/Red Oak facility
transition costs, the segment’s operating margin for the quarter
was thirteen percent.
Aerospace Systems
The Aerospace Systems segment reported net sales of $219.9
million in the first quarter of fiscal year 2015 compared to $219.5
million in the prior year period. Organic sales for the quarter
declined 5% primarily due to production rate cuts on the V-22
program and decreased military sales. Operating income for the
first quarter of fiscal year 2015 was $37.4 million compared to
$42.6 million for the prior year period. The segment’s operating
margin for the quarter was seventeen percent.
Aftermarket Services
The Aftermarket Services segment reported net sales in the first
quarter of fiscal year 2015 of $67.6 million compared to $74.4
million in the prior year period. Organic sales for the quarter
declined 9% due to the timing of completion of certain contracts
and continued military weakness. Operating income for the first
quarter of fiscal year 2015 was $10.5 million compared to $11.2
million for the prior year period. Operating margin for the quarter
was sixteen percent.
Outlook
Mr. Frisby continued, “We expect to see our performance
strengthen as we move through fiscal 2015, particularly in the
second half of the year. We remain focused on execution and
supporting our vision to expand Triumph’s global presence and
achieve balance in our segments, end markets and customers. We will
continue to leverage our deep customer relationships and pursue
strategic growth opportunities to create additional value for
shareholders.”
Based on current projected aircraft production rates and a
weighted average share count of 51.6 million shares, the company
reaffirmed its fiscal year 2015 revenue guidance of $3.8 to $3.9
billion and its full year earnings per share guidance of $5.75 to
$5.90 per diluted share, excluding the non-recurring items. The
company reaffirmed its Adjusted EBITDA guidance for fiscal year
2015 of $665.0 million to $680.0 million, which excludes the impact
of non-recurring items, and expects to generate free cash flow
available for debt reduction, acquisitions and share repurchases
after pension contributions for the fiscal year of approximately
$385.0 million.
Adjusted Earnings Per Share - Non-GAAP $ 5.75 - $5.90
Non-Recurring Costs/(Income): Jefferson Street/Red Oak
Facility Transition Costs $ 0.31 Refinancing Costs Related
to the Senior Notes Due 2018 $ 0.28 Settlement Gain, Net of
Legal Fees, Related to Eaton Litigation ($1.67 )
Earnings Per Share – GAAP $ 6.83 - $6.98
Conference Call
Triumph Group will hold a conference call tomorrow, July 31 at
8:30 a.m. (ET) to discuss the fiscal year 2015 first quarter
results. The conference call will be available live and archived on
the company’s website at http://www.triumphgroup.com. A slide
presentation will be included with the audio portion of the
webcast. An audio replay will be available from July 31st to August
7th by calling (888) 266-2081 (Domestic) or (703) 925-2533
(International), passcode #1640970.
About Triumph Group
Triumph Group, Inc. headquartered in Berwyn, Pennsylvania,
designs, engineers, manufactures, repairs and overhauls a broad
portfolio of aerostructures, aircraft components, accessories,
subassemblies and systems. The company serves a broad, worldwide
spectrum of the aviation industry, including original equipment
manufacturers of commercial, regional, business and military
aircraft and aircraft components, as well as commercial and
regional airlines and air cargo carriers.
More information about Triumph can be found on the company’s
website at www.triumphgroup.com.
Statements in this release which are not historical facts are
forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995, including statements of
expectations of or assumptions about future aerospace market
conditions, aircraft production rates, financial and operational
performance, revenue and earnings growth, profitability and
earnings results for fiscal year 2015. All forward-looking
statements involve risks and uncertainties which 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
Group’s reports filed with the SEC, including our Annual Report on
Form 10-K for the fiscal year ended March 31, 2014.
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES (in
thousands, except per share data) Three Months
Ended June 30, CONDENSED STATEMENTS OF
INCOME 2014 2013 Net sales $
896,905 $ 943,683 Operating income 240,524 141,346
Interest expense and other 42,360 19,710 Income tax expense
69,921 42,593 Net income $ 128,243 $ 79,043
Earnings per share - basic: Net income $ 2.48 $ 1.56
Weighted average common shares outstanding - basic 51,691
50,815 Earnings per share - diluted: Net
income $ 2.46 $ 1.50 Weighted average common shares
outstanding - diluted 52,089 52,806 Dividends
declared and paid per common share $ 0.04 $ 0.04
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES (dollars in
thousands, except per share data) BALANCE SHEET
Unaudited Audited June 30, March 31,
2014 2014 Assets Cash and cash equivalents $
25,465 $ 28,998 Accounts receivable, net 667,202 517,707 Inventory,
net of unliquidated progress payments of $189,976 and $165,019
1,202,163 1,111,767 Rotable assets 43,230 41,666 Deferred income
taxes 46,898 57,308 Prepaid and other current assets 25,249
24,897 Current assets 2,010,207 1,782,343
Property and equipment, net 965,424 930,973 Goodwill
1,867,668 1,791,831 Intangible assets, net 976,464 978,182 Other,
net 38,849 69,954 Total assets $
5,858,612 $ 5,553,283
Liabilities &
Stockholders' Equity Current portion of long-term debt $
43,323 $ 49,575 Accounts payable 301,808 317,334 Accrued expenses
237,814 273,290 Current liabilities
582,945 640,199 Long-term debt, less current portion
1,714,310 1,500,808 Accrued pension and post-retirement benefits,
noncurrent 448,767 508,524 Deferred income taxes, noncurrent
386,686 385,085 Other noncurrent liabilities 372,356 234,756
Stockholders' Equity:
Common stock, $.001 par value, 100,000,000
shares authorized, 52,460,920 and 52,459,020 shares issued
52 52 Capital in excess of par value 856,496 866,281 Treasury
stock, at cost, 1,037,112 and 300,000 shares (70,178 ) (19,134 )
Accumulated other comprehensive loss (14,629 ) (18,908 ) Retained
earnings 1,581,807 1,455,620 Total
stockholders' equity 2,353,548 2,283,911
Total liabilities and stockholders' equity $
5,858,612 $ 5,553,283
FINANCIAL DATA (UNAUDITED) TRIUMPH GROUP,
INC. AND SUBSIDIARIES (dollars in thousands)
SEGMENT DATA Three Months Ended June
30, 2014 2013 Net sales:
Aerostructures $ 611,863 $ 651,888 Aerospace Systems 219,852
219,526 Aftermarket Services 67,608 74,353 Elimination of
inter-segment sales (2,418 ) (2,084 ) $ 896,905
$ 943,683 Operating income (loss):
Aerostructures $ 70,866 $ 100,387 Aerospace Systems 37,352 42,643
Aftermarket Services 10,504 11,279 Corporate 121,802
(12,963 ) $ 240,524 $ 141,346
Depreciation and amortization: Aerostructures $ 24,979 $ 26,313
Aerospace Systems 9,517 8,539 Aftermarket Services 1,877 1,877
Corporate 1,178 1,205 $ 37,551 $
37,934 Amortization of acquired contract liabilities:
Aerostructures $ (5,117 ) $ (6,141 ) Aerospace Systems
(3,850 ) (5,009 ) $ (8,967 ) $ (11,150 ) Capital
expenditures: Aerostructures $ 15,369 $ 45,945 Aerospace Systems
5,663 4,432 Aftermarket Services 1,680 4,152 Corporate 365
1,700 $ 23,077 $ 56,229
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND
SUBSIDIARIES(dollars in thousands)
Non-GAAP Financial Measure Disclosures
We prepare and publicly release quarterly unaudited financial
statements prepared in accordance with GAAP. In accordance with
Securities and Exchange Commission (the “SEC”) guidance on
Compliance and Disclosure Interpretations, we also disclose and
discuss certain non-GAAP financial measures in our public releases.
Currently, the non-GAAP financial measure that we disclose is
Adjusted EBITDA, which is our net income before interest, income
taxes, amortization of acquired contract liabilities, curtailments,
settlements and early retirement incentives, legal settlements,
depreciation and amortization. We disclose Adjusted EBITDA on a
consolidated and an operating segment basis in our earnings
releases, investor conference calls and filings with the SEC. The
non-GAAP financial measures that we use may not be comparable to
similarly titled measures reported by other companies. Also, in the
future, we may disclose different non-GAAP financial measures in
order to help our investors more meaningfully evaluate and compare
our future results of operations to our previously reported results
of operations.
We view Adjusted EBITDA as an operating performance measure and
as such we believe that the GAAP financial measure most directly
comparable to it is net income. In calculating Adjusted EBITDA, we
exclude from net income the financial items that we believe should
be separately identified to provide additional analysis of the
financial components of the day-to-day operation of our business.
We have outlined below the type and scope of these exclusions and
the material limitations on the use of these non-GAAP financial
measures as a result of these exclusions. Adjusted EBITDA is not a
measurement of financial performance under GAAP and should not be
considered as a measure of liquidity, as an alternative to net
income (loss), income from continuing operations, or as an
indicator of any other measure of performance derived in accordance
with GAAP. Investors and potential investors in our securities
should not rely on Adjusted EBITDA as a substitute for any GAAP
financial measure, including net income (loss) or income from
continuing operations. In addition, we urge investors and potential
investors in our securities to carefully review the reconciliation
of Adjusted EBITDA to net income set forth below, in our earnings
releases and in other filings with the SEC and to carefully review
the GAAP financial information included as part of our Quarterly
Reports on Form 10-Q and our Annual Reports on Form 10-K that are
filed with the SEC, as well as our quarterly earnings releases, and
compare the GAAP financial information with our Adjusted
EBITDA.
Adjusted EBITDA is used by management to internally measure our
operating and management performance and by investors as a
supplemental financial measure to evaluate the performance of our
business that, when viewed with our GAAP results and the
accompanying reconciliation, we believe provides additional
information that is useful to gain an understanding of the factors
and trends affecting our business. We have spent more than 15 years
expanding our product and service capabilities partially through
acquisitions of complementary businesses. Due to the expansion of
our operations, which included acquisitions, our net income has
included significant charges for depreciation and amortization.
Adjusted EBITDA excludes these charges and provides meaningful
information about the operating performance of our business, apart
from charges for depreciation and amortization. We believe the
disclosure of Adjusted EBITDA helps investors meaningfully evaluate
and compare our performance from quarter to quarter and from year
to year. We also believe Adjusted EBITDA is a measure of our
ongoing operating performance because the isolation of non-cash
income and expenses, such as amortization of acquired contract
liabilities, depreciation and amortization, and non-operating
items, such as interest and income taxes, provides additional
information about our cost structure, and, over time, helps track
our operating progress. In addition, investors, securities analysts
and others have regularly relied on Adjusted EBITDA to provide a
financial measure by which to compare our operating performance
against that of other companies in our industry.
Set forth below are descriptions of the financial items that
have been excluded from our net income to calculate Adjusted EBITDA
and the material limitations associated with using this non-GAAP
financial measure as compared to net income:
- Legal settlements may be useful to
investors to consider because they reflect gains or losses from
disputes with third parties. We do not believe that these earnings
necessarily reflect the current and ongoing cash earnings related
to our operations.
- Curtailments, settlements and early
retirement incentives may be useful to investors to consider
because it represents the current period impact of the change in
defined benefit obligation due to the reduction in future service
costs. We do not believe these charges (gains) necessarily reflect
the current and ongoing cash earnings related to our
operations.
- Amortization of acquired contract
liabilities may be useful for investors to consider because it
represents the non-cash earnings on the fair value of below market
contracts acquired through acquisitions. We do not believe these
earnings necessarily reflect the current and ongoing cash earnings
related to our operations.
- Amortization expenses may be useful for
investors to consider because it represents the estimated attrition
of our acquired customer base and the diminishing value of product
rights and licenses. We do not believe these charges necessarily
reflect the current and ongoing cash charges related to our
operating cost structure.
- Depreciation may be useful for
investors to consider because they generally represent the wear and
tear on our property and equipment used in our operations. We do
not believe these charges necessarily reflect the current and
ongoing cash charges related to our operating cost structure.
- The amount of interest expense and
other we incur may be useful for investors to consider and may
result in current cash inflows or outflows. However, we do not
consider the amount of interest expense and other to be a
representative component of the day-to-day operating performance of
our business.
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND
SUBSIDIARIES(dollars in thousands)
Non-GAAP Financial Measure Disclosures (continued)
- Income tax expense may be useful for
investors to consider because it generally represents the taxes
which may be payable for the period and the change in deferred
income taxes during the period and may reduce the amount of funds
otherwise available for use in our business. However, we do not
consider the amount of income tax expense to be a representative
component of the day-to-day operating performance of our
business.
Management compensates for the above-described limitations of
using non-GAAP measures by using a non-GAAP measure only to
supplement our GAAP results and to provide additional information
that is useful to gain an understanding of the factors and trends
affecting our business.
The following table shows our Adjusted EBITDA reconciled to our
net income for the indicated periods (in thousands):
Three Months Ended June 30, 2014
2013 Adjusted Earnings before Interest,
Taxes, Depreciation and Amortization (EBITDA): Net Income $
128,243 $ 79,043 Add-back: Income Tax Expense 69,921 42,593
Interest Expense and Other 42,360 19,710 Gain on Legal Settlement,
net (134,693 ) - Amortization of Acquired Contract Liabilities
(8,967 ) (11,150 ) Depreciation and Amortization 37,551
37,934 Adjusted Earnings before
Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA")
$ 134,415 $ 168,130 Net Sales $ 896,905
$ 943,683 Adjusted EBITDA Margin 15.1 %
18.0 %
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES (dollars in
thousands) Non-GAAP Financial Measure Disclosures
(continued) Adjusted Earnings before Interest, Taxes,
Depreciation and Amortization (EBITDA):
Three Months Ended June 30,
2014
Segment Data
Aerospace
Aftermarket
Corporate
/
Total
Aerostructures
Systems
Services
Eliminations
Net Income $ 128,243 Add-back: Income Tax Expense
69,921 Interest Expense and Other
42,360
Operating Income (Loss) $ 240,524 $ 70,866 $ 37,352 $ 10,504
$ 121,802 Gain on Legal Settlement (134,693 ) - - - (134,693
) Amortization of Acquired Contract Liabilities (8,967 ) (5,117 )
(3,850 ) - - Depreciation and Amortization
37,551 24,979
9,517 1,877
1,178 Adjusted Earnings (Losses) before
Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA")
$ 134,415 $
90,728 $ 43,019
$ 12,381 $
(11,713 ) Net Sales
$
896,905 $ 611,863
$ 219,852 $
67,608 $ (2,418
) Adjusted EBITDA Margin
15.1 % 15.0
% 19.9 %
18.3 % n/a
Adjusted Earnings before Interest, Taxes,
Depreciation and Amortization (EBITDA): Three Months Ended
June 30, 2013 Segment Data
Aerospace
Aftermarket
Corporate
/
Total
Aerostructures
Systems
Services
Eliminations
Net Income $ 79,043 Add-back: Income Tax Expense
42,593 Interest Expense and Other
19,710
Operating Income (Loss) $ 141,346 $ 100,387 $ 42,643 $
11,279 $ (12,963 ) Amortization of Acquired Contract
Liabilities (11,150 ) (6,141 ) (5,009 ) - - Depreciation and
Amortization
37,934
26,313 8,539
1,877 1,205
Adjusted Earnings (Losses) before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA")
$
168,130 $ 120,559
$ 46,173 $
13,156 $ (11,758
) Net Sales
$ 943,683
$ 651,888 $
219,526 $ 74,353
$ (2,084 )
Adjusted EBITDA Margin 18.0 % 18.7 % 21.5 % 17.7 % n/a
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND
SUBSIDIARIES(dollars in thousands)
Non-GAAP Financial Measure Disclosures (continued)
Adjusted income from continuing operations before income taxes,
adjusted income from continuing operations and adjusted income from
continuing operations diluted per share, before non-recurring costs
has been provided for consistency and comparability. These measures
should not be considered in isolation or as alternatives to income
from continuing operations before income taxes, income from
continuing operations and income from continuing operations per
diluted share presented in accordance with GAAP. The following
table reconciles income from continuing operations before income
taxes, income from continuing operations and income from continuing
operations per diluted share, before non-recurring costs.
Three Months Ended
June 30,
2014
Pre-tax
After-tax
Diluted
EPS
Location
on
Financial
Statements
Income from Continuing Operations- GAAP $ 198,164 $ 128,243 $ 2.46
Non-Recurring Costs: Gain on Legal Settlement (134,693 )
(86,204 ) (1.65 ) Corporate Refinancing Costs 22,615 14,474 0.28
Corporate Relocation Costs 2,997 1,918 0.04 Aerostructures
(Primarily) Jefferson Street Move: Disruption 3,360 2,150 0.04
Aerostructures (EAC) ** Accelerated Depreciation 2,375
1,520 0.03
Aerostructures (EAC) ** Adjusted Income from Continuing
Operations- non-GAAP $ 94,818 $ 62,101
$ 1.19 *
Three Months Ended
June 30,
2013
Pre-tax
After-tax
Diluted
EPS
Location
on
Financial
Statements
Income from Continuing Operations- GAAP $ 121,636 $ 79,043 $ 1.50
Non-Recurring Costs: Relocation Costs (including interest)
1,321 851 0.02 Aerostructures (Primarily) Jefferson Street Move:
Disruption 1,551 999 0.02 Aerostructures (EAC) ** Accelerated
Depreciation 758 488
0.01 Aerostructures (EAC) ** Adjusted Income
from Continuing Operations- non-GAAP $ 125,266
$ 81,381 $ 1.54 * * Difference
due to rounding.
**
EAC- estimated costs at completion with
respect to contracts within the scope of Accounting Standards
Codification 605-35, "Revenue Recognition-Construction-Type and
Production-Type Contracts"
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND
SUBSIDIARIES(dollars in thousands)
Non-GAAP Financial Measure Disclosures (continued)
Cash provided by operations, before pension contributions has
been provided for consistency and comparability. We also use free
cash flow available for debt reduction as a key factor in planning
for and consideration of strategic acquisitions, stock repurchases
and the repayment of debt. This measure should not be considered in
isolation, as a measure of residual cash flow available for
discretionary purposes, or as an alternative to operating results
presented in accordance with GAAP. The following table reconciles
cash provided by operations, before pension contributions to cash
provided by operations, as well as cash provided by operations to
free cash flow available for debt reduction.
Three Months Ended June 30, 2014
2013 Cash flow from operations, before
pension contributions $ (6,843 ) $ 37,682 Pension contributions
45,209 25,800 Cash (used in) provided
by operations (52,052 ) 11,882
Less:
Capital expenditures 23,077 56,229 Dividends 2,056
2,069
Free cash flow available for debt
reduction, acquisitions and share repurchases
$ (77,185 ) $ (46,416 )
We use "Net Debt to Capital" as a measure of financial leverage.
The following table sets forth the computation of Net Debt to
Capital:
June 30, March 31,
2014 2014
Calculation of
Net Debt
Current portion $ 43,323 $ 49,575 Long-term debt 1,714,310
1,500,808 Total debt 1,757,633 1,550,383 Less:
Cash 25,465 28,998 Net debt $ 1,732,168
$ 1,521,385
Calculation of
Capital
Net debt $ 1,732,168 $ 1,521,385 Stockholders' equity
2,353,548 2,283,911 Total capital $ 4,085,716
$ 3,805,296 Percent of net debt to capital
42.4 % 40.0 %
Triumph Group, Inc.Sheila G. SpagnoloVice President, Tax &
Investor Relations610-251-1000sspagnolo@triumphgroup.com
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