8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  May 3, 2007

TRIUMPH GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware	1-12235	51-0347963
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)
1550 Liberty Ridge Drive, Suite 100, Wayne, Pennsylvania		19087
(Address of principal executive offices)		(Zip Code)
(610) 251-1000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02                  Results of Operations and Financial Condition.

On May 3, 2007, Triumph Group, Inc. issued a press release announcing its financial results for the fiscal quarter and year ended March 31, 2007 and conducted a conference call to further discuss the financial results.  The full text of the press release is furnished as Exhibit 99.1 to this Current Report.

On the conference call, in addition to reviewing the information contained in the press release, the executive officer also discussed the following financial information:

·For the fiscal year ended March 31, 2007, sales mix was as follows:  commercial was 43% (compared to 45% in the prior full fiscal year), military was 33% (same as in the prior full fiscal year), regional jets were 5% (compared to 6% in the prior full fiscal year), business jets were 11% (compared to 9% in the prior full fiscal year) and other was 8% (compared to 7% in the prior full fiscal year).

·The top ten programs represented in the backlog were the 737NG, 777, A320/321, CH47, 787, UH60, C17, V-22, 747 and CH-53 programs, respectively.

·For the year ended March 31, 2007, Boeing commercial, military and space accounted for 21.6% of net sales.

·For the fiscal year ended March 31, 2007, OEM sales represented 63% (compared to 62% in the prior full fiscal year), Aftermarket sales represented 29% (compared to 31% in the prior full fiscal year), and Other was 8% (compared to 7% in the prior full fiscal year).

·Same store sales for the fiscal year ended March 31, 2007 increased 15% over the prior  year.  Aerospace Systems same store sales for the fiscal year ended March 31, 2007 was $695.1 million, an increase of 16% over the prior fiscal year. Aftermarket Services same store sales for the fiscal year ended March 31, 2007 was $186.4 million, an increase of 14% over the prior fiscal year.  Same store sales for the Company for the quarter ended March 31, 2007 increased 9% over the comparable quarter in the prior fiscal year.

·In total sales, export sales for the quarter ended March 31, 2007 were $49.6 million, an increase of 19% in the previous year quarter ended March 31, 2006.  Full fiscal year export sales were $203.3 million for the fiscal year ended March 31, 2007, an increase of 21% from the previous year.

·Net cash provided by operating activities was $47.7 million for the year ended March 31, 2007.

·Capital expenditures for the fiscal year ended March 31, 2007 were $59.7 million.  Capital expenditures for fiscal 2008 are expected to still be significant as there is approximately $20.0 million of approved, but not yet spent, carryover of capital expenditures from fiscal year 2007.

·For the fiscal year ending March 31, 2008, the company expects its effective tax rate to be 34.5%.

2

The information in this Item 2.02 of this Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01                Financial Statements and Exhibits.

(c)           Exhibits.

Exhibit No.	Description
99.1	Press Release dated May 3, 2007

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 9, 2007	TRIUMPH GROUP, INC.
	By:	/s/ John B. Wright, II
		John B. Wright, II
		Vice President, General Counsel
		and Secretary

4

TRIUMPH GROUP, INC.
CURRENT REPORT ON FORM 8-K

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated May 3, 2007

EX-99.1

Exhibit 99.1

 Triumph Group, Inc.

NEWS RELEASE

Contact:

Sheila Spagnolo

Vice President

Phone (610) 251-1000

sspagnolo@triumphgroup.com

TRIUMPH GROUP REPORTS FOURTH QUARTER

AND YEAR END FISCAL 2007 RESULTS

·Net sales for fiscal year 2007 increased 26% to $954.7 million

·Operating income in fiscal year 2007 increased 62% to $90.7 million

·Net income for fiscal year 2007 increased 36% to $47.1 million

·Year end backlog reached a new high of $1.1 billion, up 29% over prior year

Wayne, PA – May 3, 2007 – Triumph Group, Inc. (NYSE: TGI) today reported that, for the fiscal year 2007, net sales totaled $954.7 million, a twenty-six percent increase from fiscal year 2006 net sales of $760.4 million.  Net income for fiscal year 2007 increased thirty-six percent to $47.1 million, or $2.87 per diluted common share, versus $34.5 million, or $2.15 per diluted common share, for fiscal year 2006.  During this fiscal year, the company generated $47.7 million of cash flow from operations.

Net sales for the fourth quarter ended March 31, 2007 were $263.5 million, a twenty-four percent increase from last fiscal year’s fourth quarter net sales of $211.9 million.  Net income for the fourth quarter of fiscal year 2007 increased thirty percent to $14.2 million, or $0.86 per diluted common share, versus $11.0 million, or $0.68 per diluted common share, for the fourth quarter of the prior fiscal year.   During the quarter, the company generated $27.0 million of cash flow from operations.  Results for the fourth quarter of fiscal year 2007 included $0.03 per share charge related to stock-based compensation.

Prior year period segment results have been changed to classify certain revenue and costs from the Aftermarket Services segment to the Aerospace Systems segment for the operation of Triumph Fabrications-Phoenix and Triumph Fabrications-Fort Worth due to the fact that most of their product line has been transitioned to aerospace OEM products.  The transitioning of these business units resulted in the shift of approximately $6.6 million in revenue and $2.4 million in operating loss for the quarter ended March 31, 2006, previously reported in the Aftermarket Services segment, to the Aerospace Systems segment.  Segment results have been adjusted to reflect these changes.

- More -

The Aerospace Systems segment reported net sales for fiscal year 2007 of $750.9 million, compared to $600.0 million for the prior fiscal year, an increase of twenty-five percent.  For the fourth quarter of fiscal year 2007, the segment’s net sales increased twenty-three percent to $206.9 million from $168.8 million for the prior fiscal year period.  Operating income for fiscal year 2007 was $101.6 million, compared to $66.0 million for the prior fiscal year, an increase of fifty-four percent.  For the quarter, operating income increased fifty-six percent to $30.2 million versus $19.4 million for the prior fiscal year quarter.  Organic sales growth for the fiscal year 2007 was sixteen percent.

The Aftermarket Services segment reported net sales for fiscal year 2007 of $206.3 million, compared to $164.0 million for the prior fiscal year, an increase of twenty-six percent.  For the fourth quarter of fiscal year 2007, the segment’s net sales increased thirty percent to $57.2 million from $44.0 million for the prior fiscal year period.  Operating income for fiscal year 2007 was $8.4 million, compared to $4.6 million for the prior fiscal year, an increase of eighty-three percent.  For the quarter, operating income increased 496 percent to $1.6 million versus $0.3 million for the prior fiscal year quarter.  Organic sales growth for the fiscal year 2007 was fourteen percent.  Operating costs in excess of revenue associated with the new Thailand maintenance and repair facility was $0.9 million for the quarter and $3.4 million for the fiscal year 2007.  In addition, the fourth quarter of fiscal 2007 included a charge of $1.2 million related to a change in the method of accounting for power by the hour contracts.

Richard C. Ill, Triumph’s President and Chief Executive Officer, said, “Triumph had an excellent fiscal year 2007.  Continued improvement in both our OEM and aftermarket markets resulted in strong growth in revenue, operating income and earnings across our core businesses. Our record level of backlog is a clear indication of the success of our products and strategy and provides us with strong momentum heading into fiscal 2008 and beyond.”

In commenting on the outlook for fiscal year 2008, Mr. Ill said, “We expect to see continued growth in customer demand across our operations in fiscal year 2008.  We project sales in the range of $1.1 billion to $1.2 billion and earnings per share for the fiscal year of $3.60 to $3.80.”

As previously announced, Triumph will hold a conference call tomorrow at 8:30 a.m. (ET) to discuss the fiscal year 2007 fourth quarter and year-end 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 May 4th until May 11th by calling (888) 266-2081 (Domestic) or (703) 925-2533 (International), passcode #1072694.

Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and accessories.  The company serves a broad, worldwide spectrum of the aviation industry, including commercial and regional airlines, air cargo carriers, as well as original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components.

More information about Triumph can be found on the Internet at http://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 expectations of future product and service development, the aerospace market conditions, financial performance, revenue and earnings growth and sales and earnings results for fiscal 2008.  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’s reports filed with the SEC, including our Annual Report on Form 10-K for the year ended March 31, 2006.

FINANCIAL DATA (UNAUDITED) ON FOLLOWING 7 PAGES

FINANCIAL DATA  (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(in thousands, except per share data)

	Three Months Ended March 31,				Twelve Months Ended March 31,
CONDENSED STATEMENTS OF INCOME	2007		2006		2007		2006
Net Sales	$	263,450	$	211,870	$	954,735	$	760,421
Operating Income	25,295		15,937		90,653		56,087
Interest Expense and Other	3,714		3,074		14,468		12,519
Charge for Early Extinguishment of Debt	0		0		5,088		0
Income Tax Expense	7,355		1,908		24,026		9,053
Net Income	$	14,226	$	10,955	$	47,071	$	34,515
Earnings Per Share - Basic:
Net Income	$	0.87	$	0.69	$	2.90	$	2.17
Weighted average common shares outstanding - Basic	16,377		15,952		16,220		15,920
Earnings Per Share - Diluted:
Net Income	$	0.86	$	0.68	$	2.87	$	2.15
Weighted average common shares outstanding - Diluted	16,599		16,126		16,413		16,060
Dividends declared and paid per common share	$	0.04	$	0.00	$	0.12	$	0.00

FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands, except per share data)

BALANCE SHEET

	March 31,			March 31,
	2007			2006
Assets
Cash	$	7,257		$	5,698
Accounts Receivable, net	174,526			147,780
Inventory	307,665			235,878
Deferred Income Taxes	10,481			6,868
Prepaid Expenses and Other	6,805			4,894
Current Assets	506,734			401,118
Property and Equipment, net	294,479			237,325
Goodwill	342,881			272,737
Intangible Assets, net	69,919			49,424
Other	17,261			14,179
Total Assets	$	1,231,274		$	974,783
Liabilities & Stockholders’ Equity
Accounts Payable	$	103,164		$	73,995
Accrued Expenses	78,192			68,488
Income Taxes Payable	2,081			5,195
Current Portion of Long-Term Debt	5,702			8,078
Current Liabilities	189,139			155,756
Long-Term Debt, less current portion	310,481			153,339
Deferred Income Taxes and Other	104,291			101,985
Stockholders’ Equity:
Common Stock, $.001 par value, 50,000,000 shares authorized, 16,469,617 and 16,027,324 shares issued	16			16
Capital in excess of par value	278,177			260,124
Treasury Stock, at cost, 0 and 18,311 shares	0			(455		)
Accumulated other comprehensive income (loss)	(120		)	(162		)
Retained earnings	349,290			304,180
Total Stockholders’ Equity	627,363			563,703
Total Liabilities and Stockholders’ Equity	$	1,231,274		$	974,783

FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

SEGMENT DATA

	Three Months Ended March 31,						Twelve Months Ended March 31,
	2007			2006			2007			2006
Net Sales:
Aerospace Systems	$	206,850		$	168,836		$	750,852		$	599,984
Aftermarket Services	57,175			44,021			206,309			164,026
Elimination of inter-segment sales	(575		)	(987		)	(2,426		)	(3,589		)
	$	263,450		$	211,870		$	954,735		$	760,421
Operating Income (Loss):
Aerospace Systems	$	30,169		$	19,372		$	101,624		$	66,016
Aftermarket Services	1,640			275			8,381			4,578
Corporate	(6,514		)	(3,710		)	(19,352		)	(14,507		)
	$	25,295		$	15,937		$	90,653		$	56,087
Depreciation and Amortization:
Aerospace Systems	$	6,977		$	5,727		$	26,300		$	23,491
Aftermarket Services	3,180			2,220			10,500			8,394
Corporate	61			48			229			153
	$	10,218		$	7,995		$	37,029		$	32,038
Capital Expenditures:
Aerospace Systems	$	14,010		$	7,727		$	39,364		$	17,428
Aftermarket Services	5,434			3,690			20,031			10,976
Corporate	111			72			299			373
	$	19,555		$	11,489		$	59,694		$	28,777

FINANCIAL DATA  (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

Non-GAAP Financial Measure Disclosures

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for the three months ended March 31, 2007 was $35.5 million with a margin of 13.5%.  EBITDA for the three months ended March 31, 2006 was $23.9 million with a margin of 11.3%.  EBITDA for the twelve months ended March 31, 2007 was $127.7 million with a margin of 13.4%. EBITDA for the twelve months ended March 31, 2006 was $88.1 million with a margin of 11.6%.

Management believes that 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.

The following definition is provided for the non-GAAP financial measure identified above, together with a reconciliation of such non-GAAP financial measure to the most directly comparable financial measure calculated and presented in accordance with GAAP.

	Three Months Ended March 31,						Twelve Months Ended March 31,
	2007			2006			2007			2006
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA):
Net Income	$	14,226		$	10,955		$	47,071		$	34,515
Add-back:
Income Tax Expense	7,355			1,908			24,026			9,053
Charge for Early Extinguishment of Debt	0			0			5,088			0
Interest Expense and Other	3,714			3,074			14,468			12,519
Depreciation and Amortization	10,218			7,995			37,029			32,038
Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	35,513		$	23,932		$	127,682		$	88,125
Net Sales	$	263,450		$	211,870		$	954,735		$	760,421
EBITDA Margin	13.5		%	11.3		%	13.4		%	11.6		%

(Continued)

FINANCIAL DATA  (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

Non-GAAP Financial Measure Disclosures (continued)

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA):

	Three Months Ended March 31, 2007
				Segment Data
	Total			Aerospace Systems			Aftermarket Services			Corporate / Eliminations
Net Income	$	14,226
Add-back:
Income Tax Expense	7,355
Charge for Early Extinguishment of Debt	0
Interest Expense and Other	3,714
Operating Income (Expense)	$	25,295		$	30,169		$	1,640		$	(6,514	)
Depreciation and Amortization	10,218			6,977			3,180			61
Earnings (Losses) before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	35,513		$	37,146		$	4,820		$	(6,453	)
Net Sales	$	263,450		$	206,850		$	57,175		$	(575	)
EBITDA Margin	13.5		%	18.0		%	8.4		%	n/a

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA):

	Twelve Months Ended March 31, 2007
				Segment Data
	Total			Aerospace Systems			Aftermarket Services			Corporate / Eliminations
Net Income	$	47,071
Add-back:
Income Tax Expense	24,026
Charge for Early Extinguishment of Debt	5,088
Interest Expense and Other	14,468
Operating Income (Expense)	$	90,653		$	101,624		$	8,381		$	(19,352	)
Depreciation and Amortization	37,029			26,300			10,500			229
Earnings (Losses) before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	127,682		$	127,924		$	18,881		$	(19,123	)
Net Sales	$	954,735		$	750,852		$	206,309		$	(2,426	)
EBITDA Margin	13.4		%	17.0		%	9.2		%	n/a

(Continued)

FINANCIAL DATA  (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

Non-GAAP Financial Measure Disclosures (continued)

We use “Net Debt to Capital” as a measure of financial leverage.  The following table sets forth the computation of Net Debt to Capital:

	March 31,			March 31,
	2007			2006
Calculation of Net Debt
Current Portion	$	5,702		$	8,078
Long-term debt	310,481			153,339
Total Debt	316,183			161,417
Less: Cash	7,257			5,698
Net Debt	$	308,926		$	155,719
Calculation of Capital
Net Debt	$	308,926		$	155,719
Stockholders’ equity	627,363			563,703
Total Capital	$	936,289		$	719,422
Percent of Net Debt to Capital	33.0		%	21.6		%

(Continued)

FINANCIAL DATA  (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measure Disclosures

The Company believes its earnings excluding the third quarter charge for the early extinguishment of debt provides financial statement users with meaningful insight into operating trends.

Reconciliation of Non-GAAP EPS to GAAP EPS:

	Three Months Ended March 31,				Twelve Months Ended March 31,
	2007		2006		2007		2006
Earnings Per Share - Basic:	$	0.87	$	0.69	$	2.90	$	2.17
Third Quarter Charge for Early Extinguishment of Debt	$	0.00	$	0.00	$	0.20	$	0.00
Earnings Per Share-Basic, Excluding Charge for Early Extinguishment of Debt	$	0.87	$	0.69	$	3.10	$	2.17
Earnings Per Share - Diluted:	$	0.86	$	0.68	$	2.87	$	2.15
Third Quarter Charge for Early Extinguishment of Debt	$	0.00	$	0.00	$	0.20	$	0.00
Earnings Per Share-Diluted, Excluding Charge for Early Extinguishment of Debt	$	0.86	$	0.68	$	3.07	$	2.15

######