The Aerospace Systems segment reported net sales for the quarter of $222.8 million compared to $213.0 million in the prior year period, an increase of five percent. Current quarter sales were impacted by an estimated $26.0 million due to the machinists strike at Boeing. The organic sales growth for the quarter was estimated to be approximately nine percent after adjusting for the effect of the Boeing strike. Operating income for the third quarter of fiscal year 2009 was $34.3 million, compared to $26.1 million for the prior year period, a thirty-one percent increase. Operating margin increased from twelve percent in the prior year’s third quarter to fifteen percent. Operating income for the quarter included $0.6 million of legal expenses associated with the ongoing trade secret litigation. The segment’s operating results were impacted by a number of unusual items including the Boeing strike, a charge to align the treatment of non-recurring engineering costs, a charge to terminate a defined benefit pension plan and a favorable settlement of a retroactive pricing agreement. The net unfavorable impact of these items on the quarter’s operating income was estimated to be approximately $2.8 million.

The Aftermarket Services segment reported net sales for the quarter of $63.1 million, compared to $62.7 million in the prior year period, a one percent increase, all of which was organic. Operating income for the third quarter of fiscal year 2009 was $2.2 million, compared to $6.5 million for the prior year period, a sixty-six percent decrease. The segment’s results continue to be significantly impacted by losses at the Phoenix APU operations resulting from residual execution issues. Excluding these operations, the segment’s year over year revenue growth was fifteen percent and operating margin was in excess of ten percent.

During the quarter, the company retired $10.0 million of its convertible notes for $8.2 million cash and recorded a $1.8 million pre-tax gain on the early extinguishment of the debt. Also, during the quarter, the company wrote off $0.5 million of acquisition-related costs on a potential acquisition that was not consummated. The effective tax rate for the quarter was lower than the prior fiscal year primarily as a result of the retroactive reinstatement of the research and development tax credit.

Richard C. Ill, Triumph’s President and Chief Executive Officer, said, “We are very proud of the results achieved during the third quarter. We delivered strong cash flow and earnings despite the impact of the Boeing strike, which affected shipments throughout our company for a longer period than we originally projected. Our management of working capital continues to improve and we remain focused on controlling costs. We believe that our broad and diverse product offerings and our underlying entrepreneurial culture allow us to capitalize on new opportunities that may present themselves in this uncertain environment.”

In commenting on the outlook for fiscal year 2009, Mr. Ill said, “We are maintaining our prior guidance that earnings per share from continuing operations for the fiscal year will be in excess of $5.40 per diluted share, computed on approximately 16.7 million shares. This guidance reflects our strong backlog position as well as the short term challenges associated with resumption of production following the Boeing strike and the impact of the delay in production of the Boeing 747-8 and 787 aircrafts.”

As previously announced, Triumph Group will hold a conference call tomorrow at 8:30 a.m. (ET) to discuss the fiscal year 2009 third 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 January 30th until February 6th by calling (888) 266-2081 (Domestic) or (703) 925-2533 (International), passcode #1323587.

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

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FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(in thousands, except per share data)

CONDENSED STATEMENTS OF INCOME

	Three Months Ended December 31,						Nine Months Ended December 31,
	2008			2007			2008			2007

Net Sales	$	285,243		$	275,099		$	929,190		$	829,875

Operating Income	30,431			28,726			116,473			90,823

Interest Expense and Other	3,305			3,310			9,799			10,083
Gain on Early Extinguishment of Debt	(1,777		)	0			(1,777		)	0
Income Tax Expense	6,957			7,493			34,402			26,304

Income from Continuing Operations	21,946			17,923			74,049			54,436
Loss from Discontinued Operations, net of tax	(818		)	(1,206		)	(3,114		)	(6,572		)

Net Income	$	21,128		$	16,717		$	70,935		$	47,864

Earnings Per Share - Basic:

Income from Continuing Operations	$	1.34		$	1.08		$	4.52		$	3.30
Loss from Discontinued Operations	$	(0.05	)	$	(0.07	)	$	(0.19	)	$	(0.40	)
Net Income	$	1.29		$	1.01		$	4.33		$	2.90

Weighted average common shares outstanding - Basic	16,387			16,563			16,382			16,515

Earnings Per Share - Diluted:

Income from Continuing Operations	$	1.33		$	1.00		$	4.47		$	3.07
Loss from Discontinued Operations	$	(0.05	)	$	(0.07	)	$	(0.19	)	$	(0.37	)
Net Income	$	1.28		$	0.93		$	4.28		$	2.70

Weighted average common shares outstanding - Diluted	16,551			18,002			16,584			17,706

Dividends declared and paid per common share	$	0.04		$	0.04		$	0.12		$	0.12

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(Continued)

FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands, except per share data)

BALANCE SHEET

	December 31,			March 31,
	2008			2008
Assets
Cash	$	16,828		$	13,738
Accounts Receivable, net	180,343			207,975
Inventory	366,026			350,937
Rotable Assets (1)	26,262			23,392
Deferred Income Taxes	67			1,450
Assets Held for Sale	29,834			24,763
Prepaid Expenses and Other	6,993			5,207
Current Assets	626,353			627,462

Property and Equipment, net	311,753			311,433
Goodwill	383,873			383,740
Intangible Assets, net	69,725			78,488
Other	13,454			13,712

Total Assets	$	1,405,158		$	1,414,835

Liabilities & Stockholders’ Equity

Accounts Payable	$	79,295		$	120,117
Accrued Expenses	78,219			83,397
Liabilities Related to Assets Held for Sale	3,535			4,587
Income Taxes Payable	796			1,509
Current Portion of Long-Term Debt	79,562			1,010
Current Liabilities	241,407			210,620

Long-Term Debt, less current portion	297,291			418,803
Income Taxes Payable, non-current	1,472			1,437
Deferred Income Taxes and Other	106,340			91,246

Stockholders’ Equity:
Common Stock, $.001 par value, 50,000,000 shares authorized, 16,763,984 and 16,731,324 shares issued	16			16
Capital in excess of par value	290,565			288,154
Treasury Stock, at cost, 187,207 and 213,950 shares	(10,503		)	(12,003		)
Accumulated other comprehensive income	(626		)	2,950
Retained earnings	479,196			413,612
Total Stockholders’ Equity	758,648			692,729

Total Liabilities and Stockholders’ Equity	$	1,405,158		$	1,414,835

(1) Rotable assets, which include assets that can be repaired and reused in exchange transactions through our maintenance, repair and overhaul services, of $23,392 as of March 31, 2008, includes $10,730 and $12,662 that were previously reported in inventory and property and equipment, net, respectively.

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FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

SEGMENT DATA

	Three Months Ended December 31,						Nine Months Ended December 31,
	2008			2007			2008			2007

Net Sales:
Aerospace Systems	$	222,751		$	213,025		$	738,552		$	650,816
Aftermarket Services	63,107			62,728			192,556			181,095
Elimination of inter-segment sales	(615		)	(654		)	(1,918		)	(2,036		)
	$	285,243		$	275,099		$	929,190		$	829,875

Operating Income (Loss):
Aerospace Systems	$	34,269		$	26,095		$	126,854		$	87,559
Aftermarket Services	2,219			6,519			9,002			17,072
Corporate	(6,057		)	(3,888		)	(19,383		)	(13,808		)
	$	30,431		$	28,726		$	116,473		$	90,823

Depreciation and Amortization:
Aerospace Systems	$	8,498		$	7,423		$	25,888		$	22,034
Aftermarket Services	3,171			3,266			10,206			9,502
Corporate	58			64			191			197
	$	11,727		$	10,753		$	36,285		$	31,733

Capital Expenditures:
Aerospace Systems	$	6,097		$	12,219		$	24,008		$	25,876
Aftermarket Services	1,684			2,715			6,676			8,365
Corporate	81			162			568			707
	$	7,862		$	15,096		$	31,252		$	34,948

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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 December 31, 2008

was $42.2 million with a margin of 14.8%. EBITDA for the three months ended December 31, 2007 was $39.5 million with

a margin of 14.4%. EBITDA for the nine months ended December 31, 2008 was $152.8 million with a margin of 16.4%.

EBITDA for the nine months ended December 31, 2007 was $122.6 million with a margin of 14.8%.

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.

Earnings before Interest, Taxes, Depreciation and	Three Months Ended December 31,						Nine Months Ended December 31,
Amortization (EBITDA):	2008			2007			2008			2007

Income from Continuing Operations	$	21,946		$	17,923		$	74,049		$	54,436

Add-back:
Income Tax Expense	6,957			7,493			34,402			26,304
Gain on Early Extinguishment of Debt	(1,777		)	0			(1,777		)	0
Interest Expense and Other	3,305			3,310			9,799			10,083
Depreciation and Amortization	11,727			10,753			36,285			31,733

Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	42,158		$	39,479		$	152,758		$	122,556

Net Sales	$	285,243		$	275,099		$	929,190		$	829,875

EBITDA Margin	14.8		%	14.4		%	16.4		%	14.8		%

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(Continued)

FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

Non-GAAP Financial Measure Disclosures (continued)

	Three Months Ended December 31, 2008
				Segment Data
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA):	Total			Aerospace Systems			Aftermarket Services			Corporate / Eliminations

Income from Continuing Operations	$	21,946

Add-back:
Income Tax Expense	6,957
Gain on Early Extinguishment of Debt	(1,777		)
Interest Expense and Other	3,305

Operating Income (Expense)	$	30,431		$	34,269		$	2,219		$	(6,057	)

Depreciation and Amortization	11,727			8,498			3,171			58

Earnings (Losses) before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	42,158		$	42,767		$	5,390		$	(5,999	)

Net Sales	$	285,243		$	222,751		$	63,107		$	(615	)

EBITDA Margin	14.8		%	19.2		%	8.5		%	n/a

	Nine Months Ended December 31, 2008
				Segment Data
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA):	Total			Aerospace Systems			Aftermarket Services			Corporate / Eliminations

Income from Continuing Operations	$	74,049

Add-back:
Income Tax Expense	34,402
Gain on Early Extinguishment of Debt	(1,777		)
Interest Expense and Other	9,799

Operating Income (Expense)	$	116,473		$	126,854		$	9,002		$	(19,383	)

Depreciation and Amortization	36,285			25,888			10,206			191

Earnings (Losses) before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	152,758		$	152,742		$	19,208		$	(19,192	)

Net Sales	$	929,190		$	738,552		$	192,556		$	(1,918	)

EBITDA Margin	16.4		%	20.7		%	10.0		%	n/a

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FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

Non-GAAP Financial Measure Disclosures (continued)

	Three Months Ended December 31, 2007
				Segment Data
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA):	Total			Aerospace Systems			Aftermarket Services			Corporate / Eliminations

Income from Continuing Operations	$	17,923

Add-back:
Income Tax Expense	7,493
Interest Expense and Other	3,310

Operating Income (Expense)	$	28,726		$	26,095		$	6,519		$	(3,888	)

Depreciation and Amortization	10,753			7,423			3,266			64

Earnings (Losses) before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	39,479		$	33,518		$	9,785		$	(3,824	)

Net Sales	$	275,099		$	213,025		$	62,728		$	(654	)

EBITDA Margin	14.4		%	15.7		%	15.6		%	n/a

	Nine Months Ended December 31, 2007
				Segment Data
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA):	Total			Aerospace Systems			Aftermarket Services			Corporate / Eliminations

Income from Continuing Operations	$	54,436

Add-back:
Income Tax Expense	26,304
Interest Expense and Other	10,083

Operating Income (Expense)	$	90,823		$	87,559		$	17,072		$	(13,808	)

Depreciation and Amortization	31,733			22,034			9,502			197

Earnings (Losses) before Interest, Taxes, Depreciation and Amortization (“EBITDA”)	$	122,556		$	109,593		$	26,574		$	(13,611	)

Net Sales	$	829,875		$	650,816		$	181,095		$	(2,036	)

EBITDA Margin	14.8		%	16.8		%	14.7		%	n/a

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FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES

(dollars in thousands)

Non-GAAP Financial Measure Disclosures (continued)

Management believes that “Net Debt to Capital” provides the reader a good measure of financial leverage.

The following table sets forth the computation of Net Debt to Capital:

	December 31,			March 31,
	2008			2008

Calculation of Net Debt
Current Portion	$	79,562		$	1,010
Long-term debt	297,291			418,803
Total Debt	376,853			419,813
Less: Cash	16,828			13,738
Net Debt	$	360,025		$	406,075

Calculation of Capital
Net Debt	$	360,025		$	406,075
Stockholders’ equity	758,648			692,729
Total Capital	$	1,118,673		$	1,098,804

Percent of Net Debt to Capital	32.2		%	37.0		%

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FINANCIAL DATA (UNAUDITED) ON FOLLOWING 7 PAGES