8-K

UNITED STATES	OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0060 Expires: March 31, 2006 Estimated average burden hours per response. . 28.0
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 7, 2008
TRIMAS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware	001-10716		38-2687639
(State or other jurisdiction	(Commission		(IRS Employer
of incorporation)	File Number)		Identification No.)
39400 Woodward Avenue, Suite 130, Bloomfield Hills, Michigan			48304
(Address of principal executive offices)			(Zip Code)
Registrant’s telephone number, including area code   (248) 631-5400
Not Applicable
(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.

TriMas Corporation (the “Company”) issued a press release and held a teleconference on May 7, 2008, reporting its financial results for the first quarter ending March 31, 2008.  A copy of the press release and teleconference visual presentation are attached hereto as exhibits and are incorporated herein by reference.  The press release and teleconference visual presentation are also available on the Company’s website at www.trimascorp.com.

Item 9.01  Financial Statements and Exhibits.

(c)            Exhibits. The following exhibits are filed herewith:

Exhibit No.	Description
99.1	Press Release
99.2	The Company’s visual presentation titled “First Quarter 2008 Earnings Presentation”

SEC 873(6-04)

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SIGNATURES

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

			TRIMAS CORPORATION
Date:	May 7, 2008	By:		/s/ Grant H. Beard
			Name:		Grant H. Beard
			Title:		Chief Executive Officer

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EX-99.1

Exhibit 99.1

	For more information, contact:
	Sherry Lauderback
	VP, Investor Relations & Communications
	(248) 631-5506
	sherrylauderback@trimascorp.com

TRIMAS CORPORATION REPORTS FIRST QUARTER 2008 RESULTS

BLOOMFIELD HILLS, Michigan, May 7, 2008 – TriMas Corporation (NYSE: TRS) today announced financial results for the quarter ended March 31, 2008. The Company reported quarterly revenues of $279.6 million, down 1.7% from the first quarter of 2007. First quarter 2008 income from continuing operations was essentially flat at $7.8 million, in comparison to the first quarter of 2007. The Company reported first quarter 2008 diluted earnings per share from continuing operations of $0.23, within the previously disclosed first quarter guidance range of $0.21 to $0.24 per share.

“During the first quarter of 2008, our diverse group of businesses reported mixed results,” said Grant H. Beard, TriMas’ President and Chief Executive Officer. “Our Energy Products segment accomplished significant growth in sales and operating profit of 17.4% and 23.4%, respectively, as a result of increased demand and new product introductions. Sales in our Industrial Specialties segment increased 5.7%, led by growth in our aerospace fastener business. Our Packaging Systems segment was up slightly compared to the prior year quarter.”

“Our RV & Trailer Products and Recreational Accessories segments, however, faced continued difficult end market conditions in the United States, resulting from the decline in consumer discretionary spending, consumer confidence and credit availability,” Beard continued. “Despite the first quarter decline in sales and earnings in these segments, we believe these businesses continued to outperform the overall end market by increasing market share, cross-selling across channels and introducing new product content.”

“While the economic outlook for most of our businesses remains positive,” Beard noted, “we continue to experience weak end market demand within our RV & Trailer Products and Recreational Accessories businesses. We will continue to implement cost reduction and new product initiatives in an effort to build our market share and offset the economic headwinds. Looking forward, we will continue to focus on driving organic growth through new product development and geographic expansion initiatives, while remaining committed to diligently managing our costs to protect our earnings stream, generating cash flow and enhancing our balance sheet.”

First Quarter Results – From Continuing Operations

·Sales for the first quarter 2008 were down 1.7% to $279.6 million, as compared to $284.4 million in the first quarter of 2007. Sales in the Packaging Systems, Energy Products and Industrial Specialties segments were up 1.5%, 17.4% and 5.7%, respectively. Sales in the RV & Trailer Products and Recreational Accessories segments were down 5.1% and 15.3%, respectively, due to reductions in demand related to decreases in consumer discretionary spending and current economic conditions in the United States.

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·Operating profit decreased 12.9% to $28.1 million, as compared to $32.3 million in the first quarter of 2007, due to lower sales volumes, most notably in the RV & Trailer Products and Recreational Accessories segments, lower absorption of fixed costs and a less favorable product sales mix, specifically in the Packaging Systems and RV & Trailer Product segments.

·Adjusted EBITDA(1) for the first quarter of 2008 decreased 8.1% to $37.6 million, as compared to $40.9 million in the first quarter of 2007.

·Income from continuing operations was essentially flat at $7.8 million, as compared to the first quarter of 2007.

·Diluted earnings per share decreased to $0.23 per share, as compared to $0.37 per share in the first quarter of 2007.  The number of diluted weighted average common shares increased from 20.8 million as of March 31, 2007 to 33.6 million as of March 31, 2008 due to the Company’s initial public offering in May 2007.

·Aggregate availability under the Company’s revolving credit and receivables securitization facilities was $121.9 million as of March 31, 2008.

(1) See Appendix I for reconciliation of Non-GAAP financial measure Adjusted EBITDA to the Company’s reported results of operations prepared in accordance with U.S. GAAP.

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First Quarter Financial Summary

	Three months ended March 31,
(unaudited - in thousands, except per share amounts)	2008		2007
Sales	$	279,560	$	284,440
Operating profit	$	28,110	$	32,290
Income from continuing operations	$	7,790	$	7,750
Income (loss) from discontinued operations, net of income taxes	$	80	$	(700	)
Net income	$	7,870	$	7,050
Adjusted EBITDA(1), continuing operations	$	37,620	$	40,920
Earnings (loss) per share - basic:
- Continuing operations	$	0.23	$	0.37
- Discontinued operations	—		(0.03		)
- Net income	$	0.23	$	0.34
Weighted average common shares - basic	33,409,500		20,759,500
Earnings (loss) per share - diluted:
- Continuing operations	$	0.23	$	0.37
- Discontinued operations	—		(0.03		)
- Net income	$	0.23	$	0.34
Weighted average common shares - diluted	33,551,645		20,759,500
Other Data - Continuing Operations:
- Depreciation and amortization	$	10,700	$	9,790
- Interest expense	$	14,710	$	18,860
- Other expense, net	$	1,190	$	1,160
- Income tax expense	$	4,420	$	4,520

(1) See Appendix I for reconciliation of Non-GAAP financial measure Adjusted EBITDA to the Company’s reported results of operations prepared in accordance with U.S. GAAP.

First Quarter Segment Results – From Continuing Operations

Packaging Systems - Sales for the first quarter increased 1.5% due to the continued demand for specialty dispensing products and other new products, as well as the favorable effects of currency exchange, partially offset by the decline in laminate and insulation product sales resulting from a weakening commercial construction end market. Sales of core industrial closure products were essentially flat for the first quarter of 2008, in comparison to the first quarter of 2007. Operating profit for the quarter declined slightly due to lower sales volumes and a less favorable product sales mix. The Company is focused on developing specialty dispensing product applications for growing end markets, including pharmaceutical, personal care and food/beverage markets, and expanding geographically to generate long-term growth.

Energy Products - Sales increased 17.4% for the first quarter due to the continued strong demand for specialty gaskets and related fastening hardware to the refinery and petrochemical industries, as well as

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robust growth in engines and related products resulting from increased engine demand in the Western United States and Canada oil and natural gas markets and new product introductions. Operating profit for the quarter increased in line with higher sales volumes. The Company plans to continue to launch new products to complement its engine business, while expanding its gasket business internationally.

Industrial Specialties - Sales for the first quarter increased 5.7% due to increased demand, most notably in the aerospace fastener business. The segment also benefited from sales growth in the industrial cylinder and precision cutting tools businesses and the August 2007 acquisition of a medical device manufacturer. Operating profit for the quarter was flat as profits related to higher sales volumes were offset by increased expenditures to invest in growth initiatives and lower absorption of fixed costs in the specialty fittings business. The Company plans to drive growth in this segment by developing specialty products for growing end markets such as medical and aerospace, while continuing to expand international sales efforts.

RV & Trailer Products -Sales for the first quarter declined 5.1% due to continued weak demand in certain end markets and higher customer inventory levels across the majority of the U.S. market channels. Sales from Australia, Southeast Asia and Canada were up in the first quarter of 2008, compared to the first quarter of 2007. Operating profit decreased 57.4% due to the decline in sales, a  less favorable product sales mix and lower absorption of fixed costs as the Company reduced production to manage inventory levels. The Company’s focus in this segment is to aggressively manage costs, while continuing to leverage strong brand positions for increased market share, cross-sell the product portfolio into all channels and expand internationally.

Recreational Accessories - Sales decreased 15.3% for the first quarter, as the Company continued to experience weak consumer demand for towing products and accessories. In addition, the first quarter of 2007 was positively impacted by an inventory pipeline fill in support of a new retail program that did not recur in the first quarter of 2008. Operating profit declined 48.8% as a result of lower sales volumes and the lower absorption of fixed costs as the Company reduced production to manage inventory levels. The Company plans to continue to manage costs, increase market share in the United States and Canada, and pursue new market opportunities in select international markets.

Financial Position

TriMas ended the quarter with total debt of $616.5 million and funding under its receivables securitization facility of $56.3 million for a total of $672.8 million. Total debt and receivables securitization decreased by $95.1 million when compared to March 31, 2007. TriMas ended the quarter with cash of $5.5 million and $121.9 million of aggregate availability under its revolving credit and receivables securitization facilities.

Outlook

In its March 13, 2008 fourth quarter earnings release, TriMas provided a full year 2008 diluted earnings per share from continuing operations guidance range of $0.85 to $0.95 per share. The Company also provided a full year 2008 net income from continuing operations range of $28.5 million to $31.9 million. First quarter results met the Company’s expectations, and 2008 guidance remains as previously announced.

This outlook does not include the impact of any future unidentified restructuring charges and divestitures or acquisitions of operating assets that may occur from time to time due to management decisions and changing business circumstances. The outlook above also does not include the impact of

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any potential future non-cash impairment charges of goodwill, intangibles and fixed assets. This outlook also excludes benefit costs related to contractual obligations to Metaldyne or discontinued operations. The Company is currently unable to forecast the likelihood of occurrence, timing and/or magnitude of any such amounts or events. See also “Cautionary Notice Regarding Forward-Looking Statements” below.

Conference Call Information

TriMas Corporation will host its first quarter 2008 earnings conference call today, Wednesday, May 7, 2008 at 10:00 a.m. EDT. The call-in number is (866) 802-4355. Participants should request to be connected to the TriMas Corporation first quarter conference call (reservation number 1235805). The presentation that will accompany the call will be available on the Company’s website at www.trimascorp.com prior to the call.

The conference call will also be webcast simultaneously on the Company’s website at www.trimascorp.com. A replay of the conference call will be available on the TriMas website or by dialing (866) 837-8032 (reservation number 1235805) beginning May 7^th at 1:00 p.m. EDT through May 14^th at 11:59 p.m. EDT.

Cautionary Notice Regarding Forward-looking Statements

This release contains “forward-looking” statements, as that term is defined by the federal securities laws, about our financial condition, results of operations and business.  Forward-looking statements include: certain anticipated, believed, planned, forecasted, expected, targeted and estimated results along with TriMas’ outlook concerning future results.  When used in this release, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements.  All forward-looking statements, including without limitation, management’s examination of historical operating trends and data, are based upon our current expectations and various assumptions.  Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for these views.  However, there can be no assurance that management’s expectations, beliefs and projections will be achieved.  These forward-looking statements are subject to numerous assumptions, risks and uncertainties and accordingly, actual results may differ materially from those expressed or implied by the forward-looking statements.  We caution readers not to place undue reliance on the statements, which speak to conditions only as of the date of this release.  The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.  We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.  Risks and uncertainties that could cause actual results to vary materially from those anticipated in the forward-looking statements included in this release include general economic conditions in the markets in which we operate and industry-based factors such as: technological developments that could competitively disadvantage us, increases in our raw material, energy, and healthcare costs, our dependence on key individuals and relationships, exposure to product liability, recall and warranty claims, compliance with environmental and other regulations, and competition within our industries.  In addition, factors more specific to us could cause actual results to vary materially from those anticipated in the forward-looking statements included in this release such as our substantial leverage, limitations imposed by our debt instruments, our ability to successfully pursue our stated growth strategies and opportunities, as well as our ability to identify attractive and other

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strategic acquisition opportunities and to successfully integrate acquired businesses and complete actions we have identified as providing cost-saving opportunities.

About TriMas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation is a diversified growth company of specialty niche businesses manufacturing a variety of highly engineered products for commercial, industrial and consumer markets worldwide. TriMas is organized into five strategic business segments: Packaging Systems, Energy Products, Industrial Specialties, RV & Trailer Products and Recreational Accessories. TriMas has approximately 5,000 employees at 80 different facilities in 10 countries. For more information, visit www.trimascorp.com.

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TriMas Corporation
Consolidated Balance Sheet
(Unaudited — dollars in thousands)

	March 31,			December 31,
	2008			2007
Assets
Current assets:
Cash and cash equivalents	$	5,510		$	4,800
Receivables, net	106,390			89,370
Inventories, net	192,940			190,590
Deferred income taxes	18,860			18,860
Prepaid expenses and other current assets	6,970			7,010
Assets of discontinued operations held for sale	2,990			3,330
Total current assets	333,660			313,960
Property and equipment, net	197,220			195,120
Goodwill	379,910			377,340
Other intangibles, net	212,930			214,290
Other assets	25,720			27,280
Total assets	$	1,149,440		$	1,127,990
Liabilities and Shareholders’ Equity
Current liabilities:
Current maturities, long-term debt	$	9,160		$	8,390
Accounts payable	134,940			121,860
Accrued liabilities	66,040			71,830
Liabilities of discontinued operations	1,360			1,450
Total current liabilities	211,500			203,530
Long-term debt	607,290			607,600
Deferred income taxes	73,900			73,280
Other long-term liabilities	35,170			35,090
Total liabilities	927,860			919,500
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None	—			—
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 33,409,500 shares at March 31, 2008 and December 31, 2007, respectively	330			330
Paid-in capital	526,250			525,960
Accumulated deficit	(366,100		)	(373,970		)
Accumulated other comprehensive income	61,100			56,170
Total shareholders’ equity	221,580			208,490
Total liabilities and shareholders’ equity	$	1,149,440		$	1,127,990

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TriMas Corporation
 Consolidated Statement of Operations
 (Unaudited — dollars in thousands, except for share amounts)

	Three months ended
	March 31,
	2008			2007
Net sales	$	279,560		$	284,440
Cost of sales	(206,220		)	(206,440		)
Gross profit	73,340			78,000
Selling, general and administrative expenses	(45,120		)	(45,540		)
Loss on dispositions of property and equipment	(110		)	(170		)
Operating profit	28,110			32,290
Other expense, net:
Interest expense	(14,710		)	(18,860		)
Other, net.	(1,190		)	(1,160		)
Other expense, net	(15,900		)	(20,020		)
Income from continuing operations before income tax expense	12,210			12,270
Income tax expense.	(4,420		)	(4,520		)
Income from continuing operations	7,790			7,750
Income (loss) from discontinued operations, net of income tax benefit (expense)	80			(700		)
Net income	$	7,870		$	7,050
Earnings (loss) per share - basic:
Continuing operations	$	0.23		$	0.37
Discontinued operations, net of income tax benefit (expense)	—			(0.03		)
Net income per share	$	0.23		$	0.34
Weighted average common shares - basic	33,409,500			20,759,500
Earnings (loss) per share - diluted:
Continuing operations	$	0.23		$	0.37
Discontinued operations, net of income tax benefit (expense)	—			(0.03		)
Net income per share	$	0.23		$	0.34
Weighted average common shares - diluted	33,551,645			20,759,500

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TriMas Corporation
Consolidated Statement of Cash Flows
(Unaudited — dollars in thousands)

	Three months ended
	March 31,
	2008			2007
Net income	$	7,870		$	7,050
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:
Loss on dispositions of property and equipment	110			380
Depreciation	6,850			5,930
Amortization of intangible assets	3,900			3,910
Amortization of debt issue costs	600			730
Deferred income taxes	—			660
Non-cash compensation expense	290			70
Net proceeds from sale of receivables and receivables securitization	18,830			28,750
Increase in receivables	(34,920		)	(51,930		)
Increase in inventories	(1,790		)	(5,700		)
Decrease in prepaid expenses and other assets	1,670			1,910
Increase in accounts payable and accrued liabilities	6,400			35,910
Other, net	(120		)	(730		)
Net cash provided by operating activities, net of acquisition impact	9,690			26,940
Cash Flows from Investing Activities:
Capital expenditures	(6,190		)	(6,580		)
Acquisition of leased assets	—			(12,900		)
Acquisition of businesses, net of cash acquired	(2,400		)	—
Net proceeds from disposition of businesses and other assets	—			4,000
Net cash used for investing activities	(8,590		)	(15,480		)
Cash Flows from Financing Activities:
Repayments of borrowings on term loan facilities	(2,080		)	(860		)
Proceeds from borrowings on revolving credit facilities	156,580			144,150
Repayments of borrowings on revolving credit facilities	(154,890		)	(154,450		)
Net cash used for financing activities	(390		)	(11,160		)
Cash and Cash Equivalents:
Increase for the period	710			300
At beginning of period	4,800			3,600
At end of period	$	5,510		$	3,900
Supplemental disclosure of cash flow information:
Cash paid for interest	$	5,930		$	6,630
Cash paid for taxes	$	2,390		$	2,260

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TriMas Corporation

 Company and Business Segment Financial Information

Continuing Operations

(Unaudited – dollars in thousands)

	Three months ended
	March 31,
	2008			2007
Packaging Systems
Net sales	$	54,570		$	53,750
Operating profit	$	8,880		$	9,000
Operating profit as a % of sales	16.3		%	16.7		%
Energy Products
Net sales	$	48,800		$	41,580
Operating profit	$	7,910		$	6,410
Operating profit as a % of sales	16.2		%	15.4		%
Industrial Specialties
Net sales	$	53,470		$	50,590
Operating profit	$	11,160		$	11,220
Operating profit as a % of sales	20.9		%	22.2		%
RV & Trailer Products
Net sales	$	50,670		$	53,410
Operating profit	$	2,750		$	6,460
Operating profit as a % of sales	5.4		%	12.1		%
Recreational Accessories
Net sales	$	72,050		$	85,110
Operating profit	$	2,630		$	5,140
Operating profit as a % of sales	3.7		%	6.0		%
Corporate Expenses and Management Fees	$	(5,220	)	$	(5,940	)
Total Company
Net sales	$	279,560		$	284,440
Operating profit	$	28,110		$	32,290
Operating profit as a % of sales	10.1		%	11.4		%
Other Data:
- Depreciation and amortization	$	10,700		$	9,790
- Interest expense	$	14,710		$	18,860
- Other expense, net	$	1,190		$	1,160
- Income tax expense	$	4,420		$	4,520

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Appendix I

TriMas Corporation

Reconciliation of Non-GAAP Measure Adjusted EBITDA

(Unaudited – dollars in thousands)

	Three months ended
	March 31,
	2008		2007
Net income	$	7,870	$	7,050
Income tax expense	4,480		4,980
Interest expense	14,760		18,860
Depreciation and amortization	10,750		9,840
Adjusted EBITDA(1), total company	37,860		40,730
Adjusted EBITDA(1), discontinued operations	240		(190		)
Adjusted EBITDA(1), continuing operations	$	37,620	$	40,920

(1)The Company defines Adjusted EBITDA as net income (loss) before cumulative effect of accounting change, interest, taxes, depreciation, amortization, non-cash asset and goodwill impairment write-offs, and non-cash losses on sale-leaseback of property and equipment.  Lease expense and non-recurring charges are included in Adjusted EBITDA and include both cash and non-cash charges related to restructuring and integration expenses.  In evaluating our business, management considers and uses Adjusted EBITDA as a key indicator of financial operating performance and as a measure of cash generating capability.  Management believes this measure is useful as an analytical indicator of leverage capacity and debt servicing ability, and uses it to measure financial performance as well as for planning purposes.  However, Adjusted EBITDA should not be considered as an alternative to net income, cash flow from operating activities or any other measures calculated in accordance with U.S. GAAP, or as an indicator of operating performance.  The definition of Adjusted EBITDA used here may differ from that used by other companies.

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EX-99.2

Exhibit 99.2

First Quarter 2008 Earnings Presentation May 7, 2008 Innovation · Industry · Growth

2 This document contains “forward-looking” statements, as that term is defined by the federal securities laws, about our financial condition, results of operations and business. Forward-looking statements include certain anticipated, believed, planned, forecasted, expected, targeted and estimated results along with TriMas’ outlook concerning future results. The words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs, such as “w ill,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management’s examination of historical operating trends and data are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and w e believe there is a reasonable basis for them. How ever, there can be no assurance that management’s expectations, beliefs and projections w ill be achieved. These forward-looking statements are subject to numerous assumptions, risks and uncertainties and accordingly, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution readers not to place undue reliance on the statements, which speak only as of the date of this document. The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that w e or persons acting on our behalf may issue. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Risks and uncertainties that could cause actual results to vary materially from those anticipated in the forward-looking statements included in this document include general economic conditions in the markets in which we operate and industry-based factors such as: technological developments that could competitively disadvantage us, increases in our raw material, energy, and healthcare costs, our dependence on key individuals and relationships, exposure to product liability, recall and warranty claims, work stoppages at our facilities, or our customers or suppliers, risks associated with international markets, protection of or liability associated with our intellectual property, lower cost foreign manufacturers, compliance with environmental and other regulations, and competition within our industries. In addition, factors more specific to us could cause actual results to vary materially from those anticipated in the forward-looking statements included in this document such as our substantial leverage, limitations imposed by our debt instruments, our ability to successfully pursue our stated growth strategies and opportunities, including our ability to identify attractive and other strategic acquisition opportunities and to successfully integrate acquired businesses and complete actions w e have identified as providing cost-saving opportunities. Safe Harbor Statement

3 Agenda First Quarter 2008 Results Segment Highlights Financial Highlights Outlook and Summary Questions and Answers Appendix

First Quarter 2008 Results Innovation · Industry · Growth

5 2008 First Quarter Results Revenue decreased $4.8 million or 1.7% from Q1-2007 . Packaging Systems, Energy Products and Industrial Specialties sales increased $10.9 million, or 7.5%, compared to prior year . RV & Trailer Products and Recreational Accessories sales declined $15.7 million, or 11.4% Adjusted EBITDA was $37.6 million, a decrease of 8.1% from Q1-2007 Income from continuing operations of $7.8 million was approximately flat between years Diluted EPS from continuing operations was $0.23, within the previously disclosed first quarter 2008 guidance range of $0.21 to $0.24 per share Debt leverage ratio improved from 5.06x to 4.30x year-over-year ($ in millions, except EPS) Q1 2008 Q1 2007 % Var Revenue 279.6 $ 284.4 $ -1.7% Adjusted EBITDA 37.6 $ 40.9 $ -8.1% Income from Continuing Operations 7.8 $ 7.8 $ 0.5% Net Income 7.9 $ 7.1 $ 11.6% Diluted EPS from Continuing Operations 0.23 $ 0.37 $ -37.8% Debt, including AR Securitization 672.8 $ 767.9 $ -12.4%

Segment Highlights Innovation · Industry · Growth

7 Packaging Systems Net sales increased 1.5% due to increased demand for specialty dispensing products and new product introductions, and the favorable effects of currency exchange Sales of specialty dispensing products to pharmaceutical, food and personal care end markets were up year-over-year – Awarded $3.2 million in new business in the quarter Laminate and insulation product sales were down significantly due to the increased weakness in North American commercial construction markets Core industrial closure product sales were flat year-over-year Adjusted EBITDA improved 4.9%, while operating profit declined marginally due to increased depreciation expense Continue to develop specialty dispensing product applications for growing end markets and expand geographically Net Sales Adjusted EBITDA Operating Profit Q1 2008 Q1 2007 $12.3 $12.9 Q1 2008 Q1 2007 $9.0 $8.9 Q1 2008 Q1 2007 $53.8 $54.6 1.5% 4.9% (1.3)% ($ in millions)

8 Energy Products Strong specialty gasket sales to refinery and petrochemical industries due to product expansion and continued high levels of capacity utilization Sales of engine and related products increased between years due to increased engine demand and new product initiatives Adjusted EBITDA improved with strong conversion Continue to introduce products complementary to engine business – compressors and gas production equipment Further expand gasket business with major customers into Southeast Asia, Europe and South America Q1 2008 Q1 2007 $41.6 $48.8 Q1 2008 Q1 2007 $7.1 $8.6 Q1 2008 Q1 2007 $6.4 $7.9 17.4% 21.5% 23.4% ($ in millions) Net Sales Adjusted EBITDA Operating Profit

9 Industrial Specialties Q1 2008 Q1 2007 $50.6 $53.5 Q1 2008 Q1 2007 $12.2 $12.6 Q1 2008 Q1 2007 $11.2 $11.2 5.7% 4.0% ($ in millions) Net Sales Adjusted EBITDA Operating Profit Sales of aerospace fasteners were robust due to the introduction of new products and a strong market – Currently there is a record backlog of demand Demand for industrial cylinders remained strong driven by international initiatives Sales of precision cutting tools were essentially flat due to a decline in industrial application sales and an improvement in medical application sales, – Medical sales also increased due to the acquisition of Dew Technologies Specialty fittings business experienced a decrease in demand Operating profit was flat due to increased levels of depreciation Conversion was moderated by expenditures to invest in key growth initiatives Continued product innovation and expansion of international sales (0.5)%

10 RV & Trailer Products Q1 2008 Q1 2007 $53.4 $50.7 Q1 2008 Q1 2007 $8.5 $4.5 Q1 2008 Q1 2007 $6.5 $2.8 (5.1)% (46.8)% (57.4)% ($ in millions) Net Sales Adjusted EBITDA Operating Profit Sales declined due to continued weak demand in U.S. end markets and higher customer inventory levels across U.S. market channels Sales in Australia, Southeast Asia and Canada increased year-over-year Adjusted EBITDA and operating profit decreased due to the decline in sales, a less favorable product sales mix and lower absorption of fixed costs Aggressively manage costs Drive continued growth by leveraging strong brand names for additional market share and introducing new products Cross-sell the product portfolio into all channels and expand internationally

11 Recreational Accessories Q1 2008 Q1 2007 $85.1 $72.1 Q1 2008 Q1 2007 $7.7 $5.1 Q1 2008 Q1 2007 $5.1 $2.6 (15.3)% (34.8)% (48.8)% ($ in millions) Net Sales Adjusted EBITDA Operating Profit Sales declined due to continued weak consumer demand for towing products and accessories First quarter 2007 sales were positively impacted by an inventory pipeline fill in support of a new retail program that did not recur in the first quarter of 2008 Adjusted EBITDA and operating profit declined as a result of lower sales volumes and lower absorption of fixed costs Aggressively manage costs Increase market share in the United States and Canada Pursue new market opportunities in select international markets

Financial Highlights Innovation · Industry · Growth

13 Statement of Operations ($ in thousands) 2008 2007 Net sales 279,560 $ 284,440 $ Cost of sales (206,220) (206,440) Gross profit 73,340 78,000 Selling, general and administrative expenses (45,120) (45,540) Loss on dispositions of property and equipment (110) (170) Operating profit 28,110 32,290 Other expense, net: Interest expense (14,710) (18,860) Other, net (1,190) (1,160) Other expense, net (15,900) (20,020) Income from continuing operations before income tax expense 12,210 12,270 Income tax expense (4,420) (4,520) Income from continuing operations 7,790 $ 7,750 $ Income (loss) from discontinued operations, net of income taxes 80 (700) Net income 7,870 $ 7,050 $ Three months ended March 31,

14 Statement of Operations (cont’d) 2008 2007 Earnings (loss) per share - basic: Continuing operations 0.23 $ 0.37 $ Discontinued operations, net of income taxes - (0.03) Net income per share 0.23 $ 0.34 $ Weighted average common shares - basic 33,409,500 20,759,500 Earnings (loss) per share - diluted: Continuing operations 0.23 $ 0.37 $ Discontinued operations, net of income taxes - (0.03) Net income per share 0.23 $ 0.34 $ Weighted average common shares - diluted 33,551,645 20,759,500 Three months ended March 31,

15 Capitalization As of March 31, 2008, TriMas had $5.5 million in cash and approximately $121.9 million of available liquidity under its revolving credit and receivables securitization facilities. ($ in thousands) March 31, 2008 March 31, 2007 Cash and Cash Equivalents 5,510 $ 3,900 $ Senior Secured Bank Debt 279,450 286,940 9.875% Senior Sub Notes due 2012 337,000 436,580 Total Debt 616,450 $ 723,520 $ Total Shareholders' Equity 221,580 $ 239,320 $ Total Capitalization 838,030 $ 962,840 $ Memo: A/R Securitization 56,350 $ 44,420 $ Total Debt + A/R Securitization 672,800 $ 767,940 $ Key Ratios: Bank LTM EBITDA 156,420 $ 151,660 $ Coverage Ratio 2.39x 1.94x Leverage Ratio 4.30x 5.06x

Outlook and Summary Innovation · Industry · Growth

17 2008 Segment Outlook Packaging Systems Energy Products Industrial Specialties RV & Trailer Products and Recreational Accessories Continued growth in specialty dispensing products into higher-growth end markets (personal care, beverage, food and pharmaceutical) projected International expansion – western Europe and Southeast Asia Expect continued weakness in paint and construction related end markets Backlogs building for gas and oil field related products International expansion for MRO gasket products New product expansion to increase well site content Strong backlogs in aerospace Continued demand for medical and cylinder products International expansion Product line expansion - aerospace and medical Expect U.S. end markets to decline more than 10% versus 2007, while markets remain strong in Australia and Southeast Asia Aggressive cost management Growth driven by new products, cross-selling and market share gains

18 Summary of Key Initiatives Cost Management Initiatives Recent Sales Initiatives Pricing Initiatives Financial Initiatives Cequent removal of almost 50,000 earned hours within Q1-08 Cequent 5% salary headcount reduction Corporate-wide hiring freeze in place, exclusive of specific growth initiatives Corporate mandate on discretionary spend Close management of capital expenditures Reduction of cost structure in businesses facing weak end markets Continued productivity improvements Rieke closed $3.2 million of new business in pharmaceutical, food/beverage and personal care markets Compac awarded $1.2 million of new tape business Arrow Engine closed $1.5 million order for engines, code vessels, compressors – Record backlog of $17 million Lamons awarded new three-year contract for refinery expansion Norris Cylinder awarded two-year supply agreement with Air Liquide Monogram record backlog of $35 million Price increases of approximately 5-10% planned for Q2 Earnings attainment Balance sheet strengthening Maximization of investments for shareholder value creation

19 2008 Outlook – Full Year · TriMas reaffirms full-year 2008 earnings guidance previously provided: – First quarter results met the Company’s expectations – EPS range from continuing operations of $0.85 per share to $0.95 per share, compared to $0.79 per share in 2007 excluding Special Items – Net income of $28.5 million to $31.9 million, compared to 2007 net income of $22.4 million excluding Special Items

Q & A Innovation · Industry · Growth

Appendix Innovation · Industry · Growth

22 Balance Sheet ($ in thousands) March 31, December 31, 2008 2007 Current assets: Cash and cash equivalents 5,510 $ 4,800 $ Receivables, net 106,390 89,370 Inventories, net 192,940 190,590 Deferred income taxes. 18,860 18,860 Prepaid expenses and other current assets 6,970 7,010 Assets of discontinued operations held for sale 2,990 3,330 Total current assets 333,660 313,960 Property and equipment, net 197,220 195,120 Goodwill 379,910 377,340 Other intangibles, net 212,930 214,290 Other assets 25,720 27,280 Total assets 1,149,440 $ 1,127,990 $ Current liabilities: Current maturities, long-term debt 9,160 $ 8,390 $ Accounts payable 134,940 121,860 Accrued liabilities 66,040 71,830 Liabilities of discontinued operations 1,360 1,450 Total current liabilities 211,500 203,530 Long-term debt 607,290 607,600 Deferred income taxes 73,900 73,280 Other long-term liabilities 35,170 35,090 Total liabilities 927,860 919,500 Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None - - Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 33,409,500 shares at March 31, 2008 and December 31, 2007, respectively 330 330 Paid-in capital 526,250 525,960 Accumulated deficit (366,100) (373,970) Accumulated other comprehensive income 61,100 56,170 Total shareholders' equity 221,580 208,490 Total liabilities and shareholders' equity 1,149,440 $ 1,127,990 $ Assets Liabilities and Shareholders' Equity

23 First Quarter 2008 Results ($ in thousands) 2008 2007 Change Net Sales Packaging Systems 54,570 $ 53,750 $ 1.5% Energy Products 48,800 41,580 17.4% Industrial Specialties 53,470 50,590 5.7% RV & Trailer Products 50,670 53,410 -5.1% Recreational Accessories 72,050 85,110 -15.3% Net sales from continuing operations 279,560 $ 284,440 $ -1.7% Operating Profit Packaging Systems 8,880 $ 9,000 $ -1.3% Energy Products 7,910 6,410 23.4% Industrial Specialties 11,160 11,220 -0.5% RV & Trailer Products 2,750 6,460 -57.4% Recreational Accessories 2,630 5,140 -48.8% Corporate expenses and management fees (5,220) (5,940) -12.1% Operating profit from continuing operations 28,110 $ 32,290 $ -12.9% % Margin 10.1% 11.4% -11.4% Adjusted EBITDA(1) Packaging Systems 12,890 $ 12,290 $ 4.9% Energy Products 8,630 7,100 21.5% Industrial Specialties 12,640 12,150 4.0% RV & Trailer Products 4,530 8,520 -46.8% Recreational Accessories 5,050 7,740 -34.8% Segment Adjusted EBITDA 43,740 47,800 -8.5% % Margin 15.6% 16.8% -7.1% Corporate expenses, management fees and other (6,120) (6,880) -11.0% Adjusted EBITDA (1) from continuing operations 37,620 $ 40,920 $ -8.1% % Margin 13.5% 14.4% -6.2% Three months ended March 31, (1) The Company defines Adjusted EBITDA as net income (loss) before cumulative effect of accounting change, interest, taxes, depreciati on, amortization, non-cash asset and goodwill impairment writeoffs, and non-cash losses on sale- leaseback of property and equipment. Lease expense and non-recurring charges are included in Adjusted EBITDA and include both cash and non-cash char ges related to restructuring and integration expenses. In evaluating our business, management considers and uses Adjusted EBITDA as a key indicator of financial operating performance and as a measure of cash generating capability. Management believes this measure is useful as an analytical indicator of leverage capacity and debt servicing ability, and uses it to measure financial performanc e as wel l as for planning purposes. However, Adjusted EBITDA should not be considered as an alternative to net income, cash flow from operating activities or any other meas ures calculated in accordance with U.S. GAAP, or as an indicator of operating performance. The definition of Adjusted EBITDA used here may differ from that used by other companies.

24 Reconciliation of Non-GAAP Measure Adjusted EBITDA ($ in thousands) 2008 2007 Net income 7,870 $ 7,050 $ Income tax expense 4,480 4,980 Interest expense 14,760 18,860 Depreciation and amortization 10,750 9,840 Adjusted EBITDA (1) 37,860 40,730 Adjusted EBITDA (1), discontinued operations 240 (190) Adjusted EBITDA (1), continuing operations 37,620 $ 40,920 $ Three Months Ended March 31, (1) The Company defines Adjusted EBITDA as net income (loss) before cum ulative effect of accounting change, interest, taxes, depreciati on, amortization, non-cash asset and goodwill impairment write- offs, and non-cash losses on sale- leaseback of property and equipment. Lease expense and non-recurring charges are included in Adjusted EBITDA and include both cash and non-cash charges related to restructuring and integration expenses. In evaluating our business, management considers and uses Adjusted EBITDA as a key indicator of financial operating performance and as a measure of cash generating capability. Management believes this measure is useful as an analytical indicator of leverage capacity and debt servicing ability, and uses it to measure financial performance as well as for planning purposes. However, Adjusted EBITDA should not be considered as an alternative to net income, cash flow from operating activities or any other measures calculated in accordance with U.S. GAAP, or as an indicator of operating performance. The definition of Adjusted EBITDA used here may differ from that used by other companies.

25 (Unaudited - $ in thousands) Key Covenant Calculations Leverage Ratio Total Indebtedness at March 31, 2008 (1) 672,800 $ LTM EBITDA, as defined (1) 156,420 $ Leverage Ratio - Actual 4.30 X Leverage Ratio - Covenant 5.25 X Coverage Ratio LTM EBITDA, as defined (1) 156,420 $ Cash Interest Expense (1) 65,450 $ Coverage Ratio - Actual 2.39 X Coverage Ratio - Covenant 1.85 X (1) As defined in our Amended and Restated Credit Agreement.

26 (Unaudited - $ in thousands) LTM EBITDA as Defined in Credit Agreement Reported net loss for the twelve months ended March 31, 2008 (157,610) $ Interest expense, net (as defined) 64,210 Income tax expense (10,880) Depreciation and amortization 42,260 Extraordinary non-cash charges 178,450 Heartland monitoring fee 11,000 Interest equivalent costs 4,060 Non-cash expenses related to equity grants 800 Other non-cash expenses or losses. 4,040 Losses on early termination of operating leases from net proceeds of an IPO 4,230 Non-recurring expenses or costs for cost savings projects 7,240 Permitted dispositions (540) Permitted acquisitions 1,720 Debt extinguishment costs 7,440 Bank EBITDA - LTM Ended March 31, 2008 (1) 156,420 $ (1) As defined in the Amended and Restated Credit Agreement dated August 2, 2006.