8-K

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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) April 29, 2010

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 “Corporation”) issued a press release and held a teleconference on April 29, 2010, reporting its financial results for the first quarter ending March 31, 2010.  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 Corporation’s website at www.trimascorp.com.

The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Corporation under the Securities Act of 1933 or the Exchange Act.

Item 9.01  Financial Statements and Exhibits.

(d)            Exhibits. The following exhibits are furnished herewith:

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Exhibit No.	Description
99.1	Press Release
99.2	The Corporation’s visual presentation titled “First Quarter 2010 Earnings Presentation”

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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:	April 29, 2010	By:	/s/ David M. Wathen
		Name:	David M. Wathen
		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 2010 RESULTS

Company Reports $0.17 Diluted EPS on 9% Sales Growth

Company Raises Outlook for 2010

BLOOMFIELD HILLS, Michigan, April 29, 2010 — TriMas Corporation (NASDAQ: TRS) today announced financial results for the quarter ended March 31, 2010. The Company reported quarterly net sales from continuing operations of $220.1 million, an increase of 9.1% from first quarter 2009. First quarter 2010 income from continuing operations was $5.8 million, a 24.5% improvement from $4.6 million in first quarter 2009. The Company reported first quarter 2010 diluted earnings per share from continuing operations of $0.17, as compared to $0.14 during first quarter 2009. Excluding Special Items(1), first quarter 2009 loss from continuing operations would have been $0.7 million, or ($0.01) per share.

TriMas Highlights

·Reported 9.1% sales growth in first quarter 2010, as compared to first quarter 2009, led by the Packaging, Energy and Cequent segments.

·Improved income and earnings per share from continuing operations from a loss of $0.7 million, or ($0.01) per share, in first quarter 2009 to $5.8 million, or $0.17 per share, in first quarter 2010, excluding the impact of Special Items.

·Improved first quarter operating profit margin (excluding the impact of Special Items) by 550 basis points as compared to first quarter 2009.

·Reduced operating working capital as a percentage of sales from 21.4% in first quarter 2009 to 16.3% in first quarter 2010.

·Completed the sale of the Company’s non-core real estate located in Los Angeles, California for approximately $13 million in April 2010. The Company expects to recognize a pre-tax gain on sale of approximately $10 million in second quarter 2010 which will be included in discontinued operations.

“We are pleased to report a notable improvement in sales and profitability in the first quarter of 2010,” said David Wathen, TriMas President and Chief Executive Officer. “These results reflect the positive impact of our fixed cost structure reductions and ongoing growth and productivity initiatives, as well as a rebound in several key end markets. While sales improved 9% compared to the first quarter of 2009, operating profit improved by 110%, excluding Special Items, resulting in an operating profit margin increase of 550 basis points as compared to first quarter 2009.”

Wathen continued, “Our strategy to aggressively manage our cost structure, while continuing to fund our key growth initiatives, created a solid foundation for 2010 and beyond, and positions us to serve our customers well as their businesses return to more normalized demand levels with an improving economy. Our Packaging, Energy and Cequent segments are leading the sales improvement, with sales growth of 44%, 9% and 7%, respectively. We believe we are now positioned to take advantage of our operating leverage, and we are focused on revenue and earnings per share growth and driving higher returns on capital.”

“Based on these results and the current outlook, we are raising our 2010 earnings expectations. We now expect 2010 diluted earnings per share (EPS) from continuing operations, excluding Special Items, to range from $0.65 to $0.75 per share, an increase from our previous guidance of greater than $0.60 per share. We are committed to driving improved results and increasing shareholder value in 2010,” Wathen concluded.

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First Quarter Results — From Continuing Operations

·TriMas reported first quarter net sales of $220.1 million, an increase of 9.1% in comparison to $201.7 million in first quarter 2009. Sales increased in the Packaging, Energy, Engineered Components and Cequent segments. Sales in the Aerospace & Defense segment declined, primarily due to inventory reductions at distributors. First quarter 2010 net sales were favorably impacted by approximately $6.6 million as a result of currency exchange.

·The Company reported operating profit of $25.1 million in first quarter 2010, as compared to operating profit of $5.2 million during first quarter 2009. Excluding the impact of Special Items, operating profit would have improved 110%, from $12.0 million in first quarter 2009 to $25.1 million in first quarter 2010, which represents an increase in operating profit margin of 550 basis points.

·Adjusted EBITDA(2) for first quarter 2010 increased to $34.1 million, as compared to $30.4 million in first quarter 2009. Excluding the impact of Special Items, Adjusted EBITDA would have increased 63.6%, from $20.9 million in first quarter 2009 to $34.1 million in first quarter 2010, with Adjusted EBITDA margins improving 520 basis points.

·Income from continuing operations for first quarter 2010 increased 24.5% to $5.8 million, or $0.17 per diluted share, compared to income from continuing operations of $4.6 million, or $0.14 per diluted share, in the first quarter 2009. Excluding the impact of Special Items, first quarter 2010 income from continuing operations would have improved $6.5 million to $5.8 million, as compared to a first quarter 2009 loss of $0.7 million, or ($0.01) per share. The Company’s tax provision in first quarter 2010 included approximately $1.0 million in higher tax expense impacted by certain Subpart F exceptions related to controlled foreign subsidiaries under U.S. tax legislation that recently expired. The Company expects to incur an additional $0.2 million of tax expense each quarter during 2010 should the legislation not be renewed.

·The Company reported a first quarter 2010 use of Free Cash Flow(1) of $3.5 million, in line with management’s expectations. Operating working capital as a percentage of sales declined from 21.4% in first quarter 2009 to 16.3% in first quarter 2010, notwithstanding the impact of increased receivables related to sales growth.

Financial Position

TriMas ended first quarter 2010 with cash of $6.6 million and $150.5 million of aggregate availability under its revolving credit and accounts receivable facilities. TriMas reported total indebtedness of $518.5 million as of March 31, 2010, as compared to $585.2 million as of March 31, 2009 and $514.6 million as of December 31, 2009.

Business Segment Results — From Continuing Operations (Excluding the impact of Special Items(3))

Packaging — Sales for the first quarter increased 44.1% compared to the year ago period due to growth in specialty dispensing and other new products, as well as an increase in industrial closure product sales and the impact of favorable currency exchange. Operating profit for the quarter increased 119.6% due to increased sales volumes, lower material costs associated with the Company’s productivity initiatives and reduced selling, general and administrative costs. As a result, first quarter 2010 operating profit margin improved by approximately 930 basis points compared to first quarter 2009. The Company continues to diversify its product offering by 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 — First quarter sales increased 9.0% compared to the year ago period, due primarily to higher sales of specialty gaskets and related fastening hardware as a result of improved levels of turn-around activity at petrochemical refineries and increased demand from the chemical industry. Sales in the Energy segment were also positively impacted due to improved demand for engines, other well-site content and compression products. Operating profit and margins for the quarter increased as a result of the higher sales volumes and reductions in selling, general and administrative costs. The Company continues to launch new well-site and compression products to complement its engine business, while continuing to expand its sales and service branch network for the specialty

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gasket business, in anticipation of continued improvements in underlying demand in these businesses’ end markets.

Aerospace & Defense — Sales for the first quarter decreased 23.1% compared to the year ago period due primarily to lower blind-bolt fastener sales resulting from consolidation of, and inventory reductions at, distribution customers. Sales in the defense business were also lower compared to the year ago period, as the Company has ceased production of cartridge cases due to the relocation of the defense facility. These decreases were partially offset by increased revenue associated with managing the facility closure and relocation. Operating profit for the quarter decreased primarily due to lower sales volumes and the lower absorption of fixed costs. Despite the sales decline, the Company continues to invest in this high-profit segment by developing and marketing highly-engineered products for the aerospace market, as well as expanding its offerings to military and defense customers.

Engineered Components — First quarter sales increased 1.9% compared to the year ago period due to improved demand in the specialty fittings and precision cutting tools businesses, partially offset by lower sales in the Company’s industrial cylinder business, primarily as a result of continued low levels of demand due to the industrial downturn. Management noted that the industrial cylinder business has experienced improvements in sales volumes on a sequential quarterly basis. Operating profit for the quarter improved with margins increasing 670 basis points compared to first quarter 2009 due to the Company’s productivity initiatives. The Company continues to develop new products and expand its international sales efforts.

Cequent — Sales for the first quarter increased 6.8% compared to the year ago period, resulting from increased sales in the Australian/Asia Pacific and North American towing, trailer and electrical products businesses, and the favorable impact of currency exchange, partially offset by a decline in sales in the retail business. Due to cost reduction actions and improved sales levels, operating profit margin improved over 840 basis points compared to first quarter 2009. The Company continues to aggressively reduce fixed costs, decrease working capital and leverage strong brand positions for increased market share.

Results of Discontinued Operations

The results of discontinued operations consist of the Company’s former Compac business, which was sold in February 2009 for $21 million cash proceeds, its non-core real estate property management business in California, which was sold in April 2010 for $13 million cash proceeds and its medical device business. During first quarter 2009, upon completion of the Compac sale, the Company recorded a $10.7 million pre-tax charge for estimated future lease obligations on the facility. The Company expects to record a pre-tax gain of approximately $10 million in second quarter 2010 as a result of the sale of the property management business.

Outlook

The Company raised its outlook for full-year 2010 diluted earnings per share (EPS) from continuing operations to $0.65 to $0.75 per share, as compared to $0.43 per share in 2009, excluding Special Items in both periods. The Company previously provided an outlook for 2010 EPS to exceed $0.60 per share. The Company also raised its 2010 sales outlook from an increase of 4% to 7% to a range of 5% to 9% compared to 2009. In addition, the Company expects its 2010 operating profit margin to improve by 80 to 120 basis points compared to 2009, excluding Special Items. The Company increased its Free Cash Flow outlook from more than $30 million to a range of $40 to $45 million, including the cash proceeds related to the sale of its non-core California real estate.

(1)	Appendix I details certain costs, expenses and other charges, collectively described as “Special Items,” that are included in the determination of net income (loss) under GAAP and are not added back to net income (loss) in determining Adjusted EBITDA, but that management would consider important in evaluating the quality of the Company’s Adjusted EBITDA and operating results under GAAP.
(2)	See Appendix II for reconciliation of Non-GAAP financial measure Adjusted EBITDA and Free Cash Flow to the Company’s reported results of operations prepared in accordance with GAAP. Additionally, see Appendix I for additional information regarding Special Items impacting reported GAAP financial measures.
(3)	Operating Profit excludes the impact of Special Items. For a complete schedule of Special Items by segment, see Appendix “Company and Business Segment Financial Information — Continuing Operations.”

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Conference Call Information

TriMas Corporation will host its first quarter 2010 earnings conference call today, Thursday, April 29, 2010 at 10:00 a.m. EDT. The call-in number is (866) 871-4878. Participants should request to be connected to the TriMas Corporation first quarter 2010 earnings conference call (Conference ID # 1450908). The conference call will also be simultaneously webcast via TriMas’ website at www.trimascorp.com, under the “Investors” section, with an accompanying slide presentation.

A replay of the conference call will be available on the TriMas website or by dialing (866) 837-8032 (Access Code # 1450908) beginning April 29th at 2:00 p.m. EDT through May 6th at 11:59 p.m. EDT.

Cautionary Notice Regarding Forward-looking Statements

Any “forward-looking” statements contained herein, including those relating to market conditions or the Company’s financial condition and results, expense reductions, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, the Company’s substantial leverage, liabilities imposed by the Company’s debt instruments, market demand, competitive factors, the Company’s ability to maintain compliance with the listing requirements of NASDAQ, supply constraints, material and energy costs, technology factors, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2009, and in the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

About TriMas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ: TRS) provides engineered and applied products for growing markets worldwide. TriMas is organized into five strategic business segments: Packaging, Energy, Aerospace & Defense, Engineered Components and Cequent. TriMas has approximately 3,900 employees at more than 60 different facilities in 11 countries. For more information, visit www.trimascorp.com.

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

	March 31,		December 31,
	2010		2009
Assets
Current assets:
Cash and cash equivalents	$	6,630	$	9,480
Receivables, net of reserves	128,650		93,380
Inventories	135,730		141,840
Deferred income taxes	24,320		24,320
Prepaid expenses and other current assets	6,420		6,500
Assets of discontinued operations held for sale	4,070		4,250
Total current assets	305,820		279,770
Property and equipment, net	157,430		162,220
Goodwill	194,120		196,330
Other intangibles, net	161,410		164,080
Other assets	23,170		23,380
Total assets	$	841,950	$	825,780
Liabilities and Shareholders’ Equity
Current liabilities:
Current maturities, long-term debt	$	12,720	$	16,190
Accounts payable	103,150		92,840
Accrued liabilities	63,670		65,750
Liabilities of discontinued operations	1,040		1,070
Total current liabilities	180,580		175,850
Long-term debt	505,800		498,360
Deferred income taxes	43,790		42,590
Other long-term liabilities	46,190		47,000
Total liabilities	776,360		763,800
Total shareholders’ equity	65,590		61,980
Total liabilities and shareholders’ equity	$	841,950	$	825,780

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

	Three months ended
	March 31,
	2010			2009
Net sales	$	220,060		$	201,720
Cost of sales	(157,000		)	(155,260		)
Gross profit	63,060			46,460
Selling, general and administrative expenses	(37,700		)	(41,300		)
Gain (loss) on dispositions of property and equipment	(310		)	40
Operating profit	25,050			5,200
Other income (expense), net:
Interest expense	(14,140		)	(12,480		)
Gain on extinguishment of debt	—			15,310
Other, net	(510		)	(700		)
Other income (expense), net	(14,650		)	2,130
Income from continuing operations before income tax expense	10,400			7,330
Income tax expense	(4,650		)	(2,710		)
Income from continuing operations	5,750			4,620
Loss from discontinued operations, net of income tax benefit	(320		)	(8,300		)
Net income (loss)	$	5,430		$	(3,680	)
Earnings per share - basic:
Continuing operations	$	0.17		$	0.14
Discontinued operations, net of income tax benefit	(0.01		)	(0.25		)
Net income (loss) per share	$	0.16		$	(0.11	)
Weighted average common shares - basic	33,569,677			33,459,502
Earnings per share - diluted:
Continuing operations	$	0.17		$	0.14
Discontinued operations, net of income tax benefit	(0.01		)	(0.25		)
Net income (loss) per share	$	0.16		$	(0.11	)
Weighted average common shares - diluted	34,314,020			33,487,526

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TriMas Corporation
Company and Business Segment Financial Information

Continuing Operations
(Unaudited — dollars in thousands)

	Three months ended
	March 31,
	2010			2009
Packaging
Net sales	$	43,600		$	30,250
Operating profit	$	11,860		$	5,400
Adjusted EBITDA	$	14,920		$	8,640
Special Items to consider in evaluating operating profit and Adjusted EBITDA:
- Severance and business restructuring costs	$	—		$	—
Excluding Special Items, operating profit would have been:	$	11,860		$	5,400
Excluding Special Items, Adjusted EBITDA would have been:	$	14,920		$	8,640
Energy
Net sales	$	43,890		$	40,270
Operating profit	$	5,180		$	3,520
Adjusted EBITDA	$	5,900		$	4,280
Special Items to consider in evaluating operating profit and Adjusted EBITDA:
- Severance and business restructuring costs	$	—		$	(200	)
Excluding Special Items, operating profit would have been:	$	5,180		$	3,720
Excluding Special Items, Adjusted EBITDA would have been:	$	5,900		$	4,480
Aerospace & Defense
Net sales	$	17,080		$	22,200
Operating profit	$	3,860		$	6,810
Adjusted EBITDA	$	4,520		$	7,410
Special Items to consider in evaluating operating profit and Adjusted EBITDA:
- Severance and business restructuring costs	$	—		$	(110	)
Excluding Special Items, operating profit would have been:	$	3,860		$	6,920
Excluding Special Items, Adjusted EBITDA would have been:	$	4,520		$	7,520
Engineered Components
Net sales	$	18,910		$	18,550
Operating profit	$	1,810		$	380
Adjusted EBITDA	$	2,570		$	1,120
Special Items to consider in evaluating operating profit and Adjusted EBITDA:
- Severance and business restructuring costs	$	—		$	(160	)
Excluding Special Items, operating profit would have been:	$	1,810		$	540
Excluding Special Items, Adjusted EBITDA would have been:	$	2,570		$	1,280
Cequent
Net sales	$	96,580		$	90,450
Operating profit (loss)	$	8,120		$	(3,350	)
Adjusted EBITDA	$	12,120		$	1,340
Special Items to consider in evaluating operating profit (loss):
- Severance and business restructuring costs	$	—		$	(3,340	)
Excluding Special Items, operating profit (loss) would have been:	$	8,120		$	(10	)
Special Items to consider in evaluating Adjusted EBITDA:
- Severance and business restructuring costs	$	—		$	(2,850	)
Excluding Special Items, Adjusted EBITDA would have been:	$	12,120		$	4,190
Corporate Expenses
Operating loss	$	(5,780	)	$	(7,560	)
Adjusted EBITDA	$	(5,900	)	$	7,630
Special Items to consider in evaluating operating profit (loss):
- Severance and business restructuring costs	$	—		$	(2,940	)
Excluding Special Items, operating profit (loss) would have been:	$	(5,780	)	$	(4,620	)
Special Items to consider in evaluating Adjusted EBITDA:
- Severance and business restructuring costs	$	—		$	(2,940	)
- Gain on extinguishment of debt	$	—		$	15,820
Excluding Special Items, Adjusted EBITDA would have been:	$	(5,900	)	$	(5,250	)
Total Company
Net sales	$	220,060		$	201,720
Operating profit	$	25,050		$	5,200
Adjusted EBITDA	$	34,130		$	30,420
Total Special Items to consider in evaluating operating profit (loss):	$	—		$	(6,750	)
Excluding Special Items, operating profit (loss) would have been:	$	25,050		$	11,950
Total Special Items to consider in evaluating Adjusted EBITDA:	$	—		$	9,560
Excluding Special Items, Adjusted EBITDA would have been:	$	34,130		$	20,860

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Appendix I

TriMas Corporation

Additional Information Regarding Special Items Impacting

Reported GAAP Financial Measures

(Unaudited)

	Three months ended				Three months ended
	March 31, 2010				March 31, 2009
(dollars in thousands, except per share amounts)	Income		EPS		Income			EPS
Income and EPS from continuing operations, as reported	$	5,750	$	0.17	$	4,620		$	0.14
After-tax impact of Special Items to consider in evaluating quality of income and EPS from continuing operations:
Severance and business restructuring costs	—		—		(4,200		)	(0.13		)
Excluding Special Items except gain (loss) on extinguishment of debt, income and EPS from continuing operations would have been	$	5,750	$	0.17	$	8,820		$	0.27
After-tax impact of gain on extinguishment of debt	—		—		9,520			0.28
Excluding Total Special Items, income and EPS from continuing operations would have been	$	5,750	$	0.17	$	(700	)	$	(0.01	)
Weighted-average shares outstanding at March 31, 2010 and 2009			34,314,020					33,487,526

	Three months ended
	March 31,
(dollars in thousands)	2010		2009
Operating profit from continuing operations, as reported	$	25,050	$	5,200
Special Items to consider in evaluating quality of earnings:
Severance and business restructuring costs	$	—	$	(6,750	)
Excluding Special Items, operating profit from continuing operations would have been	$	25,050	$	11,950
	Three months ended
	March 31,
(dollars in thousands)	2010		2009
Adjusted EBITDA from continuing operations, as reported	$	34,130	$	30,420
Special Items to consider in evaluating quality of earnings:
Severance and business restructuring costs	$	—	$	(6,260	)
Excluding Special Items except gain (loss) on extinguishment of debt, Adjusted EBITDA from continuing operations would have been	$	34,130	$	36,680
Gross gain on extinguishment of debt	$	—	$	15,820
Excluding Total Special Items, Adjusted EBITDA from continuing operations would have been	$	34,130	$	20,860

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Appendix II

TriMas Corporation

Reconciliation of Non-GAAP Measure Adjusted EBITDA(1) and Free Cash Flow(2)

(Unaudited)

	Three months ended
	March 31,
(dollars in thousands)	2010			2009
Net income (loss)	$	5,430		$	(3,680	)
Income tax expense	4,470			(2,490		)
Interest expense	14,290			12,530
Debt extinguishment costs	—			510
Depreciation and amortization	9,610			11,760
Adjusted EBITDA, total company	33,800			18,630
Adjusted EBITDA, discontinued operations	(330		)	(11,790		)
Adjusted EBITDA, continuing operations	$	34,130		$	30,420
Special Items	—			6,260
Non-cash gross gain on extinguishment of debt	—			(15,820		)
Cash interest	(5,250		)	(4,770		)
Cash taxes	(1,250		)	(2,440		)
Capital expenditures	(2,590		)	(3,250		)
Changes in operating working capital	(27,340		)	2,280
Free Cash Flow from operations before Special Items	(2,300		)	12,680
Cash paid for Special Items	(1,180		)	(2,420		)
Net proceeds from sale of business and other assets	30			20,680
Free Cash Flow	$	(3,450	)	$	30,940

(1)The Company defines Adjusted EBITDA as net income (loss) before cumulative effect of accounting change, interest, taxes, depreciation, amortization, debt extinguishment costs, 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.

(2)The Company defines Free Cash Flow as Adjusted EBITDA from continuing operations, plus Special Items and net proceeds from sale of businesses, less cash paid for interest, taxes and Special Items, capital expenditures and changes in operating working capital. As detailed in Appendix I, for purposes of determining Free Cash Flow, Special Items, net, include those costs, expenses and other charges incurred on a cash basis that are included in the determination of net income (loss) under GAAP and are not added back to net income (loss) in determining Adjusted EBITDA, but that management would consider important in evaluating the quality of the Company’s Free Cash Flow, as defined.

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EX-99.2

Exhibit 99.2

First Quarter 2010 Earnings Presentation April 29, 2010

Safe Harbor Statement Any “forward-looking” statements contained herein, including those relating to market conditions or the Company’s financial condition and results, expense reductions, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, the Company’s substantial leverage, liabilities imposed by the Company’s debt instruments, market demand, competitive factors, the Company’s ability to maintain compliance with the listing requirements of NASDAQ, supply constraints, material and energy costs, technology factors, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2009, and in the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

Agenda Overview Financial Highlights Segment Highlights Outlook and Summary Questions and Answers Appendix

4 First Quarter Overview Sales up 9% vs. Q1-2009 Led by sales growth in Packaging, Energy and Cequent Fast responses to short-term demands and supply chain disruptions garner sales as end markets improve Investments in new products and markets showing results Productivity initiatives drive additional margin improvements Reduced operating working capital as a % of sales by 510 basis points compared to Q1 2009 Laid solid foundation for 2010 and beyond – continued earnings enhancement The TriMas Operating Model is working.

YOY Sales Trend Historical Quarterly YOY Sales Trend Business cycle showing in recovery patterns. Sales Change -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Packaging Energy Aerospace And Defense Engineered Components Cequent

First Quarter Financial Highlights

First Quarter Summary ($ in millions, except per share amounts) Revenue $ 220.1 $ 201.7 9.1% Gross Profit $ 63.1 $ 46.5 35.7% Gross Profit Margin 28.7% 23.0% 570 bps Adjusted EBITDA(1) $ 34.1 $ 30.4 12.2% Excl. Total Special Items, Adjusted EBITDA would have been: $ 34.1 $ 20.9 63.6% Excl. Total Special Items, Adjusted EBITDA margin would have been: 15.5% 10.3% 520 bps Income (loss) $ 5.8 $ 4.6 24.5% Excl. Total Special Items, Income would have been: $ 5.8 $ (0.7) fav Diluted earnings (loss) per share $ 0.17 $ 0.14 21.4% Excl. Total Special Items, diluted EPS would have been: $ 0.17 $ (0.01) fav Free Cash Flow(1) $ (3.5) $ 30.9 unfav Debt and A/R Securitization $ 518.5   $ 585.2  -11.4% Sales improved 9.1% as a result of improving end market demand and execution of the Company’s growth initiatives Increased sales in Packaging, Energy, Engineered Components and Cequent segments Aerospace & Defense sales declined primarily due to reductions in distributor inventory levels Q1 sales favorably impacted by currency exchange Earnings and margin levels improved at higher rate than sales Cost reduction and productivity efforts continue to drive enhanced profitability Gross profit and Adjusted EBITDA margins improved 570 and 520 bps, respectively, compared to Q1 2009 (1) “Special Items” for each period, as well as the Reconciliation of Non-GAAP Measures Adjusted EBITDA and Free Cash Flow, are provided in the Appendix.

8 Margin Improvements Continued expansion of margins. Comments: Cost reduction and productivity initiatives improve margins over time Operating profit and Adjusted EBITDA margins improved 550 and 520 bps, respectively, compared to Q1 2009 Plans in place by business to achieve material, labor and overhead productivity (1) Adjusted EBITDA and Operating Profit exclude “Special Items” for each period. A detailed schedule of Special Items, as well as the Reconciliation of Non-GAAP Measure Adjusted EBITDA and Free Cash Flow, are provided in the Appendix. (1) Margins (excl. Special Items) 11.4% 5.9% 10.5% 15.5% 10.3% 13.8% Q1 2008 Q1 2009 Q1 2010 Op Income Margin Adj EBITDA Margin

9 Working Capital Continued lean initiatives will drive permanent process change and working capital reductions. Comments: Operating working capital at 16.3% of sales vs. 21.4% at Q1 2009 Increase in working capital from Q4 2009 driven by higher receivables resulting from increased sales levels Inventory levels down compared to Q4 2009 Continued improvement expected due to enhanced focus on asset efficiencies 16.3% of Sales 21.4% of Sales Operating Working Capital $90 $115 $140 $165 $190 2008 2009 2010 ($ in millions) Q1 Q2 Q3 Q4

10 Capitalization ($ in thousands) March 31, December 31, 2010 2009 Cash and Cash Equivalents $ 6,630 $ 9,480  Term loan 250,880 251,580 Revolving credit facilities 13,200 5,100 Non-U.S. bank debt and other 9,350 12,890 273,430 269,570 93/4% senior secured notes, due December 2017 245,090 - 97/8% senior subordinated notes, due June 2012 - 244,980 A/R Facility Borrowings $ - $ - Total Debt $ 518,520 $ 514,550 Key Ratios: Bank LTM EBITDA $ 140,410 $ 139,740 Interest Coverage Ratio 3.07x 3.13x Leverage Ratio 3.69x 3.68x Bank Covenants: Minimum Interest Coverage Ratio 2.30x 2.20x Maximum Leverage Ratio 5.00x 4.50x As of March 31, 2010, TriMas had $157.1 million of cash and available liquidity under its revolving credit and receivables securitization facilities.

Segment Highlights

12 Packaging Results: Q1 sales increased due to growth in specialty dispensing and industrial closure products, as well as the impact of favorable currency exchange Increased sales volumes, cost reduction and productivity actions improved Adjusted EBITDA and operating profit Q1 2010 operating profit margin improved approximately 930 basis points compared to Q1 2009 ($ in millions) Key Initiatives: Target specialty dispensing products in higher growth end markets Pharmaceutical/medical Food/beverage Personal care Increase geographic coverage efforts in Europe & Asia Increase low-cost country sourcing and manufacturing Consider complementary bolt-on acquisitions (1) Adjusted EBITDA and Operating Profit exclude “Special Items” for each period. A detailed schedule of Special Items, as well as the Reconciliation of Non-GAAP Measure Adjusted EBITDA and Free Cash Flow, are provided in the Appendix.

13 Energy ($ in millions) (1) Adjusted EBITDA and Operating Profit exclude “Special Items” for each period. A detailed schedule of Special Items, as well as the Reconciliation of Non-GAAP Measure Adjusted EBITDA and Free Cash Flow, are provided in the Appendix. Results: Sales increased due to improved demand for specialty gaskets, related fastening hardware, engines, other well-site content and compression products Positive conversion resulted due to higher sales volumes and reductions in costs Continued to decrease working capital levels Key Initiatives: Expand complementary product lines at well-site Expand gasket business with major customers globally Better leverage installed manufacturing footprint in Asia Improve inventory turns by implementing Lean initiatives Increase low-cost country sourcing Add service capabilities

14 Aerospace & Defense Key Initiatives: Expand aerospace fastener product lines to increase content and applications per aircraft Drive ongoing Lean initiatives to lower working capital and reduce costs Leverage and develop existing defense customer relationships Consider complementary bolt-on acquisitions ($ in millions) Results: Sales decreased primarily due to lower blind-bolt sales resulting from consolidation of and inventory reductions at distribution customers Sales in defense business also declined Operating profit margin decreased due to lower sales volumes and lower absorption of fixed costs Expectations of ramp-up from large frame, composite aircraft (1) Adjusted EBITDA and Operating Profit exclude “Special Items” for each period. A detailed schedule of Special Items, as well as the Reconciliation of Non-GAAP Measure Adjusted EBITDA and Free Cash Flow, are provided in the Appendix.

15 Engineered Components ($ in millions) Results: Sales increased due to improved demand in specialty fittings and precision cutting tools businesses Sales in the industrial cylinder business declined in Q1 2010 compared to Q1 2009, but improved compared to Q4 2009 Adjusted EBITDA and operating profit increased in Q1 due to higher sales volumes and lower costs Operating profit margin improved approximately 670 basis points Key Initiatives: Integration of management and facilities Continue to reduce costs and improve working capital turnover Continue to expand product offering and geographies Expand specialty products for existing components and tooling markets Capture significant export opportunity (1) Adjusted EBITDA and Operating Profit exclude “Special Items” for each period. A detailed schedule of Special Items, as well as the Reconciliation of Non-GAAP Measure Adjusted EBITDA and Free Cash Flow, are provided in the Appendix.

16 Cequent ($ in millions) $46.4 Results: Q1 2010 sales increased compared to Q1 2009, resulting from sales improvements in the Australia/Asia Pacific and North American towing, trailer and electrical products businesses, as well as the favorable impact of currency exchange Partially offset by sales decline in the retail business Adjusted EBITDA and operating profit increased due to significant cost reductions Q1 2010 operating profit margin increased over 840 basis points compared to Q1 2009 Key Initiatives: Continue to aggressively reduce fixed costs and simplify the business Improve processes and simplify business for better customer service and support Mitigate end market pressure by leveraging strong brands for additional market share and cross-selling Reduce capital requirements (1) Adjusted EBITDA and Operating Profit exclude “Special Items” for each period. A detailed schedule of Special Items, as well as the Reconciliation of Non-GAAP Measure Adjusted EBITDA and Free Cash Flow, are provided in the Appendix.

Outlook & Summary

18 Strategic Aspirations High single-digit top-line growth Earnings growth faster than revenue growth 3% to 5% of total gross cost productivity gains annually – utilize savings to fund growth Invest in growth programs that deliver new products, new markets and expanded geographies Increase revenues in fastest growing markets On-going improvement in capital turns and all cycle times Significant decrease in leverage ratio

19 2010 Outlook Up 80 to 120 bps Up 60 to 100 bps Recurring Operating Profit $40 to $45 million > $30 million Free Cash Flow(1) $0.65 to $0.75 > $0.60 Diluted EPS (excl. Special Items) 0% - 2% 2% - 5% 3% - 4% 5% - 9% Q1-2010 Q4-2009 Sales Growth 4% - 7% Core growth 3% - 4% New program growth 1% - 3% Bolt-on acquisitions 0% - 2% (1) “Special Items” for each period, as well as the Reconciliation of Non-GAAP Measures Adjusted EBITDA and Free Cash Flow, are provided in the Appendix. FY 2010 outlook as of quarterly earnings release: Excluding Special Items, Company raises 2010 EPS outlook to a range of $0.65 to $0.75, an increase of at least 51% vs. 2009 EPS. Target double-digit EPS growth long-term.

20 2010 Playbook TriMas Operating Model is producing results Continue to drive productivity initiatives Continue to improve working capital metrics Optimize growth programs Grow revenue Bumpy economic recovery requires fast responses to win 10 – 20 new product programs in each segment Footprint expansion focused on faster growth non-U.S. markets Recruiting key technical and sales people Keep improving capital structure Foundation set in 2009 – Accelerate growth in 2010.

Questions & Answers

22 TriMas Summary Five strategic platforms Highly-engineered product portfolio servicing defensible, focused markets Leading market positions Strong brand names Significant diversification End markets Customers and distribution channels Geographies Proven operating model TriMas Operating Model drives results and robust, repeatable processes Enhanced accountability and balanced incentive system Empowered management teams with market expertise Growth opportunities Disciplined and prioritized growth and capital deployment New products, new markets and geographic expansion Selective, small bolt-on acquisitions in growing markets Continued margin improvement Increased focus on continuous productivity Improvements in supply chain management and purchasing effectiveness Lean enterprise

Appendix

24 Statement of Operations ($ in thousands) Three months ended March 31, 2010 2009 Net sales $ 220,060 $ 201,720 Cost of sales (157,000) (155,260) Gross profit 63,060 46,460 Selling, general and administrative expenses (37,700) (41,300) Gain (loss) on dispositions of property and equipment (310) 40 Operating profit 25,050 5,200 Other income (expense), net: Interest expense (14,140) (12,480) Gain on extinguishment of debt - 15,310 Other, net (510) (700) Other income (expense), net (14,650) 2,130 Income from continuing operations before income tax expense 10,400 7,330 Income tax expense (4,650) (2,710) Income from continuing operations. 5,750 4,620 Loss from discontinued operations, net of income tax benefit (320) (8,300) Net income (loss) .. $ 5,430 $ (3,680) Earnings per share - basic: Continuing operations  $ 0.17 $ 0.14 Discontinued operations, net of income tax benefit (0.01) (0.25) Net income (loss) per share $ 0.16 $ (0.11) Weighted average common shares - basic 33,569,677 33,459,502 Earnings per share - diluted: Continuing operations  $ 0.17 $ 0.14 Discontinued operations, net of income tax benefit (0.01) (0.25) Net income (loss) per share $ 0.16 $ (0.11) Weighted average common shares - diluted 34,314,020 33,487,526

25 Condensed Balance Sheet ($ in thousands) March 31, December 31, 2010 2009 Assets Current assets: Cash and cash equivalents $ 6,630 $ 9,480 Receivables, net of reserves 128,650 93,380 Inventories 135,730 141,840 Deferred income taxes 24,320 24,320 Prepaid expenses and other current assets 6,420 6,500 Assets of discontinued operations held for sale 4,070 4,250 Total current assets 305,820 279,770 Property and equipment, net 157,430 162,220 Goodwill 194,120 196,330 Other intangibles, net 161,410 164,080 Other assets 23,170 23,380 Total assets $ 841,950 $ 825,780 Liabilities and Shareholders’ Equity Current liabilities: Current maturities, long-term debt $ 12,720 $ 16,190 Accounts payable 103,150 92,840 Accrued liabilities 63,670 65,750 Liabilities of discontinued operations 1,040 1,070 Total current liabilities 180,580 175,850 Long-term debt 505,800 498,360 Deferred income taxes 43,790 42,590 Other long-term liabilities 46,190 47,000 Total liabilities 776,360 763,800 Total shareholders’ equity 65,590 61,980 Total liabilities and shareholders’ equity $ 841,950 $ 825,780

26 Reconciliation of Non-GAAP Measures Adjusted EBITDA(1) and Free Cash Flow(2) Three months ended March 31, (dollars in thousands) 2010 2009 Net income (loss) $ 5,430 $ (3,680) Income tax expense 4,470 (2,490) Interest expense 14,290 12,530 Debt extinguishment costs — 510 Depreciation and amortization 9,610 11,760 Adjusted EBITDA, total company 33,800 18,630 Adjusted EBITDA, discontinued operations (330) (11,790) Adjusted EBITDA, continuing operations $ 34,130 $ 30,420 Special Items — 6,260 Non-cash gross gain on extinguishment of debt — (15,820) Cash interest (5,250) (4,770) Cash taxes (1,250) (2,440) Capital expenditures (2,590) (3,250) Changes in operating working capital (27,340) 2,280 Free Cash Flow from operations before Special Items (2,300) 12,680 Cash paid for Special Items (1,180) (2,420) Net proceeds from sale of business and other assets 30 20,680 Free Cash Flow $ (3,450) $ 30,940 (1)The Company defines Adjusted EBITDA as net income (loss) before cumulative effect of accounting change, interest, taxes, depreciation, amortization, debt extinguishment costs, 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. (2)The Company defines Free Cash Flow as Adjusted EBITDA from continuing operations, plus Special Items and net proceeds from sale of businesses, less cash paid for interest, taxes and Special Items, capital expenditures and changes in operating working capital. As detailed in Appendix I, for purposes of determining Free Cash Flow, Special Items, net, include those one-time costs, expenses and other charges incurred on a cash basis that are included in the determination of net income (loss) under GAAP and are not added back to net income (loss) in determining Adjusted EBITDA, but that management would consider important in evaluating the quality of the Company’s Free Cash Flow, as defined. (Unaudited)

27 Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited) Three months ended March 31, (dollars in thousands) 2010 2009 Operating profit from continuing operations, as reported $ 25,050 $ 5,200 Special Items to consider in evaluating quality of earnings: Severance and business restructuring costs $ — $ (6,750 ) Excluding Special Items, operating profit from continuing operations would have been $ 25,050 $ 11,950 Three months ended March 31, (dollars in thousands) 2010 2009 Adjusted EBITDA from continuing operations, as reported $ 34,130 $ 30,420 Special Items to consider in evaluating quality of earnings: Severance and business restructuring costs $ - $ (6,260 ) Excluding Special Items except gain (loss) on extinguishment of debt, Adjusted EBITDA from continuing operations would have been $ 34,130 $ 36,680 Gross gain on extinguishment of debt $ - $ 15,820 Excluding Total Special Items, Adjusted EBITDA from continuing operations would have been $ 34,130 $ 20,860

28 Company and Business Segment Financial Information – Cont. Ops (Unaudited, $ in thousands) Three months ended March 31, 2010 2009 Packaging Net sales $ 43,600 $ 30,250 Operating profit $ 11,860 $ 5,400 Adjusted EBITDA $ 14,920 $ 8,640 Special Items to consider in evaluating operating profit and Adjusted EBITDA: - Severance and business restructuring costs $ - $ - Excluding Special Items, operating profit would have been: $ 11,860 $ 5,400 Excluding Special Items, Adjusted EBITDA would have been: $ 14,920 $ 8,640 Energy Net sales $ 43,890 $ 40,270 Operating profit $ 5,180 $ 3,520 Adjusted EBITDA $ 5,900 $ 4,280 Special Items to consider in evaluating operating profit and Adjusted EBITDA: - Severance and business restructuring costs $ - $ (200) Excluding Special Items, operating profit would have been: $ 5,180 $ 3,720 Excluding Special Items, Adjusted EBITDA would have been: $ 5,900 $ 4,480 Aerospace & Defense Net sales $ 17,080 $ 22,200 Operating profit $ 3,860 $ 6,810 Adjusted EBITDA $ 4,520 $ 7,410 Special Items to consider in evaluating operating profit and Adjusted EBITDA: - Severance and business restructuring costs $ - $ (110) Excluding Special Items, operating profit would have been: $ 3,860 $ 6,920 Excluding Special Items, Adjusted EBITDA would have been: $ 4,520 $ 7,520 Engineered Components Net sales $ 18,910 $ 18,550 Operating profit $ 1,810 $ 380 Adjusted EBITDA $ 2,570 $ 1,120 Special Items to consider in evaluating operating profit and Adjusted EBITDA: - Severance and business restructuring costs $ - $ (160) Excluding Special Items, operating profit would have been: $ 1,810 $ 540 Excluding Special Items, Adjusted EBITDA would have been: $ 2,570 $ 1,280

29 Company and Business Segment Financial Information – Cont. Ops (cont.) (Unaudited, $ in thousands) Cequent Net sales $ 96,580 $ 90,450 Operating profit (loss) $ 8,120 $ (3,350) Adjusted EBITDA $ 12,120 $ 1,340 Special Items to consider in evaluating operating profit (loss): - Severance and business restructuring costs $ - $ (3,340) Excluding Special Items, operating profit (loss) would have been: $ 8,120 $ (10) Special Items to consider in evaluating Adjusted EBITDA: - Severance and business restructuring costs $ - $ (2,850) Excluding Special Items, Adjusted EBITDA would have been: $ 12,120 $ 4,190 Corporate Expenses Operating loss $ (5,780) $ (7,560) Adjusted EBITDA $ (5,900) $ 7,630 Special Items to consider in evaluating operating profit (loss): - Severance and business restructuring costs $ - $ (2,940) Excluding Special Items, operating profit (loss) would have been: $ (5,780) $ (4,620) Special Items to consider in evaluating Adjusted EBITDA: - Severance and business restructuring costs $ - $ (2,940) - Gain on extinguishment of debt $ - $ 15,820 Excluding Special Items, Adjusted EBITDA would have been: $ (5,900) $ (5,250) Total Company Net sales $ 220,060 $ 201,720 Operating profit $ 25,050 $ 5,200 Adjusted EBITDA $ 34,130 $ 30,420 Total Special Items to consider in evaluating operating profit (loss): $ - $ (6,750) Excluding Special Items, operating profit (loss) would have been: $ 25,050 $ 11,950 Total Special Items to consider in evaluating Adjusted EBITDA: $ - $ 9,050 Excluding Special Items, Adjusted EBITDA would have been: $ 34,130 $ 20,860

30 ($ in thousands) LTM EBITDA as Defined in Credit Agreement Reported net income for the twelve months ended March 31, 2010 $ 8,890 Interest expense, net (as defined) 47,480 Income tax expense 6,440 Depreciation and amortization 41,790 Extraordinary non-cash charges 3,270 Monitoring fees 2,890 Interest equivalent costs 960 Non-cash compensation expense 1,820 Other non-cash expenses or losses 3,980 Non-recurring expenses or costs for cost savings projects 7,440 Debt extinguishment costs 10,890 Negative EBITDA from discontinued operations 4,060 Permitted dispositions 500 Bank EBITDA - LTM Ended March 31, 2010 (1) $ 140,410 (1) As defined in the Amended and Restated Credit Agreement dated December 16, 2009.