Triumph Group, Inc. (NYSE: TGI) today reported that, for the fourth quarter ended March 31, 2012, net sales were $946.4 million, a three percent increase from last year’s fourth quarter net sales of $919.1 million. Organic sales growth for the quarter was three percent.
Income from continuing operations for the fourth quarter of fiscal year 2012 increased ninety-seven percent to $106.3 million, or $2.03 per diluted share, versus $54.0 million, or $1.05 per diluted share, for the fourth quarter of the prior fiscal year. The quarter’s results included approximately $2.6 million pre tax ($1.7 million after tax or $0.03 per diluted share) of integration costs related to the acquisition of Vought Aircraft Industries (now Triumph Aerostructures-Vought Aircraft Division). The prior fiscal year’s quarter included approximately $1.3 million pre tax ($0.8 million after tax) of integration costs associated with the Vought acquisition. The number of shares used in computing diluted earnings per share for the quarter was 52.3 million shares. The fourth quarter results were favorably impacted by a $40.4 million pre tax ($26.1 million after tax or $0.50 per diluted share) net curtailment gain resulting from amendments made to the Triumph Aerostructures pension plans which was reflected on the face of the income statement, and in the segment reporting, was included in Corporate. Excluding integration costs and the net curtailment gain, earnings per share from continuing operations for the quarter was $1.57 per diluted share.
Full Fiscal Year Highlights
For the fiscal year ended March 31, 2012, net sales totaled $3,407.9 million, a seventeen percent increase from fiscal year 2011 net sales of $2,905.3 billion. Organic sales growth for the fiscal year was seven percent.Income from continuing operations for fiscal year 2012 increased eighty-five percent to $281.6 million, or $5.43 per diluted share, versus $152.4 million, or $3.21 per diluted share, for fiscal year 2011. The fiscal year’s results included approximately $6.3 million pre tax ($4.1 million after tax or $0.08 per diluted share) of integration costs related to the Vought acquisition as well as the net curtailment gain of $40.4 million pre tax ($0.50 per diluted share). The prior fiscal year included approximately $20.9 million pre tax ($15.7 million after tax) of integration costs associated with the Vought acquisition. Excluding these costs and the net curtailment gain, income from continuing operations for fiscal year 2012 was $259.7 million, or $5.01 per diluted share. The number of shares used in computing diluted earnings per share for fiscal year 2012 was 51.9 million shares.
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