BERWYN, Pa.--(BUSINESS WIRE)--
Triumph Group, Inc. (TGI) today announced that the Board of Directors authorized a new 5,000,000 share repurchase program. The company expects to use the new program to repurchase outstanding shares of its common stock, subject to market conditions. The company also has 500,200 shares remaining on its prior February 2008 authorization, bringing the total amount authorized for repurchases to 5,500,200 shares. Under the program, the company may repurchase shares from time to time for cash in open market transactions or by other means in accordance with applicable federal securities laws. The company currently has approximately 52.5 million shares of common stock outstanding.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “We believe that proper capital allocation is essential to meeting our long term strategic goals. Although our focus will remain strategic acquisitions and key program investments that will allow us to grow our company while maintaining a strong balance sheet, this authorization will enable us to take opportunities when the time is right to appropriately return capital to our shareholders.”
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the company’s website at http://www.triumphgroup.com.
Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements about expectations of future capital allocation, acquisitions, organic growth, cash flow and return of capital. All forward-looking statements involve risks and uncertainties which could affect the company’s actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph Group’s reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2013.
Sheila G. Spagnolo
Vice President-Tax & Investor Relations