PR Newswire
BERWYN, Pa., March 24, 2020
BERWYN, Pa., March 24, 2020 /PRNewswire/ -- Triumph Group, Inc. (NYSE: TGI) ("Triumph" or the "Company") today provided an update on the current impact of the coronavirus (COVID-19) on the business and the steps the Company is taking to mitigate it.
Regarding the Company's plans to respond to the COVID-19 crisis, and to conserve cash and maintain long-term competitiveness, the following actions are underway:
Triumph disclosed on March 20, 2020 via Form 8-K filed with the SEC that it would suspend payment of a dividend for the foreseeable future to conserve cash for operational use. As a result of Triumph's decision to draw down its revolving credit facility as disclosed on March 19, 2020, the Company has cash of approximately $400 million and over $100 million of availability to support its working capital requirements.
Daniel J. Crowley, President and CEO of Triumph Group, communicated to Triumph's employees last week that "The safety and economic well-being of our employees and the communities we serve remain top priorities for the Company. Given the dramatic and sudden impact of the virus on the world and on the aviation industry we support, we must take immediate and painful actions to protect our people and preserve our Company so that we can survive and be well positioned for the recovery. I want to thank the 10,000 men and women of Triumph Group for their efforts to limit the spread of the virus and to keep our plants running so that our customers' critical missions are sustained for the benefit of all."
About Triumph
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators. More information about Triumph can be found on the Company's website at www.triumphgroup.com.
Forward Looking Statements
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 statements of expectations of or assumptions about our financial results for fiscal year 2020, and our ability to achieve cost savings and the benefits of our operational efficiency initiatives. 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, 2019. The Company undertakes no obligation to update any such forward-looking statement.
Widespread health developments, including the recent global coronavirus (COVID-19), and the responses thereto (such as voluntary and in some cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities) could adversely and materially affect, among other things, the economic and financial markets and labor resources of the countries in which we operate, our manufacturing and supply chain operations, commercial operations and sales force, administrative personnel, third-party service providers, business partners and customers and the demand for our products, which could result in a material adverse effect on our business, financial conditions and results of operations.
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SOURCE Triumph Group
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