This excerpt taken from the TGI 8-K filed May 6, 2009.
During the quarter, the company retired $8.0 million of its convertible notes for $7.2 million cash and recorded a $0.8 million pre-tax gain on the early extinguishment of the debt.
Richard C. Ill, Triumphs President and Chief Executive Officer, said, We are proud to report both a strong quarter and record year for Triumph in spite of the challenges that present themselves in this uncertain environment. For the year, our sales, operating income, earnings and cash flow all achieved record levels. Although the quarter was impacted by the challenges associated with the resumption of production following the Boeing strike and a deteriorating business jet market, our Aerospace Systems Group was able to improve operating margins year over year. While the solid performance of our core maintenance, repair and overhaul operations in our Aftermarket Services Group continue to be offset by the losses sustained at the Phoenix APU business, we remain confident that the actions taken will improve profitability and position us for continued future growth. We are also excited about the four new acquisitions we made this year. Each of these businesses enhances our product offerings and enables us to expand our market presence.