Triumph triumphs over first quarter gains, buys $8 million convertibles for $7.2 million

By Devika Patel

Knoxville, Tenn., April 30 - Triumph Group, Inc. reported that it retired $8 million of its convertibles notes for $7.2 million in cash during the first quarter, which ended March 31.

The Wayne, Pa., maker of aircraft components and accessories said it recorded an $800,000 pre-tax gain on the early extinguishment of this debt.

"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," Triumph's president and chief executive officer Richard C. Ill said in a press release.

"For the year, our sales, operating income, earnings and cash flow all achieved record levels."

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