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TransDigm Group Reports Fiscal Fourth Quarter and Year-End Results
Cleveland, Ohio, November 20, 2008/PRNewswire-FirstCall/ TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the fourth quarter and fiscal year ended September 30, 2008. Highlights for the quarter and fiscal year include:
Fourth quarter earnings per share up 50.0% to $0.75 from $0.50
Fiscal 2008 net sales up 20.4% to $713.7 million from $592.8 million
Fiscal 2008 net income up 50.2% to $133.1 million from $88.6 million
Fiscal 2008 adjusted earnings per share up 32.9% to $2.79 from $2.10
Fiscal 2008 EBITDA As Defined up 21.2% to $333.1 million from $274.7 million
Net sales for the quarter rose 12.6% to $189.2 million from $168.0 million in the comparable quarter a year ago. Organic net sales growth was approximately 6%. The acquisitions of CEF Industries, Inc. and Bruce Aerospace, Inc. accounted for the balance of the sales increase.
Net income for the quarter rose 54.0% to $38.0 million, or $0.75 per share, compared with $24.7 million, or $0.50 per share, in the comparable quarter a year ago. This increase of $13.3 million was primarily due to the growth in net sales, continued productivity improvements, lower research and development costs and a decrease in interest expense. Also contributing to the increase was a reduction in acquisition-related costs compared to the prior-year period.
Adjusted net income for the quarter increased 40.9% to $39.5 million, or $0.78 per share, from $28.0 million, or $0.57 per share, in the comparable quarter a year ago. Adjusted net income in the current quarter excludes $1.5 million, net of tax, or $0.03 per share, of non-cash compensation-related expenses and acquisition-related costs. Adjusted net income for the prior-year quarter excluded $3.3 million, net of tax, or $0.07 per share, of acquisition-related costs and non-cash compensation-related expenses.
EBITDA for the quarter increased 21.2% to $87.8 million from $72.5 million for the comparable quarter a year ago. EBITDA As Defined for the quarter increased 16.9% to $89.5 million from $76.6 million for the comparable quarter a year ago. EBITDA As Defined as a percentage of net sales for the quarter was 47.3%, an improvement from 45.6% in the prior-year period.
The following information was filed by Transdigm Group Inc (TDG) on Thursday, November 20, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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