Slide 1: First Quarter 2006 Earnings Call
So TRIMAS CORPORATION First Quarter 2006 Earnings Call May 11, 2006 Innovation e Industry e Growth
Slide 2: Safe Harbor Statement
Safe Harbor Statement This document contains “forvarc-ooking” statements, as that term is defined by the federal securities laws, about our financial conaition, results of operations and business. Forwarttiooking statements include certain atcpated, believed, planned, forecasted, expected, targeted
Slide 3: Agenda
Agenda Opening Comments 2006 First Quarter Financial Highlights 2006 First Quarter Operating Highlights 2006 First Quarter Financial Performance TriMas Capitalization TriMas 2006 Focus and Priorities Q&A Appendix ococooogooooa SoTRIMas
Slide 4: 2006 First Quarter Financial Highlights
fa) a o 2006 First Quarter Financial Highlights TriMas is a diversified engineered products company. Our diversity of end markets, customers, products, and leading brands are our defining attbutes. Our frst quarter earnings performance had 4 of our 5 segments improve over prior year. The one excepti
Slide 5: 2006 First Quarter Financial Highlights
2006 First Quarter Financial Highlights I The Company reported 01 2006 operating profit of $29.3 millon, an increase of $4.3 million oF 17.1%, compared to operating profit of $25.0 million in @1 2005 Adjusted EBITDA within the quarter was $37.8 million, representing an increase of $4.3 milion or 12.
Slide 6: 2006 First Quarter Financial Highlights
2006 First Quarter Financial Highlights Total debt and securitization at March 31, 2006 was $779 million, a decrease of approximately $34 million compared to March 31, 2005. O_TriMas finished the quarter with $179.1 million of net operating working capital or 16.3% of sales. This compares to $182.5
Slide 7: Operating Highlights
So TRIMAS CORPORATION Operating Highlights Innovation e Industry e Growth
Slide 8: Packaging Systems first quarter results
OF Net sales for the quarter were $53.4 million, an increase of 7.6% compared to first quarter 2005, with the increase primanly driven by stronger demand for industrial closure products and specialty tapes, laminates and insulation products, and increased sales of new consumer product dispensing app
Slide 9: Transportation Accessories
ransportation © Q1 2006 sales decreased by $3.1 million to $81.7 million, or 3.7%, from $84.8 million in the prior year. Transportation Accessories revenue mix continued to shift toward retail customers. First quarter sales were impacted by a re-design of our early order program to incent customers
Slide 10: RV & Trailer Products
RV & Trailer Products First quarter sales, operating profit and Adjusted EBITDA were approximately flat with the prior year. Increased sales to the horse/livestock and OE automotive sectors were approximately offset by lower sales to the agriculturaVindustrial markets and RV wholesale distributors d
Slide 11: Energy Products first quarter results
|} 1 2006 sales of $40.0 million, an increase of $6.4 million, or 18.9% as compared to the year ago period ) Adjusted EBITDA in the quarter was $6.5 million compared to $5.7 milion in Q1 2005, an increase of 15.5%. Operating profit improved $0.9 million to $5.9 million from $5.0 million in first qua
Slide 12: Industrial Specialties first quarter results
1 Netsales for 01 2006 were $44.4 million, an increase of 15.3% compared to the same period a year ago driven by economic expansion, new product introductions and market shere gains. | Monogram continues to experience strong demand for its aerospace fasteners with a sales increase of approximately 2
Slide 13: Financial Performance
So TRIMAS CORPORATION Financial Performance Innovation e Industry e Growth
Slide 14: 2006 First Quarter Results
2006 First Quarter Results Binmitons) Net Sales 2006. 005 ar Packagng Sa cr Transportation accessors an? as Ts) VE Taller Produce 559 58 00% Energy Products 400 28 189% Industral speciaies ri 3s 153% Total Net Sales wes 7 3% ing Prot Packaging Systems $85 § Th 150% Transporation accessors, 4a 38 181
Slide 15: TriMas Capitalization
TriMas Capitalization {in milfons) Wareh3i, | Mareh37, | December 31, Working Capital Revolver Herm Loan B. lother Debt ‘Subtotal, Senior Secured Debt. ‘Senior Sub Notes due 2012 ‘AtMarch 31, 2008, TriMas had $1.7 million in cash and approximately $38.0 million of available liquidity under its revol
Slide 16: 2006 Focus and Priorities
2006 Focus and Priorities 2006 Focus Debt reduction G Eamings expansion Organic growth 2006 Priorities Profitable growth via product and market expansion Increase low cost purchasing, manufacturing and support options Free cash flow generation Continue to lower working capital Continue to rationaliz
Slide 17: Summary
o o o Summary TriMas had a solid first quarter. TriMas improved earnings and reduced debt. The Company and our team are focused on earnings improvement and reducing debt. Strengthening our balance sheet remains our number one tactical objective. Q Free cash flow Q Selected asset dispositions TriMas
Slide 18: Q&A
So TRIMAS CORPORATION Q&A Innovation e Industry e Growth
Slide 19: Appendix
So TRIMAS CORPORATION Appendix Innovation e Industry e Growth
Slide 20: Condensed Balance Sheet
Condensed Balance Sheet (unaudited - $n mio mard3t, Docent 3 . a 2006 assets cen ase Cosh and cash egalns son sar Recevabies net, 250 a0 trenton tea 1402 Deteres came takes "as ern Prepaerpenses and oer curt aces 1 v1 ese of @aconnd operations at fr s a ao “bil urent ses sae ae Proper andequement ne
Slide 21: Statement of Operations
Statement of Operations {unaudited -$ in miions) For the Three Months Ended March 31, Net sales. $ 753 $ 2624 Cast of sales. ore 97.3) Gross prof 735 651 Selling, general and administrative expenses. (44.1) 40.3) Gain (loss) on dispositions of property and equipment. 02) 02 Operating profit 23 20 Ot
Slide 22: Statement of Operations (cont'd)
Statement of Operations (cont’a) {6 in millions, except per sha For the Three Months Ended March 31, mounts) 2006 2005 Income from continuing operations $ 53 $ 36 Loss from discontinued operations, net of income tax benefit 3) tt Netincome = 40 S35 Eamings (loss) per share -baste: Continuing operati
Slide 23: Cash Flow Highlights
Cash Flow Highlights (Unaudited -$ in miltons) For the Three Months Ended March 31, — 208 _ 2005 Cash provided by (used for) operating activities. $10 “Sa Capital expenditures, 63) (45) Proceeds from sales of fixed assets 08 09 Cash used for investing activities —4n __sa Payments on revolving credit
Slide 24: Reconciliation of Non-GAAP Measure Adjusted EBITDA
Reconciliation of Non-GAAP Measure Adjusted EBITDA ° (Unaudited -$ in miltons) Forte Tivee Months Ended March Anttowsends) 2006, 2005, Netincome s 40 § 25 Income tax expense, net. 24 14 Interest expense. 199 182 Depreciation and amortization, 93 105 ‘Aajusted EBITDA BE 227 Interest paid 63) 68) Taxe
Slide 25: Key Covenant Calculations
Key Covenant Calculations Total Indebtedness at March 31, 2006 “?. $ 7789 LTM EBITDA, as defined @. $ 1446 Leverage Ratio - Actual. 5.39x Leverage Ratio - Covenant. 5.65x LTM EBITDA, as defined ). $ 1446 Cash Interest Expense @. $ 763 Coverage Ratio - Actual. 1.89% Coverage Ratio - Covenant. 1.80x s
Slide 26: Searchable text section of graphics shown above
Searchable text section of graphics shown above [LOGO] First Quarter 2006 Earnings Call May 11, 2006 [GRAPHIC] Innovation • Industry • Growth Safe Harbor Statement This document contains “forward-looking” statements, as that term is defined by the federal securities laws, about our financial conditi