TriMas Corporation Reports Third Quarter 2009 Results

Company Generated Free Cash Flow of $43.4 Million and Reduced Debt by $22.0
Million During the Quarter

BLOOMFIELD HILLS, Mich., Nov. 9 /PRNewswire-FirstCall/ -- TriMas Corporation
(Nasdaq: TRS) today announced financial results for the quarter ended
September 30, 2009. The Company reported quarterly net sales from continuing
operations of $203.7 million, a decrease of 21.9% from third quarter of 2008.
Third quarter 2009 income from continuing operations decreased 19.2% from
third quarter 2008 to $6.5 million, or $0.19 diluted earnings per share,
including a ($0.05) per share impact of severance and business restructuring
costs, identified as "Special Items,"(1) and a $0.02 per diluted share gain on
extinguishment of debt. In comparison, third quarter 2008 income from
continuing operations was $8.1 million, or $0.24 per diluted share, including
a ($0.01) per share impact of severance and business restructuring costs. The
Company reduced total indebtedness, including amounts outstanding under its
receivables securitization facility, by $22.0 million compared to June 30,
2009 and by $101.4 million compared to September 30, 2008. The Company ended
the third quarter with $24.8 million in cash.

TriMas Third Quarter Business Highlights
-- Continued to execute its $30 million Profit Improvement Plan (PIP)
ahead
of schedule with over $9 million in cost reductions realized during
the
quarter.
-- Improved operating profit margin (excluding the impact of Special
Items)
by 280 basis points compared to second quarter 2009 and by 50 basis
points compared to third quarter 2008.
-- In the Packaging segment, grew specialty dispensing and new product
sales by approximately 40% compared to the third quarter of 2008.
These
products are designed for end markets such as pharmaceutical, medical,
personal care and food/beverage.
-- Continued to demonstrate improvements in Cequent with an increase in
operating profit margin (excluding the impact of Special Items) of 560
basis points, compared to third quarter 2008.

-- Launched a strategic sourcing initiative across the businesses to
drive
additional synergies and productivity.

"We are executing on our productivity, working capital and growth
initiatives," said David Wathen, TriMas President and Chief Executive Officer.
"Compared to last quarter, we improved operating profit margin by 280 basis
points on slightly lower revenues, decreased operating working capital by
almost $23 million and generated over $43 million of free cash flow. Sales and
end market demand are still down, but we are using this environment to make
TriMas a permanently better business."

"As we move forward, we will continue our focus on reducing costs and working
capital in each business segment," Wathen continued. "We remain focused on
debt reduction and the protection of our liquidity. During the quarter, we
reduced total indebtedness by $22 million and ended the quarter with almost
$25 million in cash. While we are pleased with the progress we are making
across these initiatives, there is more work to be done."

"For the full year of 2009, we continue to anticipate revenue to be down 20%
to 25% compared to 2008, consistent with our comments last quarter. We are
allocating some resources to key growth initiatives aimed at expanding end
markets and geographies. We are also beginning to see positive signs in some
of our businesses, as our Packaging and Cequent segments project fourth
quarter 2009 revenues close to fourth quarter 2008 levels. These developments
lead us to expect at least modest revenue gains for next year. We are,
however, continuing to operate our company with the realization we are still
in a time of economic uncertainty. We are committed to maintaining cushion on
our bank covenants, delevering TriMas and ensuring liquidity for our future
endeavors," Wathen concluded.

Third Quarter Financial Results - From Continuing Operations
-- TriMas reported third quarter net sales of $203.7 million, a decrease
of
21.9% in comparison to $260.7 million in the third quarter 2008.
Although several businesses benefited from new product introductions
and
new sales promotions, sales in all five segments declined in
comparison
to the prior year third quarter. The sales declines were primarily due
to reductions in volume as a result of continued weak global economic
activity and reduced consumer discretionary spending. Net sales were
also negatively impacted by approximately $3.1 million due to
unfavorable currency exchange.

-- The Company reported operating profit of $20.2 million for the third
quarter 2009, a decrease of 26.7% compared to operating profit of
$27.5
million for the third quarter 2008. Despite this decline, which was
driven by the decrease in sales, operating profit margin, excluding
the
impact of Special Items, would have increased from 10.8% of sales
during
the third quarter of 2008 to 11.3% of sales during the third quarter
of
2009. This improvement was a result of the Company's cost reduction
and
productivity initiatives, with the largest positive impact experienced
in the Packaging and Cequent segments.

-- Adjusted EBITDA(2) for the third quarter 2009 decreased 14.2% to $31.9
million, as compared to $37.2 million in the third quarter 2008.
Management's actions, however, enabled the Company to achieve an
increase in Adjusted EBITDA margin from 14.3% during the third quarter
of 2008 to 15.7% during the third quarter of 2009.

-- Income from continuing operations for the third quarter 2009 decreased
19.2% to $6.5 million, or $0.19 per diluted share, compared to income
from continuing operations of $8.1 million, or $0.24 per diluted
share,
in the third quarter 2008. These results include the after-tax impact
of
Special Items of $1.8 million, or ($0.05) per diluted share, and gain
on
extinguishment of debt of $0.7 million, or $0.02 per diluted share, in
the third quarter of 2009 and the after-tax impact of Special Items of
$0.4 million, or ($0.01) per diluted share, in the third quarter of
2008.

-- Free Cash Flow(2) for third quarter 2009 increased 85.3% to $43.4
million from $23.4 million during the third quarter of 2008, driven by
improvements in net working capital resulting from reduced inventory
and
accounts receivables levels.

-- The Company continued to focus on its Profit Improvement Plan (PIP) to
achieve over $30 million in cost savings during 2009 and is on plan to
exceed these cost savings. TriMas realized over $9 million in cost
reductions and incurred approximately $2.9 million in cash and
non-cash
charges related to its PIP during the third quarter of 2009. The
Company
has substantially completed the elimination of the production and
distribution functions in Mosinee, Wisconsin as of September 30, 2009,
and expects to fully complete the move of these operations by December
31, 2009. The Company continues to pursue additional fixed and
variable
cost saving actions and productivity initiatives.

Financial Position
TriMas ended the quarter with cash of $24.8 million and $130.9 million of
aggregate availability under its revolving credit and receivables
securitization facilities. The Company reduced total indebtedness, including
amounts outstanding under its receivables securitization facility, by $22.0
million during third quarter 2009, and by $101.4 million as compared to
September 30, 2008. TriMas ended the quarter with reported total indebtedness
of $525.4 million, with no amounts outstanding under its receivables
securitization facility. During the third quarter of 2009, the Company retired
approximately $10.0 million face value of the Company's senior subordinated
notes in open market transactions for approximately $8.7 million.

The Company does not have any significant debt maturities under its credit
agreement or subordinated notes until 2012. As of September 30, 2009, the
Company was in compliance with all debt covenants.

Business Segment Results -- From Continuing Operations
Packaging -- Sales for the third quarter decreased 8.4% compared to the year
ago period, due primarily to a decline in industrial closure product sales
resulting from the overall economic slowdown, partially offset by the growth
in specialty dispensing product sales and the launch of other new products.
Sales were also negatively impacted by the unfavorable effects of currency
exchange. Despite the decrease in sales, operating profit for the quarter
increased due to lower material costs and reduced selling, general and
administrative costs associated with the Company's cost reduction plans,
partially offset by the decline in industrial product sales and the
unfavorable effects of currency exchange. As a result of the cost reduction
actions, operating profit as a percentage of sales improved approximately 400
basis points compared to the third quarter of 2008. The Company continues to
diversify its product offering by developing specialty dispensing product
applications for growing end markets, including pharmaceutical, personal care
and food/beverage markets, and expanding geographically to generate long-term
growth.

Energy -- Third quarter sales decreased 35.1% compared to the year ago period
due primarily to reduced demand for engines and other well-site content,
resulting from a reduction in drilling activity and the deferred completion of
previously drilled wells in North America. Sales in the Energy segment were
also negatively impacted due to lower sales of specialty gaskets and related
fastening hardware, as a result of decreased levels of turn-around activity at
petrochemical refineries and reduced demand from the chemical industry.
Operating profit for the quarter decreased as a result of lower sales volumes
and related lower absorption of fixed costs, partially offset by reductions in
discretionary spending. The Company continues to launch new well-site products
to complement its engine business, while continuing to expand its sales and
service branch network for the specialty gasket business, in anticipation of
improvements in underlying demand in both of these businesses.

Aerospace & Defense -- Sales for the third quarter decreased 34.6% compared to
the year ago period due primarily to lower blind-bolt fastener sales resulting
from program delays at commercial airframe manufacturers and inventory
reductions at distribution customers, partially offset by sales of new
products which increased the Company's content on certain aircraft. Sales in
the defense business were also lower compared to the year ago period, due to
the lack of cartridge case sales resulting from the ongoing relocation of the
defense facility, partially offset by new product sales and revenue associated
with managing the facility relocation and closure. Operating profit for the
quarter decreased primarily due to lower sales volumes, partially offset by a
more favorable product sales mix and reduced selling, general and
administrative expenses. The Company continues to develop and market
highly-engineered products for the aerospace market, as well as expand its
offerings to military and defense customers.

Engineered Components -- Third quarter sales declined 54.3% compared to the
year ago period due to demand declines in the Company's industrial cylinder,
precision cutting tools and medical device businesses, primarily as a result
of the current economic downturn. Sales in the specialty fittings business
increased slightly due to new product offerings. Operating profit for the
quarter decreased due to lower sales volumes and lower absorption of fixed
costs, which were partially offset by reduced selling, general and
administrative expenses. The Company continues to develop specialty products
for growing end markets such as medical and expand its international sales
efforts.

Cequent -- Sales decreased 6.5% for the third quarter compared to the year ago
period. The Company continued to experience weak, but improving, consumer
demand for heavy-duty towing, trailer and electrical products, as a result of
uncertain economic conditions and reductions in consumer discretionary
spending, and the unfavorable effects of currency exchange, partially offset
by a slight increase in sales in the Australia/Asia Pacific business.
Operating profit for the quarter improved as a result of cost reductions
implemented as part of the Company's Profit Improvement Plan, partially offset
by lower sales volumes, unfavorable foreign currency exchange and lower
absorption of fixed costs. Due to the cost reduction actions, operating profit
as a percentage of sales also improved approximately 560 basis points compared
to the third quarter of 2008. The segment was negatively impacted by $2.1
million in charges associated with the closure of its Mosinee, Wisconsin
manufacturing facility and other business restructuring costs. The Company
continues to aggressively reduce fixed costs, decrease working capital and
leverage strong brand positions for increased market share.

For a complete schedule of Segment Sales and Operating Profit, including
Special Items by segment, see page 7 of this release, "Company and Business
Segment Financial Information - Continuing Operations."

(1) Appendix I details certain one-time costs, expenses and other charges,
collectively described as "Special Items," that are included in the
determination of net income (loss) under GAAP and are not added back to net
income (loss) in determining Adjusted EBITDA, but that management would
consider important in evaluating the quality of the Company's Adjusted EBITDA
and operating results under GAAP.

(2) See Appendix II for reconciliation of Non-GAAP financial measure Adjusted
EBITDA and Free Cash Flow to the Company's reported results of operations
prepared in accordance with GAAP. Additionally, see Appendix I for additional
information regarding Special Items impacting reported GAAP financial measures

Conference Call Information
TriMas Corporation will host its third quarter 2009 earnings conference call
today, Monday, November 9, 2009 at 11:00 a.m. EST. The call-in number is (866)
238-0637. Participants should request to be connected to the TriMas
Corporation third quarter conference call (conference ID number 1403128). The
presentation that will accompany the call will be available on the Company's
website at www.trimascorp.com prior to the call.

The conference call will also be web cast simultaneously on the Company's
website at www.trimascorp.com. A replay of the conference call will be
available on the TriMas website or by dialing (866) 837-8032 (access code
1403128) beginning November 9th at 2:00 p.m. EST through November 16th at
11:59 p.m. EST.

Cautionary Notice Regarding Forward-looking Statements
Any "forward-looking" statements contained herein, including those relating to
market conditions or the Company's financial condition and results, expense
reductions, liquidity expectations, business goals and sales growth, involve
risks and uncertainties, including, but not limited to, risks and
uncertainties with respect to general economic and currency conditions,
various conditions specific to the Company's business and industry, the
Company's substantial leverage, liabilities imposed by the Company's debt
instruments, market demand, competitive factors, the Company's ability to
maintain compliance with the listing requirements of NASDAQ, supply
constraints, material and energy costs, technology factors, litigation,
government and regulatory actions, the Company's accounting policies, future
trends, and other risks which are detailed in the Company's Annual Report on
Form 10-K for the fiscal year ending December 31, 2008, and in the Company's
Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual
results to differ materially from those indicated by the forward-looking
statements. All forward-looking statements made herein are based on
information currently available, and the Company assumes no obligation to
update any forward-looking statements.

About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (Nasdaq: TRS)
provides engineered and applied products for growing markets worldwide. TriMas
is organized into five strategic business segments: Packaging, Energy,
Aerospace & Defense, Engineered Components and Cequent. TriMas has
approximately 4,000 employees at 70 different facilities in 11 countries. For
more information, visit www.trimascorp.com.

TriMas Corporation
Consolidated Balance Sheet
(Unaudited -- dollars in thousands)

September 30, December 31,
2009 2008
---- ----
Assets
Current assets:
Cash and cash equivalents $24,770 $3,910
Receivables, net of reserves of
approximately $6.0 million and
$5.7 million as of September 30, 2009
and December 31, 2008, respectively 99,360 104,760
Inventories 141,830 188,950
Deferred income taxes 16,970 16,970
Prepaid expenses and other current assets 6,680 7,430
Assets of discontinued operations held
for sale 2,700 26,200
----- ------
Total current assets 292,310 348,220
Property and equipment, net 170,760 181,570
Goodwill 196,520 202,280
Other intangibles, net 168,700 178,880
Other assets 15,720 19,270
------ ------
Total assets $844,010 $930,220
======== ========

Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt $6,640 $10,360
Accounts payable 79,650 111,810
Accrued liabilities 73,710 66,340
Liabilities of discontinued operations 1,240 1,340
----- -----
Total current liabilities 161,240 189,850
Long-term debt 518,740 599,580
Deferred income taxes 45,680 51,650
Other long-term liabilities 44,610 34,240
------ ------
Total liabilities 770,270 875,320
------- -------
Preferred stock $0.01 par: Authorized
100,000,000 shares; Issued and
outstanding: None - -
Common stock, $0.01 par: Authorized
400,000,000 shares; Issued and
outstanding: 33,578,324 shares at
September 30, 2009 and 33,620,410 shares
at December 31, 2008 330 330
Paid-in capital 527,330 527,000
Accumulated deficit (499,020) (510,160)
Accumulated other comprehensive income 45,100 37,730
------ ------
Total shareholders' equity 73,740 54,900
------ ------
Total liabilities and shareholders'
equity $844,010 $930,220
======== ========

TriMas Corporation
Consolidated Statement of Operations
(Unaudited -- dollars in thousands, except for share amounts)

Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Net sales $203,730 $260,730 $615,090 $808,160
Cost of sales (146,300) (192,100) (462,210) (593,580)
-------- -------- -------- --------
Gross profit 57,430 68,630 152,880 214,580
Selling, general and
administrative
expenses (37,280) (41,160) (112,930) (128,740)
Gain (loss) on
dispositions of
property and equipment 20 50 180 (160)
Operating profit 20,170 27,520 40,130 85,680
------ ------ ------ ------
Other income (expense),
net:
Interest expense (10,760) (13,570) (34,560) (42,160)
Gain on extinguishment
of debt 1,180 - 28,250 -
Other, net (190) (480) (1,710) (3,010)
---- ---- ------ ------
Other income
(expense), net (9,770) (14,050) (8,020) (45,170)
------ ------- ------ -------

Income from continuing
operations before
income tax expense 10,400 13,470 32,110 40,510
Income tax expense (3,890) (5,410) (12,230) (15,150)
------ ------ ------- -------
Income from continuing
operations 6,510 8,060 19,880 25,360
Income (loss) from
discontinued
operations, net of
income tax benefit
(expense) (680) 260 (8,740) 280
---- --- ------ ---
Net income $5,830 $8,320 $11,140 $25,640
====== ====== ======= =======

Earnings per share - basic:
Continuing
operations $0.19 $0.24 $0.59 $0.76
Discontinued
operations, net
of income tax
benefit
(expense) (0.02) 0.01 (0.26) 0.01
----- ---- ----- ----

Net income per
share $0.17 $0.25 $0.33 $0.77
===== ===== ===== =====

Weighted average
common shares -
basic 33,496,634 33,420,560 33,480,747 33,413,214
========== ========== ========== ==========

Earnings per share
- diluted:
Continuing
operations $0.19 $0.24 $0.59 $0.76
Discontinued
operations, net
of income tax
benefit
(expense) (0.02) 0.01 (0.26) 0.01
----- ---- ----- ----

Net income per
share $0.17 $0.25 $0.33 $0.77
===== ===== ===== =====

Weighted average
common shares -
diluted 34,007,846 33,469,027 33,752,210 33,441,448
========== ========== ========== ==========

TriMas Corporation
Company and Business Segment Financial Information
Continuing Operations
(Unaudited -- dollars in thousands)

Three months ended Nine months ended
September 30, September 30,
--------------- ---------------
2009 2008 2009 2008
---- ---- ---- ----
Packaging
Net sales $39,730 $43,350 $106,130 $128,910
Operating profit $9,160 $8,300 $23,390 $26,530
Operating profit as a % of sales 23.1% 19.1% 22.0% 20.6%

Special Items to consider in
evaluating operating profit:

- Severance and business
restructuring costs $(480) $(410) $(480) $(410)

Excluding Special Items,
operating profit would have
been: $9,640 $8,710 $23,870 $26,940

Energy
Net sales $36,000 $55,430 $111,260 $157,390
Operating profit $3,200 $8,170 $9,380 $24,670
Operating profit as a % of sales 8.9% 14.7% 8.4% 15.7%

Special Items to consider in evaluating operating profit:

- Severance and business
restructuring costs $(30) $- $(240) $(320)

Excluding Special Items,
operating profit would have
been: $3,230 $8,170 $9,620 $24,990

Aerospace & Defense
Net sales $16,060 $24,550 $56,530 $65,770
Operating profit $5,190 $8,640 $18,410 $22,230
Operating profit as a % of sales 32.3% 35.2% 32.6% 33.8%

Special Items to consider in
evaluating operating profit:

- Severance and business
restructuring costs $(10) $- $(140) $(130)

Excluding Special Items,
operating profit would have
been: $5,200 $8,640 $18,550 $22,360

Engineered Components
Net sales $15,860 $34,690 $51,100 $103,160
Operating profit (loss) $(60) $3,470 $(1,010) $12,520
Operating profit (loss) as a %
of sales -0.4% 10.0% -2.0% 12.1%

Special Items to consider in
evaluating operating profit (loss):

- Severance and business
restructuring costs $(210) $(70) $(380) $(300)

Excluding Special Items,
operating profit (loss)
would have been: $150 $3,540 $(630) $12,820

Cequent
Net sales $96,080 $102,710 $290,070 $352,930
Operating profit $7,220 $4,000 $6,760 $17,930
Operating profit as a % of sales 7.5% 3.9% 2.3% 5.1%

Special Items to consider in
evaluating operating profit (loss):

- Severance and business
restructuring costs $(2,130) $(190) $(7,580) $(190)

Excluding Special Items,
operating profit would have
been: $9,350 $4,190 $14,340 $18,120

Corporate Expenses $(4,540) $(5,060) $(16,800) $(18,200)
Special Items to consider in
evaluating corporate expenses:
- Severance and business
restructuring costs $- $(40) $(2,940) $(1,620)

Excluding Special Items,
corporate expenses would
have been: $(4,540) $(5,020) $(13,860) $(16,580)

Total Company
Net sales $203,730 $260,730 $615,090 $808,160
Operating profit $20,170 $27,520 $40,130 $85,680
Operating profit as a % of sales 9.9% 10.6% 6.5% 10.6%

Total Special Items to consider
in evaluating operating profit: $(2,860) $(710) $(11,760) $(2,970)

Excluding Special Items,
operating profit would have
been: $23,030 $28,230 $51,890 $88,650

Other Data:
- Depreciation and
amortization $10,730 $10,420 $32,410 $31,790
------- ------- ------- -------

- Interest expense $10,760 $13,570 $34,560 $42,160
------- ------- ------- -------

- Gain on extinguishment of
debt, net $1,180 $- $28,250 $-
------ -- ------- --

- Other expense, net $190 $480 $1,710 $3,010
---- ---- ------ ------

Appendix I

TriMas Corporation
Additional Information Regarding Special Items Impacting
Reported GAAP Financial Measures
(Unadited)

Three months ended Three months ended
September 30, 2009 September 30, 2008
------------------ ------------------
(dollars in thousands, except
per share amounts) Income EPS Income EPS
------ --- ------ ---

Income and EPS from continuing
operations, as reported $6,510 $0.19 $8,060 $0.24
====== ===== ====== =====

After-tax impact of Special
Items to consider in evaluating
quality of income and EPS from
continuing operations:
Severance and business
restructuring costs (1,790) (0.05) (420) (0.01)
------ ----- ---- -----

Excluding Special Items, income
and EPS from continuing
operations would have been $8,300 $0.24 $8,480 $0.25
====== ===== ====== =====

After-tax impact of gain on
extinguishment of debt 730 0.02 - -
--- ---- - -

Excluding Special Items and gain
on extinguishment of debt,
income and EPS from continuing
operations would have been $7,570 $0.22 $8,480 $0.25
====== ===== ====== =====

Weighted-average shares
outstanding at September 30,
2009 and 2008 34,007,846 33,469,027
========== ==========

Three months ended Three months ended
September 30, 2009 September 30, 2008
------------------ ------------------
(dollars in thousands, except
per share amounts) Income EPS Income EPS
------ --- ------ ---
Income and EPS from continuing
operations, as reported $19,880 $0.59 $25,360 $0.76
======= ===== ======= =====

After-tax impact of Special
Items to consider in evaluating
quality of income and EPS from
continuing operations:
Severance and business
restructuring costs (7,280) (0.22) (1,860) (0.06)
------ ----- ------ -----

Excluding Special Items, income
and EPS from continuing
operations would have been $27,160 $0.81 $27,220 $0.82
======= ===== ======= =====

After-tax impact of gain on
extinguishment of debt 17,490 0.52 - -
------ ---- - -

Excluding Special Items and gain
on extinguishment of debt,
income and EPS from continuing
operations would have been
Weighted-average shares outstanding
at September 30, 2009 and 2008 33,752,210 33,441,448
========== ==========

Appendix I (cont.)

TriMas Corporation
Additional Information Regarding Special Items Impacting
Reported GAAP Financial Measures
(Unaudited)

Three months ended Nine months ended
September 30, September 30,
------------- --------------
(dollars in thousands) 2009 2008 2009 2008
---- ---- ---- ----

Operating profit from continuing
operations, as reported $20,170 $27,520 $40,130 $85,680
======= ======= ======= =======

Special Items to consider in
evaluating quality of earnings:
Severance and business
restructuring costs $(2,860) $(710) $(11,760) $(2,970)

Excluding Special Items, operating
profit from continuing
operations would have been $23,030 $28,230 $51,890 $88,650
======= ======= ======= =======

Three months ended Nine months ended
September 30, September 30,
------------- -------------
(dollars in thousands) 2009 2008 2009 2008
---- ---- ---- ----

Adjusted EBITDA from continuing
operations, as reported $31,910 $37,170 $99,880 $113,310
======= ======= ======= ========

Special Items to consider in
evaluating quality of earnings:
Severance and business
restructuring costs $(2,290) $(710) $(9,530) $(2,970)

Excluding Special Items, Adjusted
EBITDA from continuing
operations would have been $34,200 $37,880 $109,410 $116,280
======= ======= ======== ========

Gross gain on extinguishment
of debt $1,330 $- $29,390 $-
------ -- ------- --

Excluding Special Items and gain
on extinguishment of debt,
Adjusted EBITDA from continuing
operations would have been $32,870 $37,880 $80,020 $116,280
======= ======= ======= ========

Appendix II

TriMas Corporation
Reconciliation of Non-GAAP Measure Adjusted EBITDA(1) and
Free Cash Flow(2)
(Unaudited)

Three months ended Nine months ended
September 30, September 30,
--------------- -------------
(dollars in thousands) 2009 2008 2009 2008
---- ---- ---- ----
Net income $5,830 $8,320 $11,140 $25,640
Income tax expense 3,420 5,560 6,650 15,310
Interest expense 10,930 13,630 35,050 42,320
Debt extinguishment costs 150 - 1,140 -
Depreciation and amortization 10,580 10,740 33,410 32,440
------ ------ ------ ------

Adjusted EBITDA, total company 30,910 38,250 87,390 115,710

Adjusted EBITDA, discontinued
operations (1,000) 1,080 (12,490) 2,400

------- ------- ------- --------
Adjusted EBITDA, continuing
operations $31,910 $37,170 $99,880 $113,310
Special Items 2,290 710 9,530 2,970
Non-cash gross gain on
extinguishment of debt (1,330) - (29,390) -
Cash interest (3,630) (5,140) (25,460) (32,240)
Cash taxes (2,420) (1,130) (6,730) (6,460)
Capital expenditures (4,430) (6,460) (10,850) (19,630)
Changes in operating working
capital 22,740 (2,440) 43,840 (15,070)
------ ------ ------ -------
Free Cash Flow from operations
before Special Items 45,130 22,710 80,820 42,880
Cash paid for Special Items (2,460) (1,240) (6,910) (1,590)
Net proceeds from sale of business
and other assets 680 1,920 23,100 2,260
--- ----- ------ -----
Free Cash Flow $43,350 $23,390 $97,010 $43,550
======= ======= ======= =======

(1) The Company defines Adjusted EBITDA as net income (loss) before cumulative
effect of accounting change, interest, taxes, depreciation, amortization,
non-cash asset and goodwill impairment write-offs, and non-cash losses on
sale-leaseback of property and equipment. Lease expense and non-recurring
charges are included in Adjusted EBITDA and include both cash and non-cash
charges related to restructuring and integration expenses. In evaluating our
business, management considers and uses Adjusted EBITDA as a key indicator of
financial operating performance and as a measure of cash generating
capability. Management believes this measure is useful as an analytical
indicator of leverage capacity and debt servicing ability, and uses it to
measure financial performance as well as for planning purposes. However,
Adjusted EBITDA should not be considered as an alternative to net income, cash
flow from operating activities or any other measures calculated in accordance
with U.S. GAAP, or as an indicator of operating performance. The definition of
Adjusted EBITDA used here may differ from that used by other companies.

(2) The Company defines Free Cash Flow as Adjusted EBITDA from continuing
operations, plus Special Items and net proceeds from sale of businesses, less
cash paid for interest, taxes and Special Items, capital expenditures, changes
in operating working capital and non-cash (gains) losses on debt
extinguishment. As detailed in Appendix I, for purposes of determining Free
Cash Flow, Special Items, net, include those one-time costs, expenses and
other charges incurred on a cash basis that are included in the determination
of net income (loss) under GAAP and are not added back to net income (loss) in
determining Adjusted EBITDA, but that management would consider important in
evaluating the quality of the Company's Free Cash Flow, as defined.

For more information, contact:
Sherry Lauderback
VP, Investor Relations & Communications
(248) 631-5506
sherrylauderback@trimascorp.com

SOURCE TriMas Corporation

Sherry Lauderback, VP, Investor Relations & Communications of TriMas
Corporation, +1-248-631-5506, sherrylauderback@trimascorp.com