SEC Filing | TriMas Corporation

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TRS_033113_8K



	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0060 Expires: March 31, 2014 Estimated average burden hours per response. . . 5.0
	Washington, D.C. 20549

	FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 25, 2013

TRIMAS CORPORATION

(Exact name of registrant as specified in its charter)



Delaware	001-10716	38-2687639
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)



39400 Woodward Avenue, Suite 130, Bloomfield Hills, Michigan		48304
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (248) 631-5450

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

TriMas Corporation (the “Corporation”) issued a press release and held a teleconference on April 25, 2013, reporting its financial results for the first quarter ending March 31, 2013. A copy of the press release and teleconference visual presentation are attached hereto as exhibits and are incorporated herein by reference. The press release and teleconference visual presentation are also available on the Corporation's website at www.trimascorp.com.

The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Corporation under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are furnished herewith:



Exhibit No.		Description

99.1		Press Release

99.2		The Corporation's visual presentation titled "First Quarter 2013 Earnings Presentation"

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		TRIMAS CORPORATION

Date:	April 25, 2013	By:	/s/ David M. Wathen
		Name:	David M. Wathen
		Title:	Chief Executive Officer

TRS_033113_Exhibit 99.1



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

TRIMAS CORPORATION REPORTS FIRST QUARTER RESULTS

Company Reports Growth in Sales of 14% and Income⁽¹⁾ of 28%

Company Reaffirms 2013 Outlook of $2.15 to $2.25 EPS

BLOOMFIELD HILLS, Michigan, April 25, 2013 - TriMas Corporation (NASDAQ: TRS) today announced financial results for the quarter ended March 31, 2013. The Company reported record first quarter net sales of $337.8 million, an increase of 13.5% compared to first quarter 2012. First quarter 2013 diluted earnings per share attributable to TriMas Corporation was $0.33, as compared to $0.36 during first quarter 2012. Excluding Special Items⁽¹⁾, first quarter 2013 diluted earnings per share would have been $0.44, a 12.8% improvement from $0.39 in first quarter 2012.

TriMas Highlights


•	Reported record first quarter net sales of $337.8 million, an increase of 13.5% as compared to first quarter 2012, due to results from bolt-on acquisitions and the successful execution of numerous growth initiatives.


•	Improved net income attributable to TriMas Corporation⁽¹⁾ by 27.7%, excluding the impact of Special Items, compared to first quarter 2012. Improved diluted earnings per share⁽¹⁾, while absorbing costs related to several acquisitions and approximately 14% higher weighted average shares outstanding for first quarter 2013, as compared to first quarter 2012.


•	Reduced interest expense by more than 50% as compared with first quarter 2012, resulting from a reduction in overall interest rates due to the 2012 redemption of the Company's 9¾% senior notes and the refinancing of the credit facilities.


•	Acquired Martinic Engineering, Inc., a manufacturer of highly-engineered, precision machined, complex parts for aerospace applications, expanding the product offering and customer base for this growing end market.


•	Completed three additional bolt-on acquisitions year to date to expand existing product offerings, gain access to new customers and end markets, expand the geographic footprint internationally, and capitalize on scale and cost efficiencies.


•	Continued to invest in a flexible manufacturing footprint to optimize manufacturing costs long-term, increase capacity, enhance customer service and drive future growth.


•	Expanded geographic reach and related sales into Brazil, China, New Zealand, Singapore, South Africa and Thailand.

"Our first quarter results are as expected with 13.5% sales growth and a 27.7% increase in net income attributable to TriMas Corporation⁽¹⁾compared to first quarter 2012," said David Wathen, TriMas President and Chief Executive Officer. "In addition, we delivered a record first quarter $0.44 in diluted earnings per share⁽¹⁾, while absorbing costs related to several acquisitions and approximately 14% higher weighted average shares outstanding for first quarter 2013, as compared to first quarter 2012. We continued to invest in future growth and productivity programs, and we successfully lowered our interest and tax expenses."

"Our record first quarter sales demonstrates our continued ability to successfully execute on our growth strategies," Wathen continued. "In the midst of an uncertain global economic environment, we continue to identify the bright spots where we believe we can capture growth for our businesses through product innovation, market share gains and geographic expansion. We are making thoughtful decisions to accelerate growth programs that are working, and continue to invest in bolt-on acquisitions where we know we can drive incremental value and customer support. We also remain committed to increasing margins across our businesses. We will continue to launch productivity and Lean programs throughout the organization, improve the margins of our acquired businesses and leverage our flexible manufacturing footprint."

"Looking forward, our full year 2013 view is essentially unchanged from our previous guidance. We remain committed to TriMas' ability to outperform the economy, with expected 2013 sales growth of 6% to 8%, as compared to 2012. We are reaffirming our full year 2013 diluted earnings per share range of $2.15 and $2.25 per share, with the midpoint representing more than 19% EPS growth compared to 2012,” Wathen concluded.

First Quarter Financial Results


•	TriMas reported record first quarter net sales of $337.8 million, an increase of 13.5% as compared to $297.6 million in first quarter 2012. During first quarter, net sales increased in five of the six reportable segments, primarily as a result of additional sales from bolt-on acquisitions, market share gains, new product introductions and geographic expansion as compared to first quarter 2012.

•

The Company reported operating profit of $23.7 million in first quarter 2013. Excluding Special Items⁽¹⁾related to facility consolidation and relocation projects within the Cequent segments, first quarter 2013 operating profit would have been $29.6 million, as compared to $30.4 million during first quarter 2012. First quarter 2013 operating profit and the related margin percentage were impacted by costs related to recent acquisitions including purchase accounting adjustments, higher costs associated with global growth initiatives, new plant and equipment ramp-up costs and higher costs associated with long-term incentive programs, with the majority of these incremental costs included in selling, general and administrative expenses. The Company continued to generate significant savings from capital investments, productivity projects and Lean initiatives, which contributed to the funding of growth initiatives.

•

Excluding noncontrolling interests related to Arminak & Associates, first quarter 2013 net income attributable to TriMas Corporation was $13.2 million, or $0.33 per diluted share, compared to net income attributable to TriMas Corporation of $12.5 million, or $0.36 per diluted share, during first quarter 2012. Excluding Special Items⁽¹⁾, first quarter 2013 net income attributable to TriMas Corporation would have been $17.4 million, an improvement of 27.7%, and diluted earnings per share would have been $0.44, a 12.8% improvement from first quarter 2012, primarily due to lower interest and income tax expenses, while absorbing approximately 14% higher weighted average shares outstanding.

•

The Company reported a Free Cash Flow use (defined as Cash Flow from Operating Activities less Capital Expenditures) of $51.9 million for first quarter 2013, compared to $50.8 million in first quarter 2012. The Company expects to generate between $40 million and $50 million in Free Cash Flow for 2013, while increasing its capital expenditures and working capital investments in acquisitions and future growth and productivity programs.


•	During first quarter 2013, the Company invested $14.0 million in capital expenditures (included in Free Cash Flow above) primarily in support of future growth and productivity opportunities and $28.2 million in bolt-on acquisitions.

Financial Position

As of March 31, 2013, TriMas reported total indebtedness of $506.2 million, as compared to $422.4 million as of December 31, 2012, and $499.1 million as of March 31, 2012. This increase was primarily as a result of the seasonality related to higher working capital levels and the funding of three acquisitions during the first quarter of 2013. TriMas ended the first quarter with $177.3 million of cash and aggregate availability under its revolving credit and accounts receivable facilities.

Business Segment Results⁽²⁾

Packaging - (Consists of Rieke Corporation including Arminak & Associates, Innovative Molding and the foreign subsidiaries of Englass, Rieke Germany, Rieke Italia and Rieke China)

Net sales for first quarter increased 36.9% compared to the year ago period primarily as a result of the acquisition of Arminak in February 2012. Specialty systems product sales unrelated to the acquisition also increased due to additional demand from North American and European dispensing customers. In addition, sales of industrial closures, rings and levers increased, as an increase in North American sales more than offset a decline in European sales resulting from weak economic conditions. Operating profit and the related margin percentage for the quarter increased primarily due to higher sales levels, savings from ongoing productivity initiatives and the impact of acquisition-related costs during the first quarter 2012 which did not recur in the first quarter 2013, partially offset by a less favorable product sales mix, increase in amortization of intangible asset costs related to Arminak and higher selling, general and administrative costs. The Company continues to develop specialty dispensing and closure applications for growing end markets, including personal care, cosmetic, pharmaceutical, nutrition and food/beverage, and expand into complementary products.

Energy - (Consists of Lamons including South Texas Bolt & Fitting, CIFAL, Gasket Vedações Técnicas and Wulfrun)

First quarter net sales increased 8.6% compared to the year ago period primarily due to increases in sales to engineering and construction customers, the acquisitions in Brazil and additional sales generated by newer branches. First quarter operating profit and the related margin percentage decreased primarily due to the continued increase in sales at newer branches and recently acquired businesses, which typically have lower margins as the Company penetrates new markets, higher selling, general and administrative expenses in support of branch expansion, and acquisition costs incurred during the first quarter of 2013. The Company continues to grow its sales and service branch network in support of its global customers. The Company acquired Gasket Vedações Técnicas, a manufacturer of gaskets in Brazil, in January 2013, and Wulfrun Specialised Fasteners Limited, a manufacturer and distributor of specialty bolting and CNC machined components in the United Kingdom, in March 2013.

Aerospace & Defense - (Consists of Monogram Aerospace Fasteners, Martinic Engineering and NI Industries)

Net sales for the first quarter increased 17.4% compared to the year ago period primarily due to the acquisition of Martinic Engineering, a manufacturer of highly-engineered, precision machined, complex parts for aerospace applications, in January 2013. First quarter operating profit and the related margin percentage decreased primarily due to costs related to the acquisition, including purchase accounting adjustments and additional selling, general and administrative costs for Martinic, as well as new equipment and plant ramp-up costs in the aerospace business during the first quarter of 2013. The Company continues to invest in this segment by developing and marketing highly-engineered products for aerospace applications, as well as bidding on new projects for defense customers.

Engineered Components - (Consists of Arrow Engine and Norris Cylinder)

First quarter net sales decreased 6.9% compared to the year ago period primarily due to lower demand for engines, gas compression products and other well-site content related to decreased levels of drilling activity and well completions as compared to first quarter 2012. Sales of industrial cylinders increased primarily due to continued market share gains. First quarter operating profit and the related margin percentage decreased compared to the prior year period primarily due to the decreased sales and lower fixed cost absorption in the engine business, which was partially offset by pricing and productivity improvements in the industrial cylinder business. The Company continues to develop new products and expand its international sales efforts.

Cequent Asia Pacific - (Consists of Cequent operations in Australia, Asia, Europe and Africa)

Net sales for first quarter increased 13.8% compared to the year ago period, primarily due to the July 2012 acquisition of Trail Com and various growth initiatives in Asia and South Africa. First quarter operating profit and the related margin percentage decreased primarily as the profit earned on the higher sales levels was offset by manufacturing inefficiencies associated with the new Australian facility and wind-down of the two former manufacturing facilities, and higher selling, general and administrative expenses. The Company continues to focus on reducing fixed costs and leveraging Cequent's strong brand positions to capitalize on growth opportunities in new markets. Earlier this month, the Company acquired C.P. Witter Limited, a leading manufacturer of highly-engineered towbars and cargo management products located in the United Kingdom.

Cequent Americas - (Consists of Cequent Performance Products and Cequent Consumer Products)

Net sales for first quarter increased 12.6% compared to the year ago period, resulting primarily from increased sales within the original equipment, aftermarket and retail channels, as well as the sales related to the July 2012 acquisition of Engetran in Brazil. First quarter operating profit and the related margin percentage increased compared to the prior year period, excluding the costs incurred related to the relocation of certain production to a lower cost country, as a result of higher sales levels more than offset the less favorable product sales mix and increase in selling, general and administrative expenses in support of growth initiatives. The Company continues to reduce fixed costs and leverage Cequent's strong brand positions and new products for increased market share in the United States and faster growing markets.

2013 Outlook

The Company reaffirmed its expectations for full year 2013. The Company is estimating that 2013 sales will increase 6% to 8% compared to 2012. The Company expects full year 2013 diluted earnings per share from continuing operations to be between $2.15 and $2.25 per share, excluding any current and future events that may be considered Special Items. In addition, the Company expects 2013 Free Cash Flow, defined as Cash Flow from Operating Activities less Capital Expenditures, to be between $40 million and $50 million.

Conference Call Information

TriMas Corporation will host its first quarter 2013 earnings conference call today, Thursday, April 25, 2013, at 10:00 a.m. ET. The call-in number is (888) 503-8169. Participants should request to be connected to the TriMas Corporation first quarter 2013 earnings conference call (Conference ID #1372622). The conference call will also be simultaneously webcast via TriMas' website at www.trimascorp.com, under the "Investors" section, with an accompanying slide presentation. A replay of the conference call will be available on the TriMas website or by dialing (888) 203-1112 (Replay Code #1372622) beginning April 25, 2013 at 3:00 p.m. ET through May 2, 2013 at 3:00 p.m. ET.

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, 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 ended December 31, 2012, 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.

In this release, certain non-GAAP financial measures are used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found at the end of this release. Additional information is available at www.trimascorp.com under the “Investors” section.

About TriMas

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ: TRS) provides engineered and applied products for growing markets worldwide. TriMas is organized into six reportable segments: Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent Asia Pacific and Cequent Americas. TriMas has approximately 5,500 employees at more than 60 different facilities in 17 countries. For more information, visit www.trimascorp.com.


⁽¹⁾	Appendix I details certain costs, expenses and other charges, collectively described as “Special Items,” that are included in the determination of net income attributable to TriMas Corporation under GAAP, but that management would consider important in evaluating the quality of the Company's operating results.


⁽²⁾	Business Segment Results include Operating Profit that excludes the impact of Special Items. For a complete schedule of Special Items by segment, see “Company and Business Segment Financial Information.”

TriMas Corporation

Condensed Consolidated Balance Sheet

(Unaudited - dollars in thousands)



	March 31, 2013		December 31, 2012
Assets
Current assets:
Cash and cash equivalents	$	21,260	$	20,580
Receivables, net	193,160		150,390
Inventories	247,880		238,020
Deferred income taxes	18,270		18,270
Prepaid expenses and other current assets	13,680		10,530
Total current assets	494,250		437,790
Property and equipment, net	194,620		185,030
Goodwill	284,380		270,940
Other intangibles, net	210,970		206,160
Other assets	36,400		31,040
Total assets	$	1,220,620	$	1,130,960
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	22,530	$	14,370
Accounts payable	147,500		158,410
Accrued liabilities	70,340		74,420
Total current liabilities	240,370		247,200
Long-term debt	483,700		408,070
Deferred income taxes	63,150		60,370
Other long-term liabilities	90,570		84,960
Total liabilities	877,790		800,600
Redeemable noncontrolling interests	27,090		26,780
Total shareholders' equity	315,740		303,580
Total liabilities and shareholders' equity	$	1,220,620	$	1,130,960

TriMas Corporation

Consolidated Statement of Income

(Unaudited - dollars in thousands, except per share amounts)



	Three months ended March 31,
	2013			2012
Net sales	$	337,780		$	297,570
Cost of sales	(254,380		)	(218,660		)
Gross profit	83,400			78,910
Selling, general and administrative expenses	(59,650		)	(50,470		)
Net gain (loss) on dispositions of property and equipment	(10		)	300
Operating profit	23,740			28,740
Other expense, net:
Interest expense	(5,210		)	(10,670		)
Other income (expense), net	(2,230		)	(1,640		)
Other expense, net	(7,440		)	(12,310		)
Income before income tax expense	16,300			16,430
Income tax expense	(2,260		)	(4,180		)
Net Income	14,040			12,250
Less: Net income (loss) attributable to noncontrolling interests	860			(240		)
Net income attributable to TriMas Corporation	$	13,180		$	12,490
Basic earnings per share attributable to TriMas Corporation:
Net income per share	$	0.34		$	0.36
Weighted average common shares—basic	39,234,780			34,592,267
Diluted earnings per share attributable to TriMas Corporation:
Net income per share	$	0.33		$	0.36
Weighted average common shares—diluted	39,790,524			35,027,899

TriMas Corporation

Consolidated Statement of Cash Flow

(Unaudited - dollars in thousands)



	Three months ended March 31,
	2013			2012
Cash Flows from Operating Activities:
Net income	$	14,040		$	12,250
Adjustments to reconcile net income to net cash used for operating activities, net of acquisition impact:
(Gain) loss on dispositions of property and equipment	10			(300		)
Depreciation	7,050			6,450
Amortization of intangible assets	5,080			4,200
Amortization of debt issue costs	440			910
Deferred income taxes	(1,640		)	670
Non-cash compensation expense	2,680			1,410
Excess tax benefits from stock based compensation	(910		)	(1,770		)
Increase in receivables	(38,280		)	(33,260		)
Increase in inventories	(3,690		)	(15,040		)
Increase in prepaid expenses and other assets	(3,560		)	(1,000		)
Decrease in accounts payable and accrued liabilities	(18,710		)	(15,550		)
Other, net	(440		)	1,630
Net cash used for operating activities, net of acquisition impact	(37,930		)	(39,400		)
Cash Flows from Investing Activities:
Capital expenditures	(13,950		)	(11,370		)
Acquisition of businesses, net of cash acquired	(28,230		)	(59,190		)
Net proceeds from disposition of assets	520			320
Net cash used for investing activities	(41,660		)	(70,240		)
Cash Flows from Financing Activities:
Proceeds from borrowings on term loan facilities	54,110			36,420
Repayments of borrowings on term loan facilities	(48,840		)	(31,010		)
Proceeds from borrowings on revolving credit and accounts receivable facilities	268,800			180,000
Repayments of borrowings on revolving credit and accounts receivable facilities	(190,800		)	(156,000		)
Distributions to noncontrolling interests	(550		)	—
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(3,530		)	(990		)
Proceeds from exercise of stock options	170			5,490
Excess tax benefits from stock based compensation	910			1,770
Net cash provided by financing activities	80,270			35,680
Cash and Cash Equivalents:
Increase (decrease) for the period	680			(73,960		)
At beginning of period	20,580			88,920
At end of period	$	21,260		$	14,960
Supplemental disclosure of cash flow information:
Cash paid for interest	$	3,900		$	3,080
Cash paid for taxes	$	7,280		$	8,050

TriMas Corporation

Company and Business Segment Financial Information

(Unaudited - dollars in thousands)



	Three months ended March 31,
	2013			2012
Packaging
Net sales	$	74,350		$	54,310
Operating profit	$	14,630		$	9,890

Energy
Net sales	$	54,920		$	50,590
Operating profit	$	5,870		$	6,390

Aerospace & Defense
Net sales	$	20,970		$	17,860
Operating profit	$	3,750		$	4,860

Engineered Components
Net sales	$	46,270		$	49,680
Operating profit	$	5,700		$	7,710

Cequent Asia Pacific
Net sales	$	32,090		$	28,200
Operating profit	$	3,180		$	3,040
Special Items to consider in evaluating operating profit:
Severance and business restructuring costs	$	—		$	720
Excluding Special Items, operating profit would have been	$	3,180		$	3,760

Cequent Americas
Net sales	$	109,180		$	96,930
Operating profit	$	700		$	4,160
Special Items to consider in evaluating operating profit:
Severance and business restructuring costs	$	5,830		$	950
Excluding Special Items, operating profit would have been	$	6,530		$	5,110

Corporate Expenses
Operating loss	$	(10,090	)	$	(7,310	)

Total Company
Net sales	$	337,780		$	297,570
Operating profit	$	23,740		$	28,740
Total Special Items to consider in evaluating operating profit:	$	5,830		$	1,670
Excluding Special Items, operating profit would have been	$	29,570		$	30,410

Appendix I

TriMas Corporation

Additional Information Regarding Special Items Impacting

Reported GAAP Financial Measures

(Unaudited - dollars in thousands, except per share amounts)



	Three months ended March 31,
	2013		2012
Net income, as reported	$	14,040	$	12,250
Less: Net income (loss) attributable to noncontrolling interests	860		(240		)
Net income attributable to TriMas Corporation	13,180		12,490
After-tax impact of Special Items to consider in evaluating quality of net income:
Severance and business restructuring costs	4,200		1,120
Excluding Special Items, net income attributable to TriMas Corporation would have been	$	17,380	$	13,610

	Three months ended March 31,
	2013		2012
Diluted earnings per share attributable to TriMas Corporation, as reported	$	0.33	$	0.36
After-tax impact of Special Items to consider in evaluating quality of EPS:
Severance and business restructuring costs	0.11		0.03
Excluding Special Items, EPS would have been	$	0.44	$	0.39
Weighted-average shares outstanding for the three months ended March 31, 2013 and 2012	39,790,524		35,027,899

finalq12013earningsprese

First Quarter 2013 Earnings Presentation April 25, 2013 NASDAQ • TRS

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 leverage, liabilities imposed by the Company’s debt instruments, market demand, competitive factors, 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, 2012, 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. In this presentation, certain non-GAAP financial measures may be used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found at the end of this presentation or in the first quarter 2013 earnings release available on the Company’s website. Additional information is available at www.trimascorp.com under the “Investors” section. 2

Agenda • Opening Remarks • Financial Highlights • Segment Highlights • Outlook and Summary • Questions and Answers • Appendix 3

Opening Remarks – First Quarter Results • Record Q1 sales of approximately $338 million – up 13.5% compared to Q1 2012 – Positive results from recent bolt-on acquisitions – Investments in new products and higher growth markets showing results • Q1 2013 income(1) increased 28% and EPS(1) increased 13% on 14% higher weighted-average shares outstanding, compared to Q1 2012 • Continued investments in future growth and productivity programs • Short-term cost impact of bolt-on acquisitions – track record of successful acquisitions and synergy attainment • Continued focus on cash flow, working capital and leverage Positive results in light of a challenging global economy. 4 (1) Defined as net income and diluted earnings per share attributable to TriMas Corporation, excluding “Special Items.” “Special Items” for each period are provided in the Appendix.

Current Environment Headwinds • European downturn continues, although “stable” • New geographies take time to penetrate (e.g. Brazil) • Overall industrial production flat to low growth • Growth and customers’ needs create upward pressure on working capital • Inflation in China • Slowing of natural gas drilling 5 No significant changes in environment – we stay focused on “bright spots” and fast reactions to both risks and opportunities. Tailwinds • New product sales across businesses • Aircraft build rates • Global investments in petrochemical plants and refineries • Growth in agriculture and construction markets • Additional sales in Asia for multiple businesses • Global customers want global suppliers with local plants • Recent acquisitions performing to plan; solid pipeline (4 completed YTD) • Relatively stable currencies; commodities softening

Growth focused on faster growing markets; following and aiding our customers. Growth Focused on “Bright Spots” 6 • New specialty dispensing and closure systems for consumer applications • Growth in Asian markets • Bolt-on acquisition synergies (Arminak and Innovative) • New branch ramp-up (U.S. and non-U.S. based) • Growth in specialty and engineered products • Pursuit of opportunities in Brazil; leverage CIFAL and GVT acquisitions • New aircraft development and production ramp-up • Expansion of product range for composite aircraft applications • Global sales expansion, including China • Recent acquisition of Martinic Engineering expands product offering • New cylinder applications (fire suppression, cell phone towers, mining, ISO small high pressure) • Export opportunities • Additional well-site content (electronics, gas compression products) • Natural gas compressor packaging and shale field opportunities • OEM wins for engineered, heavy duty trailer products • Thailand-based automotive OEM wins • Cargo management and towing products share gains at large retailers • Geographic expansion into Brazil, Europe, South Africa and New Zealand New Products New Geographies New Markets Market Share Gains Bolt-on Acquisitions

Margin Initiatives • Lean initiatives in all businesses and corporate • Capex for productivity • New suppliers for high-spec material • Plant consolidation and relocation • Manufacturing yield improvement • Insource/outsource decisions Multiple, additive tactics for ongoing improvement. 7 • Pricing • Redesigns (content, material) • Feature additions • Insource/outsource decisions • Exits of less profitable products/customers possible Overall Product Line and Customer/Account Reviews

Financial Highlights

First Quarter Summary • Sales increased 13.5% as compared to Q1 2012 – sales increased in five of six segments • Investments in bolt-on acquisitions, new products and geographic expansion driving positive results • Productivity efforts contributed to funding growth initiatives • Operating profit was negatively impacted by acquisition-related costs and costs related to facility consolidation and relocation projects • Q1 income(1) and EPS(1) increased 28% and 13%, respectively, while absorbing costs related to acquisitions and taking into account 14% higher weighted average shares compared to Q1 2012 • Lower interest expense and a reduced tax rate had a positive effect 9 (1) Defined as net income and diluted earnings per share attributable to TriMas Corporation, excluding “Special Items.” “Special Items” for each period are provided in the Appendix. (2) Free Cash Flow is defined as Cash Flows from Operating Activities less Capital Expenditures. (Unaudited, $ in millions, except per share amounts) Q1 2013 Q1 2012 % Chg Revenue 337.8$ 297.6$ 13.5% Operating Profit 23.7$ 28.7$ -17.4% Excl. Special Items (1), Operating Profit would have been: 29.6$ 30.4$ -2.8% Excl. Special Items (1), Operating Profit Margin would have been: 8.8% 10.2% -140 bps Ne Income 14.0$ 12.3$ 14.6% N t Income attributable to TriMas Corporation (1) 13.2$ 12.5$ 5.5% Excl. Special Items (1), Net Income attributable to TriMas Corporation would have been: 17.4$ 13.6$ 27.7% Diluted Earnings Per Share attributable to TriMas Corporation 0.33$ 0.36$ -8.3% Excl. Special Items (1), Diluted Earnings Per Share attributable to TriMas Corporation would have been: 0.44$ 0.39$ 12.8% Free Cash Flow (2) (51.9)$ (50.8)$ -2.2% Total Debt 506.2$ 499.1$ 1.4%

10 ($ in millions) Capitalization Total Debt and Leverage Ratio (including A/R Facility) Comments: • Reduced interest expense by $5.5 million in Q1 2013 as compared to Q1 2012, due to debt restructuring efforts • Q1 2013 leverage ratio of 2.70x as compared to 2.68x as of Q1 2012 • Higher debt level due to seasonality of working capital, as well as closing on three acquisitions – expect to be highest point for the year • Continued focus on deleveraging over time As of March 31, 2013, TriMas had $177.3 million of cash and available liquidity under its revolving credit and accounts receivable facilities. $754 $657 $630 $515 $495 $470 $422 $506 1x 2x 3x 4x 5x 6x $200 $300 $400 $500 $600 $700 $800 Leve ra ge R ati o To tal D e b t Total Indebtedness Leverage

Segment Highlights

Packaging Q1 2013 Results: • Sales increased primarily as a result of the Arminak acquisition in February 2012 and specialty systems product sales gains — Increases in North America business unrelated to acquisitions more than offset declines in Europe • Operating profit increased primarily due to higher sales, ongoing productivity initiatives and one-time acquisition costs in Q1 2012 that did not recur in Q1 2013 • Margins impacted by less favorable product sales mix — Arminak and Innovative Molding businesses have lower margins than the rest of business – continuing plans to improve margins over time — Decrease in high margin European industrial closure sales ($ in millions) Key Initiatives: • Target specialty dispensing and closure products in higher growth end markets — Beverage, cosmetic, food, nutrition, personal care and pharmaceutical • Increase focus on Asian market and cultivate other geographic opportunities • Further integrate bolt-on acquisitions into global sales network, while growing margins • Provide customized solutions focused on customer needs, differentiation and delivery speed • Increase low cost country sourcing and expand and utilize flexible manufacturing footprint • Ensure new products continue to have barriers to entry 12 Net Sales $54.3 $74.4 Q1 2012 Q1 2013 36.9% Operating Profit $9.9 $14.6 Q1 2012 Q1 2013 47.9%

Energy ($ in millions) Q1 2013 Results: • Sales increased as a result of incremental sales to the engineering and construction market, recent bolt-on acquisitions and additional sales generated by newer branches • Operating profit and margin decreased due to costs related to acquisitions, continued increases in sales at newer branches and recently acquired businesses which typically have lower margins, and higher SG&A in support of branch expansion • Acquired Gasket Vedações Técnicas, a manufacturer of gaskets in Brazil, in January 2013, and Wulfrun Specialised Fasteners, a manufacturer and distributer of specialty bolts and CNC machined components in the United Kingdom, in March 2013 Key Initiatives: • Replicate U.S. branch strategy – expand business capabilities with major customers globally • Execute on growth initiatives in Brazil and other emerging markets • Increase sales of highly-engineered specialty products • Maximize supply chain for cost and delivery • Improve margins through successful ramp-up of new branches and acquisitions 13 Net Sales $50.6 $54.9 Q1 2012 Q1 2013 8.6% Operating Profit $6.4 $5.9 Q1 2012 Q1 2013 -8.1%

Aerospace & Defense Key Initiatives: • Expand aerospace fastener product lines to increase content and applications per aircraft • Leverage positive end market trends including composite aircraft and robotic assembly • Capture incremental opportunities in emerging markets • Drive ongoing Lean initiatives to lower working capital and reduce costs • Integrate Martinic Engineering; consider other complementary bolt-on acquisitions • Bid on new defense projects ($ in millions) Q1 2013 Results: • Sales increased in the aerospace business primarily as a result of the acquisition of Martinic Engineering in Q1 which expands our content on aircrafts • Defense business sales increased slightly • Aircraft frame manufacturers continue to ramp-up build rates with growth in backlog • Operating profit and margin decreased due to costs related to the acquisition including purchase accounting adjustments, as well as new equipment and plant ramp-up costs in the aerospace business 14 Operating Profit $4.9 $3.8 Q1 2012 Q1 2013 -22.8% Net Sales $17.9 $21.0 Q1 2012 Q1 2013 17.4%

Engineered Components ($ in millions) Key Initiatives: • Expand complementary product lines at well-site and grow compression products – product diversification decreases cyclicality • Grow products to support the shift toward increased use of natural gas and production in shale formations • Expand into new markets for cylinder business • Continue to expand product offering and geographies • Continue to improve working capital turnover Q1 2013 Results: • Sales of engines, compressors and other well-site content decreased due to reduced levels of drilling and natural gas well completions; sales of industrial cylinders increased primarily due to market share gains • Operating profit and related margin declined due to decreased sales levels and lower fixed cost absorption in the engine business, partially offset by pricing and productivity improvements in the industrial cylinder business 15 Net Sales $49.7 $46.3 Q1 2012 Q1 2013 -6.9% Operating Profit $7.7 $5.7 Q1 2012 Q1 2013 -26.1%

Cequent (Asia Pacific & Americas) ($ in millions) $46.4 Q1 2013 Results: • Sales in Americas increased primarily due to higher sales within the OE, aftermarket and retail channels, as well as the July 2012 acquisition in Brazil • Americas operating profit and margin(1) increased due to higher sales levels • Asia Pacific sales increased due to the acquisition of Trail Com and growth initiatives in Asia and South Africa • Asia Pacific operating profit and margin(1) decreased as profit from higher sales volumes was offset by additional costs related to the plant consolidation ramp-up Key Initiatives: • Leverage full product line and strong brands for market share and cross-selling • Expand sales in new growing geographies • Continue to improve utilization of flexible manufacturing footprint in Thailand and Mexico • Integrate opportunistic, bolt-on acquisitions to capture synergies and support global customers • Continue to reduce fixed costs and simplify the businesses for better customer service and operating effectiveness • Continue to reduce working capital requirements Asia Pacific Americas 16 Asia Pacific Americas (1) Excluding “Special Items” for each period which are provided in the Appendix. $32.1 $109.2 Net Sales $28.2 $96.9 Q1 2012 Q1 2013 $125.1 $141.3 12.9% $3.2 $6.5 Operating Profit (1) $3.8 $5.1 Q1 2012 Q1 2013 $9.7 9.5% $8.9

Q1 Summary • Organic growth achieved through product innovation, geographic expansion and market share gains • Active on bolt-on acquisition front – acquisitions on plan with future opportunities for enhanced synergies and growth • Generated double-digit earnings growth • Continuous productivity initiatives fund investments for long-term growth • Continued focus on margins, cash flow, working capital and leverage Continue momentum to drive positive results. 17

Outlook and Summary

2013 Outlook Reaffirmed Outlook as of 4/25/13 Comments Sales Growth 6% to 8% Recent acquisitions increase growth expectations to higher end of range Earnings Per Share, diluted(1) $2.15 to $2.25 Midpoint of 2013 EPS outlook represents a more than 19% increase as compared to 2012 Free Cash Flow(2) $40 to $50 million On track for year; seasonal FCF generation (1) Defined as diluted earnings per share attributable to TriMas Corporation, excluding “Special Items.” (2) Defined as Cash Flow from Operating Activities less Capital Expenditures. 2013 outlook in line with our strategic aspirations. 19

Strategic Aspirations Strategic aspirations are the foundation for the future. 20 • Generate high single-digit top-line growth • Invest in growing end markets through new products, global expansion and acquisitions • Drive 3% to 5% total gross cost productivity gains annually – utilize savings to fund growth • Grow earnings faster than revenue growth • Continue to decrease leverage ratio • Strive to be a great place to work

Strategic Plan Drivers 21 Middle Class/Globalization •Growing global middle class - 4.7% CAGR projected(1) •North America & Europe middle class - relatively flat(1) •Support customers in emerging and faster growing markets •Support global customers with local capability and global reach Energy Efficiency/Environmental •Fuel efficient aircraft •Petrochemical conversions and new drilling, pumping, measurement and compression methods • Smaller, fuel efficient vehicles require new towing and cargo management equipment •Environmentally-friendly dispensing solutions and new innovations focused on dispensing concentrated materials Primary drivers for revenue and earnings growth well above average GDP. (1)Source: Wolfensohn Center for Development

Strategic Plan Key Takeaways (2014 – 2016) • 2014 – 2016 plan meets TriMas’ ongoing strategic aspirations for growth, productivity, earnings and balance sheet improvements • Each TriMas business has identified achievable growth plans via product and geographic expansion, as well as acquisitions • Multi-year capacity ramp-up in packaging and aerospace businesses • Cequent becomes global competitor with appropriate upsides • Energy substantially completes footprint expansion and optimizes for margin improvements Outgrow our peers in revenue and earnings. 22

TriMas Value Proposition Growth > End Markets Clear goals, high-performance teams and streamlined processes drive enhanced results. 23 • Multiple projects in all businesses • Geographic • Product • Customer penetration • Acquisitions • Services Stability • Energy • Aerospace • Industrial • Consumer • Agricultural • Geographic diversity • Customer diversity Funds Growth & Margin Expansion • Rationalization • Optimization of global supply chain • Lean initiatives and kaizen events • Best cost position • Purchasing & manufacturing efficiencies • Non-operational efficiencies • Earnings growth > sales growth • Strong cash flow dynamics • Deleverage • Increased return on capital Balanced Portfolio Productivity Growth Opportunities Increased Enterprise Value

Questions & Answers

Appendix

Condensed Consolidated Balance Sheet (Unaudited, dollars in thousands) 26 March 31, December 31, 2013 2012 Assets Current assets: Cash and cash equivalents …………………………………………...……………………………………….21,260$ 20,580$ Receivables, net………………………………………………….………………………….. 193,160 150,390 Inventories .……………………………………………...……………………………………………………...247,880 238,020 Deferred income taxes …………………………………….……………………………………………………………………18,270 18,270 Prepaid expenses and other current assets ..……….………………….……………………………………………………13,680 10,530 Total current assets ………………………………...……….……………………………………………….. 494,250 437,790 Property and equipment, net ..……………………..…………………………………………194,620 185,030 Goodwill …………………………………………………………………………………………………284,380 270,940 Other intangibles, net ……………………………………………………………………….210,970 206,160 Other assets ...………………………………………………………………………………..36,400 31,040 Total assets …………………………………………………………………………………..1,220,620$ 1,130,960$ Liabilities and Shareholders' Equity Current liabilities: Current maturities, long-term debt ……………………...………………………………………………..22,530$ 14,370$ Accounts payable….…………………………………………….……………………………..147,500 158,410 Accrued liabilities ..………………………………………………….……………………………….70,340 74,420 Total current liabilities ……………………………………...………………………………..240,370 247,200 Long-term debt ………………………………………………..……………………………………483,700 408,070 Deferred income taxes ……………………………………………..…………………………….63,150 60,370 Other long-term liabilities ……………………………………….………………………………………90,570 84,960 Total liabilities …………………………………………………..…………………………………….877,790 800,600 Redeemable noncontrolling interests…………………………………………………..…………………………………….27,090 26,780 Total shareholders' equity …………………………………………..………………….315,740 303,580 Total liabilities and shareholders' equity …………………………….……………………1,220,620$ 1,130,960$

Capitalization 27 (Unaudited, dollars in thousands) As of March 31, 2013, TriMas had $177.3 million of cash and available liquidity under its revolving credit and accounts receivable facilities. March 31, December 31, 2013 2012 Cash and Cash Equivalents……………………………..………………… 21,260$ 20,580$ U.S. bank debt and receivables facilities……………………………….. 495,030 417,500 Non-U.S. bank debt and other………………………..….. 11,200 4,940 506,230 422,440 Total Debt………………………...………………………...………………………… 506,230$ 422,440$ Key Ratios: Bank LTM EBITDA……………………………………………………………………………….……………………………………… 194,480$ 191,710$ Interest Coverage Ratio………………………………………………………………… 6.71 x 5.68 x Leverage Ratio…………………………………………………………………... 2.70 x 2.30 x Bank Covenants: Minimum Interest Coverage Ratio………………………………………………………………… 3.00 x 3.00 x Maximum Leverage Ratio………………………………………………………………………………… 3.50 x 3.50 x

Consolidated Statement of Income (Unaudited, dollars in thousands, except for per share amounts) 28 2013 2012 Net sales.................................................................................... 337,780$ 297,570$ Cost of sales............................................................................... (254,380) (218,660) Gross profit.............................................................................. 83,400 78,910 Selling, general and administrative expenses.................................. (59,650) (50,470) Net gain (loss) on dispositions of property and equipment................ (10) 300 Operating profit......................................................................... 23,740 28,740 Other expense, net:..................................................................... Interest expense....................................................................... (5,210) (10,670) Other income (expense), net...................................................... (2,230) (1,640) Other expense, net................................................................ (7,440) (12,310) Income before income tax expense................................................ 16,300 16,430 Income tax expense..................................................................... (2,260) (4,180) Net income.................................................................................. 14,040 12,250 Less: Net income (loss) attributable to noncontrolling interests........ 860 (240) Net income attributable to TriMas Corporation................................. 13,180$ 12,490$ Earnings per share attributable to TriMas Corporation - basic: Net income per share…………………………………...……………… 0.34$ 0.36$ Weighted average common shares - basic …………………………...………………….….. 39,234,780 34,592,267 Earnings per share attributable to TriMas Corporation - diluted: Net income per share…………………………………...………………… 0.33$ 0.36$ Weighted average common shares - diluted …………………………...………………….….. 39,790,524 35,027,899 March 31, Three months ended

Consolidated Statement of Cash Flow (Unaudited, dollars in thousands) 29 2013 2012 Cash Flows from Operating Activities: Net income..................................................................................................................... 14,040$ 12,250$ Adjustments to reconcile net income to net cash used for operating activities, net of acquisition impact: (Gain) loss on dispositions of property and equipment...................................................... 10 (300) Depreciation................................................................................................................. 7,050 6,450 Amortization of intangible assets................................................................................... 5,080 4,200 Amortization of debt issue costs.................................................................................... 440 910 Deferred income taxes.................................................................................................. (1,640) 670 Non-cash compensation expense.................................................................................. 2,680 1,410 Excess tax benefits from stock based compensation....................................................... (910) (1,770) Increase in receivables.................................................................................................. (38,280) (33,260) Increase in inventories................................................................................................... (3,690) (15,040) Increase in prepaid expenses and other assets............................................................... (3,560) (1,000) Decrease in accounts payable and accrued liabilities....................................................... (18,710) (15,550) Other, net.................................................................................................................... (440) 1,630 Net cash used for operating activities, net of acquisition impact..................................... (37,930) (39,400) Cash Flows from Investing Activities: Capital expenditures..................................................................................................... (13,950) (11,370) Acquisition of businesses, net of cash acquired.............................................................. (28,230) (59,190) Net proceeds from disposition of assets......................................................................... 520 320 Net cash used for investing activities........................................................................... (41,660) (70,240) Cash Flows from Financing Activities: Proceeds from borrowings on term loan facilities............................................................. 54,110 36,420 Repayments of borrowings on term loan facilities............................................................. (48,840) (31,010) Proceeds from borrowings on revolving credit and accounts receivable facilities.................. 268,800 180,000 Repayments of borrowings on revolving credit and accounts receivable facilities................. (190,800) (156,000) Distributions to noncontrolling interests.......................................................................... (550) - Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations…………..………...…….………………….....………………………………………. (3,530) (990) Proceeds from exercise of stock options........................................................................ 170 5,490 Excess tax benefits from stock based compensation....................................................... 910 1,770 Net cash provided by financing activities...................................................................... 80,270 35,680 Cash and Cash Equivalents: Increase (decrease) for the period.................................................................................. 680 (73,960) At beginning of period................................................................................................... 20,580 88,920 At end of period......................................................................................................... 21,260$ 14,960$ Supplemental disclosure of cash flow information: Cash paid for interest................................................................................................. 3,900$ 3,080$ Cash paid for taxes.................................................................................................... 7,280$ 8,050$ Three months ended March 31,

Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures 30 2013 2012 Net income, as reported………………………………………………..………………….. 14,040$ 12,250$ Less: Net income (loss) attributable to noncontrolling interests…………………………………. 860 (240) Net income attributable to TriMas Corporation……………………………………………………………….. 13,180 12,490 After-tax impact of Special Items to consider in evaluating quality of net income: Severance and business restructuring costs………………………………………………………. 4,200 1,120 Excluding Special Items, net income attributable to TriMas Corporation would have been……………………………………………………………………….. 17,380$ 13,610$ 2013 2012 Diluted rnings per share attributable to TriMas Corporation, as reported………………………………………………………………………..……………………………………………. 0.33$ 0.36$ After-tax impact of Special Items to consider in evaluating quality of EPS: Severance and business restructuring costs……………………………………………………………… 0.11 0.03 Excluding Special Items, EPS would have been…………………………………………………. $ 0.44 $ 0.39 Three months ended March 31, Three months ended March 31, (Unaudited, dollars in thousands, except for per share amounts)

Company and Business Segment Financial Information 31 (Unaudited, dollars in thousands) Three months ended 2013 2012 Packaging Net sales 74,350$ 54,310$ Operating profit 14,630$ 9,890$ Energy Net sales 54,920$ 50,590$ Operating profit 5,870$ 6,390$ Aerospace & Defense Net sales 20,970$ 17,860$ Operating profit 3,750$ 4,860$ Engineered Components Net sales 46,270$ 49,680$ Operating profit 5,700$ 7,710$ Cequent Asia Pacific Net sales 32,090$ 28,200$ Operating profit 3,180$ 3,040$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs -$ 720$ Excluding Special Items, operating profit would have been 3,180$ 3,760$ Cequent Americas Net sales 109,180$ 96,930$ Operating profit 700$ 4,160$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs 5,830$ 950$ Excluding Special Items, operating profit would have been 6,530$ 5,110$ Corporate Expenses Operating loss (10,090)$ (7,310)$ Total Company Net sales 337,780$ 297,570$ Operating profit 23,740$ 28,740$ Total Special Items to consider in evaluating operating profit 5,830$ 1,670$ Excluding Special Items, operating profit would have been 29,570$ 30,410$ March 31,

LTM Bank EBITDA as Defined in Credit Agreement 32 (Unaudited, dollars in thousands) Net income attributable to TriMas Corporation for the twelve months ended March 31, 2013 ………………………………………………………...……………………….. 34,570$ Net income attributable to partially-owned subsidiaries…….………………………………………………………………………. 3,510 Interest expense, net (as defined)…………………….…………………………………………………………………………….. 30,340 Income tax expense.……………………………….……………………………………………………………………………………… 4,050 Depreciation and amortization……………………………...………………………………………………………………………. 46,350 Non-cash compensation expense………………….…………………..…………………………………………………………. 10,550 Other non-cash expenses or losses………………………………………………………………………………….. 3,420 Non-recurring expenses or costs in connection with acquisition integration………………...…………………………………………………………… 440 Debt extinguishment costs……………………...………………………………………………………………… 46,810 Non- ecurri g expenses or costs for cost saving projects…………………………………………………………………. 14,230 Permitted acquisitions……………………………………………………………………………………………………………. 5,260 EBITDA of partially-owned subsidiaries attributable to noncontrolling interest……………………………………….. (5,050) Bank EBITDA - LTM Ended March 31, 2013 (1)…………………………………………………………………………………………… 194,480$ (1) As defined in the Credit Agreement dated October 11, 2012.