as3-hyphenation is a partial port of the javascript library Hyphenator.js by Mathias Nater (mathias at mnn dot ch), which is also released under GNU LGPL.

Step 1: Initialize hyphenation language

Hyphenator.languages['de'] = new HyphenationPattern_DE();

Step 2: Prepare a text field

var tf:TextField = new TextField();
tf.text = 'Lorem Ipsum dolor....';
tf.width= 200;
tf.wordWrap = true;
tf.autoSize = 'left';

Step 3: Hyphenate the text field

Hyphenator.hyphenateTextField('de', tf);

That's it!

Hyphenator X.Y.Z - client side hyphenation for webbrowsers Copyright (C) 2010 Mathias Nater, Zürich (mathias at mnn dot ch) Project and Source hosted on https://code.google.com/p/hyphenator/