Exhibit 99.1
Graham Corporation 20 Florence Avenue Batavia, NY 14020
IMMEDIATE RELEASE
Graham Corporation Reports 252% Increase in Net Income on
55% Growth in Sales for Second Quarter Fiscal Year 2006
| • |
|
Gross margin improves to 33% from 11% |
| |
| • |
|
Earnings per share more than triple to $0.36 from $0.11 |
| |
| • |
|
First half bookings of $33.3 million |
BATAVIA, NY, November 1, 2005 – Graham Corporation (AMEX: GHM), a designer,
manufacturer, and global supplier of ejectors, pumps, condensers, vacuum systems and heat
exchangers for the oil refining, petrochemical and power generation industries, today reported
results for its second quarter ended September 30, 2005. Net sales for the second quarter of $14.0
million were up $5.0 million, or 55%, from sales of $9.1 million in the same quarter last year.
Net income was $1.4 million in the quarter compared with $383 thousand in the same prior year
period, a 252% increase, while diluted earnings per share grew to $0.36 from $0.11.
Gross margin for the second quarter was 33%, up from 10.5% in the second quarter of the previous
fiscal year and 28.4% in the first quarter of this fiscal year. Due to the continued high demand
for condenser and ejector systems, particularly in Canada, Asia and the Middle East, higher sales
volume of engineered systems and improved selling prices had a positive impact on gross margin.
William C. Johnson, President and CEO of Graham Corporation commented, “The sales potential for our
condenser and ejector systems is significant and reflects expansions and facility enhancements in
oil refineries and petrochemical production plants worldwide. Based on industry-wide backlog
trends of engineering and procurement contractors, which manage refinery and petrochemical
projects, as well as industry growth expectations indicated by the record number of shipyard orders
for large crude oil and other oceanic vessels, we anticipate market demand could be sustained for
several years. Based on our review of industry publications, we believe that there are over 100
global refinery and petrochemical projects planned for development over the next five years.”
Net sales in the second quarter were approximately 51% to oil refinery projects, 16% to chemical
and petrochemical projects and 15% to power projects. The remaining 18% of net sales were for
other industrial or commercial applications. Approximately 10% of net sales were from the sale of
Graham’s heat exchanger products which include the Heliflow®, MicroMix and plate-type heat
exchangers that are sold primarily through distributors and independent representatives.
International sales in the second quarter were 50% of total sales. Exports to Canada, Asia and the
Middle East were up 47% over the same period last year.
For the three months ended September 30, 2005, selling, general and administrative expenditures
increased 32%, or $621 thousand, compared with the same period last year. Included in the increase
were approximately $475 thousand in consulting fees associated with strategic planning and
operational restructuring, costs for the implementation of section 404 of the Sarbanes Oxley Act,
and the addition of sales personnel in Europe and China. Operating margin improved to 14.8% from 6.8% in the second quarter of
the prior fiscal year and 9.2% in the first quarter of fiscal year 2006.
- MORE -
Graham Corporation Reports 252% Increase in Net Income on 55% Growth in Sales
for Second Quarter Fiscal Year 2006
November 1, 2005
“Operationally, our margins have expanded early in our cycle to historical levels. Most of this
improvement resulted from a combination of volume and pricing. We are also investing heavily in
our technology infrastructure to increase engineering and production efficiencies and capacity to
continue providing the timely, quality service our customers expect, even during this very strong
demand cycle. We could see cost challenges with rising energy and material costs which may impact
gross margins if we are not able to pass these on to the market. Nonetheless, we believe our
highly skilled personnel coupled with automated processes provide a competitive advantage that will
enable us to maintain our command of the vacuum systems market in the oil refinery and
petrochemical industries.” Mr. Johnson added.
Net cash generated by operating activities was $1.87 million for the three months ended September
30, 2005, and $7.7 million for the first six months of fiscal year 2006, compared with net cash
used by continuing operations of $1.8 million during the first six months last fiscal year. Higher
profits and a reduction in working capital, due to reduced inventories and accounts receivable and
increased customer deposits, contributed to this increase.
Capital expenditures for the quarter were $399 thousand compared with $13 thousand in the second
quarter last year. Total capital expenditures of $2 million are expected for fiscal year 2006 for
continued lean manufacturing initiatives, information technology and engineering software
enhancements. Approximately $434 thousand of additional capital has been committed as of the end
of the quarter.
On July 28, 2005, Graham’s Board of Directors declared a two-for-one stock split of the common
shares. The two-for-one stock split was effected as a stock dividend, and stockholders received
one additional share of common stock for every share of common stock held on the record date of
September 1, 2005. The new common shares were distributed on October 3, 2005.
Six-Month Review
Net sales for the first half of fiscal 2006 were $25.8 million, up 48% from net sales of $17.4
million for the first half of fiscal 2005. Gross margins for the six-month periods ended September
30, 2005 and 2004 were 31% and 10%, respectively. Net income and diluted earnings per share for
the first half of fiscal 2006 were $2.1 million and $0.56, respectively. This represents an
increase of $2.6 million and $0.74 per share over the net loss for the first half of the prior
fiscal year.
Outlook
Orders received in the second quarter of fiscal 2006 were $12.8 million compared with $9.1 million
in the second quarter of fiscal 2005, a 41% increase. Export orders increased 88% when compared
with the same quarter last year, while domestic orders were up 22%. Of the orders received in the
second fiscal quarter, approximately 47% were for refinery projects, 27% were associated with
chemical and petrochemical facilities, 6% were power related, and 20% were for other industrial and
commercial applications. Orders received in the first six months of fiscal 2006 were $33.3 million,
a 47% increase over orders received during the first half of fiscal 2005.
Due to the timing of the release of orders by customers, the trend of bookings from
quarter-to-quarter is not reflective of the future sales potential for Graham. Rather, Graham
believes that a six to 12-month perspective of orders received provides a better indication of
demand trends.
As of September 30, 2005, backlog was $30.0 million compared with $18.9 million at September 30,
2004, a 59% increase. Approximately 41% of the backlog can be attributed to equipment for refinery
work, 33% to chemical and petrochemical projects, 14% to power generation projects and 12% to a
variety of other industrial and commercial applications.
Mr. Johnson added, “Our strategy for growth is to maximize the opportunities of the current cycle
and to increase our market share in the Asian and Middle East regions. We believe our core
competence is in our ability to engineer vacuum systems and see the potential to expand this
expertise in Asia. The growth of Asia and the Middle East regions provide excellent opportunities
for Graham.”
2
Graham Corporation Reports 252% Increase in Net Income on 55% Growth in Sales
for Second Quarter Fiscal Year 2006
November 1, 2005
Graham also reaffirms its prior guidance that anticipated sales in Fiscal Year 2006 are expected to
be in the range of $55 to $60 million.
Webcast and Conference Call
Graham’s senior management team will host a conference call and webcast on November 1, 2005 at
10:00 a.m. eastern time to discuss Graham’s second quarter performance. The webcast can be
accessed at www.graham-mfg.com. Participants should go to the website approximately 10 to 15
minutes prior to the scheduled conference in order to register and download any necessary audio
software. The teleconference can be accessed by calling (877) 407-9039 approximately 5 to 10
minutes prior to the call.
A replay of the call will be available through November 8, 2005 at 11:59 p.m. eastern time at
(877) 660-6853, by entering account number 3055 and conference ID number 172838. An archive of the
webcast and a transcript of the teleconference will also be available at www.graham-mfg.com.
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat transfer technology, Graham
Corporation is a designer, manufacturer and global supplier of ejectors, pumps, condensers, vacuum
systems and heat exchangers. Over the past 70 years, Graham has built a reputation for top
quality, reliable products and high-standards of customer service. Sold either as components or
complete system solutions, the principle markets for Graham’s equipment are the petrochemical, oil
refining and electric power generation industries, including cogeneration and geothermal plants.
Graham equipment can be found in diverse applications, such as metal refining, pulp and paper
processing, ship-building, water heating, refrigeration, desalination, food processing, drugs,
heating, ventilating and air conditioning.
Graham’s reach spans the globe. Its equipment is installed in facilities from North and South
America to Europe, Asia, Africa and the Middle East. More information regarding Graham can be
found at its website: www.graham-mfg.com
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,”
“believes,” “could,” and other similar words. All statements addressing operating performance,
events, or developments that Graham expects or anticipates will occur in the future, including
statements relating to the Graham’s anticipated revenues, foreign sales operations, its strategy to
build its global sales representative channel, the effectiveness of automation in expanding its
engineering capacity, its ability to improve cost competitiveness, customer preferences and changes
in market conditions in the industries in which Graham operates are forward-looking statements.
Because they are forward-looking, they should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties are more fully described in Graham’s Annual and
Quarterly Reports filed with the Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of Graham’s underlying assumptions prove
incorrect, actual results may vary materially from those currently anticipated. In addition, undue
reliance should not be placed on Graham’s forward-looking statements. Except as required by law,
Graham disclaims any obligation to update or publicly announce any revisions to any of the
forward-looking statements contained in this press release.
For more information contact:
J. Ronald Hansen, Vice President — Finance and Administration, and CFO
Phone: (585) 343-2216 Email: rhansen@graham-mfg.com
- -OR-
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908 Email: dpawlowski@keiadvisors.com
TABLES FOLLOW.
3
Graham Corporation Reports 252% Increase in Net Income on 55% Growth in Sales
for Second Quarter Fiscal Year 2006
November 1, 2005
Graham Corporation Second Quarter FY 2006
Consolidated Statements of Operations and Retained Earnings
(Dollar amounts in thousands except per share data)
(Unaudited)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2005 |
|
|
2004 |
|
|
2005 |
|
|
2004 |
|
Net sales |
|
$ |
14,044 |
|
|
$ |
9,071 |
|
|
$ |
25,793 |
|
|
$ |
17,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost, expenses and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
|
9,415 |
|
|
|
8,118 |
|
|
|
17,826 |
|
|
|
15,618 |
|
Selling, general and administrative |
|
|
2,547 |
|
|
|
1,926 |
|
|
|
4,800 |
|
|
|
3,887 |
|
Other income |
|
|
— |
|
|
|
(1,592 |
) |
|
|
— |
|
|
|
(1,592 |
) |
Interest expense |
|
|
4 |
|
|
|
5 |
|
|
|
9 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs, expenses and other income |
|
|
11,966 |
|
|
|
8,457 |
|
|
|
22,635 |
|
|
|
17,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes |
|
|
2,078 |
|
|
|
614 |
|
|
|
3,158 |
|
|
|
(571 |
) |
Provision (benefit) for income taxes |
|
|
728 |
|
|
|
222 |
|
|
|
1,105 |
|
|
|
(214 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
|
1,350 |
|
|
|
392 |
|
|
|
2,053 |
|
|
|
(357 |
) |
Loss from discontinued operations (net of income tax
benefit of $11 and $112 for the three and six-month periods
ended September 30, 2004, respectively) |
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(237 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
1,350 |
|
|
|
383 |
|
|
|
2,053 |
|
|
|
(594 |
) |
Retained earnings at beginning of period |
|
|
14,699 |
|
|
|
16,262 |
|
|
|
14,082 |
|
|
|
17,322 |
|
Dividends |
|
|
(91 |
) |
|
|
(83 |
) |
|
|
(177 |
) |
|
|
(166 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at end of period |
|
$ |
15,958 |
|
|
$ |
16,562 |
|
|
$ |
15,958 |
|
|
$ |
16,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
.38 |
|
|
$ |
.12 |
|
|
$ |
.58 |
|
|
$ |
(.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
.38 |
|
|
$ |
.11 |
|
|
$ |
.58 |
|
|
$ |
(.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
.36 |
|
|
$ |
.12 |
|
|
$ |
.56 |
|
|
$ |
(.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
.36 |
|
|
$ |
.11 |
|
|
$ |
.56 |
|
|
$ |
(.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding: |
|
|
3,721 |
|
|
|
3,403 |
|
|
|
3,657 |
|
|
|
3,354 |
|
Graham Corporation Reports 252% Increase in Net Income on 55% Growth in Sales
for Second Quarter Fiscal Year 2006
November 1, 2005
Graham Corporation Second Quarter FY 2006
Consolidated Balance Sheets
(Dollar amounts in thousands except per share data)
(Unaudited)
(Dollar amounts in thousands, except per share data)
| |
|
|
|
|
|
|
|
|
| |
|
September 30, |
|
|
March 31, |
|
| |
|
2005 |
|
|
2005 |
|
| |
|
(Unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
743 |
|
|
$ |
724 |
|
Investments |
|
|
8,451 |
|
|
|
1,993 |
|
Trade accounts receivable, net of allowances
($30 and $28 at September 30 and March 31, 2005, respectively) |
|
|
6,297 |
|
|
|
10,026 |
|
Unbilled revenue |
|
|
4,215 |
|
|
|
3,620 |
|
Inventories, net |
|
|
4,178 |
|
|
|
4,823 |
|
Domestic and foreign income taxes receivable |
|
|
72 |
|
|
|
45 |
|
Deferred income tax asset |
|
|
1,031 |
|
|
|
719 |
|
Prepaid expenses and other current assets |
|
|
335 |
|
|
|
139 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
25,322 |
|
|
|
22,089 |
|
Property, plant and equipment, net |
|
|
7,779 |
|
|
|
7,649 |
|
Deferred income tax asset |
|
|
2,333 |
|
|
|
3,747 |
|
Other assets |
|
|
73 |
|
|
|
44 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
35,507 |
|
|
$ |
33,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Short-term debt |
|
$ |
— |
|
|
$ |
1,872 |
|
Current portion of long-term debt |
|
|
49 |
|
|
|
48 |
|
Accounts payable |
|
|
2,361 |
|
|
|
3,374 |
|
Accrued compensation |
|
|
3,310 |
|
|
|
2,802 |
|
Accrued expenses and other liabilities |
|
|
1,240 |
|
|
|
1,494 |
|
Customer deposits |
|
|
3,609 |
|
|
|
1,295 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
10,569 |
|
|
|
10,885 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
51 |
|
|
|
44 |
|
Accrued compensation |
|
|
245 |
|
|
|
213 |
|
Other long-term liabilities |
|
|
283 |
|
|
|
364 |
|
Accrued pension liability |
|
|
2,370 |
|
|
|
3,141 |
|
Accrued postretirement benefits |
|
|
2,246 |
|
|
|
2,304 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
15,764 |
|
|
|
16,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred
stock, $1 par value —
Authorized, 500,000 shares |
|
|
|
|
|
|
|
|
Common stock, $.10 par value —
Authorized, 6,000,000 shares
Issued, 3,798,010 and 3,593,480 shares at September 30 and
March 31, 2005, respectively |
|
|
190 |
|
|
|
180 |
|
Capital in excess of par value |
|
|
6,783 |
|
|
|
5,553 |
|
Retained earnings |
|
|
15,958 |
|
|
|
14,082 |
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
|
|
Minimum pension liability adjustment |
|
|
(1,698 |
) |
|
|
(1,698 |
) |
Cumulative foreign currency translation adjustment |
|
|
(1 |
) |
|
|
— |
|
Treasury stock (198,246 shares at September 30 and March 31, 2005) |
|
|
(1,385 |
) |
|
|
(1,385 |
) |
Notes receivable from officers and directors |
|
|
(104 |
) |
|
|
(154 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
19,743 |
|
|
|
16,578 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
35,507 |
|
|
$ |
33,529 |
|
|
|
|
|
|
|
|
Graham Corporation Reports 252% Increase in Net Income on 55% Growth in Sales
for Second Quarter Fiscal Year 2006
November 1, 2005
Graham Corporation Second Quarter FY 2006
Consolidated Statements of Cash Flows
(Dollar amounts in thousands except per share data)
(Unaudited)
| |
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
| |
|
September 30, |
|
| |
|
2005 |
|
|
2004 |
|
Operating activities: |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
2,053 |
|
|
$ |
(357 |
) |
|
|
|
|
|
|
|
Adjustments to reconcile income (loss) from continuing operations to net
cash provided (used) by operating activities of continuing operations: |
|
|
|
|
|
|
|
|
Non cash other income |
|
|
|
|
|
|
(1,592 |
) |
Depreciation and amortization |
|
|
394 |
|
|
|
390 |
|
Discount accretion on investments |
|
|
(75 |
) |
|
|
(19 |
) |
Gain (loss)on disposal of property, plant and equipment |
|
|
(3 |
) |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
1,102 |
|
|
|
(214 |
) |
(Increase) decrease in operating assets: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
3,729 |
|
|
|
2,198 |
|
Unbilled revenue |
|
|
(595 |
) |
|
|
— |
|
Inventories |
|
|
645 |
|
|
|
(1,227 |
) |
|
|
|
|
|
|
|
|
|
Domestic and foreign income taxes receivable/payable |
|
|
(27 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
|
Prepaid expenses and other current and non-current assets |
|
|
(235 |
) |
|
|
(154 |
) |
Increase (decrease) in operating liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(1,014 |
) |
|
|
(108 |
) |
Accrued compensation, accrued expenses and other current and
non-current liabilities |
|
|
168 |
|
|
|
(322 |
) |
Customer deposits |
|
|
2,314 |
|
|
|
(78 |
) |
Long-term portion of accrued compensation, accrued pension
liability and accrued postretirement benefits |
|
|
(798 |
) |
|
|
(269 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
5,605 |
|
|
|
(1,404 |
) |
|
|
|
|
|
|
|
Net cash provided (used) by continuing operations |
|
|
7,658 |
|
|
|
(1,761 |
) |
Net cash used by discontinued operations |
|
|
— |
|
|
|
(324 |
) |
|
|
|
|
|
|
|
Net cash provided (used) by operating activities |
|
|
7,658 |
|
|
|
(2,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(480 |
) |
|
|
(40 |
) |
Proceeds from sale of property, plant and equipment |
|
|
1 |
|
|
|
— |
|
Purchase of investments |
|
|
(13,883 |
) |
|
|
(4,585 |
) |
Redemption of investments at maturity |
|
|
7,500 |
|
|
|
6,802 |
|
|
|
|
|
|
|
|
Net cash (used) provided by investing activities of continuing operations |
|
|
(6,862 |
) |
|
|
2,177 |
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities of discontinued operations |
|
|
— |
|
|
|
(51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used) provided by investing activities |
|
|
(6,862 |
) |
|
|
2,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Decrease in short-term debt, net |
|
|
(1,872 |
) |
|
|
200 |
|
Principal repayments on long-term debt |
|
|
(24 |
) |
|
|
(21 |
) |
Issuance of common stock |
|
|
1,240 |
|
|
|
57 |
|
Collection of notes receivable from officers and
directors |
|
|
50 |
|
|
|
15 |
|
Dividends paid |
|
|
(171 |
) |
|
|
(166 |
) |
|
|
|
|
|
|
|
Net cash (used) provided by financing activities of continuing operations |
|
|
(777 |
) |
|
|
85 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities of discontinued operations |
|
|
— |
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used) provided by financing activities |
|
|
(777 |
) |
|
|
103 |
|
|
|
|
|
|
|
|
Effect of exchange rate on cash |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
Net increase in cash and equivalents |
|
|
19 |
|
|
|
144 |
|
Cash and cash equivalents at beginning of period |
|
|
724 |
|
|
|
467 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
743 |
|
|
$ |
611 |
|
|
|
|
|
|
|
|
Graham Corporation Reports 252% Increase in Net Income on 55% Growth in Sales
for Second Quarter Fiscal Year 2006
November 1, 2005
Graham Corporation Second Quarter FY 2006
Additional Information
(from continuing operations)
Order and Backlog Trend
(Dollar amounts in thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Q1 05 |
|
|
Q2 05 |
|
|
Q3 05 |
|
|
Q4 05 |
|
|
FY 2005 |
|
| |
|
6/30/04 |
|
|
9/30/04 |
|
|
12/31/04 |
|
|
3/31/05 |
|
|
3/31/05 |
|
Orders |
|
$ |
13,487 |
|
|
$ |
9,084 |
|
|
$ |
13,953 |
|
|
$ |
13,333 |
|
|
$ |
49,857 |
|
Backlog |
|
$ |
18,776 |
|
|
$ |
18,894 |
|
|
$ |
22,145 |
|
|
$ |
22,376 |
|
|
$ |
22,376 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Q1 06 |
|
|
Q2 06 |
|
|
First Half |
|
| |
|
6/30/05 |
|
|
9/30/05 |
|
|
FY 2006 |
|
Orders |
|
$ |
20,425 |
|
|
$ |
12,833 |
|
|
$ |
33,258 |
|
Backlog |
|
$ |
31,145 |
|
|
$ |
30,002 |
|
|
$ |
30,002 |
|
- END -
