Exhibit 99.2
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News Release |
Graham Corporation 20 Florence Avenue Batavia, NY 14020
IMMEDIATE RELEASE
Graham Corporation Announces Five-for-Four Stock Split and
an Increase in Per Share Quarterly Cash Dividend
an Increase in Per Share Quarterly Cash Dividend
BATAVIA, NY, October 26, 2007 — Graham Corporation (AMEX: GHM) today announced that its Board of
Directors has declared a five-for-four stock split of the Company’s common shares in the nature of
a stock dividend and an increase in the post-split quarterly cash dividend to $0.03 per share.
The five-for-four stock split will be effected as a stock dividend, and stockholders will receive
one additional share of common stock for every four shares of common stock held on the record date
of November 30, 2007. The Company expects that the new common shares will be distributed on or
about January 2, 2008. Fractional shares will be paid in cash based upon the closing price of the
Company’s common stock on November 30, 2007.
Jim Lines, Graham’s President and Chief Operating Officer, commented, “Our strong performance and
confident outlook factored into the Board’s approval of the stock split and dividend increase.
Looking forward, Graham’s Board of Directors is also considering a shareholder proposal for our
2008 annual meeting to increase the number of authorized shares.”
As of today, Graham has approximately 3.9 million shares of common stock outstanding. After the
distribution of the stock dividend, there will be approximately 4.9 million common shares
outstanding.
In addition to approving the stock split, the Board of Directors also approved an increase in the
quarterly cash dividend from the current dividend of $0.025 to $0.03 per common share. The current
annualized dividend payment is approximately $0.4 million and will increase to $0.6 million on a
post-split basis. The dividend will be paid on post-split shares January 2, 2008 to stockholders
of record on November 30, 2007.
Separately, Graham reported second quarter of fiscal year 2008 earnings today with strong revenue
growth of 45% to $23.1 million and net income of $4.4 million, or $1.10 per diluted share.
CONFERENCE CALL AND WEBCAST INDFORMATION
Graham’s senior management team will host a conference call and live webcast today at 11:00 a.m. EST. During the conference call and webcast, James R. Lines, President and COO, and J. Ronald Hansen, Vice President Finance and CFO, will review Graham’s second quarter fiscal 2008 financial and operating results as well as its strategy and outlook. A question-and-answer session will follow.
Graham’s senior management team will host a conference call and live webcast today at 11:00 a.m. EST. During the conference call and webcast, James R. Lines, President and COO, and J. Ronald Hansen, Vice President Finance and CFO, will review Graham’s second quarter fiscal 2008 financial and operating results as well as its strategy and outlook. A question-and-answer session will follow.
Graham’s conference call can be accessed as follows:
| § | The live webcast can be found at http://www.graham-mfg.com. Participants should go to the website 10 -15 minutes prior to the scheduled conference in order to register and download any necessary audio software. |
| § | The teleconference can be accessed by dialing 1-201-689-8560 and referencing conference ID number 258106 approximately 5 — 10 minutes prior to the call. |
The conference call and webcast will be archived and can be reviewed as follows:
| § | The webcast will be archived at http://www.graham-mfg.com. A transcript will also be posted once available. |
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