Exhibit 99.1
|
News Release |
Graham Corporation 20 Florence Avenue Batavia, NY 14020
IMMEDIATE RELEASE
Graham Corporation Announces Record Quarterly Orders of $35 Million for the Fourth Quarter Fiscal
2008; Increases Fiscal 2009 Revenue Guidance
| • | Fourth quarter year-over-year orders increased 32%; fiscal year 2008 orders were $107 million | ||
| • | Updates fiscal year 2009 revenue to grow by 15% to 20% with gross margins in upper 30’s% |
BATAVIA, NY, April 3, 2008 – Graham Corporation (AMEX: GHM) announced today that orders for the
fourth quarter of fiscal year 2008, which ended March 31, 2008, were $35 million, a 32% increase
compared with the third quarter of fiscal 2008 and a 29% increase compared with the fourth quarter
of fiscal 2007. Record orders for the fourth quarter contributed to a record fiscal year for
Graham with total orders of $107 million compared with $86.5 million in fiscal 2007.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “We had exceptionally
strong bookings in the fourth quarter. There was excellent diversity in geography and markets for
the large projects booked in the fourth quarter. Significant orders were received from Saudi
Arabia, China, Canada and the United States and are for projects ranging from oil refineries, oil
sands and petrochemical plants to alternative fuels operations and power generation facilities. We
continue to be optimistic about the outlook for the markets and industries that we serve and the
long-term strength of our bookings pipeline.”
Fiscal 2008 revenue is expected to be in the $85 to $86 million range, slightly higher than the
upper end of the previously announced $80 to $85 million range. Gross margin is anticipated to be
in the high-30% range for fiscal 2008.
Mr. Lines noted, “Because of the level of orders received in the fourth quarter, we have measurably
improved visibility into fiscal 2009 and the strength of the industries we serve. We expect fiscal
year 2009 revenue to grow 15% to 20% year-over-year, which is higher than our earlier guidance of
expected growth in the 10% to 15% range. Of note, the quality of the orders in our backlog is
excellent which supports higher than anticipated gross margins of upper 30’s percent to near 40%.
We continue to implement productivity enhancements in both engineering and manufacturing to expand
our capacity to meet the strong demand for our products. We will also continue to strategically
use domestic and foreign outsourced manufacturing where appropriate to enable us to ship product
and meet our customers’ needs.”
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. For over 70 years, Graham has built a reputation for top quality,
reliable products and high-standards of customer service. The principal markets for Graham’s
equipment, sold either as components or complete system solutions, are the petrochemical, oil
refining and electric power generation industries, including cogeneration and geothermal plants.
Graham equipment can also be found in diverse applications, such as metal refining, pulp and paper
processing, ship-building, water heating, refrigeration, desalination, food processing,
pharmaceuticals, 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
www.graham-mfg.com
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