Exhibit 99.2
Graham Corporation 20 Florence Avenue Batavia, NY 14020
IMMEDIATE RELEASE
Graham Corporation Announces Increase in Quarterly
Cash Dividend and Two-for-One Stock Split
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Annual cash dividend increased 33% to $0.16 per share pre-split |
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Two-for-one stock split to increase shares outstanding to 10.1 million |
BATAVIA, NY, July 31, 2008 – Graham Corporation (AMEX: GHM) announced today that the Board of
Directors raised the annual cash dividend, which is currently $0.12 per share annually, to $0.16
per share annually. On a post split basis, the annual dividend will be $0.08 per share, or $0.02
per share per quarter. The dividend will be paid on or about October 6, 2008 to stockholders of
record on September 5, 2008.
The Board of Directors, at its meeting following the annual meeting, declared a two-for-one stock
split of the Company’s common shares in the nature of a stock dividend and an increase in the
post-split quarterly dividend to $0.02 per share.
The two-for-one stock split will be effected as a stock dividend, and stockholders will receive one
additional share of common stock for every share of common stock held on the record date of
September 5, 2008. The Company expects the new common shares to be distributed on or about October
6, 2008. Graham currently has approximately 5.0 million shares of common stock outstanding. After
the distribution of the stock dividend, there will be approximately 10.1 million common shares
outstanding.
James R. Lines, President and Chief Executive Officer, commented, “We believe the dividend increase
and stock split reflect the continued confidence of our Board of Directors in Graham’s future
financial performance.”
First Quarter Fiscal 2009 Financial Results
Graham will report its financial and operating results for the first quarter of fiscal 2009
tomorrow,
August 1, 2008, before the market opens. Graham’s senior management will host a conference call
and live webcast at 11:00 a.m. EST to review the first quarter fiscal 2009 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:
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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. |
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The teleconference can be accessed by dialing 1-201-689-8560 and requesting
conference ID number 291806 approximately 5 - 10 minutes prior to the call. |
To listen to the archived conference call:
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The webcast will be archived at http://www.graham-mfg.com. A transcript
will also be posted once available. |
Graham Announces Increase in Quarterly Cash Dividend and Two-for-One Stock Split
July 31, 2008
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A replay can be heard by calling 1-201-612-7415 and entering the conference ID
number 291806 and account number 3055. The telephonic replay will be available
through
August 8, 2008, at 11:59 p.m. Eastern Time. |
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat transfer technology, Graham
Corporation is a global designer, manufacturer and supplier of ejectors, pumps, condensers, vacuum
systems and heat exchangers. Over the past 72 years, Graham Corporation has built a reputation for
top quality, reliable products and high-standards of customer service. Sold either as components
or complete system solutions, the principal 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 Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. 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 Corporation expects or anticipates will occur in the future, including but not limited
to statements relating to anticipated revenues, profit margins, 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 Corporation 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 Corporation’s Annual and Quarterly Reports filed with the Securities and
Exchange Commission, including under the heading entitled “Risk Factors.” Should one or more of
these risks or uncertainties materialize, or should any of Graham Corporation’s underlying
assumptions prove incorrect, actual results may vary materially from those currently anticipated.
In addition, undue reliance should not be placed on Graham Corporation’s forward-looking
statements. Except as required by law, Graham Corporation 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:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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