Exhibit 99.1

 

LOGO

IMMEDIATE RELEASE

Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

 

   

Third quarter sales of $27 million yielded $0.11 earnings per share

 

   

Orders were $61.8 million in the quarter including $52.3 million from the defense industry

 

   

Record backlog of $149.7 million; 45% to 50% expected to ship in next twelve months

 

   

Fiscal year 2021 revenue expected to be $93 million to $97 million with gross margin between 21% and 22%

BATAVIA, NY, January 28, 2021 – Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries, today reported financial results for its third quarter and nine months ended December 31, 2020, of the fiscal year ending March 31, 2021 (“fiscal 2021”).

James R. Lines, Graham’s President and Chief Executive Officer, commented, “We delivered a solid quarter as strong refining sales in Asia offset our weaker domestic refining and petrochemical markets, resulting in 7% year-over-year growth. In fact, despite difficult current macroeconomic conditions, our team delivered both top and bottom-line growth.

A significant takeaway in the quarter was our record level of orders and backlog. As we have discussed over the last several years, we have focused significant resources on building our defense business because we believe requirements in that market provide operational synergies and align with our capabilities which include:

 

   

vacuum and heat transfer how-how

 

   

complex, long-cycle project management, and

 

   

precision fabrication of large weldments.

Importantly, we believe defense markets offer long-term growth potential, provide improved visibility that reduces investment and planning risk, and are less cyclical than our historic core markets. Notably, more than 80% of the $62 million in new orders in the quarter and approximately 70% of the record $150 million in backlog are from the U.S. Navy. We intend to consistently intensify our focus on sales to the stronger and more stable defense market while staying committed to our core markets. We are also actively participating in the energy transition into renewable fuels and other areas of growth in alternative energy markets.”

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

Page 2 of 12

 

Third Quarter Fiscal 2021 Sales Summary (All comparisons are with the same prior-year period unless noted otherwise. See accompanying financial tables for a breakdown of sales by industry and region)

Net sales were $27.2 million compared with $25.3 million in the third quarter of fiscal 2020. Strong sales reflected the completion of large refinery projects in Asia. This also offset an approximately $0.9 million impact of reduced production volume due to COVID-19-related employee absences.

Sales to the refining markets increased $4.2 million to $16.5 million and represented 60% of total sales. Sales to the defense markets were up 4% from the prior-year period to $4.5 million this quarter, while chemical/petrochemical market sales were $4.8 million compared with $6.2 million in the prior year.

From a geographic perspective, the refinery projects in Asia drove international sales to 61% of total sales compared with 47% in the prior-year period. Domestic sales in the fiscal 2021 third quarter were 39% of total sales compared with 53% in the third quarter of fiscal 2020.

Fluctuations in Graham’s sales among geographic locations and industries can vary measurably from quarter-to-quarter based on the timing and magnitude of projects. Graham does not believe that such quarter-to-quarter fluctuations are indicative of business trends, which it believes are more apparent on a trailing twelve-month basis.

Third Quarter Fiscal 2021 Performance Review All comparisons are with the same prior-year period unless noted otherwise.)

 

($ in millions except per share data)                   
     Q3 FY21     Q3 FY20     Change  

Net sales

   $ 27.2     $ 25.3     $ 1.9  

Gross profit

   $ 6.2     $ 4.0     $ 2.2  

Gross margin

     22.9     16.0  

Operating profit

   $ 1.3     $ (0.4 )   $  1.7  

Operating margin

     4.8     (1.6 %)   

Net income

   $ 1.1     $ 0.0     $ 1.1  

Diluted EPS

   $  0.11     $  0.00    

EBITDA

   $ 1.8     $ 0.2     $ 1.7  

EBITDA margin

     6.7     0.7  

 

*

Graham believes that EBITDA (defined as consolidated net income before net interest income, income taxes, depreciation, and amortization), and EBITDA margin (EBITDA as a percentage of sales), which are non-GAAP measures, help in the understanding of its operating performance. Moreover, Graham’s credit facility also contains ratios based on EBITDA. See the attached table on page 10 for additional important disclosures regarding Graham’s use of EBITDA and EBITDA margin as well as the reconciliation of net income to EBITDA.

Gross margin expanded 690 basis points in the quarter to 22.9% driven by a better mix of projects and better overhead absorption.

Selling, general and administrative (“SG&A”) expenses, were $4.9 million, up $0.5 million, or 11%, mostly due to higher commissions related to the refinery projects in Asia. SG&A, as a percent of sales for the three-month periods ended December 31, 2020 and 2019 were 18.2% and 17.6%, respectively.

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

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Operating profit was $1.3 million, up $1.7 million from last year. Operating profit was adversely impacted in the quarter by $0.4 million resulting from COVID-19 related employee absences. Net income was $1.1 million, or $0.11 per share compared with breaking even last year.

EBITDA margin expanded 600 basis points in the quarter on higher volume and a better mix of projects.

Year-to-Date Fiscal 2021 Performance Review (All comparisons are with the same prior-year period unless noted otherwise.)

 

($ in millions except per share data)                   
     YTD FY21     YTD FY20     Change  

Net sales

   $ 71.8     $ 67.5     $ 4.3  

Gross profit

   $ 15.5     $ 13.7     $ 1.8  

Gross margin

     21.6     20.3  

Operating profit

   $ 2.4     $ 0.3     $ 2.1  

Operating margin

     3.3     0.5  

Net income

   $ 2.0     $ 1.3     $  0.7  

Diluted EPS

   $  0.20     $  0.13    

EBITDA

   $ 4.0     $ 2.1     $ 2.0  

EBITDA margin

     5.6     3.1  

International sales were $34.4 million and represented 48% of total sales, compared with $23.9 million, or 35%, of sales in the fiscal 2020 nine-month period. Sales to the U.S. were $37.4 million, or 52% compared with $43.6 million, or 65% during the same period in the prior year.

Gross profit and margin improved due to higher volume and a more favorable mix of projects.

SG&A was $13.1 million, up 2%, or $0.2 million, mostly as a result of higher sales commissions. Also, included in the first nine months of fiscal 2020 was $0.6 million of SG&A for the divested commercial nuclear utility business. As a percent of sales, SG&A was 18% compared with 19% in the prior-year period.

The effective tax rate was 26%, compared with 22% in the prior-year period. The higher effective tax rate in fiscal 2021 reflects the impact of the loss incurred in the first quarter resulting from the impact of the global pandemic on the business.

Strong Balance Sheet with Ample Liquidity

Cash, cash equivalents and investments at December 31, 2020 decreased $3.7 million to $69.3 million from March 31, 2020. This was primarily due to the timing of working capital requirements. Net cash provided by operating activities for year-to-date fiscal 2021 was $0.7 million compared with $4.1 million of net cash used in the same period last year.

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

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Capital spending was $0.7 million in the third quarter of fiscal 2021 and was $1.5 million in fiscal 2021 year-to-date. The Company expects capital expenditures for fiscal 2021 to be between $2.0 million and $2.5 million, of which 80% to 85% is expected to be for machinery and equipment and the remainder to be used for other items.

As of December 31, 2020, Graham had no debt.

Orders and Backlog

Orders for the quarter were $61.8 million, up $41.8 million from the prior-year period. Defense orders were $52.3 million in the quarter and significantly expanded defense industry related backlog. The remaining $9.5 million in orders were primarily from the global refining and chemical/petrochemical markets, which have been heavily impacted by the global pandemic and weak oil prices. Chemical and petrochemical orders were $4.6 million, compared with $2.3 million in the prior-year period. Refining orders were $3.2 million in the current quarter, compared with $8.5 million in the third quarter of fiscal 2020.

The Company believes that the pipeline of available opportunities in the defense industry remains strong, and that the timing of orders in this industry can be variable. Graham also expects the order pipeline for the energy and chemicals industries to remain soft due to the implications of the global pandemic on demand and the geopolitical imbalance in global energy markets.

Domestic orders were 94% of total net orders in the third quarter of fiscal 2021, reflecting the large order volume from the U.S. Navy. Domestic orders were 77% in the prior-year period.

Backlog at the end of the fiscal 2021 third quarter was $149.7 million, up $34.8 million from September 30, 2020.

Backlog by industry at December 31, 2020 was approximately:

 

   

70% for U.S. Navy projects

 

   

20% for refinery projects

 

   

7% for chemical/petrochemical projects

 

   

3% for other industrial applications

The Company expects approximately 45% to 50% of backlog will convert to revenue within the next 12 months. Approximately $20 million to $30 million of backlog related to the defense industry is expected to convert to sales beginning in fiscal 2021. For the nine-month period in fiscal 2021, the Company realized $17.4 million in sales to the defense industry.

Fiscal 2021 Guidance

Mr. Lines concluded, “We are confident in our revenue expectation for fiscal 2021 based on anticipated shipments from backlog. Most of the orders won in the third quarter, principally those from the defense industry, are expected to shipment beyond fiscal 2022. The timing and strength of any recovery in the global chemical/petrochemical and energy markets over the next several quarters will determine our outlook for fiscal 2022.”

The revenue guidance and expectations for gross margin and SG&A expense for fiscal 2021 are based on the assumption that Graham will be able to operate its production facility at planned capacity, has access to its global supply chain including its subcontractors, and does not experience significant COVID-19-related disruptions or any other unforeseen events.

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

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Fiscal 2021 guidance:

 

   

Revenue expectations of between $93 million and $97 million are unchanged from prior guidance,

 

   

Gross margin expectations have been tightened to between 21% and 22%,

 

   

SG&A expenses are expected to be slightly higher at $17.3 million to $17.8 million,

 

   

And, the effective tax rate range has been expanded to 22% to 24%.

Webcast and Conference Call

Graham’s management will host a conference call and live webcast today at 11:00 a.m. Eastern Time to review its financial condition and operating results for the third quarter of fiscal 2021, as well as its strategy and outlook. The review will be accompanied by a slide presentation which will be made available immediately prior to the conference call on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.” A question-and-answer session will follow the formal presentation.

Graham’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.”

A telephonic replay will be available from 2:00 p.m. ET today through Thursday, February 4, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13714789. A transcript of the call will be placed on Graham’s website, once available.

ABOUT GRAHAM CORPORATION

Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality.

Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.

Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.

Safe Harbor Regarding Forward Looking Statements

This news 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,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,” “aim,” “pursuit,” “look towards” 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, effects of the COVID-19 global pandemic, expected expansion and growth opportunities within its domestic and international markets, anticipated revenue, the timing of conversion of backlog to sales, market presence,

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

Page 6 of 12

 

profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, the effect on its business of volatility in commodities prices, including, but not limited to, the extreme price volatility seen in the first six months of calendar year 2020, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, its acquisition and growth strategy and its operations in China, India and other international locations, 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 most recent Annual Report filed with the Securities and Exchange Commission, included 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 news release.

 

For more information contact:   
Jeffrey F. Glajch    Deborah K. Pawlowski / Christopher M. Gordon
Vice President – Finance and CFO    Kei Advisors LLC
Phone: (585) 343-2216    Phone: (716) 843-3908 / (716) 843-3748

jglajch@graham-mfg.com

  

dpawlowski@keiadvisors.com / cgordon@keiadvisors.com

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

Page 7 of 12

 

Graham Corporation

Third Quarter Fiscal 2021

Consolidated Statements of Income - Unaudited

(Amounts in thousands, except per share data)

 

     Three Months Ended     Nine Months Ended  
   December 31,     December 31,  
     2020     2019     % Change     2020     2019     % Change  

Net sales

   $ 27,154     $ 25,286       7   $ 71,818     $ 67,522       6

Cost of products sold

     20,927       21,242       (1 %)      56,330       53,816       5
  

 

 

   

 

 

     

 

 

   

 

 

   

Gross profit

     6,227       4,044       54     15,488       13,706       13

Gross margin

     22.9     16.0       21.6     20.3  

Other expenses and income:

            

Selling, general and administrative

     4,936       4,441       11     13,091       12,844       2

Selling, general and administrative – amortization

     —         —         N/A       —         11       N/A  

Other expense

     —         —         N/A       —         523       N/A  
  

 

 

   

 

 

     

 

 

   

 

 

   

Operating profit

     1,291       (397     (425 %)      2,397       328       631
  

 

 

   

 

 

     

 

 

   

 

 

   

Operating margin

     4.8     (1.6 %)        3.3     0.5  

Other income

     (55     (87     (37 %)      (164     (261     (37 %) 

Interest income

     (23     (318     (93 %)      (143     (1,080     (87 %) 

Interest expense

     1       2       (50 %)      9       9       0
  

 

 

   

 

 

     

 

 

   

 

 

   

Income before provision for income taxes

     1,368       6       N/A       2,695       1,660       62

Provision for income taxes

     308       (3     N/A       709       364       95
  

 

 

   

 

 

     

 

 

   

 

 

   

Net income

   $ 1,060     $ 9       N/A     $ 1,986     $ 1,296       53
  

 

 

   

 

 

     

 

 

   

 

 

   

Per share data:

            

Basic:

            

Net income

   $ 0.11     $ 0.00       N/A     $ 0.20     $ 0.13       53
  

 

 

   

 

 

     

 

 

   

 

 

   

Diluted:

            

Net income

   $ 0.11     $ 0.00       N/A     $ 0.20     $ 0.13       53
  

 

 

   

 

 

     

 

 

   

 

 

   

Weighted average common shares outstanding:

            

Basic

     9,977       9,884         9,950       9,874    

Diluted

     9,977       9,888         9,950       9,877    

Dividends declared per share

   $ 0.11     $ 0.11       $ 0.33     $ 0.32    
  

 

 

   

 

 

     

 

 

   

 

 

   

N/A: Not Applicable

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

Page 8 of 12

 

Graham Corporation

Third Quarter Fiscal 2021

Consolidated Balance Sheets - Unaudited

(Amounts in thousands, except per share data)

 

     December 31,     March 31,  
     2020     2020  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 63,792     $ 32,955  

Investments

     5,500       40,048  

Trade accounts receivable, net of allowances ($30 and $33 at December 31 and March 31, 2020, respectively)

     19,884       15,400  

Unbilled revenue

     14,950       14,592  

Inventories

     17,463       22,291  

Prepaid expenses and other current assets

     1,004       906  

Income taxes receivable

     604       485  
  

 

 

   

 

 

 

Total current assets

     123,197       126,677  

Property, plant and equipment, net

     17,457       17,587  

Prepaid pension asset

     4,091       3,460  

Operating lease assets

     135       243  

Other assets

     106       153  
  

 

 

   

 

 

 

Total assets

   $ 144,986     $ 148,120  
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Current portion of finance lease obligations

   $ 21     $ 40  

Accounts payable

     15,753       14,253  

Accrued compensation

     5,410       4,453  

Accrued expenses and other current liabilities

     4,123       3,352  

Customer deposits

     19,115       26,983  

Operating lease liabilities

     80       153  
  

 

 

   

 

 

 

Total current liabilities

     44,502       49,234  

Finance lease obligations

     39       55  

Operating lease liabilities

     45       82  

Deferred income tax liability

     1,668       721  

Accrued pension liability

     827       747  

Accrued postretirement benefits

     572       557  
  

 

 

   

 

 

 

Total liabilities

     47,653       51,396  
  

 

 

   

 

 

 

Stockholders’ equity:

    

Preferred stock, $1.00 par value, 500 shares authorized

     —         —    

Common stock, $0.10 par value, 25,500 shares authorized, 10,779 and 10,689 shares issued and 9,976 and 9,881 shares outstanding at December 31 and March 31, 2020, respectively

     1,078       1,069  

Capital in excess of par value

     27,193       26,361  

Retained earnings

     90,083       91,389  

Accumulated other comprehensive loss

     (8,526     (9,556

Treasury stock (803 and 808 shares at December 31 and March 31, 2020, respectively)

     (12,495     (12,539
  

 

 

   

 

 

 

Total stockholders’ equity

     97,333       96,724  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 144,986     $ 148,120  
  

 

 

   

 

 

 

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

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Graham Corporation

Third Quarter Fiscal 2021

Consolidated Statements of Cash Flows – Unaudited

(Amounts in thousands)

 

     Nine Months Ended  
     December 31,  
     2020     2019  

Operating activities:

    

Net income

   $ 1,986     $ 1,296  

Adjustments to reconcile net income to net cash provided (used) by operating activities:

    

Depreciation

     1,458       1,468  

Amortization

     —         11  

Amortization of actuarial losses

     799       747  

Equity-based compensation expense

     821       731  

Gain on disposal or sale of property, plant and equipment

     3       (2

Loss on sale of Energy Steel & Supply Co

     —         87  

Deferred income taxes

     776       33  

(Increase) decrease in operating assets:

    

Accounts receivable

     (4,220     (438

Unbilled revenue

     (284     (6,799

Inventories

     4,999       4,225  

Prepaid expenses and other current and non-current assets

     (76     (7

Income taxes receivable

     (119     301  

Operating lease assets

     116       176  

Prepaid pension asset

     (631     (653

Increase (decrease) in operating liabilities:

    

Accounts payable

     1,401       (3,036

Accrued compensation, accrued expenses and other current and non-current liabilities

     1,754       (299

Customer deposits

     (8,092     (1,938

Operating lease liabilities

     (116     (101

Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits

     95       79  
  

 

 

   

 

 

 

Net cash provided (used) by operating activities

     670       (4,119
  

 

 

   

 

 

 

Investing activities:

    

Purchase of property, plant and equipment

     (1,462     (1,389

Proceeds from disposal of property, plant and equipment

     6       2  

Proceeds from the sale of Energy Steel & Supply Co

     —         602  

Purchase of investments

     (37,103     (141,414

Redemption of investments at maturity

     71,651       145,146  
  

 

 

   

 

 

 

Net cash provided by investing activities

     33,092       2,947  
  

 

 

   

 

 

 

Financing activities:

    

Principal repayments on finance lease obligations

     (35     (38

Principal repayments on long-term debt

     (4,599     —    

Proceeds from the issuance of long-term debt

     4,599       —    

Issuance of common stock

     —         24  

Dividends paid

     (3,292     (3,163

Purchase of treasury stock

     (23     (230
  

 

 

   

 

 

 

Net cash used by financing activities

     (3,350     (3,407
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     425       (143
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale

     30,837       (4,722

Net decrease in cash classified within current assets held for sale

     —         552  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     30,837       (4,170

Cash and cash equivalents at beginning of period

     32,955       15,021  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 63,792     $ 10,851  
  

 

 

   

 

 

 

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

Page 10 of 12

 

Graham Corporation

Third Quarter Fiscal 2021

EBITDA Reconciliation - Unaudited

(Amounts in thousands)

 

     Three Months Ended     Nine Months Ended  
     December 31,     December 31,  
     2020     2019     2020     2019  

Net income

   $ 1,060     $ 9     $ 1,986     $ 1,296  

Net interest income

     (22     (316     (134     (1,071

Income taxes

     308       (3     709       364  

Depreciation & amortization

     486       488       1,458       1,479  
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

   $ 1,832     $ 178     $ 4,019     $ 2,068  
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA margin %

     6.7     0.7     5.6     3.1

Non-GAAP Financial Measure:

EBITDA is defined as consolidated net income before net interest income, income taxes, depreciation, and amortization and EBITDA margin is defined as EBITDA as a percentage of sales. EBITDA and EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as EBITDA, is important for investors and other readers of Graham’s financial statements, as it is used as an analytical indicator by Graham’s management to better understand operating performance. Moreover, Graham’s credit facility also contains ratios based on EBITDA. Because EBITDA is a non-GAAP measure and is thus susceptible to varying calculations, EBITDA, as presented, may not be directly comparable to other similarly titled measures used by other companies.

 

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Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2021

Page 11 of 12

 

Graham Corporation

Third Quarter Fiscal 2021

Additional Information – Unaudited

ORDER & BACKLOG TREND

($ in millions)                                                        
     Q120      Q220      Q320      Q420      FY2020      Q121      Q221      Q321  
     Total      Total      Total      Total      Total      Total      Total      Total  

Orders

   $ 15.1      $ 32.6      $ 20.0      $ 12.3      $ 80.0      $ 11.5      $ 35.0      $ 61.8  

Backlog

   $ 117.2      $ 127.8      $ 122.9      $ 112.4      $ 112.4      $ 107.2      $ 114.9      $ 149.7  

SALES BY INDUSTRY FY 2021*

($ in millions)                                        
     Q1      % of     Q2      % of     Q3      % of  
FY 2021    6/30/20      Total     9/30/20      Total     12/31/20      Total  

Refining

   $ 2.7        16   $ 10.3        37   $ 16.5        60

Chemical/ Petrochemical

   $ 8.0        48   $ 5.5        20   $ 4.8        18

Defense

   $ 3.5        21   $ 9.4        34   $ 4.5        17

Other Commercial

   $ 2.5        15   $ 2.8        10   $ 1.4        5

Total

   $ 16.7        $ 28.0        $ 27.2     

SALES BY INDUSTRY FY 2020*

($ in millions)                                                                  
     Q1      % of     Q2      % of     Q3      % of     Q4      % of            % of  
FY 2020    6/30/19      Total     9/30/19      Total     12/31/19      Total     3/31/20      Total     FY2020      Total  

Refining

   $ 7.5        36   $ 6.3        29   $ 12.2        49   $ 7.4        32   $ 33.4        37

Chemical/ Petrochemical

   $ 7.1        35   $ 10.5        48   $ 6.2        24   $ 7.1        31   $ 30.9        34

Defense

   $ 2.1        10   $ 2.6        12   $ 4.3        17   $ 5.6        24   $ 14.6        16

Other Commercial

   $ 3.9        19   $ 2.2        11   $ 2.6        10   $ 3.0        13   $ 11.7        13

Total

   $ 20.6        $ 21.6        $ 25.3        $ 23.1        $ 90.6     

 

*

Quarters may not sum to year-to-date/total fiscal year due to rounding

 

-MORE-


Graham Corporation Reports Sales of $27 million in Third Quarter Fiscal 2021

January 28, 2020

Page 12 of 12

 

Graham Corporation

Third Quarter Fiscal 2021

Additional Information - Unaudited

(Continued)

SALES BY REGION FY 2021*

($ in millions)                                        
FY 2021   

Q1
6/30/20

    

% of
Total

   

Q2
9/30/20

    

% of
Total

   

Q3
12/31/20

    

% of
Total

 

United States

   $ 9.4        56   $ 17.3        62   $ 10.7        39

Middle East

   $ 0.4        3   $ 1.0        4   $ 0.8        3

Asia

   $ 5.2        31   $ 4.5        16   $ 11.2        41

Other

   $ 1.7        10   $ 5.2        18   $ 4.5        17

Total

   $ 16.7        $ 28.0        $ 27.2     

SALES BY REGION FY 2020*

($ in millions)                                                                  
FY 2020   

Q1
6/30/19

    

% of
Total

   

Q2
9/30/19

    

% of
Total

   

Q3
12/31/19

    

% of
Total

   

Q4
3/31/20

    

% of
Total

   

FY2020

    

% of
Total

 

United States

   $ 14.4        70   $ 15.7        73   $ 13.4        53   $ 14.5        63   $ 58.0        64

Middle East

   $ 0.8        4   $ 0.5        2   $ 7.5        30   $ 4.3        19   $ 13.1        14

Asia

   $ 3.2        16   $ 1.0        5   $ 0.7        3   $ 0.6        2   $ 5.5        6

Other

   $ 2.2        10   $ 4.4        20   $ 3.7        14   $ 3.7        16   $ 14.0        16

Total

   $ 20.6        $ 21.6        $ 25.3        $ 23.1        $ 90.6     

 

*

Quarters may not sum to year-to-date/total fiscal year due to rounding

 

-END-