- Fourth quarter revenue was $30.9 million; fiscal 2013
revenue was a record $105.0 million
- Operating margin was 18.4% in the fourth quarter, up
from 7.7% in the prior-year fourth quarter
- Fourth quarter diluted earnings per share were $0.41,
compared with $0.04 in fourth quarter of fiscal 2012; diluted
earnings per share were $1.11 in fiscal 2013, up from $1.06 in
fiscal 2012
- Orders for the fourth quarter were $25.9 million;
backlog at fiscal year end was $85.8
million
- Fiscal 2014 revenue of approximately $100 million to
$115 million expected
Graham Corporation (NYSE MKT:GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical and power industries, including the supply of
components and raw materials to nuclear energy facilities, today
reported its financial results for its fourth quarter and fiscal
year ended March 31, 2013 ("fiscal 2013").
Net sales in the fourth quarter of fiscal 2013 were $30.9
million, up from net sales of $20.3 million in the fourth quarter
of the fiscal year ended March 31, 2012 ("fiscal 2012"), with the
increase driven primarily by international sales. Higher volume and
improved margins drove net income to $4.1 million, or $0.41 per
diluted share, compared with $0.4 million, or $0.04 per diluted
share, in the prior-year's fourth quarter.
Fiscal 2013 net sales of $105.0 million increased by $1.8
million, or 1.7%, over net sales of $103.2 million in fiscal
2012. Net income in fiscal 2013 was $11.1 million compared
with net income of $10.6 million in fiscal 2012, an increase of
$0.6 million, or 5.6%. Per diluted share, fiscal 2013 earnings
were $1.11 compared with $1.06 in the prior year. Fiscal 2013
included a $975 thousand, or $0.10 per diluted share, benefit from
the reversal of the earn-out reserve related to Graham's
wholly-owned subsidiary Energy Steel & Supply
Co. Excluding this benefit, fiscal 2013 adjusted net income
was $10.2 million, or $1.01 per diluted share.
Mr. James R. Lines, Graham's President and Chief Executive
Officer, commented, "We executed well in 2013 and delivered solid
results while operating in what to date has been a modest market
recovery. During a rather moderate market, our team
effectively influenced what was within their control to drive top
line growth and earnings."
Increased Refining Shipments Drove Improved Revenue in
Fourth Quarter
International sales increased by 87%, or $6.7 million, to $14.5
million in the fiscal 2013 fourth quarter compared with the same
prior-year period. Sales improved across all regions,
particularly in Asia and the Middle East. Fourth quarter sales
to the U.S. market were $16.4 million, or 53% of total sales, up
$3.9 million, or 31.6%, compared with $12.5 million in the same
prior-year period.
Fourth Quarter Fiscal 2013 Sales by Industry ($
in millions)
|
|
4Q FY2013 |
% of Total |
4Q FY2012 |
$ Change |
% Change |
Refining |
$13.7 |
44% |
$4.4 |
$9.3 |
211% |
Power (incl. Nuclear) |
$7.3 |
24% |
$5.8 |
$1.5 |
26% |
Other Commercial and Industrial
(incl. NNPP) |
$5.0 |
16% |
$4.0 |
$1.0 |
25% |
Chemical/Petrochemical |
$4.9 |
16% |
$6.1 |
$(1.2) |
(20)% |
Total |
$30.9 |
100% |
$20.3 |
$10.6 |
53% |
Refining industry sales more than tripled in the fourth quarter
of fiscal 2013 compared with the prior-year period on higher demand
for Graham's engineered-to-order products, primarily in
China. Higher sales to the power market reflect advancing
projects in backlog for new build nuclear
facilities. Increased sales to other commercial and industrial
markets were primarily related to the progress made on the Naval
Nuclear Propulsion Program ("NNPP") orders in backlog. Lower
sales to the chemical/petrochemical market were mostly associated
with project timing.
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 one to
two year basis.
Fourth Quarter Operating Performance
Gross profit was $10.5 million, or 34.1% of sales, in the fourth
quarter of fiscal 2013 compared with $5.2 million, or 25.6% of
sales, in the same period of the prior fiscal year and compared
with $7.1 million, or 27.8% of sales, in the trailing third quarter
of fiscal 2013. The improvements in gross profit and margin
compared with the same prior-year quarter and the trailing third
quarter were the result of both higher volume and sales of
aftermarket products.
Selling, general and administrative ("SG&A") expenses in the
fourth quarter of fiscal 2013 were $4.9 million, up from $3.6
million in the prior-year period. SG&A as a percent of
sales improved to 15.7% in the fourth quarter of fiscal 2013
compared with 17.9% in the prior-year period.
Operating profit in the fourth quarter of fiscal 2013 was $5.7
million, or 18.4% of sales, compared with $1.6 million, or 7.7% of
sales, in the fourth quarter of fiscal 2012.
Earnings before interest, taxes, depreciation, and amortization
("EBITDA") was $6.2 million, or 20.1% of sales, in the fourth
quarter of fiscal 2013 compared with $2.1 million, or 10.5% of
sales, in the same period of the prior fiscal year. Graham
believes that when used in conjunction with measures prepared in
accordance with U. S. generally accepted accounting principles
("GAAP"), EBITDA, which is a non-GAAP measure, helps in the
understanding of its operating performance. Graham's credit
facility also contains ratios based on EBITDA. See the
attached tables for important disclosures regarding Graham's use of
EBITDA as well as a reconciliation of net income to EBITDA.
Graham's effective tax rate for the fourth quarter of fiscal
2013 was 28.1% compared with 68.2% in the same prior-year
period. The lower tax rate in fiscal 2013 includes research
and development ("R&D") related tax credits retroactive to the
start of the fiscal year, due to the extension of the credit in
January 2013. The prior-year's effective tax rate was impacted
by adjustments related to a settlement with the IRS.
Fiscal 2013 Full Year
Review
Net sales for fiscal 2013 were $105.0 million, up from $103.2
million in fiscal 2012. International sales were $49.3 million
and represented 47% of total sales in fiscal 2013 compared with
$47.8 million, or 46% of total sales, in fiscal 2012. Compared
with fiscal 2012, U.S. sales increased by $0.3 million, or 0.5%, to
$55.7 million for fiscal 2013.
Gross profit for fiscal 2013 declined to $31.8 million, or 30.3%
of total sales, compared with $32.6 million, or 31.6% of sales, in
the same prior-year period. Lower gross profit in fiscal 2013
reflected lower relative margins in the first half of fiscal 2013,
a trend that reversed during the second half of the fiscal
year. On a comparative basis, the first half of fiscal 2012
benefitted from higher margin projects which were won during the
last up cycle.
SG&A expenses of $16.6 million in fiscal 2013 were up from
$15.5 million in fiscal 2012. As a percentage of sales,
SG&A was 15.8% in fiscal 2013 compared with 15.1% in the prior
fiscal year. Excluding the impact of the $975 thousand
earn-out reserve reversal related to Energy Steel in the third
quarter of fiscal 2013, adjusted SG&A for fiscal 2013 was $17.5
million. Adjusted SG&A as a percent of fiscal 2013 sales
was 16.7%.
EBITDA for fiscal 2013 was $17.3 million, or 16.5% of sales,
compared with $19.1 million, or 18.5% of sales, in fiscal
2012. See the attached tables for important disclosures
regarding Graham's use of EBITDA as well as a reconciliation of net
income to EBITDA.
Strengthened Balance Sheet with No Debt
Cash flow used in operations in the fourth quarter of fiscal
2013 was $2.5 million compared with $1.3 million in the fourth
quarter of fiscal 2012. Cash provided by operations in fiscal
2013 was $12.4 million, up from $2.6 million of cash provided by
operations during fiscal 2012. The increase in cash provided
by operations in fiscal 2013 was primarily related to improvements
in working capital requirements.
Cash, cash equivalents and investments at March 31, 2013
increased to $51.7 million compared with $41.7 million at March 31,
2012. When compared with December 31, 2012, cash, cash
equivalents and investments were down by $3.4 million from $55.1
million.
Capital expenditures were $0.7 million in the fourth quarter of
fiscal 2013 compared with $0.6 million in the fourth quarter of
fiscal 2012. For fiscal 2013, capital expenditures were $1.7
million compared with $3.2 million in fiscal 2012. Capital
expenditures in fiscal 2014 are expected to be in the range of $3.5
million to $4.5 million, with the upper end of the range likely to
be spent only upon successfully securing orders for the U.S. Navy
submarine program.
Graham had neither borrowings outstanding under its credit
facility nor any long-term debt at March 31, 2013.
Strong Pipeline of Opportunities and Increasing Bid
Activity
Mr. Lines concluded, "We remain encouraged by the quality and
quantity of bidding activity for the significant number of what
appear to be funded and viable energy industry projects. These
expected projects include new petrochemical and fertilizer
capacity, new coal to liquids and gas to liquids facilities,
refining investments and investments in power generation markets.
Our commitment to realizing our near-term strategy to double
Graham across this expansion cycle is unchanged. While in the
midst of the present modest recovery phase in our markets, it
remains difficult to predict order timing. The recent subdued
nature of our markets, in my view, is solely a timing issue and not
related to fundamentals."
Orders during the fourth quarter of fiscal 2013 were $25.9
million, down 39% from $42.3 million in the fourth quarter of
fiscal 2012 which had a surge of orders from the nuclear power and
refining markets. When compared with the trailing third
quarter of 2013, orders were up 5% from $24.6
million. Compared with the same prior-year period, orders in
the fourth quarter from the power market were down by $9.2 million
to $4.2 million, orders from the chemical/petrochemical market
decreased by 4.5 million to $3.1 million and refining market orders
decreased by $4.1 million to $14.8 million. Orders from other
industrial and commercial markets during the fourth quarter of
fiscal 2013 were up by $1.5 million to $3.8 million when compared
with the same prior-year period.
Orders from U.S. customers represented 58%, or $15.0 million, of
total orders during the fourth quarter of fiscal 2013, while orders
from international markets accounted for $10.9 million of total
orders. Graham expects that orders will continue to be
variable between quarters, but that in the long-run orders will be
relatively balanced between domestic and international markets.
Graham's backlog was $85.8 million at March 31, 2013 compared
with $90.7 million at December 31, 2012 and $94.9 million at March
31, 2012. Approximately 40% of projects in backlog as of the end of
the fourth quarter were for refinery projects, 25% were for power
projects, including nuclear, and 8% were for chemical and
petrochemical projects. All other industries served by Graham
accounted for 27% of backlog.
Approximately 75% to 80% of orders currently in backlog are
expected to be converted to sales within the next 12
months. Graham had no projects on hold in backlog as of March
31, 2013.
Graham expects sales will be in a range of $100 million to $115
million in fiscal 2014. Gross margin for fiscal 2014 is
expected to be between 29% and 31% as backlog is expected to
continue to reflect moderate recovery levels of its end
markets. SG&A expense is expected to be between 15% and
16% of sales for fiscal 2014. Graham expects its fiscal 2014
full year tax rate to be within a range of 33% to
34%.
Webcast and Conference Call
Graham will host a conference call and live webcast today at
11:00 a.m. Eastern Time to review Graham's financial condition and
operating results for its fourth quarter and fiscal 2013, 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
1-201-689-8560. Alternatively, the webcast can be monitored on
Graham's website at www.graham-mfg.com.
To listen to the archived call, dial 1-858-384-5517, and enter
replay pin number 412392. A telephonic replay will be
available from approximately 2:00 p.m. Eastern Time on the day of
call through Friday, June 7, 2013. A transcript of the call
will be placed on Graham's website, once available.
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat
transfer technology, Graham Corporation is a global designer,
manufacturer and supplier of custom-engineered ejectors, pumps,
condensers, vacuum systems and heat exchangers. For more than
77 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 principal markets
for Graham's equipment are energy, including oil and gas refining
and nuclear and other power generation, chemical/petrochemical and
other process industries. In addition, Graham's equipment can
be found in diverse applications, such as metal refining, pulp and
paper processing, shipbuilding, water heating, refrigeration,
desalination, food processing, pharmaceutical, heating, ventilating
and air conditioning, and in nuclear power installations, both
inside the reactor vessel and outside the containment
vessel.
Graham Corporation's subsidiary Energy Steel & Supply Co. is
a leading code fabrication and specialty machining company
dedicated exclusively to the nuclear power industry.
Graham Corporation's reach spans the globe. 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," "projects," "typically," "anticipates," "believes,"
"appears," "could," "plan," 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, the expected
performance of Energy Steel & Supply Co, expected expansion and
growth opportunities within the domestic and international nuclear
power generation markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins,
tax rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions
in the industries in which it operates, changes in general economic
conditions and customer behavior, forecasts regarding the timing
and scope of the economic recovery in its markets, and its
acquisition strategy 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 and Quarterly Reports 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.
FINANCIAL TABLES FOLLOW.
|
Graham Corporation
Fourth Quarter and Fiscal 2013 |
Consolidated Statements
of Operations |
(Amounts in thousands, except
per share data) |
|
|
Three Months
Ended |
|
Year
Ended |
|
|
March 31, |
% |
March 31, |
% |
|
2013 |
2012 |
Change |
2013 |
2012 |
Change |
|
|
|
|
|
|
|
Net sales |
$ 30,905 |
$ 20,250 |
52.6% |
$ 104,973 |
$ 103,186 |
1.7% |
Cost of products sold |
20,360 |
15,074 |
35.1% |
73,151 |
70,431 |
3.9% |
Cost of goods sold – amortization |
-- |
-- |
-- |
-- |
120 |
(100.0)% |
Gross profit |
10,545 |
5,176 |
103.7% |
31,822 |
32,635 |
(2.5)% |
Gross profit margin |
34.1% |
25.6% |
|
30.3% |
31.6% |
|
Other expenses and income: |
|
|
|
|
|
|
Selling, general and administrative |
4,794 |
3,567 |
34.4% |
16,332 |
15,321 |
6.6% |
Selling, general and administrative -
amortization |
58 |
56 |
3.6% |
228 |
219 |
4.1% |
|
4,852 |
3,623 |
33.9% |
16,560 |
15,540 |
6.6% |
Operating profit |
5,693 |
1,553 |
266.6% |
15,262 |
17,095 |
(10.7)% |
Operating profit margin |
18.4% |
7.7% |
|
14.5% |
16.6% |
|
Interest income |
(13) |
(10) |
30.0% |
(51) |
(58) |
(12.1)% |
Interest expense |
7 |
216 |
(96.8)% |
(264) |
476 |
(155.5)% |
Income before income taxes |
5,699 |
1,347 |
323.1% |
15,577 |
16,677 |
(6.6)% |
Provision for income taxes |
1,603 |
918 |
74.6% |
4,429 |
6,124 |
(27.7)% |
Net income |
$ 4,096 |
$ 429 |
854.8% |
$ 11,148 |
$ 10,553 |
5.6% |
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
Net income |
$ 0.41 |
$ 0.04 |
925.0% |
$ 1.11 |
$ 1.06 |
4.7% |
Diluted: |
|
|
|
|
|
|
Net income |
$ 0.41 |
$ 0.04 |
925.0% |
$ 1.11 |
$ 1.06 |
4.7% |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
Basic: |
10,041 |
9,990 |
|
10,027 |
9,963 |
|
Diluted: |
10,066 |
10,018 |
|
10,051 |
9,998 |
|
|
|
|
|
|
|
|
Dividends declared per share |
$ 0.03 |
$ 0.02 |
|
$ 0.09 |
$ 0.08 |
|
|
|
Graham Corporation
Fourth Quarter and Fiscal 2013 |
Consolidated Balance
Sheets |
(Amounts in thousands, except
per share data) |
|
|
March
31, |
|
2013 |
2012 |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$24,194 |
$25,189 |
Investments |
27,498 |
16,499 |
Trade accounts receivable, net of
allowances ($33 and $43 at March 31, 2013 and 2012,
respectively) |
9,440 |
11,593 |
Unbilled revenue |
13,113 |
12,667 |
Inventories |
11,171 |
6,047 |
Prepaid expenses and other current
assets |
783 |
467 |
Income taxes receivable |
2,635 |
4,479 |
Deferred income tax asset |
69 |
37 |
Total current assets |
88,903 |
76,978 |
Property, plant and equipment, net |
13,288 |
13,453 |
Prepaid pension asset |
2,349 |
2,238 |
Goodwill |
6,938 |
6,938 |
Permits |
10,300 |
10,300 |
Other intangible assets, net |
4,788 |
4,968 |
Other assets |
167 |
102 |
Total assets |
$126,733 |
$114,977 |
|
|
|
Liabilities and stockholders'
equity |
|
|
Current liabilities: |
|
|
Current portion of capital lease
obligations |
$ 87 |
$ 85 |
Accounts payable |
9,429 |
6,303 |
Accrued compensation |
5,018 |
4,652 |
Accrued expenses and other current
liabilities |
3,051 |
3,707 |
Customer deposits |
6,919 |
7,257 |
Deferred income tax liability |
373 |
2,244 |
Total current liabilities |
24,877 |
24,248 |
|
|
|
Capital lease obligations |
127 |
203 |
Accrued compensation |
308 |
293 |
Deferred income tax liability |
7,131 |
7,404 |
Accrued pension liability |
227 |
229 |
Accrued postretirement benefits |
923 |
895 |
Other long-term liabilities |
145 |
85 |
Total liabilities |
33,738 |
33,357 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $1.00 par value -- |
|
|
Authorized, 500 shares |
|
|
Common stock, $.10 par value -- |
|
|
Authorized, 25,500 shares |
|
|
Issued, 10,331 and 10,297 shares at March
31, 2013 and 2012, respectively |
1,033 |
1,030 |
Capital in excess of par value |
18,596 |
17,745 |
Retained earnings |
84,632 |
74,383 |
Accumulated other comprehensive loss |
(8,033) |
(8,160) |
Treasury stock (327 and 346 shares at
March 31, 2013 and 2012, respectively) |
(3,233) |
(3,378) |
Total stockholders' equity |
92,995 |
81,620 |
Total liabilities and
stockholders' equity |
$126,733 |
$114,977 |
|
|
Graham Corporation
Fourth Quarter 2013 |
Consolidated Statements
of Cash Flows |
(Amounts in thousands) |
|
|
Year Ended March
31, |
|
2013 |
2012 |
Operating activities: |
|
|
Net income |
$11,148 |
$10,553 |
Adjustments to reconcile net income to
net cash provided (used) by operating activities: |
|
|
Depreciation |
1,851 |
1,685 |
Amortization |
228 |
339 |
Amortization of unrecognized prior
service cost and actuarial losses |
893 |
392 |
Discount accretion on investments |
(15) |
(5) |
Stock-based compensation expense |
576 |
611 |
Loss on disposal or sale of property,
plant and equipment. |
85 |
23 |
Deferred income taxes |
(2,357) |
4,413 |
(Increase) decrease in operating assets,
net of acquisition: |
|
|
Accounts receivable |
2,264 |
(2,844) |
Unbilled revenue |
(415) |
1,613 |
Inventories |
(5,311) |
2,191 |
Income taxes receivable/payable |
1,845 |
(6,252) |
Prepaid expenses and other current and
non-current assets |
(300) |
(105) |
Prepaid pension asset |
(767) |
(833) |
Increase (decrease) in operating
liabilities, net of acquisition: |
|
|
Accounts payable |
2,957 |
(3,689) |
Accrued compensation, accrued expenses
and other current and non-current liabilities |
59 |
172 |
Customer deposits |
(255) |
(5,626) |
Long-term portion of accrued
compensation, accrued pension liability and accrued postretirement
benefits |
(54) |
(33) |
Net cash provided (used) by operating
activities |
12,432 |
2,605 |
|
|
|
Investing activities: |
|
|
Purchase of property, plant and
equipment |
(1,655) |
(3,243) |
Proceeds from disposal of property, plant
and equipment |
37 |
5 |
Purchase of investments |
(83,984) |
(32,896) |
Redemption of investments at
maturity |
73,000 |
39,920 |
Acquisition of Energy Steel & Supply
Co. |
-- |
384 |
Net cash (used) provided by investing
activities |
(12,602) |
4,170 |
|
|
|
Financing activities: |
|
|
Principal repayments on capital lease
obligations |
(85) |
(81) |
Issuance of common stock |
83 |
386 |
Dividends paid |
(899) |
(793) |
Purchase of treasury stock |
-- |
(221) |
Excess tax deduction on stock awards |
43 |
247 |
Payment of contingent earn-out |
-- |
(746) |
Net cash used by financing
activities |
(858) |
(1,208) |
Effect of exchange rate changes on
cash |
33 |
57 |
Net (decrease) increase in cash and cash
equivalents |
(995) |
5,624 |
Cash and cash equivalents at beginning of
year |
25,189 |
19,565 |
Cash and cash equivalents at end of
year |
$24,194 |
$25,189 |
|
|
Graham Corporation
Fourth Quarter and Fiscal 2013 |
EBITDA
Reconciliation |
(Unaudited) |
(Amounts in thousands) |
|
|
Three Months
Ended |
Year
Ended |
|
March 31, |
March 31, |
|
2013 |
2012 |
2013 |
2012 |
Net income |
$4,096 |
$429 |
$11,148 |
$10,553 |
+Net interest expense |
(6) |
206 |
(315) |
418 |
+Income taxes |
1,603 |
918 |
4,429 |
6,124 |
+Depreciation & amortization |
519 |
564 |
2,079 |
2,024 |
EBITDA |
$6,212 |
$2,117 |
$17,341 |
$19,119 |
EBITDA Margin % |
20.1% |
10.5% |
16.5% |
18.5% |
EBITDA is defined as consolidated net income before interest
expense and income, income taxes, and depreciation and
amortization. EBITDA is not a measure determined in accordance with
generally accepted accounting principles in the United States,
commonly known as GAAP. Nevertheless, Graham believes that
providing non-GAAP information such as EBITDA is important for
investors and other readers of Graham's financial statements, as it
is used as an analytical indicator by Graham's management to better
understand of operating performance. Graham's credit facility also
contains ratios based on EBITDA. Because EBITDA is a non-GAAP
measure and is thus susceptible to varying calculations, EBITDA, as
presented, may not be directly comparable to other similarly titled
measures used by other companies.
|
Graham Corporation
Fourth Quarter Fiscal 2013 |
Additional
Information |
|
|
ORDER & BACKLOG
TREND |
($ in millions) |
|
|
Q112 |
Q212 |
Q312 |
Q412 |
FY2012 |
Q113 |
Q213 |
Q313 |
Q413 |
FY2013 |
|
6/30/11 |
9/30/11 |
12/31/11 |
3/31/12 |
Total |
6/30/12 |
9/30/12 |
12/31/12 |
3/31/13 |
Total |
Orders |
$19.0 |
$23.5 |
$21.9 |
$42.3 |
$106.7 |
$19.7 |
$25.6 |
$24.6 |
$25.9 |
$95.8 |
Backlog |
$85.2 |
$75.1 |
$72.5 |
$94.9 |
$94.9 |
$92.0 |
$91.8 |
$90.7 |
$85.8 |
$85.8 |
|
|
SALES BY
INDUSTRY FY 2013 |
($ in millions) |
|
FY 2013 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
FY2013 |
% of |
|
6/30/12 |
Total |
9/30/12 |
Total |
12/31/12 |
Total |
3/31/13 |
Total |
|
Total |
Refining |
$5.2 |
23% |
$5.8 |
22% |
$10.9 |
43% |
$13.7 |
44% |
$35.6 |
34% |
Power |
$5.2 |
23% |
$6.7 |
26% |
$4.1 |
16% |
$7.3 |
24% |
$23.3 |
22% |
Chemical/ Petrochemical |
$5.6 |
25% |
$8.3 |
32% |
$6.5 |
25% |
$4.9 |
16% |
$25.3 |
24% |
Other Commercial and Industrial |
$6.6 |
29% |
$5.1 |
20% |
$4.1 |
16% |
$5.0 |
16% |
$20.8 |
20% |
Total |
$22.6 |
|
$25.9 |
|
$25.6 |
|
$30.9 |
|
$105.0 |
|
|
|
SALES BY
INDUSTRY FY 2012 |
($ in millions) |
|
FY 2012 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
FY2012 |
% of |
|
6/30/11 |
Total |
9/30/11 |
Total |
12/31/11 |
Total |
3/31/12 |
Total |
|
Total |
Refining |
$12.0 |
48% |
$12.2 |
36% |
$7.5 |
31% |
$4.4 |
21% |
$36.1 |
35% |
Power |
$5.6 |
23% |
$10.3 |
31% |
$6.5 |
27% |
$5.8 |
29% |
$28.2 |
28% |
Chemical/ Petrochemical |
$3.1 |
12% |
$4.1 |
12% |
$4.7 |
19% |
$6.1 |
30% |
$18.0 |
17% |
Other Commercial and Industrial |
$4.3 |
17% |
$7.0 |
21% |
$5.6 |
23% |
$4.0 |
20% |
$20.9 |
20% |
Total |
$25.0 |
|
$33.6 |
|
$24.3 |
|
$20.3 |
|
$103.2 |
|
|
|
Graham Corporation
Fourth Quarter Fiscal 2013 |
Additional
Information |
(Continued) |
|
|
SALES BY REGION FY
2013 |
($ in millions) |
|
FY 2013 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
FY2013 |
% of |
|
6/30/12 |
Total |
9/30/12 |
Total |
12/31/12 |
Total |
3/31/13 |
Total |
|
Total |
United States |
$12.6 |
56% |
$15.3 |
59% |
$11.4 |
45% |
$16.4 |
53% |
$55.7 |
53% |
Middle East |
$1.5 |
6% |
$3.0 |
12% |
$6.9 |
27% |
$3.4 |
11% |
$14.8 |
14% |
Asia |
$2.7 |
12% |
$2.7 |
10% |
$5.4 |
21% |
$6.3 |
20% |
$17.1 |
16% |
Other |
$5.8 |
26% |
$4.9 |
19% |
$1.9 |
7% |
$4.8 |
16% |
$17.4 |
17% |
Total |
$22.6 |
|
$25.9 |
|
$25.6 |
|
$30.9 |
|
$105.0 |
|
|
|
SALES BY REGION FY
2012 |
($ in millions) |
|
FY 2012 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
FY2012 |
% of |
|
6/30/11 |
Total |
9/30/11 |
Total |
12/31/11 |
Total |
3/31/12 |
Total |
|
Total |
United States |
$11.2 |
45% |
$17.8 |
53% |
$13.9 |
57% |
$12.5 |
62% |
$55.4 |
54% |
Middle East |
$6.6 |
26% |
$5.2 |
16% |
$2.7 |
11% |
$1.8 |
9% |
$16.3 |
16% |
Asia |
$2.9 |
12% |
$6.5 |
19% |
$3.9 |
16% |
$4.0 |
20% |
$17.3 |
17% |
Other |
$4.3 |
17% |
$4.1 |
12% |
$3.8 |
16% |
$2.0 |
9% |
$14.2 |
13% |
Total |
$25.0 |
|
$33.6 |
|
$24.3 |
|
$20.3 |
|
$103.2 |
|
CONTACT: Jeffrey F. Glajch, Vice President - Finance and CFO
Phone: (585) 343-2216
Email: jglajch@graham-mfg.com
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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