- Second quarter orders were $48.4 million; Strong demand
from petrochemical and refining markets
- Backlog at quarter-end increased to a record $114.4
million
- Net income was $2.6 million and earnings per share were
$0.26 for the quarter
- Fiscal 2014 guidance updated: Expected revenue range
tightened to $100 million to $110 million; Expected gross margin
range increased to 31% to 33%
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 second quarter ended
September 30, 2013. Graham's current fiscal year ("fiscal 2014")
ends March 31, 2014.
Net sales in the second quarter of fiscal 2014 were $24.5
million, down 5% from net sales of $25.9 million in the second
quarter of the fiscal year ended March 31, 2013 ("fiscal 2013").
Second quarter sales reflected low order levels experienced during
the first two quarters of fiscal 2013. However, strong gross
margins in the fiscal 2014 second quarter drove net income to a
comparable level with the prior year's second quarter, at $2.6
million, or $0.26 per diluted share, for both years' quarters.
James R. Lines, Graham's President and Chief Executive Officer,
commented, "Revenue levels reflect the scheduled timing of orders
from backlog, however, margin improvements confirm that
fundamentals in our markets continue to strengthen. While moderate
revenue will carry into our fiscal third quarter, we are encouraged
by the recent strong order levels and overall quality of what is
being added to backlog."
Shipments to Canada for Refining Projects Strong on
Project Timing
Driven by the scheduled timing of projects in backlog, sales to
the Company's category of other geographic markets, primarily
Canada, were strong during the quarter, up $1.8 million to $6.7
million. This helped to offset declines in the U.S. and Middle East
markets in the quarter. Second quarter sales to the U.S. market
were $14.1 million, down $1.2 million, while sales to the Middle
East were down $2.1 million to $0.9 million. International sales
represented 42% of fiscal 2014 second quarter sales.
Refining industry sales nearly doubled in the second quarter of
fiscal 2014 compared with the same prior-year period on higher
demand for Graham's engineered-to-order products, primarily ejector
systems and spares. Decreased sales to the chemical/petrochemical,
power and other commercial and industrial markets during the
quarter were a function of 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 twelve month
basis.
Second Quarter Operating Performance
Gross profit was $8.3 million, or 33.8% of sales, in the second
quarter of fiscal 2014 compared with $7.9 million, or 30.5% of
sales, in the same period of the prior fiscal year. The second
quarter's gross profit and margin benefitted from product mix as
well as a higher volume of short cycle projects.
Selling, general and administrative ("SG&A") expenses in the
second quarter of fiscal 2014 were $4.4 million, unchanged from the
same prior-year period. SG&A as a percent of sales was 18.2% in
the second quarter of fiscal 2014 compared with 17.1% in the same
prior-year period, with the increase due to lower sales volume.
Operating profit in the second quarter of fiscal 2014 was $3.8
million, or 15.7% of sales, compared with $3.5 million, or 13.4% of
sales, in the second quarter of fiscal 2013.
Earnings before interest, taxes, depreciation, and amortization
("EBITDA") was $4.4 million, or 17.9% of sales, in the second
quarter of fiscal 2014 compared with $4.0 million, or 15.4% 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 additional
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 second quarter of fiscal
2014 was 32.7%, which compares with 32.3% in the same prior-year
period.
First Half Fiscal 2014 Review
Net sales for the first half of fiscal 2014 were $52.7 million,
up 9% from $48.4 million in the first six months of fiscal
2013. International sales were $23.6 million and represented
45% of total sales compared with $20.5 million, or 42% of sales, in
the first half of fiscal 2013. Sales to the U.S. increased
$1.2 million, or 4%, to $29.1 million during the first six months
of fiscal 2014 compared with the first six months of fiscal
2013.
Gross profit for the first six months of fiscal 2014 was $18.3
million, or 34.7% of total sales, compared with $14.1 million, or
29.2% of sales, in the same prior-year period. SG&A
expenses in the fiscal 2014 first half were $8.9 million, up from
$8.5 million in the first six months of fiscal 2013, with the
increase primarily due to compensation-related costs and sales
commissions driven by higher sales volume. As a percent of
sales, SG&A was 16.8% in the first half of fiscal 2014 compared
with 17.6% in the same prior-year period.
EBITDA for the first half of fiscal 2014 was $10.6 million, or
20% of sales, compared with $6.7 million, or 13.8% of sales, in the
first six months of fiscal 2013. See the attached tables for
additional important disclosures regarding Graham's use of EBITDA
as well as a reconciliation of net income to EBITDA.
Net income for the first half of fiscal 2014 was $6.4 million,
or $0.63 per diluted share, compared with net income of $4.0
million, or $0.40 per diluted share, in the first six months of
fiscal 2013.
Solid Balance Sheet with No Debt
Cash, cash equivalents and investments at September 30, 2013
increased to $54.9 million compared with $53.2 million at June 30,
2013. When compared with September 30, 2012, cash, cash
equivalents and investments were up $8.0 million from $46.9
million.
Cash provided by operations in the second quarter and first half
of fiscal 2014 were $2.3 million and $4.3 million, respectively,
compared with $0.8 million in the second quarter of fiscal 2013 and
$6.2 million in the first six months of fiscal 2013. The
increase in cash provided by operations in the second quarter of
fiscal 2014 was primarily related to timing of both collections on
accounts receivable as well as customer progress
payments.
Capital expenditures were $0.9 million in the first half of
fiscal 2014, up from $0.6 million in the first half of fiscal
2013. As previously indicated, capital expenditures in fiscal
2014 are expected to be in the $6 million to $7 million range,
including the recently announced production expansion at the
Company's Batavia, NY facility. The expansion is expected to
be completed by September 2014.
Graham had neither borrowings under its credit facility nor any
long-term debt outstanding at September 30, 2013.
Robust Pipeline Converting to Orders
Orders during the second quarter of fiscal 2014 were $48.4
million, up $22.8 million, or 89%, from $25.6 million in the second
quarter of fiscal 2013.
Orders from the chemical/petrochemical, refining and other
commercial and industrial markets all drove the growth in orders
for the quarter when compared with the same period in fiscal
2013. When compared with the trailing first quarter of fiscal
2014, orders increased 48% from $32.8 million, with $13.7 million
from the refining market, $7.1 million from the other commercial
and industrial market, and $0.8 million from the power market,
offset by a decrease of $6.0 million from the
chemical/petrochemical market following a high level of orders from
that market in the first quarter.
Mr. Lines noted, "Our customers released orders at a brisk pace
during the first half of the fiscal year. The past two
quarters have strengthened our degree of confidence in the
fundamentals of our markets during this capacity expansion
cycle. The chemical/petrochemical market in the U.S. has been
especially strong and we anticipate continued strength for the
latter half of this fiscal year. As a Company, we have
invested in additional execution capacity so that we would be
positioned to respond to significant increases in new business
without lengthening lead times and while maintaining the high
quality performance our customers expect from Graham. As a
result, we believe we are capturing a greater share of new orders
this cycle as our customers are committing to investments around
the globe."
Orders from U.S. customers represented 61%, or $29.6 million, of
total orders received during the second quarter of fiscal 2014,
while orders from international markets accounted for $18.8 million
of total orders. Although the first half of fiscal 2014
included 72% of orders from the U.S., the Company does not believe
that this is indicative of a long-term trend or shift toward the
U.S. market. Graham expects that sales will ultimately reflect
the geographic diversity related to orders experienced during the
past few years. Over the long term, Graham expects that orders
will continue to be variable between quarters and ultimately will
be relatively balanced between domestic and international
markets.
Graham's backlog was a record $114.4 million at September 30,
2013 compared with $90.4 million at June 30, 2013 and $91.8 million
at September 30, 2012. Approximately 28% of projects in
backlog as of the end of the second quarter were for refinery
projects, 27% were for chemical and petrochemical projects, and 14%
were for power projects, including nuclear. All other
industries served by Graham, including the U.S. Navy, accounted for
31% of backlog.
Approximately 70% to 75% of orders currently in backlog are
expected to be converted to sales within the next 12 months,
approximately 15% to 20% are expected to be converted within the
next twelve to 24 months, and approximately 10% are expected to be
converted beyond 24 months.
The Company is tightening its sales guidance for fiscal 2014 to
a range of $100 million to $110 million. Gross margin
guidance for fiscal 2014 is now expected to be between 31% and 33%,
up from the previously announced range of 29% to 31%, driven by
project timing and product mix. SG&A expense is now
expected to be between 16% and 17% of sales for fiscal 2014,
compared with the previously announced range of 15% to
16%. Graham expects its fiscal 2014 full year tax rate to be
between 33% and 34%, which is unchanged from prior
guidance.
Mr. Lines concluded, "At this juncture of our fiscal year, we
have better clarity on our expectations for fiscal 2014 and are
refining our guidance in order to reflect current customer
scheduling and the product mix in our backlog. With a
longer-term view, we are pleased with our positioning as we
continue to progress into this investment cycle. While
uncertainty still exists in some international markets, we believe
we are building our global opportunities and intend to capture
further orders as they are released from the pipeline. Given
our backlog and visibility looking forward to fiscal 2015, based on
early indications we anticipate topline revenue of approximately
$115 million to $135 million."
Webcast and Conference Call
Graham management 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 second quarter and first
half of fiscal 2014, 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.
To listen to the archived call, dial (858) 384-5517, and enter
replay pin number 10000305. A telephonic replay will be
available from approximately 2:00 p.m. Eastern Time on the day of
call through Friday, November 1, 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
75 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," "goal," "anticipates,"
"target," "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 are forward-looking
statements, including but not limited to: the current and future
economic environments affecting Graham Corporation and the markets
it serves; expectations regarding investments in new projects by
customers; sources of revenue and anticipated revenue, including
the contribution from the growth of new products, services and
markets; expectations regarding achievement of revenue and
profitability expectations; plans for future products and services
and for enhancements to existing products and services; operations
in foreign countries; Graham Corporation's ability to continue to
pursue its acquisition and growth strategy; the ability to expand
nuclear power work, including into new markets; the ability to
successfully execute existing contracts; estimates regarding
liquidity and capital requirements; the timing of conversion of
backlog to sales; the ability to attract or retain customers; the
outcome of any existing or future litigation; and the ability to
increase productivity and capacity. 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 Report 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 news release.
FINANCIAL TABLES FOLLOW.
Graham Corporation
Second Quarter Fiscal 2014 |
Consolidated Statements
of Operations—Unaudited |
(Amounts in thousands, except
per share data) |
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
September
30, |
% |
September
30, |
% |
|
2013 |
2012 |
Change |
2013 |
2012 |
Change |
Net sales |
$24,490 |
$25,902 |
(5%) |
$52,746 |
$48,435 |
9% |
Cost of products sold |
16,201 |
17,989 |
(10%) |
34,442 |
34,286 |
1% |
Gross profit |
8,289 |
7,913 |
5% |
18,304 |
14,149 |
29% |
Gross profit margin |
33.8% |
30.5% |
|
34.7% |
29.2% |
|
Other expenses and income: |
|
|
|
|
|
|
Selling, general and administrative |
4,393 |
4,379 |
0% |
8,739 |
8,407 |
4% |
Selling, general and administrative -
amortization |
56 |
57 |
(2%) |
113 |
113 |
0% |
Operating profit |
3,840 |
3,477 |
10% |
9,452 |
5,629 |
68% |
Operating profit margin |
15.7% |
13.4% |
|
17.9% |
11.6% |
|
Interest income |
(10) |
(14) |
(29%) |
(21) |
(25) |
(16%) |
Interest expense |
4 |
(370) |
101% |
9 |
(290) |
103% |
Income before income taxes |
3,846 |
3,861 |
0% |
9,464 |
5,944 |
59% |
Provision for income taxes |
1,257 |
1,246 |
1% |
3,067 |
1,939 |
58% |
Net income |
$2,589 |
$2,615 |
(1%) |
$6,397 |
$4,005 |
60% |
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
Net income |
$0.26 |
$0.26 |
0% |
$0.64 |
$0.40 |
60% |
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
Net income |
$0.26 |
$0.26 |
0% |
$0.63 |
$0.40 |
58% |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
Basic |
10,062 |
10,031 |
|
10,060 |
10,017 |
|
Diluted |
10,104 |
10,054 |
|
10,095 |
10,041 |
|
|
|
|
|
|
|
|
Dividends declared per
share |
$0.03 |
$0.02 |
|
$0.06 |
$0.04 |
|
Graham Corporation
Second Quarter Fiscal 2014 Consolidated Balance
Sheets—Unaudited (Amounts in thousands, except per share
data) |
|
|
September
30, |
March 31, |
Assets |
2013 |
2013 |
Current assets: |
|
|
Cash and cash equivalents |
$ 22,862 |
$ 24,194 |
Investments |
31,999 |
27,498 |
Trade accounts receivable, net of
allowances ($39 and $33 at September 30 and March 31, 2013,
respectively) |
13,946 |
9,440 |
Unbilled revenue |
9,510 |
13,113 |
Inventories |
11,222 |
11,171 |
Prepaid expenses and other current
assets |
1,226 |
783 |
Income taxes receivable |
2,067 |
2,635 |
Deferred income tax asset |
87 |
69 |
Total current assets |
92,919 |
88,903 |
Property, plant and equipment, net |
13,239 |
13,288 |
Prepaid pension asset |
2,745 |
2,349 |
Goodwill |
6,938 |
6,938 |
Permits |
10,300 |
10,300 |
Other intangible assets, net |
4,698 |
4,788 |
Other assets |
11 |
167 |
Total assets |
$130,850 |
$126,733 |
|
|
|
Liabilities and stockholders'
equity |
|
|
Current liabilities: |
|
|
Current portion of capital lease
obligations |
$ 85 |
$ 87 |
Accounts payable |
7,563 |
9,429 |
Accrued compensation |
5,141 |
5,018 |
Accrued expenses and other current
liabilities |
2,906 |
3,051 |
Customer deposits |
5,662 |
6,919 |
Deferred income tax liability |
378 |
373 |
Total current liabilities |
21,735 |
24,877 |
Capital lease obligations |
85 |
127 |
Accrued compensation |
315 |
308 |
Deferred income tax liability |
7,374 |
7,131 |
Accrued pension liability |
250 |
227 |
Accrued postretirement benefits |
939 |
923 |
Other long-term liabilities |
149 |
145 |
Total liabilities |
30,847 |
33,738 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $1.00 par value - |
|
|
Authorized, 500 shares |
|
|
Common stock, $.10 par value - |
|
|
Authorized, 25,500 shares |
|
|
Issued,10,376 and 10,331 shares at
September 30 and March 31, 2013, respectively |
1,038 |
1,033 |
Capital in excess of par value |
19,398 |
18,596 |
Retained earnings |
90,426 |
84,632 |
Accumulated other comprehensive loss |
(7,702) |
(8,033) |
Treasury stock, 317 and 327 shares at
September 30 and March 31, 2013, respectively |
(3,157) |
(3,233) |
Total stockholders' equity |
100,003 |
92,995 |
Total liabilities and stockholders'
equity |
$130,850 |
$126,733 |
Graham Corporation
Second Quarter Fiscal 2014 Consolidated Statements of Cash
Flows—Unaudited (Amounts in thousands) |
|
|
Six Months
Ended |
|
September
30, |
|
2013 |
2012 |
Operating activities: |
|
|
Net income |
$ 6,397 |
$ 4,005 |
Adjustments to reconcile net income to
net cash provided by operating activities: |
|
|
Depreciation |
986 |
927 |
Amortization |
113 |
113 |
Amortization of unrecognized prior
service cost and actuarial losses |
442 |
444 |
Discount accretion on investments |
(4) |
(6) |
Stock-based compensation expense |
342 |
319 |
Loss on disposal of property, plant and
equipment |
-- |
(1) |
Deferred income taxes |
220 |
(58) |
(Increase) decrease in operating
assets: |
|
|
Accounts receivable |
(4,596) |
40 |
Unbilled revenue |
3,640 |
2,909 |
Inventories |
139 |
(3,623) |
Prepaid expenses and other current and
non-current assets |
(457) |
(145) |
Prepaid pension asset |
(397) |
(384) |
Increase (decrease) in operating
liabilities: |
|
|
Accounts payable |
(1,938) |
2,233 |
Accrued compensation, accrued expenses
and other current and non-current liabilities |
135 |
35 |
Customer deposits |
(1,343) |
(1,765) |
Income taxes payable/receivable |
568 |
1,186 |
Long-term portion of accrued
compensation, accrued pension liability and accrued postretirement
benefits |
46 |
15 |
Net cash provided by operating
activities |
4,293 |
6,244 |
|
|
|
Investing activities: |
|
|
Purchase of property, plant and
equipment |
(898) |
(578) |
Proceeds from disposal of property, plant
and equipment |
-- |
4 |
Purchase of investments |
(54,997) |
(33,494) |
Redemption of investments at
maturity |
50,500 |
27,500 |
Net cash used by investing
activities |
(5,395) |
(6,568) |
|
|
|
Financing activities: |
|
|
Principal repayments on capital lease
obligations |
(44) |
(41) |
Issuance of common stock |
259 |
14 |
Dividends paid |
(603) |
(399) |
Excess tax benefit (deficiency) on stock
awards |
119 |
(5) |
Net cash used by financing
activities |
(269) |
(431) |
Effect of exchange rate changes on
cash |
39 |
(11) |
Net decrease in cash and cash
equivalents |
(1,332) |
(766) |
Cash and cash equivalents at beginning of
period |
24,194 |
25,189 |
Cash and cash equivalents at end of
period |
$ 22,862 |
$ 24,423 |
|
|
|
Graham Corporation
Second Quarter Fiscal 2014 EBITDA
Reconciliation—Unaudited (Amounts in thousands) |
|
|
Three Months
Ended |
Six Months
Ended |
|
September
30, |
September
30, |
|
2013 |
2012 |
2013 |
2012 |
Net income |
$ 2,589 |
$ 2,615 |
$ 6,397 |
$ 4,005 |
+Net interest expense |
(6) |
(384) |
(12) |
(315) |
+Income taxes |
1,257 |
1,246 |
3,067 |
1,939 |
+Depreciation & amortization |
549 |
520 |
1,099 |
1,040 |
EBITDA |
$ 4,389 |
$ 3,997 |
$10,551 |
$ 6,669 |
EBITDA margin % |
17.9% |
15.4% |
20.0% |
13.8% |
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
Second Quarter Fiscal 2014 |
Additional
Information—Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDER & BACKLOG
TREND |
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
Q113 |
Q213 |
Q313 |
Q413 |
FY2013 |
Q114 |
Q214 |
|
|
|
|
6/30/12 |
9/30/12 |
12/31/12 |
3/31/13 |
Total |
6/30/13 |
9/30/13 |
|
|
|
Orders |
$ 19.7 |
$ 25.6 |
$ 24.6 |
$ 25.9 |
$ 95.8 |
$32.8 |
$ 48.4 |
|
|
|
Backlog |
$ 92.0 |
$ 91.8 |
$ 90.7 |
$ 85.8 |
$ 85.8 |
$90.4 |
$ 114.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES BY
INDUSTRY FY 2014 |
($ in millions) |
|
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FY 2014 |
Q1 |
% of |
Q2 |
% of |
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|
|
|
6/30/13 |
Total |
9/30/13 |
Total |
|
|
|
|
|
|
Refining |
$ 12.6 |
45% |
$ 10.5 |
43% |
|
|
|
|
|
|
Chemical/ Petrochemical |
$ 4.6 |
16% |
$ 4.0 |
16% |
|
|
|
|
|
|
Power |
$ 7.7 |
27% |
$ 5.7 |
23% |
|
|
|
|
|
|
Other Commercial and Industrial |
$ 3.4 |
12% |
$ 4.3 |
18% |
|
|
|
|
|
|
Total |
$ 28.3 |
|
$ 24.5 |
|
|
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SALES BY
INDUSTRY FY 2013 |
($ in millions) |
|
|
|
|
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|
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|
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|
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|
|
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% |
Chemical/ Petrochemical |
$ 5.6 |
25% |
$ 8.3 |
32% |
$ 6.5 |
25% |
$ 4.9 |
16% |
$ 25.3 |
24% |
Power |
$ 5.2 |
23% |
$ 6.7 |
26% |
$ 4.1 |
16% |
$ 7.3 |
24% |
$ 23.3 |
22% |
Other Commercial and Industrial |
$ 6.5 |
29% |
$ 5.1 |
20% |
$ 4.1 |
16% |
$ 5.0 |
16% |
$ 20.8 |
20% |
Total |
$ 22.5 |
|
$ 25.9 |
|
$ 25.6 |
|
$ 30.9 |
|
$ 105.0 |
|
|
Graham Corporation
Second Quarter Fiscal 2014 |
Additional
Information—Unaudited |
(Continued) |
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SALES BY REGION FY
2014 |
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2014 |
Q1 |
% of |
Q2 |
% of |
|
|
|
|
|
|
|
6/30/13 |
Total |
9/30/13 |
Total |
|
|
|
|
|
|
United States |
$15.0 |
53% |
$14.1 |
58% |
|
|
|
|
|
|
Middle East |
$1.5 |
5% |
$0.9 |
4% |
|
|
|
|
|
|
Asia |
$6.5 |
23% |
$2.8 |
11% |
|
|
|
|
|
|
Other |
$5.3 |
19% |
$6.7 |
27% |
|
|
|
|
|
|
Total |
$28.3 |
|
$24.5 |
|
|
|
|
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|
SALES BY REGION FY
2013 |
($ 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 |
|
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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