- Record $114.6 million in backlog at quarter
end
- Third quarter sales were $23.4 million, down 9% from
sales of $25.6 million in the prior-year period; sales for the
nine-month period were $76.1 million, up 3%
- Earnings per diluted share for the quarter were $0.14
compared with prior year's $0.30; prior year was $0.21 when
adjusted for a nonrecurring item
- Earnings per diluted share for the nine-month period
were $0.78, up from $0.70 in the prior year; up from $0.61 in the
prior year when adjusted for a nonrecurring item
- Reaffirmed fiscal 2014 expectations along with no
change to fiscal 2015 revenue outlook
- Cash, equivalents and investments totaled $63.9 million
at quarter end
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 and operating results for its third quarter
and nine months ended December 31, 2013. Graham's current fiscal
year ("fiscal 2014") ends March 31, 2014 and its prior fiscal year
("fiscal 2013") ended March 31, 2013.
James R. Lines, Graham's President and Chief Executive Officer,
commented, "Based on order flow throughout fiscal 2013, our revenue
and margins for the quarter came in as expected. Order levels
stepped up measurably during the first half of fiscal 2014, which
provides the confidence in our strong expectations for the fourth
quarter. The diversity of our orders and backlog in this current
cycle demonstrates our success with expanding our addressable
market. Approximately 27% of revenue for the nine-month period is
from new customers or new markets since the last cycle that ended
in fiscal year 2009."
Third Quarter Fiscal 2014 Sales
By geographic region, sales in the third quarter of fiscal 2014
increased $4.7 million to the Company's category of Other
geographic markets, primarily Canada, and by $3.1 million to the
U.S., when compared with the prior-year period. Sales to the Middle
East and Asia markets were down by $6.1 million and $3.9 million,
respectively. International sales represented 38% of fiscal 2014
third quarter sales.
Power industry sales, which includes nuclear, increased $1.2
million while sales to other commercial and industrial markets
increased by $1.3 million. Sales to the refining and
chemical/petrochemical markets were down $4.7 million in total.
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 2014 Operating
Performance
Gross profit was $6.1 million, or 26.0% of sales, compared with
$7.1 million, or 27.8% of sales, in the same period of the prior
fiscal year. Gross profit and margin were impacted primarily by
lower sales volume as well as by the mix of projects.
Selling, general and administrative ("SG&A") expenses were
$4.1 million compared with $3.2 million in the prior-year period.
The fiscal 2013 third quarter's SG&A included a $975 thousand
reversal of the second year contingent earn-out provision related
to the Company's December 2010 acquisition of Energy Steel.
Excluding that reversal, SG&A was comparable with the prior
year's period. As a percent of sales, SG&A was 17.5% compared
with adjusted SG&A of 16.2% in the same prior-year quarter,
which excludes the earn-out reversal. Operating profit in the
quarter was $2.0 million, or 8.5% of sales, compared with $3.9
million, or 15.4% of sales, in the third quarter of fiscal 2013, or
11.6%, excluding the reversal described above.
Earnings before interest, taxes, depreciation, and amortization
("EBITDA") was $2.5 million, or 10.8% of sales, compared with $4.5
million, or 17.4% 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 quarter was 28.8%, compared
with 22.5% in the same prior-year period. The reported quarter's
tax rate benefitted from the reversal of a liability for
unrecognized tax benefits while the fiscal 2013 rate benefitted
from the reversal of the earn-out provision. Graham expects
its fiscal 2014 full year tax rate to be between 33% and
34%.
Net income was $1.4 million, or $0.14 per diluted share,
representing a net income reduction of $0.7 million, or $0.07 per
diluted share from the prior-year period of $2.1 million, or $0.21
per diluted share on an adjusted basis, which excludes the $975
thousand reversal previously described. Reported net income
in the third quarter of fiscal 2013 was $3.0 million or $0.30 per
diluted share.
First Nine Months of Fiscal 2014 Review
Net sales were $76.1 million, up 3% from the same prior-year
period. International sales were $32.5 million and represented
43% of total sales compared with $34.8 million, or 47% of sales, in
the first nine months of fiscal 2013. Sales to the U.S.
increased $4.4 million, or 11%, to $43.6 million compared with the
same prior-year period.
Gross profit was $24.4 million, or 32.0% of total sales,
compared with $21.3 million, or 28.7% of sales, in the same
prior-year period. SG&A expenses were $13.0 million, up
$1.3 million. SG&A was up $0.3 million compared with
SG&A in fiscal 2013's nine-month period when adjusted for the
earnout provision reversal described above. As a percent of
sales, SG&A was 17.0% compared with adjusted SG&A of 17.1%
in the same prior-year period.
EBITDA was $13.1 million, or 17.2% of sales, compared with $11.1
million, or 15.0% of sales, in the prior-year period. 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 was $7.8 million, or $0.78 per diluted share,
representing a net income improvement of $1.7 million, or $0.17 per
diluted share from the prior-year period of $6.1 million, or $0.61
per diluted share on an adjusted basis, which excludes the $975
thousand reversal previously described. Reported net income
in the first nine months of fiscal 2013 was $7.1 million or $0.70
per diluted share.
Solid Balance Sheet with No Debt
Cash, cash equivalents and investments at December 31, 2013,
grew to $63.9 million compared with $54.9 million at September 30,
2013 and $51.7 million at March 31, 2013.
Cash provided by operations in the third quarter and first nine
months of fiscal 2014 were $10.3 million and $14.6 million,
respectively, compared with $8.7 million and $14.9 million in the
third quarter and first nine months of fiscal 2013,
respectively. The increase in cash provided by operations in
the third quarter of fiscal 2014 reflects the timing of collections
on accounts receivable and customer progress payments. The
increased cash on hand will be used over the next few quarters to
fund the Company's production expansion.
Capital expenditures were $2.2 million in the first nine months
of fiscal 2014, up $1.2 million from the prior-year's nine month
period. As previously indicated, capital expenditures in
fiscal 2014 are expected to be between $6 million and $7 million,
including expenditures for production expansion at the Company's
Batavia, New York facility, which is expected to be completed by
September 30, 2014.
Graham had neither borrowings under its credit facility nor any
long-term debt outstanding at December 31, 2013.
Robust and Diverse Backlog
Orders during the third quarter of fiscal 2014 were $23.5
million, down $1.1 million, or 5%, from $24.6 million in the third
quarter of fiscal 2013 and down sequentially from a record $48.4
million in the fiscal 2014 second quarter.
Mr. Lines noted, "Following exceptionally strong order levels in
the first half of fiscal 2014, we anticipated a bit of an order
slowdown in our second half due to staging of the next grouping of
active projects. Orders fiscal year-to-date were up 50% from
the same period of fiscal 2013, and we continue to be encouraged by
the level of quoting activity and our bidding pipeline. We
have successfully expanded our engineering execution capacity and
reduced engineering lead time. We therefore expect to be able to
handle the growing workload we anticipate while at the same time
enhancing our responsiveness. Moreover, our plant expansion
project is progressing smoothly and we believe we are well-prepared
to seize opportunities as this growth cycle advances."
Orders from the chemical/petrochemical and power industries both
increased significantly over the third quarter of fiscal 2013,
particularly the chemical/petrochemical industry where orders of
$11.1 million compare with $2.6 million in the prior-year's
period. Decreased orders from the refining industry, which saw
78% order reduction during the third quarter compared with the
prior year's quarter, and from other commercial and industrial
markets, were mostly the result of project timing. When
compared with the trailing second quarter of fiscal 2014, the power
industry experienced 70% order growth while orders from refining,
chemical/petrochemical and other commercial and industrial markets
were down slightly.
Orders from U.S. customers represented 85%, or $19.9 million, of
total orders received during the third quarter of fiscal 2014,
while orders from international markets accounted for $3.6 million
of total orders. Consistent with recent quarters, the ongoing
availability of low-cost natural gas is driving the surge in U.S.
investment spending for the chemical/petrochemical
industry. Orders for the first nine months of fiscal 2014
included 75% from the U.S. The Company believes that this
increase is a near to mid-term shift toward the U.S. market
resulting from the structural changes that have taken place in the
natural gas market. Over the long term, Graham expects that
orders will be geographically diverse and variable between quarters
and, ultimately, will be relatively balanced between domestic and
international markets.
Graham's backlog was a record $114.6 million at December 31,
2013, up from $114.4 million at September 30, 2013 and from $90.7
million at December 31, 2012. The backlog at the end of the
third quarter reflects industry diversity, with approximately 32%
of projects in backlog for chemical/petrochemical projects, 25% for
refinery projects, and 15% for power projects, including
nuclear. All other industries served by Graham, including the
U.S. Navy, accounted for 28% of backlog. Approximately 40% of
backlog is for new customers gained since the prior up-cycle that
reflects successful execution of the Company's revenue
diversification strategy.
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 12 to 24 months, and approximately 10% are expected to be
converted beyond 24 months.
The Company continues to expect sales of $100 million to $110
million for fiscal 2014. Gross margin should be between 31%
and 33% and SG&A expense expectations are unchanged at 16% to
17% of sales.
Mr. Lines concluded, "Our fiscal 2014 results thus far are
consistent with our expectations, driven by our fiscal 2013 order
activity. We anticipate a strong finish to fiscal
2014. We are especially encouraged by the diversity of our
backlog, which we believe results from our efforts to broaden our
customers and markets. In these early stages of what we
believe is a strengthening growth cycle, we look forward to fiscal
2015 with optimism, given the strong order activity we have
experienced during this fiscal year. As indicated last
quarter, we believe revenue in fiscal 2015 will grow to
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 third quarter and first
nine months 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 13574436. A telephonic replay will be
available from approximately 2:00 p.m. Eastern Time on the day of
call through Friday, February 7, 2014. 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 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 news release.
Graham Corporation
Third Quarter Fiscal 2014 |
Consolidated Statements
of Operations—Unaudited |
(Amounts in thousands, except
per share data) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
December
31, |
% |
December
31, |
% |
|
2013 |
2012 |
Change |
2013 |
2012 |
Change |
Net sales |
$ 23,385 |
$ 25,633 |
(9%) |
$ 76,131 |
$ 74,068 |
3% |
Cost of products sold |
17,295 |
18,505 |
(7%) |
51,737 |
52,791 |
(2%) |
Gross profit |
6,090 |
7,128 |
(15%) |
24,394 |
21,277 |
15% |
Gross profit margin |
26.0% |
27.8% |
|
32.0% |
28.7% |
|
Other expenses and income: |
|
|
|
|
|
|
Selling, general and administrative |
4,047 |
3,131 |
29% |
12,786 |
11,538 |
11% |
Selling, general and administrative -
amortization |
55 |
57 |
(4%) |
168 |
170 |
(1%) |
Operating profit |
1,988 |
3,940 |
(50%) |
11,440 |
9,569 |
20% |
Operating profit margin |
8.5% |
15.4% |
|
15.0% |
12.9% |
|
Interest income |
(10) |
(13) |
(23%) |
(31) |
(38) |
(18%) |
Interest expense |
(11) |
19 |
(158%) |
(2) |
(271) |
(99%) |
Income before income taxes |
2,009 |
3,934 |
(49%) |
11,473 |
9,878 |
16% |
Provision for income taxes |
578 |
887 |
(35%) |
3,645 |
2,826 |
29% |
Net income |
$ 1,431 |
$ 3,047 |
(53%) |
$ 7,828 |
$ 7,052 |
11% |
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
Net income |
$ 0.14 |
$ 0.30 |
(53%) |
$ 0.78 |
$ 0.70 |
11% |
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
Net income |
$ 0.14 |
$ 0.30 |
(53%) |
$ 0.78 |
$ 0.70 |
11% |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
Basic |
10,070 |
10,034 |
|
10,063 |
10,023 |
|
Diluted |
10,107 |
10,057 |
|
10,099 |
10,046 |
|
|
|
|
|
|
|
|
Dividends declared per
share |
$ 0.03 |
$ 0.02 |
|
$ 0.09 |
$ 0.06 |
|
Graham Corporation
Third Quarter Fiscal 2014 |
Consolidated Balance
Sheets—Unaudited |
(Amounts in thousands, except
per share data) |
|
|
December 31, |
March 31, |
|
2013 |
2013 |
|
|
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$33,407 |
$24,194 |
Investments |
30,498 |
27,498 |
Trade accounts receivable, net of
allowances ($48 and $33 at December 31 and March 31, 2013,
respectively) |
12,370 |
9,440 |
Unbilled revenue |
6,590 |
13,113 |
Inventories |
11,088 |
11,171 |
Prepaid expenses and other current
assets |
1,002 |
783 |
Income taxes receivable |
1,731 |
2,635 |
Deferred income tax asset |
48 |
69 |
Total current assets |
96,734 |
88,903 |
|
|
|
Property, plant and equipment, net |
13,798 |
13,288 |
Prepaid pension asset |
2,944 |
2,349 |
Goodwill |
6,938 |
6,938 |
Permits |
10,300 |
10,300 |
Other intangible assets, net |
4,653 |
4,788 |
Other assets |
202 |
167 |
Total assets |
$135,569 |
$126,733 |
|
|
|
Liabilities and stockholders' equity |
|
|
Current liabilities: |
|
|
Current portion of capital lease
obligations |
$ 81 |
$ 87 |
Accounts payable |
8,117 |
9,429 |
Accrued compensation |
5,113 |
5,018 |
Accrued expenses and other current
liabilities |
3,030 |
3,051 |
Customer deposits |
8,312 |
6,919 |
Deferred income tax liability |
382 |
373 |
Total current liabilities |
25,035 |
24,877 |
|
|
|
Capital lease obligations |
67 |
127 |
Accrued compensation |
158 |
308 |
Deferred income tax liability |
7,389 |
7,131 |
Accrued pension liability |
261 |
227 |
Accrued postretirement benefits |
946 |
923 |
Other long-term liabilities |
-- |
145 |
Total liabilities |
33,856 |
33,738 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $1.00 par value -- |
|
|
Authorized, 500 shares |
|
|
Common stock, $.10 par value -- |
|
|
Authorized, 25,500 shares |
|
|
Issued,10,390 and 10,331 shares at
December 31 and March 31, 2013, respectively |
1,039 |
1,033 |
Capital in excess of par value |
19,807 |
18,596 |
Retained earnings |
91,555 |
84,632 |
Accumulated other comprehensive loss |
(7,531) |
(8,033) |
Treasury stock, 317 and 327 shares at
December 31 and March 31, 2013, respectively |
(3,157) |
(3,233) |
Total stockholders' equity |
101,713 |
92,995 |
Total liabilities and stockholders'
equity |
$135,569 |
$126,733 |
|
Graham Corporation
Third Quarter Fiscal 2014 |
Consolidated Statements
of Cash Flows—Unaudited |
(Amounts in thousands) |
|
|
|
Nine Months
Ended |
|
December
31, |
|
2013 |
2012 |
|
|
|
Operating activities: |
|
|
Net income |
$ 7,828 |
$ 7,052 |
Adjustments to reconcile net income to
net cash provided by operating activities: |
|
|
Depreciation |
1,478 |
1,390 |
Amortization |
168 |
170 |
Amortization of unrecognized prior
service cost and actuarial losses |
663 |
666 |
Discount accretion on investments |
(6) |
(10) |
Stock-based compensation expense |
489 |
463 |
Loss on disposal of property, plant and
equipment |
207 |
8 |
Deferred income taxes |
88 |
(259) |
(Increase) decrease in operating
assets: |
|
|
Accounts receivable |
(3,019) |
210 |
Unbilled revenue |
6,559 |
5,017 |
Inventories |
275 |
(1,335) |
Prepaid expenses and other current and
non-current assets |
(326) |
74 |
Prepaid pension asset |
(595) |
(575) |
Increase (decrease) in operating
liabilities: |
|
|
Accounts payable |
(1,429) |
(257) |
Accrued compensation, accrued expenses
and other current and non-current liabilities |
76 |
(1,138) |
Customer deposits |
1,305 |
2,087 |
Income taxes payable/receivable |
904 |
1,354 |
Long-term portion of accrued
compensation, accrued pension liability and accrued postretirement
benefits |
(94) |
31 |
Net cash provided by operating
activities |
14,571 |
14,948 |
|
|
|
Investing activities: |
|
|
Purchase of property, plant and
equipment |
(2,161) |
(971) |
Proceeds from disposal of property, plant
and equipment |
32 |
4 |
Purchase of investments |
(80,495) |
(60,488) |
Redemption of investments at
maturity |
77,500 |
50,000 |
Net cash used by investing
activities |
(5,124) |
(11,455) |
|
|
|
Financing activities: |
|
|
Principal repayments on capital lease
obligations |
(65) |
(61) |
Issuance of common stock |
421 |
55 |
Dividends paid |
(905) |
(599) |
Excess tax benefit (deficiency) on stock
awards |
220 |
(2) |
Net cash used by financing
activities |
(329) |
(607) |
Effect of exchange rate changes on
cash |
95 |
35 |
Net increase in cash and cash
equivalents |
9,213 |
2,921 |
Cash and cash equivalents at beginning of
period |
24,194 |
25,189 |
Cash and cash equivalents at end of
period |
$ 33,407 |
$ 28,110 |
|
|
|
Graham Corporation
Third Quarter Fiscal 2014 |
EBITDA
Reconciliation—Unaudited |
($ in thousands) |
|
|
Three Months
Ended |
Nine Months
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
Net income |
$ 1,431 |
$ 3,047 |
$ 7,828 |
$ 7,052 |
+Net interest (income) expense |
(21) |
6 |
(33) |
(309) |
+Income taxes |
578 |
887 |
3,645 |
2,826 |
+Depreciation & amortization |
547 |
520 |
1,646 |
1,560 |
EBITDA |
$ 2,535 |
$ 4,460 |
$13,086 |
$11,129 |
EBITDA margin % |
10.8% |
17.4% |
17.2% |
15.0% |
EBITDA is defined as consolidated net income before interest
expense and income, income taxes, and depreciation and
amortization. EBITDA is not a measure determined in accordance with
generally accepted accounting principles in the United States,
commonly known as GAAP. Nevertheless, Graham believes that
providing non-GAAP information such as EBITDA is important for
investors and other readers of Graham's financial statements, as it
is used as an analytical indicator by Graham's management to better
understand operating performance. Graham's credit facility also
contains ratios based on EBITDA. Because EBITDA is a non-GAAP
measure and is thus susceptible to varying calculations, EBITDA, as
presented, may not be directly comparable to other similarly titled
measures used by other companies.
Graham Corporation Third Quarter Fiscal
2014
Additional
Information—Unaudited
|
ORDER &
BACKLOG TREND |
($ in millions) |
|
|
Q113 |
Q213 |
Q313 |
Q413 |
FY2013 |
Q114 |
Q214 |
Q314 |
|
6/30/12 |
9/30/12 |
12/31/12 |
3/31/13 |
Total |
6/30/13 |
9/30/13 |
12/31/13 |
Orders |
$19.7 |
$25.6 |
$24.6 |
$25.9 |
$95.8 |
$32.8 |
$48.4 |
$23.5 |
Backlog |
$92.0 |
$91.8 |
$90.7 |
$85.8 |
$85.8 |
$90.4 |
$114.4 |
$114.6 |
|
SALES BY INDUSTRY FY
2014 |
($ in millions) |
|
FY 2014 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
|
6/30/13 |
Total |
9/30/13 |
Total |
12/31/13 |
Total |
Refining |
$12.6 |
45% |
$10.5 |
43% |
$7.3 |
31% |
Chemical/ Petrochemical |
$4.6 |
16% |
$4.0 |
16% |
$5.4 |
23% |
Power |
$7.7 |
27% |
$5.7 |
23% |
$5.3 |
23% |
Other Commercial and Industrial |
$3.4 |
12% |
$4.3 |
18% |
$5.4 |
23% |
Total |
$28.3 |
|
$24.5 |
|
$23.4 |
|
|
SALES BY
INDUSTRY FY 2013 |
($ 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% |
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 |
|
$105.0 |
|
Graham Corporation Third Quarter Fiscal
2014
Additional Information—Unaudited
(Continued)
SALES BY REGION FY
2014 |
($ in millions) |
|
FY 2014 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
|
6/30/13 |
Total |
9/30/13 |
Total |
12/31/13 |
Total |
United States |
$15.0 |
53% |
$14.1 |
58% |
$14.5 |
62% |
Middle East |
$1.5 |
5% |
$0.9 |
4% |
$0.8 |
3% |
Asia |
$6.5 |
23% |
$2.8 |
11% |
$1.5 |
7% |
Other |
$5.3 |
19% |
$6.7 |
27% |
$6.6 |
28% |
Total |
$28.3 |
|
$24.5 |
|
$23.4 |
|
|
SALES BY REGION FY
2013 |
($ 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 / Karen L. Howard
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942
Email: dpawlowski@keiadvisors.com /
khoward@keiadvisors.com
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