- Third quarter sales grew 44% to $33.6 million; net
income was $4.0 million, up from $1.4 million; Net income margin
was 12% of sales
- Fiscal 2015 revenue outlook and gross margin guidance
reaffirmed
Graham Corporation (NYSE:GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical, power and defense industries, today reported its
financial and operating results for its third quarter and nine
months ended December 31, 2014. Graham's current fiscal year
("fiscal 2015") ends March 31, 2015.
Net sales in the third quarter of fiscal 2015 were $33.6
million, up 44% from net sales of $23.4 million in the third
quarter of the fiscal year ended March 31, 2014 ("fiscal 2014").
Net income in the quarter was $4.0 million, or $0.39 per diluted
share, compared with $0.14 in the prior year's quarter. Net income
as a percent of sales in the fiscal 2015 quarter was 12%.
James R. Lines, Graham's President and Chief Executive Officer,
commented, "Execution in fiscal 2015 continues to be strong, as we
convert the robust order volume won during fiscal 2014 and earlier
in this fiscal year. Our expanded facilities in Batavia are now
being utilized, allowing us to generate solid throughput and gross
profit expansion, and, by leveraging our SG&A, drive bottom
line results."
U.S. Refining Industry Leads Third Quarter Fiscal 2015
Sales (see accompanying tables for a breakdown of sales by
industry and region)
When compared with the same prior-year period, sales in the
third quarter of fiscal 2015 increased $3.8 million to the U.S.
market and $4.4 million to Other geographic markets. Sales to the
Middle East and Asia markets were up by $1.3 million and $0.7
million, respectively. International sales represented 45% of
fiscal 2015's third quarter sales.
Refining and chemical/petrochemical industry sales increased
$5.5 million and $4 million, or 75% and 74%, respectively. Sales to
the power industry, which includes nuclear, and other commercial
and industrial markets, including defense, increased modestly.
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 2015 Operating
Performance
Gross profit in the third quarter was $10.1 million, or 30% of
sales, compared with $6.1 million, or 26% of sales, in the same
period of the prior fiscal year. Gross profit and margin were
favorably impacted by sales volume.
Selling, general and administrative ("SG&A") expenses were
$4.5 million compared with $4.1 million in the prior-year period.
As a percent of sales, SG&A was 13% compared with 18% in the
same prior-year quarter, with the improvement primarily due to
leverage on higher sales volume. Operating profit in the third
quarter of fiscal 2015 was $5.6 million, or 17% of sales, compared
with $2 million, or 9% of sales, in the third quarter of fiscal
2014, with the improvement driven by sales volume.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") in the current quarter was $6.2 million, or 18% of
sales, compared with $2.5 million, or 11% 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 current quarter was 30%,
compared with 29% in the same prior-year period. Compared with the
previous quarters of fiscal 2015, the current quarter's tax rate
benefitted from the December 2014 retroactive extension of the U.S.
federal research and development tax credit.
Year-to-Date Fiscal 2015 Review
Net sales were $97.7 million in the first nine months of fiscal
2015, up 28% from the same prior-year period. International sales
in the nine-month period were $35.3 million and represented 36% of
total sales compared with $32.5 million, or 43% of sales, in the
first nine months of fiscal 2014. Sales to the U.S. increased $18.8
million, or 43%, to $62.4 million compared with the same prior-year
period due to strong investment in new chemical industry
capacity.
Gross profit in the first nine months of fiscal 2015 was $29
million, or 30% of sales, compared with $24.4 million, or 32% of
sales, in the same prior-year period. SG&A expenses were $13.6
million, up $0.6 million. As a percent of sales, SG&A was 14%
in the first nine months of fiscal 2015 compared with SG&A of
17% in the same prior-year period, with the current year period
benefitting from higher sales. Operating profit for the fiscal 2015
fiscal year-to-date period was $15.4 million, or 16% of sales,
compared with $11.4 million, or 15% of sales, in the same fiscal
2014 period.
Net income was $10.6 million, or $1.04 per diluted share, in the
first nine months of fiscal 2015, representing a net income
improvement of $2.7 million, or $0.26 per diluted share, from the
same prior-year period of $7.8 million, or $0.78 per diluted share.
Net income as a percent of sales in the fiscal 2015 year-to-date
period was 11%.
EBITDA in the first nine months of fiscal 2015 was $17.2
million, or 18% of sales, compared with $13.1 million, or 17% of
sales, in the same 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.
Solid Balance Sheet with No Debt
Cash, cash equivalents and investments at December 31, 2014,
were $62.5 million, compared with $64.8 million at September 30,
2014 and $61.1 million at March 31, 2014.
Cash used by operations in the third quarter of fiscal 2015 was
$1 million, while cash provided by operations in the first nine
months of fiscal 2015 was $7.5 million. Cash provided by operations
in the third quarter and first nine months of fiscal 2014 was $10.3
million and $14.6 million, respectively. The decrease in cash
provided by operations in the third quarter of fiscal 2015 reflects
the timing of collections on accounts receivable and unbilled
revenue related to project progress.
Capital expenditures were $5 million in the first nine months of
fiscal 2015, up from $2.2 million in the prior-year's nine-month
period. Capital expenditures in fiscal 2015 are expected to be
between $5.5 million and $6 million, as previously disclosed.
Approximately 60% of the expected fiscal 2015 capital spending is
for the Company's Batavia, New York facility expansion, which was
completed during the second quarter of fiscal 2015.
On January 29, 2015, Graham announced that its Board of
Directors approved a 100% increase in the quarterly dividend to
$0.08 per share. The Board also authorized a stock repurchase
program of up to $18 million.
Graham had neither borrowings under its credit facility nor any
long-term debt outstanding at December 31, 2014.
Diverse Third Quarter Fiscal 2015 Orders and
Backlog
Orders during the third quarter of fiscal 2015 were $22.6
million, down $0.9 million, or 4%, from $23.5 million in the third
quarter of fiscal 2014 and down sequentially from $35.4 million in
fiscal 2015's second quarter.
Orders from the refining and other commercial and industrial
markets both increased significantly in the current quarter when
compared with the third quarter of fiscal 2014. Orders from the
refining industry increased to $7.6 million compared with $3
million in the prior-year's period, while orders from other
commercial and industrial markets, increased to $5.7 million
compared with $2.6 million in the same period last year. Orders
from the chemical/petrochemical industry saw a 33% reduction in the
fiscal 2015 third quarter compared with the prior-year's third
quarter, and orders from the power industry saw a 74% decrease.
When compared with the trailing second quarter of fiscal 2015, the
chemical/petrochemical industry and other commercial and industrial
markets experienced 16% and 20% order growth, respectively, while
orders from the refining and power industries saw decreased order
levels.
Orders from U.S. customers represented 55%, or $12.4 million, of
total orders received during the third quarter of fiscal 2015,
while orders from international markets accounted for $10.2
million. Orders received during the first nine months of fiscal
2015 were 51% from the U.S. Graham expects that orders will
continue to be geographically diverse and variable between quarters
and, in the long term, will be relatively balanced between domestic
and international markets.
Graham's backlog was $103.8 million at December 31, 2014, down
from $114.8 million at September 30, 2014. The backlog at the end
of the third quarter reflects industry diversity, with
approximately 37% for refinery projects, 23% for
chemical/petrochemical projects, 11% for power projects, including
nuclear, 21% for U.S. Navy projects and 8% for all other industries
served by Graham. Consistent with the end of the trailing fiscal
2015 second quarter, $7.8 million of backlog at December 31, 2014
was on hold pending the end-user's analysis of final project
design. Graham expects that this hold will be released during
calendar 2015, with shipment expected 18 to 30 months subsequent to
release.
Approximately 70% to 75% of orders currently in backlog are
expected to be converted to sales within the next 12 months, 15% to
20% are expected to be converted within the next 12 to 24 months,
and 5% to 10% are expected to be converted beyond 24 months.
Fiscal 2015 Revenue Range, Gross Margin Guidance and
Long-Term Outlook Reaffirmed
For fiscal 2015, the Company expects sales to be in the upper
half of the previously provided range of $125 million to $130
million. Gross margin range continues to be expected to be between
30% and 31%. SG&A guidance as a percent of sales has been
reduced to a range of 14% to 14.5% of sales from the Company's
prior estimate of 15% to 15.5%, mostly as a result of varying sales
commissions. Graham now expects its fiscal 2015 full year effective
tax rate to be approximately 32% to 33%, lowered due to the impact
of the retroactive U.S. research and development tax credit which
was reinstated in December 2014.
Mr. Lines noted, "We continue to believe that we can organically
double the size of our business from its last peak of just above
$100 million. However, the recent severe decline in crude oil
prices has slowed many customer order decisions, which in turn has
affected our expectations for fiscal 2016. We continue to pursue
nuclear, defense industry and aftermarket opportunities, which we
believe provides a predictable base business, as we also work to
take market share in our traditional refining and petrochemical
markets."
Mr. Lines concluded, "I believe that our solid performance,
complemented by our existing cash balances and expectations for
future cash flows, support our Board's decision to double our
dividend and initiate a stock repurchase program. I believe that
these actions demonstrate the Board's confidence in Graham's
strategy, its commitment to generate shareholder value, and in our
ongoing investments in our organic growth objectives and our
pursuit of strategic acquisition opportunities."
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 Graham's financial
condition and operating results for its third quarter and first
nine months of fiscal 2015, 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 located 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.
A telephonic replay will be available from approximately 2:00
p.m. Eastern Time on the day of call through Friday, February 6,
2015. To listen to the archived replay of the call, dial (858)
384-5517, and enter replay pin number 13597769. 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 nearly 80
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," "confidence," "projects," "typically," :outlook,"
"anticipates," "believes," "appears," "could," "opportunities,"
seeking," "plans," 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, expected expansion and growth
opportunities within the domestic and international 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 commodities prices, the effect on its
business of volatility in commodities prices, 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 the expected performance of
Energy Steel & Supply Co, 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.
FINANCIAL TABLES FOLLOW.
Graham Corporation
Third Quarter Fiscal 2015 Consolidated Statements of
Operations—Unaudited (Amounts in thousands, except per
share data) |
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
Nine Months Ended
December 31, |
|
|
|
% |
|
|
% |
|
2014 |
2013 |
Change |
2014 |
2013 |
Change |
Net sales |
$33,646 |
$23,385 |
44% |
$97,714 |
$76,131 |
28% |
Cost of products sold |
23,543 |
17,295 |
36% |
68,695 |
51,737 |
33% |
Gross profit |
10,103 |
6,090 |
66% |
29,019 |
24,394 |
19% |
Gross profit margin |
30.0% |
26.0% |
|
29.7% |
32.0% |
|
Other expenses and income: |
|
|
|
|
|
|
Selling, general and
administrative |
4,424 |
4,047 |
9% |
13,413 |
12,786 |
5% |
Selling, general and administrative –
amortization |
59 |
55 |
7% |
171 |
168 |
2% |
|
4,483 |
4,102 |
9% |
13,584 |
12,954 |
5% |
Operating profit |
5,620 |
1,988 |
183% |
15,435 |
11,440 |
35% |
Operating profit margin |
16.7% |
8.5% |
|
15.8% |
15.0% |
|
Interest income |
(50) |
(10) |
400% |
(139) |
(31) |
348% |
Interest expense |
2 |
(11) |
118% |
8 |
(2) |
500% |
Income before provision for income taxes |
5,668 |
2,009 |
182% |
15,566 |
11,473 |
36% |
Provision for income taxes |
1,676 |
578 |
190% |
4,996 |
3,645 |
37% |
Net income |
$ 3,992 |
$ 1,431 |
179% |
$10,570 |
$ 7,828 |
35% |
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
Net income |
$ 0.39 |
$ 0.14 |
179% |
$ 1.04 |
$ 0.78 |
33% |
Diluted: |
|
|
|
|
|
|
Net income |
$ 0.39 |
$ 0.14 |
179% |
$ 1.04 |
$ 0.78 |
33% |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
Basic |
10,127 |
10,070 |
|
10,119 |
10,063 |
|
Diluted |
10,149 |
10,107 |
|
10,142 |
10,099 |
|
Dividends declared per share |
$ 0.04 |
$ 0.03 |
|
$ 0.12 |
$ 0.09 |
|
|
|
Graham Corporation
Third Quarter Fiscal 2015 Consolidated Balance
Sheets—Unaudited (Amounts in thousands, except per share
data) |
|
|
|
|
December 31, |
March 31, |
Assets |
2014 |
2014 |
Current assets: |
|
|
Cash and cash equivalents |
$ 29,496 |
$ 32,146 |
Investments |
33,000 |
29,000 |
Trade accounts receivable, net of
allowances ($44 and $46 at December 31 and March 31, 2014,
respectively) |
15,274 |
10,339 |
Unbilled revenue |
13,292 |
7,830 |
Inventories |
14,632 |
16,518 |
Prepaid expenses and other current
assets |
805 |
457 |
Income taxes receivable |
-- |
498 |
Deferred income tax asset |
996 |
668 |
Total current assets |
107,495 |
97,456 |
Property, plant and equipment, net |
19,884 |
16,449 |
Prepaid pension asset |
6,603 |
5,759 |
Goodwill |
6,938 |
6,938 |
Permits |
10,300 |
10,300 |
Other intangible assets, net |
4,473 |
4,608 |
Other assets |
181 |
124 |
Total assets |
$155,874 |
$141,634 |
Liabilities and stockholders'
equity |
|
|
Current liabilities: |
|
|
Current portion of capital lease
obligations |
$ 55 |
$ 80 |
Accounts payable |
12,702 |
10,084 |
Accrued compensation |
6,604 |
5,701 |
Accrued expenses and other current
liabilities |
3,296 |
2,233 |
Customer deposits |
7,048 |
8,012 |
Income taxes payable |
244 |
-- |
Total current liabilities |
29,949 |
26,110 |
Capital lease obligations |
96 |
136 |
Accrued compensation |
-- |
158 |
Deferred income tax liability |
8,393 |
8,197 |
Accrued pension liability |
304 |
272 |
Accrued postretirement benefits |
877 |
853 |
Total liabilities |
$ 39,619 |
$ 35,726 |
Stockholders' equity: |
|
|
Preferred stock, $1.00 par value --
Authorized, 500 shares |
-- |
-- |
Common stock, $.10 par value --
Authorized, 25,500 shares; 10,433 issued and 10,127 outstanding at
December 31, 2014; 10,409 issued and 10,098 outstanding at
March 31, 2014 |
1,043 |
1,041 |
Capital in excess of par value |
20,961 |
20,274 |
Retained earnings |
102,824 |
93,469 |
Accumulated other comprehensive loss |
(5,509) |
(5,765) |
Treasury stock, 306 and 311 shares at
December 31 and March 31, 2014, respectively |
(3,064) |
(3,111) |
Total stockholders' equity |
116,255 |
105,908 |
Total liabilities and
stockholders' equity |
$155,874 |
$141,634 |
|
|
Graham Corporation
Third Quarter Fiscal 2015 Consolidated Statements of Cash
Flows—Unaudited (Amounts in thousands) |
|
|
|
|
Nine Months
Ended |
|
December
31, |
|
2014 |
2013 |
Operating activities: |
|
|
Net income |
$ 10,570 |
$ 7,828 |
Adjustments to reconcile net income to
net cash provided by operating activities: |
|
|
Depreciation |
1,561 |
1,478 |
Amortization |
171 |
168 |
Amortization of unrecognized prior
service cost and actuarial losses |
389 |
663 |
Discount accretion on investments |
-- |
(6) |
Stock-based compensation expense |
481 |
489 |
Loss on disposal of property, plant and
equipment |
3 |
207 |
Deferred income taxes |
(281) |
88 |
(Increase) decrease in operating
assets: |
|
|
Accounts receivable |
(4,938) |
(3,019) |
Unbilled revenue |
(5,463) |
6,559 |
Inventories |
1,887 |
275 |
Prepaid expenses and other current and
non-current assets |
(430) |
(326) |
Prepaid pension asset |
(845) |
(595) |
Increase (decrease) in operating
liabilities: |
|
|
Accounts payable |
2,584 |
(1,429) |
Accrued compensation, accrued expenses
and other current and non-current liabilities |
2,138 |
76 |
Customer deposits |
(964) |
1,305 |
Income taxes payable/receivable |
743 |
904 |
Long-term portion of accrued
compensation, accrued pension liability and accrued postretirement
benefits |
(101) |
(94) |
Net cash provided by operating
activities |
7,505 |
14,571 |
|
|
|
Investing activities: |
|
|
Purchase of property, plant and
equipment |
(4,965) |
(2,161) |
Proceeds from disposal of property, plant
and equipment |
1 |
32 |
Purchase of investments |
(41,000) |
(80,495) |
Redemption of investments at
maturity |
37,000 |
77,500 |
Net cash used by investing
activities |
(8,964) |
(5,124) |
|
|
|
Financing activities: |
|
|
Principal repayments on capital lease
obligations |
(64) |
(65) |
Issuance of common stock |
48 |
421 |
Dividends paid |
(1,215) |
(905) |
Excess tax benefit on stock awards |
37 |
220 |
Net cash used by financing
activities |
(1,194) |
(329) |
Effect of exchange rate changes on
cash |
3 |
95 |
Net decrease in cash and cash
equivalents |
(2,650) |
9,213 |
Cash and cash equivalents at beginning of
period |
32,146 |
24,194 |
Cash and cash equivalents at end of
period |
$ 29,496 |
$ 33,407 |
Graham Corporation
Third Quarter Fiscal 2015 EBITDA
Reconciliation—Unaudited ($ in thousands) |
|
|
|
|
Three Months
Ended |
Nine Months
Ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
Net income |
$ 3,992 |
$ 1,431 |
$ 10,570 |
$ 7,828 |
+Net interest income |
(48) |
(21) |
(131) |
(33) |
+Income taxes |
1,676 |
578 |
4,996 |
3,645 |
+Depreciation & amortization |
579 |
547 |
1,732 |
1,646 |
EBITDA |
$ 6,199 |
$ 2,535 |
$17,167 |
$13,086 |
EBITDA margin % |
18.4% |
10.8% |
17.6% |
17.2% |
|
|
|
|
|
|
|
|
|
|
EBITDA is defined as consolidated net income before interest
expense and income, income taxes, and depreciation and
amortization. EBITDA is not a measure determined in accordance with
generally accepted accounting principles in the United States,
commonly known as GAAP. Nevertheless, Graham believes that
providing non-GAAP information such as EBITDA is important for
investors and other readers of Graham's financial statements, as it
is used as an analytical indicator by Graham's management to better
understand operating performance. Graham's credit facility also
contains ratios based on EBITDA. Because EBITDA is a non-GAAP
measure and is thus susceptible to varying calculations, EBITDA, as
presented, may not be directly comparable to other similarly titled
measures used by other companies.
|
|
Graham Corporation
Third Quarter Fiscal 2015 Additional
Information—Unaudited |
|
|
|
|
|
|
|
|
|
ORDER & BACKLOG
TREND |
($ in millions) |
|
|
|
|
|
|
|
|
|
|
Q114 |
Q214 |
Q314 |
Q414 |
FY2014 |
Q115 |
Q215 |
Q315 |
|
6/30/13 |
9/30/13 |
12/31/13 |
3/31/14 |
Total |
6/30/14 |
9/30/14 |
12/31/14 |
Orders |
$32.8 |
$48.4 |
$23.5 |
$23.5 |
$128.2 |
$31.1 |
$35.4 |
$22.6 |
Backlog |
$90.4 |
$114.4 |
$114.6 |
$112.1 |
$112.1 |
$114.8 |
$114.8 |
$103.8 |
|
SALES BY INDUSTRY FY
2015 |
($ in millions) |
|
|
|
|
|
|
|
FY 2015 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
|
6/30/14 |
Total |
9/30/14 |
Total |
12/31/14 |
Total |
Refining |
$6.6 |
23% |
$12.3 |
35% |
$12.8 |
38% |
Chemical/ Petrochemical |
$11.7 |
41% |
$12.9 |
36% |
$9.4 |
28% |
Power |
$4.9 |
17% |
$5.6 |
16% |
$5.5 |
16% |
Other Commercial and Industrial* |
$5.3 |
19% |
$4.8 |
13% |
$5.9 |
18% |
Total |
$28.5 |
|
$35.6 |
|
$33.6 |
|
|
SALES BY
INDUSTRY FY 2014 |
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
FY 2014 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
|
% of |
|
6/30/13 |
Total |
9/30/13 |
Total |
12/31/13 |
Total |
3/31/14 |
Total |
FY2014 |
Total |
Refining |
$12.6 |
45% |
$10.5 |
43% |
$7.3 |
31% |
$5.8 |
22% |
$36.2 |
35% |
Chemical/ Petrochemical |
$4.6 |
16% |
$4.0 |
16% |
$5.4 |
23% |
$10.5 |
40% |
$24.5 |
24% |
Power |
$7.7 |
27% |
$5.7 |
23% |
$5.3 |
23% |
$4.9 |
19% |
$23.5 |
23% |
Other Commercial and Industrial* |
$3.4 |
12% |
$4.3 |
18% |
$5.4 |
23% |
$4.9 |
19% |
$18.0 |
18% |
Total |
$28.3 |
|
$24.5 |
|
$23.4 |
|
$26.1 |
|
$102.2 |
|
|
|
|
|
|
|
|
|
|
|
|
* Includes the defense
industry |
|
Graham Corporation
Third Quarter Fiscal 2015 Additional
Information—Unaudited (Continued) |
|
|
|
|
|
|
|
SALES BY REGION FY
2015 |
($ in millions) |
|
|
|
|
|
|
|
FY 2015 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
|
6/30/14 |
Total |
9/30/14 |
Total |
12/31/14 |
Total |
United States |
$22.2 |
78% |
$21.9 |
61% |
$18.3 |
55% |
Middle East |
$1.5 |
5% |
$2.0 |
6% |
$2.1 |
6% |
Asia |
$2.4 |
8% |
$3.5 |
10% |
$2.2 |
7% |
Other |
$2.4 |
9% |
$8.2 |
23% |
$11.0 |
32% |
Total |
$28.5 |
|
$35.6 |
|
$33.6 |
|
|
SALES BY REGION FY
2014 |
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
FY 2014 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
|
% of |
|
6/30/13 |
Total |
9/30/13 |
Total |
12/31/13 |
Total |
3/31/14 |
Total |
FY2014 |
Total |
United States |
$15.0 |
53% |
$14.1 |
58% |
$14.5 |
62% |
$20.3 |
78% |
$63.8 |
62% |
Middle East |
$1.5 |
5% |
$0.9 |
4% |
$0.8 |
3% |
$1.1 |
4% |
$4.3 |
4% |
Asia |
$6.5 |
23% |
$2.8 |
11% |
$1.5 |
7% |
$0.6 |
2% |
$11.5 |
11% |
Other |
$5.3 |
19% |
$6.7 |
27% |
$6.6 |
28% |
$4.1 |
16% |
$22.6 |
23% |
Total |
$28.3 |
|
$24.5 |
|
$23.4 |
|
$26.1 |
|
$102.2 |
|
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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