- First quarter revenue was $28.3 million, an increase of
25% over the prior-year period
- Orders for this year's first quarter were $32.8
million, approximately half of which came from the North American
petrochemical market; Backlog at quarter end increased to $90.4
million
- Operating margin was 20% in the first quarter, up from
10% in last year's first quarter
- First quarter diluted earnings per share were $0.38,
compared with $0.14 in the first quarter of fiscal
2013
- Fiscal 2014 outlook reaffirmed; Sales expected to be in
the range of $100 million to $115 million with gross margin in the
range of 29% to 31%
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 first quarter ended June 30,
2013. Graham's current fiscal year ("fiscal 2014") ends March 31,
2014.
Net sales in the first quarter of fiscal 2014 were $28.3
million, up 25.4% from net sales of $22.5 million in the first
quarter of the fiscal year ended March 31, 2013 ("fiscal 2013"),
with the increase driven primarily by the global petroleum refining
sector. Higher volume and improved margins drove net income to $3.8
million, or $0.38 per diluted share, compared with $1.4 million, or
$0.14 per diluted share, in the prior-year's first quarter.
Mr. James R. Lines, Graham's President and Chief Executive
Officer, commented, "We have begun fiscal 2014 with solid execution
on our large projects, complemented by a higher level of short
cycle sales. Quality projects, favorable project mix and volume
drove our bottom line expansion."
Increased Global Refining Shipments Drove Improved
Revenue in First Quarter
International sales, representing 47% of this quarter's
consolidated revenue, increased by 34%, or $3.3 million, to $13.3
million in the fiscal 2014 first quarter compared with the same
prior-year period, when it was 44% of that period's consolidated
revenue. The increased sales were driven by the China refining
market. First quarter sales to the U.S. market were $15.0 million,
up $2.4 million, or 19%, compared with $12.6 million in the same
prior-year period, with the increase driven by the U.S. refining
market.
First Quarter Fiscal 2014 Compared with Fiscal 2013
Sales by Industry
($ in
millions) |
|
|
|
|
|
|
1Q FY2014 |
% of Total |
1Q FY2013 |
$ Change |
% Change |
Refining |
$12.6 |
45% |
$5.2 |
$7.4 |
142% |
Chemical/Petrochemical |
$4.6 |
16% |
$5.6 |
$(1.0) |
(18)% |
Power (incl. Nuclear) |
$7.7 |
27% |
$5.2 |
$2.5 |
48% |
Other Commercial and Industrial
(incl. NNPP*) |
$3.4 |
12% |
$6.5 |
$(3.1) |
(48)% |
Total |
$28.3 |
100% |
$22.5 |
$5.8 |
26% |
* Naval Nuclear Propulsion
Program |
Refining industry sales more than doubled in the first quarter
of fiscal 2014 compared with the prior-year period on higher demand
for Graham's engineered-to-order products, primarily in China for
investment in new capacity and in the U.S. from replacement parts
and revamp investment. Sales to the power market increased
nearly 50%, reflecting advancement of projects in backlog for new
build nuclear facilities. Decreased sales to the
chemical/petrochemical market and to other commercial and
industrial markets 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.
First Quarter Operating Performance
Gross profit was $10.0 million, or 35.4% of sales, in the first
quarter of fiscal 2014 compared with $6.2 million, or 27.7% of
sales, in the same period of the prior fiscal year. The
improvements in gross profit and margin were the result of both
higher volume and sales of short cycle products and the quality of
the projects converted from backlog. Gross profit in the
trailing fourth quarter of fiscal 2013 was $10.5 million, or 34.1%
of sales. The improvement in gross margin in the first quarter
of fiscal 2014 compared with the trailing fourth quarter of fiscal
2013 was primarily due to improved production cost absorption
during the fiscal 2014 first quarter.
Mr. Jeffrey F. Glajch, Graham's Vice President - Finance and
Chief Financial Officer, commented, "We had a very good mix of
projects and flow of orders through our operations in the first
quarter, which drove strong gross margins. Nevertheless, as we
look at our near-term pipeline and the backlog we have to convert
within this fiscal year, we expect the timing of backlog conversion
and a significant level of required outsourcing will cause margins
to moderate over the next several quarters. We are maintaining the
range of our gross margin guidance."
Selling, general and administrative ("SG&A") expenses in the
first quarter of fiscal 2014 were $4.4 million, up 7.8% from $4.1
million in the same prior-year period. SG&A as a percent
of sales was 15.6% in the first quarter of fiscal 2014 compared
with 18.1% in the same prior-year period, with the improvement due
to higher sales volume and the relative fixed nature of most of the
SG&A expenses.
Operating profit in the first quarter of fiscal 2014 was $5.6
million, or 19.9% of sales, compared with $2.2 million, or 9.6% of
sales, in the first quarter of fiscal 2013.
Earnings before interest, taxes, depreciation, and amortization
("EBITDA") was $6.2 million, or 21.8% of sales, in the first
quarter of fiscal 2014 compared with $2.7 million, or 11.9% 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 first quarter of fiscal 2014
was 32.2%, which compares with 33.3% in the same prior-year
period.
Strong Balance Sheet with No Debt
Cash, cash equivalents and investments at June 30, 2013
increased to $53.2 million compared with $51.7 million at March 31,
2013. When compared with June 30, 2012, cash, cash equivalents
and investments were up by $6.6 million from $46.6
million.
Cash flow provided by operations in the first quarter of fiscal
2014 was $2.0 million compared with $5.5 million in the first
quarter of fiscal 2013. The decrease in cash provided by operations
in the first quarter of fiscal 2014 was primarily related to higher
levels of accounts receivable in the first quarter of fiscal 2014,
driven by the timing of progress payments and higher sales,
partially offset by higher net income, lower inventory and higher
customer deposits.
Capital expenditures were $0.3 million in the first quarter of
fiscal 2014, approximately the same as the first quarter of fiscal
2013. Capital expenditures in fiscal 2014 are expected to be
in the range of $3.5 million to $4.5 million. The Company may
exceed this range subject to market conditions.
Graham had neither borrowings outstanding under its credit
facility nor any long-term debt at June 30, 2013.
Strong Pipeline of Opportunities and Increasing Bid
Activity
Orders during the first quarter of fiscal 2014 were $32.8
million, up 66% from $19.7 million in the first quarter of fiscal
2013. When compared with the trailing fourth quarter of 2013,
orders were up 27% from $25.9 million. Compared with the same
prior-year period, orders from the chemical/petrochemical market
increased by $14.3 million to $19.3 million, and other industrial
and commercial markets were up by $3.7 million to $6.5 million,
while refining market orders decreased by $3.6million to $3.8
million and orders from the power market were down by $1.3 million
to $3.2 million.
Approximately 50% of the first quarter's orders were received in
the latter half of June 2013, most of which will be manufactured
concurrently in the latter half of fiscal 2014 and into the first
quarter of fiscal 2015. The high concentration of U.S. orders
was heavily influenced by the expansion of the petrochemical
industry. The Company received two orders for two new
U.S.-based ethylene facilities and four orders for U.S.-based
fertilizer plants, of which two are for new capacity and two are
expansions of existing facilities. There were also two
methanol facilities located in the U.S. which ordered Graham
equipment.
Mr. Lines noted, "Although we achieved the level of orders we
had anticipated for the quarter, they came in an unusual burst in a
very short period of time at the end of the quarter. We expect
this was driven by the need to be first to market with capacity in
the chemical/petrochemical industry. While this is likely a
strong validation of the recovery of the U.S. petrochemical
industry, we expect continued fluctuations in order flow."
Orders from U.S. customers represented 87%, or $28.6 million, of
total orders during the first quarter of fiscal 2014, while orders
from international markets accounted for $4.2 million of total
orders. While the first quarter had a strong predominance of
domestic orders, it is premature to suggest a trend or shift toward
the U.S. market. However, it is possible that in fiscal 2014
Graham could see a heavier weighting of domestic orders than was
experienced during the past few years. 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 $90.4 million at June 30, 2013 compared
with $85.8 million at March 31, 2013 and $92.0 million at June 30,
2012. Approximately 28% of projects in backlog as of the end
of the first quarter were for refinery projects, 24% were for
chemical and petrochemical projects, and 19% were for power
projects, including nuclear. All other industries served by
Graham accounted for 29% of backlog.
Approximately 70% to 75% 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 June
30, 2013.
Mr. Lines concluded, "Our pipeline remains full and steady with
considerable global bidding activity of high quality projects.
As the current fiscal year continues to unfold, we anticipate
a more global mix of orders than we realized in this
quarter. Although we still see this as the early stages of the
recovery in our markets, we believe as the recovery evolves our
pre-investment in our operations and engineering personnel has us
well positioned for measurable growth."
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 between 33% and 34%.
Webcast and Conference Call
Graham management will host a conference call and live webcast
today at 2:00 p.m. Eastern Time to review Graham's financial
condition and operating results for its first quarter 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 417127. A telephonic replay will be
available from approximately 5:00 p.m. Eastern Time on the day of
call through Thursday, August 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," "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 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
First Quarter Fiscal 2014 |
Consolidated Statements
of Operations—Unaudited |
(Amounts in thousands, except
per share data) |
|
|
Three Months
Ended June 30, |
|
|
2013 |
2012 |
% Change |
|
|
|
|
Net sales |
$28,256 |
$22,533 |
25.4% |
|
|
|
|
Cost of products sold |
18,241 |
16,297 |
11.9% |
Gross profit |
10,015 |
6,236 |
60.6% |
Gross profit margin |
35.4% |
27.7% |
|
|
|
|
|
Other expenses and income: |
|
|
|
Selling, general and administrative |
4,346 |
4,028 |
7.9% |
Selling, general and administrative -
amortization |
57 |
56 |
1.8% |
|
4,403 |
4,084 |
7.8% |
Operating profit |
5,612 |
2,152 |
106.8% |
Operating profit margin |
19.9% |
9.6% |
|
Interest income |
(11) |
(11) |
-- |
Interest expense |
5 |
80 |
(93.8)% |
Income before provision for income taxes |
5,618 |
2,083 |
169.7% |
Provision for income taxes |
1,810 |
693 |
161.2% |
Net income |
3,808 |
1,390 |
174.0% |
|
|
|
|
Per share data |
|
|
|
Basic: |
|
|
|
Net income |
$0.38 |
$0.14 |
171.4% |
Diluted: |
|
|
|
Net income |
$0.38 |
$0.14 |
171.4% |
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
Basic |
10,057 |
10,002 |
|
Diluted |
10,086 |
10,028 |
|
|
|
|
|
Dividends declared per share |
$0.03 |
$0.02 |
50.0% |
|
Graham Corporation
First Quarter Fiscal 2014 |
Consolidated Balance
Sheets—Unaudited |
(Amounts in thousands, except
per share data) |
|
|
|
|
June
30, |
March 31, |
Assets |
2013 |
2013 |
Current assets: |
|
|
Cash and cash equivalents |
$25,693 |
$24,194 |
Investments |
27,499 |
27,498 |
Trade accounts receivable, net of
allowances ($37 and $33 at June 30 and March 31, 2013,
respectively) |
17,236 |
9,440 |
Unbilled revenue |
10,128 |
13,113 |
Inventories |
9,518 |
11,171 |
Prepaid expenses and other current
assets |
1,421 |
783 |
Income taxes receivable |
1,007 |
2,635 |
Deferred income tax asset |
126 |
69 |
Total current assets |
92,628 |
88,903 |
Property, plant and equipment, net |
13,100 |
13,288 |
Prepaid pension asset |
2,547 |
2,349 |
Goodwill |
6,938 |
6,938 |
Permits |
10,300 |
10,300 |
Other intangible assets, net |
4,743 |
4,788 |
Other assets |
11 |
167 |
Total assets |
$130,267 |
$126,733 |
|
|
|
Liabilities and stockholders'
equity |
|
|
Current liabilities: |
|
|
Current portion of capital lease
obligations |
$ 86 |
$ 87 |
Accounts payable |
7,714 |
9,429 |
Accrued compensation |
4,574 |
5,018 |
Accrued expenses and other current
liabilities |
3,727 |
3,051 |
Customer deposits |
7,801 |
6,919 |
Deferred income tax liability |
374 |
373 |
Total current liabilities |
24,276 |
24,877 |
|
|
|
Capital lease obligations |
107 |
127 |
Accrued compensation |
314 |
308 |
Deferred income tax liability |
7,298 |
7,131 |
Accrued pension liability |
238 |
227 |
Accrued postretirement benefits |
932 |
923 |
Other long-term liabilities |
147 |
145 |
Total liabilities |
33,312 |
33,738 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $1.00 par value -- |
|
|
Authorized, 500 shares |
|
|
Common stock, $0.10 par value -- |
|
|
Authorized, 25,500 shares |
|
|
Issued, 10,361 and 10,331 shares at June
30 and March 31, 2013, respectively |
1,036 |
1,033 |
Capital in excess of par value |
18,896 |
18,596 |
Retained earnings |
88,139 |
84,632 |
Accumulated other comprehensive loss |
(7,883) |
(8,033) |
Treasury stock, 327 and 327 shares at
June 30 and March 31, 2013, respectively |
(3,233) |
(3,233) |
Total stockholders' equity |
96,955 |
92,995 |
Total liabilities and
stockholders' equity |
$130,267 |
$126,733 |
|
Graham Corporation
First Quarter Fiscal 2014 |
Consolidated Statements
of Cash Flows—Unaudited |
(Amounts in thousands) |
|
|
Three Months
Ended |
|
June
30, |
|
2013 |
2012 |
Operating activities: |
|
|
Net income |
$ 3,808 |
$ 1,390 |
Adjustments to reconcile net income to
net cash provided by operating activities: |
|
|
Depreciation |
493 |
464 |
Amortization |
57 |
56 |
Amortization of unrecognized prior
service cost and actuarial losses |
221 |
222 |
Discount accretion on investments |
(3) |
(2) |
Stock-based compensation expense |
195 |
171 |
Loss on disposal or sale of property,
plant and equipment |
-- |
3 |
Deferred income taxes |
183 |
(99) |
(Increase) decrease in operating
assets: |
|
|
Accounts receivable |
(7,900) |
2,039 |
Unbilled revenue |
2,992 |
5,012 |
Inventories |
1,843 |
(580) |
Prepaid expenses and other current and
non-current assets |
(645) |
(95) |
Prepaid pension asset |
(198) |
(192) |
Increase (decrease) in operating
liabilities: |
|
|
Accounts payable |
(1,731) |
(340) |
Accrued compensation, accrued expenses
and other current and non-current liabilities |
234 |
(274) |
Customer deposits |
797 |
(3,087) |
Income taxes payable/receivable |
1,628 |
783 |
Long-term portion of accrued
compensation, accrued pension liability and accrued postretirement
benefits |
26 |
6 |
Net cash provided by operating
activities |
2,000 |
5,477 |
|
|
|
Investing activities: |
|
|
Purchase of property, plant and
equipment |
(295) |
(300) |
Purchase of investments |
(22,999) |
(20,996) |
Redemption of investments at
maturity |
23,000 |
15,000 |
Net cash used by investing
activities |
(294) |
(6,296) |
|
|
|
Financing activities: |
|
|
Principal repayments on capital lease
obligations |
(21) |
(21) |
Issuance of common stock |
48 |
-- |
Dividends paid |
(301) |
(200) |
Excess tax benefit (deficiency) on stock
awards |
61 |
(11) |
Net cash used by financing
activities |
(213) |
(232) |
Effect of exchange rate changes on
cash |
6 |
(11) |
Net increase (decrease) in cash and cash
equivalents |
1,499 |
(1,062) |
Cash and cash equivalents at beginning of
year |
24,194 |
25,189 |
Cash and cash equivalents at end of
year |
$25,693 |
$24,127 |
|
Graham Corporation
First Quarter Fiscal 2014 |
EBITDA
Reconciliation—Unaudited |
(Amounts in thousands) |
|
|
|
Three Months
Ended |
|
June 30, |
|
2013 |
2012 |
Net income |
$3,808 |
$1,390 |
+Net interest expense |
(6) |
69 |
+Income taxes |
1,810 |
693 |
+Depreciation & amortization |
550 |
520 |
EBITDA |
$6,162 |
$2,672 |
EBITDA Margin % |
21.8% |
11.9% |
EBITDA is defined as consolidated net income before interest
expense and income, income taxes, and depreciation and
amortization. EBITDA is not a measure determined in accordance with
generally accepted accounting principles in the United States,
commonly known as GAAP. Nevertheless, Graham believes that
providing non-GAAP information such as EBITDA is important for
investors and other readers of Graham's financial statements, as it
is used as an analytical indicator by Graham's management to better
understand of operating performance. Graham's credit facility also
contains ratios based on EBITDA. Because EBITDA is a non-GAAP
measure and is thus susceptible to varying calculations, EBITDA, as
presented, may not be directly comparable to other similarly titled
measures used by other companies.
|
Graham Corporation
First Quarter Fiscal 2014 |
Additional
Information—Unaudited |
|
ORDER & BACKLOG
TREND |
($ in millions) |
|
|
|
|
|
|
|
|
Q113 |
Q213 |
Q313 |
Q413 |
FY2013 |
Q114 |
|
6/30/12 |
9/30/12 |
12/31/12 |
3/31/13 |
Total |
6/30/13 |
Orders |
$19.7 |
$25.6 |
$24.6 |
$25.9 |
$95.8 |
$32.8 |
Backlog |
$92.0 |
$91.8 |
$90.7 |
$85.8 |
$85.8 |
$90.4 |
|
SALES BY INDUSTRY FY
2014 |
($ in millions) |
|
|
|
FY 2014 |
Q1 |
% of |
|
6/30/13 |
Total |
Refining |
$12.6 |
45% |
Chemical/ Petrochemical |
$4.6 |
16% |
Power |
$7.7 |
27% |
Other Commercial and Industrial |
$3.4 |
12% |
Total |
$28.3 |
|
|
SALES BY
INDUSTRY FY 2013 |
($ 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 |
|
$105.0 |
|
|
Graham Corporation
First Quarter Fiscal 2014 |
Additional
Information—Unaudited |
(Continued) |
|
SALES BY REGION FY
2014 |
($ in millions) |
|
|
|
FY 2014 |
Q1 |
% of |
|
6/30/13 |
Total |
United States |
$15.0 |
53% |
Middle East |
$1.5 |
5% |
Asia |
$6.5 |
23% |
Other |
$5.3 |
19% |
Total |
$28.3 |
|
|
SALES BY REGION FY
2013 |
($ 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: For more information 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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