Graham Corporation (NYSE MKT:GHM), a global business that
engineers, manufactures, and sells critical equipment for the oil
refining, petrochemical and power industries, and also supplies
components and raw materials for nuclear energy facilities,
announced that it was awarded five orders totaling $10 million
during July 2013. The projects are expected to ship at various
times over the next nine to fifteen months, from the first quarter
through the third quarter of the fiscal year ending March 31, 2015.
Two of the orders were for new ejector systems in the Middle
East, with one for an oil refinery and the other for a new
petrochemical production plant. The Middle Eastern oil
refinery ejector system represents the Company's third win for the
new 400,000 BBL/day refineries being built in this region,
continuing its successful track record as a preferred global
supplier for world-scale refining operations.
A South American refiner ordered replacement ejector system
components for a system the Company supplied in the late
1990's. Lastly, two U.S. orders were also for replacement
equipment, one for a nuclear power utility and the other for an
edible oils facility.
"We believe that the benefit of our diverse geographic and end
markets is validated by these orders that represent the oil
refining, petrochemical, edible oil and nuclear power generation
markets. We further believe the reliability of our products
and responsive customer service drove the three significant orders
for replacement equipment and having a large installed base
supports future aftermarket revenue opportunity," commented James
R. Lines, Graham's President and Chief Executive
Officer.
Mr. Lines concluded, "We believe that our order pattern confirms
an improvement in our markets for large new and replacement
equipment projects, as well as short cycle projects. While we
are encouraged with this progress, we continue to expect our order
rate will vary from quarter to quarter in these early stages of
recovery."
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," "anticipates," "believes," "appears,"
"could," "plan," and other similar words. All statements
addressing operating performance, events, or developments that
Graham Corporation expects or anticipates will occur in the future,
including but not limited to, the expected performance of Energy
Steel & Supply Co, expected expansion and growth opportunities
within the domestic and international nuclear power generation
markets, anticipated revenue, the timing of conversion of backlog
to sales, market presence, profit margins, tax rates, foreign sales
operations, its ability to improve cost competitiveness, customer
preferences, changes in market conditions in the industries in
which it operates, changes in general economic conditions and
customer behavior, forecasts regarding the timing and scope of the
economic recovery in its markets, and its acquisition strategy are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties are more fully
described in Graham Corporation's most recent Annual and Quarterly
Reports filed with the Securities and Exchange Commission,
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.
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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