Graham Corporation Announces $7 Million in Orders
August 14 2013 - 5:55AM
- US orders driven by resurgence of
chemical/petrochemical industry resulting from availability of low
cost natural gas
- Awarded order for ejector system replacement condensers
for South American refinery
Graham Corporation (NYSE MKT:GHM) ("Graham" or the "Company"), 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 recently awarded four orders
totaling $7 million for the North and South American refining,
chemical/petrochemical and power markets. The projects are expected
to ship during the first three quarters of fiscal 2015.
Two of the orders are for steam surface condensers to be
installed at fertilizer facilities in the US. The first condenser
will be installed in the power generation plant of an existing
fertilizer production operation and will be used to convert waste
steam to electricity. The second surface condenser will be
installed at a new world-scale grassroots ammonia and urea
fertilizer complex. The third order, also for a US application, is
for replacement heat exchangers for a nuclear utility. Finally, the
Company will supply ejector system replacement condensers for a
South American oil refiner.
James R. Lines, Graham's President and Chief Executive Officer,
commented, "The low cost of natural gas continues to create
opportunities for our products. Natural gas is a primary feedstock
for ammonia and urea production. One of our orders will be
installed in a facility that represents the first of its scale to
be built in the US in over 15 years. Further, we believe that
our large global installed base will continue to drive replacement
demand as worldwide refining facilities upgrade and expand.
"We believe that we are in a strong position to address the
growing demand correlated to the solid bidding pipeline that we
have been experiencing over the last 12 months. We believe
that these recent orders are indicative of our customers'
commitments to these types of projects and their willingness to
invest at this point in the cycle," concluded Mr.
Lines.
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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