Graham Corporation Increases Quarterly Cash Dividend to $0.04 per Share
January 30 2014 - 3:05PM
Graham Corporation (NYSE MKT:GHM), a global business that
engineers, 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,
announced that its Board of Directors, at its regular meeting,
approved a 33% increase in the annual dividend on the Company's
common stock. The quarterly rate increased to $0.04 per common
share from $0.03 per common share, for a new annual rate of $0.16
per common share.
Mr. James R. Lines, Graham's President and Chief Executive
Officer, commented, "We have increased the dividend because of our
Board's belief in our long-term outlook for sustained solid cash
flow. We continue to execute on our strategy to grow
organically and through acquisitions. We are investing in the
business and are persistent in looking for strategic prospects to
expand. Our objective is to both grow Graham and build the
dividend over time."
The dividend will be payable March 13, 2014 to stockholders of
record at the close of business on February 27, 2014. Graham
has approximately 10.1 million shares of its common stock
outstanding.
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," "objective," "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.
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 / Karen L. Howard
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942
Email: dpawlowski@keiadvisors.com / khoward@keiadvisors.com
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