- Record orders in fiscal 2014 of $128.2 million, up 34%
over prior year
- Record fiscal year-end backlog of $112.1
million
- Fourth quarter revenue was $26.1 million with diluted
earnings per share of $0.23; Fiscal 2014 revenue was $102.2 million
with $1.00 in diluted EPS
- Strong, flexible balance sheet with $61.1 million in
cash, cash equivalents and investments
- Fiscal 2015 revenue expected to grow 17% to 27% to
range of $120 to $130 million
Graham Corporation (NYSE: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 fourth quarter and fiscal
year ended March 31, 2014 ("fiscal 2014").
Mr. James R. Lines, Graham's President and Chief Executive
Officer, commented, "We delivered solid results in fiscal 2014
while continuing our investments for future growth. We believe the
successful execution of the large volume of orders we received in a
concentrated surge during the year validated the value of the
multi-year investments we made in our people and processes over the
last several years. Our engineering team skillfully executed over
$80 million in new orders received in the first half of the year
with lead times that averaged 15% less than historic levels. We
remain committed to earnings expansion, including investments in
infrastructure this past year to support the strong growth we
expect in fiscal 2015 and beyond."
Strong Sales in U.S. Markets Help to Offset Lower
International Sales in Fiscal 2014 Fourth Quarter
Net sales in the fourth quarter of fiscal 2014 were $26.1
million, down from net sales of $30.9 million in the fourth quarter
of the fiscal year ended March 31, 2013 ("fiscal 2013"). Sales to
the U.S. market were $20.3 million, or 78% of total sales, up $3.9
million, or 23.8%. This increase was driven by improving
fundamentals in the North American chemical industry. International
sales decreased by 60% to $5.8 million compared with the prior-year
period. Lower sales to Asia and the Middle East were partially
offset by growth in South America.
Sales to the chemical/petrochemical industry more than doubled
to $10.5 million. This was offset by a $7.9 million reduction in
sales to the refining industry, a $2.4 million reduction in power
industry sales and a modest reduction in sales to other commercial
and industrial markets.
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.
Fourth Quarter Fiscal 2014 Operating
Performance
Gross profit was $7.4 million, or 28.4% of sales, compared with
$10.5 million, or 34.1% of sales, in the same period of the prior
fiscal year and $6.1 million, or 26.0% of sales, in the trailing
third quarter of fiscal 2014. Lower volume and changes in product
mix negatively impacted gross margin when compared with the
prior-year period. When compared with the trailing third quarter,
gross margin improved on higher volume.
Selling, general and administrative ("SG&A") expenses were
$4.2 million, down from $4.9 million in the prior-year period. The
decline in SG&A resulted from lower commissions associated with
sales volume and elimination of non-recurring expenses that
impacted the prior-year period. SG&A as a percent of sales
increased to 16.3% in the fourth quarter of fiscal 2014 compared
with 15.7% in the prior-year period.
Operating profit in the fourth quarter was $3.2 million, or
12.2% of sales, compared with $5.7 million, or 18.4% of sales, in
the fourth quarter of fiscal 2013. When compared with the trailing
third quarter, operating profit was up from $2.0 million, including
a 370 basis point improvement in operating margin.
Earnings before interest, taxes, depreciation, and amortization
("EBITDA") was $3.7 million, or 14.3% of sales, compared with $6.2
million, or 20.1% of sales, in the same period of the prior fiscal
year and $2.5 million, or 10.8% of sales, in the trailing third
quarter. 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 important disclosures regarding Graham's
use of EBITDA as well as a reconciliation of net income to
EBITDA.
Net income was $2.3 million, or $0.23 per diluted share,
compared with $4.1 million, or $0.41 per diluted share, in the
prior year's fourth quarter.
Fiscal 2014 Full-Year Review
Fiscal 2014 net sales of $102.2 million decreased by $2.7
million, or 2.6%, from fiscal 2013. U.S. sales increased by $8.2
million, or 14.6%, to $63.8 million for fiscal 2014, driven by
sales to the petrochemical industry. International sales were $38.4
million and represented 38% of total sales in fiscal 2014, compared
with $49.3 million, or 47% of total sales, in the prior year.
Gross profit was $31.8 million, unchanged from the prior year.
As a percent of sales, gross margin increased to 31.1% from 30.3%.
SG&A of $17.2 million was up $0.6 million. As a percentage of
sales, SG&A was 16.8% in fiscal 2014 compared with 15.8% in the
prior year. Fiscal 2013 SG&A benefitted from the reversal of a
$975 thousand earn-out reserve related to Graham's acquisition of
its wholly-owned subsidiary Energy Steel & Supply Co. ("Energy
Steel").
EBITDA was $16.8 million, or 16.5% of sales, compared with $17.3
million, or 16.5% of sales, in fiscal 2013. See the attached tables
for important disclosures regarding Graham's use of EBITDA as well
as a reconciliation of net income to EBITDA.
Net income was $10.1 million, down $1.0 million, or 9.0%, from
the prior year. Per diluted share, fiscal 2014 earnings were $1.00
compared with $1.11 in the prior year. Fiscal 2013 benefitted from
the previously mentioned reversal of the earn-out reserve
associated with the Energy Steel acquisition. Excluding this
benefit, fiscal 2013 adjusted net income was $10.2 million, or
$1.01 per diluted share.
Strong, Flexible Balance Sheet
Cash, cash equivalents and investments at March 31, 2014 were
$61.1 million compared with $51.7 million at March 31, 2013 and
$63.9 million on December 31, 2013.
Cash provided by operations in fiscal 2014 was $15.2 million, up
from $12.4 million of cash provided by operations during fiscal
2013.
Capital expenditures were $5.3 million in fiscal 2014 compared
with $1.7 million in fiscal 2013. The majority of the increase in
capital expenditures in fiscal 2014 was related to the production
expansion at the Company's Batavia, New York facility, which is on
track for completion in the second quarter of fiscal 2015. Capital
expenditures in fiscal 2015 are expected to be in the range of $5.5
million to $6.0 million, of which approximately 60% is expected to
be utilized for the Batavia facility expansion.
Graham had no borrowings outstanding under its credit facility
or any long-term debt outstanding at March 31, 2014.
Strong Pipeline of Opportunities and Increasing Bid
Activity
Orders during the fourth quarter of fiscal 2014 were $23.5
million, down 9.3% from $25.9 million in orders during the
prior-year period and comparable with the trailing third quarter.
Compared with the prior-year period, power, chemical/petrochemical
industry and other commercial and industrial markets each had
higher order levels, while orders for the refining industry were
down.
During the fourth quarter of fiscal 2014, orders of $14.7
million, or 63%, were from U.S. customers, while orders from
international markets accounted for $8.8 million of total
orders.
For the year, orders were a record $128.2 million, up from $95.8
million in the prior year. Graham expects that orders will be
variable between quarters, but that in the long-run orders will be
relatively balanced between domestic and international markets.
Graham's backlog was $112.1 million at March 31, 2014 compared
with $114.6 million at December 31, 2013 and $85.8 million at March
31, 2013. Approximately 26% of backlog at fiscal year end was for
refinery projects, 28% was related to chemical and petrochemical
projects, 16% was for power projects, including nuclear energy, 25%
was for the defense industry and the remaining 5% was related to
other industrial or commercial applications.
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 March 31, 2014.
Strong Outlook for Fiscal 2015
Graham expects sales will be in a range of $120 to $130 million
in fiscal 2015, which represents anticipated growth of
approximately 17% to 27% compared with fiscal 2014. Gross margin
for fiscal 2015 is expected to be between 30% and 32%, as pricing
power is still consistent with historic early-cycle margins.
SG&A expense is expected to be between 15% and 16% of sales for
fiscal 2015. Graham expects its fiscal 2015 full year tax rate to
be within a range of 33% to 34%.
Mr. Lines concluded, "This is an exciting time for Graham. I
believe that our markets are poised for expansion as our pipeline
continues to be more robust than in past cycles. Accordingly, we
are making investments in our capacity in a variety of ways. We
plan to be prepared for strong growth and to effectively and
efficiently provide both existing and new customers with our custom
expertise and high quality service."
Webcast and Conference Call
Graham will host a conference call and live webcast today at
11:00 a.m. Eastern Time to review its financial condition and
operating results for fourth quarter and 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
1-201-689-8560. Alternatively, the webcast can be monitored on
Graham's website at www.graham-mfg.com.
To listen to the archived call, dial 1-858-384-5517, and enter
replay pin number 13579861. A telephonic replay will be available
from approximately 2:00 p.m. Eastern Time on the day of call
through Friday, June 6, 2014. 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 77
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, 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
Fourth Quarter and Fiscal 2014 |
Consolidated Statements
of Operations |
(Amounts in thousands, except
per share data) |
|
|
Three Months
Ended |
|
Year
Ended |
|
|
March 31, |
|
March 31, |
|
|
|
% |
|
% |
|
2014 |
2013 |
Change |
2014 |
2013 |
Change |
Net sales |
$ 26,087 |
$ 30,905 |
(16%) |
$ 102,218 |
$ 104,937 |
(3%) |
|
|
|
|
|
|
|
Cost of products sold |
18,669 |
20,360 |
(8%) |
70,406 |
73,151 |
(4%) |
|
|
|
|
|
|
|
Gross profit |
7,418 |
10,545 |
(30%) |
31,812 |
31,822 |
0% |
Gross profit margin |
28.4% |
34.1% |
|
31.1% |
30.3% |
|
|
|
|
|
|
|
|
Other expenses and income: |
|
|
|
|
|
|
Selling, general and
administrative |
4,187 |
4,794 |
(13%) |
16,973 |
16,332 |
4% |
Selling, general and
administrative - amortization |
54 |
58 |
(7%) |
222 |
228 |
(3%) |
|
|
|
|
|
|
|
Operating profit |
3,177 |
5,693 |
|
14,617 |
15,262 |
(4%) |
Operating profit margin |
12.2% |
18.4% |
|
14.3% |
14.5% |
|
|
|
|
|
|
|
|
Interest income |
(63) |
(13) |
385% |
(94) |
(51) |
84% |
|
|
|
|
|
|
|
Interest expense |
3 |
7 |
(57%) |
1 |
(264) |
100% |
|
|
|
|
|
|
|
Income before income taxes |
3,237 |
5,699 |
(43%) |
14,710 |
15,577 |
(6%) |
|
|
|
|
|
|
|
Provision for income taxes |
920 |
1,603 |
(43%) |
4,565 |
4,429 |
3% |
|
|
|
|
|
|
|
Net income |
$ 2,317 |
$ 4,096 |
(43%) |
$ 10,145 |
$ 11,148 |
(9%) |
|
|
|
|
|
|
|
Per share data: |
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
Net income |
$ 0.23 |
$ 0.41 |
(44%) |
$ 1.01 |
$ 1.11 |
(9%) |
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
Net income |
$ 0.23 |
$ 0.41 |
(44%) |
$ 1.00 |
$ 1.11 |
(10%) |
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
Basic |
10,092 |
10,041 |
|
10,070 |
10,027 |
|
Diluted |
10,120 |
10,066 |
|
10,104 |
10,051 |
|
|
|
|
|
|
|
|
Dividends declared per
share |
$ 0.04 |
$ 0.03 |
|
$ 0.13 |
$ 0.09 |
|
|
|
Graham Corporation
Fourth Quarter and Fiscal 2014 |
Consolidated Balance
Sheets |
(Amounts in thousands, except
per share data) |
|
|
|
March 31, |
|
2014 |
2013 |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 32,146 |
$ 24,194 |
Investments |
29,000 |
27,498 |
Trade accounts receivable, net
of allowances ($46 and $33 at March 31, 2014 and 2013,
respectively) |
10,339 |
9,440 |
Unbilled revenue |
7,830 |
13,113 |
Inventories |
16,518 |
11,171 |
Prepaid expenses and other
current assets |
457 |
783 |
Income taxes receivable |
498 |
2,635 |
Deferred income tax asset |
668 |
69 |
Total current assets |
97,456 |
88,903 |
Property, plant and equipment, net |
16,4499 |
13,288 |
Prepaid pension asset |
5,759 |
2,349 |
Goodwill |
6,938 |
6,938 |
Permits |
10,300 |
10,300 |
Other intangible assets, net |
4,608 |
4,788 |
Other assets |
124 |
167 |
Total assets |
$ 141,634 |
$ 126,733 |
|
|
|
Liabilities and stockholders' equity |
|
|
Current liabilities: |
|
|
Current portion of capital
lease obligations |
$ 80 |
$ 87 |
Accounts payable |
10,084 |
9,429 |
Accrued compensation |
5,701 |
5,018 |
Accrued expenses and other
current liabilities |
2,233 |
3,051 |
Customer deposits |
8,012 |
6,919 |
Deferred income tax
liability |
-- |
373 |
Total current liabilities |
26,110 |
24,877 |
|
|
|
Capital lease obligations |
136 |
127 |
Accrued compensation |
158 |
308 |
Deferred income tax liability |
8,197 |
7,131 |
Accrued pension liability |
272 |
227 |
Accrued postretirement benefits |
853 |
923 |
Other long-term liabilities |
-- |
145 |
Total liabilities |
35,726 |
33,738 |
|
|
|
Stockholders' equity: |
|
|
Preferred stock, $1.00 par
value -- |
|
|
Authorized, 500 shares |
|
|
Common stock, $.10 par value
-- |
|
|
Authorized, 25,500 shares |
|
|
Issued, 10,409 and 10,331
shares at March 31, 2014 and 2013, respectively |
1,041 |
1,033 |
Capital in excess of par
value |
20,274 |
18,596 |
Retained earnings |
93,469 |
84,632 |
Accumulated other comprehensive
loss |
(5,765) |
(8,033) |
Treasury stock (311 and 327
shares at March 31, 2014 and 2013, respectively) |
(3,111) |
(3,233) |
Total stockholders' equity |
105,908 |
92,995 |
Total liabilities and
stockholders' equity |
$ 141,634 |
$ 126,733 |
|
|
Graham Corporation
Fourth Quarter 2014 |
Consolidated Statements
of Cash Flows |
(Amounts in thousands) |
|
|
Year Ended March
31, |
|
2014 |
2013 |
|
|
|
Operating activities: |
|
|
Net income |
$ 10,145 |
$ 11,148 |
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
Depreciation |
1,977 |
1,851 |
Amortization |
222 |
228 |
Amortization of unrecognized
prior service cost and actuarial losses |
886 |
893 |
Discount accretion on
investments |
(8) |
(15) |
Stock-based compensation
expense |
639 |
576 |
Loss on disposal or sale of
property, plant and equipment |
223 |
85 |
Deferred income taxes |
(1,011) |
(2,357) |
(Increase) decrease in
operating assets: |
|
|
Accounts receivable |
(1,001) |
2,264 |
Unbilled revenue |
5,318 |
(415) |
Inventories |
(5,161) |
(5,311) |
Income taxes
receivable/payable |
2,137 |
1,845 |
Prepaid expenses and other
current and non-current assets |
185 |
(300) |
Prepaid pension asset |
(793) |
(767) |
Increase (decrease) in
operating liabilities: |
|
|
Accounts payable |
595 |
2,957 |
Accrued compensation, accrued
expenses and other current and non-current liabilities |
28 |
59 |
Customer deposits |
1,009 |
(255) |
Long-term portion of accrued
compensation, accrued pension liability and accrued postretirement
benefits. |
(160) |
(54) |
Net cash provided by operating
activities |
15,230 |
12,432 |
|
|
|
Investing activities: |
|
|
Purchase of property, plant and
equipment |
(5,263) |
(1,655) |
Proceeds from disposal of
property, plant and equipment. |
32 |
37 |
Purchase of investments |
(109,494) |
(83,984) |
Redemption of investments at
maturity |
108,000 |
73,000 |
Net cash used by investing
activities |
(6,725) |
(12,602) |
|
|
|
Financing activities: |
|
|
Principal repayments on capital
lease obligations |
(88) |
(85) |
Issuance of common stock |
581 |
83 |
Dividends paid |
(1,308) |
(899) |
Excess tax deduction on stock
awards |
271 |
43 |
Net cash used by financing
activities |
(544) |
(858) |
Effect of exchange rate changes
on cash |
(9) |
33 |
Net increase (decrease) in cash
and cash equivalents |
7,952 |
(995) |
Cash and cash equivalents at
beginning of year |
24,194 |
25,189 |
Cash and cash equivalents at
end of year |
$ 32,146 |
$ 24,194 |
|
|
Graham Corporation
Fourth Quarter and Fiscal 2014 |
EBITDA
Reconciliation |
(Amounts in thousands) |
|
|
Three Months
Ended |
Year
Ended |
|
March 31, |
March 31, |
|
2014 |
2013 |
2014 |
2013 |
Net income |
$ 2,317 |
$ 4,096 |
$ 10,145 |
$ 11,148 |
+Net interest expense |
(60) |
(6) |
(93) |
(315) |
+Income taxes |
920 |
1,603 |
4,565 |
4,429 |
+Depreciation & amortization |
553 |
519 |
2,199 |
2,079 |
EBITDA |
$ 3,730 |
$ 6,212 |
$ 16,816 |
$ 17,341 |
EBITDA margin % |
14.3% |
20.1% |
16.5% |
16.5% |
|
|
|
|
|
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
Fourth Quarter Fiscal 2014 |
Additional
Information |
|
ORDER & BACKLOG
TREND |
($ in millions) |
|
|
Q113 |
Q213 |
Q313 |
Q413 |
FY2013 |
Q114 |
Q214 |
Q314 |
Q414 |
FY2014 |
|
6/30/12 |
9/30/12 |
12/31/12 |
3/31/13 |
Total |
6/30/13 |
9/30/13 |
12/31/13 |
3/31/14 |
Total |
Orders |
$ 19.7 |
$ 25.6 |
$ 24.6 |
$ 25.9 |
$ 95.8 |
$ 32.8 |
$ 48.4 |
$ 23.5 |
$ 23.5 |
$ 128.2 |
Backlog |
$ 92.0 |
$ 91.8 |
$ 90.7 |
$ 85.8 |
$ 85.8 |
$ 90.4 |
$ 114.4 |
$ 114.6 |
$ 112.1 |
$ 112.1 |
|
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 |
|
|
SALES BY
INDUSTRY FY 2013 |
($ in millions) |
|
FY 2013 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
|
% of |
|
6/30/12 |
Total |
9/30/12 |
Total |
12/31/12 |
Total |
3/31/13 |
Total |
FY2013 |
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 |
|
*Includes the defense industry.
|
Graham Corporation
Fourth Quarter Fiscal 2014 |
Additional
Information |
(Continued) |
|
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 |
|
|
SALES BY REGION FY
2013 |
($ in millions) |
|
FY 2013 |
Q1 |
% of |
Q2 |
% of |
Q3 |
% of |
Q4 |
% of |
|
% of |
|
6/30/12 |
Total |
9/30/12 |
Total |
12/31/12 |
Total |
3/31/13 |
Total |
FY2013 |
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 / Karen L. Howard
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942
Email: dpawlowski@keiadvisors.com / khoward@keiadvisors.com
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