- \n
- \nNet sales of $69.8 million, increased 6% compared to the prior year reflecting strength of diversified revenue base and the addition of FlackTek<\/p>\n<\/li>\n
- \nGross profit increased 38% to $19.7 million; Gross profit margin was 28.2%, up 650 basis points compared to the prior year reflecting improved mix and operational efficiencies<\/p>\n<\/li>\n
- \nNet income per diluted share was $0.39 an increase of 39%; Adjusted net income per diluted share(1) <\/sup>was $0.52 an increase of 68%<\/p>\n<\/li>\n
- \nAdjusted EBITDA (1)<\/sup> increased 64% to $10.3 million; Adjusted EBITDA margin(1)<\/sup> was 14.8%, up 530 basis points compared to the prior year<\/p>\n<\/li>\n
- \nOrders (2)<\/sup> were $73.7 million; Book-to-Bill (2)<\/sup> ratio of 1.1x and record backlog (2)<\/sup> of $561.3 million marking the seventh consecutive quarter of record quarterly backlog(2)<\/sup><\/li>\n
- \nStrong cash generation with $46.7 million of cash provided by operating activities during the second quarter; cash of $71.4 million and no outstanding debt at quarter end<\/p>\n<\/li>\n
- \nReaffirming full year fiscal 2027 guidance for net sales and adjusted EBITDA<\/p>\n<\/li>\n<\/ul>\n
\n
\n \n 1<\/i><\/sup>\u00a0Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See attached tables and other information for important disclosures regarding Graham\u2019s use of these non-GAAP measures.<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n 2<\/i><\/sup>\u00a0Orders, backlog and book-to-bill ratio are key performance metrics. See \u201cKey Performance Indicators\u201d below for important disclosures regarding Graham\u2019s use of these metrics.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Second Quarter Fiscal 2027 Performance Review
\n
<\/b>(All comparisons are with the same prior-year period unless noted otherwise.)<\/i><\/p>\n\n
\n ($ in thousands except per share data)<\/i><\/td>\n Q2 FY27<\/b><\/td>\n \n Q2 FY26<\/b><\/td>\n \n $ Change<\/b><\/td>\n \n \n % Change<\/b><\/p>\n<\/td>\n
\n YTD
FY 2027<\/b><\/td>\n\n YTD
FY 2026<\/b><\/td>\n\n Change<\/b><\/td>\n \n \n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Net sales<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n69,760<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n66,027<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3,733<\/p>\n<\/td>\n
\n \n \n6%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n141,102<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n121,514<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n19,588<\/p>\n<\/td>\n
\n \n \n16%<\/p>\n<\/td>\n<\/tr>\n
\n Gross profit<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n19,673<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n14,306<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n5,367<\/p>\n<\/td>\n
\n \n \n38%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n37,474<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n29,027<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n8,447<\/p>\n<\/td>\n
\n \n \n29%<\/p>\n<\/td>\n<\/tr>\n
\n Gross margin<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 28.2<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 21.7<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n 650 bps<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 26.6<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 23.9<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n 270 bps<\/i><\/p>\n<\/td>\n<\/tr>\n
\n Operating income<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n5,832<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4,271<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,561<\/p>\n<\/td>\n
\n \n \n37%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n9,984<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n9,235<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n749<\/p>\n<\/td>\n
\n \n \n8%<\/p>\n<\/td>\n<\/tr>\n
\n Operating margin<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 8.4<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 6.5<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n 190 bps<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 7.1<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 7.6<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n -50 bps<\/i><\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n4,637<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3,090<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,547<\/p>\n<\/td>\n
\n \n \n50%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n8,549<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n7,685<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n864<\/p>\n<\/td>\n
\n \n \n11%<\/p>\n<\/td>\n<\/tr>\n
\n Net income margin<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 6.6<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 4.7<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n 190 bps<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 6.1<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 6.3<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n -20 bps<\/i><\/p>\n<\/td>\n<\/tr>\n
\n Net income per diluted share<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n0.39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.28<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.11<\/p>\n<\/td>\n
\n \n \n39%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.73<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.69<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.04<\/p>\n<\/td>\n
\n \n \n6%<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted net income*<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n6,170<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3,429<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n2,741<\/p>\n<\/td>\n
\n \n \n80%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n11,908<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n8,367<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3,541<\/p>\n<\/td>\n
\n \n \n42%<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted net income per diluted share*<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n0.52<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.31<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.21<\/p>\n<\/td>\n
\n \n \n68%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1.01<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.75<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.26<\/p>\n<\/td>\n
\n \n \n35%<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA*<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n10,303<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n6,295<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4,008<\/p>\n<\/td>\n
\n \n \n64%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n19,053<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n13,133<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n5,920<\/p>\n<\/td>\n
\n \n \n45%<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA margin*<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 14.8<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 9.5<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n 530 bps<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 13.5<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 10.8<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n \n 270 bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, help in the understanding of its operating performance. See attached tables and other information provided at the end of this press release for important disclosures regarding Graham\u2019s use of these non-GAAP measures.<\/i><\/p>\n
\nNet sales for the second quarter of fiscal 2027 were $69.8 million, up $3.7 million, or 6%, compared with the second quarter of fiscal 2026, a result of our diversified revenue base and the acquisition of FlackTek, which contributed $9.5 million of revenue in the quarter. The increase was across multiple markets, including a $5.1 million, or 12%, increase in sales to the Defense market, driven by the timing of project milestones, new programs, growth of existing programs and capacity, and the addition of FlackTek, partially offset by approximately $10.0 million of lower material receipts in the second quarter of fiscal 2027. Defense represented 66% of net sales for the quarter. Sales to the Space market increased $2.4 million, or 59%, over the prior year second quarter, primarily due to the impacts of commercialization and accelerated launch cadences, the ramp up of existing programs, and the FlackTek acquisition. Sales to the Energy & Process markets decreased $3.7 million, or 17%, primarily due to softness in investments on large capital project activity caused by geopolitical uncertainties and decreases in sales to customers outside the U.S., partially offset by growth in New Energy markets and the addition of FlackTek. Aftermarket sales to the Energy & Process and Defense markets of $8.6 million decreased 3% from the prior year quarter but remained at high levels.<\/p>\n
\nGross profit for the second quarter of fiscal 2027 was $19.7 million or 28.2% of sales, compared with $14.3 million, or 21.7% of sales, in the prior-year period. The 650-basis point increase in gross profit margin reflects operational improvements on new and existing programs, the addition of FlackTek, and the mix of sales, in particular the composition of the current mix of programs in the Space and Defense markets, as well as a high level of material receipts in the second quarter of fiscal 2026, which carry a lower profit margin.<\/p>\n
\nSelling, general and administrative expense (\u201cSG&A\u201d), including intangible amortization, for the second quarter of fiscal 2027 increased $3.4 million, or 34%, over the prior year second quarter. Acquisition and integration expenses contributed $0.7 million of the increase, and incremental SG&A from the acquisition of FlackTek accounted for $2.3 million. The balance of the increase mainly reflects ongoing investment in people, processes and technology, expected to total approximately $2.5 million of incremental cost in fiscal 2027, partially offset by a reduction to the Barber-Nichols Performance Bonus, which ended in fiscal 2026. During the second quarter of fiscal 2026, the Company recorded $1.1 million related to the Barber-Nichols Performance Bonus, inclusive of applicable payroll taxes and no corresponding expense was recorded in the second quarter of fiscal 2027.<\/p>\n
Cash Management and Balance Sheet<\/b><\/p>\n
\nCash and cash equivalents as of September 30, 2026, were $71.4 million, compared with $27.0 million at the end of the previous quarter and $6.6 million at March 31, 2026.<\/p>\n
\nNet cash provided by operating activities was $46.7 million during the second quarter of fiscal 2027 and $34.1 million for the first six months of the fiscal year, primarily reflecting the timing of accounts receivable collections and customer deposits, as well as higher cash net income.<\/p>\n
\nCapital expenditures, net for the second quarter of fiscal 2027 were $2.2 million, and $4.9 million for the first six months, supporting the Company\u2019s growth and productivity improvement initiatives.<\/p>\n
\nAs of September 30, 2026, the Company had no debt outstanding and $74.7 million available under its revolving credit facility.<\/p>\n
Orders, Backlog, and Book-to-Bill Ratio<\/b><\/p>\n
See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company\u2019s website for a further breakdown of orders and backlog by market. See \u201cKey Performance Indicators\u201d below for important disclosures regarding Graham\u2019s use of these metrics ($ in millions).<\/i><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Q2 26<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Q3 26<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Q4 26<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n FY26<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Q1 27<\/b><\/p>\n<\/td>\n
\u00a0<\/td>\n \n Q2 27<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nOrders<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n83.2<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n71.7<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n78.7<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n359.4<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n95.9<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n73.7<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBacklog<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n500.1<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n515.6<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n532.6<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n532.6<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n557.2<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n561.3<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nOrders for the second quarter of fiscal 2027 were $73.7 million, compared with $83.2 million in the prior year second quarter. Defense orders in the quarter were $41.8 million. Space market orders totaled $10.6 million, or 1.7x net Space sales for the quarter and $25.0 million, or 2.0x net Space sales, for the first six months of fiscal 2027. Total Aftermarket orders for the Energy & Process and Defense markets increased 91% to $18.3 million for the second quarter of fiscal 2027.<\/p>\n
\nNote that our orders can be lumpy given the nature of our business, particularly large capital projects and multi-year Defense orders, which can be significantly larger.<\/p>\n
\nBacklog at quarter end was a record $561.3 million, a 12% increase over the prior-year period, with Defense backlog up 10% and Space backlog up 108%. For the quarter, the Company achieved a book-to-bill ratio of 1.1x, and 1.2x for the first six months of fiscal 2027, ahead of the Company\u2019s annual target of 1.1x. Management expects approximately 30% to 35% of backlog to convert to sales within the next twelve months, 20% to 25% within one to two years, and the remainder beyond two years. Approximately 83% of our backlog as of September 30, 2026, was to the Defense market, which provides stability and visibility for future revenue growth.<\/p>\n
Fiscal 2027 Outlook<\/b><\/p>\n
\n
\n \n (as of November 5, 2026)<\/i><\/p>\n<\/td>\n
\n New Guidance<\/b><\/p>\n<\/td>\n
\n Previous Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Sales<\/p>\n<\/td>\n
\n \n$285 million to $295 million<\/p>\n<\/td>\n
\n \n$285 million to $295 million<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross Margin<\/p>\n<\/td>\n
\n \n25.0% to 26.0% of sales<\/p>\n<\/td>\n
\n \n24.5% to 25.5% of sales<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSG&A expense (including amortization)(1) (2)<\/sup><\/p>\n<\/td>\n
\n \n17.5% to 18.5% of sales<\/p>\n<\/td>\n
\n \n16.5% to 17.5% of sales<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA(2) (3) (4)<\/sup><\/p>\n<\/td>\n
\n \n$35 million to $40 million<\/p>\n<\/td>\n
\n \n$35 million to $40 million<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEffective Tax Rate<\/p>\n<\/td>\n
\n \n18% to 20%<\/p>\n<\/td>\n
\n \n18% to 20%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCapital Expenditures<\/p>\n<\/td>\n
\n \n$15.0 million to $20.0 million<\/p>\n<\/td>\n
\n \n$18.0 million to $22.0 million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n (1)<\/i><\/p>\n<\/td>\n
Includes approximately $4.5 million to $5.5 million of equity-based compensation, net acquisition & integration costs, and enterprise resource planning (\u201cERP\u201d) conversion costs included in SG&A expense.<\/i><\/td>\n<\/tr>\n \n \n (2)<\/i><\/p>\n<\/td>\n
Includes approximately $2.5 million of incremental costs to invest in people, processes, and technology to enable future growth and accelerate the commercialization of Graham products and technologies.<\/i><\/td>\n<\/tr>\n \n \n (3)<\/i><\/p>\n<\/td>\n
Excludes net interest (income) expense, income taxes, depreciation, and amortization from net income, as well as approximately $6.0 million to $7.0 million of equity-based compensation, net acquisition & integration costs, and ERP conversion costs.<\/i><\/td>\n<\/tr>\n \n \n (4)<\/i><\/p>\n<\/td>\n
See \u201cForward-Looking Non-GAAP Measures\u201d below for additional information.<\/i><\/td>\n<\/tr>\n<\/table>\n \nGraham\u2019s Chief Financial Officer, Christopher J. Thome, said, \u201cOur second quarter results demonstrate continued improvement in profitability, with adjusted EBITDA increasing 64% year-over-year and adjusted EBITDA margin expanding 530 basis points. We generated $46.7 million in operating cash flow during the second quarter and ended the quarter with $71.4 million in cash and no outstanding debt, providing significant financial flexibility to support our organic and inorganic growth initiatives.\u201d<\/p>\n
\nMr. Thome continued, \u201cBased on our first-half performance and expectations for the remainder of the year, we are reaffirming our full-year fiscal 2027 guidance of net sales and adjusted EBITDA, have made minor updates to full-year fiscal 2027 guidance on gross margin based on mix and better execution, SG&A expense based on higher acquisition and integration related expenses, and updates to capital expenditures based on timing of major projects. We remain focused on maintaining financial discipline and driving continued operational improvements as we execute against our long-term objectives.\u201d<\/p>\n
Webcast and Conference Call<\/b><\/p>\n
\nGHM\u2019s management will host a conference call and live webcast on November 5, 2026, at 11:00 a.m. Eastern Time (\u201cET\u201d) to review its financial results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM\u2019s investor relations website.<\/p>\n
\nA question-and-answer session will follow the formal presentation. GHM\u2019s conference call can be accessed by calling (877) 407-0784, or (201) 689-8560 (International). Alternatively, the webcast can be monitored from the events section of GHM\u2019s investor relations website.<\/p>\n
\nA telephonic replay will be available from 3:00 p.m. ET today through Thursday, November 12, 2026. To listen to the archived call, dial (844) 512-2921 and enter conference ID number 13762712, or access the webcast replay via the Company\u2019s website at ir.grahamcorp.com, where a transcript will also be posted once available.<\/p>\n
About Graham Corporation<\/b><\/p>\n
\n
\n \n Consolidated Statements of Operations – Unaudited<\/b><\/p>\n
($ in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended<\/b><\/td>\n \n Six Months Ended<\/b><\/td>\n<\/tr>\n \n September 30,<\/b><\/td>\n \n September 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n % Change<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Net sales<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 69,760<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 66,027<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 6%<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 141,102<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 121,514<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 16%<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Cost of products sold<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n50,087<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n51,721<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(3%)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n103,628<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n92,487<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n12%<\/p>\n<\/td>\n<\/tr>\n
\n Gross profit<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19,673<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,306<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n38%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n37,474<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n29,027<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n29%<\/p>\n<\/td>\n<\/tr>\n
\n Gross margin<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 28.2<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 21.7<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 26.6<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 23.9<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating expenses and income:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,146<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,789<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n34%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n25,700<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19,186<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n34%<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative \u2013 amortization<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n507<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n437<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n873<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16%<\/p>\n<\/td>\n<\/tr>\n
\n Other operating expense (income), net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(191<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n NA<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n776<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(267<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n NA<\/i><\/p>\n<\/td>\n<\/tr>\n
\n Operating income<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 5,832<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 4,271<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 37%<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 9,984<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 9,235<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 8%<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Operating margin<\/i><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 8.4<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 6.5<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 7.1<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 7.6<\/i><\/p>\n<\/td>\n
\n %<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other expense, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n88<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n116<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(24%)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n177<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n244<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(27%)<\/p>\n<\/td>\n<\/tr>\n
\n Interest income, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(226<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(68<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n232%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(346<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(245<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n41%<\/p>\n<\/td>\n<\/tr>\n
\n Income before provision for income taxes<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,970<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,223<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n41%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,153<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,236<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10%<\/p>\n<\/td>\n<\/tr>\n
\n Provision for income taxes<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,333<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,133<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n18%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,604<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,551<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3%<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 4,637<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 3,090<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 50%<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 8,549<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 7,685<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 11%<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Per share data:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Basic:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n0.40<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.28<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n43%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.73<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.70<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4%<\/p>\n<\/td>\n<\/tr>\n
\n Diluted:<\/td>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n0.39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.28<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.73<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.69<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average common shares outstanding:<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,734<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,985<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,666<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10,956<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Diluted<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,855<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,135<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,083<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n<\/table>\n \n
\n \n Consolidated Balance Sheets<\/b><\/p>\n
(Amounts in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n September 30,<\/b><\/td>\n \n March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Assets<\/b><\/td>\n \n \n <\/tr>\n \n Current assets:<\/td>\n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n71,427<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n6,580<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Trade accounts receivable, net of allowances ($244 and $195 at September 30, 2026 and March 31 2026, respectively)<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n45,778<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n33,809<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Unbilled revenue<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n44,515<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n59,868<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Inventories<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n55,369<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n50,758<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid expenses and other current assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,271<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,255<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes receivable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n33<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,184<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total current assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n222,393<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n156,454<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Property, plant and equipment, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n61,538<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n60,330<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid pension asset<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,706<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,633<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,983<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,740<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Goodwill<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n37,326<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n38,078<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Customer relationships, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14,660<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,372<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Technology and technical know-how, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n22,083<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n23,232<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Tradenames, net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,408<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,458<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income tax asset<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n209<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n131<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,326<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total assets<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 387,632<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 323,616<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities and stockholders\u2019 equity<\/b><\/td>\n \n \n <\/tr>\n \n Current liabilities:<\/td>\n \n \n <\/tr>\n \n Current portion of finance lease obligations<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n24<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n23<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accounts payable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n23,999<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n25,740<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued compensation<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,614<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,547<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued expenses and other current liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7,676<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,728<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Customer deposits<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n129,655<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n102,421<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,807<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,806<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n416<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total current liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n179,191<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n156,270<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term debt<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Finance lease obligations<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,587<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,343<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income tax liability<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n962<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n897<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued pension and postretirement benefit liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,143<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,145<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other long-term liabilities<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,440<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,625<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 189,331<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 183,301<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders\u2019 equity:<\/b><\/td>\n \n \n <\/tr>\n \n Preferred stock, $1.00 par value, 500 shares authorized<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Common stock, $0.10 par value, 25,500 shares authorized, 11,912 and 11,247 shares issued and 11,738 and 11,073 shares outstanding at September 30, 2026 and March 31, 2026, respectively<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,191<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,124<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Capital in excess of par value<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n90,707<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n41,699<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Retained earnings<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n115,278<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n106,729<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accumulated other comprehensive loss<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,487<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(5,849<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Treasury stock (174 shares at September 30, 2026 and March 31, 2026, respectively)<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,388<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,388<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Total stockholders\u2019 equity<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n 198,301<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 140,315<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities and stockholders\u2019 equity<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 387,632<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 323,616<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Consolidated Statements of Cash Flows<\/b><\/p>\n
(Amounts in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Six Months Ended<\/b><\/td>\n<\/tr>\n \n \n \n September 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating activities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Net income<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n8,549<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n7,685<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n \n \n \n <\/tr>\n \n Depreciation<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,455<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,171<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,006<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n997<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments for credit losses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n400<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization of actuarial losses<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n346<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n420<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Equity-based compensation expense<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,427<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,085<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n (Gain) loss on disposal or sale of property, plant and equipment<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(22<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Change in fair value of contingent consideration<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n798<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(267<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income taxes<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(99<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n191<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n (Increase) decrease in operating assets, net of acquisitions:<\/td>\n \n \n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(12,034<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(7,104<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Unbilled revenue<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15,331<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(11,639<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Inventories<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,703<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,400<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes receivable<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,151<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,243<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid expenses and other current and non-current assets<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,374<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(377<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease assets<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n768<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n664<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid pension asset<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(74<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(70<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Increase (decrease) in operating liabilities, net of acquisitions:<\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,599<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,699<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued compensation, accrued expenses and other current and non-current liabilities<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(6,865<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,667<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Customer deposits<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n27,367<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n20,853<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operating lease liabilities<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(766<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(650<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n410<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n90<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term portion of accrued compensation, accrued pension and postretirement benefit liabilities<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 34,070<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 11,324<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Investing activities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Purchase of property, plant and equipment<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,855<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(11,148<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Acquisitions, net of cash acquired<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,058<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used by investing activities<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n (3,797<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (11,148<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Financing activities:<\/b><\/td>\n \n \n \n <\/tr>\n \n Principal repayments on debt<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(13,000<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(8,000<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Proceeds from the issuance of debt<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Repayments on finance lease obligations<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(175<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(165<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Issuance of common stock<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n50,517<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n458<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Common stock issuance costs<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(138<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Tax withholdings related to net share settlements of restricted stock units<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(2,731<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,532<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net cash provided (used) by financing activities<\/b><\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 34,473<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n (1,239<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Effect of exchange rate changes on cash<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n101<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n65<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net increase (decrease) in cash and cash equivalents<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n64,847<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(998<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Cash and cash equivalents at beginning of period<\/td>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,580<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n21,577<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Cash and cash equivalents at end of period<\/td>\n \n \n \n$<\/p>\n<\/td>\n
\n \n71,427<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n20,579<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Adjusted EBITDA Reconciliation<\/b><\/p>\n
(Unaudited, $ in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended<\/b><\/td>\n \n Six Months Ended<\/b><\/td>\n<\/tr>\n \n \n September 30,<\/b><\/td>\n \n September 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 4,637<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 3,090<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 8,549<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 7,685<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Acquisition & integration expense (income), net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n991<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(87<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,170<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(163<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n ERP Implementation costs<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n29<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net interest income<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(226<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(68<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(346<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(245<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Income tax expense<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,333<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,133<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,604<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,551<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Equity-based compensation expense<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n782<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n553<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,427<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,085<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation & amortization<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,741<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,645<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n5,461<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,168<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 10,303<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 6,295<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 19,053<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 13,133<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n69,760<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n66,027<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n141,102<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n121,514<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income margin<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6.6<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4.7<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6.1<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6.3<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA margin<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n14.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n13.5<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10.8<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Adjusted Net Income and Adjusted Net Income per Diluted Share Reconciliation<\/b><\/p>\n
(Unaudited, $ in thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended<\/b><\/td>\n \n Six Months Ended<\/b><\/td>\n<\/tr>\n \n \n September 30,<\/b><\/td>\n \n September 30,<\/b><\/td>\n<\/tr>\n \n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2026<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 4,637<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 3,090<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 8,549<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 7,685<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Acquisition & integration expense (income), net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n991<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(87<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,170<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(163<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Amortization of intangible assets<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n955<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n498<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,005<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n997<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n ERP Implementation costs<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n29<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Tax impact of adjustments(1)<\/sup><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(458<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(101<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,004<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(204<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted net income<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 6,170<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 3,429<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 11,908<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 8,367<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n GAAP net income per diluted share<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n0.39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.28<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.73<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n0.69<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted net income per diluted share<\/b><\/td>\n \n $<\/b><\/p>\n<\/td>\n
\n 0.52<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 0.31<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 1.01<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 0.75<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Diluted weighted average common shares outstanding<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,855<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,135<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,779<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n11,083<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1)<\/sup> Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate of 23%.<\/td>\n<\/tr>\n<\/table>\n \nAcquisition and integration expense (income), net are incremental costs that are directly related to, and as a result of, acquisition and integration related activity and the subsequent accounting for any contingent earn-out liabilities. These costs (income) may include, among other things, professional, consulting, travel expenses, and other fees, system integration costs, and contingent consideration fair value adjustments. ERP implementation costs primarily relate to consulting costs (training, data conversion, and project management) incurred in connection with the ERP system being implemented throughout our Batavia, New York facility in order to enhance efficiency and productivity and are not expected to recur once the project is completed.<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261105758252\/en\/<\/a><\/span><\/p>\n
For more information, contact:
\n<\/b><\/p>\nChristopher J. Thome
\n
Vice President – Finance and CFO
\n
Phone: (585) 343-2216<\/p>\n - \nAdjusted EBITDA (1)<\/sup> increased 64% to $10.3 million; Adjusted EBITDA margin(1)<\/sup> was 14.8%, up 530 basis points compared to the prior year<\/p>\n<\/li>\n