- \n
- Revenue of $20.2 million up 21%, driven by defense and refining industry sales<\/i><\/b><\/li>\n
- Orders increased to $20.9 million including $11.4 million from the refining industry<\/i><\/b><\/li>\n
- Backlog at quarter-end was $235.9 million; 80% of backlog was for the defense industry; Added space industry to backlog with acquisition of Barber Nichols<\/i><\/b><\/li>\n
- Profits and margins heavily impacted by product mix<\/i><\/b><\/li>\n<\/ul>\n
BATAVIA, N.Y.–(BUSINESS WIRE<\/a>)–Graham Corporation<\/a> (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the defense, energy, and chemical\/petrochemical industries, today reported financial results for its first quarter ended June 30, 2021 (\u201cfirst quarter of fiscal 2022\u201d). Results include one month of financials related to Barber-Nichols (\u201cBN\u201d) which was acquired on June 1, 2021. Separately today the Company announced that Daniel J. Thoren will be promoted to President and Chief Executive Officer effective September 1, 2021, immediately following the retirement of James R. Lines who served with the Company for 37 years.\n<\/p>\n
\nMr. Lines commented, \u201cWhile sales improved as a result of the acquisition, we had a number of projects with lower margins which heavily impacted profitability in the quarter. This partially reflects our initial strategy to aggressively enter the Naval Nuclear Propulsion Program (\u201cNNNP\u201d). Given our strong performance on the NNNP projects, we were successful with our strategy and have since earned a sole source position. We expect that the vast majority of the impact of first order projects will be behind us by the end of fiscal 2022.\u201d\n<\/p>\n
\nMr. Lines added, \u201cWhile the quarter\u2019s results were disappointing, we view this fiscal year as a transition and believe we are better positioned to drive growth and stronger margins for the future.\u201d\n<\/p>\n
First Quarter Fiscal 2022 Sales Summary <\/b>(All comparisons are with the same prior-year period unless noted otherwise. See accompanying financial tables for a breakdown of sales by industry and region.)<\/i><\/p>\n
\nNet sales of $20.2 million increased $3.4 million, or 21%, driven by $3.5 million in sales associated with the acquisition of BN and higher sales to the refining industry which helped to offset lower petrochemical sales. Last fiscal year\u2019s first quarter benefitted from the shipment of a large petrochemical project that had been extended from fiscal 2020 into fiscal 2021 due to the COVID-19 pandemic. BN had one month of sales included in the fiscal 2022 first quarter\u2019s results.\n<\/p>\n
\nSales to the defense markets were up 104% to $7.1 million and represented 35% of total revenue. Sales to the refining markets increased $1.9 million from the prior-year period to $4.6 million and represented 23% of total sales. Chemical\/petrochemical market sales were $4.6 million compared with $8.0 million in the prior fiscal year.\n<\/p>\n
\nFrom a geographic perspective, domestic sales were 69% of total sales and reflect the impact of BN, along with higher sales to the defense industry. The majority of international sales were to Asia, which accounted for 17% of total sales.\n<\/p>\n
Fluctuations in Graham\u2019s sales among geographic locations and industries can vary measurably from quarter-to-quarter based on the timing and magnitude of projects. Graham does not believe that such quarter-to-quarter fluctuations are indicative of business trends.<\/i><\/p>\n
First Quarter Fiscal 2022 Performance Review<\/b><\/p>\n
(All comparisons are with the same prior-year period unless noted otherwise.)<\/i><\/p>\n
\n
\n \n ($ in millions except per share data)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n Q1 FY22<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Q1 FY21<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet sales\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n20.2\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n16.7\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n3.4\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross profit\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.9\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n1.6\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.7)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross margin<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 4.5%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 9.4%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating profit\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(3.8)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(2.3)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(1.6)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating margin<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n (19.1%)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n (13.6%)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(3.1)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(1.8)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(1.3)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted EPS\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.31)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.18)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted diluted EPS\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.28)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.18)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(2.9)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(1.8)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(1.1)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA margin<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n -14.2%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n -10.7%<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*Graham believes that Adjusted EBITDA (defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization and other acquisition related expenses), and Adjusted EBITDA margin (Adjusted EBITDA as a percentage of sales), which are non-GAAP measures, help in the understanding of its operating performance. Moreover, Graham\u2019s credit facility also contains ratios based on Adjusted EBITDA.<\/i>Graham also believes that adjusted EPS, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.<\/i>See the attached table on page 9 for additional important disclosures regarding Graham\u2019s use of Adjusted EBITDA<\/i>, Adjusted EBITDA margin and Adjusted diluted EPS as well as the reconciliation of net income\/(loss) to Adjusted EBITDA and Adjusted diluted EPS<\/i>.\n<\/p>\n
\nLower gross profit and margin despite higher sales volume, was due to a poor mix of projects in the Company\u2019s Batavia production facility combined with a lower level of outsourced fabrication.\n<\/p>\n
\nSelling, general and administrative (\u201cSG&A\u201d) expenses were $4.9 million, up $1.0 million, or 26%. BN accounted for $0.6 million of the increase, including the impact of intangible asset amortization. The remaining increase was due to acquisition-related and organizational development costs. SG&A, as a percent of sales for the three-month periods ended June 30, 2021, and 2020 were 24.4% and 23.4%, respectively.\n<\/p>\n
\nNet loss per diluted share was $0.31. On a non-GAAP basis, which excludes intangible amortization and other costs related to the acquisition, adjusted earnings per share were $(0.28).\n<\/p>\n
Strong Balance Sheet with Ample Liquidity<\/b><\/p>\n
\nCash, cash equivalents and investments at June 30, 2021 were $19.1 million compared with $65.0 million at March 31, 2021. During the quarter, in connection with the acquisition of BN, the Company utilized $41.1 million of cash, cash equivalents and investments, and incurred debt of $20 million pursuant to a 5-year term loan.\n<\/p>\n
\nNet cash used by operating activities was $7.1 million compared with cash usage of $4.4 million in the prior-year period. The change in cash usage reflects the higher net loss and changes in working capital, which included the utilization of customer deposits.\n<\/p>\n
\nYear-to-date capital spending was $0.4 million. The Company has adjusted anticipated capital expenditures for fiscal 2022 to be between $3.5 million and $4.0 million (including BN).\n<\/p>\n
Orders and Backlog<\/b><\/p>\n
\n
\n \n ($ in millions)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Q121<\/b><\/p>\n<\/td>\n
\n Q221<\/b><\/p>\n<\/td>\n
\n Q321<\/b><\/p>\n<\/td>\n
\n Q421<\/b><\/p>\n<\/td>\n
\n FY2021<\/b><\/p>\n<\/td>\n
\n Q122<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nOrders\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n11.5\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n35.0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n61.8\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n13.4\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n121.6\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n20.9\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBacklog\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n107.2\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n114.9\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n149.7\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n137.6\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n137.6\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n235.9\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nOrders of $20.9 million increased 82% over the prior-year period and 55% sequentially. The year-over-year growth was across each of Graham\u2019s major industries, with the bulk from defense and refining. The growth in orders sequentially was largely from the refining industry. The one month of orders from BN during the quarter were $0.2 million. Domestic orders were 74% of total net orders in the first quarter of fiscal 2022 compared with 28% in the prior-year period, reflecting the demand from the U.S. Navy.\n<\/p>\n
\nBacklog at the end of the quarter was $235.9 million, inclusive of BN backlog of $94.4 million.\n<\/p>\n
\nBacklog by industry at June 30, 2021 was approximately:\n<\/p>\n
- \n
- \n80% for defense projects\n<\/li>\n
- \n12% for refinery projects\n<\/li>\n
- \n3% for chemical\/petrochemical projects\n<\/li>\n
- \n2% for space projects\n<\/li>\n
- \n3% for other industrial applications\n<\/li>\n<\/ul>\n
\nThe Company expects approximately 35% to 40% of backlog will convert to revenue in the last nine months of fiscal 2022. Approximately $25 million to $27 million of backlog related to the defense industry is expected to convert to sales in fiscal 2022.\n<\/p>\n
Fiscal 2022 Guidance Remains Unchanged<\/b><\/p>\n
\nDaniel J. Thoren, currently the Company\u2019s President and COO, concluded, \u201cI am encouraged by the improvement in orders in the quarter, specifically from the refining market. Our quoting activity is picking up and, while still early, we believe our customers are more optimistic. We anticipate this optimism will translate into greater capital investments and improving demand for our products. In the meantime, our second quarter will benefit from having BN for a full three months. However, based on the timing of customers\u2019 projects, we expect that revenue and profits will ramp through the second half of the fiscal year. We see fiscal 2022 as a transition year as it relates to earnings, given the timing of conversion of first order projects for the U.S. Navy.\u201d\n<\/p>\n
\nHe added, \u201cWe are very optimistic about our future. We believe that we have the right strategy, the best talent and the ideal technologies to capitalize on the growing requirements of our customers in the defense industry. We also are encouraged with the improvements we are seeing in our core energy markets. Together, our combined Graham and BN teams are looking to improve our growth profile while driving profitability.\u201d\n<\/p>\n
\nRevenue in fiscal 2022 is expected to be $130 million to $140 million with 45% to 50% associated with the defense industry. Revenue expectations are inclusive of BN\u2019s 10-month revenue contribution for the fiscal year which is expected to be between $45 million to $48 million. Adjusted EBITDA* is expected to be approximately $7.0 million to $9.0 million in fiscal 2022.\n<\/p>\n
*Please refer and read the safe harbor statement regarding forward-looking non-GAAP measures.<\/i><\/p>\n
Webcast and Conference Call<\/b><\/p>\n
\nGraham\u2019s management 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 the first quarter of fiscal 2022, 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\u2019s website at www.graham-mfg.com<\/a> under the heading \u201cInvestor Relations.\u201d A question-and-answer session will follow the formal presentation.\n<\/p>\n
\nGraham\u2019s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham\u2019s website at www.graham-mfg.com<\/a> under the heading \u201cInvestor Relations.\u201d\n<\/p>\n
\nA telephonic replay will be available from 2:00 p.m. ET today through Tuesday, August 17, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13721239. A transcript of the call will be placed on Graham\u2019s website, once available.\n<\/p>\n
ABOUT GRAHAM CORPORATION<\/b><\/p>\n
\nGraham is a global business that designs, manufactures and sells critical equipment for the defense, energy, aerospace, medical, technology, automotive and chemical\/petrochemical industries. The Graham and Barber-Nichols\u2019 global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, as well as the Company\u2019s responsive and flexible service and unsurpassed quality.\n<\/p>\n
\n
\n \n Graham Corporation<\/b><\/p>\n
Consolidated Statements of Income – Unaudited<\/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 \n \n\u00a0\n<\/p>\n<\/td>\n
\n \nThree Months Ended\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \nJune 30,\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2021\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2020\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(Amounts in thousands, except per share data)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net sales<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 20,157<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 16,710<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCost of products sold\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,243\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15,142\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Gross profit<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 914<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 1,568<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther expenses and income:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, general and administrative\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,832\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,902\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSelling, general and administrative \u2013 amortization\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n91\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther income\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(160\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(55\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest income\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(17\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(94\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n39\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal other expenses and income\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,785\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,758\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Loss before benefit for income taxes<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n (3,871<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n (2,190<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nBenefit for income taxes\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(745\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(372\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Net loss<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n (3,126<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n (1,818<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nPer share data\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.31\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.18\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.31\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.18\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average common shares outstanding:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,199\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n9,895\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,199\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n9,895\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends declared per share\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.11\n<\/p>\n<\/td>\n
\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n0.11\n<\/p>\n<\/td>\n
<\/tr>\n<\/table>\n \n
\n \n Graham Corporation<\/b><\/p>\n
Consolidated Balance Sheets \u2013 Unaudited<\/b><\/p>\n
(Amounts in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n June 30,<\/b><\/p>\n
2021<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n March 31,<\/b><\/p>\n
2021<\/b><\/p>\n<\/td>\n
<\/tr>\n \n \n Assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCurrent assets:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCash and cash equivalents\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n19,143\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n59,532\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nInvestments\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,500\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nTrade accounts receivable, net of allowances ($67 and $29 at June 30 and March 31, 2021, respectively)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,273\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,378\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nUnbilled revenue\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n28,533\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,994\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nInventories\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,144\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,332\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,557\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n512\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nIncome taxes receivable\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,416\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nTotal current assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n88,066\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n120,248\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nProperty, plant and equipment, net\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n25,618\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,618\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nPrepaid pension asset\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,518\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,216\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nOperating lease assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n9,146\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n95\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nGoodwill\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22,923\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCustomer relationships\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,751\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nTechnology and technical know how\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,058\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nOther intangible assets, net\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,067\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nOther assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n219\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n103\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nTotal assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n185,366\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n144,280\n<\/p>\n<\/td>\n
<\/tr>\n \n \n Liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCurrent liabilities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nShort-term debt obligations\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2,500\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCurrent portion of long-term debt\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,000\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCurrent portion of finance lease obligations\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nAccounts payable\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15,124\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,972\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nAccrued compensation\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,049\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,106\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nAccrued expenses and other current liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,421\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,628\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCustomer deposits\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,034\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,059\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nOperating lease liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,081\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n46\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nIncome taxes payable\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n741\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nTotal current liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n51,231\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n43,573\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nLong-term debt\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,000\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nFinance lease obligations\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n28\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n34\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nOperating lease liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,103\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n37\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nDeferred income tax liability\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n906\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n635\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nAccrued pension and postretirement liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,087\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,072\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nOther long-term liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,811\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nTotal liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n82,166\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n46,351\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCommitments and contingencies\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nStockholders\u2019 equity:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nPreferred stock, $1.00 par value, 500 shares authorized\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCommon stock, $0.10 par value, 25,500 shares authorized, 10,874 and 10,748 shares issued and 10,691 and 9,959 shares outstanding at June 30 and March 31, 2021, respectively\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,087\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,075\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nCapital in excess of par value\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n27,419\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n27,272\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nRetained earnings\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n85,069\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n89,372\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nAccumulated other comprehensive loss\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(7,099\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(7,397\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury stock (183 and 790 shares at June 30 and March 31, 2021, respectively)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(3,276\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(12,393\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal stockholders\u2019 equity\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n103,200\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n97,929\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \nTotal liabilities and stockholders\u2019 equity\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n185,366\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n144,280\n<\/p>\n<\/td>\n
<\/tr>\n<\/table>\n \n
\n \n Graham Corporation<\/b><\/p>\n
Consolidated Statements of Cash Flows \u2013 Unaudited<\/b><\/p>\n
(Amounts in thousands) <\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n June 30,<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2021<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating activities:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet loss\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(3,126\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(1,818\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments to reconcile net loss to net cash used by operating activities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n595\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n486\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n225\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of actuarial losses\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n219\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n266\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEquity-based compensation expense\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n353\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n164\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGain on disposal or sale of property, plant and equipment\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n215\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n282\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n(Increase) decrease in operating assets:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts receivable\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,319\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,646\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUnbilled revenue\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,426\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,091\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,857\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(361\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses and other current and non-current assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(603\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(356\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes receivable\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(2,161\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(490\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease assets\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(25\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n37\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid pension asset\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(302\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(210\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncrease (decrease) in operating liabilities:\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(5,745\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4,430\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued compensation, accrued expenses and other current and non-current liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,448\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n709\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCustomer deposits\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(3,074\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,094\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating lease liabilities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n35\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(37\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n32\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash used by operating activities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(7,076\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4,373\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Investing activities:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchase of property, plant and equipment\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(446\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(338\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from disposal of property, plant and equipment\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchase of investments\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(26,103\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRedemption of investments at maturity\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,500\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n40,048\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition of Barber-Nichols, LLC\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(59,563\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash (used) provided by investing activities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(54,509\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13,613\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Financing activities:<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncrease in short-term debt obligations\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,500\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrincipal repayments on long-term debt\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4,599\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from the issuance of long-term debt\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,000\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,599\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrincipal repayments on finance lease obligations\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(5\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(12\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRepayments on lease financing obligations\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(26\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPayment of debt issuance costs\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(150\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends paid\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,177\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,097\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPurchase of treasury stock\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(41\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(23\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet cash provided (used) by financing activities\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,101\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,132\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEffect of exchange rate changes on cash\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n95\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet (decrease) increase in cash and cash equivalents\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(40,389\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,114\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n59,532\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n32,955\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at end of period\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n19,143\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n41,069\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Graham Corporation<\/b><\/p>\n
Adjusted EBITDA Reconciliation – Unaudited<\/b><\/p>\n
(Amounts in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n 2021<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Net (loss) <\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (3,126)<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (1,818)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition related inventory step-up expense\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition related costs\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n169\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet interest expense (income)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(89)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(745)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(372)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation & amortization\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n820\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n486\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (2,860)<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (1,793)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA margin %<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n -14.2%<\/i><\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n -10.7%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Adjusted Net Income Reconciliation – Unaudited<\/b><\/p>\n
(Amounts in thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n 2021<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Net (loss) <\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (3,126)<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (1,818)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition related inventory step-up expense\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAcquisition related costs\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n169\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization of intangible assets\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n225\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNormalize tax rate to 19%(1)<\/sup><\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(75)\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted Net income (loss)<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (2,807)<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (1,818)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted diluted earnings per share<\/i><\/p>\n<\/td>\n
\n \n $<\/i><\/p>\n<\/td>\n
\n (0.28)<\/i><\/p>\n<\/td>\n
\n \n $<\/i><\/p>\n<\/td>\n
\n (0.18) <\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
1) <\/sup>Applies a normalized tax rate of 19% to non-GAAP adjustments above, which are each pre-tax.<\/i><\/p>\n
Non-GAAP Financial Measure:<\/b><\/p>\n
\nAdjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization and other acquisition related expenses and Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. EBITDA and EBITDA margin are not measures 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. Moreover, Graham\u2019s 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.\n<\/p>\n
\nAdjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and diluted EPS are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and diluted EPS, is important for investors and other readers of the Company\u2019s financial statements and assists in understanding the comparison of the current quarter\u2019s and current year’s net income and diluted EPS to the historical periods’ net income and diluted EPS.Graham also believes that adjusted EPS, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.\n<\/p>\n
\n
\n \n Graham Corporation<\/b><\/p>\n
Additional Information \u2013 Unaudited<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n SALES BY INDUSTRY FY 2022*<\/b><\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n ($ in millions)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n FY 2022<\/b><\/p>\n<\/td>\n
\n Q1<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 6\/30\/21<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nDefense\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n7.1\n<\/p>\n<\/td>\n
\n \n35%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nRefining\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.6\n<\/p>\n<\/td>\n
\n \n23%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nChemical\/ Petrochemical\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.6\n<\/p>\n<\/td>\n
\n \n23%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nSpace\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.7\n<\/p>\n<\/td>\n
\n \n4%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nOther Commercial\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n3.2\n<\/p>\n<\/td>\n
\n \n15%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n Total<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 20.2 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n SALES BY INDUSTRY FY 2021*<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n ($ in millions)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n FY 2021<\/b><\/p>\n<\/td>\n
\n Q1<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n Q2<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n Q3<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n Q4<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n FY2021<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 6\/30\/20<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n 9\/30\/20<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n 12\/31\/20<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n 3\/31\/21<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nDefense\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n3.5\n<\/p>\n<\/td>\n
\n \n21%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n9.4\n<\/p>\n<\/td>\n
\n \n34%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.5\n<\/p>\n<\/td>\n
\n \n17%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n6.5\n<\/p>\n<\/td>\n
\n \n25%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n24.0\n<\/p>\n<\/td>\n
\n \n25%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRefining\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2.7\n<\/p>\n<\/td>\n
\n \n16%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n10.3\n<\/p>\n<\/td>\n
\n \n37%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n16.5\n<\/p>\n<\/td>\n
\n \n60%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n10.3\n<\/p>\n<\/td>\n
\n \n40%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n39.7\n<\/p>\n<\/td>\n
\n \n41%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChemical\/ Petrochemical\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n8.0\n<\/p>\n<\/td>\n
\n \n48%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n5.5\n<\/p>\n<\/td>\n
\n \n20%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.8\n<\/p>\n<\/td>\n
\n \n18%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n5.8\n<\/p>\n<\/td>\n
\n \n23%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n24.0\n<\/p>\n<\/td>\n
\n \n24%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther Commercial\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2.5\n<\/p>\n<\/td>\n
\n \n15%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2.8\n<\/p>\n<\/td>\n
\n \n10%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n1.4\n<\/p>\n<\/td>\n
\n \n5%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n3.1\n<\/p>\n<\/td>\n
\n \n12%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n9.8\n<\/p>\n<\/td>\n
\n \n10%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 16.7 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 28.0 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 27.2 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 25.7 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 97.5 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*Quarters may not sum to year-to-date\/total fiscal year due to rounding<\/i><\/p>\n
\n
\n \n Graham Corporation<\/b><\/p>\n
Additional Information – Unaudited<\/b><\/p>\n
(Continued)<\/i><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n SALES BY REGION FY 2022*<\/b><\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n ($ in millions)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n FY 2022<\/b><\/p>\n<\/td>\n
\n Q1<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 6\/30\/21<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nUnited States\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n13.9\n<\/p>\n<\/td>\n
\n \n69%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nMiddle East\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.6\n<\/p>\n<\/td>\n
\n \n3%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nAsia\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n3.5\n<\/p>\n<\/td>\n
\n \n17%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \nOther\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2.2\n<\/p>\n<\/td>\n
\n \n11%\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n Total<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 20.2 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n \n \n <\/tr>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n SALES BY REGION FY 2021*<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n ($ in millions)<\/i><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n FY 2021<\/b><\/p>\n<\/td>\n
\n Q1<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n Q2<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n Q3<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n Q4<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n
\n FY2021<\/b><\/p>\n<\/td>\n
\n % of<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n 6\/30\/20<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n 9\/30\/20<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n 12\/31\/20<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n 3\/31\/21<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nUnited States\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n9.4\n<\/p>\n<\/td>\n
\n \n56%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n17.3\n<\/p>\n<\/td>\n
\n \n62%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n10.7\n<\/p>\n<\/td>\n
\n \n39%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n15.3\n<\/p>\n<\/td>\n
\n \n60%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n52.7\n<\/p>\n<\/td>\n
\n \n54%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMiddle East\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.4\n<\/p>\n<\/td>\n
\n \n3%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n1.0\n<\/p>\n<\/td>\n
\n \n4%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.8\n<\/p>\n<\/td>\n
\n \n3%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2.6\n<\/p>\n<\/td>\n
\n \n10%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.8\n<\/p>\n<\/td>\n
\n \n5%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAsia\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n5.2\n<\/p>\n<\/td>\n
\n \n31%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.5\n<\/p>\n<\/td>\n
\n \n16%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n11.2\n<\/p>\n<\/td>\n
\n \n41%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.7\n<\/p>\n<\/td>\n
\n \n18%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n25.6\n<\/p>\n<\/td>\n
\n \n26%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n1.7\n<\/p>\n<\/td>\n
\n \n10%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n5.2\n<\/p>\n<\/td>\n
\n \n18%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n4.5\n<\/p>\n<\/td>\n
\n \n17%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n3.1\n<\/p>\n<\/td>\n
\n \n12%\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n14.4\n<\/p>\n<\/td>\n
\n \n15%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 16.7 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 28.0 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 27.2 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 25.7 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 97.5 <\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
*Quarters may not sum to year-to-date\/total fiscal year due to rounding<\/i><\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210810005324\/en\/<\/a><\/span><\/p>\n
\nJeffrey F. Glajch
\n
Vice President – Finance and CFO
\n
Phone: (585) 343-2216
\n
jglajch@graham-mfg.com<\/a><\/p>\n\nDeborah K. Pawlowski
\n
Kei Advisors LLC
\n
Phone: (716) 843-3908
\n
dpawlowski@keiadvisors.com<\/a><\/p>\nKEYWORDS:<\/b> United States North America New York<\/p>\n
INDUSTRY KEYWORDS:<\/b> Other Defense Oil\/Gas Chemicals\/Plastics Alternative Energy Aerospace Energy Manufacturing Nuclear Defense Maritime Transport Other Manufacturing Steel Other Energy Utilities Engineering<\/p>\n
- Orders increased to $20.9 million including $11.4 million from the refining industry<\/i><\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210810005324\/en\/897807\/3\/GHM_Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n