ir.grahamcorp.com<\/a>, where a transcript will also be posted once available.<\/p>\nAbout Graham Corporation<\/b><\/p>\n
\nGHM is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The Graham Manufacturing and Barber-Nichols\u2019 global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company\u2019s products and systems.<\/p>\n
\nGraham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.<\/p>\n
Safe Harbor Regarding Forward Looking Statements<\/b><\/p>\n
\nThis news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.<\/p>\n
\nForward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as \u201cexpects,\u201d \u201coutlook,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201ccould,\u201d \u201cguidance,\u201d \u201cshould,\u201d \u201dmay\u201d, \u201cwill,\u201d \u201ctends,\u201d \u201cfocus,\u201d \u201cplan\u201d and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to meet customers\u2019 shipment and delivery expectations, the future impact of low margin defense projects and related cost overruns, expected expansion and growth opportunities within its domestic and international markets, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation\u2019s most recent Annual Report filed with the Securities and Exchange Commission (the \u201cSEC\u201d), included under the heading entitled \u201cRisk Factors\u201d, and in other reports filed with the SEC.<\/p>\n
\nShould one or more of these risks or uncertainties materialize or should any of Graham Corporation\u2019s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation\u2019s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.<\/p>\n
Forward-Looking Non-GAAP Measures<\/b><\/p>\n
\nForward-looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company\u2019s fiscal 2024 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company\u2019s actual results and preliminary financial estimates set forth above may be material.<\/p>\n
Key Performance Indicators<\/b><\/p>\n
\nIn addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company\u2019s financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of current and future business and financial performance and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and\/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as it often times is a leading indicator of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.<\/p>\n
\nThe book-to-bill ratio is an operational measure that management uses to track the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales.<\/p>\n
\nGiven that each of orders, backlog and book-to-bill ratio is an operational measure and that the Company’s methodology for calculating orders, backlog and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.<\/p>\n
FINANCIAL TABLES FOLLOW.<\/b><\/p>\n\n\n| \u00a0<\/td>\n<\/tr>\n |
\n| \n Graham Corporation
\n
<\/b>Consolidated Statements of Operations – Unaudited
\n
<\/b>(Amounts in thousands, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \nThree Months Ended<\/b><\/td>\n | | \n | \nYear Ended<\/b><\/td>\n<\/tr>\n\n| March 31,<\/b><\/td>\n | | \n | \nMarch 31,<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | % Change<\/b><\/td>\n<\/tr>\n\n| Net sales<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 43,027<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 39,737<\/b><\/p>\n<\/td>\n | \n \n8%<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 157,118<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 122,814<\/b><\/p>\n<\/td>\n | \n \n28%<\/p>\n<\/td>\n<\/tr>\n | \n| Cost of products sold<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n35,870<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n35,526<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n131,710<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n113,685<\/p>\n<\/td>\n | \n \n16%<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,157<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,211<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n25,408<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,129<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n<\/tr>\n | \n| Gross margin<\/i><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 16.6%<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 10.6%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 16.2%<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 7.4%<\/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 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 \n7,235<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,852<\/p>\n<\/td>\n | \n \n24%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23,063<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20,386<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n<\/tr>\n | \n| Selling, general and administrative \u2013 amortization<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n274<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n274<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,095<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n913<\/p>\n<\/td>\n | \n \n20%<\/p>\n<\/td>\n<\/tr>\n | \n| Other operating expense (income), net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n135<\/p>\n<\/td>\n | \n \n(100%)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(827)<\/p>\n<\/td>\n | \n \n(100%)<\/p>\n<\/td>\n<\/tr>\n | \n| Operating profit (loss)<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (352)<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (2,050)<\/b><\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 1,250<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (11,343)<\/b><\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n<\/tr>\n | \n| Operating margin<\/i><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (0.8%)<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (5.2%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 0.8%<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n -9.2%<\/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 income, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(62)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(111)<\/p>\n<\/td>\n | \n \n(44%)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(250)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(527)<\/p>\n<\/td>\n | \n \n(53%)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest income<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(58)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(7)<\/p>\n<\/td>\n | \n \n729%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(129)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(50)<\/p>\n<\/td>\n | \n \n158%<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n300<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n150<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,068<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n450<\/p>\n<\/td>\n | \n \n137%<\/p>\n<\/td>\n<\/tr>\n | \n| Income (loss) before provision (benefit) for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(532)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,082)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n561<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(11,216)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n<\/tr>\n | \n| Provision (benefit) for income taxes<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(51)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(657)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n194<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,443)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (481)<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (1,425)<\/b><\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 367<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (8,773)<\/b><\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Per share data:<\/td>\n | | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Basic:<\/td>\n | | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.05)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.13)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.03<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.83)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted:<\/td>\n | | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.05)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.13)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.03<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.83)<\/p>\n<\/td>\n | \n \nNA<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted average common shares outstanding:<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,617<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,645<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,614<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,541<\/p>\n<\/td>\n | | <\/tr>\n \n| Diluted<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,617<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,645<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,654<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,541<\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Dividends declared per share<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.33<\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| N\/A: Not Applicable<\/i><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n | | | | |
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230608005202\/en\/1480889\/3\/Graham_Corp_Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n