- Includes four ejector systems and a surface condenser
for refinery revamps and upgrades in Canada and the U.S. as well as
for expanding oil sands upgrader capacity
Graham Corporation (NYSE MKT:GHM), a global business that
engineers, manufactures, and sells critical equipment for the oil
refining, petrochemical and power industries, and also supplies
components and raw materials for nuclear energy facilities,
announced that it was recently awarded five orders totaling $12
million during its fourth quarter which ended March 31, 2013. The
projects are expected to ship at various times from the third
quarter of the fiscal year ending March 31, 2014 through the third
quarter of the fiscal year ending March 31, 2015.
James R. Lines, Graham's President and Chief Executive Officer,
commented, "North America continues to represent an important
market for Graham and, even though new refineries are not being
constructed in the United States, we continue to see opportunities
in revamps and upgrades of refineries that include several decades
of our installed base of equipment, as well as in oil sands
projects."
Two of the orders are for ejector systems to be installed in
refineries undergoing upgrades to accommodate the processing of
different types of crude oil. One of these ejector systems
will replace current Graham equipment in a U.S. oil refinery to
enable the processing of synthetic crude while the other ejector
system will also replace Graham equipment in a Canadian oil
refinery in order to expand the variety of crude oil that the
facility can accept and process. The order for a steam
surface condenser for installation at a U.S. refinery will replace
equipment that Graham originally provided nearly 50 years
ago.
The other two ejector system orders will be installed at an oil
sands upgrader facility located in Alberta, Canada as part of an
ongoing project to increase upgrading capacity in that
region.
"We believe that the evolving landscape of hydrocarbon resources
continues to create new opportunities for Graham's
engineered-to-order solutions. These recent awards reinforce
our reputation as a trusted manufacturer and provider of quality
systems," concluded Mr. Lines.
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat
transfer technology, Graham Corporation is a global designer,
manufacturer and supplier of custom-engineered ejectors, pumps,
condensers, vacuum systems and heat exchangers. For more than
75 years, Graham has built a reputation for top quality, reliable
products and high-standards of customer service. Sold either
as components or complete system solutions, the principal markets
for Graham's equipment are energy, including oil and gas refining
and nuclear and other power generation, chemical/petrochemical and
other process industries. In addition, Graham's equipment can
be found in diverse applications, such as metal refining, pulp and
paper processing, shipbuilding, water heating, refrigeration,
desalination, food processing, pharmaceutical, heating, ventilating
and air conditioning, and in nuclear power installations, both
inside the reactor vessel and outside the containment
vessel.
Graham Corporation's subsidiary Energy Steel & Supply Co. is
a leading code fabrication and specialty machining company
dedicated exclusively to the nuclear power industry.
Graham Corporation's reach spans the globe. Its equipment
is installed in facilities from North and South America to Europe,
Asia, Africa and the Middle East. Graham routinely posts news
and other important information on its website, www.graham-mfg.com,
where additional comprehensive information on Graham Corporation
and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking
Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended.
Forward-looking statements are subject to risks, uncertainties
and assumptions and are identified by words such as "expects,"
"estimates," "projects," "anticipates," "believes," "optimism,"
"could," 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, statements relating to Graham's
acquisition of Energy Steel & Supply Co. (including but not
limited to, the integration of the acquisition of Energy Steel,
revenue, backlog and expected performance of Energy Steel, and
expected expansion and growth opportunities within the domestic and
international nuclear power generation market), anticipated
revenue, the timing of conversion of backlog to sales, market
presence, profit margins, foreign sales operations, its ability to
improve cost competitiveness, customer preferences, changes in
market conditions in the industries in which it operates, changes
in general economic conditions and customer behavior, forecasts
regarding the timing and scope of the economic recovery in its
markets, and its acquisition strategy are forward-looking
statements. Because they are forward-looking, they should be
evaluated in light of important risk factors and uncertainties.
These risk factors and uncertainties are more fully described in
Graham Corporation's most recent Annual and Quarterly Reports filed
with the Securities and Exchange Commission, including under the
heading entitled "Risk Factors."
Should one or more of these risks or uncertainties materialize,
or should any of Graham Corporation's underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on
Graham Corporation's forward-looking statements. Except as required
by law, Graham Corporation disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this press release.
CONTACT: Jeffrey F. Glajch
Vice President Finance and CFO
Phone: (585) 343-2216
Email: jglajch@graham-mfg.com
Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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