- Full year revenue of $92 million;
net income of $5 million, $0.52 per share
- Cash and investments grew over $8
million during fiscal 2017
- Expecting fiscal 2018 revenue to be
between $80 million and $90 million
Graham Corporation (NYSE:GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical, power and defense industries, today reported
financial results for its fourth quarter and fiscal year ended
March 31, 2017 (“fiscal 2017”).
Net sales in the fourth quarter of fiscal 2017 were $25.6
million, compared with net sales of $22.3 million in the fourth
quarter of the fiscal year ended March 31, 2016 (“fiscal 2016”).
Net income in the fiscal 2017 fourth quarter was $1.8 million, or
$0.18 per diluted share, compared with $0.5 million, or $0.05 per
diluted share, in the prior-year fourth quarter.
Net sales for the full year of fiscal 2017 were $91.8 million,
an increase of 2% over $90.0 million in fiscal 2016. Fiscal 2017
net income was $5.0 million, or $0.52 per diluted share, compared
with net income of $6.1 million, or $0.61 per diluted share, in
fiscal 2016.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “The benefit of our revenue diversification efforts is
evident in our fiscal 2017 results. Approximately 30% of revenue
was for the nuclear power and U.S. Navy markets. Energy markets
remained deeply contracted during fiscal 2017 and our bidding
activity hasn’t yet indicated a rebound in the energy markets we
serve. Our fiscal 2017 total orders, net of cancellations, were at
their lowest level in six years, resulting in backlog at its lowest
level in eight years. We believe the long-term outlook for energy
markets is strong. Also, our development of M&A prospects
continues to build in support of our strategy to expand and
diversify our revenue mix.”
He continued, “Expecting that investment in our energy markets
will remain weak in fiscal 2018, our sales resources are focused on
our installed base as it is here where spending is anticipated. We
also expect contraction in our nuclear power markets; however, we
believe that focus on the installed base of utilities and remaining
investments for completing the Summer and Vogtle power plants will
result in our revenue growth from this market in fiscal 2018.
Importantly, operations resources are concentrated on our Naval
backlog and pulling it into the current year’s revenue cycle. We
expect $9 million to $12 million of Naval backlog will convert in
fiscal 2018.”
Fourth Quarter Fiscal 2017 Sales Summary
(See accompanying financial tables for a breakdown of sales by
industry and region)
Sales to the Company’s other commercial, industrial and defense
markets were up considerably, to $9.9 million, compared with $3.3
million in the fiscal 2016 fourth quarter. Growth in those markets
was driven by completion of a large non-typical Naval order that
was initiated during the third quarter. Sales to the
chemical/petrochemical market were also up, by $0.9 million to $6.9
million. Growth was partially offset by lower sales to the refining
market which, at $4.0 million, were approximately half of last
year’s fourth quarter. Additionally, sales to the power market were
down $0.4 million to $4.8 million. From a geographic perspective,
sales to the U.S. were significantly higher than the prior-year
fourth quarter, driven by the other commercial, industrial and
defense markets, while sales to all international market regions
declined.
Fluctuations in Graham’s sales among geographic locations and
industries can vary measurably from quarter-to-quarter based on the
timing and magnitude of projects. Graham does not believe that such
quarter-to-quarter fluctuations are indicative of business trends,
which it believes are more apparent on a trailing twelve month
basis.
Fourth Quarter Fiscal 2017 Operating Performance
Review
($ in millions)
Q4 FY17 Q4 FY16
Change Net sales $ 25.6 $ 22.3 $ 3.3 Gross profit $ 6.7 $
4.6 $ 2.1 Gross margin 26.3% 20.4% Operating profit $ 2.5 $ 0.6 $
1.9 Operating margin 9.8% 2.8% Net income $ 1.8 $ 0.5 $ 1.3 Diluted
EPS $ 0.18 $ 0.05 $ 0.13
Fourth quarter gross profit and margin benefited from a large
non-typical order that began converting in the third quarter of
fiscal 2017 and was completed in the fourth quarter.
Selling, general and administrative (“SG&A”) expenses
increased 7% to $4.2 million. SG&A as a percent of sales was
16% in the fourth quarter of fiscal 2017 compared with 18% in the
same prior-year period.
During the fourth quarter of fiscal 2017, Graham had an
effective tax rate of 31%. The effective tax rate in the fourth
quarter of fiscal 2016 was 26%.
To summarize, the improvement in net income was primarily driven
by higher revenue and improved gross margin, partially offset by
higher SG&A and a higher effective tax rate.
The comparison of Adjusted EBITDA (defined as consolidated net
income before interest expense and income, income taxes,
depreciation and amortization and a nonrecurring restructuring
charge where applicable) was impacted by the factors discussed
above:
($ in millions)
Q4 FY17 Q4 FY16
Change Adjusted EBITDA $ 3.1 $ 1.2 $ 1.9 Adjusted EBITDA
margin 12.1% 5.4%
Graham believes that, when used in conjunction with measures
prepared in accordance with GAAP, Adjusted EBITDA and Adjusted
EBITDA margin (Adjusted EBITDA as a percentage of sales), which are
non-GAAP measures, help in the understanding of its operating
performance. Graham’s credit facility also contains ratios based on
EBITDA. See the attached tables for additional important
disclosures regarding Graham’s use of Adjusted EBITDA and Adjusted
EBITDA margin as well as a reconciliation of net income to Adjusted
EBITDA.
Full Year Fiscal 2017 Review
($ in millions)
FY17 FY16
Change Net sales $ 91.8 $ 90.0 $ 1.8 Gross profit $ 22.2 $
23.3 $ (1.1) Gross margin 24.1% 25.8% Operating profit $ 6.7 $ 8.5
$ (1.8) Operating margin 7.3% 9.4% Net income $ 5.0 $ 6.1 $ (1.1)
Diluted EPS $ 0.52 $ 0.61 $ (0.09)
International sales of $22.6 million in fiscal 2017 represented
25% of total sales, compared with $33.0 million, or 37% of sales,
in fiscal 2016. Sales to the U.S. were $69.2 million, or 75% of net
sales in fiscal 2017, compared with $57.0 million, or 63% of fiscal
2016 net sales. The international markets with the largest
decreases were the Middle East and Canada, partially offset by
increases in Mexico and South America.
The 170 basis point decrease in the fiscal 2017 gross margin was
primarily due to a very competitive pricing environment for orders
received in fiscal 2017 and an unfavorable mix, partially offset by
favorable margin on a large non-typical order that converted in the
second half of fiscal 2017.
SG&A in fiscal 2017 was down $1.7 million, or 10%, to $14.9
million. The improvement was primarily due to lower sales
commissions and cost reduction efforts, as well as the benefit of
an insurance settlement recorded in the fiscal 2017 second quarter.
As a percent of sales, SG&A was 16% in fiscal 2017, compared
with 18% in fiscal 2016.
Fiscal 2017 operating profit was unfavorably impacted by a $0.6
million restructuring charge, the majority of which was recognized
in the first quarter. Fiscal 2016 operating profit benefited from
$1.8 million of other income resulting from cancellation charges
received from customers.
Graham had an effective tax rate of 29% and 30% in fiscal 2017
and 2016, respectively.
To summarize, fiscal 2017 net income was lower than fiscal 2016
primarily due to lower gross margin, the recording of fiscal 2017
restructuring charges, and the impact of fiscal 2016 other income,
partially offset by lower SG&A expenses in fiscal 2017.
Excluding a $0.4 million net of tax, nonrecurring restructuring
charge recorded in fiscal 2017, adjusted net income, a non-GAAP
measure, was $5.5 million or $0.56 per diluted share. Graham
believes that, when used in conjunction with measures prepared in
accordance with GAAP, adjusted net income helps in the
understanding of its operating performance.
See the attached tables for additional important disclosures
regarding Graham’s use of adjusted net income as well as a
reconciliation of GAAP net income to non-GAAP adjusted net
income.
The comparison of Adjusted EBITDA reflects the factors discussed
above:
($ in millions)
FY17 FY16
Change Adjusted EBITDA $ 9.6 $ 10.9 $ (1.3) Adjusted EBITDA
margin 10.5% 12.1%
See the attached tables for additional important disclosures
regarding Graham’s use of Adjusted EBITDA and Adjusted EBITDA
margin as well as a reconciliation of net income to Adjusted
EBITDA.
Balance Sheet Review
Cash, cash equivalents and investments at March 31, 2017 were
$73.5 million, up $8.4 million from the end of fiscal 2016. The
balance at March 31, 2017 benefited from an increase in customer
deposits and low capital spending.
Cash provided by operations in fiscal 2017 was $12.4 million,
compared with $18.8 million in fiscal 2016. The reduction was
primarily the result of unusually high cash flow from working
capital in the prior-year period due to timing.
Capital expenditures were $0.3 million in fiscal 2017 compared
with $1.2 million in fiscal 2016. The Company expects capital
expenditures for fiscal 2018 to be between $2.5 million and $3.0
million. The majority of the capital investments are expected to be
used for equipment upgrades and productivity enhancements.
Dividend payments were $3.5 million for fiscal 2017, up from
$3.3 million in fiscal 2016. Additionally, in fiscal 2016, the
Company used $9.4 million to purchase treasury stock; none was
purchased in fiscal 2017.
Graham had neither borrowings under its credit facility, nor any
long-term debt outstanding, at March 31, 2017.
Weak Order Levels and Low Backlog Point to a Challenging
Fiscal 2018
Total gross orders were $15.5 million in the fourth quarter of
fiscal 2017, however, there were $6.5 million of cancellations from
backlog, resulting in net orders of $9.0 million. This is down from
$17.1 million of net orders in the prior-year fourth quarter, which
included $4.9 million of cancellations. In the fiscal 2017 fourth
quarter, orders from U.S. customers were $9.5 million, and net
orders from international markets were negative $0.5 million,
reflecting the $6.5 million of cancelled orders.
Orders during fiscal 2017, net of $6.5 million cancellations,
were $66.1 million, compared with $84.0 million, net of $12.1
million of cancellations, in fiscal 2016. Orders from U.S.
customers were $48.9 million, or 74% of total net orders, and
orders from international markets were $17.2 million, or 26%, in
fiscal 2017. This compares with 67% U.S. and 33% international in
fiscal 2016.
Graham expects that the balance between domestic and
international orders will continue to be variable between
quarters.
Backlog at the end of fiscal 2017 was $82.6 million, down $16.5
million sequentially from the end of the fiscal 2017 third quarter,
due to ongoing weakness within the energy markets and timing with
respect to the other commercial, industrial and defense
markets.
The Company’s backlog mix by industry continues to highlight the
success of its diversification strategy to increase sales to the
U.S. Navy and the power industry. Backlog by industry at March 31,
2017 was approximately:
- 16% for refinery projects
- 12% for chemical/petrochemical
projects
- 8% for power projects, including
nuclear
- 61% for U.S. Navy projects
- 3% for other industrial
applications
The expected timing for that backlog to convert to sales is as
follows:
- Within next 12 months: 45% to 55%
- Within 12 to 24 months: 5% to 10%
- Beyond 24 months: 35% to 40%
Outlook and FY 2018 Guidance
Mr. Lines concluded, “We believe that we must set a cautious
tone entering fiscal 2018 due to the current backlog that is
scheduled to convert during the year and the near-term quality and
quantity of our bidding pipeline. We again expect that our
diversification strategies into nuclear power and Naval markets
will represent nominally 30% of sales in fiscal 2018. Additionally,
our pursuit of inorganic growth opportunities continues to be
active.”
Graham is announcing its fiscal 2018 guidance, as follows:
- Revenue is anticipated to be between
$80 and $90 million
- Gross margin is expected to be between
22% and 24%
- SG&A expense is expected to be
between $16 and $17 million
- Effective tax rate is anticipated to be
between 30% and 32%
Webcast and Conference Call
Graham’s 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 fourth quarter and fiscal 2017, as
well as its strategy and outlook. The review will be accompanied by
a slide presentation which will be made available immediately prior
to the conference call on Graham’s website at www.graham-mfg.com
under the heading “Investor Relations.” A question-and-answer
session will follow the formal presentation.
Graham’s conference call can be accessed by calling (201)
689-8560. Alternatively, the webcast can be monitored on Graham’s
website at www.graham-mfg.com under the heading “Investor
Relations.”
A telephonic replay will be available from approximately 2:00
p.m. Eastern Time today through Thursday, June 8, 2017. To listen
to the archived call, dial (412) 317-6671, and enter conference ID
number 13659717. A transcript of the call will be placed on
Graham’s website, once available.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and
chemical/petrochemical industries. Energy markets include oil
refining, cogeneration, nuclear and alternative power. For the
defense industry, the Company’s equipment is used in nuclear
propulsion power systems for the U.S. Navy. Graham’s global brand
is built upon world-renowned engineering expertise in vacuum and
heat transfer technology, responsive and flexible service and
unsurpassed quality. Graham designs and manufactures
custom-engineered ejectors, vacuum pumping systems, surface
condensers and vacuum systems. Graham is also a leading nuclear
code accredited fabrication and specialty machining company. Graham
supplies components used inside reactor vessels and outside
containment vessels of nuclear power facilities. Graham’s equipment
can also be found in other diverse applications such as metal
refining, pulp and paper processing, water heating, refrigeration,
desalination, food processing, pharmaceutical, heating, ventilating
and air conditioning. Graham’s reach spans the globe and 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,” “confidence,” “projects,” “typically,” “outlook,”
“anticipates,” “believes,” “appears,” “could,” “opportunities,”
“seeking,” “plans,” “aim,” “pursuit,” 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, expected
expansion and growth opportunities within its domestic and
international markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins,
tax rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions
in the industries in which it operates, changes in commodities
prices, the effect on its business of volatility in commodities
prices, changes in general economic conditions and customer
behavior, forecasts regarding the timing and scope of the economic
recovery in its markets, its acquisition and growth strategy and
the expected performance of Energy Steel & Supply Co. and its
operations in China, are forward-looking statements. Because they
are forward-looking, they should be evaluated in light of important
risk factors and uncertainties. These risk factors and
uncertainties are more fully described in Graham Corporation's most
recent Annual Report filed with the Securities and Exchange
Commission, included under the heading entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize,
or should any of Graham Corporation's underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on
Graham Corporation's forward-looking statements. Except as required
by law, Graham Corporation disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this news release.
FINANCIAL TABLES FOLLOW.
Graham Corporation Fourth Quarter Fiscal 2017
Consolidated Statements of Income
(Amounts in thousands, except per share
data)
Three Months Ended Year Ended March
31, March 31, 2017 2016 %
Change 2017 2016 % Change
Net sales $ 25,624 $
22,301 15%
$ 91,769 $
90,039 2% Cost of products sold
18,885 17,742 6% 69,608
66,784 4% Gross profit 6,739 4,559 48% 22,161 23,255 (5%) Gross
profit margin 26.3% 20.4% 24.1% 25.8% Other expenses and
income: Selling, general and administrative 4,162 3,884 7% 14,624
16,331 (10%) Selling, general and administrative – amortization 59
59 0% 234 234 0% Restructuring charge - - NA 630 - NA Other income
- (5) NA -
(1,789) NA
Operating profit 2,518 621 305%
6,673 8,479 (21%) Operating profit margin 9.8% 2.8%
7.3% 9.4% Interest income (114) (84) 36% (386) (261) 48%
Interest expense 3 2 50%
10 10 0% Income before provision for income taxes
2,629 703 274% 7,049 8,730 (19%) Provision for income taxes
828 183 352% 2,026
2,599 (22%)
Net income $ 1,801 $
520 246%
$ 5,023 $
6,131 (18%) Per share data: Basic: Net income $
0.18 $ 0.05 260% $ 0.52 $ 0.61 (15%)
Diluted: Net income $ 0.18 $ 0.05 260% $ 0.52
$ 0.61 (15%) Weighted average common shares
outstanding: Basic 9,738 9,748 9,716 9,976 Diluted 9,753 9,752
9,728 9,983 Dividends declared per share $ 0.09 $
0.09 $ 0.36 $ 0.33
Graham
Corporation Fourth Quarter Fiscal 2017 Consolidated
Balance Sheets
(Amounts in thousands, except per share
data)
March 31, 2017 2016
Assets Current assets: Cash and cash equivalents $
39,474 $ 24,072 Investments 34,000 41,000 Trade accounts
receivable, net of allowances ($168 and $91 at March 31, 2017 and
2016, respectively) 11,483 12,730 Unbilled revenue 15,842 11,852
Inventories 9,246 10,811 Prepaid expenses and other current assets
681 613 Income taxes receivable -
1,652 Total current assets 110,726 102,730 Property,
plant and equipment, net 17,021 18,747 Prepaid pension asset 2,340
- Goodwill 6,938 6,938 Permits 10,300 10,300 Other intangible
assets, net 4,068 4,248 Other assets 177
168
Total assets $
151,570 $ 143,131
Liabilities and stockholders’ equity Current liabilities:
Current portion of capital lease obligations $ 107 $ 55 Accounts
payable 10,295 10,325 Accrued compensation 5,189 5,317 Accrued
expenses and other current liabilities 3,723 3,826 Customer
deposits 12,407 8,400 Income taxes payable 317
- Total current liabilities 32,038 27,923
Capital lease obligations 143 157 Deferred income tax liability
4,051 3,546 Accrued pension liability 467 1,338 Accrued
postretirement benefits 761 787
Total liabilities 37,460
33,751 Stockholders’
equity: Preferred stock, $1.00 par value, 500 shares authorized
- - Common stock, $.10 par value, 25,500 shares authorized 10,548
and 10,468 shares issued and 9,740 and 9,646 shares outstanding at
March 31, 2017 and 2016, respectively 1,055 1,047 Capital in excess
of par value 23,176 22,315 Retained earnings 110,544 109,013
Accumulated other comprehensive loss (8,434 ) (10,676 ) Treasury
stock (808 and 822 shares at March 31, 2017 and 2016, respectively)
(12,231 ) (12,319 )
Total
stockholders’ equity 114,110
109,380 Total liabilities and stockholders’
equity $ 151,570 $
143,131 Graham Corporation
Fourth Quarter Fiscal 2017 Consolidated Statements of
Cash Flows
(Amounts in thousands)
Year Ended March 31, 2017
2016 Operating activities: Net income $ 5,023
$ 6,131 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation 2,092 2,201
Amortization 234 234 Amortization of unrecognized prior service
cost and actuarial losses 1,387 1,214 Stock-based compensation
expense 627 697 Loss on disposal or sale of property, plant and
equipment 4 4 Deferred income taxes (884 ) (1,522 ) (Increase)
decrease in operating assets: Accounts receivable 1,127 4,440
Unbilled revenue (3,996 ) 6,783 Inventories 1,561 3,175 Income
taxes receivable/payable 1,977 (1,309 ) Prepaid expenses and other
current and non-current assets (111 ) (162 ) Prepaid pension asset
(823 ) (1,222 ) Increase (decrease) in operating liabilities:
Accounts payable 78 (2,836 )
Accrued compensation, accrued expenses and
other current and non-current liabilities
28 (3,178 ) Customer deposits 4,010 4,227
Long-term portion of accrued compensation,
accrued pension liability and accrued postretirement benefits
55 (126 )
Net cash provided
by operating activities 12,389
18,751 Investing
activities: Purchase of property, plant and equipment (325 )
(1,153 ) Proceeds from disposal of property, plant and equipment 1
3 Purchase of investments (55,000 ) (44,000 ) Redemption of
investments at maturity 62,000
36,000
Net cash provided (used) by investing
activities 6,676
(9,150 ) Financing activities:
Principal repayments on capital lease obligations (58 ) (59 )
Issuance of common stock 137 97 Dividends paid (3,492 ) (3,296 )
Purchase of treasury stock (29 ) (9,441 ) Excess tax (deficiency)
benefit on stock awards (19 ) 6
Net cash used by financing activities
(3,461 ) (12,693 ) Effect
of exchange rate changes on cash (202 )
(107 ) Net increase (decrease) in cash and cash equivalents 15,402
(3,199 ) Cash and cash equivalents at beginning of year
24,072 27,271 Cash and cash
equivalents at end of year $ 39,474 $ 24,072
Graham Corporation Fourth Quarter
Fiscal 2017 Adjusted Net Income Reconciliation—Unaudited
(Amounts in thousands, except per share
data)
Three Months Ended Year Ended
March 31, March 31, 2017 2016
2017 2016
Per Diluted Share
Per Diluted Share
Per Diluted Share
Per Diluted Share
Net income $ 1,801 $ 0.18 $ 520 $
0.05 $ 5,023 $ 0.52 $ 6,131 $
0.61 + Restructuring charge - - - - 630 0.06 - - - Tax effect
- - -
- (189 ) (0.02 )
- -
Adjusted net income $
1,801 $ 0.18 $ 520 $ 0.05
$ 5,464 $ 0.56 $ 6,131
$ 0.61
Non-GAAP Financial Measure:
Adjusted net income is defined as GAAP net income excluding a
nonrecurring restructuring charge. Adjusted net income is not a
measure determined in accordance with generally accepted accounting
principles in the United States, commonly known as GAAP.
Nevertheless, Graham believes that providing non-GAAP information
such as Adjusted net income 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. Because Adjusted net income is a non-GAAP
measure and is thus susceptible to varying calculations, Adjusted
net income, as presented, may not be directly comparable to other
similarly titled measures used by other companies.
Graham Corporation Fourth Quarter Fiscal 2017
Adjusted EBITDA Reconciliation—Unaudited
(Amounts in thousands)
Three Months Ended Year Ended
March 31, March 31, 2017 2016
2017 2016 Net income $
1,801 $ 520 $
5,023 $ 6,131 +Net interest income (111
) (82 ) (376 ) (251 ) +Income taxes 828 183 2,026 2,599
+Depreciation & amortization 580 585 2,326 2,435 +Restructuring
charge - -
630 -
Adjusted EBITDA $
3,098 $ 1,206
$ 9,629 $ 10,914
Adjusted EBITDA margin % 12.1 % 5.4 % 10.5 % 12.1 %
Non-GAAP Financial Measure:
Adjusted EBITDA is defined as consolidated net income before
interest expense and income, income taxes, depreciation and
amortization and a nonrecurring restructuring charge. Adjusted
EBITDA margin is Adjusted EBITDA divided by sales. Adjusted EBITDA
and Adjusted 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 Adjusted
EBITDA and Adjusted EBITDA margin are important for investors and
other readers of Graham's financial statements, as they are used as
analytical indicators by Graham's management to better understand
operating performance. Graham’s credit facility also contains
ratios based on EBITDA. Because Adjusted EBITDA and Adjusted EBITDA
margin are non-GAAP measures and are thus susceptible to varying
calculations, Adjusted EBITDA and Adjusted EBITDA margin, as
presented, may not be directly comparable to other similarly titled
measures used by other companies.
Graham Corporation Fourth Quarter Fiscal 2017
Additional Information—Unaudited ORDER &
BACKLOG TREND ($ in millions)
Q116 Q216
Q316 Q416 FY2016 Q117 Q217
Q317 Q417 FY2017 Total
Total Total Total
Total Total Total
Total Total Total Orders
$ 24.0 $ 20.6 $ 22.3 $
17.1 $ 84.0 $ 14.6 $
24.8 $ 17.7 $ 9.0 $
66.1 Backlog $ 110.1 $ 108.1
$ 113.2 $ 108.0 $ 108.0
$ 99.9 $ 104.0 $ 99.1
$ 82.6 $ 82.6
SALES BY
INDUSTRY FY 2017 ($ in millions)
FY 2017 Q1
% of Q2 % of Q3 % of Q4
% of FY2017 % of 6/30/16
Total 9/30/16 Total
12/31/16 Total 3/31/17
Total Total Refining
$ 7.2 32% $ 6.7 32%
$ 6.3 28% $ 4.0 15%
$ 24.2 26% Chemical/ Petrochemical $
5.2 23% $ 5.1 24% $
4.3 19% $ 6.9 27% $
21.5 23% Power $ 4.7 21%
$ 6.1 29% $ 4.4 19% $
4.8 19% $ 20.0 22% Other
Commercial, Industrial and Defense $ 5.3 24%
$ 3.2 15% $ 7.7 34%
$ 9.9 39% $ 26.1 29%
Total $ 22.4 $ 21.1
$ 22.7 $
25.6 $ 91.8
SALES BY INDUSTRY FY 2016 ($ in
millions)
FY 2016 Q1 % of Q2 %
of Q3 % of Q4 % of FY2016
% of 6/30/15 Total
9/30/15 Total 12/31/15
Total 3/31/16 Total
Total Refining $ 7.8 28%
$ 7.2 32% $ 6.2 36%
$ 7.8 35% $ 29.0 32%
Chemical/ Petrochemical $ 11.3 41% $
7.3 32% $ 4.8 28% $
6.0 27% $ 29.4 33% Power
$ 3.7 13% $ 3.0 13% $
2.7 16% $ 5.2 23% $
14.6 16% Other Commercial, Industrial and Defense
$ 4.8 18% $ 5.3 23%
$ 3.6 20% $ 3.3 15%
$ 17.0 19% Total $ 27.6
$ 22.8 $ 17.3
$ 22.3 $
90.0
Graham Corporation Fourth
Quarter Fiscal 2017 Additional Information—Unaudited
(Continued)
SALES BY REGION FY 2017 ($ in millions)
FY
2017 Q1 % of Q2 % of Q3 %
of Q4 % of FY2017 % of
6/30/16 Total 9/30/16
Total 12/31/16 Total
3/31/17 Total
Total United States $ 16.3 73% $
15.4 73% $ 17.5 77% $
20.0 78% $ 69.2 75% Middle East
$ 1.0 4% $ 0.5 2%
$ 0.8 3% $ 0.9 4% $
3.2 4% Asia $ 3.1 14% $
1.2 6% $ 1.6 7% $
1.8 7% $ 7.7 8% Other $
2.0 9% $ 4.0 19% $ 2.8
13% $ 2.9 11% $ 11.7
13% Total $ 22.4 $
21.1 $ 22.7 $
25.6 $ 91.8
SALES BY REGION FY 2016 ($ in
millions)
FY 2016 Q1 % of Q2 %
of Q3 % of Q4 % of FY2016
% of 6/30/15 Total
9/30/15 Total 12/31/15
Total 3/31/16 Total
Total United States $ 17.6
64% $ 15.2 67% $ 10.8
62% $ 13.4 60% $ 57.0
63% Middle East $ 3.3 12% $
3.8 17% $ 1.7 10% $
2.2 10% $ 11.0 12% Asia $
2.9 11% $ 0.8 3% $
1.6 9% $ 3.6 16% $ 8.9
10% Other $ 3.8 13% $ 3.0
13% $ 3.2 19% $ 3.1
14% $ 13.1 15% Total $
27.6 $ 22.8 $
17.3 $ 22.3
$ 90.0
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170601005369/en/
Graham CorporationJeffrey F. Glajch, 585-343-2216Vice President
- Finance and CFOjglajch@graham-mfg.comorKei Advisors
LLC716-843-3908 / 716-843-3942Deborah K. Pawlowski / Karen L.
Howarddpawlowski@keiadvisors.com / khoward@keiadvisors.com
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