- Fourth quarter fiscal 2021 revenue up 11% over prior-year
period, driven by refining and defense industry sales
- Orders were for the year were $121.6 million including $69.2
million from the defense industry
- Backlog at fiscal year-end was $137.6 million; 76% of
backlog was for the defense industry
- Graham furthers strategic diversification into defense
industry with $70 million acquisition of Barber-Nichols Inc., a
specialty turbomachinery company
Graham Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the energy, defense
and chemical/petrochemical industries, today reported financial
results for its fourth quarter and full fiscal year ended March 31,
2021 (“fiscal 2021”). The Company separately announced that today
it has completed the acquisition of Barber-Nichols Inc. (“BNI”), a
specialty turbomachinery designer and manufacturer for total
consideration of $70 million, subject to customary working capital
adjustments.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “Overall, we had a solid year, slightly exceeding our
expectations as short cycle sales were stronger than expected in
the quarter. As we look back at fiscal 2021, I believe that the
results of our persistent efforts to diversify our business as we
continue to focus on becoming a more significant defense industry
supplier were apparent, with 25% of revenue generated by sales to
the U.S. Navy. While orders still indicate a weak environment in
our energy and petrochemical markets, our strong backlog reflects
$69.2 million of U.S. Navy orders received in fiscal 2021. We now
have $104 million of firm backlog related to the U.S. Navy. This
strong backlog, combined with the acquisition of Barber-Nichols,
significantly advances our diversification strategy into the
defense industry. BNI will be immediately accretive to fiscal 2022
earnings and expand our top line by 50%. We are excited to welcome
the BNI team to Graham and look forward to working together for
continued growth.”
Fourth Quarter Fiscal 2021 Sales Summary (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)
Net sales were $25.7 million compared with $23.1 million in the
fourth quarter of fiscal 2020. Stronger than expected demand in the
short cycle business drove the higher-than-expected sales in the
quarter.
Sales to the refining markets increased $2.9 million from the
prior-year period to $10.3 million and represented 40% of total
sales. Sales to the defense markets were up 16% to $6.5 million
this quarter and represented 25% of total revenue.
Chemical/petrochemical market sales were $5.8 million compared with
$7.1 million in the prior year.
From a geographic perspective, international sales were
approximately 40% of which 18% were in Asia. Domestic sales in the
fiscal 2021 fourth quarter were 60% of total sales and include the
impact of sales to the defense industry.
Fluctuations in Graham’s sales among geographic locations and
industries can vary measurably from quarter-to-quarter based on the
timing and magnitude of projects. Graham does not believe that such
quarter-to-quarter fluctuations are indicative of business trends,
which it believes are more apparent on a trailing twelve-month
basis.
Fourth Quarter Fiscal 2021 Performance Review All
comparisons are with the same prior-year period unless noted
otherwise.)
($ in millions except per share data)
Q4 FY21 Q4 FY20 Change
Net sales
$
25.7
$
23.1
$
2.6
Gross profit
$
5.0
$
4.4
$
0.5
Gross margin
19.4%
19.2%
Operating profit
$
0.6
$
0.3
$
0.3
Operating margin
2.3%
1.4%
Net income
$
0.4
$
0.6
$
(0.2)
Diluted EPS
$
0.04
$
0.06
EBITDA
$
1.0
$
0.9
$
0.1
EBITDA margin
4.0%
3.9%
*Graham believes that EBITDA (defined as consolidated net income
before net interest income, income taxes, depreciation, and
amortization), and EBITDA margin (EBITDA as a percentage of sales),
which are non-GAAP measures, help in the understanding of its
operating performance. Moreover, Graham’s credit facility also
contains ratios based on EBITDA. See the attached table on page 10
for additional important disclosures regarding Graham’s use of
EBITDA and EBITDA margin as well as the reconciliation of net
income to EBITDA.
Gross margin expanded 20 basis points in the quarter to
19.4%.
Selling, general and administrative (“SG&A”) expenses were
$4.4 million, up $0.4 million, or 9%, primarily due to variable
compensation costs. SG&A, as a percent of sales for the
three-month periods ended March 31, 2021 and 2020 were 17.1% and
17.4%, respectively.
Operating profit was $0.6 million, up from $0.3 million from the
prior year from operating leverage gained with volume. Net income
was $0.4 million, or $0.04 per share, compared with $0.06 per share
in the prior year due to lower interest income and higher provision
for income taxes.
Full Year Fiscal 2021 Performance Review (All comparisons
are with the same prior-year period unless noted otherwise.)
($ in millions except per share data)
FY 2021 FY 2020 Change
Net sales
$ 97.5
$ 90.6
$ 6.9
Gross profit
$ 20.5
$ 18.1
$ 2.3
Gross margin
21.0%
20.0%
Operating profit
$ 3.0
$ 0.7
$ 2.3
Operating margin
3.1%
0.7%
Net income
$ 2.4
$ 1.9
$ 0.5
Diluted EPS
$ 0.24
$ 0.19
EBITDA
$ 5.1
$ 3.0
$ 2.1
EBITDA margin
5.2%
3.3%
Sales to the U.S. were $52.7 million, or 54% of total sales,
compared with $58.0 million, or 64% of total sales, in the prior
fiscal year. International sales were $44.8 million and represented
46% of total sales, compared with $32.6 million, or 36% of total
sales in fiscal 2020.
Gross profit and margin improved due to higher volume and a more
favorable mix of projects.
SG&A was up 4%, or $0.6 million, to $17.5 million driven by
higher sales commissions, variable compensation expense and
acquisition costs related to BNI. As a percent of sales, SG&A
improved to 17.9% compared with 18.6% in the prior year.
The effective tax rate was 27.3%, compared with 19.0% in the
prior-year period. The higher effective tax rate in fiscal 2021
reflects the mix of earnings by geography, which were weighted
toward higher rate tax jurisdictions.
Strong Balance Sheet with Ample Liquidity
Cash, cash equivalents and investments at March 31, 2021
decreased $8 million to $65.0 million from March 31, 2020. Net cash
used by operating activities for fiscal 2021 was $1.7 million
compared with $1.2 million of net cash provided by operating
activities in the prior year. The decline in cash generation was
the result of the utilization of customer deposits. At March 31,
2021, Graham had no debt.
Capital spending was $0.7 million in the fourth quarter of
fiscal 2021 and was $2.2 million in fiscal 2021. The Company
expects capital expenditures for fiscal 2022, including BNI, to be
between $4.5 million and $5.5 million. The organic business is
expected to have capital expenditures of $2.8 million to $3.0
million of which approximately 90% is expected to be for machinery
and equipment and the remainder to be used for other items.
Subsequent to the end of the fiscal year, 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
associated with the BNI acquisition.
Orders and Backlog
Orders for the quarter were $13.4 million, up $1.1 million from
the prior-year period, and included defense orders of $5.4 million.
The remaining $8.0 million in orders were primarily from the global
refining and chemical/petrochemical markets, which have been
heavily impacted by the global pandemic and weak oil prices.
Chemical and petrochemical orders were $2.7 million, compared with
$9.4 million in the prior-year period. Refining orders were $2.3
million in the current quarter, compared with $0.1 million in the
fourth quarter of fiscal 2020 during which was the onset of the
global pandemic.
Domestic orders were 88% of total net orders in the fourth
quarter of fiscal 2021, reflecting the demand from the U.S. Navy.
Domestic orders were 46% in the prior-year period.
Backlog at the end of the fiscal 2021 was $137.6 million, down
$12.1 million from December 31, 2020, but up 22% from the end of
fiscal 2020.
Backlog by industry at March 31, 2021 was approximately:
- 76% for U.S. Navy projects
- 16% for refinery projects
- 6% for chemical/petrochemical projects
- 2% for other industrial applications
The Company expects approximately 40% to 45% of backlog will
convert to revenue in fiscal 2022. Approximately $25 million to $27
million of backlog related to the defense industry is expected to
convert to sales in fiscal 2022.
Fiscal 2022 Guidance
Mr. Lines concluded, “We believe the strategic and financial
benefits resulting from the acquisition of BNI are compelling. Our
results will be driven by sales to the defense industry, amplifying
our ongoing efforts to diversify our revenue base.”
Revenue in fiscal 2022 is expected to be $130 million to $140
million, inclusive of BNI’s revenue for the ten-month period, which
is expected to be $45 million to $48 million. Adjusted EBITDA* for
the combined businesses is expected to be approximately $7.0
million to $9.0 million.
Jeffrey F. Glajch, Vice President Finance and Chief Financial
Officer, commented, “Our outlook for fiscal 2022 includes ten
months of BNI. Upon completion of purchase accounting, we will be
in a better position to provide more clarity and guidance on
potential gross margin and SG&A expenses.”
*See the safe harbor statement regarding forward-looking
non-GAAP measures.
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 full year of
fiscal 2021, 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 2:00 p.m. ET today
through Tuesday, June 8, 2021. To listen to the archived call, dial
(412) 317-6671 and enter conference ID number 13718347. A
transcript of the call will be placed on Graham’s website, once
available.
ABOUT GRAHAM CORPORATION
Graha 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, 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’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.
BNI, which was acquired following the end of fiscal 2021,
designs and builds products and systems for a variety of U.S.
Department of defense customers including the U.S. Navy and Air
Force, NASA, and commercial customers in the aerospace, medical,
computer and automotive industries. This broad range of industry
and customer experience has delivered sustained business growth
through varying economic cycles of industries served. BNI provides
complicated turbomachinery solutions for critical applications in
the aerospace, defense, cryogenics and energy industries. The
company has had strong growth over the last 20-years from the
expansion of its engineering capabilities for programs that involve
complex production and system integration. Founded in 1966, BNI
operates from a new, 43,000 square foot, state-of-the-art
manufacturing facility in Arvada, Colorado where it is
headquartered. More information on BNI can be found on their
website www.barber-nichols.com.
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,” “indicates”, “believes,” “appears,” “could,”
“opportunities,” “seeking,” “plans,” “aim,” “pursuit,” “look
towards” 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, effects of the COVID-19 global
pandemic, 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 and productivity, customer preferences, changes in
market conditions in the industries in which it operates, the
effect on its business of volatility in commodities prices,
including, but not limited to, the extreme price volatility seen in
the first six months of calendar year 2020, 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 its operations in China, India
and other international locations, 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.
In addition, forward 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 or
expense. 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’s 2021 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’s actual results and preliminary financial data set forth
above may be material.
Graham Corporation
Consolidated Statements of Income - Unaudited (Amounts in
thousands, except per share data)
(unaudited)
(audited)
Three Months Ended
Year Ended
March 31,
March 31,
2021
2020
% Change
2021
2020
% Change
Net sales
$
25,671
$
23,082
11%
$
97,489
$
90,604
8%
Cost of products sold
20,690
18,640
11%
77,020
72,456
6%
Gross profit
4,981
4,442
12%
20,469
18,148
13%
Gross margin
19.4%
19.2%
21.0%
20.0%
Other expenses and income:
Selling, general and administrative
4,380
4,024
9%
17,471
16,879
4%
Other expense
-
94
N/A
-
617
N/A
Operating profit
601
324
85%
2,998
652
360%
Operating margin
2.3%
1.4%
3.1%
0.7%
Net other interest (income)/expense
29
(328)
N/A
(269)
(1,660)
(84%)
Income before provision for income taxes
572
652
(12%)
3,267
2,312
41%
Provision for income taxes
184
76
142%
893
440
103%
Net income
$
388
$
576
(33%)
$ 2,374
$ 1,872
27%
Per share data:
Basic:
Net income
$ 0.04
$ 0.06
(33%)
$ 0.24
$ 0.19
26%
Diluted:
Net income
$ 0.04
$ 0.06
(33%)
$ 0.24
$ 0.19
26%
Weighted average common shares outstanding:
Basic
9,989
9,888
9,959
9,876
Diluted
9,989
9,888
9,959
9,879
Dividends declared per share
$ 0.11
$ 0.11
$ 0.44
$ 0.43
N/A: Not Applicable
Graham Corporation
Consolidated Balance Sheets - Unaudited (Amounts in
thousands, except per share data)
(audited) (audited)
March 31,
March 31,
2021
2020
Assets Current assets: Cash and cash
equivalents
$
59,532
$
32,955
Investments
5,500
40,048
Trade accounts receivable, net of allowances ($29 and
$33 at March 31, 2021 and 2020,
respectively)
17,378
15,400
Unbilled revenue
19,994
14,592
Inventories
17,332
22,291
Prepaid expenses and other current assets
512
906
Income taxes receivable
-
485
Total current assets
120,248
126,677
Property, plant and equipment, net
17,618
17,587
Prepaid pension asset
6,216
3,460
Operating lease assets
95
243
Other assets
103
153
Total assets
$
144,280
$
148,120
Liabilities and stockholders’ equity
Current liabilities: Current portion of finance lease
obligations
$
21
$
40
Accounts payable
17,972
14,253
Accrued compensation
6,106
4,453
Accrued expenses and other current liabilities
4,628
3,352
Customer deposits
14,059
26,983
Operating lease liabilities
46
153
Income taxes payable
741
-
Total current liabilities
43,573
49,234
Finance lease obligations
34
55
Operating lease liabilities
37
82
Deferred income tax liability
635
721
Accrued pension liability
1,557
747
Accrued postretirement benefits
515
557
Total liabilities
46,351
51,396
Stockholders’
equity: Preferred stock, $1.00 par value, 500 shares
authorized
-
-
Common stock, $0.10 par value, 25,500 shares authorized,
10,748 and 10,689 shares issued and 9,959 and 9,881
shares outstanding at March 31, 2021
and 2020, respectively
1,075
1,069
Capital in excess of par value
27,272
26,361
Retained earnings
89,372
91,389
Accumulated other comprehensive loss
(7,397)
(9,556)
Treasury stock (790 and 808 shares at March 31 2021 and 2020,
respectively)
(12,393)
(12,539)
Total stockholders’ equity
97,929
96,724
Total liabilities and stockholders’ equity
$
144,280
$
148,120
Graham Corporation
Consolidated Statements of Cash Flows – Unaudited (Amounts
in thousands)
(audited)
Year Ended
March 31,
2021
2020
Operating activities:
Net income
$ 2,374
$ 1,872
Adjustments to reconcile net income to net cash provided (used)
byoperating activities:
Depreciation
1,945
1,957
Amortization
-
11
Amortization of actuarial losses
1,066
997
Goodwill and other impairments
184
-
Equity-based compensation expense
864
975
Gain on disposal or sale of property, plant and equipment
2
(1)
Loss on sale of Energy Steel & Supply Co.
-
181
Deferred income taxes
(561)
(287)
(Increase) decrease in operating assets:
Accounts receivable
(1,791)
2,044
Unbilled revenue
(5,298)
(7,070)
Inventories
5,185
2,279
Prepaid expenses and other current and non-current assets
416
358
Income taxes receivable
1,215
588
Operating lease assets
155
214
Prepaid pension asset
(841)
(871)
Increase (decrease) in operating liabilities:
Accounts payable
3,556
1,826
Accrued compensation, accrued expenses and other current and
non-current liabilities
3,101
(52)
Customer deposits
(13,206)
(3,683)
Operating lease liabilities
(158)
(140)
Long-term portion of accrued compensation, accrued pension
liability and accrued
postretirement benefits
70
41
Net cash provided (used) by operating activities
(1,722)
1,239
Investing activities:
Purchase of
property, plant and equipment
(2,158)
(2,417)
Proceeds from disposal of property, plant and equipment
7
12
Proceeds from the sale of Energy Steel & Supply Co.
-
602
Purchase of investments
(42,603)
(181,462)
Redemption of investments at maturity
77,151
204,146
Net cash provided by investing activities
32,397
20,881
Financing activities:
Principal
repayments on finance lease obligations
(40)
(51)
Principal repayments on long-term debt
(4,599)
-
Proceeds from the issuance of long-term debt
4,599
-
Issuance of common stock
-
24
Dividends paid
(4,391)
(4,250)
Purchase of treasury stock
(23)
(230)
Net cash used by financing activities
(4,454)
(4,507)
Effect of exchange rate changes on cash
356
(231)
Net increase in cash and cash equivalents, including
cash classified within current assets held for
sale
26,577
17,382
Net decrease in cash classified within current assets held for sale
-
552
Net increase in cash and cash equivalents
26,577
17,934
Cash and cash equivalents at beginning of period
32,955
15,021
Cash and cash equivalents at end of period
$
59,532
$
32,955
Graham Corporation
EBITDA Reconciliation - Unaudited (Amounts in thousands)
Three Months Ended Twelve Months
Ended March 31, March 31,
2021
2020
2021
2020
Net income
$
388
$
576
$
2,374
$
1,872
Net interest income
(22)
(241)
(156)
(1,312)
Income taxes
184
76
893
440
Depreciation & amortization
487
489
1,945
1,968
EBITDA
$ 1,037
$
900
$
5,056
$
2,968
EBITDA margin %
4.0%
3.9%
5.2%
3.3%
Non-GAAP Financial Measure:
EBITDA is defined as consolidated net income before net interest
income, income taxes, depreciation, and amortization and EBITDA
margin is defined as 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’s 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.
Graham Corporation
Additional Information – Unaudited
ORDER & BACKLOG TREND*
($ in millions)
Q120 Q220 Q320 Q420
FY2020 Q121 Q221 Q321 Q421
FY2021 Total Total Total
Total Total Total Total Total
Total Total Orders
$
15.1
$ 32.6
$
20.0
$
12.3
$ 80.0
$
11.5
$
35.0
$
61.8
$
13.4
$ 121.6
Backlog
$ 117.2
$
127.8
$ 122.9
$ 112.4
$
112.4
$ 107.2
$ 114.9
$ 149.7
$ 137.6
$ 137.6
SALES BY INDUSTRY FY 2021*
($ in
millions)
FY 2021 Q1 % of
Q2 % of Q3 % of Q4 % of
FY2021 % of 6/30/20 Total
9/30/20 Total 12/31/20 Total
3/31/21 Total Total Refining
$ 2.7
16%
$
10.3
37%
$ 16.5
60%
$
10.3
40%
$
39.7
41%
Chemical/ Petrochemical
$ 8.0
48%
$ 5.5
20%
$ 4.8
18%
$ 5.8
23%
$
24.0
24%
Defense
$ 3.5
21%
$ 9.4
34%
$ 4.5
17%
$ 6.5
25%
$
24.0
25%
Other Commercial
$ 2.5
15%
$ 2.8
10%
$ 1.4
5%
$ 3.1
12%
$ 9.8
10%
Total
$
16.7
$
28.0
$ 27.2
$
25.7
$
97.5
SALES BY INDUSTRY FY
2020*
($ in millions)
FY 2020 Q1 %
of Q2 % of Q3 % of Q4 %
of FY2020 % of 6/30/19
Total 9/30/19 Total 12/31/19
Total 3/31/20 Total Total
Refining
$ 7.5
36%
$ 6.3
29%
$ 12.2
49%
$ 7.4
32%
$
33.4
37%
Chemical/ Petrochemical
$ 7.1
35%
$
10.5
48%
$ 6.2
24%
$ 7.1
31%
$
30.9
34%
Defense
$ 2.1
10%
$ 2.6
12%
$ 4.3
17%
$ 5.6
24%
$
14.6
16%
Other Commercial
$ 3.9
19%
$ 2.2
11%
$ 2.6
10%
$ 3.0
13%
$
11.7
13%
Total
$
20.6
$
21.6
$ 25.3
$
23.1
$
90.6
SALES BY REGION FY 2021*
($ in millions)
FY
2021 Q1 % of Q2 % of Q3 %
of Q4 % of FY2021 % of
6/30/20 Total 9/30/20
Total 12/31/20 Total 3/31/21
Total Total United States
$ 9.4
56%
$
17.3
62%
$ 10.7
39%
$
15.3
60%
$
52.7
54%
Middle East
$ 0.4
3%
$ 1.0
4%
$ 0.8
3%
$ 2.6
10%
$ 4.8
5%
Asia
$ 5.2
31%
$ 4.5
16%
$ 11.2
41%
$ 4.7
18%
$
25.6
26%
Other
$ 1.7
10%
$ 5.2
18%
$ 4.5
17%
$ 3.1
12%
$
14.4
15%
Total
$
16.7
$
28.0
$ 27.2
$
25.7
$
97.5
SALES BY REGION FY 2020*
($ in
millions)
FY 2020 Q1 % of
Q2 % of Q3 % of Q4 % of
FY2020 % of 6/30/19 Total
9/30/19 Total 12/31/19 Total
3/31/20 Total Total United
States
$
14.4
70%
$
15.7
73%
$ 13.4
53%
$
14.5
63%
$
58.0
64%
Middle East
$ 0.8
4%
$ 0.5
2%
$ 7.5
30%
$ 4.3
19%
$
13.1
14%
Asia
$ 3.2
16%
$ 1.0
5%
$ 0.7
3%
$ 0.6
2%
$ 5.5
6%
Other
$ 2.2
10%
$ 4.4
20%
$ 3.7
14%
$ 3.7
16%
$
14.0
16%
Total
$
20.6
$
21.6
$ 25.3
$
23.1
$
90.6
*Quarters may not sum to year-to-date/total fiscal year due to
rounding
Graham Corporation
Additional Information - Unaudited (Continued)
SALES BY REGION FY 2021*
($ in millions)
FY 2021
Q1
% of
Q2
% of
Q3
% of
Q4
% of
FY2021
% of
6/30/20
Total
9/30/20
Total
12/31/20
Total
3/31/21
Total
Total
United States
$ 9.4
56%
$ 17.3
62%
$ 10.7
39%
$ 15.3
60%
$ 52.7
54%
Middle East
$ 0.4
3%
$ 1.0
4%
$ 0.8
3%
$ 2.6
10%
$ 4.8
5%
Asia
$ 5.2
31%
$ 4.5
16%
$ 11.2
41%
$ 4.7
18%
$ 25.6
26%
Other
$ 1.7
10%
$ 5.2
18%
$ 4.5
17%
$ 3.1
12%
$ 14.4
15%
Total
$ 16.7
$ 28.0
$ 27.2
$ 25.7
$ 97.5
SALES BY REGION FY 2020*
($ in millions)
FY 2020
Q1
% of
Q2
% of
Q3
% of
Q4
% of
FY2020
% of
6/30/19
Total
9/30/19
Total
12/31/19
Total
3/31/20
Total
Total
United States
$ 14.4
70%
$ 15.7
73%
$ 13.4
53%
$ 14.5
63%
$ 58.0
64%
Middle East
$ 0.8
4%
$ 0.5
2%
$ 7.5
30%
$ 4.3
19%
$ 13.1
14%
Asia
$ 3.2
16%
$ 1.0
5%
$ 0.7
3%
$ 0.6
2%
$ 5.5
6%
Other
$ 2.2
10%
$ 4.4
20%
$ 3.7
14%
$ 3.7
16%
$ 14.0
16%
Total
$ 20.6
$ 21.6
$ 25.3
$ 23.1
$ 90.6
*Quarters may not sum to year-to-date/total fiscal year due to
rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210601005311/en/
Jeffrey F. Glajch Vice President – Finance and CFO Phone:
(585) 343-2216 jglajch@graham-mfg.com Deborah K. Pawlowski
Kei Advisors LLC Phone: (716) 843-3908
dpawlowski@keiadvisors.com
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