- Defense industry represented 58% of quarterly revenue and
49% year-to-date validating strategic expansion into the defense
industry
- Revenue of $34.1 million, up 22% driven by
acquisition
- Orders increased to $31.4 million, up 50%
sequentially
- Backlog at quarter-end was $233.2 million; 78% from the
defense industry
- Profits and margins heavily impacted by timing of lower
margin defense projects
Graham Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the defense/space,
energy/new energy and chemical/petrochemical industries, today
reported financial results for its second quarter and six months
ended September 30, 2021, of the fiscal year ending March 31, 2022
(“fiscal 2022”). Financial results include those of Barber-Nichols
(“BN”) as of the date it was acquired on June 1, 2021.
Daniel J. Thoren, President and CEO, commented, “We believe that
our strategic expansion into a defense industry business was
clearly demonstrated in the quarter. The addition of Barber Nichols
is anticipated to help to offset the challenges which our energy
and petrochemical business has been experiencing. We expect our
energy and chemical markets to recover over the next twelve to
twenty-four months. In addition, we will focus on growth
opportunities in defense, renewable energy and commercial
space.”
Second Quarter Fiscal 2022 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 of $34.1 million increased $6.2 million, or 22%,
driven by $16.5 million in sales associated with the acquisition of
BN which offset lower sales to commercial energy markets. The
fiscal 2022 second quarter’s results include a full quarter of BN.
Fluctuations in Graham’s sales among geographic locations and
industries can vary measurably from quarter-to-quarter based on the
timing and magnitude of projects. Graham does not believe that such
quarter-to-quarter fluctuations are indicative of business
trends.
Second Quarter Fiscal 2022 Performance Review
(All comparisons are with the same prior-year period unless
noted otherwise.)
($ in millions except per share data)
Q2 FY22 Q2 FY21
Change Net sales
$
34.1
$
28.0
$
6.1
Gross profit
$
3.4
$
7.7
$
(4.3
)
Gross margin
10.1
%
27.5
%
Operating profit
$
(0.7
)
$
3.4
$
(4.1
)
Operating margin
(2.1
%)
12.3
%
Net (loss) income
$
(0.5
)
$
2.7
$
(3.2
)
Diluted EPS
$
(0.05
)
$
0.27
Adjusted EBITDA
$
0.1
$
4.0
$
(3.9
)
Adjusted EBITDA margin
0.2
%
14.2
%
*Graham believes that Adjusted EBITDA (defined as consolidated
net income (loss) before net interest expense, income taxes,
depreciation, amortization, other acquisition related expenses
(income), and other nonrecurring 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’s credit facility also contains
ratios based on Adjusted EBITDA. 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. See the attached table on page 8 for additional
important disclosures regarding Graham’s use of Adjusted EBITDA,
Adjusted EBITDA margin and Adjusted diluted EPS as well as the
reconciliation of net income/(loss) to Adjusted EBITDA and Adjusted
diluted EPS.
Gross margin was lower due to a competitively bid first article
defense order flowing through production. In addition, gross margin
reflected a fabrication order whose material content and related
profit was recognized in previous periods. The prior-year period
had benefitted from a large, onetime, material only order with a
defense customer.
Selling, general and administrative (“SG&A”) expenses were
$5.2 million, up $1.0 million, or 23%. BN accounted for $1.3
million of the increase, including intangible asset amortization,
which was partly offset by lower commissions in China. SG&A, as
a percent of sales for the three-month periods ended September 30,
2021 and 2020 were 15.4% and 15.2%, respectively.
Net loss per diluted share was $0.05. On a non-GAAP basis, which
excludes intangible amortization, other costs related to the
acquisition, and other nonrecurring (income) expenses, adjusted
loss per share was $0.06.
First Half Fiscal 2022 Performance Review (Compared with
the prior-year period unless noted otherwise)
YTD FY22 YTD FY21 Change Net sales
$
54.3
$
44.7
$
9.6
Gross profit
$
4.4
$
9.3
$
(4.9)
Gross margin
8.0%
20.7%
Operating profit
$
(4.7)
$
1.1
$
(5.8)
Operating margin
(8.7%)
2.5%
Net (loss) income
$
(3.6)
$
0.9
$
(4.5)
Diluted EPS
$
(0.35)
$
0.09
Adjusted EBITDA
$
(2.8)
$
2.2
$
(5.0)
Adjusted EBITDA margin
(5.2%)
4.9%
Net sales of $54.3 million were up $9.6 million, or 22%, and
included four full months of contributions from BN which was $20.0.
The increase was driven by the defense market where sales increased
$14.0 million, or 108%, representing 49% of total revenue. The
expansion in defense was partially offset by declines in the
commercial energy markets.
Sales to the U.S. increased to $40.1 million, or 74%, of first
half net sales in fiscal 2022, up from $26.7 million, or 60%, of
fiscal 2021 first half net sales reflecting the impact of the BN
acquisition. International sales were $14.2 million and represented
26% of total sales, compared with $18.0 million, or 40%, of sales
in the same prior-year period.
Gross profit and margin were down compared with the prior-year
period due to the same factors which impacted the quarter. The flow
of lower margin defense projects through the Batavia operations was
more heavily weighted to the first half of fiscal 2022 and are
expected to be completed by the end of the fiscal year. As a
result, the Company expects that gross margin in the second half of
fiscal 2022 will be significantly higher than the first half of the
fiscal year.
SG&A was $10.2 million, up 25%, or $2.0 million, including
$1.9 million related to the acquisition including intangible asset
amortization. Higher SG&A also included $0.3 million in
acquisition-related expenses. As a percent of sales, SG&A was
18.7% in the first half of fiscal 2022, up from 18.3% in the same
prior-year period.
Jeffrey F. Glajch, Chief Financial Officer, commented, “Barber
Nichols has proven to be an excellent addition to Graham. Since we
acquired the business in June, it has outperformed our revenue and
EBITDA margin expectations. Importantly, it is a critical element
of our strategic expansion into the defense industry and provides
the platform from which we can further diversify into renewable
energy and commercial space.”
Strong Balance Sheet
Cash, cash equivalents and investments at September 30, 2021
were $16.5 million compared with $65.0 million at March 31, 2021.
In the first quarter of fiscal 2022, 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.
Net cash used by operating activities for the first half of
fiscal 2022 was $8.7 million compared with cash used of $2.3
million in the prior-year period. The change in cash usage reflects
increases in working capital somewhat mitigated by reduced
inventories.
Year-to-date capital spending was $1.2 million. The Company
continues to expect capital expenditures for fiscal 2022 to be
between $3.0 million and $3.5 million.
Orders and Backlog
($ in millions)
Q1 21
Q2 21
Q3 21
Q4 21
FY2021
Q1 22
Q2 22
Total
Total
Total
Total
Total
Total
Total
Orders
$
11.5
$
35.0
$
61.8
$
13.4
$
121.6
$
20.9
$
31.4
Backlog
$
107.2
$
114.9
$
149.7
$
137.6
$
137.6
$
235.9
$
233.2
Orders of $31.4 million increased 50% sequentially, although
were down 10% compared with prior-year period. The sequential
increase was primarily across the defense and
chemical/petrochemical markets. Orders from BN during the quarter
were $15.8 million. Domestic orders were 80% of total net orders in
the second quarter of fiscal 2022 compared with 46% in the
prior-year period, reflecting demand from the defense industry
Backlog at the end of the quarter was $233.2 million, inclusive
of BN backlog of $93.8 million.
Backlog by industry at September 30, 2021 was approximately:
- 78% for defense projects
- 11% for refinery projects
- 4% for chemical/petrochemical projects
- 3% for space projects
- 4% for other industrial applications
The Company expects approximately 30% to 35% of backlog will
convert to revenue in the last half of fiscal 2022. Approximately
$35 million to $40 million of backlog related to the defense
industry is expected to convert to sales in fiscal 2022.
Approximately 45% to 50% of orders currently in backlog are
expected to be converted to sales within one year. The remaining
backlog expected to convert beyond the next twelve months is
primarily related to the defense industry.
Fiscal 2022 Guidance Remains Unchanged
Revenue 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’s 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 million to $8 million in fiscal 2022.
The Company expanded its fiscal 2022 guidance to include
expected gross margin of 17% to 18% and SG&A to be
approximately 15% to 16% of sales. The expected effective tax rate
for the year is 24% to 25%.
*Please refer and read 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 second 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’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 Wednesday, November 3, 2021. To listen to the archived
call, dial (412) 317-6671 and enter conference ID number 13723731.
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 defense/space, energy/new energy and
chemical/petrochemical industries. The Graham and Barber-Nichols’
brands are built upon world-renowned engineering expertise in
vacuum and heat transfer, cryogenics, and turbomachinery
technologies, as well as the Company’s responsive and flexible
service and unsurpassed quality. Graham routinely posts news and
other important information on its website, www.graham-mfg.com,
where additional comprehensive information on the Company 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 and responses (including but not limited to vaccine
mandates), the integration of the BNI acquisition, the future
expected contributions of BN, 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,
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 fiscal 2022
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
Operations - Unaudited
(Amounts in thousands, except per
share data)
Three Months Ended Six Months Ended September
30, September 30,
2021
2020
% Change
2021
2020
% Change Net sales
$
34,146
$
27,954
22
%
$
54,303
$
44,664
22
%
Cost of products sold
30,703
20,261
52
%
49,946
35,403
41
%
Gross profit
3,443
7,693
(55
%)
4,357
9,261
(53
%)
Gross margin
10.1
%
27.5
%
8.0
%
20.7
%
Other expenses and income: Selling, general and
administrative
4,973
4,253
17
%
9,805
8,155
20
%
Selling, general and administrative – amortization
274
-
NA
365
-
NA Other operating income, net
(1,102
)
-
NA
(1,102
)
-
NA
Operating (loss) profit
(702
)
3,440
NA
(4,711
)
1,106
NA Operating margin
(2.1
%)
12.3
%
(8.7
%)
2.5
%
Other income
(145
)
(54
)
169
%
(305
)
(109
)
180
%
Interest income
(14
)
(26
)
(46
%)
(31
)
(120
)
(74
%)
Interest expense
129
3
4200
%
168
8
2000
%
Income before provision for income taxes
(672
)
3,517
NA
(4,543
)
1,327
NA Provision (benefit) for income taxes
(180
)
773
NA
(925
)
401
NA
Net (loss) income
$
(492
)
$
2,744
NA
$
(3,618
)
$
926
NA Per share data: Basic: Net income
$
(0.05
)
$
0.27
NA
$
(0.35
)
$
0.09
NA Diluted: Net income
$
(0.05
)
$
0.27
NA
$
(0.35
)
$
0.09
NA Weighted average common shares outstanding: Basic
10,681
9,977
10,442
9,936
Diluted
10,681
9,977
10,442
9,936
Dividends declared per share
$
0.11
$
0.11
$
0.22
$
0.22
N/A: Not Applicable
Graham Corporation
Consolidated Balance Sheets –
Unaudited
(Amounts in thousands, except per
share data)
September 30, March 31,
2021
2021
Assets Current assets: Cash and cash equivalents
$
16,463
$
59,532
Investments
-
5,500
Trade accounts receivable, net of allowances ($62 and $29 at
September 30 and March 31, 2021, respectively)
27,878
17,378
Unbilled revenue
29,035
19,994
Inventories
17,722
17,332
Prepaid expenses and other current assets
2,193
512
Income taxes receivable
2,149
-
Total current assets
95,440
120,248
Property, plant and equipment, net
25,336
17,618
Prepaid pension asset
6,819
6,216
Operating lease assets
9,016
95
Goodwill
22,823
-
Customer relationships
11,603
-
Technology and technical know how
9,932
-
Other intangible assets, net
10,656
-
Other assets
211
103
Total assets
$
191,836
$
144,280
Liabilities and stockholders’ equity Current
liabilities: Short-term debt obligations
$
4,000
$
-
Current portion of long-term debt
2,000
-
Current portion of finance lease obligations
22
21
Accounts payable
16,139
17,972
Accrued compensation
8,156
6,106
Accrued expenses and other current liabilities
5,511
4,628
Customer deposits
21,941
14,059
Operating lease liabilities
1,131
46
Income taxes payable
-
741
Total current liabilities
58,900
43,573
Long-term debt
17,500
-
Finance lease obligations
23
34
Operating lease liabilities
7,958
37
Deferred income tax liability
1,455
635
Accrued pension and postretirement benefit liabilities
1,945
2,072
Other long-term liabilities
2,203
-
Total liabilities
89,984
46,351
Stockholders’ equity: Preferred stock, $1.00 par
value, 500 shares authorized
-
-
Common stock, $0.10 par value, 25,500 shares authorized, 10,810 and
10,748 shares issued and 10,638 and 9,959 shares outstanding at
September 30 and March 31, 2021, respectively
1,081
1,075
Capital in excess of par value
27,339
27,272
Retained earnings
83,400
89,372
Accumulated other comprehensive loss
(6,883)
(7,397)
Treasury stock (172 and 790 shares at September 30 and March 31,
2021, respectively)
(3,085)
(12,393)
Total stockholders’ equity
101,852
97,929
Total liabilities and stockholders’ equity
$
191,836
$
144,280
Graham Corporation
Consolidated Statements of
Cash Flows – Unaudited
(Amounts in thousands)
Six Months Ended September 30,
2021
2020
Operating activities: Net (loss) income
$
(3,618
)
$
926
Adjustments to reconcile net (loss) income to net cash used by
operating activities: Depreciation
1,399
972
Amortization
1,009
-
Amortization of actuarial losses
455
533
Equity-based compensation expense
330
494
Gain on disposal or sale of property, plant and equipment
13
3
Change in fair value of contingent consideration
(1,900
)
-
Deferred income taxes
693
191
(Increase) decrease in operating assets: Accounts receivable
(2,289
)
(3,820
)
Unbilled revenue
(1,944
)
901
Inventories
3,278
1,808
Prepaid expenses and other current and non-current assets
(1,233
)
(456
)
Income taxes receivable
(2,894
)
163
Operating lease assets
432
75
Prepaid pension asset
(603
)
(421
)
Increase (decrease) in operating liabilities: Accounts payable
(4,477
)
(2,544
)
Accrued compensation, accrued expenses and other current and
non-current liabilities
779
1,214
Customer deposits
1,835
(2,285
)
Operating lease liabilities
(387
)
(75
)
Long-term portion of accrued compensation, accrued pension
liability and accrued postretirement benefits
420
63
Net cash used by operating activities
(8,702
)
(2,258
)
Investing activities: Purchase of property, plant and
equipment
(1,227
)
(797
)
Proceeds from disposal of property, plant and equipment
-
6
Purchase of investments
-
(31,603
)
Redemption of investments at maturity
5,500
66,151
Acquisition of Barber-Nichols, LLC
(59,563
)
-
Net cash (used) provided by investing activities
(55,290
)
33,757
Financing activities: Increase in short-term debt
obligations
4,000
-
Principal repayments on long-term debt
(500
)
(4,599
)
Proceeds from the issuance of long-term debt
20,000
4,599
Principal repayments on finance lease obligations
(10
)
(24
)
Repayments on lease financing obligations
(91
)
-
Payment of debt issuance costs
(150
)
-
Dividends paid
(2,353
)
(2,195
)
Purchase of treasury stock
(41
)
(23
)
Net cash provided (used) by financing activities
20,855
(2,242
)
Effect of exchange rate changes on cash
68
144
Net (decrease) increase in cash and cash equivalents
(43,069
)
29,401
Cash and cash equivalents at beginning of period
59,532
32,955
Cash and cash equivalents at end of period
$
16,463
$
62,356
Graham Corporation
Adjusted EBITDA Reconciliation
- Unaudited
(Amounts in thousands)
Three Months Ended Six Months Ended September
30, September 30,
2021
2020
2021
2020
Net (loss) income
$
(492
)
$
2,744
$
(3,618
)
$
926
Acquisition related inventory step-up expense
41
-
41
-
Acquisition related costs
93
-
262
-
Change in fair value of contingent consideration
(1,900
)
-
(1,900
)
-
CEO severance
798
-
798
-
Net interest expense (income)
115
(23
)
137
(112
)
Income taxes
(180
)
773
(925
)
401
Depreciation & amortization
1,588
486
2,408
972
Adjusted EBITDA
$
63
$
3,980
$
(2,797
)
$
2,187
Adjusted EBITDA margin %
0.2
%
14.2
%
(5.2
%)
4.9
%
Adjusted Net Income
Reconciliation - Unaudited
(Amounts in thousands)
Three Months Ended Six Months Ended September
30, September 30,
2021
2020
2021
2020
Net (loss) income
$
(492
)
$
2,744
$
(3,618
)
$
926
Acquisition related inventory step-up expense
41
-
41
#
-
Acquisition related costs
93
-
262
#
-
Amortization of intangible assets
784
-
1,009
-
Change in fair value of contingent consideration
(1,900
)
-
(1,900
)
-
CEO severance
798
-
798
-
Normalize tax rate to 20%(1)
37
-
(42
)
-
Adjusted net (loss) income
$
(639
)
$
2,744
$
(3,450
)
$
926
Adjusted diluted earnings per share
$
(0.06
)
$
0.27
$
(0.33
)
$
0.09
1) Applies a normalized tax rate of 20% to non-GAAP adjustments
above, which are each pre-tax.
Non-GAAP Financial Measure:
Adjusted EBITDA is defined as consolidated net income (loss)
before net interest expense, income taxes, depreciation,
amortization, other acquisition related expenses, and other
nonrecurring expenses. 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’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.
Adjusted 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’s
financial statements and assists in understanding the comparison of
the current quarter’s 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.
Graham Corporation
Additional Information –
Unaudited
($ in millions)
SALES BY INDUSTRY FY 2022* Q1 % of Q2
% of YTD % of 6/30/21 Total
9/30/21 Total 9/30/21 Total Refining
$
4.6
23%
$
6.3
19%
$
10.9
20%
Chemical/ Petrochemical
$
4.6
23%
$
3.5
10%
$
8.1
15%
Defense
$
7.1
35%
$
19.8
58%
$
26.9
49%
Space
$
0.7
4%
$
1.3
4%
$
2.0
4%
Other Commercial
$
3.2
15%
$
3.2
9%
$
6.4
12%
Total
$
20.2
$
34.1
$
54.3
SALES BY INDUSTRY 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 REGION FY 2022* Q1 % of
Q2 % of YTD % of 6/30/21
Total 9/30/21 Total 9/30/21
Total United States
$
13.9
69%
$
26.2
77%
$
40.1
74%
Middle East
$
0.6
3%
$
1.0
3%
$
1.6
3%
Asia
$
3.5
17%
$
5.5
16%
$
9.0
16%
Other
$
2.2
11%
$
1.4
4%
$
3.6
7%
Total
$
20.2
$
34.1
$
54.3
100%
SALES BY REGION 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
*Quarters may not sum to year-to-date/total fiscal year due to
rounding.
Graham Corporation
Additional Information –
Unaudited
($ in millions)
ORDER & BACKLOG TREND* Q1 21 Q2 21 Q3
21 Q4 21 FY2021 Q1 22 Q2 22 Orders
$
11.5
$
35.0
$
61.8
$
13.4
$
121.6
$
20.9
$
31.4
Backlog
$
107.2
$
114.9
$
149.7
$
137.6
$
137.6
$
235.9
$
233.2
ORDERS BY INDUSTRY FY 2022* Q1 % of
Q2 % of YTD % of 6/30/21
Total 9/30/21 Total 9/30/21
Total Refining
$
11.4
55%
$
5.0
16%
$
16.4
31%
Chemical/ Petrochemical
$
3.4
16%
$
6.1
19%
$
9.5
18%
Defense
$
2.4
12%
$
12.4
40%
$
14.8
28%
Space
$
0.0
0%
$
2.4
8%
$
2.4
5%
Other Commercial
$
3.6
17%
$
5.6
17%
$
9.3
18%
Total
$
20.9
$
31.4
$
52.3
ORDERS BY INDUSTRY 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
$
8.7
76%
$
16.8
48%
$
3.2
5%
$
2.4
17%
$
31.0
26%
Chemical/ Petrochemical
$
1.6
14%
$
3.3
9%
$
4.6
7%
$
2.7
20%
$
12.3
10%
Defense
$
(1.2)
-10%
$
12.6
36%
$
52.3
85%
$
5.4
41%
$
69.2
57%
Other Commercial
$
2.4
20%
$
2.3
7%
$
1.7
3%
$
2.9
22%
$
9.1
7%
Total
$
11.5
$
35.0
$
61.8
$
13.4
$
121.6
*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/20211027005335/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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