- Third quarter sales of $27 million yielded $0.11 earnings
per share
- Orders were $61.8 million in the quarter including $52.3
million from the defense industry
- Record backlog of $149.7 million; 45% to 50% expected to
ship in next twelve months
- Fiscal year 2021 revenue expected to be $93 million to $97
million with gross margin between 21% and 22%
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 third quarter and nine months ended December 31,
2020, of the fiscal year ending March 31, 2021 (“fiscal 2021”).
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We delivered a solid quarter as strong refining sales
in Asia offset our weaker domestic refining and petrochemical
markets, resulting in 7% year-over-year growth. In fact, despite
difficult current macroeconomic conditions, our team delivered both
top and bottom-line growth.
A significant takeaway in the quarter was our record level of
orders and backlog. As we have discussed over the last several
years, we have focused significant resources on building our
defense business because we believe requirements in that market
provide operational synergies and align with our capabilities which
include:
- vacuum and heat transfer how-how
- complex, long-cycle project management, and
- precision fabrication of large weldments.
Importantly, we believe defense markets offer long-term growth
potential, provide improved visibility that reduces investment and
planning risk, and are less cyclical than our historic core
markets. Notably, more than 80% of the $62 million in new orders in
the quarter and approximately 70% of the record $150 million in
backlog are from the U.S. Navy. We intend to consistently intensify
our focus on sales to the stronger and more stable defense market
while staying committed to our core markets. We are also actively
participating in the energy transition into renewable fuels and
other areas of growth in alternative energy markets.”
Third 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 $27.2 million compared with $25.3 million in the
third quarter of fiscal 2020. Strong sales reflected the completion
of large refinery projects in Asia. This also offset an
approximately $0.9 million impact of reduced production volume due
to COVID-19-related employee absences.
Sales to the refining markets increased $4.2 million to $16.5
million and represented 60% of total sales. Sales to the defense
markets were up 4% from the prior-year period to $4.5 million this
quarter, while chemical/petrochemical market sales were $4.8
million compared with $6.2 million in the prior year.
From a geographic perspective, the refinery projects in Asia
drove international sales to 61% of total sales compared with 47%
in the prior-year period. Domestic sales in the fiscal 2021 third
quarter were 39% of total sales compared with 53% in the third
quarter of fiscal 2020.
Fluctuations in Graham’s sales among geographic locations and
industries can vary measurably from quarter-to-quarter based on the
timing and magnitude of projects. Graham does not believe that such
quarter-to-quarter fluctuations are indicative of business trends,
which it believes are more apparent on a trailing twelve-month
basis.
Third Quarter Fiscal 2021 Performance Review All
comparisons are with the same prior-year period unless noted
otherwise.)
($ in millions except per share data)
Q3 FY21
Q3 FY20
Change
Net sales
$ 27.2
$ 25.3
$ 1.9
Gross profit
$ 6.2
$ 4.0
$ 2.2
Gross margin
22.9%
16.0%
Operating profit
$ 1.3
$ (0.4)
$ 1.7
Operating margin
4.8%
(1.6%)
Net income
$ 1.1
$ 0.0
$ 1.1
Diluted EPS
$ 0.11
$ 0.00
EBITDA
$ 1.8
$ 0.2
$ 1.7
EBITDA margin
6.7%
0.7%
*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 690 basis points in the quarter to 22.9%
driven by a better mix of projects and better overhead
absorption.
Selling, general and administrative (“SG&A”) expenses, were
$4.9 million, up $0.5 million, or 11%, mostly due to higher
commissions related to the refinery projects in Asia. SG&A, as
a percent of sales for the three-month periods ended December 31,
2020 and 2019 were 18.2% and 17.6%, respectively.
Operating profit was $1.3 million, up $1.7 million from last
year. Operating profit was adversely impacted in the quarter by
$0.4 million resulting from COVID-19 related employee absences. Net
income was $1.1 million, or $0.11 per share compared with breaking
even last year.
EBITDA margin expanded 600 basis points in the quarter on higher
volume and a better mix of projects.
Year-to-Date Fiscal 2021 Performance Review (All
comparisons are with the same prior-year period unless noted
otherwise.)
($ in millions except per share data)
YTD FY21
YTD FY20
Change
Net sales
$ 71.8
$ 67.5
$ 4.3
Gross profit
$ 15.5
$ 13.7
$ 1.8
Gross margin
21.6%
20.3%
Operating profit
$ 2.4
$ 0.3
$ 2.1
Operating margin
3.3%
0.5%
Net income
$ 2.0
$ 1.3
$ 0.7
Diluted EPS
$ 0.20
$ 0.13
EBITDA
$ 4.0
$ 2.1
$ 2.0
EBITDA margin
5.6%
3.1%
International sales were $34.4 million and represented 48% of
total sales, compared with $23.9 million, or 35%, of sales in the
fiscal 2020 nine-month period. Sales to the U.S. were $37.4
million, or 52% compared with $43.6 million, or 65% during the same
period in the prior year.
Gross profit and margin improved due to higher volume and a more
favorable mix of projects.
SG&A was $13.1 million, up 2%, or $0.2 million, mostly as a
result of higher sales commissions. Also, included in the first
nine months of fiscal 2020 was $0.6 million of SG&A for the
divested commercial nuclear utility business. As a percent of
sales, SG&A was 18% compared with 19% in the prior-year
period.
The effective tax rate was 26%, compared with 22% in the
prior-year period. The higher effective tax rate in fiscal 2021
reflects the impact of the loss incurred in the first quarter
resulting from the impact of the global pandemic on the
business.
Strong Balance Sheet with Ample Liquidity
Cash, cash equivalents and investments at December 31, 2020
decreased $3.7 million to $69.3 million from March 31, 2020. This
was primarily due to the timing of working capital requirements.
Net cash provided by operating activities for year-to-date fiscal
2021 was $0.7 million compared with $4.1 million of net cash used
in the same period last year.
Capital spending was $0.7 million in the third quarter of fiscal
2021 and was $1.5 million in fiscal 2021 year-to-date. The Company
expects capital expenditures for fiscal 2021 to be between $2.0
million and $2.5 million, of which 80% to 85% is expected to be for
machinery and equipment and the remainder to be used for other
items.
As of December 31, 2020, Graham had no debt.
Orders and Backlog
Orders for the quarter were $61.8 million, up $41.8 million from
the prior-year period. Defense orders were $52.3 million in the
quarter and significantly expanded defense industry related
backlog. The remaining $9.5 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 $4.6 million, compared with
$2.3 million in the prior-year period. Refining orders were $3.2
million in the current quarter, compared with $8.5 million in the
third quarter of fiscal 2020.
The Company believes that the pipeline of available
opportunities in the defense industry remains strong, and that the
timing of orders in this industry can be variable. Graham also
expects the order pipeline for the energy and chemicals industries
to remain soft due to the implications of the global pandemic on
demand and the geopolitical imbalance in global energy markets.
Domestic orders were 94% of total net orders in the third
quarter of fiscal 2021, reflecting the large order volume from the
U.S. Navy. Domestic orders were 77% in the prior-year period.
Backlog at the end of the fiscal 2021 third quarter was $149.7
million, up $34.8 million from September 30, 2020.
Backlog by industry at December 31, 2020 was approximately:
- 70% for U.S. Navy projects
- 20% for refinery projects
- 7% for chemical/petrochemical projects
- 3% for other industrial applications
The Company expects approximately 45% to 50% of backlog will
convert to revenue within the next 12 months. Approximately $20
million to $30 million of backlog related to the defense industry
is expected to convert to sales beginning in fiscal 2021. For the
nine-month period in fiscal 2021, the Company realized $17.4
million in sales to the defense industry.
Fiscal 2021 Guidance
Mr. Lines concluded, “We are confident in our revenue
expectation for fiscal 2021 based on anticipated shipments from
backlog. Most of the orders won in the third quarter, principally
those from the defense industry, are expected to shipment beyond
fiscal 2022. The timing and strength of any recovery in the global
chemical/petrochemical and energy markets over the next several
quarters will determine our outlook for fiscal 2022.”
The revenue guidance and expectations for gross margin and
SG&A expense for fiscal 2021 are based on the assumption that
Graham will be able to operate its production facility at planned
capacity, has access to its global supply chain including its
subcontractors, and does not experience significant
COVID-19-related disruptions or any other unforeseen events.
Fiscal 2021 guidance:
- Revenue expectations of between $93 million and $97 million are
unchanged from prior guidance,
- Gross margin expectations have been tightened to between 21%
and 22%,
- SG&A expenses are expected to be slightly higher at $17.3
million to $17.8 million,
- And, the effective tax rate range has been expanded to 22% to
24%.
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 third quarter 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 Thursday, February 4, 2021. To listen to the archived call,
dial (412) 317-6671 and enter conference ID number 13714789. 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, 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.
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,” “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.
Graham Corporation
Third Quarter Fiscal
2021
Consolidated Statements of
Income - Unaudited
(Amounts in thousands, except per
share data)
Three Months Ended Nine Months
Ended December 31, December 31,
2020
2019
% Change
2020
2019
% Change
Net sales
........................................................................
$
27,154
$
25,286
7%
$
71,818
$
67,522
6%
Cost of products sold
.....................................................
20,927
21,242
(1%)
56,330
53,816
5%
Gross profit
...................................................................
6,227
4,044
54%
15,488
13,706
13%
Gross margin
.............................................................
22.9%
16.0%
21.6%
20.3%
Other expenses and income:
Selling, general and administrative
.................................
4,936
4,441
11%
13,091
12,844
2%
Selling, general and administrative – amortization …...........
-
-
N/A
-
11
N/A
Other
expense.................................................................
-
-
N/A
-
523
N/A
Operating
profit..........................................................
1,291
(397)
(425%)
2,397
328
631%
Operating margin
.....................................................
4.8%
(1.6%)
3.3%
0.5%
Other
income..................................................................
(55)
(87)
(37%)
(164)
(261)
(37%)
Interest income
..............................................................
(23)
(318)
(93%)
(143)
(1,080)
(87%)
Interest expense
............................................................
1
2
(50%)
9
9
0%
Income before provision for income taxes
...........................
1,368
6
N/A
2,695
1,660
62%
Provision for income taxes
................................................
308
(3)
N/A
709
364
95%
Net
income.......................................................................
$ 1,060
$
9
N/A
$ 1,986
$ 1,296
53%
Per share data:
Basic:
Net income
...............................................................
$ 0.11
$ 0.00
N/A
$ 0.20
$ 0.13
53%
Diluted:
Net income
...............................................................
$ 0.11
$ 0.00
N/A
$ 0.20
$ 0.13
53%
Weighted average
common shares outstanding:
Basic
...........................................................................
9,977
9,884
9,950
9,874
Diluted
..........................................................................
9,977
9,888
9,950
9,877
Dividends
declared per share
............................................
$ 0.11
$ 0.11
$ 0.33
$ 0.32
N/A: Not Applicable
Graham Corporation
Third Quarter Fiscal
2021
Consolidated Balance Sheets -
Unaudited
(Amounts in thousands, except per
share data)
December 31, March 31,
2020
2020
Assets Current assets: Cash and cash
equivalents
...............................................................................
$
63,792
$
32,955
Investments
....................................................................................................
5,500
40,048
Trade accounts receivable, net of allowances ($30 and
$33 at December 31 and March 31, 2020,
respectively) .........................................
19,884
15,400
Unbilled revenue
..............................................................................................
14,950
14,592
Inventories
......................................................................................................
17,463
22,291
Prepaid expenses and other current assets
.......................................................
1,004
906
Income taxes receivable
..................................................................................
604
485
Total current assets
.................................................................................
123,197
126,677
Property, plant and equipment, net
......................................................................
17,457
17,587
Prepaid pension asset
........................................................................................
4,091
3,460
Operating lease assets
......................................................................................
135
243
Other assets
.....................................................................................................
106
153
Total assets
...........................................................................................
$
144,986
$
148,120
Liabilities and stockholders’ equity
Current liabilities: Current portion of finance lease
obligations
......................................................
$
21
$
40
Accounts payable
............................................................................................
15,753
14,253
Accrued compensation
.....................................................................................
5,410
4,453
Accrued expenses and other current liabilities
....................................................
4,123
3,352
Customer deposits
..........................................................................................
19,115
26,983
Operating lease liabilities
.................................................................................
80
153
Total current liabilities
...............................................................................
44,502
49,234
Finance lease obligations
...................................................................................
39
55
Operating lease liabilities
....................................................................................
45
82
Deferred income tax liability
................................................................................
1,668
721
Accrued pension liability
.....................................................................................
827
747
Accrued postretirement benefits
..........................................................................
572
557
Total liabilities
........................................................................................
47,653
51,396
Stockholders’
equity: Preferred stock, $1.00 par value, 500 shares
authorized
-
-
Common stock, $0.10 par value, 25,500 shares authorized,
10,779 and 10,689 shares issued and 9,976 and 9,881
shares ................ outstanding at
December 31 and March 31, 2020, respectively....................
1,078
1,069
Capital in excess of par value
...........................................................................
27,193
26,361
Retained earnings
...........................................................................................
90,083
91,389
Accumulated other comprehensive loss
.............................................................
(8,526)
(9,556)
Treasury stock (803 and 808 shares at December 31 and March 31,
2020,
respectively)..........................................................................................
(12,495)
(12,539)
Total stockholders’ equity
.....................................................................
97,333
96,724
Total liabilities and stockholders’ equity
................................................
$
144,986
$
148,120
Graham Corporation
Third Quarter Fiscal
2021
Consolidated Statements of
Cash Flows – Unaudited
(Amounts in thousands)
Nine Months Ended
December 31,
2020
2019
Operating activities:
Net income
.....................................................................................................
$ 1,986
$ 1,296
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
Depreciation
.............................................................................................
1,458
1,468
Amortization
..............................................................................................
-
11
Amortization of actuarial losses
..................................................................
799
747
Equity-based compensation expense
..........................................................
821
731
Gain on disposal or sale of property, plant and
equipment.............................
3
(2)
Loss on sale of Energy Steel & Supply
Co....................................................
-
87
Deferred income taxes
...............................................................................
776
33
(Increase) decrease in operating assets:
Accounts receivable
................................................................................
(4,220)
(438)
Unbilled revenue
......................................................................................
(284)
(6,799)
Inventories
..............................................................................................
4,999
4,225
Prepaid expenses and other current and non-current assets
.......................
(76)
(7)
Income taxes
receivable...........................................................................
(119)
301
Operating lease
assets............................................................................
116
176
Prepaid pension asset
.............................................................................
(631)
(653)
Increase (decrease) in operating liabilities:
Accounts payable
....................................................................................
1,401
(3,036)
Accrued compensation, accrued expenses and other current and
non-current
liabilities............................................................................
1,754
(299)
Customer deposits
..................................................................................
(8,092)
(1,938)
Operating lease liabilities
.........................................................................
(116)
(101)
Long-term portion of accrued compensation, accrued pension
liability and accrued
postretirement benefits..........................................
95
79
Net cash provided (used) by operating
activities..........................................
670
(4,119)
Investing activities:
Purchase of property,
plant and equipment
.......................................................
(1,462)
(1,389)
Proceeds from disposal of property, plant and
equipment...................................
6
2
Proceeds from the sale of Energy Steel & Supply
Co.........................................
-
602
Purchase of investments
.................................................................................
(37,103)
(141,414)
Redemption of investments at maturity
.............................................................
71,651
145,146
Net cash provided by investing
activities......................................................
33,092
2,947
Financing activities:
Principal repayments on
finance lease
obligations..............................................
(35)
(38)
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
................................................................................................
(3,292)
(3,163)
Purchase of treasury
stock...............................................................................
(23)
(230)
Net cash used by financing activities
...........................................................
(3,350)
(3,407)
Effect of exchange rate changes on cash
.........................................................
425
(143)
Net increase (decrease) in cash and cash equivalents,
including cash classified within current
assets held for sale............................................
30,837
(4,722)
Net decrease in cash classified within current assets held for
sale.......................
-
552
Net increase (decrease) in cash and cash
equivalents........................................
30,837
(4,170)
Cash and cash equivalents at beginning of period
..............................................
32,955
15,021
Cash and cash equivalents at end of
period.......................................................
$
63,792
$
10,851
Graham Corporation
Third Quarter Fiscal
2021
EBITDA Reconciliation -
Unaudited
(Amounts in thousands)
Three Months Ended Nine
Months Ended December 31,
December 31,
2020
2019
2020
2019
Net income
$ 1,060
$
9
$
1,986
$
1,296
Net interest income
(22)
(316)
(134)
(1,071)
Income taxes
308
(3)
709
364
Depreciation & amortization
486
488
1,458
1,479
EBITDA
$ 1,832
$
178
$
4,019
$
2,068
EBITDA margin %
6.7%
0.7%
5.6%
3.1%
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 Third Quarter
Fiscal 2021 Additional Information – Unaudited
ORDER & BACKLOG TREND
($ in millions)
Q120 Q220 Q320
Q420 FY2020 Q121 Q221 Q321
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
Backlog
$ 117.2
$
127.8
$ 122.9
$ 112.4
$ 112.4
$ 107.2
$ 114.9
$ 149.7
SALES BY INDUSTRY FY 2021* ($ in
millions)
FY 2021 Q1 %
of Q2 % of Q3 % of
6/30/20 Total 9/30/20 Total
12/31/20 Total Refining
$ 2.7
16%
$
10.3
37%
$
16.5
60%
Chemical/Petrochemical
$ 8.0
48%
$ 5.5
20%
$ 4.8
18%
Defense
$ 3.5
21%
$ 9.4
34%
$ 4.5
17%
Other Commercial
$ 2.5
15%
$ 2.8
10%
$ 1.4
5%
Total
$
16.7
$
28.0
$
27.2
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
*Quarters may not sum to year-to-date/total fiscal year due to
rounding
Graham Corporation Third Quarter
Fiscal 2021 Additional Information - Unaudited
(Continued)
SALES BY REGION FY 2021* ($ in
millions)
FY 2021 Q1 %
of Q2 % of Q3 % of
6/30/20 Total 9/30/20 Total
12/31/20 Total United States
$ 9.4
56%
$
17.3
62%
$
10.7
39%
Middle East
$ 0.4
3%
$ 1.0
4%
$ 0.8
3%
Asia
$ 5.2
31%
$ 4.5
16%
$
11.2
41%
Other
$ 1.7
10%
$ 5.2
18%
$ 4.5
17%
Total
$
16.7
$
28.0
$
27.2
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/20210128005238/en/
Jeffrey F. Glajch Vice President – Finance and CFO Phone:
(585) 343-2216 jglajch@graham-mfg.com Deborah K. Pawlowski /
Christopher M. Gordon Kei Advisors LLC Phone: (716) 843-3908 /
(716) 843-3748 dpawlowski@keiadvisors.com /
cgordon@keiadvisors.com
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