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Graham Corporation (NYSE Amex: GHM) announced today that it has been awarded $2.5 million in orders for surface condensers to be installed in conjunction with the renovation of an oil refinery in the Middle East and the renovation of an oil refinery in South America. Both orders were booked during Graham’s recently completed fiscal 2009 fourth quarter, which ended
March 31, 2009. The order for the Middle East refinery is expected to ship during Graham’s fiscal 2010 third quarter, which ends December 31, 2009. Shipment to the South American facility is scheduled for Graham’s fiscal 2010 fourth quarter, which ends March 31, 2010.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “The fourth quarter was a much stronger quarter for bookings than the trailing third quarter. We believe that the pipeline for projects remains active, with the refinery sector demonstrating greater robustness in the quarter than we had seen in the previous six months. We also received a few fertilizer project orders. However, we are still seeing a good deal of caution on the part of refiners and chemical processers to initiate new projects as they continue to evaluate the potential for further reduction in costs and the availability of capital.”
Graham had $20.8 million in orders during the fourth quarter, compared with $8.1 million in orders during the trailing fiscal 2009 third quarter and $35.1 million in orders during the fourth quarter of fiscal 2008.
Mr. Lines added, “Although short-term visibility for us continues to be uncertain, we remain confident that long-term growth in the world’s energy needs will translate into additional demand for Graham’s products."