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BATAVIA, NY, July 30, 2015 – 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 its financial and operating results for its first quarter ended June 30, 2015. Graham’s current fiscal year ends March 31, 2016 (“fiscal 2016”).
Net sales in the first quarter of fiscal 2016 were $27.6 million, compared with net sales of $28.5 million in the first quarter of the fiscal year ended March 31, 2015 (“fiscal 2015”). Net income for the first quarter was $2.4 million, unchanged from the prior year. On a per diluted share basis, net income was $0.23 compared with $0.24 in the prior year’s first quarter. Net income as a percent of sales was 9% in the current year’s first quarter.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “We continue to execute well in this environment. Prompt action by management to reduce costs via restructuring and controlling variable expenses was implemented effectively. Our voluntary early retirement program will be completed at the end of July. We believe that our early actions to address costs as market conditions changed, enables us to maintain respectable profitability while also being well positioned for strengthened demand.”
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