Graham Corporation (NYSE Amex:
James R. Lines, Graham’s President and Chief Executive Officer, commented, “There continued to be excellent diversity in geography and markets with the large projects booked in the fourth quarter. Strong activity in the alternative energy markets enabled us to secure orders for geothermal and biomass power-generating facilities in Asia and the
In short-cycle products, Graham saw a sharp increase in spare part orders. Orders for spare parts were up over 50% when compared with the average of the prior three quarters. Graham believes the strong level of orders for spare parts in the fourth quarter was due to restrained purchasing activity during the past several quarters and that it does not represent a trend. Nevertheless, Graham believes that demand for short-cycle products tends to be a leading indicator of recovery in its markets.
“While the pipeline for new orders remains strong, we continue to expect during the initial phases of an economic recovery that order patterns will be uneven from quarter to quarter. Nonetheless, we are extremely encouraged with the outlook for fiscal 2012 and beyond,” concluded Mr. Lines.Graham is scheduled to report its results for its fourth quarter and the fiscal year ended March 31, 2011, before the opening of the financial markets on May 27, 2011, followed by a live webcast and teleconference at 11:00 a.m. Eastern Time.