Graham Corporation (NYSE Amex: GHM), a manufacturer of critical equipment for energy, petrochemical and other process industries, announced it has been awarded three orders valued at $3.9 million for custom-engineered steam surface condensers. One condenser will be installed at a petrochemical facility in India, the second condenser is destined for a Mexican oil refinery and the third condenser is for a biomass-fueled cogeneration facility in the United States. All three condensers are expected to be engineered and manufactured in the Company’s Batavia, New York, facility. The orders were received at the end of October and are included in the $5.8 million in total orders received in that month.
Shipments of the condensers are expected to begin in the Company’s fiscal 2011 second quarter, with the majority of the revenue recognized during the third and fourth quarters of that fiscal year. Graham’s fiscal year 2011 begins on April 1, 2010.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “Our commitment to the expanding energy markets and strong presence in the petrochemical industries continues to provide demand for our products, as we believe is evidenced by these recent new orders. We believe the emerging economies in Asia, the Middle East and South America will experience considerable investment over the next two decades in new energy and petrochemical producing facilities. Importantly, our brand is strong in these markets and regions of the world. Moreover, the biomass facility order validates Graham’s involvement in the growing alternative energy markets in the U.S.”
Concluded Mr. Lines, “The October order activity is indicative of the improvement we are seeing in both the quality and number of pipeline opportunities and may be an indication that major project work is beginning to advance. However, we continue to anticipate a non-uniform level of order activity in the coming months, and do not feel the markets have fully recovered at this point. We will continue our aggressive, but disciplined, pursuit of business during this period of uncertainty.”