Graham Receives $3.5 million in Orders for Surface Condensers

 

BATAVIA, NY, March 31, 2009 – Graham Corporation (NYSE-Amex: GHM) announced today that it has been awarded three orders valued at approximately $3.5 million for surface condensers to be installed in two oil refineries in India and South Korea and a fertilizer production facility in the U.S. 

The refinery orders, comprised of an order for an installation at a new refinery to be built in India and a second order related to a refinery expansion in South Korea, are expected to be shipped in the fourth quarter of Graham’s fiscal year ending March 31, 2010. The third order is for an installation for a U.S. fertilizer facility expansion intended to accommodate the production of higher-value fertilizer products and is expected to be shipped during the Company’s fiscal 2010 third quarter, which ends December 31, 2009.

James R. Lines, Graham’s President and Chief Executive Officer, commented, “These three condenser orders, combined with the $5 million in orders for ejector systems we announced last month, are indicative of the increased order activity we have seen in our current fiscal fourth quarter compared with last quarter. While we expect the global recession and tight credit markets to continue to affect the pace and timing of new order placement, we intend to continue to aggressively pursue available business. We view the potential bookings pipeline favorably. Although the short-term market remains less visible and lumpy, we believe the long-term fundamentals supporting increased global demand for energy are solid.”