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Third Quarter Fiscal Year 2009 Highlights
Net sales for the first nine months of fiscal 2009 were $76.3 million, up 19.8% compared with $63.7 million in the first nine months of fiscal 2008. Gross margin was 42.1% for the nine-month period compared with 39.6% in the same period the prior fiscal year. Higher aftermarket sales, particularly in the first quarter, improved product mix and engineering and manufacturing operating efficiencies all contributed to the year-over-year increase.
Gross profit was $9.4 million, or 37.9% of sales, in the third quarter of fiscal 2009, compared with $8.6 million, or 41.9% of sales, in the same period the prior fiscal year. The decline in margin during the quarter occurred as a result of a contract in process requiring international fabrication that carried a lower margin than those in the same quarter of fiscal 2008. Approximately 8% of manufacturing production hours were outsourced in the third quarter of fiscal 2009.
Net Income for the first nine months of fiscal 2009 was up 28.1% to $13.9 million, compared with $10.8 million in the same period the prior year. On a per share diluted basis, net income grew to $1.36, a 25.9% increase over $1.08 in the same period the prior fiscal year.
Grahamís backlog was $52.5 million at December 31, 2008, down 16.7% compared with $63.0 million at December 31, 2007. Backlog was reduced by $1.6 million due to the cancellation of an order for a refinery project.
Cash, cash equivalents and investments at December 31, 2008, were $45.4 million, compared with $36.8 million at March 31, 2008 and $42.9 million at September 30, 2008. Net cash provided by operating activities was $7.4 million in the first nine months of fiscal 2009, compared with $16.0 million in the same period the prior fiscal year. The year-over-year decrease was a result of higher working capital requirements, primarily from an increase in Graham's accounts receivable balance due to the timing of customer billings.