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Graham Corporation Awarded $6 Million in Condenser Orders

Graham Corporation (NYSE Amex: GHM) a manufacturer of critical equipment for the energy, petrochemical and other process industries, today announced that it has been awarded orders totaling approximately $6 million for steam surface condensers that will be installed at facilities in the U.S. and Asia.

The first order is for a custom-engineered steam surface condenser destined for a municipal waste-toenergy project in the U.S. Upon completion, the expanded facility will generate 80 megawatts of electricity, making it one of the larger waste-to-energy projects in this country. The second order is for steam surface condensers to be installed in a large ethylene producing facility in Asia. The U.S. order is expected to ship in the third quarter of Graham’s fiscal year 2011, which begins on April 1, 2010, and the Asian order is scheduled to ship in the fourth quarter of Graham’s 2011 fiscal year.

James R. Lines, Graham’s President and Chief Executive Officer, commented, “We believe that there is a growing pipeline for alternative energy projects in the U.S., especially in waste-to-energy, geothermal, solar and cogeneration. We currently have a number of bids outstanding on approved projects. Moreover, there are a number of potential projects being evaluated by facility developers. The Graham brand is recognized as a market leader by alternative energy project developers, and we have been supplying condensers to this market, both in the U.S. and internationally, for many years.”

“The ethylene facility order, our second in as many quarters, is especially noteworthy because we believe it is an indicator of petrochemical industry health. We now believe this market is in the early stages of recovery. Although we are seeing improvement in all of our markets, we caution that any recovery is susceptible to project delays due to continued challenges with financing as well as demand disruptions related to lingering global economic weakness. Looking to fiscal 2011, we expect to continue to advance our market share, yet anticipate continued sporadic order activity, especially in the first half of the year.” Mr. Lines concluded.


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