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BATAVIA, NY, May 25, 2016 – Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical, power and defense industries, today reported its financial results for its fourth quarter and fiscal year ended March 31, 2016 (“fiscal 2016”).
Net sales in the fourth quarter of fiscal 2016 were $22.3 million, compared with net sales of $37.5 million in the fourth quarter of the fiscal year ended March 31, 2015 (“fiscal 2015”). Similar to earlier fiscal 2016 quarters, fourth quarter sales were impacted by weak market conditions. Net income in the fourth quarter was $0.5 million, or $0.05 per diluted share. The prior year’s fourth quarter had net income of $4.2 million, or $0.41 per diluted share.
Net sales for the full-year fiscal 2016 were $90.0 million, a decrease of 33% from $135.2 million in fiscal 2015. Fiscal 2016 net income was $6.1 million, or $0.61 per diluted share, compared with net income of $14.7 million, or $1.45 per diluted share, in fiscal 2015.