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BATAVIA, NY, July 26, 2019 – Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, today reported financial results for its first quarter ended June 30, 2019 (“fiscal 2020”).
Net sales in the first quarter of fiscal 2020 were $20.6 million compared with $29.6 million in the first quarter of the fiscal year ended March 31, 2019 (“fiscal 2019”). Net income in the fiscal 2020 first quarter was $0.1 million, or $0.01 per diluted share. Excluding the loss on the sale and the operating loss of the commercial nuclear utility business, adjusted net income and adjusted EPS, both of which are non-GAAP measures, for the first quarter of fiscal 2020 were $1.0 million, and $0.10, respectively. Net income and earnings per share (“EPS”) in the fiscal 2019 first quarter were $2.3 million and $0.24, respectively. Adjusted net income and adjusted EPS in the first quarter of fiscal 2019, both of which are non-GAAP measures computed on the same basis as the fiscal 2020 non-GAAP measures (i.e. excluding Energy Steel), were $2.7 million and $0.28, respectively. The Company makes important disclosures regarding its use of non-GAAP measures on the following page of this release.
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