-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OKe4GmEl/oTq56vKRJZzUccP8AnDA/utjiZSEhtulX4wUJ9eMa8RyUcimqCLChN/ CRoGzfJYMJIthtrEDtVl2A== 0000716314-99-000003.txt : 19990209 0000716314-99-000003.hdr.sgml : 19990209 ACCESSION NUMBER: 0000716314-99-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAHAM CORP CENTRAL INDEX KEY: 0000716314 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 161194720 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08462 FILM NUMBER: 99524119 BUSINESS ADDRESS: STREET 1: 20 FLORENCE AVE STREET 2: POST OFFICE BOX 719 CITY: BATAVIA STATE: NY ZIP: 14020 BUSINESS PHONE: 7163432216 MAIL ADDRESS: STREET 1: 20 FLORENCE AVENUE STREET 2: POST OFFICE BOX 719 CITY: BATAVIA STATE: NY ZIP: 14021-0719 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark one) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For Quarterly Period Ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from ____________ to ____________ Commission File Number 1-8462 GRAHAM CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 16-1194720 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 20 FLORENCE AVENUE, BATAVIA, NEW YORK 14020 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including Area Code - 716-343-2216 (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES __X__ No _____ As of February 8, 1999, there were outstanding 1,584,995 shares of common stock, $.10 per share. 2 GRAHAM CORPORATION AND SUBSIDIARIES FORM 10-Q DECEMBER 31, 1998 PART I - FINANCIAL INFORMATION Unaudited consolidated financial statements of Graham Corporation (the Company) and its subsidiaries of December 31, 1998 and for the three month and nine month periods then ended are presented on the following pages. The financial statements have been prepared in accordance with the Company's usual accounting policies, are based in part on approximations and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to a fair presentation of the results of the interim periods. This part also includes management's discussion and analysis of the Company's financial condition as of December 31, 1998 and its results of operations for the three month and nine month periods then ended. 3 GRAHAM CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
December 31, March 31, 1998 1998 ---- ---- Assets Current Assets: Cash and equivalents $ 4,137,000 $ 1,694,000 Marketable securities 200,000 4,801,000 Trade accounts receivable 6,149,000 6,791,000 Inventories 7,978,000 10,278,000 Deferred tax asset 907,000 881,000 Prepaid expenses and other current assets 395,000 468,000 ----------- ----------- 19,766,000 24,913,000 Property, plant and equipment, net 10,249,000 10,026,000 Deferred tax asset 2,455,000 2,067,000 Other assets 227,000 24,000 ----------- ----------- $32,697,000 $37,030,000 =========== ===========
4 GRAHAM CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (concluded)
December 31, March 31, 1998 1998 ---- ---- Liabilities and Shareholders' Equity Current liabilities: Short-term debt due banks $ 40,000 Current portion of long-term debt $ 566,000 505,000 Accounts payable 1,922,000 4,195,000 Accrued compensation 3,523,000 4,940,000 Accrued expenses and other liabilities 1,127,000 1,039,000 Customer deposits 352,000 779,000 Domestic and foreign income taxes payable 178,000 956,000 ----------- ----------- 7,668,000 12,454,000 Long-term debt 645,000 859,000 Deferred compensation 1,105,000 1,007,000 Other long-term liability 216,000 264,000 Deferred pension liability 3,034,000 1,464,000 Accrued postretirement benefits 3,270,000 3,207,000 ----------- ----------- Total liabilities 15,938,000 19,255,000 ----------- ----------- Shareholders' equity: Preferred stock, $1 par value - Authorized, 500,000 shares Common stock, $.10 par value - Authorized, 6,000,000 shares Issued 1,690,595 shares on December 31, and March 31, 1998 169,000 169,000 Capital in excess of par value 4,521,000 4,521,000 Cumulative foreign currency translation adjustment (1,791,000) (1,781,000) Retained earnings 16,786,000 15,362,000 ----------- ----------- 19,685,000 18,271,000 Less: Treasury stock (1,784,000) (71,000) Employee Stock Ownership Plan Loan Payable (275,000) (425,000) Minimum pension liability adjustment (867,000) ----------- ----------- Total shareholders' equity 16,759,000 17,775,000 ----------- ----------- $32,697,000 $37,030,000 =========== ===========
5 GRAHAM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
Three Months Nine Months ended December 31, ended December 31, 1998 1997 1998 1997 ---- ---- ---- ---- Net Sales $14,219,000 $11,914,000 $40,792,000 $38,387,000 ----------- ----------- ----------- ----------- Cost and expenses: Cost of products sold 10,255,000 8,276,000 29,083,000 26,104,000 Selling, general and administrative 3,229,000 3,161,000 9,305,000 9,568,000 Interest expense 116,000 61,000 237,000 201,000 ----------- ----------- ----------- ----------- 13,600,000 11,498,000 38,625,000 35,873,000 ----------- ----------- ----------- ----------- Income before income taxes 619,000 416,000 2,167,000 2,514,000 Provision for income taxes 216,000 107,000 743,000 827,000 ----------- ----------- ----------- ----------- Net income 403,000 309,000 1,424,000 1,687,000 Retained earnings at beginning of period 16,383,000 12,974,000 15,362,000 11,596,000 ----------- ----------- ----------- ----------- Retained earnings at end of period $16,786,000 $13,283,000 $16,786,000 $13,283,000 =========== =========== =========== =========== Per Share Data: Basic: Net income $.25 $.19 $.88 $1.04 ==== ==== ==== ===== Diluted: Net income $.25 $.18 $.87 $1.00 ==== ==== ==== =====
6 GRAHAM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended December 31, 1998 1997 ---- ---- Operating activities: Net income $ 1,424,000 $ 1,687,000 ----------- ----------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 785,000 782,000 Loss on sale of property, plant and equipment 5,000 1,000 (Increase) Decrease in operating assets: Accounts receivable 636,000 3,094,000 Inventory, net of customer deposits 1,868,000 98,000 Prepaid expenses and other current and non-current assets 68,000 (3,000) Increase (Decrease) in operating liabilities: Accounts payable, accrued compensation, accrued expenses and other liabilities (3,673,000) 531,000 Estimated liabilities of discontinued operations (173,000) Deferred compensation, deferred pension liability, and accrued postemployment benefits 307,000 (151,000) Domestic and foreign income taxes (778,000) 108,000 Deferred income taxes (5,000) (19,000) Other long-term liabilities (48,000) (93,000) ----------- ----------- Total adjustments (835,000) 4,175,000 ----------- ----------- Net cash provided by operating activities 589,000 5,862,000 ----------- -----------
7 GRAHAM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (concluded)
Nine Months Ended December 31, 1998 1997 ---- ---- Investing activities: Purchase of property, plant and equipment (690,000) (766,000) Proceeds from sale of property, plant and equipment 5,000 11,000 Purchase of marketable securities (6,407,000) (7,313,000) Proceeds from maturity of marketable securities 10,987,000 4,452,000 ----------- ----------- Net cash provided (used) by investing activities 3,895,000 (3,616,000) ----------- ----------- Financing activities: Increase (Decrease) in short-term debt (40,000) 59,000 Proceeds from issuance of long-term debt 5,950,000 5,441,000 Principal repayments on long-term debt (6,238,000) (7,129,000) Issuance of common stock 1,008,000 Purchase of treasury stock (1,713,000) Sale of treasury stock 13,000 ----------- ----------- Net cash used by financing activities (2,041,000) (608,000) Effect of exchange rate on cash ----------- ----------- Net increase in cash and equivalents 2,443,000 1,638,000 Cash and equivalents at beginning of period 1,694,000 854,000 ----------- ----------- Cash and equivalents at end of period $ 4,137,000 $ 2,492,000 =========== ===========
8 GRAHAM CORPORATION AND SUBSIDIARIES NOTES TO FINANCIAL INFORMATION DECEMBER 31, 1998 - ------------------------------------------------------------------------- NOTE 1 - INVENTORIES - ------------------------------------------------------------------------- Major classifications of inventories are as follows:
12/31/98 3/31/98 -------- ------- Raw materials and supplies $ 2,459,000 $ 2,707,000 Work in process 8,856,000 12,081,000 Finished products 1,410,000 1,131,000 ----------- ----------- 12,725,000 15,919,000 Less - progress payments 4,747,000 5,641,000 ----------- ----------- $ 7,978,000 $10,278,000 =========== ===========
- -------------------------------------------------------------------------- NOTE 2 - EARNINGS PER SHARE: - ------------------------------------------------------------------------- Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common and, when applicable, potential common shares outstanding during the period. A reconciliation of the numerators and denominators of basic and diluted earnings per share is presented below:
Three months Nine months ended December 31, ended December 31, 1998 1997 1998 1997 ---- ---- ---- ---- Basic earning per share Numerator: Net income $ 403,000 $ 309,000 $1,424,000 $1,687,000 ---------- ---------- ---------- ---------- Denominator: Weighted common shares outstanding 1,585,000 1,686,000 1,607,000 1,641,000 Share equivalent units (SEU) outstanding 5,000 3,000 5,000 3,000 ---------- ---------- ---------- ---------- Weighted average shares and SEU's outstanding 1,590,000 1,689,000 1,612,000 1,644,000 ---------- ---------- ---------- ---------- Basic earnings per share $.25 $.19 $.88 $1.04 ==== ==== ==== =====
9
Three months Nine months ended December 31, ended December 31, 1998 1997 1998 1997 ---- ---- ---- ---- Diluted earnings per share Numerator: Net income $ 403,000 $ 309,000 $1,424,000 $1,687,000 ---------- ---------- ---------- ---------- Denominator: Weighted average shares and 1,590,000 1,689,000 1,612,000 1,644,000 SEU's outstanding Stock options outstanding 4,000 38,000 16,000 48,000 Contingently issuable SEU's 6,000 3,000 5,000 2,000 ---------- ---------- ---------- ---------- Weighted average common and potential common shares outstanding 1,600,000 1,730,000 1,633,000 1,694,000 ---------- ---------- ---------- ---------- Diluted earnings per share $.25 $.18 $.87 $1.00 ==== ==== ==== =====
Options to purchase 55,200 shares of common stock at $21.44 per share, 9,000 shares at $21.25, 2,250 shares at $17.88, 8,250 shares at $17, 2,250 shares at $16.13, 26,250 shares at $13.17, 8,250 shares at $11.33 and 9,000 shares at $11 were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares. - ------------------------------------------------------------------------- NOTE 3 - CASH FLOW STATEMENT - ------------------------------------------------------------------------- Actual interest paid was $240,000 and $201,000 for the nine months ended December 31, 1998 and 1997, respectively. In addition, actual income taxes paid were $1,444,000 and $738,000 for the nine months ended December 31, 1998 and 1997, respectively. Non cash activities during the nine months ended December 31, 1998 and 1997 included capital expenditures totaling $176,000 and $17,000, respectively, which were financed through the issuance of capital leases. In addition, in December 1998 a minimum pension liability adjustment, net of an allowable intangible asset and tax benefit, was recognized. 10 - ------------------------------------------------------------------------- NOTE 4 - COMPREHENSIVE INCOME - ------------------------------------------------------------------------- Effective April 1, 1998, the Company adopted Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income." This statement requires reporting and disclosure of comprehensive income and its components in financial statement format. Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. The Company has determined that at March 31, 1999 it will display comprehensive income in a separate statement of comprehensive income. The Company's comprehensive earnings were as follows:
Three months Nine months ended December 31, ended December 31, 1998 1997 1998 1997 ---- ---- ---- ---- Net income $ 403,000 $ 309,000 $1,424,000 $1,687,000 ---------- ---------- ---------- ---------- Other comprehensive income (loss), net of tax Minimum pension liability adjustment (867,000) (867,000) Foreign currency translation adjustment (45,000) 27,000 (10,000) 8,000 ---------- ---------- ---------- ---------- Total other comprehensive income (loss) (912,000) 27,000 (877,000) 8,000 ---------- ---------- ---------- ---------- Comprehensive income $ (509,000) $ 336,000 $ 547,000 $1,695,000 ========== ========== ========== ==========
The minimum pension liability adjustment is net of a tax benefit of $408,000. The foreign currency translation adjustment is not currently adjusted for income taxes since it relates to an investment which is permanent in nature. 11 GRAHAM CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS December 31, 1998 Results of Operations - --------------------- Sales increased 19% in the third quarter of fiscal year 1999 compared to the same period in the previous year. Sales for the third quarter increased 26% in the United States and declined 25% in the United Kingdom compared to fiscal year 1998. Sales for the nine months ended December 31, 1998 were greater than sales for the same period last year by 6%. Sales in the United States increased 8% while sales in the United Kingdom decreased 8% from the same period last year. The increased sales in the United States is attributable to revenue recognized on certain large contracts in process during the third quarter. At the end of the third quarter of fiscal year 1998 there were no significant jobs in process as production did not commence on the larger contracts until the fourth quarter. As a result, fourth quarter sales of this year are expected to be below fourth quarter sales of the prior year. The reduced sales in the United Kingdom is due primarily to changes in the shipment schedule for two jobs which were necessary to accommodate customer requirements. Cost of sales as a percent of sales for the third quarter was 72% compared to 69% a year ago. Cost of sales as a percent of sales for the three month period was 73% in the United States compared to 70% last year and 66% in the United Kingdom compared to 65% last year. For the nine months, cost of sales as a percent of sales increased from 68% a year ago to 71% currently. In the United States, the cost of sales percentage was 72% compared to 69% last year and in the United Kingdom it improved slightly to 62% from 63% for the same period last year. The unfavorable percentages for the three and nine month period are attributable to product mix and reduced selling prices due to severe price competition while direct product costs and overhead expenses have varied consistently with sales volume. Selling, general and administrative expenses were only 2% greater in the third quarter compared to the same period in fiscal year 1998, and represented 23% of sales compared to 27% last year. For the nine month period, selling, general and administrative expenses declined 3% as compared to fiscal year 1998 and were 23% of sales compared to 25% in the prior year. These variances are primarily attributable to the receipt of proceeds from an insurance policy. In addition, the third quarter of last year included a restructuring charge as a result of downsizing the work force in the United Kingdom. Interest expense for the third quarter of fiscal year 1999 exceeded interest expense for the comparable three month period of 1998 by 90% and for the nine month period, interest expense increased 18% as compared to 1998. This increase is due to interest owed on state franchise and sales tax. 12 Results of Operations (concluded) - -------------------------------- The effective income tax rates for the third quarter and nine month period of fiscal year 1999 were 35% and 34%, respectively. The effective tax rates for the three months and nine months ended December 31, 1997 were 26% and 33%, respectively. The favorable tax rate for the quarter resulted from the utilization of United Kingdom tax losses. Financial Condition - ------------------- Working capital of $12,098,000 at December 31, 1998 compares to $12,459,000 at the end of March. This working capital decline reflects a decrease in current assets and current liabilities of $5,147,000 and $4,786,000, respectively. The decrease in current assets related primarily to a decrease in marketable securities as a result of maturities. The related cash was used to purchase treasury stock. Inventory also declined as there were significantly more large projects in process at March 31. The decrease in current liabilities is due to a decline in account payable which is related to the decrease in inventory. In addition, accrued compensation and income taxes payable decreased due to payments made in the first six months of the year. The current ratio at December 31, 1998 is 2.58 compared to 2.0 at March 31, 1998. Capital expenditures for the nine month period were $690,000 compared to $766,000 for the same period in 1998. There were no major commitments for capital expenditures as of December 31, 1998. There was no short term debt at December 31, 1998 which compares to a minimal balance of $40,000 at March 31, 1998. During fiscal year 1999, working capital needs have been mainly financed with cash flow from operations. Total long term debt decreased $153,000 due to paydowns which were offset by additional capital leases for the purchase of machinery. Debt ratios have remained relatively stable with the long term debt to equity ratio at 7% compared to 8% at March 31, 1998 and the total liabilities to assets ratio at 49% compared to 52% at March 31, 1998. Management expects that the cash flow from operations and lines of credit will provide sufficient resources to fund the 1999 cash requirements. New Orders and Backlog - ---------------------- New orders for the third quarter were $8,540,000 compared to $11,951,000 for the same period last year. New orders in the United States were $7,729,000 compared to $10,981,000 for the same period in fiscal year 1998. New orders in the United Kingdom were $811,000 compared to $970,000 for the same quarter last year. For the nine month period, new orders were $29,841,000 compared to $49,211,000 for the comparable nine month period of the prior year. New orders in the United States were $26,398,000 compared to $46,419,000 for the same period last year and new orders in the 13 New Orders and Backlog (concluded) - --------------------------------- United Kingdom were $3,443,000 compared to $2,792,000 in 1998. The decline in new orders in the United States is attributable to the weakening of the Company's markets in Asia and Latin America. The Company is focusing its efforts to obtain new orders in the power generating and pharmaceutical markets as management is encouraged by the possible opportunities in these markets. In light of the low order levels, the Company has instituted cost reductions and anticipates that these reductions will significantly impact the bottom line. The difficulty in obtaining new orders in the United Kingdom is attributable to low demand in the export market and the recession in the United Kingdom manufacturing industry. Backlog of unfilled orders at December 31, 1998 is $17,170,000 compared to $31,549,000 at this time a year ago and $28,199,000 at March 31, 1998. Current backlog in the United States of $16,127,000 compares to $27,292,000 at March 31, 1998 and $30,994,000 at December 31, 1997. Current backlog in the United Kingdom of $1,043,000 compares to $907,000 at March 31, 1998 and $555,000 at December 31, 1997. The current backlog is scheduled to be shipped during the next twelve months and represents orders from traditional markets in the Company's established product lines. Year 2000 Readiness - ------------------- The Company has established a program to assess the impact of the Year 2000 on the software and hardware utilized in its internal operations. The cost to address the Year 2000 issues has been estimated at $85,000. This program includes the following phases: identifying affected software, hardware, and manufacturing and telecommunication equipment and assessing the impact of the Year 2000 issue; hardware and software remediation; testing; surveying the Year 2000 readiness of customers and suppliers; and developing a contingency plan. Modification and testing of hardware and software has been completed. Manufacturing hardware and software and telecommunication hardware is currently Year 2000 compliant. Remediation of the telecommunication software is in process with an expected completion date of March 31, 1999. The Company is surveying its customers and suppliers regarding their readiness for the Year 2000 and anticipates completing this phase of the program by March 31, 1999. The Company relies on third-party suppliers for products and services. If these suppliers do not adequately address the impact of the Year 2000 on their own systems and products in a timely manner, it may be necessary for the Company to secure alternate vendors to supply these required products and services. The Company has developed a contingency plan to handle this situation. Other Matters - ------------- On January 28, 1999 the Board of Directors authorized a repurchase of the Company's common stock of up to two million dollars. This action reflects management's confidence in the future of the business and is another means to add to shareholders' value. 14 GRAHAM CORPORATION AND SUBSIDIARIES FORM 10-Q DECEMBER 31, 1998 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. a. See index to exhibits. b. No reports on Form 8-K were filed during the quarter ended December 31, 1998. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GRAHAM CORPORATION /s/J. R. Hansen ____________________________________ J. R. Hansen Vice President Finance and Administration / CFO (Principal Accounting Officer) Date 02/08/99 15 INDEX OF EXHIBITS (2) Plan of acquisition, reorganization, arrangement, liquidation or succession Not applicable. (4) Instruments defining the rights of security holders, including indentures (a) Equity securities The instruments defining the rights of the holders of Registrant's equity securities are as follows: Certificate of Incorporation, as amended of Registrant (filed as Exhibit 3(a) to the Registrant's annual report on Form 10-K for the fiscal year ended December 31, 1989, and incorporated herein by reference.) By-laws of registrant, as amended (filed as Exhibit 3.2(ii) to the Registrant's annual report on Form 10-K for the fiscal year ended March 31, 1998, and is incorporated herein by referenced.) Shareholder Rights Plan of Graham Corporation (filed as Exhibit (4) to Registrant's current report filed on Form 8-K on February 26, 1991, as amended by Registrant's Amendment No. 1 on Form 8 dated June 8, 1991, and incorporated herein by reference.) (b) Debt securities Not applicable. (10) Material Contracts 1989 Stock Option and Appreciation Rights Plan of Graham Corporation (filed on the Registrant's Proxy Statement for its 1991 Annual Meeting of Shareholders and incorporated herein by reference.) 1995 Graham Corporation Incentive Plan to Increase Shareholder Value (filed on the Registrant's Proxy Statement for its 1996 Annual Meeting of Shareholders and incorporated herein by reference.) Graham Corporation Outside Directors' Long-Term Incentive Plan (filed as Exhibit 10.3 to the Registrant's annual report on Form 10-K for the fiscal year ended March 31, 1998, and is incorporated herein by reference.) 16 Index to Exhibits (cont.) - ------------------------ Employment Contracts between Graham Corporation and Named Executive Officers (filed as Exhibit 10.4 to the Registrant's annual report on Form 10-K for the fiscal year ended March 31, 1998, and is incorporated herein by reference.) Senior Executive Severance Agreements with Named Executive Officers (filed as Exhibit 10.5 to the Registrant's annual report on Form 10-K for the fiscal year ended March 31, 1998, and is incorporated herein by reference.) (11) Statement re-computation of per share earnings Computation of per share earnings is included in Note 2 of the Notes to Financial Information. (15) Letter re-unaudited interim financial information Not applicable. (18) Letter re-change in accounting principles Not Applicable. (19) Report furnished to security holders None. (22) Published report regarding matters submitted to vote of security holders None. (23) Consents of experts and counsel Not applicable. (24) Power of Attorney Not applicable. (27) Financial Data Schedule Financial Data Schedule is included herein as Exhibit 27 of this report. (99) Additional exhibits None. EX-27 2
5 The schedule contains summary financial information extracted from the Graham Corporation consolidated balance sheet and consolidated statement of operations and retained earnings and is qualified in its entirety by reference to such financial statements. 1,000 9-MOS MAR-31-1999 DEC-31-1998 4,137 200 6,161 12 7,978 19,766 26,063 15,814 32,697 7,668 645 0 0 169 16,590 32,697 40,792 40,792 29,083 29,083 0 10 237 2,167 743 1,424 0 0 0 1,424 .88 .87
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