-----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, Gt6qPdBQ7+beqrmql7JDhP5S6l3joT47D/RbpSsTyoMTrCW2ajqrEW9I6b01JxAV a43JCEBmOQRMmZF2AOyWxA== 0000716314-03-000010.txt : 20031028 0000716314-03-000010.hdr.sgml : 20031028 20031028161007 ACCESSION NUMBER: 0000716314-03-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031028 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08462 FILM NUMBER: 03961115 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 8-K 1 fm8k204.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 _________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 27, 2003 GRAHAM CORPORATION (exact name of registrant as specified in Charter) Delaware 1-8462 16-1194720 - -------- ------ ---------- (State or other jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification Number) 20 Florence Avenue, Batavia, New York 14020 ------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (585) 343-2216 -------------- N/A (Former name or former address, if changed since last report) 2 Item 7. Exhibits -------- 99.1 Press Release issued October 27, 2003 announcing earnings of Graham Corporation for the fiscal quarter and six months ended September 30, 2003. Item 12. Results of Operations and Financial Condition ------------------------------------------------- On October 27, 2003, Graham Corporation issued a press release announcing results of operations for the fiscal quarter and six months ended September 30, 2003. A copy is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. 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 (Registrant) Date: October 28, 2003 By /s/ J. Ronald Hansen __________________________ J. Ronald Hansen Vice President - Finance & Administration and Chief Financial Officer 3 Exhibit Index Exhibit Number Document Description 99.1 Press Release dated October 28, 2003 EX-99 4 ex99-1fm8k204.txt EXHIBIT 99 - PRESS RELEASE October 27, 2003 Businesswire 1185 Avenue of the Americas, 3rd Floor New York, NY 10036 FROM: William A. Smith, Jr. ACCOUNT: Graham Corporation Smith Law Office, P.C. 20 Florence Avenue 7 State Street Batavia, NY 14020 Pittsford, NY 14534 ATT: Carole M. Anderson Please distribute the following press release on your National wire. Please send us by fax (585-343-1177) copies of Dow Jones, Reuters, and any other wire service reports of this release when you receive them. QUOTE FOR GRAHAM CORPORATION Company Contact: J. Ronald Hansen. Batavia, New York 14020 - Phone (585) 343-2216 PRESS RELEASE FOR IMMEDIATE RELEASE: October 27, 2003 GRAHAM CORPORATION ANNOUNCES RESULTS FOR SECOND QUARTER OF FISCAL YEAR 2003 - 2004 Batavia, N.Y. (October 27, 2003) -- Graham Corporation (GHM:ASE) announced today results for the second quarter of its current fiscal year. Sales for the quarter ended September 30, 2003 were $12,457,000 producing net income of $156,000 or $.09 per diluted share. This compares to sales for the quarter ended September 30, 2002 of $11,437,000, which produced a net loss of $353,000 or $.21 per diluted share. Sales for the first six months of the fiscal year (April - September 2003) were $20,892,000, compared to sales of $21,605,000 for the first six months of the previous fiscal year; net loss was $502,000 versus $809,000 net loss for the first six months of the previous fiscal year; and the diluted loss per share was $.31 versus $.49 loss per diluted share for the same period the previous year. Orders for the second quarter ended September 30, 2003 were $7,854,000 compared to $11,294,000 for the quarter ended September 30, 2002. Orders for the quarter ended June 30, 2003 were $11,233,000. Orders for the current quarter were down due to temporary postponements in placing orders. Consolidated backlog on September 30, 2003 was $23,545,000. Backlog at June 30, 2003 stood at $28,002,000 and on September 30, 2002 at $31,793,000. 2 Al Cadena, Graham's President and Chief Executive Officer said, "In the second quarter the Company has begun to see signs of recovery in its principal markets, especially overseas. New orders for the quarter were less than expected due to customer rescheduling of certain large projects; the Company expects to enter orders for these projects in the current quarter. While the situation remains highly competitive, we believe that the downturn in demand for the Company's standard products has reached bottom and is now beginning to recover. The Company remains in a strong financial position, with an excellent balance sheet." Graham designs and builds vacuum and heat transfer equipment for process industries throughout the world. It is a worldwide leader in vacuum technology. The principal markets for Graham's equipment are the chemical, petrochemical, petroleum refining and electric power generating industries, including cogeneration and geothermal plants. Other markets served include metal refining, pulp and paper, shipbuilding, water heating, refrigeration, desalination, food processing, drugs, heating, ventilating and air conditioning. Graham's ejectors, liquid ring and dry vacuum pumps, condensers, heat exchangers and other products, sold either as components or as complete systems, are used by its customers to produce synthetic fibers, chemicals, petroleum products (including gasoline), electric power, processed food (including canned, frozen and dairy products), pharmaceutical products, paper, steel, fertilizers and numerous other products used every day by people throughout the world. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Graham's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include changes in market conditions in the industries in which the Company operates. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. 3 GRAHAM CORPORATION SUMMARY OF CONSOLIDATED SALES AND EARNINGS (UNAUDITED)
Three Months Ended Six Months Ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2003 2002 2003 2002 --------- --------- --------- --------- Net Sales $12,457,000 $11,437,000 $20,892,000 $21,605,000 Costs and Expenses 12,233,000 11,959,000 22,117,000 22,818,000 Other Income (522,000) ----------- ----------- ----------- ----------- Income (Loss) Before Income Taxes 224,000 (522,000) (703,000) (1,213,000) Provision (Benefit) for Income Taxes 68,000 (169,000) (201,000) (404,000) ----------- ----------- ----------- ----------- Net Income (Loss) $ 156,000 $ (353,000) $ (502,000) $ (809,000) =========== =========== =========== =========== Per Share Data Net Income (Loss)-Basic $0.09 ($0.21) ($0.31) ($0.49) ===== ====== ====== ====== Diluted $0.09 ($0.21) ($0.31) ($0.49) ===== ====== ====== ======
< PAGE>4 CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED) Sept. 30, March 31, 2003 2003 --------- --------- ASSETS Cash and cash equivalents $ 280,000 $ 217,000 Investments 5,428,000 6,446,000 Accounts Receivable 6,341,000 7,295,000 Inventories 9,330,000 10,341,000 Prepaid Expenses and Other Current Assets 2,951,000 2,472,000 ----------- ----------- Total Current Assets 24,330,000 26,771,000 Property, Plant & Equipment - Net 9,481,000 9,808,000 Other Assets 1,570,000 1,701,000 ----------- ----------- Total $35,381,000 $38,280,000 =========== =========== LIABILITIES & SHAREHOLDERS' EQUITY Short-Term Debt & Current Portion of Long-Term Debt $ 1,626,000 $ 1,604,000 Accounts Payable 2,782,000 4,629,000 Other Current Liabilities 8,021,000 7,759,000 ----------- ----------- Total Current Liabilities 12,429,000 13,992,000 Long-Term Debt 116,000 127,000 Deferred Liabilities 4,466,000 5,368,000 Shareholders' Equity 18,370,000 18,793,000 ----------- ----------- Total $35,381,000 $38,280,000 =========== ===========
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