Graham Corporation Wins $3.9 Million in Orders for Steam Surface Condensers

2009-11-04 22:33:02 -

Graham Corporation (NYSE Amex: GHM) a manufacturer of critical equipment for energy, petrochemical and other process industries, today announced that it has been awarded three orders valued at $3.9 million for custom-engineered steam surface condensers. One condenser will be installed at a petrochemical facility in India, the second condenser is destined for a Mexican oil refinery and the third condenser

is for a biomass-fueled cogeneration facility in the United States. All three condensers are expected to be engineered and manufactured in the Company’s Batavia, New York, facility. The orders were received at the end of October and are included in the $5.8 million in total orders received in that month.

Shipments of the condensers are expected to begin in the Company’s fiscal 2011 second quarter, with the majority of the revenue recognized during the third and fourth quarters of that fiscal year. Graham’s fiscal year 2011 begins on April 1, 2010.

James R. Lines, Graham’s President and Chief Executive Officer, commented, “Our commitment to the expanding energy markets and strong presence in the petrochemical industries continues to provide demand for our products, as we believe is evidenced by these recent new orders. We believe the emerging economies in Asia, the Middle East and South America will experience considerable investment over the next two decades in new energy and petrochemical producing facilities.

Importantly, our brand is strong in these markets and regions of the world. Moreover, the biomass facility order validates Graham’s involvement in the growing alternative energy markets in the U.S.”


Concluded Mr. Lines, “The October order activity is indicative of the improvement we are seeing in both the quality and number of pipeline opportunities and may be an indication that major project work is beginning to advance. However, we continue to anticipate a non-uniform level of order activity in the coming months, and do not feel the markets have fully recovered at this point. We will continue our aggressive, but disciplined, pursuit of business during this period of uncertainty.”


ABOUT GRAHAM CORPORATION

With world-renowned engineering expertise in vacuum and heat transfer technology, Graham Corporation is a global designer, manufacturer and supplier of custom-engineered ejectors, pumps, condensers, vacuum systems and heat exchangers. For over 70 years, Graham has built a reputation for top quality, reliable products and high-standards of customer service. Sold either as components or complete system solutions, the principal markets for Graham’s equipment are the energy, petrochemical and other process industries. Graham's equipment can be found in diverse applications, such as metal refining, pulp and paper processing, ship-building, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning.

Graham Corporation’s reach spans the globe. Its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East. Graham routinely posts news and other important information on its website, www.graham-mfg.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. , where additional comprehensive information on the Company can be found.


Safe Harbor Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words.
All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, statements relating to anticipated revenue, profit margins, foreign sales operations, its strategy to build its global sales representative channel, the effectiveness of automation in expanding its engineering capacity, its ability to improve cost competitiveness, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior and its acquisition strategy are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation's most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.”

Should one or more of these risks or uncertainties materialize, or should any of Graham Corporation's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation's forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.


Graham CorporationJeffrey Glajch, 585-343-2216Vice President
Finance and CFO jglajch@graham-mfg.com : mailto:jglajch@graham-mfg.com orKei
Advisors LLCDeborah K. Pawlowski, 716-843-3908 dpawlowski@keiadvisors.com : mailto:dpawlowski@keiadvisors.com