GRAHAM CORP

Listed Company

GHMCIK 0000716314NYSEAcceleratedGeneral Industrial Machinery & EquipmentDelawareFY ends Mar 31

Period

FY 2025

Revenue

$209.90M

Net Income

$12.23M

Total Assets

$264.11M

Equity

$119.58M

Shares Out

11.07M

Op. Cash Flow

$24.32M

Business

GRAHAM CORP designs and manufactures mission-critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries. It offers custom-engineered vacuum systems, heat transfer equipment, cryogenic pumps, turbomachinery, ejectors, surface and process condensers, turbines, compressors, pumps, blowers and related life support and thermal management components. The company operates through its core engineering and manufacturing operations and through subsidiaries including Barber-Nichols and recently acquired P3, organized around Defense, Energy & Process, and Space end markets. Products are sold worldwide through a direct sales engineering force and supported by wholly-owned subsidiaries providing regional sales and engineering support in Southeast Asia, India and the Middle East to OEMs, tier suppliers, EPCs and government customers.

Summary from filing dated 2025-06-09

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Net sales	210	186	157	123	97
Cost of products sold	157	145	132	114	77
Gross profit	53	41	25	9	20
Selling, general and administrative	37	32	23	20	17
Selling, general and administrative amortization	2	1	1	913,000	0
Other operating (income) expense, net	−1	80,000	0	−827,000	—
Operating income	15	7	1	−11	3
Loss on extinguishment of debt	0	726,000	0	0	—
Other expense (income), net	364,000	374,000	−250,000	−527,000	−113,000
Interest (income) expense, net	−583,000	248,000	939,000	—	—
Total other (income) expenses	−219,000	1	689,000	−127,000	−269,000
Income before provision for income taxes	15	6	561,000	−11	3
Provision for income taxes	3	1	194,000	−2	893,000
Net Income	12	5	367,000	−9	2
Net income (per share)	1.12	0.42	0.03	−0.83	0.24
Net income (per share)	1.11	0.42	0.03	−0.83	0.24
Basic	11	11	11	11	10
Diluted	11	11	11	11	10

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Cash and cash equivalents	22	17	18	15	60
Trade accounts receivable, net of allowances ($630 and $79 at March 31, 2025 and 2024, respectively)	36	44	24	28	17
Unbilled revenue	38	28	40	26	20
Inventories	40	33	26	17	17
Prepaid expenses and other current assets	4	4	2	1	512,000
Income taxes receivable	2	0	302,000	459,000	0
Total current assets	141	126	110	87	120
Property, plant and equipment, net	51	32	26	25	18
Prepaid pension asset	6	6	6	7	6
Operating lease assets	6	7	8	8	95,000
Goodwill	26	26	24	24	0
Finite-Lived Intangible Assets, Net	24	26	21	—	—
Other intangible assets, net	7	7	8	9	—
Deferred income tax asset	2	3	3	2	—
Other assets	2	724,000	158,000	194,000	103,000
Total assets	264	234	204	184	144
Current portion of finance lease obligations	21,000	20,000	29,000	23,000	0
Accounts payable	27	21	20	17	18
Accrued compensation	19	17	10	8	6
Accrued expenses and other current liabilities	4	7	6	6	5
Customer deposits	84	72	46	26	14
Operating lease liabilities	1	1	1	1	46,000
Income taxes payable	0	715,000	16,000	0	741,000
Total current liabilities	136	118	86	59	44
Finance lease obligations	44,000	65,000	85,000	11,000	34,000
Operating lease liabilities	6	6	7	7	37,000
Accrued pension and postretirement benefit liabilities	1	1	1	2	2
Other long-term liabilities	2	2	2	2	0
Total liabilities	145	128	107	87	46
Commitments and contingencies (Notes 8 and 17)	—	—	—	—	—
Common stock, $0.10 par value, 25,500 shares authorized; 11,077 and 10,993 shares issued and 10,903 and 10,850 shares outstanding at March 31, 2025 and 2024, respectively	1	1	1	1	1
Capital in excess of par value	35	32	28	28	27
Retained earnings	94	82	77	77	89
Accumulated other comprehensive loss	−7	−7	−7	−6	−7
Treasury stock (174 and 143 shares at March 31, 2025 and 2024, respectively)	−3	−3	−2	−3	−12
Total stockholders equity	120	106	97	96	98
Total liabilities and stockholders equity	264	234	204	184	144

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Net income	12	5	367,000	−9	2
Depreciation	4	3	4	3	2
Amortization of intangible assets	2	2	2	3	0
Virgin Orbit and other bad debt reserves	829,000	95,000	3	—	—
Amortization of unrecognized prior service cost and actuarial losses	781,000	843,000	672,000	996,000	1
Amortization of debt issuance costs	0	131,000	212,000	0	0
Equity-based compensation expense	2	1	806,000	809,000	864,000
Gain on disposal or sale of property, plant and equipment	0	−5,000	0	23,000	2,000
Change in fair value of contingent consideration	−1	80,000	0	−2	0
Deferred income taxes	1	−472,000	−120,000	−3	−561,000
Accounts receivable	8	−21	2	−2	−2
Unbilled revenue	−11	12	−14	2	−5
Inventories	−7	−6	−10	3	5
Income taxes receivable	−2	998,000	139,000	−1	1
Prepaid expenses and other current and non-current assets	−2	−2	−97,000	−340,000	416,000
Operating lease assets	1	1	1	1	155,000
Prepaid pension asset	−234,000	−287,000	−651,000	−1	−841,000
Accounts payable	3	401,000	3	−3	4
Accrued compensation, accrued expenses and other current and non-current liabilities	639,000	6	3	1	3
Customer deposits	12	26	21	6	−13
Operating lease liabilities	−1	−1	−1	−962,000	−158,000
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits	−33,000	−45,000	−628,000	491,000	70,000
Net cash provided by operating activities	24	28	14	−2	−2
Purchase of property, plant and equipment	−19	−9	−4	−2	−2
Proceeds from disposal of property, plant and equipment	0	44,000	0	0	7,000
Acquisition of P3 Technologies, LLC	−170,000	−7	0	0	0
Net cash used by investing activities	−19	−16	−4	−57	32
Principal repayments on debt	0	−26	−11	−40	−5
Proceeds from the issuance of debt	0	13	5	58	5
Repayments on finance lease obligations	−320,000	−316,000	−298,000	−225,000	0
Payment of debt exit costs	0	−752,000	0	0	—
Payment of debt issuance costs	0	−241,000	−122,000	−271,000	0
Issuance of common stock	653,000	476,000	0	0	—
Purchase of treasury stock	−854,000	−58,000	−21,000	−41,000	−23,000
Net cash provided by financing activities	−521,000	−13	−6	14	−4
Effect of exchange rate changes on cash	−30,000	−53,000	−208,000	115,000	356,000
Net increase (decrease) in cash and cash equivalents	5	−1	4	−45	27

Filings

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