Graham Corp. posted lower sales, but a higher profitâ€”including a one-time gainâ€”for its fiscal 2005 second quarter.
The Batavia-based company logged sales of $10.9 million for the quarter ended Sept. 30, compared with $12.6 million a year ago. Net income, which included a pre-tax gain of $1.6 million from a lawsuit settlement, was $380,000, or 22 cents a diluted share, compared with $209,000, or 13 cents a share, for the second quarter 2003.
Alvaro Cadena, Grahamâ€™s president and CEO, said the market is showing signs of recovery, adding that the last six months have brought 10 percent more inquiries than a year ago.
The company is seeing strong activity in the petroleum-refining market and in petrochemicals. Activity is growing in the geothermal market, Cadena said.
â€œMargins on product sales are increasing, and it is clear the last half of Grahamâ€™s current fiscal year will see increased shipments,â€ Cadena said. â€œWe are forecasting a profitable second half.â€
Sales for the first six months were $20.8 million, compared with sales of $21 million for the period in 2003. Net loss for the six months was $596,000, or 36 cents a share, compared with $496,000, or 30 cents a share.
Orders for the second quarter ending Sept. 30 were $10.4 million, compared with $7.9 million for the quarter in 2003.
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