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Graham reports lower sales for quarter

Graham Corp. posted lower sales, but a higher profit—including a one-time gain—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, Graham’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.
“Margins on product sales are increasing, and it is clear the last half of Graham’s current fiscal year will see increased shipments,” Cadena said. “We are forecasting a profitable second half.”
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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