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Graham announces stock split

Graham Corp. announced a 2-for-1 stock split of the Batavia firm’s common shares Thursday and an increase in the post-split quarterly dividend.

Graham announces stock split

Graham Corp. announced a 2-for-1 stock split of the Batavia firm’s common shares Thursday and an increase in the post-split quarterly dividend.
The stock split will be effected as a stock dividend, and stockholders will receive one additional share of common stock for every share of common stock held on the record date of Sept. 5. The company expects the new common shares to be distributed on or about Oct. 6.
Graham has approximately 5 million shares of common stock outstanding. After the distribution of the stock dividend, there will be approximately 10.1 million common shares outstanding.
Also, the annual cash dividend, which is now 12 cents a share, will increase to 16 cents a share, the company reported. On a post-split basis, the annual dividend will be 8 cents a share, or 2 cents a share per quarter.
The changes were announced the same day as Graham’s annual shareholders meeting in Batavia.
“We believe the dividend increase and stock split reflect the continued confidence of our board of directors in Graham’s future financial performance,” said James Lines, Graham president and CEO, in a statement.
Shares of Graham (AMEX: GHM) were trading midday at $90.76, down less than 1 percent from Wednesday’s close of $91.62.
Graham’s board also appointed Alan Fortier, president of New Jersey-based Fortier & Associates Inc., as a director for a term expiring at the 2009 annual stockholders meeting. Fortier founded Fortier & Associates, a consulting firm, in 1988.
Graham is scheduled to report its first-quarter earnings Friday before markets open.

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