BATAVIA, N.Y., Aug. 6, 2013 (GLOBE NEWSWIRE) -- Graham Corporation (NYSE MKT:GHM), a global business that engineers, manufactures, and sells critical equipment for the oil refining, petrochemical and power industries, and also supplies components and raw materials for nuclear energy facilities, announced that it was awarded five orders totaling $10 million during July 2013. The projects are expected to ship at various times over the next nine to fifteen months, from the first quarter through the third quarter of the fiscal year ending March 31, 2015.
Two of the orders were for new ejector systems in the Middle East, with one for an oil refinery and the other for a new petrochemical production plant. The Middle Eastern oil refinery ejector system represents the Company's third win for the new 400,000 BBL/day refineries being built in this region, continuing its successful track record as a preferred global supplier for world-scale refining operations.
A South American refiner ordered replacement ejector system components for a system the Company supplied in the late 1990's. Lastly, two U.S. orders were also for replacement equipment, one for a nuclear power utility and the other for an edible oils facility.
"We believe that the benefit of our diverse geographic and end markets is validated by these orders that represent the oil refining, petrochemical, edible oil and nuclear power generation markets. We further believe the reliability of our products and responsive customer service drove the three significant orders for replacement equipment and having a large installed base supports future aftermarket revenue opportunity," commented James R. Lines, Graham's President and Chief Executive Officer.
Mr. Lines concluded, "We believe that our order pattern confirms an improvement in our markets for large new and replacement equipment projects, as well as short cycle projects. While we are encouraged with this progress, we continue to expect our order rate will vary from quarter to quarter in these early stages of recovery."
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 more than 75 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 energy, including oil and gas refining and nuclear and other power generation, chemical/petrochemical and other process industries. In addition, Graham's equipment can be found in diverse applications, such as metal refining, pulp and paper processing, shipbuilding, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning, and in nuclear power installations, both inside the reactor vessel and outside the containment vessel.
Graham Corporation's subsidiary Energy Steel & Supply Co. is a leading code fabrication and specialty machining company dedicated exclusively to the nuclear power industry.
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, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news 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," "appears," "could," "plan," 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, the expected performance of Energy Steel & Supply Co, expected expansion and growth opportunities within the domestic and international nuclear power generation markets, anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales operations, 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, forecasts regarding the timing and scope of the economic recovery in its markets, 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 news release.
CONTACT: For more information contact: Jeffrey F. Glajch Vice President - Finance and CFO Phone: (585) 343-2216 Email: firstname.lastname@example.org Deborah K. Pawlowski Kei Advisors LLC Phone: (716) 843-3908 Email: email@example.comSource:Graham Corporation