Graham Corporation Awarded Over $25 Million Surface Condenser Order
Graham Corporation (NYSE Amex: GHM) a manufacturer of critical equipment for energy, petrochemical and other process industries, today announced it has received an order in excess of $25 million from Northrop Grumman Shipbuilding for the supply of four steam surface condensers for the second aircraft carrier of the Gerald R. Ford class, the unnamed CVN 79
James R. Lines, Graham’s President and Chief Executive Officer, commented, “Project management and design control, judicious quality management, adherence to rigorous fabrication requirements and on-time delivery are all critical to our customer and are hallmarks of our Company. Our selection by Northrop Grumman Shipbuilding for this project is a testament to the strength of the Graham brand. Graham has a long and proud history of providing equipment for the U.S. Navy dating back to the 1940s, and we look forward to continuing our relationship as a supplier for the next class of super carrier.” Revenue from the contract award is expected to begin to be recognized in fiscal 2012 which begins April 1, 2011, and will continue into fiscal 2014. The surface condensers are expected to be engineered and manufactured in the Company’s Batavia, New York, facility
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 over 70 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 the energy, petrochemical and other process industries. Graham's equipment can be found in diverse applications, such as metal refining, pulp and paper processing, ship-building, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning
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 the Company can be found
ABOUT NORTHROP GRUMMAN Northrop Grumman Corporation is a leading global security company whose 120,000 employees provide innovative systems, products and solutions in aerospace, electronics, information systems, shipbuilding and technical services to government and commercial customers worldwide
Safe Harbor Regarding Forward Looking Statements This press 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,” “could,” 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, statements relating to anticipated revenue, profit margins, foreign sales operations, its strategy to build its global sales representative channel, the effectiveness of automation in expanding its engineering capacity, 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 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 press release
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