Graham Corp (GHM, Financial) filed Quarterly Report for the period ended 2010-12-31.
Graham Corp. has a market cap of $234.7 million; its shares were traded at around $23.37 with a P/E ratio of 60.9 and P/S ratio of 3.8. The dividend yield of Graham Corp. stocks is 0.3%.Hedge Fund Gurus that owns GHM: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns GHM: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Net income for the three and nine months ended December 31, 2010 was $837 and $3,272, respectively. Excluding the costs associated with our acquisition of Energy Steel, net income for the three and nine months ended December 31, 2010 was $1,347 and $3,782, respectively. These results compare with $764 and $5,750, respectively, for the same periods in the prior fiscal year. Income per diluted share in fiscal 2011 was $0.08 and $0.33 for the three and nine-month periods, $0.13 and $0.38, when the Energy Steel transaction costs are excluded, compared with $0.08 and $0.58 for the same periods of fiscal 2010.
Investing activities included the $17,882 in cash used to purchase Energy Steel during the third quarter. Capital expenditures in the first nine months of fiscal 2011 were $1,435, compared with $502 in the same period the prior year. The higher level of capital spending reflects an investment in a major project for the U.S. Navy. We continue to expect capital expenditures for fiscal 2011 will be between $2,800 and $3,300, of which $1,500 will be used to support our project for the U.S. Navy.
Our cash, cash equivalents, and investments on December 31, 2010 were $48,234 compared with $74,590 at the end of fiscal 2010. Investments on December 31, 2010 were $27,516 compared with $70,060 on March 31, 2010. Investments are made in United States government instruments, generally with maturity periods of 91 to 120 days. Starting in the third quarter of fiscal 2010, we made a decision to keep a portion of our cash and investments in a short term, money market account with Bank of America, to cash collateralize our letters of credit and receive a discounted fee. Cash and equivalents on December 31, 2010 were $20,718 compared with $4,530 on March 31, 2010.
We entered into a new revolving credit facility with Bank of America, N.A. in December 2010. The new facility provides us with a line of credit of $25,000, including letters of credit and bank guarantees. In addition, the facility has an accordion feature, which allows us to increase the facility by as much as an additional $25,000, for a total of $50,000. Borrowings under our credit facility are secured by all of our assets. Letters of credit outstanding under our credit facility on December 31, 2010 and March 31, 2010 were $15,016 and $9,584, respectively. Other utilization of our credit facility limits at December 31, 2010 and March 31, 2010 were $0. Our borrowing rate as of December 31, 2010 was Bank of Americas prime rate, or 3.25%. We believe that cash generated from operations, combined with our investments and available financing capacity under our credit facility, will be adequate to meet our cash needs for the immediate future.
Orders for the three- and nine-month periods ended December 31, 2010 were $17,784 and $36,384, respectively, compared with $51,644 and $90,049 for the same periods in the prior fiscal year. Orders represent communications received from customers requesting us to supply products and services. Included in orders for the three-month period ended December 2010 was $839 associated with the acquisition of Energy Steel.
Read the The complete Report
Graham Corp. has a market cap of $234.7 million; its shares were traded at around $23.37 with a P/E ratio of 60.9 and P/S ratio of 3.8. The dividend yield of Graham Corp. stocks is 0.3%.Hedge Fund Gurus that owns GHM: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns GHM: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Despite the improving global outlook, we expect that we will continue to experience volatility in our order pattern. For example, sequentially the past seven quarters had new order levels of $8,838, $29,567, $51,644, $18,268, $8,124, $10,476 and $17,784 in the first, second, third and fourth quarters of fiscal 2010 and the first, second and third quarters of fiscal 2011, respectively. We believe that looking at our order level in any one quarter does not provide an accurate indication of our future expectations or performance. Rather, we believe that looking at our orders and backlog over a rolling four-quarter time period provides a better measure of our business. For the next several quarters, we also expect to see smaller value projects than what we had seen during the last expansion cycle. As a result, we will have to win a greater number of orders to achieve a similar or higher level of revenue.Net income for the three and nine months ended December 31, 2010 was $837 and $3,272, respectively. Excluding the costs associated with our acquisition of Energy Steel, net income for the three and nine months ended December 31, 2010 was $1,347 and $3,782, respectively. These results compare with $764 and $5,750, respectively, for the same periods in the prior fiscal year. Income per diluted share in fiscal 2011 was $0.08 and $0.33 for the three and nine-month periods, $0.13 and $0.38, when the Energy Steel transaction costs are excluded, compared with $0.08 and $0.58 for the same periods of fiscal 2010.
Investing activities included the $17,882 in cash used to purchase Energy Steel during the third quarter. Capital expenditures in the first nine months of fiscal 2011 were $1,435, compared with $502 in the same period the prior year. The higher level of capital spending reflects an investment in a major project for the U.S. Navy. We continue to expect capital expenditures for fiscal 2011 will be between $2,800 and $3,300, of which $1,500 will be used to support our project for the U.S. Navy.
Our cash, cash equivalents, and investments on December 31, 2010 were $48,234 compared with $74,590 at the end of fiscal 2010. Investments on December 31, 2010 were $27,516 compared with $70,060 on March 31, 2010. Investments are made in United States government instruments, generally with maturity periods of 91 to 120 days. Starting in the third quarter of fiscal 2010, we made a decision to keep a portion of our cash and investments in a short term, money market account with Bank of America, to cash collateralize our letters of credit and receive a discounted fee. Cash and equivalents on December 31, 2010 were $20,718 compared with $4,530 on March 31, 2010.
We entered into a new revolving credit facility with Bank of America, N.A. in December 2010. The new facility provides us with a line of credit of $25,000, including letters of credit and bank guarantees. In addition, the facility has an accordion feature, which allows us to increase the facility by as much as an additional $25,000, for a total of $50,000. Borrowings under our credit facility are secured by all of our assets. Letters of credit outstanding under our credit facility on December 31, 2010 and March 31, 2010 were $15,016 and $9,584, respectively. Other utilization of our credit facility limits at December 31, 2010 and March 31, 2010 were $0. Our borrowing rate as of December 31, 2010 was Bank of Americas prime rate, or 3.25%. We believe that cash generated from operations, combined with our investments and available financing capacity under our credit facility, will be adequate to meet our cash needs for the immediate future.
Orders for the three- and nine-month periods ended December 31, 2010 were $17,784 and $36,384, respectively, compared with $51,644 and $90,049 for the same periods in the prior fiscal year. Orders represent communications received from customers requesting us to supply products and services. Included in orders for the three-month period ended December 2010 was $839 associated with the acquisition of Energy Steel.
Read the The complete Report
