$GHM
GRAHAM CORP

2014 Q2 Form 10-Q Financial Statement

#000119312514294530 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $28.50M $28.26M
YoY Change 0.87% 25.4%
Cost Of Revenue $20.57M $18.24M
YoY Change 12.77% 11.91%
Gross Profit $7.932M $10.02M
YoY Change -20.8% 60.6%
Gross Profit Margin 27.83% 35.44%
Selling, General & Admin $4.295M $4.346M
YoY Change -1.17% 7.84%
% of Gross Profit 54.15% 43.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $520.0K $493.0K
YoY Change 5.48% -5.19%
% of Gross Profit 6.56% 4.92%
Operating Expenses $4.295M $4.346M
YoY Change -1.17% 6.52%
Operating Profit $3.637M $5.669M
YoY Change -35.84% 162.94%
Interest Expense -$3.000K $10.00K
YoY Change -130.0% -114.29%
% of Operating Profit -0.08% 0.18%
Other Income/Expense, Net -$10.00K
YoY Change
Pretax Income $3.626M $5.618M
YoY Change -35.46% 170.1%
Income Tax $1.234M $1.810M
% Of Pretax Income 34.03% 32.22%
Net Earnings $2.392M $3.808M
YoY Change -37.18% 173.96%
Net Earnings / Revenue 8.39% 13.48%
Basic Earnings Per Share $0.24 $0.38
Diluted Earnings Per Share $0.24 $0.38
COMMON SHARES
Basic Shares Outstanding 10.11M shares 10.06M shares
Diluted Shares Outstanding 10.13M shares 10.09M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.40M $53.20M
YoY Change 15.41% 14.16%
Cash & Equivalents $46.41M $25.69M
Short-Term Investments $15.00M $27.50M
Other Short-Term Assets $1.600M $1.500M
YoY Change 6.67% 150.0%
Inventory $12.82M $9.500M
Prepaid Expenses
Receivables $12.30M $27.40M
Other Receivables $0.00 $1.000M
Total Short-Term Assets $95.74M $92.60M
YoY Change 3.39% 23.8%
LONG-TERM ASSETS
Property, Plant & Equipment $18.56M $13.10M
YoY Change 41.67% -1.5%
Goodwill $6.938M
YoY Change
Intangibles $12.80M
YoY Change
Long-Term Investments
YoY Change
Other Assets $213.0K $2.600M
YoY Change -91.81% 4.0%
Total Long-Term Assets $46.65M $37.70M
YoY Change 23.74% -0.53%
TOTAL ASSETS
Total Short-Term Assets $95.74M $92.60M
Total Long-Term Assets $46.65M $37.70M
Total Assets $142.4M $130.3M
YoY Change 9.28% 15.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.132M $7.700M
YoY Change -7.38% 28.33%
Accrued Expenses $2.688M $8.300M
YoY Change -67.61% 2.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $24.65M $24.30M
YoY Change 1.43% 18.54%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K
YoY Change 0.0% -50.0%
Other Long-Term Liabilities $1.100M $1.600M
YoY Change -31.25% 6.67%
Total Long-Term Liabilities $1.200M $1.700M
YoY Change -29.41% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.65M $24.30M
Total Long-Term Liabilities $1.200M $1.700M
Total Liabilities $34.22M $33.30M
YoY Change 2.76% 12.12%
SHAREHOLDERS EQUITY
Retained Earnings $95.46M $88.14M
YoY Change 8.3% 16.63%
Common Stock $21.50M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.111M
YoY Change
Treasury Stock Shares 311.0K shares
Shareholders Equity $108.2M $97.00M
YoY Change
Total Liabilities & Shareholders Equity $142.4M $130.3M
YoY Change 9.28% 15.62%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $2.392M $3.808M
YoY Change -37.18% 173.96%
Depreciation, Depletion And Amortization $520.0K $493.0K
YoY Change 5.48% -5.19%
Cash From Operating Activities $3.190M $2.000M
YoY Change 59.5% -63.5%
INVESTING ACTIVITIES
Capital Expenditures $2.569M $295.0K
YoY Change 770.85% -198.33%
Acquisitions
YoY Change
Other Investing Activities $14.00M $0.00
YoY Change -100.0%
Cash From Investing Activities $11.43M -$290.0K
YoY Change -4041.38% -95.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -360.0K -210.0K
YoY Change 71.43% -8.7%
NET CHANGE
Cash From Operating Activities 3.190M 2.000M
Cash From Investing Activities 11.43M -290.0K
Cash From Financing Activities -360.0K -210.0K
Net Change In Cash 14.26M 1.500M
YoY Change 850.67% -242.86%
FREE CASH FLOW
Cash From Operating Activities $3.190M $2.000M
Capital Expenditures $2.569M $295.0K
Free Cash Flow $621.0K $1.705M
YoY Change -63.58% -70.5%

Facts In Submission

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CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1810000
CY2013Q2 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
6000
CY2013Q2 ghm Product Warranty Income Expense
ProductWarrantyIncomeExpense
20000
CY2013Q2 ghm Weighted Average Common Shares Outstanding
WeightedAverageCommonSharesOutstanding
10014000 shares
CY2013Q2 ghm Amortization Of Unrecognized Prior Service Cost And Actuarial Losses
AmortizationOfUnrecognizedPriorServiceCostAndActuarialLosses
221000
CY2013Q2 ghm Increase Decrease In Accrued Compensation Accrued Expenses And Other Current And Non Current Liabilities
IncreaseDecreaseInAccruedCompensationAccruedExpensesAndOtherCurrentAndNonCurrentLiabilities
234000
CY2013Q2 ghm Increase Decrease In Defined Benefit Plan Assets For Plan Benefits Noncurrent
IncreaseDecreaseInDefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
198000
CY2013Q2 ghm Increase Decrease In Long Term Portion Of Accrued Compensation Accrued Pension Liability And Accrued Postretirement Benefits
IncreaseDecreaseInLongTermPortionOfAccruedCompensationAccruedPensionLiabilityAndAccruedPostretirementBenefits
26000
CY2013Q2 ghm Other Expenses And Income
OtherExpensesAndIncome
4397000
CY2013Q2 ghm Weighted Average Number Of Share Equivalent Units Outstanding Basic
WeightedAverageNumberOfShareEquivalentUnitsOutstandingBasic
43000 shares
CY2014Q2 dei Entity Registrant Name
EntityRegistrantName
GRAHAM CORP
CY2014Q2 dei Amendment Flag
AmendmentFlag
false
CY2014Q2 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q2 dei Document Type
DocumentType
10-Q
CY2014Q2 dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
CY2014Q2 dei Entity Central Index Key
EntityCentralIndexKey
0000716314
CY2014Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2014Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.04
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10127000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
3189000
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
22000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10105000 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12000 shares
CY2014Q2 us-gaap Interest Paid Net
InterestPaidNet
3000
CY2014Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3000
CY2014Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
487000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2481000
CY2014Q2 us-gaap Gross Profit
GrossProfit
7932000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3626000
CY2014Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
405000
CY2014Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
61000
CY2014Q2 us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
5000000
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
46000
CY2014Q2 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-196000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5000
CY2014Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1958000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
2392000
CY2014Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
21000
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
46000
CY2014Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3702000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
89000
CY2014Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
5000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
28502000
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2569000
CY2014Q2 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
1236000
CY2014Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-84000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
20570000
CY2014Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-363000
CY2014Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-7000
CY2014Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
32000
CY2014Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
405000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
123000
CY2014Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
14264000
CY2014Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
19000000
CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
11431000
CY2014Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3015000
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-84000
CY2014Q2 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
502000
CY2014Q2 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
29000
CY2014Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
29000
CY2014Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0
CY2014Q2 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
34000
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
54000
CY2014Q2 us-gaap Depreciation
Depreciation
520000
CY2014Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4295000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1234000
CY2014Q2 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
7000
CY2014Q2 ghm Product Warranty Income Expense
ProductWarrantyIncomeExpense
-97000
CY2014Q2 ghm Increase Decrease In Accrued Compensation Accrued Expenses And Other Current And Non Current Liabilities
IncreaseDecreaseInAccruedCompensationAccruedExpensesAndOtherCurrentAndNonCurrentLiabilities
259000
CY2014Q2 ghm Company Recognizes Planned Manufacturing Process
CompanyRecognizesPlannedManufacturingProcess
P28D
CY2014Q2 ghm Weighted Average Common Shares Outstanding
WeightedAverageCommonSharesOutstanding
10105000 shares
CY2014Q2 ghm Amortization Of Unrecognized Prior Service Cost And Actuarial Losses
AmortizationOfUnrecognizedPriorServiceCostAndActuarialLosses
130000
CY2014Q2 ghm Increase Decrease In Defined Benefit Plan Assets For Plan Benefits Noncurrent
IncreaseDecreaseInDefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
320000
CY2014Q2 ghm Increase Decrease In Long Term Portion Of Accrued Compensation Accrued Pension Liability And Accrued Postretirement Benefits
IncreaseDecreaseInLongTermPortionOfAccruedCompensationAccruedPensionLiabilityAndAccruedPostretirementBenefits
-138000
CY2014Q2 ghm Other Expenses And Income
OtherExpensesAndIncome
4306000
CY2014Q2 ghm Direct Labor Period Worked On Contracts
DirectLaborPeriodWorkedOnContracts
P0DT575H

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