$GHM
GRAHAM CORP

2016 Q4 Form 10-Q Financial Statement

#000156459016026840 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $22.65M $21.13M $22.37M
YoY Change 30.77% -7.33% -19.02%
Cost Of Revenue $16.35M $16.12M $18.25M
YoY Change 18.49% 2.89% -6.77%
Gross Profit $6.301M $5.010M $4.111M
YoY Change 78.8% -29.78% -48.85%
Gross Profit Margin 27.81% 23.71% 18.38%
Selling, General & Admin $3.750M $3.120M $3.598M
YoY Change 1.9% -25.48% -21.44%
% of Gross Profit 59.51% 62.28% 87.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $580.0K $590.0K $524.0K
YoY Change -4.92% -6.35% -6.93%
% of Gross Profit 9.2% 11.78% 12.75%
Operating Expenses $3.810M $3.170M $3.598M
YoY Change 3.53% -24.29% -21.44%
Operating Profit $2.491M $1.840M $513.0K
YoY Change -1696.79% -37.58% -85.16%
Interest Expense $100.0K $80.00K $2.000K
YoY Change 2400.0% -8100.0% -33.33%
% of Operating Profit 4.01% 4.35% 0.39%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $2.590M $1.841M -$15.00K
YoY Change 58.12% -37.4% -100.44%
Income Tax $750.0K $544.0K -$100.0K
% Of Pretax Income 28.96% 29.55%
Net Earnings $1.840M $1.297M $85.00K
YoY Change 44.43% -34.36% -96.4%
Net Earnings / Revenue 8.12% 6.14% 0.38%
Basic Earnings Per Share $0.19 $0.13 $0.01
Diluted Earnings Per Share $0.19 $0.13 $0.01
COMMON SHARES
Basic Shares Outstanding 9.726M 9.724M 9.675M
Diluted Shares Outstanding 9.728M 9.680M

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.70M $66.30M $67.70M
YoY Change -0.68% 6.25% 8.15%
Cash & Equivalents $37.68M $31.27M $26.71M
Short-Term Investments $35.00M $35.00M $41.00M
Other Short-Term Assets $1.100M $1.400M $1.400M
YoY Change 22.22% 16.67% -6.67%
Inventory $9.100M $7.900M $7.300M
Prepaid Expenses
Receivables $26.00M $18.41M $16.18M
Other Receivables $500.0K $1.300M $1.900M
Total Short-Term Assets $109.4M $105.3M $108.1M
YoY Change 1.23% -1.91% -1.59%
LONG-TERM ASSETS
Property, Plant & Equipment $17.40M $17.81M $18.30M
YoY Change -8.3% -6.86% -5.49%
Goodwill $6.938M $6.938M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $180.0K $167.0K
YoY Change 7.53% 39.53% 15.97%
Total Long-Term Assets $38.90M $39.39M $39.91M
YoY Change -9.41% -7.91% -6.68%
TOTAL ASSETS
Total Short-Term Assets $109.4M $105.3M $108.1M
Total Long-Term Assets $38.90M $39.39M $39.91M
Total Assets $148.3M $144.6M $148.0M
YoY Change -1.79% -3.62% -3.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.100M $6.247M $9.233M
YoY Change -25.75% -50.06% -23.29%
Accrued Expenses $8.500M $4.450M $4.067M
YoY Change 169.58% 19.69% -0.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $31.70M $29.18M $33.40M
YoY Change 14.29% 15.33% 28.13%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $100.0K
YoY Change -50.0% 0.0% 0.0%
Other Long-Term Liabilities $1.600M $1.800M $2.000M
YoY Change 33.33% 50.0% 66.67%
Total Long-Term Liabilities $1.700M $1.900M $2.100M
YoY Change 21.43% 46.15% 61.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.70M $29.18M $33.40M
Total Long-Term Liabilities $1.700M $1.900M $2.100M
Total Liabilities $37.40M $35.00M $39.38M
YoY Change 4.05% 5.0% 15.74%
SHAREHOLDERS EQUITY
Retained Earnings $109.6M $108.7M $108.2M
YoY Change 0.22% -0.22% 0.47%
Common Stock $23.66M $23.37M
YoY Change 2.94% 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.29M $12.35M
YoY Change 93.51% 309.99%
Treasury Stock Shares $816.0K $823.0K
Shareholders Equity $110.9M $109.7M $108.7M
YoY Change
Total Liabilities & Shareholders Equity $148.3M $144.6M $148.0M
YoY Change -1.79% -3.62% -3.01%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $1.840M $1.297M $85.00K
YoY Change 44.43% -34.36% -96.4%
Depreciation, Depletion And Amortization $580.0K $590.0K $524.0K
YoY Change -4.92% -6.35% -6.93%
Cash From Operating Activities $7.460M -$560.0K $3.810M
YoY Change -48.45% -112.81% 14.41%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$30.00K $129.0K
YoY Change -77.78% -88.46% -51.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $6.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$80.00K $5.970M -$130.0K
YoY Change -99.15% -2396.15% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -860.0K -830.0K -940.0K
YoY Change -73.7% -80.33% 30.56%
NET CHANGE
Cash From Operating Activities 7.460M -560.0K 3.810M
Cash From Investing Activities -80.00K 5.970M -130.0K
Cash From Financing Activities -860.0K -830.0K -940.0K
Net Change In Cash 6.520M 4.580M 2.740M
YoY Change 254.35% -4263.64% 16.6%
FREE CASH FLOW
Cash From Operating Activities $7.460M -$560.0K $3.810M
Capital Expenditures -$80.00K -$30.00K $129.0K
Free Cash Flow $7.540M -$530.0K $3.681M
YoY Change -49.16% -111.45% 20.06%

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3399000
ghm Excess Tax Benefit Deficiency From Share Based Compensation Financing Activities
ExcessTaxBenefitDeficiencyFromShareBasedCompensationFinancingActivities
-20000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1772000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-118000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
7202000
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27271000
CY2016Q1 us-gaap Goodwill
Goodwill
6938000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18747000
CY2016Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
10325000
CY2016Q1 us-gaap Liabilities
Liabilities
33751000
CY2016Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25500000
us-gaap Share Based Compensation
ShareBasedCompensation
379000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
38000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1620000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
1297000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
108232000
CY2016Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
874000
CY2016Q3 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
1255000
CY2016Q3 us-gaap Liabilities Current
LiabilitiesCurrent
29182000
CY2016Q3 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
138000
CY2016Q3 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
46000
CY2016Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
32000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
21000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5754000
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-1752000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2950000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
751000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
402000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-2013000
ghm Increase Decrease In Defined Benefit Plan Assets For Plan Benefits Noncurrent
IncreaseDecreaseInDefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
611000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4003000
us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
5287000
ghm Increase Decrease In Long Term Portion Of Accrued Compensation Accrued Pension Liability And Accrued Postretirement Benefits
IncreaseDecreaseInLongTermPortionOfAccruedCompensationAccruedPensionLiabilityAndAccruedPostretirementBenefits
-300000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
3251000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
159000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
20000
ghm Excess Tax Benefit Deficiency From Share Based Compensation Financing Activities
ExcessTaxBenefitDeficiencyFromShareBasedCompensationFinancingActivities
5000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4944000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-90000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2145000
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29416000
CY2016Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
11388000
CY2016Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
708000
CY2016Q3 us-gaap Inventory Gross
InventoryGross
14878000
CY2016Q3 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
7017000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000
CY2016Q3 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
1817000
CY2016Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
2782000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16000
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
694000
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
632000
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
686000
CY2016Q3 ghm Product Warranty Income Expense
ProductWarrantyIncomeExpense
-54000
CY2015Q3 ghm Product Warranty Income Expense
ProductWarrantyIncomeExpense
22000
ghm Product Warranty Income Expense
ProductWarrantyIncomeExpense
111000
CY2016Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
58000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
215000
us-gaap Interest Paid Net
InterestPaidNet
4000
us-gaap Income Taxes Paid
IncomeTaxesPaid
41000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
44000
CY2016Q3 ghm Self Insured Medical Plan Liability
SelfInsuredMedicalPlanLiability
144000
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
74000
us-gaap Payments For Restructuring
PaymentsForRestructuring
475000
ghm Increase Decrease In Accrued Compensation Accrued Expenses And Other Current And Non Current Liabilities
IncreaseDecreaseInAccruedCompensationAccruedExpensesAndOtherCurrentAndNonCurrentLiabilities
170000
ghm Increase Decrease In Accrued Compensation Accrued Expenses And Other Current And Non Current Liabilities
IncreaseDecreaseInAccruedCompensationAccruedExpensesAndOtherCurrentAndNonCurrentLiabilities
-2831000
CY2016Q1 ghm Indefinite Lived Intangible Assets Excluding Goodwill Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillGross
12800000
CY2016Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
12800000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9000
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
653000
ghm Product Warranty Income Expense
ProductWarrantyIncomeExpense
113000
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
582000
CY2016Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
3178000
CY2016Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
11615000
CY2016Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
659000
CY2016Q1 us-gaap Inventory Gross
InventoryGross
15452000
ghm Company Recognizes Planned Manufacturing Process
CompanyRecognizesPlannedManufacturingProcess
P28D
ghm Direct Labor Period Worked On Contracts
DirectLaborPeriodWorkedOnContracts
PT575H
ghm Substantial Completion Of Manufacturing Process Minimum
SubstantialCompletionOfManufacturingProcessMinimum
0.95
CY2016Q1 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
2071000
CY2016Q1 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
4641000
CY2016Q3 ghm Indefinite Lived Intangible Assets Excluding Goodwill Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillGross
12800000
CY2016Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
12800000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
54000
CY2015Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
150000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
262000
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
504000
us-gaap Interest Paid Net
InterestPaidNet
4000
us-gaap Income Taxes Paid
IncomeTaxesPaid
3428000
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
107000
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
124000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
95000
CY2016Q1 ghm Self Insured Medical Plan Liability
SelfInsuredMedicalPlanLiability
176000
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-148000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-449000
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-111000
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-392000
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
229000
CY2016Q3 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
183000
CY2016Q1 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
74000

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