$GHM
GRAHAM CORP

2021 Q2 Form 10-Q Financial Statement

#000156459021044011 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $20.16M $16.71M
YoY Change 20.63% -18.86%
Cost Of Revenue $19.24M $15.14M
YoY Change 27.08% -4.64%
Gross Profit $914.0K $1.568M
YoY Change -41.71% -66.74%
Gross Profit Margin 4.53% 9.38%
Selling, General & Admin $4.832M $3.902M
YoY Change 23.83% -14.35%
% of Gross Profit 528.67% 248.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $595.0K $490.0K
YoY Change 21.43% 0.0%
% of Gross Profit 65.1% 31.25%
Operating Expenses $4.832M $3.902M
YoY Change 23.83% -14.35%
Operating Profit -$4.009M -$2.334M
YoY Change 71.77% -1577.22%
Interest Expense $39.00K $90.00K
YoY Change -56.67% -77.5%
% of Operating Profit
Other Income/Expense, Net $160.0K
YoY Change
Pretax Income -$3.871M -$2.190M
YoY Change 76.76% -2090.91%
Income Tax -$745.0K -$372.0K
% Of Pretax Income
Net Earnings -$3.126M -$1.818M
YoY Change 71.95% -2317.07%
Net Earnings / Revenue -15.51% -10.88%
Basic Earnings Per Share -$0.31 -$0.18
Diluted Earnings Per Share -$0.31 -$0.18
COMMON SHARES
Basic Shares Outstanding 10.20M 9.895M
Diluted Shares Outstanding 10.20M 9.895M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.14M $67.20M
YoY Change -71.51% -7.44%
Cash & Equivalents $19.14M $41.07M
Short-Term Investments $0.00 $26.10M
Other Short-Term Assets $1.557M $1.300M
YoY Change 19.77% -13.33%
Inventory $19.14M $22.66M
Prepaid Expenses
Receivables $18.27M $17.05M
Other Receivables $1.416M $1.000M
Total Short-Term Assets $88.07M $124.8M
YoY Change -29.44% 0.95%
LONG-TERM ASSETS
Property, Plant & Equipment $25.62M $17.32M
YoY Change 47.88% 2.89%
Goodwill $22.92M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.737M $105.0K
YoY Change 6316.19% -6.25%
Total Long-Term Assets $97.30M $21.30M
YoY Change 356.72% -1.84%
TOTAL ASSETS
Total Short-Term Assets $88.07M $124.8M
Total Long-Term Assets $97.30M $21.30M
Total Assets $185.4M $146.1M
YoY Change 26.87% 0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.12M $9.713M
YoY Change 55.71% 42.9%
Accrued Expenses $14.55M $3.963M
YoY Change 267.17% 66.37%
Deferred Revenue $17.03M $31.08M
YoY Change -45.2% 1.72%
Short-Term Debt $2.500M $0.00
YoY Change
Long-Term Debt Due $2.000M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $51.23M $49.48M
YoY Change 3.54% 11.08%
LONG-TERM LIABILITIES
Long-Term Debt $18.00M $100.0K
YoY Change 17900.0% 0.0%
Other Long-Term Liabilities $1.811M $1.400M
YoY Change 29.36% -6.67%
Total Long-Term Liabilities $19.81M $1.500M
YoY Change 1220.73% -6.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.23M $49.48M
Total Long-Term Liabilities $19.81M $1.500M
Total Liabilities $82.17M $51.94M
YoY Change 58.19% 9.61%
SHAREHOLDERS EQUITY
Retained Earnings $85.07M $88.47M
YoY Change -3.85% -4.72%
Common Stock $28.51M $27.59M
YoY Change 3.31% 4.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.276M
YoY Change
Treasury Stock Shares $183.0K
Shareholders Equity $103.2M $94.16M
YoY Change
Total Liabilities & Shareholders Equity $185.4M $146.1M
YoY Change 26.88% 0.53%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$3.126M -$1.818M
YoY Change 71.95% -2317.07%
Depreciation, Depletion And Amortization $595.0K $490.0K
YoY Change 21.43% 0.0%
Cash From Operating Activities -$7.076M -$4.373M
YoY Change 61.81% -7.99%
INVESTING ACTIVITIES
Capital Expenditures $446.0K $338.0K
YoY Change 31.95% 14.97%
Acquisitions $59.56M
YoY Change
Other Investing Activities -$54.06M $13.95M
YoY Change -487.55% 206.59%
Cash From Investing Activities -$54.51M $13.61M
YoY Change -500.42% 220.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $41.00K $23.00K
YoY Change 78.26% -90.0%
Debt Paid & Issued, Net $4.500M $4.599M
YoY Change -2.15%
Cash From Financing Activities 21.10M -1.132M
YoY Change -1964.05% -7.82%
NET CHANGE
Cash From Operating Activities -7.076M -4.373M
Cash From Investing Activities -54.51M 13.61M
Cash From Financing Activities 21.10M -1.132M
Net Change In Cash -40.39M 8.114M
YoY Change -597.77% -549.53%
FREE CASH FLOW
Cash From Operating Activities -$7.076M -$4.373M
Capital Expenditures $446.0K $338.0K
Free Cash Flow -$7.522M -$4.711M
YoY Change 59.67% -6.66%

Facts In Submission

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CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
14059000
CY2021Q2 ghm Change In Contract With Customer Liability
ChangeInContractWithCustomerLiability
2975000
CY2021Q2 ghm Contract With Customer Net Asset Liability Current
ContractWithCustomerNetAssetLiabilityCurrent
11499000
CY2021Q1 ghm Contract With Customer Net Asset Liability Current
ContractWithCustomerNetAssetLiabilityCurrent
5935000
CY2021Q2 ghm Change In Contract With Customer Asset Liability Net
ChangeInContractWithCustomerAssetLiabilityNet
5564000
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7115000
CY2021Q2 ghm Change In Contract With Customer Asset
ChangeInContractWithCustomerAsset
8539000
CY2021Q2 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
6397000
CY2021Q2 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
4926000
CY2021Q2 ghm Change In Contract With Customer Liability
ChangeInContractWithCustomerLiability
2975000
CY2021Q2 ghm Contract With Customer Liability Consideration Received
ContractWithCustomerLiabilityConsiderationReceived
4042000
CY2021Q2 ghm Contract With Customer Receivables Billed But Not Paid Under Retainage
ContractWithCustomerReceivablesBilledButNotPaidUnderRetainage
3308000
CY2021Q1 ghm Contract With Customer Receivables Billed But Not Paid Under Retainage
ContractWithCustomerReceivablesBilledButNotPaidUnderRetainage
3747000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3126000
CY2020Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
10000
CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
235938000
CY2021Q2 us-gaap Investments
Investments
0
CY2021Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
4053000
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
13396000
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1695000
CY2021Q2 us-gaap Inventory Net
InventoryNet
19144000
CY2021Q1 us-gaap Inventory Net
InventoryNet
17332000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-1818000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10199000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9895000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3126000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-1818000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10199000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9895000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10199000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9895000
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.31
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37000
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
359000
CY2021Q2 ghm Product Warranty Accrual Acquired
ProductWarrantyAccrualAcquired
169000
CY2021Q2 ghm Product Warranty Income
ProductWarrantyIncome
16000
CY2020Q2 ghm Product Warranty Income
ProductWarrantyIncome
19000
CY2021Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
257000
CY2020Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
35000
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
522000
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
305000
CY2021Q2 ghm Product Warranty Income
ProductWarrantyIncome
16000
CY2020Q2 ghm Product Warranty Income
ProductWarrantyIncome
19000
CY2020Q2 us-gaap Interest Paid Net
InterestPaidNet
5000
CY2021Q2 us-gaap Interest Paid Net
InterestPaidNet
5000
CY2021Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1243000
CY2020Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-164000
CY2021Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
285000
CY2020Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
48000
CY2021Q2 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
610000
CY2021Q2 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
8964000
CY2021Q2 ghm Self Insured Medical Plan Liability
SelfInsuredMedicalPlanLiability
152000
CY2021Q1 ghm Self Insured Medical Plan Liability
SelfInsuredMedicalPlanLiability
184000
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
128000
CY2021Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-170000
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
298000
CY2020Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
9000
CY2020Q2 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-205000
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
214000
CY2021Q2 ghm Lessee Operating Lease And Finance Lease Option To Renew Or Terminate
LesseeOperatingLeaseAndFinanceLeaseOptionToRenewOrTerminate
Certain leases include options to renew or terminate.  Renewal options are exercisable per the discretion of the Company and vary based on the nature of each lease.
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1071
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1004
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0329
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0549
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5000
CY2020Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5000
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
156000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
40000
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
5000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
CY2021Q2 us-gaap Lease Cost
LeaseCost
167000
CY2020Q2 us-gaap Lease Cost
LeaseCost
50000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1002000
CY2021Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
19000
CY2021Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
26000
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
11000
CY2021Q2 ghm Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
4856000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10550000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1366000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
9184000
CY2021Q2 us-gaap Line Of Credit Facility Commitment Fee Percentage
LineOfCreditFacilityCommitmentFeePercentage
0.0020
CY2021Q2 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025
CY2021Q2 ghm Maximum Leverage Ratio
MaximumLeverageRatio
3.0
CY2021Q2 ghm Minimum Fixed Charge Coverage Ratio
MinimumFixedChargeCoverageRatio
1.20
CY2021Q2 ghm Percentage Of Minimum Margined Assets On Outstanding Facility
PercentageOfMinimumMarginedAssetsOnOutstandingFacility
1
CY2021Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
8711000
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
11567000

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