-
Record backlog at $118 million, full year orders of $112 million
-
Fourth quarter revenue of $22 million; diluted earnings per
share of $0.09
-
Expecting fiscal 2019 revenue between $90 million and $95 million
Graham
Corporation (NYSE: GHM), a global business that designs,
manufactures and sells critical equipment for the oil refining,
petrochemical, power and defense industries, today reported financial
results for its fourth quarter and fiscal year ended March 31, 2018
(“fiscal 2018”).
Net sales in the fourth quarter of fiscal 2018 were $22.2 million,
compared with net sales of $25.6 million in the fourth quarter of the
fiscal year ended March 31, 2017 (“fiscal 2017”). Net income in the
fiscal 2018 fourth quarter was $0.8 million, or $0.09 per diluted share,
compared with $1.8 million, or $0.18 per diluted share, in the
prior-year fourth quarter.
Net sales for the full year of fiscal 2018 were $77.5 million, compared
with $91.8 million in fiscal 2017. Fiscal 2018 net loss was $9.8
million, or a loss of $1.01 per diluted share, compared with net income
of $5.0 million, or $0.52 per diluted share, in fiscal 2017. Excluding
restructuring charges, non-cash charges for goodwill and intangible
asset impairments as well as other related charges and the impact of the
U.S. Tax Cuts and Jobs Act tax reform legislation passed in December
2017, net income for fiscal 2018 was $1.8 million, or $0.18 per diluted
share, compared with $5.5 million, or $0.56 per diluted share in fiscal
2017 on a comparable basis.
James R. Lines, Graham’s President and Chief Executive Officer,
commented, “Our fourth quarter fiscal 2018 orders were $43.5 million,
reflecting the highest level since our fourth quarter of fiscal 2015.
This contributed to full year orders of $112 million. The composition of
our resulting year-end backlog of $118 million gives us confidence in
our expectations for fiscal 2019.”
He continued, “Fiscal 2018 was another challenging year due to weak
order levels in fiscal 2017 that totaled $66 million. We believe that
fiscal 2018 was the trough of the downturn. Throughout the prolonged
cyclical downturn which began in late 2014, we continued to make
investments in our business processes, focusing on lead time reduction
and first pass yield quality, as well as other continuous improvement
and performance management initiatives. We expect that these investments
will serve us well and help drive profitability as we enter a growth
cycle.”
Fourth Quarter Fiscal 2018 Sales Summary
See accompanying financial tables for a breakdown of sales by
industry and region)
The $3.4 million, or 13%, decline in sales during the fiscal 2018 fourth
quarter compared with the prior-year quarter included significant
variation by industry. It included a $3.9 million increase in sales to
the refining market, offset by a $3.2 million reduction in sales to the
chemical/petrochemical market, a $1.6 million decline to the power
market, and a $2.5 million reduction to the other commercial, industrial
and defense markets.
From a geographic perspective, sales to the Company’s U.S. market
decreased $5.3 million compared with the prior-year fourth quarter,
partially offset by a $1.9 million increase in sales to international
markets. U.S. sales represented 66% of consolidated sales in the fiscal
2018 quarter, compared with 78% in the prior-year fourth quarter.
Fluctuations in Graham’s sales among geographic locations and
industries can vary measurably from quarter-to-quarter based on the
timing and magnitude of projects. Graham does not believe that
such quarter-to-quarter fluctuations are indicative of business trends,
which it believes are more apparent on a trailing twelve month basis.
Fourth Quarter Fiscal 2018 Operating Performance Review
($ in millions except per share data)
|
|
|
|
Q4 FY18
|
|
Q4 FY17
|
|
Change
|
Net sales
|
|
|
|
$
|
22.2
|
|
|
$
|
25.6
|
|
|
$
|
(3.4
|
)
|
Gross profit
|
|
|
|
$
|
5.0
|
|
|
$
|
6.7
|
|
|
$
|
(1.7
|
)
|
Gross margin
|
|
|
|
|
22.8
|
%
|
|
|
26.3
|
%
|
|
|
Operating profit
|
|
|
|
$
|
0.9
|
|
|
$
|
2.5
|
|
|
$
|
(1.6
|
)
|
Operating margin
|
|
|
|
|
3.8
|
%
|
|
|
9.8
|
%
|
|
|
Net income
|
|
|
|
$
|
0.8
|
|
|
$
|
1.8
|
|
|
$
|
(1.0
|
)
|
Diluted EPS
|
|
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measure:
|
|
|
|
|
|
|
|
|
Adjusted net income
|
|
|
|
$
|
0.6
|
|
|
$
|
1.8
|
|
|
$
|
(1.2
|
)
|
Adjusted diluted EPS
|
|
|
|
$
|
0.07
|
|
|
$
|
0.18
|
|
|
$
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth quarter fiscal 2018 gross profit was negatively impacted by lower
sales. Gross margin was negatively impacted by a weaker mix of projects
including a non-repeating atypical project during the fourth quarter of
fiscal 2017, as well as under-absorption of overhead costs due to lower
sales.
Selling, general and administrative (“SG&A”) expenses of $4.1 million
were relatively flat compared with the prior-year period. SG&A as a
percent of sales was 19% in the fourth quarter of fiscal 2018 compared
with 16% in the same prior-year period.
During the fourth quarter of fiscal 2018, Graham had an effective tax
rate of 16%, benefiting from the U.S. Tax Cuts and Jobs Act and
favorable year-end tax adjustments. Adjusted net income for the fiscal
2018 fourth quarter noted in the table above removes the favorable
impact of adopting the new tax legislation. The effective tax rate in
the fourth quarter of fiscal 2017 was 31%.
To summarize, the decrease in net income and diluted EPS during the
fourth quarter compared with the prior-year quarter was primarily due to
lower sales and weaker project mix.
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
($ in millions)
|
Q4 FY18
|
|
Q4 FY17
|
|
Change
|
EBITDA
|
$
|
1.4
|
|
|
$
|
3.1
|
|
|
$
|
(1.7
|
)
|
EBITDA margin
|
|
6.3
|
%
|
|
|
12.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (defined as consolidated net income before interest expense and
income, income taxes, and depreciation and amortization) during the
fiscal 2018 fourth quarter was unfavorably impacted by the factors
discussed above.
Graham believes that, when used in conjunction with measures prepared in
accordance with GAAP, EBITDA and EBITDA margin (EBITDA as a percentage
of sales), which are non-GAAP measures, help in the understanding of its
operating performance. Graham’s credit facility also contains ratios
based on EBITDA. See the attached tables for additional important
disclosures regarding Graham’s use of EBITDA and EBITDA margin as
well as a reconciliation of net income to EBITDA.
Full Year Fiscal 2018 Review
($ in millions except per share data)
|
|
|
|
FY18
|
|
FY17
|
|
Change
|
Net sales
|
|
|
|
$
|
77.5
|
|
|
$
|
91.8
|
|
|
$
|
(14.3
|
)
|
Gross profit
|
|
|
|
$
|
17.3
|
|
|
$
|
22.2
|
|
|
$
|
(4.9
|
)
|
Gross margin
|
|
|
|
|
22.4
|
%
|
|
|
24.1
|
%
|
|
|
Operating (loss) profit
|
|
|
|
$
|
(13.4
|
)
|
|
$
|
6.7
|
|
|
$
|
(20.1
|
)
|
Operating margin
|
|
|
|
|
-17.3
|
%
|
|
|
7.3
|
%
|
|
|
Net (loss) income
|
|
|
|
$
|
(9.8
|
)
|
|
$
|
5.0
|
|
|
$
|
(14.8
|
)
|
Diluted EPS
|
|
|
|
$
|
(1.01
|
)
|
|
$
|
0.52
|
|
|
$
|
(1.53
|
)
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial measures:
|
|
|
|
|
|
|
|
|
Adjusted operating profit
|
|
|
|
$
|
2.0
|
|
|
$
|
7.3
|
|
|
$
|
(5.3
|
)
|
Adjusted operating margin
|
|
|
|
|
2.5
|
%
|
|
|
8.0
|
%
|
|
|
Adjusted net income
|
|
|
|
$
|
1.8
|
|
|
$
|
5.5
|
|
|
$
|
(3.7
|
)
|
Adjusted diluted EPS
|
|
|
|
$
|
0.18
|
|
|
$
|
0.56
|
|
|
$
|
(0.38
|
)
|
|
|
|
|
|
|
|
|
|
Full year sales decreased 16% compared with fiscal 2017. International
sales increased to $25.6 million in fiscal 2018 and represented 33% of
total sales, compared with $22.6 million, or 25% of sales in fiscal
2017. Sales to the U.S. were $51.9 million, or 67% of net sales in
fiscal 2018, compared with $69.2 million, or 75% of fiscal 2017 net
sales.
The decrease in gross profit and gross margin was due to lower volume
resulting from the 16% reduction in sales when compared with the prior
year as well as a large non-repeating atypical order which converted in
the second half of fiscal 2017.
SG&A in fiscal 2018 was $15.6 million, up $0.8 million. As a percent of
sales, SG&A was 20% for fiscal 2018 compared with 16% in the prior year.
The increase in SG&A was principally related to the benefit of insurance
proceeds received in the prior year.
The fiscal 2018 operating results were impacted by a $14.8 million
pre-tax ($12.0 million after tax) non-cash charge for impairment of
goodwill and intangible assets as well as a related $0.3 million charge,
all recognized in the third quarter. The full year operating results
also included $0.3 million and $0.6 million of pre-tax restructuring
charges for severance costs in fiscal 2018 and 2017, respectively.
Excluding those atypical items, adjusted operating profit was $2.0
million and $7.3 million in fiscal 2018 and 2017, respectively.
Fiscal 2018 results were also impacted by a $0.8 million favorable
adjustment to income taxes upon implementation of the tax reform
legislation adopted in December 2017. That adjustment included $0.8
million of expense for adjusting the rates on the deferred tax liability
associated with the Energy Steel acquisition offset by a benefit of $1.6
million for other tax items.
Fiscal 2018 adjusted net income and non-GAAP diluted EPS excluded $12.0
million of net-of-tax impairment charges, $0.2 million of net-of-tax bad
debt charges associated with the revaluation of the Company’s commercial
nuclear power business, $0.2 million for a net-of-tax nonrecurring
restructuring charge and a $0.8 million tax benefit for adoption of the
new federal tax rates as a result of the tax reform legislation adopted
in December 2017. Fiscal 2017 adjusted net income and non-GAAP diluted
EPS excluded $0.4 million net-of-tax for a nonrecurring restructuring
charge.
To summarize, the decrease in adjusted net income and non-GAAP diluted
EPS during the year compared with the prior year was primarily due to
lower sales and weaker project mix.
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
FY18
|
|
FY17
|
|
Change
|
Adjusted EBITDA
|
|
|
|
$
|
4.2
|
|
|
$
|
9.6
|
|
|
$
|
(5.4
|
)
|
Adjusted EBITDA margin
|
|
|
|
|
5.4
|
%
|
|
|
10.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (defined as consolidated net income before interest
expense and income, income taxes, depreciation and amortization,
nonrecurring restructuring charges, impairment of goodwill and
intangible assets, and a charge associated with the revaluation of the
nuclear business) was impacted by the factors discussed above.
Graham believes that, when used in conjunction with measures prepared in
accordance with GAAP, Adjusted operating profit, Adjusted operating
margin, Adjusted net income, non-GAAP diluted EPS, Adjusted EBITDA and
Adjusted EBITDA margin (Adjusted EBITDA as a percentage of sales), which
are non-GAAP measures, help in the understanding of its operating
performance. Graham’s credit facility also contains ratios based on
EBITDA. See the attached tables for additional important disclosures
regarding Graham’s use of Adjusted operating profit, Adjusted operating
margin, Adjusted net income, non-GAAP diluted EPS, Adjusted EBITDA and
Adjusted EBITDA margin as well as reconciliations from GAAP measures.
Solid Balance Sheet Provides Financial Flexibility to Pursue Business
Strategy
Cash, cash equivalents and investments at March 31, 2018 were $76.5
million, up $3.0 million from March 31, 2017. The increase resulted
primarily from positive operating cash flow.
Cash provided by operations in fiscal 2018 was $8.5 million, compared
with $12.4 million in fiscal 2017. The decrease was primarily the result
of timing of working capital utilization and lower net income.
Capital expenditures were $2.1 million in fiscal 2018 compared with $0.3
million in fiscal 2017. The Company expects capital expenditures for
fiscal 2019 to be between $2 million and $2.5 million, the majority of
which are expected to be used for productivity enhancements.
Dividend payments were $3.5 million in both fiscal 2018 and 2017.
Graham had neither borrowings under its credit facility, nor any
long-term debt outstanding, at March 31, 2018.
Orders and Backlog Demonstrate Early Signs of Cyclical Recovery
Driven by the U.S. Navy as well as the refining industry in North
America, total orders grew to $43.5 million in the fourth quarter of
fiscal 2018, compared with $9.0 million in the prior-year fourth
quarter. The fiscal 2017 fourth quarter was unfavorably impacted by $6.5
million of order cancellations. Orders from U.S. customers in the fiscal
2018 fourth quarter were $35.1 million, or 81% of total orders, and
orders from international markets were $8.4 million, or 19%. The fiscal
2018 fourth quarter orders included $24.5 million, or 56% of the total,
from other commercial, industrial and defense markets, which includes
the U.S. Navy.
Orders for fiscal 2018 were $112.2 million, up 70% compared with $66.1
million in fiscal 2017. The increase was driven by the refining
industry, which was up $29.4 million, as well as the other commercial,
industrial and defense markets, which were up $19 million. Orders from
U.S. customers in fiscal 2018 were $77.1 million, or 69%, and orders
from international markets were $35.1 million, or 31%. In fiscal 2017,
74% of orders were from U.S. customers and 26% were international.
Graham expects that the balance between domestic and international
orders, as well as orders by industry, will continue to be variable
between quarters.
Backlog at the end fiscal 2018 was a record $117.9 million, up from
$96.2 million and $82.6 million at the end of the previous quarter and
from the end of fiscal 2017, respectively.
The Company continues to believe that its backlog mix by industry
highlights the success of its diversification strategy to increase sales
to the U.S. Navy. Backlog by industry at March 31, 2018 was
approximately:
-
56% for U.S. Navy projects
-
30% for refinery projects
-
5% for power projects, including nuclear
-
5% for chemical/petrochemical projects
-
4% for other industrial applications
The expected timing for the Company’s backlog to convert to sales is as
follows:
-
Within next 12 months: 55% to 60%
-
Within 12 to 24 months: 20% to 25%
-
Beyond 24 months: 15% to 25%
Outlook and FY 2019 Guidance
Graham is announcing its fiscal 2019 guidance, as follows:
-
Revenue anticipated to be between $90 million and $95 million
-
Gross margin expected to be between 24% and 25%
-
SG&A expense expected to be between $18 and $18.75 million
-
Effective tax rate anticipated to be between 20% and 22%
Mr. Lines concluded, “Strong order levels during the past two quarters
provide a solid foundation for anticipated revenue growth in fiscal 2019
of 16% to 22% compared with fiscal 2018. Margin for recent orders is
superior to fiscal 2017 orders and, when considered in conjunction with
our operational improvements, this gives us confidence in our expected
fiscal 2019 gross margin range. We are pleased to once again be on a
growth trajectory.”
Webcast and Conference Call
Graham’s management will host a conference call and live webcast today
at 11:00 a.m. Eastern Time to review its financial condition and
operating results for the fourth quarter and fiscal 2018, as well as its
strategy and outlook. The review will be accompanied by a slide
presentation which will be made available immediately prior to the
conference call on Graham’s website at www.graham-mfg.com
under the heading “Investor Relations.” A question-and-answer session
will follow the formal presentation.
Graham’s conference call can be accessed by calling (201) 689-8560.
Alternatively, the webcast can be monitored on Graham’s website at www.graham-mfg.com
under the heading “Investor Relations.”
A telephonic replay will be available from 2:00 p.m. ET on the day of
the teleconference through Thursday, June 7, 2018. To listen to the
archived call, dial (412) 317-6671 and enter conference ID number
13678791. A transcript of the call will be placed on Graham’s website,
once available.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells
critical equipment for the energy, defense and chemical/petrochemical
industries. Energy markets include oil refining, cogeneration, nuclear
and alternative power. For the defense industry, the Company’s equipment
is used in nuclear propulsion power systems for the U.S. Navy. Graham’s
global brand is built upon world-renowned engineering expertise in
vacuum and heat transfer technology, responsive and flexible service and
unsurpassed quality. Graham designs and manufactures custom-engineered
ejectors, vacuum pumping systems, surface condensers and vacuum systems.
Graham is also a leading nuclear code accredited fabrication and
specialty machining company. Graham supplies components used inside
reactor vessels and outside containment vessels of nuclear power
facilities. Graham’s equipment can also be found in other diverse
applications such as metal refining, pulp and paper processing, water
heating, refrigeration, desalination, food processing, pharmaceutical,
heating, ventilating and air conditioning. Graham’s reach spans the
globe and 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 Graham Corporation and its
subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news 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,”
“confidence,” “projects,” “typically,” “outlook,” “anticipates,”
“believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,”
“aim,” “pursuit,” 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, expected expansion and growth opportunities within its
domestic and international markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins, tax
rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions in
the industries in which it operates, changes in commodities prices, the
effect on its business of volatility in commodities prices, changes in
general economic conditions and customer behavior, forecasts regarding
the timing and scope of the economic recovery in its markets, its
acquisition and growth strategy and the expected performance of Energy
Steel & Supply Co. and its operations in China and other international
locations, 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 Report filed
with the Securities and Exchange Commission, included 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 news release.
FINANCIAL TABLES FOLLOW.
|
|
|
|
|
|
Graham Corporation
Fourth Quarter Fiscal 2018
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
% Change
|
|
2018
|
|
2017
|
% Change
|
Net sales
|
|
|
|
$
|
22,178
|
|
|
$
|
25,624
|
|
(13
|
%)
|
|
$
|
77,534
|
|
|
$
|
91,769
|
|
(16
|
%)
|
Cost of products sold
|
|
|
|
|
17,129
|
|
|
|
18,885
|
|
(9
|
%)
|
|
|
60,204
|
|
|
|
69,608
|
|
(14
|
%)
|
Gross profit
|
|
|
|
|
5,049
|
|
|
|
6,739
|
|
(25
|
%)
|
|
|
17,330
|
|
|
|
22,161
|
|
(22
|
%)
|
Gross margin
|
|
|
|
|
22.8
|
%
|
|
|
26.3
|
%
|
|
|
|
22.4
|
%
|
|
|
24.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses and income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
|
4,140
|
|
|
|
4,162
|
|
(1
|
%)
|
|
|
15,410
|
|
|
|
14,624
|
|
5
|
%
|
Selling, general and administrative – amortization
|
|
|
|
|
59
|
|
|
|
59
|
|
0
|
%
|
|
|
236
|
|
|
|
234
|
|
1
|
%
|
Impairment of goodwill and intangible assets
|
|
|
|
|
-
|
|
|
|
-
|
|
N/A
|
|
|
14,816
|
|
|
|
-
|
|
N/A
|
Restructuring charge
|
|
|
|
|
-
|
|
|
|
-
|
|
N/A
|
|
|
316
|
|
|
|
630
|
|
(50
|
%)
|
Operating profit (loss)
|
|
|
|
|
850
|
|
|
|
2,518
|
|
(66
|
%)
|
|
|
(13,448
|
)
|
|
|
6,673
|
|
N/A
|
Operating margin
|
|
|
|
|
3.8
|
%
|
|
|
9.8
|
%
|
|
|
|
(17.3
|
%)
|
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
(151
|
)
|
|
|
(114
|
)
|
32
|
%
|
|
|
(606
|
)
|
|
|
(386
|
)
|
57
|
%
|
Interest expense
|
|
|
|
|
4
|
|
|
|
3
|
|
33
|
%
|
|
|
12
|
|
|
|
10
|
|
20
|
%
|
Income (loss) before provision for income taxes
|
|
|
|
|
997
|
|
|
|
2,629
|
|
(62
|
%)
|
|
|
(12,854
|
)
|
|
|
7,049
|
|
N/A
|
Provision (benefit) for income taxes
|
|
|
|
|
164
|
|
|
|
828
|
|
(80
|
%)
|
|
|
(3,010
|
)
|
|
|
2,026
|
|
N/A
|
Net income (loss)
|
|
|
|
$
|
833
|
|
|
$
|
1,801
|
|
(54
|
%)
|
|
$
|
(9,844
|
)
|
|
$
|
5,023
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
(50
|
%)
|
|
$
|
(1.01
|
)
|
|
$
|
0.52
|
|
N/A
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
0.09
|
|
|
$
|
0.18
|
|
(50
|
%)
|
|
$
|
(1.01
|
)
|
|
$
|
0.52
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
9,772
|
|
|
|
9,738
|
|
|
|
|
9,764
|
|
|
|
9,716
|
|
|
Diluted
|
|
|
|
|
9,781
|
|
|
|
9,753
|
|
|
|
|
9,764
|
|
|
|
9,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share
|
|
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/A: Not Applicable
|
Graham Corporation
Fourth Quarter Fiscal 2018
Consolidated Balance Sheets
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
2018
|
|
2017
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
40,456
|
|
|
$
|
39,474
|
|
Investments
|
|
|
|
|
36,023
|
|
|
|
34,000
|
|
Trade accounts receivable, net of allowances ($339 and $168
|
|
|
|
|
|
|
at March 31, 2018 and 2017, respectively)
|
|
|
|
|
17,026
|
|
|
|
11,483
|
|
Unbilled revenue
|
|
|
|
|
8,079
|
|
|
|
15,842
|
|
Inventories
|
|
|
|
|
11,566
|
|
|
|
9,246
|
|
Prepaid expenses and other current assets
|
|
|
|
|
772
|
|
|
|
681
|
|
Income taxes receivable
|
|
|
|
|
1,478
|
|
|
|
-
|
|
Total current assets
|
|
|
|
|
115,400
|
|
|
|
110,726
|
|
Property, plant and equipment, net
|
|
|
|
|
17,052
|
|
|
|
17,021
|
|
Prepaid pension asset
|
|
|
|
|
4,369
|
|
|
|
2,340
|
|
Goodwill
|
|
|
|
|
1,222
|
|
|
|
6,938
|
|
Permits
|
|
|
|
|
1,700
|
|
|
|
10,300
|
|
Other intangible assets, net
|
|
|
|
|
3,388
|
|
|
|
4,068
|
|
Other assets
|
|
|
|
|
202
|
|
|
|
177
|
|
Total assets
|
|
|
|
$
|
143,333
|
|
|
$
|
151,570
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Current portion of capital lease obligations
|
|
|
|
$
|
88
|
|
|
$
|
107
|
|
Accounts payable
|
|
|
|
|
16,151
|
|
|
|
10,295
|
|
Accrued compensation
|
|
|
|
|
4,958
|
|
|
|
5,189
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
2,885
|
|
|
|
3,723
|
|
Customer deposits
|
|
|
|
|
13,213
|
|
|
|
12,407
|
|
Income taxes payable
|
|
|
|
|
-
|
|
|
|
317
|
|
Total current liabilities
|
|
|
|
|
37,295
|
|
|
|
32,038
|
|
Capital lease obligations
|
|
|
|
|
55
|
|
|
|
143
|
|
Deferred income tax liability
|
|
|
|
|
1,427
|
|
|
|
4,051
|
|
Accrued pension liability
|
|
|
|
|
565
|
|
|
|
467
|
|
Accrued postretirement benefits
|
|
|
|
|
642
|
|
|
|
761
|
|
Total liabilities
|
|
|
|
|
39,984
|
|
|
|
37,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Preferred stock, $1.00 par value, 500 shares authorized
|
|
|
|
|
-
|
|
|
|
-
|
|
Common stock, $.10 par value, 25,500 shares authorized
|
|
|
|
|
|
|
10,579 and 10,548 shares issued and 9,772 and 9,740
|
|
|
|
|
shares outstanding at March 31, 2018 and 2017,
|
|
|
|
|
respectively
|
|
|
|
|
1,058
|
|
|
|
1,055
|
|
Capital in excess of par value
|
|
|
|
|
23,826
|
|
|
|
23,176
|
|
Retained earnings
|
|
|
|
|
99,011
|
|
|
|
110,544
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(8,250
|
)
|
|
|
(8,434
|
)
|
Treasury stock (807 and 808 shares at March 31, 2018
|
|
|
|
|
|
|
and 2017, respectively)
|
|
|
|
|
(12,296
|
)
|
|
|
(12,231
|
)
|
Total stockholders’ equity
|
|
|
|
|
103,349
|
|
|
|
114,110
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
143,333
|
|
|
$
|
151,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Graham Corporation
Fourth Quarter Fiscal 2018
Consolidated Statements of Cash Flows
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Year Ended March 31,
|
|
|
|
|
2018
|
|
2017
|
Operating activities:
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
$
|
(9,844
|
)
|
|
$
|
5,023
|
|
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
1,986
|
|
|
|
2,092
|
|
Amortization
|
|
|
|
|
236
|
|
|
|
234
|
|
Amortization of unrecognized prior service cost and actuarial losses
|
|
|
|
|
1,050
|
|
|
|
1,387
|
|
Impairment of goodwill and intangible assets
|
|
|
|
|
14,816
|
|
|
|
-
|
|
Stock-based compensation expense
|
|
|
|
|
577
|
|
|
|
627
|
|
Loss on disposal or sale of property, plant and equipment
|
|
|
|
|
26
|
|
|
|
4
|
|
Deferred income taxes
|
|
|
|
|
(3,088
|
)
|
|
|
(884
|
)
|
(Increase) decrease in operating assets:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(5,472
|
)
|
|
|
1,127
|
|
Unbilled revenue
|
|
|
|
|
7,866
|
|
|
|
(3,996
|
)
|
Inventories
|
|
|
|
|
(2,311
|
)
|
|
|
1,561
|
|
Income taxes receivable/payable
|
|
|
|
|
(1,794
|
)
|
|
|
1,977
|
|
Prepaid expenses and other current and non-current assets
|
|
|
|
|
(176
|
)
|
|
|
(111
|
)
|
Prepaid pension asset
|
|
|
|
|
(1,009
|
)
|
|
|
(823
|
)
|
Increase (decrease) in operating liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
5,757
|
|
|
|
78
|
|
Accrued compensation, accrued expenses and other current and
|
|
|
|
|
|
|
non-current liabilities
|
|
|
|
|
(954
|
)
|
|
|
28
|
|
Customer deposits
|
|
|
|
|
792
|
|
|
|
4,010
|
|
Long-term portion of accrued compensation, accrued pension
|
|
|
|
|
|
|
liability and accrued postretirement benefits
|
|
|
|
|
53
|
|
|
|
55
|
|
Net cash provided by operating activities
|
|
|
|
|
8,511
|
|
|
|
12,389
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
(2,051
|
)
|
|
|
(325
|
)
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
|
6
|
|
|
|
1
|
|
Purchase of investments
|
|
|
|
|
(54,023
|
)
|
|
|
(55,000
|
)
|
Redemption of investments at maturity
|
|
|
|
|
52,000
|
|
|
|
62,000
|
|
Net cash (used) provided by investing activities
|
|
|
|
|
(4,068
|
)
|
|
|
6,676
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Principal repayments on capital lease obligations
|
|
|
|
|
(107
|
)
|
|
|
(58
|
)
|
Issuance of common stock
|
|
|
|
|
-
|
|
|
|
137
|
|
Dividends paid
|
|
|
|
|
(3,517
|
)
|
|
|
(3,492
|
)
|
Purchase of treasury stock
|
|
|
|
|
(119
|
)
|
|
|
(29
|
)
|
Excess tax deficiency (benefit) on stock awards
|
|
|
|
|
-
|
|
|
|
(19
|
)
|
Net cash used by financing activities
|
|
|
|
|
(3,743
|
)
|
|
|
(3,461
|
)
|
Effect of exchange rate changes on cash
|
|
|
|
|
282
|
|
|
|
(202
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
|
982
|
|
|
|
15,402
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
|
39,474
|
|
|
|
24,072
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
40,456
|
|
|
$
|
39,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Graham Corporation
Fourth Quarter Fiscal 2018
Adjusted Net Income Reconciliation—Unaudited
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
Per Diluted Share
|
|
|
Per Diluted Share
|
|
|
Per Diluted Share
|
|
|
Per Diluted Share
|
Net income (loss)
|
|
|
|
$
|
833
|
|
$
|
0.09
|
|
|
$
|
1,801
|
$
|
0.18
|
|
$
|
(9,844
|
)
|
$
|
(1.01
|
)
|
|
$
|
5,023
|
|
$
|
0.52
|
|
+ Restructuring charge
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
-
|
|
|
316
|
|
|
0.03
|
|
|
|
630
|
|
|
0.06
|
|
+ Impairment of goodwill and intangible assets
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
-
|
|
|
14,816
|
|
|
1.52
|
|
|
|
-
|
|
|
-
|
|
+ Bad debt charge on commercial nuclear power business
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
-
|
|
|
280
|
|
|
0.03
|
|
|
|
-
|
|
|
-
|
|
- Tax effect of above
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
-
|
|
|
(2,981
|
)
|
|
(0.31
|
)
|
|
|
(189
|
)
|
|
(0.02
|
)
|
- Impact of new tax law
|
|
|
|
|
(209
|
)
|
|
(0.02
|
)
|
|
|
|
|
|
(786
|
)
|
|
(0.08
|
)
|
|
|
-
|
|
|
-
|
|
Adjusted net income
|
|
|
|
$
|
624
|
|
$
|
0.07
|
|
|
$
|
1,801
|
$
|
0.18
|
|
$
|
1,801
|
|
$
|
0.18
|
|
|
$
|
5,464
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measure:
Adjusted net income is defined as GAAP net income excluding a
nonrecurring restructuring charge, impairment of goodwill and intangible
assets, a charge associated with the revaluation of the nuclear business
and the impact of the new tax law. Adjusted net income is not a measure
determined in accordance with generally accepted accounting principles
in the United States, commonly known as GAAP. Nevertheless, Graham
believes that providing non-GAAP information such as Adjusted net income
is important for investors and other readers of Graham's financial
statements, as it is used as an analytical indicator by Graham's
management to better understand operating performance. Because Adjusted
net income is a non-GAAP measure and is thus susceptible to varying
calculations, Adjusted net income, as presented, may not be directly
comparable to other similarly titled measures used by other companies.
|
Graham Corporation
Fourth Quarter Fiscal 2018
Adjusted Operating Profit Reconciliation—Unaudited
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Operating profit (loss)
|
|
|
|
$
|
850
|
|
|
$
|
2,518
|
|
|
$
|
(13,448
|
)
|
|
$
|
6,673
|
|
+ Restructuring charge
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
316
|
|
|
|
630
|
|
+ Impairment of goodwill and intangible assets
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14,816
|
|
|
|
-
|
|
+ Bad debt charge on commercial nuclear power business
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
280
|
|
|
|
-
|
|
Adjusted operating profit
|
|
|
|
$
|
850
|
|
|
$
|
2,518
|
|
|
$
|
1,964
|
|
|
$
|
7,303
|
|
Adjusted operating margin %
|
|
|
|
|
3.8
|
%
|
|
|
9.8
|
%
|
|
|
2.5
|
%
|
|
|
8.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measure:
Adjusted operating profit is defined as consolidated operating profit
before a nonrecurring restructuring charge, impairment of goodwill and
intangible assets, and a charge associated with the revaluation of the
nuclear business. Adjusted operating margin is Adjusted operating
profit divided by sales. Adjusted operating profit and Adjusted
operating margin are not measures determined in accordance with
generally accepted accounting principles in the United States, commonly
known as GAAP. Nevertheless, Graham believes that providing
non-GAAP information such as Adjusted operating profit and Adjusted
operating margin are important for investors and other readers of
Graham's financial statements, as they are used as analytical indicators
by Graham's management to better understand operating performance. Because
Adjusted operating profit and Adjusted operating margin are non-GAAP
measures and are thus susceptible to varying calculations, Adjusted
operating profit and Adjusted operating margin, as presented, may not be
directly comparable to other similarly titled measures used by other
companies.
|
Graham Corporation
Fourth Quarter Fiscal 2018
Adjusted EBITDA Reconciliation—Unaudited
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income (loss)
|
|
|
|
$
|
833
|
|
|
$
|
1,801
|
|
|
$
|
(9,844
|
)
|
|
$
|
5,023
|
|
+ Net interest income
|
|
|
|
|
(147
|
)
|
|
|
(111
|
)
|
|
|
(594
|
)
|
|
|
(376
|
)
|
+ Income taxes
|
|
|
|
|
164
|
|
|
|
828
|
|
|
|
(3,010
|
)
|
|
|
2,026
|
|
+ Depreciation & amortization
|
|
|
|
|
555
|
|
|
|
580
|
|
|
|
2,222
|
|
|
|
2,326
|
|
+ Restructuring charge
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
316
|
|
|
|
630
|
|
+ Impairment of goodwill and intangible assets
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14,816
|
|
|
|
-
|
|
+ Bad debt charge on commercial nuclear power business
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
280
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
|
|
$
|
1,405
|
|
|
$
|
3,098
|
|
|
$
|
4,186
|
|
|
$
|
9,629
|
|
Adjusted EBITDA margin %
|
|
|
|
|
6.3
|
%
|
|
|
12.1
|
%
|
|
|
5.4
|
%
|
|
|
10.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measure:
Adjusted EBITDA is defined as consolidated net income before interest
expense and income, income taxes, depreciation and amortization, a
nonrecurring restructuring charge, impairment of goodwill and intangible
assets, and a charge associated with the revaluation of the nuclear
business. Adjusted EBITDA margin is Adjusted EBITDA divided by
sales. Adjusted EBITDA and Adjusted EBITDA margin are not
measures determined in accordance with generally accepted accounting
principles in the United States, commonly known as GAAP. Nevertheless,
Graham believes that providing non-GAAP information such as Adjusted
EBITDA and Adjusted EBITDA margin are important for investors and other
readers of Graham's financial statements, as they are used as analytical
indicators by Graham's management to better understand operating
performance. Graham’s credit facility also contains ratios based
on EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are
non-GAAP measures and are thus susceptible to varying calculations,
Adjusted EBITDA and Adjusted EBITDA margin, as presented, may not be
directly comparable to other similarly titled measures used by other
companies.
|
Graham Corporation
Fourth Quarter Fiscal 2018
Additional Information—Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORDER & BACKLOG TREND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q117
|
|
Q217
|
|
Q317
|
|
Q417
|
|
FY2017
|
|
Q118
|
|
Q218
|
|
Q318
|
|
Q418
|
|
FY2018
|
|
|
|
|
Total
|
|
Total
|
|
Total
|
|
Total
|
|
Total
|
|
Total
|
|
Total
|
|
Total
|
|
Total
|
|
Total
|
Orders
|
|
|
|
$
|
14.6
|
|
$
|
24.8
|
|
|
$
|
17.7
|
|
$
|
9.0
|
|
|
$
|
66.1
|
|
$
|
11.1
|
|
|
$
|
17.1
|
|
$
|
40.5
|
|
|
$
|
43.5
|
|
$
|
112.2
|
|
Backlog
|
|
|
|
$
|
99.9
|
|
$
|
104.0
|
|
|
$
|
99.1
|
|
$
|
82.6
|
|
|
$
|
82.6
|
|
$
|
72.9
|
|
|
$
|
73.0
|
|
$
|
96.2
|
|
|
$
|
117.9
|
|
$
|
117.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES BY INDUSTRY FY 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2018
|
|
|
|
Q1
|
|
% of
|
|
Q2
|
|
% of
|
|
Q3
|
|
% of
|
|
Q4
|
|
% of
|
|
FY2018
|
|
% of
|
|
|
|
|
|
6/30/17
|
|
Total
|
|
|
9/30/17
|
|
Total
|
|
|
12/31/17
|
|
Total
|
|
|
3/31/18
|
|
Total
|
|
|
Total
|
Refining
|
|
|
|
$
|
3.6
|
|
|
18
|
%
|
|
$
|
4.7
|
|
|
28
|
%
|
|
$
|
5.4
|
|
|
31
|
%
|
|
$
|
7.9
|
|
|
35
|
%
|
|
$
|
21.6
|
|
|
28
|
%
|
Chemical/ Petrochemical
|
|
|
|
$
|
7.2
|
|
|
34
|
%
|
|
$
|
5.7
|
|
|
33
|
%
|
|
$
|
4.2
|
|
|
24
|
%
|
|
$
|
3.6
|
|
|
16
|
%
|
|
$
|
20.7
|
|
|
27
|
%
|
Power
|
|
|
|
$
|
4.0
|
|
|
19
|
%
|
|
$
|
1.9
|
|
|
11
|
%
|
|
$
|
1.7
|
|
|
10
|
%
|
|
$
|
3.2
|
|
|
14
|
%
|
|
$
|
10.8
|
|
|
14
|
%
|
Other Commercial, Industrial and Defense
|
|
|
|
$
|
6.1
|
|
|
29
|
%
|
|
$
|
4.9
|
|
|
28
|
%
|
|
$
|
6.0
|
|
|
35
|
%
|
|
$
|
7.4
|
|
|
35
|
%
|
|
$
|
24.4
|
|
|
32
|
%
|
Total
|
|
|
|
$
|
20.9
|
|
|
|
$
|
17.2
|
|
|
|
$
|
17.3
|
|
|
|
$
|
22.1
|
|
|
|
$
|
77.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES BY INDUSTRY FY 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2017
|
|
|
|
Q1
|
|
% of
|
|
Q2
|
|
% of
|
|
Q3
|
|
% of
|
|
Q4
|
|
% of
|
|
FY2017
|
|
% of
|
|
|
|
|
|
6/30/16
|
|
Total
|
|
|
9/30/16
|
|
Total
|
|
|
12/31/16
|
|
Total
|
|
|
3/31/17
|
|
Total
|
|
|
Total
|
Refining
|
|
|
|
$
|
7.2
|
|
|
32
|
%
|
|
$
|
6.7
|
|
|
32
|
%
|
|
$
|
6.3
|
|
|
28
|
%
|
|
$
|
4.0
|
|
|
15
|
%
|
|
$
|
24.2
|
|
|
26
|
%
|
Chemical/ Petrochemical
|
|
|
|
$
|
5.2
|
|
|
23
|
%
|
|
$
|
5.1
|
|
|
24
|
%
|
|
$
|
4.3
|
|
|
19
|
%
|
|
$
|
6.9
|
|
|
27
|
%
|
|
$
|
21.5
|
|
|
23
|
%
|
Power
|
|
|
|
$
|
4.7
|
|
|
21
|
%
|
|
$
|
6.1
|
|
|
29
|
%
|
|
$
|
4.4
|
|
|
19
|
%
|
|
$
|
4.8
|
|
|
19
|
%
|
|
$
|
20.0
|
|
|
22
|
%
|
Other Commercial, Industrial and Defense
|
|
|
|
$
|
5.3
|
|
|
24
|
%
|
|
$
|
3.2
|
|
|
15
|
%
|
|
$
|
7.7
|
|
|
34
|
%
|
|
$
|
9.9
|
|
|
39
|
%
|
|
$
|
26.1
|
|
|
28
|
%
|
Total
|
|
|
|
$
|
22.4
|
|
|
|
$
|
21.1
|
|
|
|
$
|
22.7
|
|
|
|
$
|
25.6
|
|
|
|
$
|
91.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Fiscal 2018
Additional Information—Unaudited
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES BY REGION FY 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2018
|
Q1
|
|
% of
|
|
Q2
|
|
% of
|
|
Q3
|
|
% of
|
|
Q4
|
|
% of
|
|
FY2018
|
|
% of
|
|
|
6/30/17
|
|
Total
|
|
|
9/30/17
|
|
Total
|
|
|
12/31/17
|
|
Total
|
|
|
3/31/18
|
|
Total
|
|
|
Total
|
United States
|
$
|
14.8
|
|
71
|
%
|
|
$
|
11.1
|
|
65
|
%
|
|
$
|
11.3
|
|
65
|
%
|
|
$
|
14.7
|
|
66
|
%
|
|
$
|
51.9
|
|
67
|
%
|
Middle East
|
$
|
0.9
|
|
4
|
%
|
|
$
|
1.0
|
|
6
|
%
|
|
$
|
1.0
|
|
6
|
%
|
|
$
|
0.9
|
|
4
|
%
|
|
$
|
3.8
|
|
5
|
%
|
Asia
|
$
|
3.4
|
|
16
|
%
|
|
$
|
2.6
|
|
15
|
%
|
|
$
|
2.3
|
|
13
|
%
|
|
$
|
1.9
|
|
9
|
%
|
|
$
|
10.2
|
|
13
|
%
|
Other
|
$
|
1.8
|
|
9
|
%
|
|
$
|
2.5
|
|
14
|
%
|
|
$
|
2.7
|
|
16
|
%
|
|
$
|
4.6
|
|
21
|
%
|
|
$
|
11.6
|
|
15
|
%
|
Total
|
$
|
20.9
|
|
|
|
$
|
17.2
|
|
|
|
$
|
17.3
|
|
|
|
$
|
22.1
|
|
|
|
$
|
77.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES BY REGION FY 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2017
|
Q1
|
|
% of
|
|
Q2
|
|
% of
|
|
Q3
|
|
% of
|
|
Q4
|
|
% of
|
|
FY2017
|
|
% of
|
|
|
6/30/16
|
|
Total
|
|
|
9/30/16
|
|
Total
|
|
|
12/31/16
|
|
Total
|
|
|
3/31/17
|
|
Total
|
|
|
Total
|
United States
|
$
|
16.3
|
|
73
|
%
|
|
$
|
15.4
|
|
73
|
%
|
|
$
|
17.5
|
|
77
|
%
|
|
$
|
20.0
|
|
78
|
%
|
|
$
|
69.2
|
|
75
|
%
|
Middle East
|
$
|
1.0
|
|
4
|
%
|
|
$
|
0.5
|
|
2
|
%
|
|
$
|
0.8
|
|
3
|
%
|
|
$
|
0.9
|
|
4
|
%
|
|
$
|
3.2
|
|
4
|
%
|
Asia
|
$
|
3.1
|
|
14
|
%
|
|
$
|
1.2
|
|
6
|
%
|
|
$
|
1.6
|
|
7
|
%
|
|
$
|
1.8
|
|
7
|
%
|
|
$
|
7.7
|
|
8
|
%
|
Other
|
$
|
2.0
|
|
9
|
%
|
|
$
|
4.0
|
|
19
|
%
|
|
$
|
2.8
|
|
13
|
%
|
|
$
|
2.9
|
|
11
|
%
|
|
$
|
11.7
|
|
13
|
%
|
Total
|
$
|
22.4
|
|
|
|
$
|
21.1
|
|
|
|
$
|
22.7
|
|
|
|
$
|
25.6
|
|
|
|
$
|
91.8
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180531005118/en/
Copyright Business Wire 2018