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GRAHAM CORPORATION ANNOUNCES RESULTS FOR THIRD QUARTER 1993

 BATAVIA, N.Y., Oct. 22 /PRNewswire/ -- Graham Corporation (AMEX: GHM) today reported results for the third quarter ended Sept. 30, 1993.
 Sales for the 1993 third quarter were $15,155,000 producing net income of $138,000 or $.13 per share.
 Sales for the 1992 third quarter were $17,121,000 producing net income of $100,000 or $.10 per share after a pre-tax gain of $648,000 from the sale of real estate in the United Kingdom. The 1992 third quarter produced an operating loss of $494,000 or $.47 per share before the real estate gain and taxes.
 Sales for the nine months ended Sept. 30, 1993, were $44,865,000 producing net income of $358,000 or $.34 per share.
 Sales for the nine months ended Sept. 30, 1992, were $45,062,000 producing net income of $1,802,000 or $1.72 per share after a pre-tax gain of $5,484,000 from the sale of real estate in the United Kingdom. The 1992 nine-month period produced an operating loss of $2,938,000 or $2.81 per share before the real estate gain, taxes, and changes in accounting principles.
 New orders for the 1993 third quarter were $11,307,000 compared to $19,035,000 for the 1992 third quarter. New orders for the first nine months of 1993 were $39,791,000 compared to $50,349,000 for the first nine months of 1992.
 Consolidated backlog on Sept. 30, 1993, was $22,484,000 compared to $25,819,000 on June 30, 1993, and to $34,244,000 on Sept. 30, 1992.
 Commenting on these results, Frederick D. Berkeley, Graham's chairman and CEO, said, "We are pleased with a second consecutive quarter of profitable operation in what continues to be a difficult market both in the U.S. and abroad. As previously reported, Graham has implemented, and will continue to pursue, cost reductions and efficiencies in response to prevailing conditions in our industry. In addition, the company is pursuing aggressive marketing efforts in the U.S. and abroad and is continuing its efforts to identify new markets for its products."
 Graham designs and manufactures vacuum and heat transfer equipment for the process industries. The principal markets for Graham's equipment are the chemical, petrochemical, petroleum refining and electric power generating industries, including co-generation and geothermal plants. Other process industry markets served include the food and beverage industry, shipbuilding, steel mills and paper mills.
 GRAHAM CORPORATION
 THE COMPANY'S UNAUDITED RESULTS
 Quarter to Sept. 30 1993 1992
 Sales $15,155,000 $17,121,000
 Net Income 138,000 100,000 (A)
 Share Earnings:
 Net Income .13 .10
 Shares Outstanding 1,047,000 1,048,000
 Nine Months to Sept. 30 1993 1992
 Sales $44,865,000 $45,062,000
 Net Income 358,000 1,802,000 (B)
 Share Earnings:
 Net Income .34 1.72
 Shares Outstanding 1,047,000 1,047,000
 (A) -- Includes a pre-tax gain of $648,000 from U.K. real estate sale.
 (B) -- Includes $161,000 cumulative effect of changes in accounting principles and pre-tax gain for the 9 months of $5,484,000 from U.K. real estate sale.
 -0- 10/22/93
 /CONTACT: J. R. Hansen or William A. Smith, Jr., 716-343-2216; or Cornelius S. Van Rees, 212-912-7650; all of Graham Corporation/
 (GHM)


CO: Graham Corporation ST: New York IN: MAC SU: ERN

KL-AR -- CL010 -- 5644 10/22/93 10:30 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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