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GRAHAM CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 1993

 BATAVIA, N.Y., May 4 /PRNewswire/ -- Graham Corporation (AMEX: GHM) today reported results for the first quarter ended March 31, 1993.
 Sales were $14,900,000 producing a net loss of $212,000 or $.20 per share. This compares to 1992 first quarter sales of $13,763,000 which produced a loss from continuing operations of $800,000 or $0.77 per share and after a gain of $161,000 from changes of accounting principles a net loss of $639,000 or $0.61 per share.
 New orders for the 1993 first quarter were $18,123,000 compared to $13,587,000 for the last quarter of 1992, and to $20,463,000 for the first quarter of 1992.
 Backlog on March 31, 1993 was $32,511,000 compared to $28,819,000 on Dec. 31, 1992, and to $34,752,000 on March 31, 1992.
 Frederick D. Berkeley, chairman of the board and chief executive officer of Graham, said, "As expected and previously announced, the company incurred a loss in the 1993 first quarter of $212,000. This figure is the net of a small operating profit on our operations in the U.S. and of an operating loss from our Gloucester U.K. operations. It is pleasing to note that this first quarter loss is smaller than the $800,000 operating loss in the similar 1992 first quarter. The company is continuing vigorously with steps to regain profitability."
 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 shipbuilding, steel mills and paper mills.
 THE COMPANY'S UNAUDITED RESULTS
 Quarter to March 31,
 1993 1992(A)
 Sales $14,900,000 $13,763,000
 Income/(Loss) Continuing Operations (212,000) (800,000)
 Gain from Change of Accounting
 Principles --- 161,000
 Net Income/(Loss) (212,000) (639,000)
 Share Earnings
 Income/(Loss) cnt.op. (.20) (.77)
 Net Income/(Loss) (.20) (.61)
 Shares Outstanding 1,046,000 1,043,000
 (A) -- Restated to reflect adoption of accounting standards No. 106, regarding post retirement benefits and No. 109, regarding accounting for income taxes.
 -0- 5/4/93
 /CONTACT: A.L. Snyder or William A. Smith, Jr., 716-343-2216, or Cornelius S. Van Rees, 212-912-7650, all for Graham Corporation/
 (GHM)


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

BM -- CL016 -- 4463 05/04/93 15:37 EDT
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Publication:PR Newswire
Date:May 4, 1993
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