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GRAHAM CORPORATION ANNOUNCES RESULTS FOR SECOND QUARTER 1993

 BATAVIA, N.Y., July 22 /PRNewswire/ -- Graham Corporation (AMEX: GHM) today reported results for the second quarter ended June 30, 1993.
 Sales for the 1993 second quarter were $14,810,000 producing net income of $432,000 or $.41 per share.
 Sales for the 1992 second quarter were $14,178,000 producing net income of $2,341,000 or $2.23 per share after a before-tax gain of $4,836,000 from the sale of real estate in the U.K. The 1992 second quarter produced an operating loss of $1,239,000 or $1.18 per share before the real estate gain and taxes.
 Sales for the six months ended June 30, 1993, were $29,709,000, producing net income of $220,000 or $.21 per share.
 Sales for the six months ended June 30, 1992, were $27,941,000 producing net income of $1,702,000 or $1.62 per share after the second quarter U.K. real estate gain. The 1992 first half produced an operating loss of $2,444,000 or $2.33 per share before the second quarter real estate gain, taxes and changes in accounting principles.
 New orders for the 1993 second quarter were $10,361,000 compared to $10,695,000 for the 1992 second quarter. New orders for the first six months of 1993 were $28,484,000 compared to $31,314,000 for the first six months of 1992.
 Consolidated backlog on June 30, 1993, was $25,819,000 compared to $32,511,000 on March 31, 1993, and to $31,083,000 on June 30, 1992.
 Commenting on these results, Frederick D. Berkeley, Graham's chairman and CEO, said, "After a number of quarters in which Graham has experienced an operating loss, it is pleasing to be able to report profitable operations for the second quarter of 1993. Shipment schedules for the third quarter are positive, but U.S. and worldwide political and economic uncertainties that negatively affect capital expenditure plans of our customers, have resulted in lower than planned shipment levels for the fourth quarter. Graham is vigorously cutting costs and taking other measures to assure that it will operate satisfactorily at these lower levels until the business climate improves.
 "Beyond that, however, the company is very much aware that changing business conditions and the challenges of the global market constitutes a mandate for fresh thinking and new approaches in managing the company. Some new approaches already are in place and are proving their value to us. The company is continuing to reappraise management practices and to build on its technological and engineering expertise to identify new products and new markets."
 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'S UNAUDITED RESULTS
 Quarter to June 30 1993 1992
 Sales $14,810,000 $14,178,000
 Net Income 432,000 2,341,000(A)
 Share Earnings:
 Net Income .41 2.23
 Shares Outstanding 1,047,000 1,048,000
 Six Months to June 30 1993 1992
 Sales $29,709,000 $27,941,000
 Net Income 220,000 1,702,000(B)
 Share Earnings:
 Net Income .21 1.62
 Shares Outstanding 1,047,000 1,047,000
 (A) Includes a pre-tax gain of $4,836,000 from U.K. real estate sale.
 (B) Includes $161,000 cumulative effect of changes in accounting principles and second quarter gain from U.K. real estate sale.
 -0- 7/22/93
 /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

LC -- CL039 -- 4789 07/22/93 16:55 EDT
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Date:Jul 22, 1993
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