Quarterly Report (10-q)
29 Outubro 2021 - 08:35AM
Edgar (US Regulatory)
false 2022 Q2 0000716314 --03-31 0.75
0.50 P1Y 0.3333 0.3333 P1Y true true 0.3333 P3Y P3Y 0.3333 P3Y P5Y
P1Y10M28D P2Y8M8D P7Y10M28D P1Y8M8D 0000716314 2021-04-01
2021-09-30 xbrli:shares 0000716314 2021-10-22 iso4217:USD
0000716314 2021-07-01 2021-09-30 0000716314 2020-07-01 2020-09-30
0000716314 2020-04-01 2020-09-30 iso4217:USD xbrli:shares
0000716314 2021-09-30 0000716314 2021-03-31 0000716314
us-gaap:CustomerRelationshipsMember 2021-09-30 0000716314
ghm:TechnologyAndTechnicalKnowHowMember 2021-09-30 0000716314
2020-03-31 0000716314 2020-09-30 0000716314
us-gaap:CommonStockMember 2021-03-31 0000716314
us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0000716314
us-gaap:RetainedEarningsMember 2021-03-31 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31
0000716314 us-gaap:TreasuryStockMember 2021-03-31 0000716314
us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01
2021-06-30 0000716314 2021-04-01 2021-06-30 0000716314
us-gaap:CommonStockMember 2021-04-01 2021-06-30 0000716314
us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30
0000716314 us-gaap:TreasuryStockMember 2021-04-01 2021-06-30
0000716314 us-gaap:CommonStockMember 2021-06-30 0000716314
us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0000716314
us-gaap:RetainedEarningsMember 2021-06-30 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30
0000716314 us-gaap:TreasuryStockMember 2021-06-30 0000716314
2021-06-30 0000716314 us-gaap:RetainedEarningsMember 2021-07-01
2021-09-30 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01
2021-09-30 0000716314 us-gaap:CommonStockMember 2021-07-01
2021-09-30 0000716314 us-gaap:AdditionalPaidInCapitalMember
2021-07-01 2021-09-30 0000716314 us-gaap:TreasuryStockMember
2021-07-01 2021-09-30 0000716314 us-gaap:CommonStockMember
2021-09-30 0000716314 us-gaap:AdditionalPaidInCapitalMember
2021-09-30 0000716314 us-gaap:RetainedEarningsMember 2021-09-30
0000716314 us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-09-30 0000716314 us-gaap:TreasuryStockMember 2021-09-30
0000716314 us-gaap:CommonStockMember 2020-03-31 0000716314
us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000716314
us-gaap:RetainedEarningsMember 2020-03-31 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31
0000716314 us-gaap:TreasuryStockMember 2020-03-31 0000716314
us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01
2020-06-30 0000716314 2020-04-01 2020-06-30 0000716314
us-gaap:CommonStockMember 2020-04-01 2020-06-30 0000716314
us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30
0000716314 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30
0000716314 us-gaap:CommonStockMember 2020-06-30 0000716314
us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000716314
us-gaap:RetainedEarningsMember 2020-06-30 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30
0000716314 us-gaap:TreasuryStockMember 2020-06-30 0000716314
2020-06-30 0000716314 us-gaap:RetainedEarningsMember 2020-07-01
2020-09-30 0000716314
us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01
2020-09-30 0000716314 us-gaap:AdditionalPaidInCapitalMember
2020-07-01 2020-09-30 0000716314 us-gaap:TreasuryStockMember
2020-07-01 2020-09-30 0000716314 us-gaap:CommonStockMember
2020-09-30 0000716314 us-gaap:AdditionalPaidInCapitalMember
2020-09-30 0000716314 us-gaap:RetainedEarningsMember 2020-09-30
0000716314 us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-09-30 0000716314 us-gaap:TreasuryStockMember 2020-09-30
0000716314 us-gaap:PensionPlansDefinedBenefitMember 2021-04-01
2021-09-30 0000716314
us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember
2021-04-01 2021-09-30 0000716314 ghm:BarberNicholsIncMember
2021-06-01 2021-06-01 0000716314 ghm:BarberNicholsIncMember
2021-06-01 0000716314 ghm:BarberNicholsIncMember srt:MaximumMember
2021-06-01 0000716314 ghm:BarberNicholsIncMember 2021-06-30
xbrli:pure 0000716314 ghm:BarberNicholsIncMember 2021-04-01
2021-09-30 0000716314 ghm:BarberNicholsIncMember 2021-07-01
2021-09-30 0000716314 ghm:BarberNicholsIncMember 2021-09-30
0000716314 us-gaap:CustomerRelationshipsMember
ghm:BarberNicholsIncMember 2021-04-01 2021-09-30 0000716314
ghm:TechnologyAndTechnicalKnowHowMember ghm:BarberNicholsIncMember
2021-04-01 2021-09-30 0000716314 ghm:BacklogMember
ghm:BarberNicholsIncMember 2021-04-01 2021-09-30 0000716314
us-gaap:TradeNamesMember ghm:BarberNicholsIncMember 2021-04-01
2021-09-30 0000716314 ghm:BacklogMember ghm:BarberNicholsIncMember
2021-06-01 0000716314 us-gaap:CustomerRelationshipsMember
ghm:BarberNicholsIncMember 2021-06-01 0000716314
ghm:TechnologyAndTechnicalKnowHowMember ghm:BarberNicholsIncMember
2021-06-01 0000716314 ghm:TradenameMember
ghm:BarberNicholsIncMember 2021-06-01 0000716314
ghm:BarberNicholsIncMember 2020-07-01 2020-09-30 0000716314
ghm:BarberNicholsIncMember 2020-04-01 2020-09-30 0000716314
ghm:HeatTransferEquipmentMember 2021-07-01 2021-09-30 0000716314
ghm:HeatTransferEquipmentMember 2020-07-01 2020-09-30 0000716314
ghm:HeatTransferEquipmentMember 2021-04-01 2021-09-30 0000716314
ghm:HeatTransferEquipmentMember 2020-04-01 2020-09-30 0000716314
ghm:VacuumEquipmentMember 2021-07-01 2021-09-30 0000716314
ghm:VacuumEquipmentMember 2020-07-01 2020-09-30 0000716314
ghm:VacuumEquipmentMember 2021-04-01 2021-09-30 0000716314
ghm:VacuumEquipmentMember 2020-04-01 2020-09-30 0000716314
ghm:FluidSystemsMember 2021-07-01 2021-09-30 0000716314
ghm:FluidSystemsMember 2021-04-01 2021-09-30 0000716314
ghm:PowerSystemsMember 2021-07-01 2021-09-30 0000716314
ghm:PowerSystemsMember 2021-04-01 2021-09-30 0000716314
ghm:AllOtherProductLinesMember 2021-07-01 2021-09-30 0000716314
ghm:AllOtherProductLinesMember 2020-07-01 2020-09-30 0000716314
ghm:AllOtherProductLinesMember 2021-04-01 2021-09-30 0000716314
ghm:AllOtherProductLinesMember 2020-04-01 2020-09-30 0000716314
srt:AsiaMember 2021-07-01 2021-09-30 0000716314 srt:AsiaMember
2020-07-01 2020-09-30 0000716314 srt:AsiaMember 2021-04-01
2021-09-30 0000716314 srt:AsiaMember 2020-04-01 2020-09-30
0000716314 country:CA 2021-07-01 2021-09-30 0000716314 country:CA
2020-07-01 2020-09-30 0000716314 country:CA 2021-04-01 2021-09-30
0000716314 country:CA 2020-04-01 2020-09-30 0000716314
us-gaap:MiddleEastMember 2021-07-01 2021-09-30 0000716314
us-gaap:MiddleEastMember 2020-07-01 2020-09-30 0000716314
us-gaap:MiddleEastMember 2021-04-01 2021-09-30 0000716314
us-gaap:MiddleEastMember 2020-04-01 2020-09-30 0000716314
srt:SouthAmericaMember 2021-07-01 2021-09-30 0000716314
srt:SouthAmericaMember 2020-07-01 2020-09-30 0000716314
srt:SouthAmericaMember 2021-04-01 2021-09-30 0000716314
srt:SouthAmericaMember 2020-04-01 2020-09-30 0000716314 country:US
2021-07-01 2021-09-30 0000716314 country:US 2020-07-01 2020-09-30
0000716314 country:US 2021-04-01 2021-09-30 0000716314 country:US
2020-04-01 2020-09-30 0000716314 ghm:AllOtherCountriesMember
2021-07-01 2021-09-30 0000716314 ghm:AllOtherCountriesMember
2020-07-01 2020-09-30 0000716314 ghm:AllOtherCountriesMember
2021-04-01 2021-09-30 0000716314 ghm:AllOtherCountriesMember
2020-04-01 2020-09-30 0000716314 ghm:CustomerDepositsMember
2021-09-30 0000716314 ghm:CustomerDepositsMember 2021-03-31
0000716314 ghm:BarberNicholsLLCMember 2021-04-01 2021-09-30
0000716314 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
2021-09-30 0000716314
us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2021-03-31
0000716314 srt:MinimumMember 2021-10-01 2021-09-30 0000716314
srt:MaximumMember 2021-10-01 2021-09-30 0000716314
srt:MinimumMember 2022-10-01 2021-09-30 0000716314
srt:MaximumMember 2022-10-01 2021-09-30 0000716314 2023-10-01
2021-09-30 0000716314 srt:MinimumMember 2021-04-01 2021-09-30
0000716314 srt:MaximumMember 2021-04-01 2021-09-30 0000716314
ghm:TwoThousandIncentivePlanMember srt:MaximumMember
us-gaap:StockCompensationPlanMember 2021-09-30 0000716314
ghm:TwoThousandIncentivePlanMember
ghm:StockCompensationPriorPlanMember 2021-09-30 0000716314
ghm:TwoThousandIncentivePlanMember
us-gaap:EmployeeStockOptionMember 2020-08-11 2020-08-11 0000716314
ghm:TwoThousandIncentivePlanMember
us-gaap:EmployeeStockOptionMember 2020-08-11 0000716314
ghm:TwoThousandIncentivePlanMember us-gaap:RestrictedStockMember
2020-08-11 0000716314 ghm:PerformanceVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
2021-07-01 2021-09-30 0000716314
ghm:PerformanceVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
2021-04-01 2021-09-30 0000716314
ghm:PerformanceVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
2020-04-01 2020-09-30 0000716314 srt:OfficerMember
ghm:PerformanceVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
2021-07-01 2021-09-30 0000716314 srt:OfficerMember
ghm:PerformanceVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
2020-04-01 2021-03-31 0000716314 srt:OfficerMember
ghm:PerformanceVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
srt:ScenarioForecastMember 2021-04-01 2022-03-31 0000716314
srt:OfficerMember ghm:PerformanceVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
2021-04-01 2021-09-30 0000716314 ghm:OfficersAndKeyEmployeesMember
ghm:TimeVestedRestrictedStockMember us-gaap:RestrictedStockMember
ghm:TwoThousandIncentivePlanMember 2021-07-01 2021-09-30 0000716314
ghm:OfficersAndKeyEmployeesMember
ghm:TimeVestedRestrictedStockMember us-gaap:RestrictedStockMember
ghm:TwoThousandIncentivePlanMember 2020-04-01 2021-03-31 0000716314
ghm:OfficersAndKeyEmployeesMember
ghm:TimeVestedRestrictedStockMember us-gaap:RestrictedStockMember
ghm:TwoThousandIncentivePlanMember srt:ScenarioForecastMember
2021-04-01 2022-03-31 0000716314 ghm:OfficersAndKeyEmployeesMember
ghm:TimeVestedRestrictedStockMember us-gaap:RestrictedStockMember
ghm:TwoThousandIncentivePlanMember 2021-04-01 2021-09-30 0000716314
srt:DirectorMember ghm:TimeVestedRestrictedStockMember
us-gaap:RestrictedStockMember ghm:TwoThousandIncentivePlanMember
2020-04-01 2021-03-31 0000716314 srt:DirectorMember
ghm:TimeVestedRestrictedStockMember us-gaap:RestrictedStockMember
ghm:TwoThousandIncentivePlanMember srt:ScenarioForecastMember
2021-04-01 2022-03-31 0000716314 srt:DirectorMember
ghm:TimeVestedRestrictedStockMember us-gaap:RestrictedStockMember
ghm:TwoThousandIncentivePlanMember 2021-04-01 2021-09-30 0000716314
us-gaap:EmployeeStockOptionMember
ghm:TwoThousandIncentivePlanMember 2021-04-01 2021-09-30 0000716314
us-gaap:EmployeeStockOptionMember
ghm:TwoThousandIncentivePlanMember 2020-04-01 2020-09-30 0000716314
us-gaap:StockCompensationPlanMember 2021-07-01 2021-09-30
0000716314 us-gaap:StockCompensationPlanMember 2020-07-01
2020-09-30 0000716314 us-gaap:StockCompensationPlanMember
2021-04-01 2021-09-30 0000716314
us-gaap:StockCompensationPlanMember 2020-04-01 2020-09-30
0000716314 ghm:EmployeeStockPurchasePlanMember 2021-07-01
2021-09-30 0000716314 ghm:EmployeeStockPurchasePlanMember
2021-09-30 0000716314 ghm:EmployeeStockPurchasePlanMember
2020-07-01 2020-09-30 0000716314
ghm:EmployeeStockPurchasePlanMember 2021-04-01 2021-09-30
0000716314 ghm:EmployeeStockPurchasePlanMember 2020-04-01
2020-09-30 0000716314 us-gaap:PensionPlansDefinedBenefitMember
2021-07-01 2021-09-30 0000716314
us-gaap:PensionPlansDefinedBenefitMember 2020-07-01 2020-09-30
0000716314 us-gaap:PensionPlansDefinedBenefitMember 2020-04-01
2020-09-30 0000716314 us-gaap:PensionPlansDefinedBenefitMember
2021-09-30 0000716314 us-gaap:PensionPlansDefinedBenefitMember
us-gaap:OtherComprehensiveIncomeMember 2021-07-01 2021-09-30
0000716314
us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember
2021-07-01 2021-09-30 0000716314
us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember
2020-07-01 2020-09-30 0000716314
us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember
2020-04-01 2020-09-30 0000716314
us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember
2021-09-30 0000716314 us-gaap:EarliestTaxYearMember
us-gaap:DomesticCountryMember 2021-04-01 2021-09-30 0000716314
us-gaap:EarliestTaxYearMember
us-gaap:StateAndLocalJurisdictionMember 2021-04-01 2021-09-30
0000716314 us-gaap:EarliestTaxYearMember
us-gaap:ForeignCountryMember
us-gaap:StateAdministrationOfTaxationChinaMember 2021-04-01
2021-09-30 0000716314 us-gaap:EarliestTaxYearMember
us-gaap:ForeignCountryMember us-gaap:MinistryOfFinanceIndiaMember
2021-04-01 2021-09-30 0000716314 us-gaap:LatestTaxYearMember
us-gaap:DomesticCountryMember 2021-04-01 2021-09-30 0000716314
us-gaap:LatestTaxYearMember us-gaap:StateAndLocalJurisdictionMember
2021-04-01 2021-09-30 0000716314 us-gaap:LatestTaxYearMember
us-gaap:ForeignCountryMember
us-gaap:StateAdministrationOfTaxationChinaMember 2021-04-01
2021-09-30 0000716314 us-gaap:LatestTaxYearMember
us-gaap:ForeignCountryMember us-gaap:MinistryOfFinanceIndiaMember
2021-04-01 2021-09-30 0000716314
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-03-31
0000716314 us-gaap:AccumulatedTranslationAdjustmentMember
2021-03-31 0000716314
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-04-01
2021-09-30 0000716314
us-gaap:AccumulatedTranslationAdjustmentMember 2021-04-01
2021-09-30 0000716314
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-09-30
0000716314 us-gaap:AccumulatedTranslationAdjustmentMember
2021-09-30 0000716314
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31
0000716314 us-gaap:AccumulatedTranslationAdjustmentMember
2020-03-31 0000716314
us-gaap:AccumulatedTranslationAdjustmentMember 2020-04-01
2020-09-30 0000716314
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-04-01
2020-09-30 0000716314
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-09-30
0000716314 us-gaap:AccumulatedTranslationAdjustmentMember
2020-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
ghm:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossesMember
2021-07-01 2021-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
ghm:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossesMember
2020-07-01 2020-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-07-01
2021-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-07-01
2020-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
ghm:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossesMember
2021-04-01 2021-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
ghm:AccumulatedDefinedBenefitPlansAdjustmentNetActuarialGainLossesMember
2020-04-01 2020-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-04-01
2021-09-30 0000716314
us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-04-01
2020-09-30 0000716314 ghm:FiveYearTermLoanWithBankOfAmericaMember
2021-06-01 0000716314 ghm:FiveYearTermLoanWithBankOfAmericaMember
2021-06-01 2021-06-01 0000716314
ghm:BloombergShortTermBankYieldIndexMember
ghm:FiveYearTermLoanWithBankOfAmericaMember 2021-06-01 2021-06-01
0000716314 ghm:FloorRateMember
ghm:FiveYearTermLoanWithBankOfAmericaMember 2021-06-01 2021-06-01
0000716314 us-gaap:LineOfCreditMember 2021-06-01 0000716314
us-gaap:LineOfCreditMember 2021-09-30 0000716314
us-gaap:LineOfCreditMember
ghm:BloombergShortTermBankYieldIndexMember 2021-06-01 2021-06-01
0000716314 us-gaap:LineOfCreditMember ghm:FloorRateMember
2021-06-01 2021-06-01 0000716314 us-gaap:LineOfCreditMember
2021-04-01 2021-09-30 0000716314 us-gaap:LetterOfCreditMember
2021-06-01 2021-06-01 0000716314
ghm:LetterOfCreditSecuredByCashMember 2021-06-01 2021-06-01
0000716314 2021-06-01 2021-06-01 0000716314 ghm:HSBCBankUSAMember
us-gaap:LetterOfCreditMember 2021-06-01 0000716314
ghm:HSBCBankUSAMember us-gaap:LetterOfCreditMember 2021-05-31
0000716314 us-gaap:RevolvingCreditFacilityMember
us-gaap:LetterOfCreditMember 2021-06-01 2021-06-01 0000716314
us-gaap:RevolvingCreditFacilityMember us-gaap:LetterOfCreditMember
srt:MinimumMember 2021-06-01 2021-06-01 0000716314
us-gaap:RevolvingCreditFacilityMember us-gaap:LetterOfCreditMember
srt:MaximumMember 2021-06-01 2021-06-01 0000716314
us-gaap:RevolvingCreditFacilityMember us-gaap:LetterOfCreditMember
us-gaap:PrimeRateMember 2021-06-01 2021-06-01 0000716314
us-gaap:AccountingStandardsUpdate201912Member 2021-09-30 0000716314
us-gaap:OtherOperatingIncomeExpenseMember
ghm:TransactionAgreementMember 2021-09-30 0000716314
us-gaap:OtherOperatingIncomeExpenseMember
ghm:BarberNicholsIncMember 2021-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the quarterly period ended September 30, 2021
or
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the transition period from _____________ to ___________
Commission File Number 1-8462
GRAHAM CORPORATION
(Exact name of registrant as specified in its charter)
|
|
|
Delaware
|
16-1194720
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
20 Florence Avenue, Batavia, New York
|
14020
|
|
(Address of principal executive offices)
|
(Zip Code)
|
585-343-2216
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
|
Trading
Symbol(s)
|
|
Name of each exchange on which registered
|
|
Common Stock, Par Value $0.10 Per Share
|
|
GHM
|
|
NYSE
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such
files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth
company. See the definitions of "large accelerated
filer," "accelerated filer," "smaller reporting company," and
"emerging growth company" in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☒
|
|
Smaller reporting company
|
☒
|
|
Emerging growth company
|
☐
|
|
|
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
As of October 22, 2021, there were outstanding 10,638,041 shares of
the registrant’s common stock, par value $0.10 per share.
Graham Corporation and Subsidiaries
Index to Form 10-Q
As of September 30, 2021 and March 31, 2021 and for the three
and six months ended September 30, 2021 and 2020
2
GRAHAM CORPORATION AND SUBSIDIARIES
FORM 10-Q
SEPTEMBER 30, 2021
PART I –
FINANCIAL INFORMATION
Item 1.Unaudited Condensed
Consolidated Financial Statements
GRAHAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(Amounts in thousands, except per share data)
|
|
|
(Amounts in thousands, except per share data)
|
|
|
Net sales
|
|
$
|
34,146
|
|
|
$
|
27,954
|
|
|
$
|
54,303
|
|
|
$
|
44,664
|
|
|
Cost of products sold
|
|
|
30,703
|
|
|
|
20,261
|
|
|
|
49,946
|
|
|
|
35,403
|
|
|
Gross profit
|
|
|
3,443
|
|
|
|
7,693
|
|
|
|
4,357
|
|
|
|
9,261
|
|
|
Other expenses and income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
4,973
|
|
|
|
4,253
|
|
|
|
9,805
|
|
|
|
8,155
|
|
|
Selling, general and administrative – amortization
|
|
|
274
|
|
|
|
—
|
|
|
|
365
|
|
|
|
—
|
|
|
Other operating income, net
|
|
|
(1,102
|
)
|
|
|
—
|
|
|
|
(1,102
|
)
|
|
|
—
|
|
|
Operating (loss) income
|
|
|
(702
|
)
|
|
|
3,440
|
|
|
|
(4,711
|
)
|
|
|
1,106
|
|
|
Other income
|
|
|
(145
|
)
|
|
|
(54
|
)
|
|
|
(305
|
)
|
|
|
(109
|
)
|
|
Interest income
|
|
|
(14
|
)
|
|
|
(26
|
)
|
|
|
(31
|
)
|
|
|
(120
|
)
|
|
Interest expense
|
|
|
129
|
|
|
|
3
|
|
|
|
168
|
|
|
|
8
|
|
|
(Loss) income before benefit for income taxes
|
|
|
(672
|
)
|
|
|
3,517
|
|
|
|
(4,543
|
)
|
|
|
1,327
|
|
|
(Benefit) expense for income taxes
|
|
|
(180
|
)
|
|
|
773
|
|
|
|
(925
|
)
|
|
|
401
|
|
|
Net (loss) income
|
|
$
|
(492
|
)
|
|
$
|
2,744
|
|
|
$
|
(3,618
|
)
|
|
$
|
926
|
|
|
Per share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(0.05
|
)
|
|
$
|
0.27
|
|
|
$
|
(0.35
|
)
|
|
$
|
0.09
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(0.05
|
)
|
|
$
|
0.27
|
|
|
$
|
(0.35
|
)
|
|
$
|
0.09
|
|
|
Weighted average common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
10,681
|
|
|
|
9,977
|
|
|
|
10,442
|
|
|
|
9,936
|
|
|
Diluted
|
|
|
10,681
|
|
|
|
9,977
|
|
|
|
10,442
|
|
|
|
9,936
|
|
|
Dividends declared per share
|
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
See Notes to Condensed Consolidated Financial Statements.
3
GRAHAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)
INCOME
(Unaudited)
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(Amounts in thousands)
|
|
|
(Amounts in thousands)
|
|
|
Net (loss) income
|
|
$
|
(492
|
)
|
|
$
|
2,744
|
|
|
$
|
(3,618
|
)
|
|
$
|
926
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
(35
|
)
|
|
|
146
|
|
|
|
93
|
|
|
|
155
|
|
|
Defined benefit pension and other postretirement plans net
of income tax expense of $72 and $63 for the three months
ended September 30, 2021 and 2020, respectively, and $121
and $124 for the six months ended September 30, 2021 and
2020, respectively
|
|
|
251
|
|
|
|
204
|
|
|
|
421
|
|
|
|
409
|
|
|
Total other comprehensive income
|
|
|
216
|
|
|
|
350
|
|
|
|
514
|
|
|
|
564
|
|
|
Total comprehensive (loss) income
|
|
$
|
(276
|
)
|
|
$
|
3,094
|
|
|
$
|
(3,104
|
)
|
|
$
|
1,490
|
|
See Notes to Condensed Consolidated Financial Statements.
4
GRAHAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
September 30, 2021
|
|
|
March 31, 2021
|
|
|
|
|
(Amounts in thousands, except per share data)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
16,463
|
|
|
$
|
59,532
|
|
|
Investments
|
|
|
—
|
|
|
|
5,500
|
|
|
Trade accounts receivable, net of allowances ($62 and $29 at
September 30 and
March 31, 2021, respectively)
|
|
|
27,878
|
|
|
|
17,378
|
|
|
Unbilled revenue
|
|
|
29,035
|
|
|
|
19,994
|
|
|
Inventories
|
|
|
17,722
|
|
|
|
17,332
|
|
|
Prepaid expenses and other current assets
|
|
|
2,193
|
|
|
|
512
|
|
|
Income taxes receivable
|
|
|
2,149
|
|
|
|
—
|
|
|
Total current assets
|
|
|
95,440
|
|
|
|
120,248
|
|
|
Property, plant and equipment, net
|
|
|
25,336
|
|
|
|
17,618
|
|
|
Prepaid pension asset
|
|
|
6,819
|
|
|
|
6,216
|
|
|
Operating lease assets
|
|
|
9,016
|
|
|
|
95
|
|
|
Goodwill
|
|
|
22,823
|
|
|
|
—
|
|
|
Customer relationships
|
|
|
11,603
|
|
|
|
—
|
|
|
Technology and technical know how
|
|
|
9,932
|
|
|
|
—
|
|
|
Other intangible assets, net
|
|
|
10,656
|
|
|
|
—
|
|
|
Other assets
|
|
|
211
|
|
|
|
103
|
|
|
Total assets
|
|
$
|
191,836
|
|
|
$
|
144,280
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term debt obligations
|
|
$
|
4,000
|
|
|
$
|
—
|
|
|
Current portion of long-term debt
|
|
|
2,000
|
|
|
|
—
|
|
|
Current portion of finance lease obligations
|
|
|
22
|
|
|
|
21
|
|
|
Accounts payable
|
|
|
16,139
|
|
|
|
17,972
|
|
|
Accrued compensation
|
|
|
8,156
|
|
|
|
6,106
|
|
|
Accrued expenses and other current liabilities
|
|
|
5,511
|
|
|
|
4,628
|
|
|
Customer deposits
|
|
|
21,941
|
|
|
|
14,059
|
|
|
Operating lease liabilities
|
|
|
1,131
|
|
|
|
46
|
|
|
Income taxes payable
|
|
|
—
|
|
|
|
741
|
|
|
Total current liabilities
|
|
|
58,900
|
|
|
|
43,573
|
|
|
Long-term debt
|
|
|
17,500
|
|
|
|
—
|
|
|
Finance lease obligations
|
|
|
23
|
|
|
|
34
|
|
|
Operating lease liabilities
|
|
|
7,958
|
|
|
|
37
|
|
|
Deferred income tax liability
|
|
|
1,455
|
|
|
|
635
|
|
|
Accrued pension and postretirement benefit liabilities
|
|
|
1,945
|
|
|
|
2,072
|
|
|
Other long-term liabilities
|
|
|
2,203
|
|
|
|
—
|
|
|
Total liabilities
|
|
|
89,984
|
|
|
|
46,351
|
|
|
Commitments and contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1.00 par value, 500 shares authorized
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $0.10 par value, 25,500 shares authorized, 10,810 and
10,748 shares
issued and 10,638 and 9,959 shares
outstanding at September 30 and March 31, 2021,
respectively
|
|
|
1,081
|
|
|
|
1,075
|
|
|
Capital in excess of par value
|
|
|
27,339
|
|
|
|
27,272
|
|
|
Retained earnings
|
|
|
83,400
|
|
|
|
89,372
|
|
|
Accumulated other comprehensive loss
|
|
|
(6,883
|
)
|
|
|
(7,397
|
)
|
|
Treasury stock (172 and 790 shares at September 30 and March 31,
2021, respectively)
|
|
|
(3,085
|
)
|
|
|
(12,393
|
)
|
|
Total stockholders’ equity
|
|
|
101,852
|
|
|
|
97,929
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
191,836
|
|
|
$
|
144,280
|
|
See Notes to Condensed Consolidated Financial Statements.
5
GRAHAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Six Months Ended
|
|
|
|
|
September 30,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
Operating activities:
|
|
(Dollar amounts in thousands)
|
|
|
Net (loss) income
|
|
$
|
(3,618
|
)
|
|
$
|
926
|
|
|
Adjustments to reconcile net (loss) income to net cash used by
operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
1,399
|
|
|
|
972
|
|
|
Amortization
|
|
|
1,009
|
|
|
|
—
|
|
|
Amortization of actuarial losses
|
|
|
455
|
|
|
|
533
|
|
|
Equity-based compensation expense
|
|
|
330
|
|
|
|
494
|
|
|
Gain on disposal or sale of property, plant and equipment
|
|
|
13
|
|
|
|
3
|
|
|
Change in fair value of contingent consideration
|
|
|
(1,900
|
)
|
|
|
—
|
|
|
Deferred income taxes
|
|
|
693
|
|
|
|
191
|
|
|
(Increase) decrease in operating assets:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(2,289
|
)
|
|
|
(3,820
|
)
|
|
Unbilled revenue
|
|
|
(1,944
|
)
|
|
|
901
|
|
|
Inventories
|
|
|
3,278
|
|
|
|
1,808
|
|
|
Prepaid expenses and other current and non-current assets
|
|
|
(1,233
|
)
|
|
|
(456
|
)
|
|
Income taxes receivable
|
|
|
(2,894
|
)
|
|
|
163
|
|
|
Operating lease assets
|
|
|
432
|
|
|
|
75
|
|
|
Prepaid pension asset
|
|
|
(603
|
)
|
|
|
(421
|
)
|
|
Increase (decrease) in operating liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
(4,477
|
)
|
|
|
(2,544
|
)
|
|
Accrued compensation, accrued expenses and other current and
non-current
liabilities
|
|
|
779
|
|
|
|
1,214
|
|
|
Customer deposits
|
|
|
1,835
|
|
|
|
(2,285
|
)
|
|
Operating lease liabilities
|
|
|
(387
|
)
|
|
|
(75
|
)
|
|
Long-term portion of accrued compensation, accrued pension
liability
and accrued postretirement benefits
|
|
|
420
|
|
|
|
63
|
|
|
Net cash used by operating activities
|
|
|
(8,702
|
)
|
|
|
(2,258
|
)
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
(1,227
|
)
|
|
|
(797
|
)
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
—
|
|
|
|
6
|
|
|
Purchase of investments
|
|
|
—
|
|
|
|
(31,603
|
)
|
|
Redemption of investments at maturity
|
|
|
5,500
|
|
|
|
66,151
|
|
|
Acquisition of Barber-Nichols, LLC
|
|
|
(59,563
|
)
|
|
|
—
|
|
|
Net cash (used) provided by investing activities
|
|
|
(55,290
|
)
|
|
|
33,757
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
Increase in short-term debt obligations
|
|
|
4,000
|
|
|
|
—
|
|
|
Principal repayments on long-term debt
|
|
|
(500
|
)
|
|
|
(4,599
|
)
|
|
Proceeds from the issuance of long-term debt
|
|
|
20,000
|
|
|
|
4,599
|
|
|
Principal repayments on finance lease obligations
|
|
|
(10
|
)
|
|
|
(24
|
)
|
|
Repayments on lease financing obligations
|
|
|
(91
|
)
|
|
|
—
|
|
|
Payment of debt issuance costs
|
|
|
(150
|
)
|
|
|
—
|
|
|
Dividends paid
|
|
|
(2,353
|
)
|
|
|
(2,195
|
)
|
|
Purchase of treasury stock
|
|
|
(41
|
)
|
|
|
(23
|
)
|
|
Net cash provided (used) by financing activities
|
|
|
20,855
|
|
|
|
(2,242
|
)
|
|
Effect of exchange rate changes on cash
|
|
|
68
|
|
|
|
144
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(43,069
|
)
|
|
|
29,401
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
59,532
|
|
|
|
32,955
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
16,463
|
|
|
$
|
62,356
|
|
See Notes to Condensed Consolidated Financial Statements.
6
GRAHAM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY
SIX MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
(Dollar Amounts in Thousands)
(Unaudited)
|
|
|
Common Stock
|
|
|
Capital in
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
Par
|
|
|
Excess of
|
|
|
Retained
|
|
|
Comprehensive
|
|
|
Treasury
|
|
|
Stockholders'
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Par Value
|
|
|
Earnings
|
|
|
Loss
|
|
|
Stock
|
|
|
Equity
|
|
|
Balance at April 1, 2021
|
|
|
10,748
|
|
|
$
|
1,075
|
|
|
$
|
27,272
|
|
|
$
|
89,372
|
|
|
$
|
(7,397
|
)
|
|
$
|
(12,393
|
)
|
|
$
|
97,929
|
|
|
Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,126
|
)
|
|
|
298
|
|
|
|
|
|
|
|
(2,828
|
)
|
|
Issuance of shares
|
|
|
135
|
|
|
|
13
|
|
|
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
Forfeiture of shares
|
|
|
(9
|
)
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,177
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,177
|
)
|
|
Recognition of equity-based
compensation expense
|
|
|
|
|
|
|
|
|
|
|
353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
353
|
|
|
Issuance of treasury stock
|
|
|
|
|
|
|
|
|
|
|
(194
|
)
|
|
|
|
|
|
|
|
|
|
|
9,158
|
|
|
|
8,964
|
|
|
Purchase of treasury stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(41
|
)
|
|
|
(41
|
)
|
|
Balance at June 30, 2021
|
|
|
10,874
|
|
|
|
1,087
|
|
|
|
27,419
|
|
|
|
85,069
|
|
|
|
(7,099
|
)
|
|
|
(3,276
|
)
|
|
|
103,200
|
|
|
Comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(492
|
)
|
|
|
216
|
|
|
|
|
|
|
|
(276
|
)
|
|
Issuance of shares
|
|
|
27
|
|
|
|
3
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
Forfeiture of shares
|
|
|
(91
|
)
|
|
|
(9
|
)
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,177
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,177
|
)
|
|
Recognition of equity-based
compensation expense
|
|
|
|
|
|
|
|
|
|
|
(23
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23
|
)
|
|
Issuance of treasury stock
|
|
|
|
|
|
|
|
|
|
|
(63
|
)
|
|
|
|
|
|
|
|
|
|
|
191
|
|
|
|
128
|
|
|
Balance at September 30, 2021
|
|
|
10,810
|
|
|
$
|
1,081
|
|
|
$
|
27,339
|
|
|
$
|
83,400
|
|
|
$
|
(6,883
|
)
|
|
$
|
(3,085
|
)
|
|
$
|
101,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Capital in
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
Par
|
|
|
Excess of
|
|
|
Retained
|
|
|
Comprehensive
|
|
|
Treasury
|
|
|
Stockholders'
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Par Value
|
|
|
Earnings
|
|
|
Loss
|
|
|
Stock
|
|
|
Equity
|
|
|
Balance at April 1, 2020
|
|
|
10,689
|
|
|
$
|
1,069
|
|
|
$
|
26,361
|
|
|
$
|
91,389
|
|
|
$
|
(9,556
|
)
|
|
$
|
(12,539
|
)
|
|
$
|
96,724
|
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,818
|
)
|
|
|
214
|
|
|
|
|
|
|
|
(1,604
|
)
|
|
Issuance of shares
|
|
|
113
|
|
|
|
11
|
|
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
Forfeiture of shares
|
|
|
(22
|
)
|
|
|
(2
|
)
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,097
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,097
|
)
|
|
Recognition of equity-based
compensation expense
|
|
|
|
|
|
|
|
|
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164
|
|
|
Purchase of treasury stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23
|
)
|
|
|
(23
|
)
|
|
Balance at June 30, 2020
|
|
|
10,780
|
|
|
|
1,078
|
|
|
|
26,516
|
|
|
|
88,474
|
|
|
|
(9,342
|
)
|
|
|
(12,562
|
)
|
|
|
94,164
|
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,744
|
|
|
|
350
|
|
|
|
|
|
|
|
3,094
|
|
|
Issuance of shares
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|