Graham Corporation 10-K/A
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1
ANNUAL REPORT
PURSUANT TO SECTIONS 13 OF 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
     
(Mark One)
þ
  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
   
 
  For the fiscal year ended March 31, 2005
 
   
o
  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
  (I.R.S. Employer
Incorporation or Organization)
  Identification No.)
 
   
20 Florence Avenue, Batavia, New York
  14020
 
(Address of Principal Executive Offices)
  (Zip Code)
Registrant’s telephone number, including area code (585) 343-2216
Securities registered pursuant to Section 12(b) of the Act:
     
Title of Class
  Name of Exchange on Which Registered
 
   
Common Stock, par value $.10
  American Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Title of Class
Common Stock Purchase Rights
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 þ No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes o No þ
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
The aggregate market value of the voting stock held by non-affiliates of the Registrant as of September 30, 2004, the last business day of the Registrant’s most recently completed second fiscal quarter, was $17,615,879. The market value calculation was determined using the closing price of the Registrant’s Common Stock on September 30, 2004, as reported on the American Stock Exchange.
As of September 19, 2005, there were outstanding 1,799,882 shares of the Registrant’s common stock, $.10 par value.
 
 

 


TABLE OF CONTENTS

Part II, Item 6. Selected Financial Data
Part II, Item 9A. Controls and Procedures
Part IV, Item 15(a)(3). Exhibits and Financial Statement Schedules
Index to Exhibits
Exhibit 31.1 Certification 302-CEO
Exhibit 31.2 Certification 302-CFO
Exhibit 32 Certifications-CEO and CFO


Table of Contents

Explanatory Note
     The purpose of this Form 10-K/A is to amend Part II, Item 6 of Graham Corporation’s (the “Company’s”) Annual Report on Form 10-K (the “Form 10-K”) for its fiscal year ended March 31, 2005, as filed with the Securities and Exchange Commission on June 23, 2005. Except as set forth in this Form 10-K/A, this Form 10-K/A does not reflect any events that occurred after the filing of the Form 10-K or modify, amend or update any disclosures contained in the Form 10-K to reflect any subsequent events. Except as set forth in this Form 10-K/A, the Company is not making any changes to, or updating any disclosures contained in, the Form 10-K.
     Part II, Item 6 of the Form 10-K presented ten years of selected financial data, of which fiscal years 2004 and 2003 were restated to reflect the results of Graham Vacuum and Heat Transfer Limited (“GVHT”) and its subsidiaries as a discontinued operation. As reported in the Form 10-K, the Company’s Board of Directors approved a plan to dispose of GVHT in March 2005, and the liquidation of GVHT was completed in May 2005. The Company is filing this amendment on Form 10-K/A to: (i) reduce the number of years of selected financial data presented in Part II, Item 6 from ten to five; (ii) eliminate the graphic presentation which was included in Part II, Item 6 of the Form 10-K; and (iii) reflect the operations of GVHT and all its subsidiaries as a discontinued operation for all five years presented. In addition, this Form 10-K/A also updates Item Part II, Item 9A to reflect management’s affirmative conclusion that the changes reflected in Part II, Item 6 of this Form 10-K/A are not the result of any material weakness.

 


Table of Contents

     Part II, Item 6. Selected Financial Data
                                         
    GRAHAM CORPORATION – FIVE YEAR REVIEW              
    In Thousands (Except Per Share Data)              
Operations:   2005     2004(2)(3)     2003(2)(3)     2002(2)(3)     2001(2)(3)  
 
 
                                       
Net Sales
  $ 41,333     $ 37,508     $ 44,511     $ 41,085     $ 40,664  
 
                                       
Gross Profit
    7,540       5,890       7,297       7,272       8,213  
Gross Profit Percentage
    18 %     16 %     16 %     18 %     20 %
Income (Loss) From Continuing Operations
    296       (832 )     148       1,738       122  
Dividends
    334       327       254                  
 
                                       
Common Stock:
                                       
 
 
                                       
Basic (Loss) Earnings From Continuing Operations Per Share
    .17       (.51 )     .09       1.05       .08  
Diluted (Loss) Earnings From Continuing Operations Per Share
    .17       (.51 )     .09                  
Quarterly Dividend Per Share
    .05       .05       .05       1.04       .08  
Market Price Range of Common Stock
    17.80-10.70       11.70-7.06       11.00-6.84       14.80-7.25       12.94-7.06  
 
                                       
Common Stock – Pro Forma Post-Split Basis(1):                                
 
 
                                       
Basic (Loss) Earnings From Continuing Operations Per Share
    .09       (.25 )     .04       .53       .04  
Diluted (Loss) Earnings From Continuing Operations Per Share
    .09       (.25 )     .04                  
Quarterly Dividend Per Share
    .025       .025       .025       .52       .04  
Market Price Range of Common Stock
    8.90-5.35       5.85-3.53       5.50-3.42       7.40-3.63       6.47-3.53  
 
                                       
Financial Data:
                                       
 
 
                                       
Working Capital
    11,204       11,652       12,822       13,812       11,162  
Capital Expenditures
    224       249       799       607       1,025  
Depreciation
    768       793       797       773       754  
Total Assets
    33,529       35,740       38,323       43,704       36,608  
Long-Term Debt
    44       93       127       150       682  
Shareholders’ Equity
    16,578       18,102       18,836       19,636       17,137  
 
(1)   The pro forma per share data reflects a two-for-one stock split in the nature of a stock dividend with a record date of September 1, 2005 and a payment date of on or about October 3, 2005.
 
(2)   The financial data presented for 2004-2001 has been restated to reflect the results of Graham Vacuum and Heat Transfer Limited as discontinued operations, as discussed in Note 2 to the Consolidated Financial Statements.
 
(3)   The financial data presented for 2004-2003 has been restated to reflect the change in accounting for revenue recognition, as discussed in Note 1 to the Consolidated Financial Statements. The financial data presented for 2002-2001 has not been restated for this item as the effect was immaterial.

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Part II, Item 9A. Controls and Procedures
     The Company’s President and Chief Executive Officer (“CEO”) and Vice President–Finance and Chief Financial Officer (“CFO”) each have independently evaluated the Company’s disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and each regards such controls as effective as of the end of the period covered by this Annual Report on Form 10-K/A.
     There have been no significant changes to the Company’s internal control over financial reporting during the Company’s fourth fiscal quarter that materially affected, or that are reasonably likely to materially affect, the Company’s internal control over financial reporting.
     As part of their evaluation, each of the Company’s CEO and CFO considered the restatement of the selected financial data presented in Part II, Item 6 included in this Form 10-K/A and concluded that such restatement was not the result of the existence of a material weakness.

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Part IV, Item 15(a)(3). Exhibits and Financial Statement Schedules
       The following exhibits are filed as exhibits to this Form 10-K/A
     
Exhibit No.    
31.1
  Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer
 
   
31.2
  Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer
 
   
32.1
  Section 1350 Certifications

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Table of Contents

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
 
      Graham Corporation
 
       
Date: September 21, 2005
  By   /s/ J. Ronald Hansen
 
       
 
      J. Ronald Hansen
 
      Vice President-Finance & Administration and Chief Financial Officer (Principal Accounting Officer)
 
       
Date: September 21, 2005
  By   /s/ William C. Johnson
 
       
 
      William C. Johnson
 
      President and Chief Executive Officer
 
      (Principal Executive Officer)

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Table of Contents

Index to Exhibits
     
Exhibit No.    
31.1
  Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer
 
   
31.2
  Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer
 
   
32   
  Section 1350 Certifications

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