Graham Corporation - GHM STOCK NEWS

Rand Capital Corporation (NASDAQ: RAND) announced the election of Cari Jaroslawsky to its Board of Directors, succeeding Allen F. Grum, whose term expired. With this appointment, the board now consists of five members, four of whom are independent. Robert M. Zak, Chair of the Board, highlighted Jaroslawsky's extensive operations and finance expertise as beneficial for the company's growth and investment initiatives. Jaroslawsky has over 25 years of experience in aerospace engineering and finance, currently serving at Eaton (NYSE: ETN) and previously as CFO at Servotronics.

Graham Corporation (NYSE: GHM) announced an amendment to its five-year term loan and line of credit agreement, which suspended financial covenants until September 30, 2022. Key terms include a reduction in line of credit availability from $30 million to $15 million and a cap on net loss at $10 million for the twelve months ending March 31, 2022. The company had no borrowings on its line of credit as of March 31, 2022, down from $9.75 million at December 31, 2021. The amendment allows for financial covenants to revert to previous requirements starting December 31, 2022, and prohibits dividend declarations until financial reporting is satisfied.

Graham Corporation (NYSE: GHM) announces the appointment of Cari L. Jaroslawsky and Troy A. Stoner to its Board of Directors. This follows the voluntary retirements of James J. Malvaso and Gerard T. Mazurkiewicz. Jonathan W. Painter has been named as the new Chair of the Board. Jaroslawsky and Stoner bring extensive experience in the defense industry, enhancing the Board's expertise. The changes aim to support Graham’s transition from an energy-focused business to a diversified defense company, with expectations of driving growth and value for shareholders.

Graham Corporation (NYSE: GHM) announced the appointment of Christopher J. Thome as Vice President - Finance and Chief Financial Officer, effective April 4, 2022. Thome joins from Allied Motion Technologies (NASDAQ: AMOT) with nearly 30 years of finance experience. CEO Daniel J. Thoren expressed optimism about Thome's expertise in financial controls and operational knowledge, which could enhance the company's growth potential in defense and energy sectors. Thome succeeds Jeffrey F. Glajch, who retired.

Orion Engineered Carbons has appointed Jeffrey Glajch as the new chief financial officer, effective April 18, 2022. He succeeds Bob Hrivnak, who will continue as chief accounting officer. Glajch brings over 30 years of experience, most recently serving as CFO at Graham Corporation (NYSE: GHM) for 13 years. CEO Corning Painter expressed confidence in Glajch's ability to drive growth and provide strong financial leadership. The company will also release its full year 2021 results on February 17, 2022, followed by a conference call on February 18.

Graham Corporation reported third-quarter revenue of $28.8 million, a 6% increase year-over-year. However, the company faced a diluted loss per share of $0.35, mainly due to cost overruns at its Batavia, NY facility, as it ramped up defense projects. Defense sector sales were robust at $16.6 million, comprising 58% of total revenue, contributing to a record backlog of $272.6 million. The dividend has been suspended, and the company is working to amend its credit facility following covenant breaches.

Graham Corporation (NYSE: GHM) will announce its third quarter fiscal year 2022 financial results after market close on February 7, 2022. The company will host a conference call at 4:45 p.m. ET to discuss the results, strategy, and outlook, followed by a Q&A session. Investors can access the conference through a telecom line or online webcast. A replay will be available until February 14, 2022. For more information, visit www.graham-mfg.com.

Graham Corporation (NYSE: GHM) announced the retirement of CFO Jeffrey F. Glajch, who will leave in the second calendar quarter of 2022 after a successor is appointed. Glajch has served as CFO for 13 years and has played a vital role in the recent acquisition of Barber-Nichols, enhancing the company’s focus on defense and space markets. CEO Daniel J. Thoren praised Glajch's leadership and strategic contributions. Graham aims to continue its growth strategy across various sectors, including traditional energy and new energy markets.

Graham Corporation (NYSE: GHM), a leader in designing and manufacturing critical industrial equipment, announced its participation in the 2021 Southwest IDEAS Investor Conference on November 17, 2021, at 4:00 p.m. Eastern Time. Daniel J. Thoren, President and CEO, and CFO Jeffrey F. Glajch will present. Investors can access the live webcast and presentation slides through their official website. The company specializes in sectors such as defense, energy, and petrochemical industries, showcasing its engineering prowess in vacuum and heat transfer technologies.