(RTTNews) - Friday, Graham Corp. (GHM: News ), a provider of vacuum and heat transfer technology, reported that its profit for the second-quarter declined from the previous year quarter, hit by lower revenue.

Graham recorded second quarter net income of $1.47 million or $0.15 per share, compared to $4.41 million or $0.43 per share in the prior year quarter.

Excluding a $0.5 million or $0.05 per share charge associated with previous research and development tax credits and associated interest, net income was $1.9 million or $0.19 per share for the quarter.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share. Analysts' estimates typically exclude special items.

The company recorded gross profit of $5.9 million, or 36.3% of sales, in the second quarter of fiscal 2010, compared with $10.5 million, or 43.9% of sales, in the same period of the prior fiscal year.
Net sales declined to $16.1 million from $23.9 million in the same quarter last year. Four analysts estimated revenues of $13.54 million.

Net income for the six months decreased to $4.98 million from $10.09 million in the last year period. Earnings per share were $0.50 for the current six months versus $0.99 for the corresponding period last year.

Net sales for the first six months of fiscal 2010 were $36.2 million, a decline of $15.3 million, or 29.7%, compared with net sales of $51.6 million in the first six months of fiscal 2009.

The company's revenue guidance for fiscal 2010 was tightened to $60 million to $65 million as projects shift into fiscal 2011. Analysts expect revenues of $63.52 million.

GHM is currently being traded at $14.24 down $0.41 or 2.80% on a volume of 0.235 million shares on the AMEX.

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by RTT Staff Writer

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