Graham Corp Q1 FY2017 Earnings Call July 2016

Graham Corp. reported Q1 FY2017 revenue of $22.4 million, down 19% year-over-year due to weak market conditions, with adjusted net income of $0.5 million. The company implemented a 10% workforce reduction targeting $2.7 million in annualized cost savings while maintaining a $99.9 million backlog despite $18 million in order cancellations.