Graham Corporation

Greetings and welcome to the Graham Corporation first quarter fiscal year 2023 financial results. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this concert is being recorded. It is now my pleasure to introduce your host, Deborah Polowski, Investor Relations for Graham Corporation. Thank you. You may begin.

Thank you, LaTanya, and good morning, everyone. We certainly appreciate your time today and your interest in Graham Corporation. Joining me here today are Dan Thorin, our President and CEO, and Chris Thome, our Chief Financial Officer. You should have a copy of the first quarter fiscal year 2023 financial results, which we released this morning before the market. You should also have a separate orders announcement that we released simultaneously. If you do not have these releases, you can find them on our website at gramcorp.com. Chris and Dan will be doing a formal presentation after which we will open the lines for Q&A. But if you'll turn to slide two in the deck, I'll review the Safe Harbor Statement. You should be aware that we may make some forward-looking statements during the formal discussions as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the earnings release, as well as with other documents filed with Securities and Exchange Commission. These documents can be found on our website or at FCC.gov. During today's call, we will also discuss some non-GAAP financial measures. We believe these measures will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided the reconciliation of non-GAAP measures with comparable GAAP measures in the table that accompanies today's release and the slides. So with that, if you would please advance to slide three, I'll turn the call over to Dan to begin. Dan?

Thank you, Debbie, and good morning, everyone. Thanks for joining us today for our first quarter fiscal 2023 earnings call. Just last month, Chris and I presented our fiscal year 2022 results and multi-year strategic plan. I am really pleased to report that our first quarter fiscal 2023 results clearly demonstrate the solid execution of our plan and reinforces our confidence in our expectations for the year. The strategic plan is in place, goals for fiscal 23 and beyond are set, our teams are engaged, and we are planning, predicting, and actively managing our business. As we progress, we have also improved customer relationships and are strengthening the culture internally with higher expectations as a new enterprise with a solid outlook. We had strong growth in all markets in the quarter and benefited from a full quarter of our Barbara Nichols acquisition. Also, higher volume of commercial aftermarket work in Batavia contributed to the increase in sales. Importantly, we shipped critical product to the Navy and are back on schedule. We also saw better results that came from improved execution and better mix. As a result, we turned a nice profit in the quarter despite a difficult operating environment. Ultimately, our first quarter performance gives us higher confidence that we can deliver our guidance. Bookings for the quarter were spread across all of our markets, further demonstrating the success we are having with the transformation of Graham. We had a nice vacuum distillation unit order for a refinery in India. a strong aftermarket order volume from Energy and Petrochem, a small but meaningful set of defense orders, and several space orders to key space industry players that added up to $7.3 million of new business. With that, I will hand it over to Chris now to cover in greater detail our much improved performance and our first quarter results.