Graham Corporation (NYSE:GHM) Q1 2021 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET

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Graham Corporation (NYSE:GHM) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the Graham Corporation First Quarter Fiscal Year 2021 Financial Results. [Operator Instructions]

It is now my pleasure to introduce your host, Chris Gordon, Investor Relations for Graham Corporation. Thank you, Mr. Gordon, you may begin.

Executive
Christopher Gordon

Thank you, Devin, and good morning, everyone. We appreciate you joining us today to discuss Graham's Fiscal 2021 First Quarter Results. You should have a copy of the news release that was distributed across the wire this morning. We also have slides associated with the commentary that we are providing here today. If you do not have the release or the slides, you can find them on the company's website at www.graham-mfg.com. On the call with me today are Jim Lines, our President and Chief Executive Officer; Jeff Glajch, our Chief Financial Officer; and Alan Smith, Vice President and General Manager of our Batavia, New York facility. Jeff will start with the financial overview of the period. Alan will then provide the overview of our operations, and Jim will wrap up the prepared remarks with a strategic overview of our business and provide our outlook for the rest of fiscal year 2021. We will then open the lines for Q&A. As you are aware, we may make some forward-looking statements during this discussion as well as during the Q&A.

These statements apply to future events and are subject to risks and uncertainties as well as other factors which could cause actual results to differ materially from what is stated on the call. These risks and uncertainties and other factors are provided in the earnings release and in the slide deck as well as other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our website or at www.sec.gov. I also want to point out that during today's call, we will discuss some non-GAAP financial measures, which we believe are useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for the results prepared in accordance with GAAP. We have provided reconciliations of comparable GAAP to non-GAAP measures in the tables accompanying today's earnings release.

With that, it's my pleasure to turn the call over to Jim.

Executive
Jeffrey F. Glajch

Chris thank you, Chris, and good morning, everyone. This is Jeff actually. That's all right. No problem. As Jim and I have noted on our update calls in March and June, due to COVID-19 the COVID-19 pandemic, we've reduced our facility staffing to approximately 10% in late March and after implementing new work practices, enhanced cleaning and safety procedures and educating all of our employees on these changes, we gradually began to increase our staffing. By the end of May, we were back at near-normal on-site staffing and have continued at that level over the past two months. I want to compliment Alan Smith and his team for ensuring a safer production environment in this difficult time as well as our human resources team for their continued