logo
Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2025 Results

Graham Corporation Reports Fourth Quarter and Full-Year Fiscal 2025 Results

Business Wire12 hours ago

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM) ('GHM' or the 'Company'), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries, today reported financial results for the fourth quarter and fiscal year 2025 ending March 31, 2025 ('fiscal 2025').
'We closed fiscal 2025 with strong momentum, as our fourth quarter results reflected solid execution and sustained demand across our diversified product portfolio,' said Daniel J. Thoren, Chief Executive Officer. 'We continue to advance projects with an expected 20%+ ROIC 1, including automated welding, the expansion of our Batavia, NY facility, and a new cryogenic testing facility in Florida, which will drive enhanced margins and create additional revenue opportunities.'
Mr. Thoren continued, 'Looking ahead to fiscal 2026, we are well-positioned to achieve our long-term growth and profitability targets and are strategically looking to invest in key organic and inorganic growth opportunities.'
Management Transition
As previously announced on February 6, 2025, Graham began a planned management transition aligned with its succession strategy. Effective June 10, 2025, Chief Executive Officer Daniel J. Thoren will transition to Executive Chairman and Strategic Advisor. Matt Malone, currently President and Chief Operating Officer, will succeed him as CEO.
Jonathan W. Painter, Chairman of the Board, will transition to Lead Independent Director. Additionally, Michael E. Dixon, promoted to General Manager of Barber-Nichols in February 2025, will assume the role of Vice President of Graham Corporation and General Manager of Barber-Nichols.
'It has been a career highlight and honor to lead Graham Corporation over the last four years and I want to thank our Board and each one of our employees for their commitment and belief in our mission to build better companies, supply mission critical equipment to our customers, and deliver superior performance to our investors,' said Mr. Thoren. 'The company is well positioned to achieve its 2027 goals we set in 2022, and I have every confidence in Matt to lead the company to even greater achievements beyond that.'
1 Adjusted net income, Adjusted EBITDA and ROIC are non-GAAP measures. See attached tables and other information for important disclosures regarding Graham's use of these non-GAAP measures.
2 Orders, backlog and book-to-bill ratio are key performance metrics. See 'Key Performance Indicators' below for important disclosures regarding Graham's use of these metrics.
Expand
Fourth Quarter Fiscal 2025 Performance Review
(All comparisons are with the same prior-year period unless noted otherwise.)
($ in thousands except per share data)
Q4 FY25
Q4 FY24
$ Change
% Change
Net sales
$
59,345
$
49,070
$
10,275
21%
Gross profit
$
16,008
$
12,694
$
3,314
26%
Gross margin
27.0
%
25.9
%
+110 bps
Operating profit
$
5,519
$
1,524
$
3,995
262%
Operating margin
9.3
%
3.1
%
+620 bps
Net income
$
4,395
$
1,340
$
3,055
228%
Net income margin
7.4
%
2.7
%
+470 bps
Net income per diluted share
$
0.40
$
0.12
$
0.28
233%
Adjusted net income*
$
4,752
$
1,608
$
3,144
195%
Adjusted net income per diluted share*
$
0.43
$
0.15
$
0.28
187%
Adjusted EBITDA*
$
7,650
$
2,955
$
4,695
159%
Adjusted EBITDA margin*
12.9
%
6.0
%
+690 bps
Expand
*Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles, adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, help in the understanding of its operating performance. See attached tables and other information provided at the end of this press release for important disclosures regarding Graham's use of these non-GAAP measures.
We have updated our end market disclosures to better align with how management evaluates the business and product portfolio. As part of this change, revenue previously classified as Refining, Chemical/Petrochemical, and Other, which included New Energy product sales, will now be consolidated into one market, which has been renamed 'Energy & Process.' The Defense and Space end market classifications remain unchanged. Prior period amounts have been updated to reflect this change.
Quarterly net sales of $59.3 million increased 21%, or $10.3 million. Sales to the Defense market grew by $7.7 million, or 28% from the prior year period, driven by growth in existing programs, better execution, improved pricing, and the timing of key project milestones. Energy & Process sales contributed $1.8 million to growth driven by increased sales of capital equipment to foreign markets and higher aftermarket sales. Aftermarket sales to the Energy & Process and Defense markets of $12.1 million remained strong and were 3.3% higher than the prior year. See supplemental data for a further breakdown of sales by market and region.
Gross profit for the quarter increased $3.3 million to $16.0 million compared to the prior-year period of $12.7 million. As a percentage of sales, gross profit margin increased 110 basis points to 27.0%, compared to the fiscal fourth quarter of 2024. This increase was driven by leverage on higher volume, better execution, and improved pricing, partially offset by higher incentive compensation compared to the prior year period.
Selling, general and administrative expense ('SG&A'), including amortization, totaled $10.8 million, or 18.1% of sales, down $0.3 million compared with the prior year. This decrease reflects the timing of various project expenses partially offset by higher salaries and performance-based compensation as we continue to invest in our people, our processes and our technology to drive long-term sustainable growth.
*Graham believes that, when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles, adjusted net income, adjusted net income per diluted share, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, help in the understanding of its operating performance. See attached tables and other information provided at the end of this press release for important disclosures regarding Graham's use of these non-GAAP measures.
Net sales of $209.9 million increased 13%, or $24.4 million. Incremental revenue from the acquisition of P3 Technologies ('P3') in November 2023 accounted for $2.8 million of this increase. Sales to the Defense market grew by $22.4 million, or 23% from the prior year, driven by the addition of new Defense programs, the growth of existing programs, better execution, improved pricing and the timing of key project milestones. Additionally, net sales to the Space industry for fiscal 2025 increased 11% over the prior year primarily due to the addition of P3. Finally, net sales to the Energy & Process industry for fiscal 2025 was consistent with the prior year as increased sales to Asia and the Middle-East were offset by a $2.7 million decline in aftermarket sales from the record levels of fiscal 2024, but which remain strong. See supplemental data for a further breakdown of sales by market and region.
Gross profit for the year increased $12.3 million to $52.9 million compared to the prior-year period of $40.6 million. As a percentage of sales, gross profit margin increased 330 basis points to 25.2%, compared to fiscal 2024. This increase was driven by leverage on higher volume, better execution, and improved pricing. Additionally, fiscal 2025 gross profit benefited $1.3 million from a grant received from the BlueForge Alliance earlier this fiscal year to reimburse Graham for the cost of the Company's Defense welder training programs in Batavia and related equipment. The Company currently does not expect to receive any additional welder training grants in fiscal 2026.
SG&A, including amortization, totaled $38.9 million, or 18.5% of sales, up $5.3 million compared with the prior year. This increase reflects the Company's continued investments in its people, processes, and technology to drive long-term sustainable growth including costs related to the implementation of a new enterprise resource planning ("ERP") system at our Batavia facility, incremental costs related to P3, and increased research and development investment, among others.
Cash Management and Balance Sheet
Cash provided by operating activities totaled $24.3 million for the year-ending March 31, 2025, a decrease of $3.8 million from the comparable period in fiscal 2024. As of March 31, 2025, cash and cash equivalents were $21.6 million, up from $16.9 million at the end of fiscal 2024.
Capital expenditures for fiscal 2025 were $19.0 million, focused on capacity expansion, increasing capabilities, and productivity improvements. All major capital projects are on time and on budget.
The Company had no debt outstanding March 31, 2025 with $44.7 million available on its revolving credit facility after taking into account outstanding letters of credit.
Orders, Backlog, and Book-to-Bill Ratio
See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company's website for a further breakdown of orders and backlog by market. See 'Key Performance Indicators' below for important disclosures regarding Graham's use of these metrics ($ in millions).
Orders for the fourth quarter of fiscal 2025 increased to $86.9 million, including $50.0 million, of a $136.5 million total contract value, to procure long-lead time materials for follow-on contracts to support the U.S. Navy's Virginia Class Submarine program. Aftermarket orders for the Energy & Process and Defense markets remained strong and totaled $11.8 million for the fourth quarter of fiscal 2025, an increase of 50% over the prior year.
For fiscal 2025, orders decreased to $231.1 million, primarily due to a record level of orders in fiscal 2024 as a result of follow-on orders for critical U.S. Navy programs related to the Columbia Class submarine and Ford Class carrier programs. Aftermarket orders in fiscal 2025 for the Energy & Process, and Defense markets increased 8% to $46.6 million, compared with fiscal 2024.
Orders tend to be lumpy given the nature of our business (i.e. large capital projects) and in particular, orders to the Defense industry, which span multiple years and can be significantly larger in size. Book-to-bill for fiscal 2025 was 1.1x.
Backlog as of March 31, 2025, was $412.3 million, a 5% increase over the prior-year period. Approximately 45% of orders currently in backlog are expected to be converted to sales in the next twelve months and another 25% to 30% are expected to convert to sales within one to two years. Approximately 83% of our backlog at March 31, 2025 was to the Defense industry, which we believe provides stability and visibility to our business.
Fiscal 2026 Outlook
'I am pleased to announce our fiscal 2026 outlook, which reflects the continued momentum in our business and the initial impacts of the strategic investments we have made. The Company is deploying capital to support our organic and inorganic growth initiatives, while making strategic improvements to enhance our operations and drive margin expansion, which is being enabled by our strong balance sheet. The outlook we are providing reflects the expected impact of tariffs on our fiscal 2026 results, which we estimate to be approximately $2.0 million to $5.0 million. This is subject to change based on the fluidity of global trade policy,' said Christopher Thome, Chief Financial Officer.
(1)
Includes the estimated impact of increased tariffs over the prior year of approximately $2.0 million to $5.0 million.
(2)
Includes approximately $6.0 million to $7.0 million of Barber-Nichols supplemental performance bonus, equity-based compensation, and enterprise resource planning ('ERP') conversion costs included in SG&A expense.
(3)
Excludes net interest expense (income), income taxes, depreciation, and amortization from net income, as well as approximately $2.0 million to $3.0 million of equity-based compensation and ERP conversion costs included in SG&A expense, net.
Expand
Our expectations for sales and profitability assumes that we will be able to operate our production facilities at planned capacity, have access to our global supply chain including our subcontractors, do not experience any global disruptions, and experience no impact from any other unforeseen events.
Webcast and Conference Call
GHM's management will host a conference call and live webcast on June 9, 2025 at 11:00 a.m. Eastern Time ('ET') to review its financial results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM's investor relations website.
A question-and-answer session will follow the formal presentation. GHM's conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored from the events section of GHM's investor relations website.
A telephonic replay will be available from 3:00 p.m. ET today through Monday, June 16, 2025. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13753289 or access the webcast replay via the Company's website at ir.grahamcorp.com, where a transcript will also be posted once available.
About Graham Corporation
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company's products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as 'continue,' 'expects,' 'future,' 'goal,' 'outlook,' 'anticipates,' 'believes,' 'could,' 'guidance,' 'may', 'will,' 'plan' and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the Defense industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation's most recent Annual Report filed with the Securities and Exchange Commission (the 'SEC'), included under the heading entitled 'Risk Factors', and in other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation's forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Non-GAAP Financial Measures
Adjusted EBITDA is defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses, and other unusual/nonrecurring expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of sales. Adjusted EBITDA and Adjusted EBITDA margin are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP. Nevertheless, Graham believes that providing non-GAAP information, such as Adjusted EBITDA and Adjusted EBITDA margin, is important for investors and other readers of Graham's financial statements, as it is used as an analytical indicator by Graham's management to better understand operating performance. Moreover, Graham's credit facility also contains ratios based on Adjusted EBITDA. Because Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures and are thus susceptible to varying calculations, Adjusted EBITDA, and Adjusted EBITDA margin, as presented, may not be directly comparable to other similarly titled measures used by other companies.
Adjusted net income and adjusted net income per diluted share are defined as net income and net income per diluted share as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and adjusted net income per diluted share are not measures determined in accordance with GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Graham believes that providing non-GAAP information, such as adjusted net income and adjusted net income per diluted share, is important for investors and other readers of the Company's financial statements and assists in understanding the comparison of the current quarter's and current fiscal year's net income and net income per diluted share to the historical periods' net income and net income per diluted share. Graham also believes that adjusted net income per share, which adds back intangible amortization expense related to acquisitions, provides a better representation of the cash earnings of the Company.
ROIC is defined as a return on invested capital and is calculated by dividing net operating profit after taxes by the total invested capital. ROIC is not a measure determined in accordance with GAAP. Nevertheless, Graham believes that providing ROIC is important for investors and other readers of Graham's financial statements, as it is used as an analytical indicator by Graham's management to better understand profitability and efficiency of use of capital for certain projects. Because ROIC is a non-GAAP measure and is thus susceptible to varying calculations, ROIC, as presented, may not be directly comparable to other similarly titled measures used by other companies.
Forward-Looking Non-GAAP Measures
Forward-looking ROIC, adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company's fiscal 2025 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company's actual results and preliminary financial estimates set forth above may be material.
Key Performance Indicators
In addition to the foregoing non-GAAP measures, management uses the following key performance metrics to analyze and measure the Company's financial performance and results of operations: orders, backlog, and book-to-bill ratio. Management uses orders and backlog as measures of current and future business and financial performance, and these may not be comparable with measures provided by other companies. Orders represent written communications received from customers requesting the Company to provide products and/or services. Backlog is defined as the total dollar value of net orders received for which revenue has not yet been recognized. Management believes tracking orders and backlog are useful as they often times are leading indicators of future performance. In accordance with industry practice, contracts may include provisions for cancellation, termination, or suspension at the discretion of the customer.
The book-to-bill ratio is an operational measure that management uses to track the growth prospects of the Company. The Company calculates the book-to-bill ratio for a given period as net orders divided by net sales.
Given that each of orders, backlog, and book-to-bill ratio are operational measures and that the Company's methodology for calculating orders, backlog and book-to-bill ratio does not meet the definition of a non-GAAP measure, as that term is defined by the U.S. Securities and Exchange Commission, a quantitative reconciliation for each is not required or provided.
Consolidated Balance Sheets
(Amounts in thousands, except per share data)
March 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
21,577
$
16,939
Trade accounts receivable, net of allowances ($630 and $79 at March 31, 2025 and 2024, respectively)
35,507
44,400
Unbilled revenue
38,494
28,015
Inventories
40,025
33,410
Prepaid expenses and other current assets
4,249
3,561
Income taxes receivable
1,520
-
Total current assets
141,372
126,325
Property, plant and equipment, net.
50,649
32,080
Prepaid pension asset
5,950
6,396
Operating lease assets
6,386
7,306
Goodwill
25,520
25,520
Customer relationships, net
13,159
14,299
Technology and technical know-how, net
10,310
11,065
Other intangible assets, net
6,858
7,181
Deferred income tax asset
1,502
2,983
Other assets
2,404
724
Total assets
$
264,110
$
233,879
Liabilities and stockholders' equity
Current liabilities:
Current portion of finance lease obligations
$
21
$
20
Accounts payable
27,309
20,788
Accrued compensation
19,161
16,800
Accrued expenses and other current liabilities
4,322
6,666
Customer deposits
84,062
71,987
Operating lease liabilities
1,275
1,237
Income taxes payable
-
715
Total current liabilities
136,150
118,213
Finance lease obligations
44
65
Operating lease liabilities
5,514
6,449
Accrued pension and postretirement benefit liabilities
1,192
1,254
Other long-term liabilities
1,633
2,332
Total liabilities
144,533
128,313
Stockholders' equity:
Preferred stock, $1.00 par value, 500 shares authorized
-
-
Common stock, $0.10 par value, 25,500 shares authorized,
11,077 and 10,993 shares issued and 10,903 and 10,850 shares
outstanding at March 31, 2025 and 2024, respectively
1,107
1,099
Capital in excess of par value
34,616
32,015
Retained earnings
94,229
81,999
Accumulated other comprehensive loss
(6,987
)
(7,013
)
Treasury stock (174 and 143 shares at March 31, 2025 and 2024, respectively)
(3,388
)
(2,534
)
Total stockholders' equity
119,577
105,566
Total liabilities and stockholders' equity
$
264,110
$
233,879
Expand
Consolidated Statements of Cash Flows
(Amounts in thousands)
Year Ended
March 31,
2025
2024
Operating activities:
Net income
$
12,230
$
4,556
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
3,718
3,275
Amortization
2,218
2,157
Virgin Orbit and other bad debt reserves
829
95
Amortization of unrecognized prior service cost and actuarial losses
781
843
Amortization of debt issuance costs
-
131
Equity-based compensation expense
1,957
1,279
Gain on disposal or sale of property, plant and equipment
-
(5
)
Change in fair value of contingent consideration
(1,215
)
80
Loss on extinguishment of debt
-
726
Deferred income taxes
1,471
(472
)
(Increase) decrease in operating assets, net of acquisitions:
Accounts receivable
7,999
(20,724
)
Unbilled revenue
(10,595
)
11,855
Inventories
(6,627
)
(6,220
)
Income taxes receivable
(2,235
)
998
Prepaid expenses and other current and non-current assets
(2,190
)
(2,199
)
Operating lease assets
1,294
1,212
Prepaid pension asset
(234
)
(287
)
Increase (decrease) in operating liabilities, net of acquisitions:
Accounts payable
3,491
401
Accrued compensation, accrued expenses and other current and non-current liabilities
639
6,011
Customer deposits
12,090
25,572
Operating lease liabilities
(1,272
)
(1,119
)
Long-term portion of accrued compensation, accrued pension liability and accrued postretirement benefits
(33
)
(45
)
Net cash provided by operating activities
24,316
28,120
Investing activities:
Purchase of property, plant and equipment
(18,957
)
(9,226
)
Proceeds from disposal of property, plant and equipment
-
44
Acquisition of P3 Technologies, LLC, net of cash acquired
(170
)
(6,812
)
Net cash used by investing activities
(19,127
)
(15,994
)
Financing activities:
Principal repayments on debt
-
(25,500
)
Proceeds from the issuance of debt
-
13,000
Repayments on finance lease obligations
(320
)
(316
)
Payment of debt exit costs
-
(752
)
Payment of debt issuance costs
-
(241
)
Issuance of common stock
653
476
Purchase of treasury stock
(854
)
(58
)
Net cash used by financing activities
(521
)
(13,391
)
Effect of exchange rate changes on cash
(30
)
(53
)
Net increase (decrease) in cash and cash equivalents
4,638
(1,318
)
Cash and cash equivalents at beginning of year
16,939
18,257
Cash and cash equivalents at end of year
$
21,577
$
16,939
Expand
Adjusted EBITDA Reconciliation
(Unaudited, $ in thousands)
Three Months Ended
Year Ended
March 31,
March 31,
2025
2024
2025
2024
Net income
$
4,395
$
1,340
$
12,230
$
4,556
Acquisition & integration (income) expense
(270
)
158
(1,170
)
432
ERC tax credit, net
-
(702
)
-
(702
)
Debt amendment costs
-
37
-
781
ERP Implementation costs
178
185
882
241
Net interest (income) expense
(141
)
(29
)
(583
)
248
Income tax expense
1,174
119
3,177
1,018
Equity-based compensation expense
753
277
1,957
1,279
Depreciation & amortization
1,561
1,570
5,936
5,432
Adjusted EBITDA
$
7,650
$
2,955
$
22,429
$
13,285
Net sales
$
59,345
$
49,070
$
209,896
$
185,533
Net income margin
7.4
%
2.7
%
5.8
%
2.5
%
Adjusted EBITDA margin
12.9
%
6.0
%
10.7
%
7.2
%
Expand
Adjusted Net Income and Adjusted Net Income per Diluted Share Reconciliation
(Unaudited, $ in thousands, except per share amounts)
Three Months Ended
Year Ended
March 31,
March 31,
2025
2024
2025
2024
Net income
$
4,395
$
1,340
$
12,230
$
4,556
Acquisition & integration (income) expense
(270
)
158
(1,170
)
432
Amortization of intangible assets
555
670
2,218
2,157
ERC tax credit, net
-
(702
)
-
(702
)
Debt amendment costs
-
37
-
781
ERP Implementation costs
178
185
882
241
Normalized tax rate (1)
(106
)
(80
)
(444
)
(669
)
Adjusted net income
$
4,752
$
1,608
$
13,716
$
6,796
GAAP net income per diluted share
$
0.40
$
0.12
$
1.11
$
0.42
Adjusted net income per diluted share
$
0.43
$
0.15
$
1.24
$
0.63
Diluted weighted average common shares outstanding
11,115
10,988
11,066
10,844
(1) Applies a normalized tax rate to non-GAAP adjustments, which are pre-tax, based upon the statutory tax rate.
Expand
Acquisition and integration (income) expense are incremental costs that are directly related to and as a result of the P3 acquisition or the subsequent accounting for the contingent earn-out liability. These costs (income) may include, among other things, professional, consulting and other fees, system integration costs, and contingent consideration fair value adjustments. ERP implementation costs primarily relate to consulting costs (training, data conversion, and project management) incurred in connection with the ERP system being implemented throughout our Batavia, New York facility in order to enhance efficiency and productivity and are not expected to recur once the project is completed. Debt amendment costs consist of accelerated write-offs of unamortized deferred debt issuance costs and discounts, prepayment penalties and attorney fees in connection with the amendment of our credit facility in October 2023.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

BRIXMOR PROPERTY GROUP ANNOUNCES SECOND QUARTER 2025 EARNINGS RELEASE AND TELECONFERENCE DATES
BRIXMOR PROPERTY GROUP ANNOUNCES SECOND QUARTER 2025 EARNINGS RELEASE AND TELECONFERENCE DATES

Yahoo

time22 minutes ago

  • Yahoo

BRIXMOR PROPERTY GROUP ANNOUNCES SECOND QUARTER 2025 EARNINGS RELEASE AND TELECONFERENCE DATES

NEW YORK, June 9, 2025 /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) today announced that it will release its 2025 second quarter earnings on Monday, July 28, 2025 after the market close. Brixmor will host a teleconference on Tuesday, July 29, 2025 at 10:00 AM ET. Event: Brixmor Property Group's Second Quarter Earnings Results When: 10:00 AM ET, Tuesday, July 29, 2025 Live Webcast: Brixmor 2Q 2025 Earnings Call under the Investors tab at Dial #: 1.877.704.4453 (International: 1.201.389.0920) A replay of the webcast will be available on the Brixmor website at A replay of the call can be accessed until midnight ET on Tuesday, August 12, 2025 by dialing 1.844.512.2921 (International: 1.412.317.6671); Passcode: 13753792. Connect With Brixmor For additional information, please visit Follow Brixmor on: LinkedIn at Facebook at Instagram at YouTube at ABOUT BRIXMOR PROPERTY GROUPBrixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 361 retail centers comprise approximately 64 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to over 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores. Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels. SAFE HARBOR LANGUAGEThe presentation referenced in this release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, rising interest rates, inflation, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; and (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, and taxes. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law. View original content to download multimedia: SOURCE Brixmor Property Group Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

IFF Appoints Virginia "Gina" Drosos to Board of Directors
IFF Appoints Virginia "Gina" Drosos to Board of Directors

Yahoo

time25 minutes ago

  • Yahoo

IFF Appoints Virginia "Gina" Drosos to Board of Directors

NEW YORK, June 09, 2025--(BUSINESS WIRE)--IFF (NYSE: IFF)—a global leader in flavors, fragrances, food ingredients, health and biosciences—today announced the appointment of Gina Drosos to its board of directors, effective June 16. Drosos brings more than 30 years of executive leadership experience across the retail, consumer goods, beauty and health care industries. "We are very pleased to welcome Gina to the IFF board," said Kevin O'Byrne, chair of the board. "Gina brings extensive relevant experience, deep consumer insights and a proven ability to drive innovation and lead with purpose, which aligns with our long-term strategy to deliver sustainable growth and value creation for all stakeholders." Drosos most recently served as chief executive officer and a director of Signet Jewelers Ltd. (NYSE: SIG)—the world's largest retailer of diamond jewelry—from August 2017 to November 2024. During her tenure, she led the company through a significant transformation, expanding its digital capabilities and enhancing customer experience. Gina also spent 25 years at Procter & Gamble (NYSE: PG)—most recently as group president of global beauty, skin, cosmetics and personal care—where she established herself as a transformative, purpose-led leader who drove game-changing innovation, built multi-billion-dollar brands and reinvented global categories. She currently serves as a director of Foot Locker Inc. and the United States Golf Association and previously served as a board member of American Financial Group, Inc., where she served on the audit and governance committees. "I'm honored to join the IFF board at such a pivotal time in the company's journey," said Drosos. "IFF's commitment to innovation, sustainability and purpose-driven growth deeply resonates with me. I look forward to contributing to the company's long-term strategy and helping shape its future as a global leader in food and beverage, home and personal care and health and wellness solutions." Cautionary Statement under the Private Securities Litigation Reform Act of 1995 This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as ""plan", "expect," "anticipate," "intend," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the timing or nature of the new facilities. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances. Welcome to IFF At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, food ingredients, health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience. Learn more at LinkedIn, Instagram and Facebook. © 2025 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved. View source version on Contacts Media Relations:Paulina Investor Relations:Michael Sign in to access your portfolio

IFF Appoints Virginia 'Gina' Drosos to Board of Directors
IFF Appoints Virginia 'Gina' Drosos to Board of Directors

Business Wire

time30 minutes ago

  • Business Wire

IFF Appoints Virginia 'Gina' Drosos to Board of Directors

NEW YORK--(BUSINESS WIRE)-- IFF (NYSE: IFF)—a global leader in flavors, fragrances, food ingredients, health and biosciences—today announced the appointment of Gina Drosos to its board of directors, effective June 16. Drosos brings more than 30 years of executive leadership experience across the retail, consumer goods, beauty and health care industries. 'We are very pleased to welcome Gina to the IFF board,' said Kevin O'Byrne, chair of the board. 'Gina brings extensive relevant experience, deep consumer insights and a proven ability to drive innovation and lead with purpose, which aligns with our long-term strategy to deliver sustainable growth and value creation for all stakeholders.' Drosos most recently served as chief executive officer and a director of Signet Jewelers Ltd. (NYSE: SIG)—the world's largest retailer of diamond jewelry—from August 2017 to November 2024. During her tenure, she led the company through a significant transformation, expanding its digital capabilities and enhancing customer experience. Gina also spent 25 years at Procter & Gamble (NYSE: PG)—most recently as group president of global beauty, skin, cosmetics and personal care—where she established herself as a transformative, purpose-led leader who drove game-changing innovation, built multi-billion-dollar brands and reinvented global categories. She currently serves as a director of Foot Locker Inc. and the United States Golf Association and previously served as a board member of American Financial Group, Inc., where she served on the audit and governance committees. 'I'm honored to join the IFF board at such a pivotal time in the company's journey,' said Drosos. 'IFF's commitment to innovation, sustainability and purpose-driven growth deeply resonates with me. I look forward to contributing to the company's long-term strategy and helping shape its future as a global leader in food and beverage, home and personal care and health and wellness solutions.' Cautionary Statement under the Private Securities Litigation Reform Act of 1995 This press release contains 'forward-looking statements' within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as ''plan', 'expect,' 'anticipate,' 'intend,' 'believe,' 'seek,' 'see,' 'will,' 'would,' 'target,' similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the timing or nature of the new facilities. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances. Welcome to IFF At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, food ingredients, health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience. Learn more at LinkedIn, Instagram and Facebook. © 2025 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store