Company Quick10K Filing
Graham
Price19.36 EPS-0
Shares10 P/E-60
MCap191 P/FCF-76
Net Debt-12 EBIT-3
TEV179 TEV/EBIT-63
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-03
10-K 2020-03-31 Filed 2020-06-15
10-Q 2019-12-31 Filed 2020-01-31
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-07-30
10-K 2019-03-31 Filed 2019-05-31
10-Q 2018-12-31 Filed 2019-02-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-06
10-K 2018-03-31 Filed 2018-06-04
10-Q 2017-12-31 Filed 2018-02-02
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-08-07
10-K 2017-03-31 Filed 2017-06-05
10-Q 2016-12-31 Filed 2017-02-03
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-02
10-K 2016-03-31 Filed 2016-06-01
10-Q 2015-12-31 Filed 2016-02-02
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-04
10-K 2015-03-31 Filed 2015-06-02
10-Q 2014-12-31 Filed 2015-02-03
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-05
10-K 2014-03-31 Filed 2014-06-04
10-Q 2013-12-31 Filed 2014-02-04
10-Q 2013-09-30 Filed 2013-10-28
10-Q 2013-06-30 Filed 2013-07-30
10-K 2013-03-31 Filed 2013-06-05
10-Q 2012-12-31 Filed 2013-02-06
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-07-31
10-K 2012-03-31 Filed 2012-06-07
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-K 2011-03-31 Filed 2011-06-03
10-Q 2010-12-31 Filed 2011-02-08
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-03
10-K 2010-03-31 Filed 2010-05-25
10-Q 2009-12-31 Filed 2010-02-03
8-K 2020-08-13 Enter Agreement, Off-BS Arrangement
8-K 2020-08-11 Officers, Shareholder Vote, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-21 Other Events, Exhibits
8-K 2020-06-09
8-K 2020-06-09
8-K 2020-04-30
8-K 2020-04-09
8-K 2020-03-25
8-K 2020-03-04
8-K 2020-01-28
8-K 2019-10-29
8-K 2019-10-08
8-K 2019-09-12
8-K 2019-08-07
8-K 2019-07-26
8-K 2019-05-29
8-K 2019-05-29
8-K 2019-01-29
8-K 2019-01-15
8-K 2018-11-07
8-K 2018-08-27
8-K 2018-08-09
8-K 2018-08-02
8-K 2018-05-30
8-K 2018-05-30
8-K 2018-03-27
8-K 2018-01-31

GHM 10Q Quarterly Report

Part I - Financial Information
Item 1.Unaudited Condensed Consolidated Financial Statements
Note 1 - Basis of Presentation:
Note 2 - Revenue Recognition:
Note 3 - Investments:
Note 4 - Inventories:
Note 5 - Equity - Based Compensation:
Note 6 - (Loss) Income per Share:
Note 7 - Product Warranty Liability:
Note 8 - Cash Flow Statement:
Note 9 - Employee Benefit Plans:
Note 10 - Commitments and Contingencies:
Note 11 - Income Taxes:
Note 12 - Changes in Accumulated Other Comprehensive Loss:
Note 13 - Other Expense:
Note 14 - Accounting and Reporting Changes:
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ghm-ex311_6.htm
EX-31.2 ghm-ex312_7.htm
EX-32.1 ghm-ex321_8.htm

Graham Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
16012896643202012201420172020
Assets, Equity
4533219-3-152012201420172020
Rev, G Profit, Net Income
157-1-9-17-252012201420172020
Ops, Inv, Fin

ghm-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ___________

Commission File Number 1-8462

 

GRAHAM CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

16-1194720

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

20 Florence Avenue, Batavia, New York

14020

(Address of principal executive offices)

(Zip Code)

585-343-2216

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.10 Per Share

 

GHM

 

NYSE

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

 

Accelerated filer

  

Non-accelerated filer

  

 

Smaller reporting company

  

Emerging growth company

  

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes     No  

As of July 28, 2020, there were outstanding 9,976,893 shares of the registrant’s common stock, par value $0.10 per share.

 

 

 


 

Graham Corporation and Subsidiaries

Index to Form 10-Q

As of June 30, 2020 and March 31, 2020 and for the three months ended June 30, 2020 and 2019

 

 

 

Page

Part I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

3

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

21

 

 

 

Item 4.

Controls and Procedures

22

 

 

 

Part II.

OTHER INFORMATION

 

 

 

 

Item 1A.

Risk Factors

22

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

23

 

 

 

Item 6.

Exhibits

24

 

 

 

Signatures

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

 

GRAHAM CORPORATION AND SUBSIDIARIES

FORM 10-Q

JUNE 30, 2020

PART I – FINANCIAL INFORMATION

Item 1.Unaudited Condensed Consolidated Financial Statements

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

 

(Amounts in thousands, except per share data)

 

Net sales

 

$

16,710

 

 

$

20,593

 

Cost of products sold

 

 

15,142

 

 

 

15,879

 

Gross profit

 

 

1,568

 

 

 

4,714

 

Other expenses and income:

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

3,902

 

 

 

4,556

 

Selling, general and administrative – amortization

 

 

 

 

 

11

 

Other expense

 

 

 

 

 

523

 

Other income

 

 

(55

)

 

 

(87

)

Interest income

 

 

(94

)

 

 

(399

)

Interest expense

 

 

5

 

 

 

3

 

Total other expenses and income

 

 

3,758

 

 

 

4,607

 

(Loss) income before provision for income taxes

 

 

(2,190

)

 

 

107

 

(Benefit) provision for income taxes

 

 

(372

)

 

 

25

 

Net (loss) income

 

$

(1,818

)

 

$

82

 

Per share data

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(0.18

)

 

$

0.01

 

Diluted:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(0.18

)

 

$

0.01

 

Weighted average common shares

  outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

9,895

 

 

 

9,855

 

Diluted

 

 

9,895

 

 

 

9,858

 

Dividends declared per share

 

$

0.11

 

 

$

0.10

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

3


 

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

 

(Amounts in thousands)

 

Net (loss) income

 

$

(1,818

)

 

$

82

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

9

 

 

 

(87

)

Defined benefit pension and other postretirement plans net

of income tax expense of $61 and $55, for the three months

ended June 30, 2020 and 2019, respectively

 

 

205

 

 

 

194

 

Total other comprehensive income

 

 

214

 

 

 

107

 

Total comprehensive (loss) income

 

$

(1,604

)

 

$

189

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

4


 

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

June 30,

 

 

March 31,

 

 

 

2020

 

 

2020

 

 

 

(Amounts in thousands, except per share data)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

41,069

 

 

$

32,955

 

Investments

 

 

26,103

 

 

 

40,048

 

Trade accounts receivable, net of allowances ($47 and $33 at June 30 and

   March 31, 2020, respectively)

 

 

17,054

 

 

 

15,400

 

Unbilled revenue

 

 

15,683

 

 

 

14,592

 

Inventories

 

 

22,656

 

 

 

22,291

 

Prepaid expenses and other current assets

 

 

1,262

 

 

 

906

 

Income taxes receivable

 

 

975

 

 

 

485

 

Total current assets

 

 

124,802

 

 

 

126,677

 

Property, plant and equipment, net

 

 

17,323

 

 

 

17,587

 

Prepaid pension asset

 

 

3,670

 

 

 

3,460

 

Operating lease assets

 

 

206

 

 

 

243

 

Other assets

 

 

105

 

 

 

153

 

Total assets

 

$

146,106

 

 

$

148,120

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of finance lease obligations

 

$

33

 

 

$

40

 

Accounts payable

 

 

9,713

 

 

 

14,253

 

Accrued compensation

 

 

4,551

 

 

 

4,453

 

Accrued expenses and other current liabilities

 

 

3,963

 

 

 

3,352

 

Customer deposits

 

 

31,082

 

 

 

26,983

 

Operating lease liabilities

 

 

137

 

 

 

153

 

Total current liabilities

 

 

49,479

 

 

 

49,234

 

Finance lease obligations

 

 

50

 

 

 

55

 

Operating lease liabilities

 

 

60

 

 

 

82

 

Deferred income tax liability

 

 

1,017

 

 

 

721

 

Accrued pension liability

 

 

774

 

 

 

747

 

Accrued postretirement benefits

 

 

562

 

 

 

557

 

Total liabilities

 

 

51,942

 

 

 

51,396

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $1.00 par value, 500 shares authorized

 

 

 

 

 

 

Common stock, $0.10 par value, 25,500 shares authorized,

   10,780 and 10,689 shares issued and 9,969 and 9,881 shares

   outstanding at June 30 and March 31, 2020, respectively

 

 

1,078

 

 

 

1,069

 

Capital in excess of par value

 

 

26,516

 

 

 

26,361

 

Retained earnings

 

 

88,474

 

 

 

91,389

 

Accumulated other comprehensive loss

 

 

(9,342

)

 

 

(9,556

)

Treasury stock (811 and 808 shares at June 30 and March 31, 2020,

   respectively)

 

 

(12,562

)

 

 

(12,539

)

Total stockholders’ equity

 

 

94,164

 

 

 

96,724

 

Total liabilities and stockholders’ equity

 

$

146,106

 

 

$

148,120

 

 

See Notes to Condensed Consolidated Financial Statements.

 

5


 

GRAHAM CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2020

 

 

2019

 

Operating activities:

 

(Dollar amounts in thousands)

 

Net (loss) income

 

$

(1,818

)

 

$

82

 

Adjustments to reconcile net (loss) income to net cash used by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

486

 

 

 

490

 

Amortization

 

 

 

 

 

11

 

Amortization of unrecognized prior service cost and actuarial losses

 

 

266

 

 

 

249

 

Equity-based compensation expense

 

 

164

 

 

 

88

 

Gain on disposal or sale of property, plant and equipment

 

 

(4

)

 

 

 

Loss on sale of Energy Steel & Supply Co.

 

 

 

 

 

87

 

Deferred income taxes

 

 

282

 

 

 

202

 

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,646

)

 

 

3,088

 

Unbilled revenue

 

 

(1,091

)

 

 

(2,323

)

Inventories

 

 

(361

)

 

 

552

 

Prepaid expenses and other current and non-current assets

 

 

(356

)

 

 

(166

)

Income taxes receivable

 

 

(490

)

 

 

(187

)

Operating lease assets

 

 

37

 

 

 

105

 

Prepaid pension asset

 

 

(210

)

 

 

(218

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

(4,430

)

 

 

(5,565

)

Accrued compensation, accrued expenses and other current and non-current

   liabilities

 

 

709

 

 

 

(1,005

)

Customer deposits

 

 

4,094

 

 

 

(242

)

Operating lease liabilities

 

 

(37

)

 

 

(27

)

Long-term portion of accrued compensation, accrued pension liability

   and accrued postretirement benefits

 

 

32

 

 

 

26

 

Net cash used by operating activities

 

 

(4,373

)

 

 

(4,753

)

Investing activities:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(338

)

 

 

(294

)

Proceeds from disposal of property, plant and equipment

 

 

6

 

 

 

 

Proceeds from the sale of Energy Steel & Supply Co.

 

 

 

 

 

602

 

Purchase of investments

 

 

(26,103

)

 

 

(28,651

)

Redemption of investments at maturity

 

 

40,048

 

 

 

32,595

 

Net cash provided by investing activities

 

 

13,613

 

 

 

4,252

 

Financing activities:

 

 

 

 

 

 

 

 

Principal repayments on finance lease obligations

 

 

(12

)

 

 

(10

)

Principal repayments on long-term debt

 

 

(4,599

)

 

 

 

Proceeds from the issuance of long-term debt

 

 

4,599

 

 

 

 

Dividends paid

 

 

(1,097

)

 

 

(988

)

Purchase of treasury stock

 

 

(23

)

 

 

(230

)

Net cash used by financing activities

 

 

(1,132

)

 

 

(1,228

)

Effect of exchange rate changes on cash

 

 

6

 

 

 

(76

)

Net increase (decrease) in cash and cash equivalents, including cash classified within

   current assets held for sale

 

 

8,114

 

 

 

(1,805

)

Net decrease in cash classified within current assets held for sale

 

 

 

 

 

552

 

Net increase (decrease) in cash and cash equivalents

 

 

8,114

 

 

 

(1,253

)

Cash and cash equivalents at beginning of period

 

 

32,955

 

 

 

15,021

 

Cash and cash equivalents at end of period

 

$

41,069

 

 

$

13,768

 

 

6


 

See Notes to Condensed Consolidated Financial Statements.

GRAHAM CORPORATION AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

 

 

(Unaudited)

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance at April 1, 2020

 

 

10,689

 

 

$

1,069

 

 

$

26,361

 

 

$

91,389

 

 

$

(9,556

)

 

$

(12,539

)

 

$

96,724

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,818

)

 

 

214

 

 

 

 

 

 

 

(1,604

)

Issuance of shares

 

 

113

 

 

 

11

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares

 

 

(22

)

 

 

(2

)

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,097

)

 

 

 

 

 

 

 

 

 

 

(1,097

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

164

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23

)

 

 

(23

)

Balance at June 30, 2020

 

 

10,780

 

 

$

1,078

 

 

$

26,516

 

 

$

88,474

 

 

$

(9,342

)

 

$

(12,562

)

 

$

94,164

 

 

 

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

 

 

 

 

Accumulated

Other

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance at April 1, 2019

 

 

10,650

 

 

$

1,065

 

 

$

25,277

 

 

$

93,847

 

 

$

(8,833

)

 

$

(12,390

)

 

$

98,966

 

Cumulative effect of change in

  accounting principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(80

)

 

 

 

 

 

 

 

 

 

 

(80

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82

 

 

 

107

 

 

 

 

 

 

 

189

 

Issuance of shares

 

 

83

 

 

 

8

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares

 

 

(34

)

 

 

(3

)

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(988

)

 

 

 

 

 

 

 

 

 

 

(988

)

Recognition of equity-based

  compensation expense

 

 

 

 

 

 

 

 

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(230

)

 

 

(230

)

Balance at June 30, 2019

 

 

10,699

 

 

$

1,070

 

 

$

25,360

 

 

$

92,861

 

 

$

(8,726

)

 

$

(12,620

)

 

$

97,945

 

 

 

 

See Notes to Condensed Consolidated Financial Statements.

 

7


 

GRAHAM CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Amounts in thousands, except per share data)

 

NOTE 1 – BASIS OF PRESENTATION:

Graham Corporation's (the "Company's") Condensed Consolidated Financial Statements include its wholly-owned foreign subsidiaries located in Suzhou, China and Ahmedabad, India.  The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, each as promulgated by the U.S. Securities and Exchange Commission.  The Company's Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for complete financial statements.  The unaudited Condensed Consolidated Balance Sheet as of March 31, 2020 presented herein was derived from the Company’s audited Consolidated Balance Sheet as of March 31, 2020.  For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2020 ("fiscal 2020").  In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair presentation, have been included in the Company's Condensed Consolidated Financial Statements.

The Company's results of operations and cash flows for the three months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the current fiscal year, which ends March 31, 2021 ("fiscal 2021").

 

 

NOTE 2 – REVENUE RECOGNITION:

The Company recognizes revenue on contracts when or as it satisfies a performance obligation by transferring control of the product to the customer.  For contracts in which revenue is recognized upon shipment, control is generally transferred when products are shipped, title is transferred, significant risks of ownership have transferred, the Company has rights to payment, and rewards of ownership pass to the customer.  For contracts in which revenue is recognized over time, control is generally transferred as the Company creates an asset that does not have an alternative use to the Company and the Company has an enforceable right to payment for the performance completed to date.

The following table presents the Company’s revenue disaggregated by product line and geographic area:

 

 

 

 

Three Months Ended

 

 

 

June 30,

 

Product Line

 

2020

 

 

2019

 

Heat transfer equipment

 

$

10,673

 

 

$