<SEC-DOCUMENT>0001193125-24-057182.txt : 20240402
<SEC-HEADER>0001193125-24-057182.hdr.sgml : 20240402
<ACCEPTANCE-DATETIME>20240304111749
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-057182
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAHAM CORP
		CENTRAL INDEX KEY:			0000716314
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				161194720
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		20 FLORENCE AVE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
		BUSINESS PHONE:		5853432216

	MAIL ADDRESS:	
		STREET 1:		20 FLORENCE AVENUE
		CITY:			BATAVIA
		STATE:			NY
		ZIP:			14020
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g744727g0301190950554.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;4, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA
EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Ms.&nbsp;Megan Akst and Ms.&nbsp;Kathleen Collins </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Graham Corp </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended March&nbsp;31, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended December&nbsp;31, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-08462</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Akst and Ms.&nbsp;Collins: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
behalf of Graham Corporation (&#147;Graham&#148; or the &#147;Company&#148;), this letter is sent in response to your office&#146;s comment letter dated February&nbsp;23, 2024 regarding the Company&#146;s annual report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended March&nbsp;31, 2023 (&#147;fiscal 2023&#148;), filed on June&nbsp;8, 2023 and the Company&#146;s quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period
ended December&nbsp;31, 2023, filed on February&nbsp;5, 2024. For your convenience, the Staff&#146;s comment has been repeated below in its entirety in italicized font, with the Company&#146;s response to such comment set out immediately underneath
it. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarterly Period Ending December&nbsp;31, 2023 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures, page
25</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note from your response to prior comment 1. Considering the BN Performance Bonus plan requires continued
employment at the time of such payment, and as the amounts will be paid in cash, it remains unclear how such charges are not a normal, recurring cash operating expenses. Please revise to remove these adjustments from your <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures. Refer to Question 100.01 of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> C&amp;DIs.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We acknowledge the
Staff&#146;s comment and will remove the BN Performance Bonus plan adjustment from our <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures in all future filings starting with our upcoming Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the year ending March&nbsp;31, 2024 in accordance with Question 100.01 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> C&amp;DIs. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;4, 2024 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or comments regarding these responses or require any additional information, please do not hesitate to contact me at
<FONT STYLE="white-space:nowrap">CThome@graham-mfg.com</FONT> or (716) <FONT STYLE="white-space:nowrap">225-8116.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Christopher J. Thome</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christopher J. Thome</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice
President-Finance&nbsp;&amp; Chief Financial Officer</P></TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g744727g0301190950554.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g744727g0301190950554.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  J /(# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#WZBBBD,*C
M::)/O2HOU8"AVF'W(D;ZN1_2JLAOCTL+5_\ >G(_]DH&D)->PCIJEK'_ +Q4
M_P!:H2WZ]O$NGI]50_\ L]32#4C]W1=.;_>N3_\ &ZIR1:N>GAO2&^MS_P#:
MZEFD4OZL0R:@_;QII:?6*,_^SU3EU.<=/'VE+_V[Q_\ Q=3R6^MGIX3T1OK<
M _\ LE5);37B#CP7H+?65?\ XFI=_P"KFL4O+_R4YCQYXFU>S-IH\6KO*?)$
M\]S HB\W>3M V]%"^_.:X!5NKIV*K/.PY8@,Y_&NE^(P8>,9 \:QL+:$%$Z*
M=O0>U=!\'?\ D(ZM_P!<8_YM7J1:ITE)(\F=YU6F>>?8;[_GSN_^_+_X4?8;
M[_GSN_\ OR_^%?3U%9?6O(OZOYGS#]AOO^?.[_[\O_A33]KLY%)^T6\G4$[D
M/X=*^H*X_P 6^!5\5ZG;74FH-;1P1&/8D6XMDYSDGC\JJ.)3?O(4J#2T9B_"
MWQ/?ZE+=:5J%P]P8HQ+#)(<L%S@J3WZC'XUL?%#_ )$:Y_Z[1?\ H8JUX:\"
M:9X8O&O+:>ZFN&C,9:5AC!(/0 >E5?BA_P B-<_]=HO_ $,5E>+JIQ-+25-J
M1XC:$_;K;D_ZY._^T*^H*^7[3_C^MO\ KLG_ *$*^H*O%=",/U"BBBN0Z3#\
M9?\ (F:Q_P!>K_RKYT8G8W)Z>M?1?C+_ )$O6/\ KT?^5?.C?<;Z5W87X6<F
M(^)'TQH?_(OZ;_UZQ?\ H KQ3XD$_P#">:AR?NQ?^@+7M>A_\B_IO_7K%_Z
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MR*\GO["]T/59+2Y#0W=LXPRG'(Y#*?3H0:]M^&G_ "(EC_O2_P#H;5%\0/"
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&%=9SG__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
