Graham beats by $0.20, beats on revs; reaffirms FY10 revs guidance (GHM) 13.30 : Reports Q1 (Jun) earnings of $0.35 per share, $0.20 better than the First Call consensus of $0.15; revenues fell 27.2% year/year to $20.1 mln vs the $18.8 mln consensus. Co reaffirms guidance for FY10, sees FY10 revs of $60-70 mln vs. $70.85 mln consensus. The co reported "As expected during this contraction in the markets for refinery and petrochemical equipment, sales and orders are down measurably. Our unusually strong gross margin for the level of sales during the first quarter was primarily related to an unexpected and rapid short-term reduction in the cost of specialty and other materials... We expect to be profitable and to generate cash in fiscal 2010. We also continue to expect that gross margin for the full year will be in the range of 28% to 31%, although likely in the upper end of that range." Co also announces that it has been awarded a $3.4 mln ejector system order for an oil refinery in China.