UNITED STATES

                SECURITIES AND EXCHANGE COMMISSION

                      WASHINGTON, D. C. 20549

                             _________


                             FORM 8-K

                          CURRENT REPORT
              Pursuant to Section 13 or 15(d) of the
                  Securities Exchange Act of 1934



Date of Report (Date of earliest event reported):  February 2, 2004


                        GRAHAM CORPORATION
        (exact name of registrant as specified in Charter)


Delaware                         1-8462                    16-1194720
--------                         ------                    ----------
(State  or other jurisdiction    (Commission File Number)  (IRS Employer
 of  Incorporation)                                         Identification
                                                            Number)


            20 Florence Avenue, Batavia, New York 14020
            -------------------------------------------
             (Address of principal executive offices)


Registrant's telephone number, including area code: (585) 343-2216
                                                    --------------


                                N/A

   (Former name or former address, if changed since last report)















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     Item 7.    Exhibits

     99.1    Press  Release  issued February  2,  2004  announcing
     earnings  of  Graham Corporation for the fiscal  quarter  and
     nine months ended December 31, 2003.


     Item   12.  Results  of  Operations  and  Financial Condition

     On February 2, 2004, Graham Corporation issued a press
     release announcing results of operations for the fiscal
     quarter and nine months ended December 31, 2003. A copy is
     attached hereto as Exhibit 99.1 and is incorporated herein by
     reference.

     The information in this Current Report on Form 8-K and the
     exhibit attached hereto shall not be deemed to be filed for
     the purposes of Section 18 of the Securities Exchange Act of
     1934, as amended, nor shall it be deemed incorporated by
     reference in any filing under the Exchange Act or Securities
     Act of 1933, as amended, except as expressly set forth by
     specific reference in such filing.





                                SIGNATURES

      Pursuant to the requirements of the Securities Exchange  Act
of  1934, the registrant has duly caused this report to be  signed
on its behalf by the undersigned thereunto duly authorized.

                                   GRAHAM CORPORATION
                                   (Registrant)




Date:  February 3, 2004              By /s/ J. Ronald Hansen
                                        __________________________
                                        J. Ronald Hansen
                                        Vice President - Finance
                                        & Administration and
                                        Chief Financial Officer














3
                           Exhibit Index


Exhibit Number      Document Description

     99.1           Press Release dated February 2, 2004