GRAHAM CORP — Director's Dealing 2005

Nov 28, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2005-11-23

Reporting Person: BIDLACK JERALD D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-23	Common Stock	M	1900	$5.50	Acquired	32400	Direct
2005-11-23	Common Stock	S	1400	$20.59	Disposed	31000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-11-23	Stock Option (Right to Buy)	$5.50	M	1900	Disposed	2006-10-26	Common Stock (1900)	Direct

Footnotes

F1: This option was previously reported by Mr. Bidlack.