GRAHAM CORP — Director's Dealing 2005

Aug 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2005-08-01

Reporting Person: LINES JAMES R (VP and General Manager)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-01	Common Stock	M	4200	$21.4375	Acquired	4200	Direct
2005-08-01	Common Stock	M	3000	$11.00	Acquired	7200	Direct
2005-08-01	Common Stock	M	3000	$11.70	Acquired	10200	Direct
2005-08-01	Common Stock	S	3700	$35.90	Disposed	6500	Direct
2005-08-01	Common Stock	S	1500	$35.85	Disposed	5000	Direct
2005-08-01	Common Stock	S	700	$35.41	Disposed	4300	Direct
2005-08-01	Common Stock	S	1800	$35.40	Disposed	2500	Direct
2005-08-01	Common Stock	S	200	$35.10	Disposed	2300	Direct
2005-08-01	Common Stock	S	1600	$35.01	Disposed	700	Direct
2005-08-01	Common Stock	S	700	$35.00	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-08-01	Option (Right to Buy)	$21.4375	M	4200	Disposed	2007-10-23	Common Stock (4200)	Direct
2005-08-01	Option (Right to Buy)	$11.00	M	3000	Disposed	2010-11-02	Common Stock (3000)	Direct
2005-08-01	Option (Right to Buy)	$11.70	M	3000	Disposed	2011-07-26	Common Stock (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1114	Indirect

Footnotes

F1: Shares held by the trustee of the Graham Corporation Employee Stock Ownership Plan and allocated to Mr. Lines's account, as to which Mr. Lines has sole voting power but no dispositive power, except in limited circumstances.

F2: This option was previously reported by Mr. Lines.