Pmfg 10-Q 2012 Q2 Quarterly report

Exhibit 99.1

The following information is being provided to revise certain information in our Definitive Proxy Statement filed on Schedule 14A on October 7, 2011 (the “Proxy Statement”).

(a) The information presented in the Summary Compensation Table on page 25 of the Proxy Statement is revised per the table below to reflect the correct amounts under (i) “Stock Awards” for each of Mr. Burlage, Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer for fiscal year 2011, (ii) “Stock Awards” and “All Other Compensation” for Mr. Hayslip for fiscal year 2010, and (iii) “Total” for each of Mr. Burlage, Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer for fiscal year 2011, for Mr. Hayslip for fiscal year 2010 and for Mr. Taylor for fiscal year 2009.

									Non-Equity
							Stock		Incentive Plan		All Other
Name and Principal Position	Year		Salary		Bonus		Awards(1)		Compensation(2)		Compensation(3)		Total
Peter J. Burlage		2011	$	367,500	$	—	$	262,505	$	—	$	31,639	$	661,644
President and Chief		2010		350,000		—		245,000		214,416		18,225		827,641
Executive Officer		2009		350,000		—		210,020		—		25,600		585,620
Ronald L. McCrummen		2011	$	59,614	$	—	$	310,009	$	—	$	115	$	369,738
Vice President & Chief
Financial Officer(4)
Warren R. Hayslip		2011	$	231,000	$	—	$	92,402	$	—	$	10,408	$	333,810
Vice President and		2010		220,000		—		165,000		67,388		632		453,020
Chief Operating Officer
Sean P. McMenamin		2011	$	180,000	$	—	$	71,988	$	—	$	7,712	$	259,700
Vice President,		2010		175,000		—		69,999		82,307		2,223		329,529
Operations		2009		175,000		—		46,506		—		6,663		228,169
David Taylor		2011	$	167,000	$	—	$	66,797	$	—	$	7,640	$	241,437
Vice President,		2010		162,000		—		24,297		34,698		2,125		223,120
Business Development		2009		162,000		25,000		46,506				6,708		240,214
Henry G. Schopfer		2011	$	211,798	$	—	$	103,001	$	—	$	154,891	$	469,690
Former Vice President and		2010		250,000		—		100,003		90,758		3,079		443,840
Chief Financial Officer(5)		2009		250,000		—		89,978		—		11,465		351,443

(b) The percentage information provided for Mr. Warren Hayslip as presented in the Base Salary Table on Page 22 of the Proxy Statement is revised to reflect a percentage increase of 5%:

Name of Officer	Fiscal 2010 Base Salary		Fiscal 2011 Base Salary		Increase		Percentage Increase
Warren R. Hayslip		220,000		231,000		11,000		5.0	%

(c) The information presented in the table of Grants of Plan-Based Awards on Page 27 of the Proxy Statement is revised below to reflect the correct amounts under (i) “All Other Stock Awards: Number of Shares of Stock” for each of Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer and (ii) “Grant Date Fair Value of Stock and Option Awards” for each of Mr. Burlage, Mr. Hayslip, Mr. McMenamin, Mr. Taylor and Mr. Schopfer:

					Estimated Future  Payouts Under Non-Equity Incentive Plan Awards(1)						All Other Stock Awards: Number of Shares		Grant Date Fair Value of Stock and Option
Name	Type		Grant Date		Threshold		Target		Maximum		Stock(2)		Awards(3)
Peter J. Burlage		AIC			$	110,250	$	220,500	$	441,000
		LTI		07/01/2010								18,054	$	262,505
Ronald L. McCrummen(4)		AIC				—		—		—
		LTI		05/05/2011								14,419		310,009
WWarren R. Hayslip		AIC			$	46,200	$	92,400	$	184,800
		LTI		07/01/2010								6,355		92,402
S Sean P. McMenamin		AIC			$	36,000	$	72,000	$	144,000
		LTI		07/01/2010								4,951		71,988
David Taylor		AIC			$	33,400	$	66,800	$	133,600
		LTI		07/01/2010								4,594		66,797
Henry G. Schopfer(5)		AIC			$	51,500	$	103,000	$	206,000
		LTI		07/01/2010								7,084		103,001

(1) Represents the potential payout for annual cash incentive compensation. These awards were subject to the attainment of certain performance targets. The performance targets and target award multiples for determining the payout are described under “Compensation Discussion and Analysis — Fiscal 2011 Compensation — Annual Incentive Awards.” Actual amounts of annual cash incentive compensation earned in fiscal 2011 by our named executive officers are included in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table.

(2) Represents number of shares of restricted stock granted to our named executive officers as annual long-term incentive compensation. These restricted stock awards vest ratably over a four-year period beginning on the first anniversary of the grant date. The number of shares has been adjusted for the two-for-one stock exchange affected in connection with the Company’s holding company reorganization in August 2008.

(3) Calculated based on the closing market price of the Company’s common stock on the date of the grant.

(4) Mr. McCrummen was appointed Vice President and Chief Financial Officer in April 2011. The LTI granted to Mr. McCrummen at the time of his appointment was part of his inducement award to join the Company.

(5) Mr. Schopfer resigned from his position as Chief Financial Officer in April 2011.