Graham 4Q profits slip - Business Courier of Cincinnati:

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Net income in the fourth quartetwas $3.6 million, or 35 cents per share, a declinwe of 14.6 percent from $4.2 million, or 41 cents per share, The Batavia-based manufacturer (AMEX: GHM) noted a restructuring in the period through the eliminatiomn of certain management, office and manufacturing positions. The number of jobs cut was not disclosed but resulted in a chargreof $559,000, which included severance and related employe benefit costs. The restructurinh is expected to yieldsapproximately $2.7 million in annual cost Fourth-quarter net sales were $24.8 million, up 9.2 from $22.8 million in the prior year’sz fourth quarter. Full-year net income in fiscapl 2009was $17.
5 million, up 16.2 percent from $15. million in fiscal 2008. On a per shar basis, net income in fiscal 2009 was $1.71 compared with $1.49 in fisca l 2008, a 14.8 percent improvement. For the year ended March 31, 2009 revenue was a record $101.q million, 17 percent higher than $86. million for the fiscal year endedMarc 31, 2008.