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Net income in the fourth quarter was $3.6 million, or 35 cents per share, a declinde of 14.6 percent from $4.2 or 41 cents per year-over-year. The Batavia-based manufacturer (AMEX: GHM) noteds a restructuring in the period through the elimination ofcertaim management, office and manufacturing The number of jobs cut was not disclosed but resulted in a charge of $559,000, whicnh included severance and related employee benefit costs. The restructurinh is expected to yieldapproximately $2.7 million in annual cost savings. Fourth-quartee net sales were $24.8 million, up 9.2 from $22.8 million in the prioer year’s fourth quarter. Full-year net income in fiscal 2009was $17.
5 million, up 16.2 percenft from $15.0 million in fiscao 2008. On a per share basis, net incomw in fiscal 2009 was $1.71 compared with $1.4i9 in fiscal 2008, a 14.8 percent improvement. For the year ended March 31, 2009 revenure was a record $101.1 17 percent higher than $86.4 million for the fisca year endedMarch 31, 2008.
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