SOURCE: Industrial Info Resources

April 24, 2009 05:30 ET

Restructuring Costs Lower Woodward Governor's Second-Quarter Profit by 37%, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - April 24, 2009) - Researched by Industrial Info Resources (Sugar Land, Texas) -- The Woodward Governor Company (NASDAQ:WGOV) (Fort Collins, Colorado), a designer and manufacturer of energy control systems, has posted a second-quarter 2009 net income of $18.5 million, down 37.7% compared with $29.7 million a year ago, despite a 9% increase in quarterly sales. The decline in net income is attributed to special charges of about $16.6 million related to restructuring. "We are further consolidating operations into fewer facilities and reducing staffing in all of our businesses," said Thomas Gendron, Chairman, CEO and President.

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