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The Racine-based manufacturer of mariner and heavyduty off-highway power transmission equipment reported net income for the quarter ended Sept. 30 of $2.5 or 22 cents per share, compared with $5.1 million, or 44 centsx per share, for the same period a year ago. Net salesd declined 1.3 percent to $72.7 million from $73.t million. Earnings were well short of analysts' consensuws of 42 cents per share, according to Thomsonn First Call. Shares of Twin Disc TWIN) were down $2.06, or 20 percent, at $8.25 in earlh trading Tuesday. Twin Disc management said implementatiom of the new enterprise system caused delays inthe company's shipments in July and August.
The company returned to norma l shipping ratesin September. Profits were also hurt by highermaterialw costs, an unfavorable product mix and highefr pension expense. The sales decline includesd lower oil and gas transmission saless in 2009 comparedwith "very robust" sales in that marke last year. Demand in the marine and mega-yachty markets remained high during the particularly in the Asian commercialmarine market.
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