By STEVE EIGHINGER

Herald-Whig Staff Writer

Gardner Denver revenues continued to decrease during the second quarter of the year as the company worked toward completing additional cost-reduction initiatives.

Revenues decreased 16 percent to $436 million in the three-month period ending June 30, when compared to the same point in 2008. Orders were down 15 percent.

The company announced net income and diluted earnings per share were $24.9 million and $0.48.

For the first six months of the year, the company showed a net loss of $224.3 million , compared to a net income of $100.4 million a year earlier. On a per share basis, the net loss was $4.33 for the six months of the year.

"Our efforts to streamline and reduce the costs of our operations remain on track," Barry L. Pennypacker, Gardner Denver president and CEO, said in a press release.

"We have completed the consolidation of three operations in North America and have four other manufacturing facility closures in process that we expect to complete by early 2010 ... Our efforts to streamline and reduce the costs of our operations remain on track."

Gardner Denver designs, manufactures and markets compressor and vacuum products and fluid transfer products. The company also supplies pumps and compressors for original equipment manufacturer applications, such as medical equipment, gasoline vapor and refrigeration recovery, printing, packaging and laboratory equipment.

In addition, Gardner Denver designs, manufactures, markets, and services a group of pumps, water jetting systems and related aftermarket parts used in oil and natural gas well drilling, servicing and production and in industrial cleaning and maintenance. The company also manufactures loading arms, swivel joints, couplers, valves, fall protection and access equipment used to load and unload ships, tank trucks and rail cars.

-- seighinger@whig.com/221-3377