The Penford Corporation reported a net income of US$0.1m, US$0.02/share, for its Q2 ended 28 February, versus a net loss of US$0.8m, US$0.11/share, in the previous year. This year's Q2 results include a pretax restructuring charge of US$1.4m, said the company, which decreased earnings by US$0.12 per share. This charge relates primarily to employee termination costs and costs associated with the closure of the Bellevue office as Penford relocates its corporate headquarters to Denver, in accordance with the strategic restructuring announced on 4 January 2002. The company also expects to incur incremental operating expenses as it opens the Denver office and hires new employees.