BALDWIN SECOND QUARTER EARNINGS: SPECIAL CHARGES.ROWAYTON Rowayton is a section of Norwalk, Connecticut. It is located on Long Island Sound, 45 miles from New York City. The community is governed by the Sixth Taxing District of Norwalk, and has a number of active local associations, including the Civic Association, the Historical , Conn.--(BUSINESS WIRE)--Feb. 6, 1996--Baldwin Technology Company, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BLD BLD Build BLD Blood BLD Blade BLD Blonde BLD Breakfast Lunch Dinner BLD Bukas-Loob Sa Diyos (Filipino: Open In Spirit To God) BLD BASIC Bload Graphics (File Name Extension) BLD Below Limit of Detection ) announced today a net loss of $(2,337,000) or $(0.13) per share, for its second quarter ended December December: see month. 31, 1995, which includes restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $3,000,000 on both a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta and an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. . Excluding the effects of the restructuring charges, net income and earnings per share for the quarter were $663,000 and $0.04, respectively, versus $1,062,000 and $0.06 for the comparable period in the prior fiscal year. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight improved 25% to $65,816,000 and included sales of approximately $6,500,000 by the recently acquired Acrotec group of companies. Gerald Gerald - ["Gerald: An Exceptional Lazy Functional Programming Language", A.C. Reeves et al, in Functional Programming, Glasgow 1989, K. Davis et al eds, Springer 1990]. A. Nathe, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented: "The second quarter results are a disappointment. We did not achieve expected sales levels in Asia, which had a significant impact on our overall profitability. We also did not achieve the profit margin improvement expected in our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations and are aggressively working to reduce costs, particularly in our German operations." "In addition to planned personnel reductions in our German operations, we have implemented some changes to our European dealer network that are expected to improve our sales and profit margins in that sector. Certain dealers have made claims for termination compensation in conjunction with these changes. We have recorded restructuring charges of $3,000,000 in the second quarter results related to these two issues." Mr. Nathe concluded: "Order activity continues to be good with orders for the quarter up 20% over the prior year (6% excluding Acrotec orders) and backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at a record level of $84 million ($78 million excluding Acrotec), an increase in backlog of 17% over the prior year. Business is strong in the Americas A·mer·i·cas , the See America. sector, where profit margins have continued to improve." Baldwin Technology Company, Inc. is the leading international manufacturer of material handling, accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. , control and pre-press equipment for the printing industry. -0-
Baldwin Technology Company, Inc.
Condensed Consolidated Statement of Income
(In thousands, except per share data)
(Unaudited)
Quarter ended
December 31,
1995 1994
Net Sales $ 65,816 $ 52,713 Cost of Goods Sold 44,258 34,849 Gross Profit 21,558 17,864 Operating Expenses 19,525 15,385 Restructuring Charges 3,000 Operating (Loss) Income (967) 2,479 Interest and other expenses 806 355 Pretax (Loss) Income (1,773) 2,124 Net (Loss) Income $ (2,337) $ 1,062 Average Shares Outstanding 18,132 18,002 Net (Loss) Income Per Share $ (0.13) $ 0.06
Six Months ended
December 31,
1995 1994
Net Sales $ 118,651 $ 100,352 Cost of Goods Sold 79,946 66,129 Gross Profit 38,705 34,223 Operating Expenses 34,411 29,619 Restructuring Charges 3,000 Operating Income 1,294 4,604 Interest and other expenses 1,228 810 Pretax Income 66 3,794 Net (Loss) Income $ (1,344) $ 1,897 Average Shares Outstanding 17,981 17,959 Net (Loss) Income Per Share $ (0.07) $ 0.11 -0-
Condensed Consolidated Balance Sheet
(In thousands, unaudited)
December 31, June 30,
1995 1995
Assets Cash and Equivalents $7,967 $ 13,189 Receivables 61,737 63,394 Inventory 46,524 39,824 Prepaid Expenses and Other 8,238 8,496 Total Current Assets 124,466 124,903 Property, Plant & Equipment, net 13,623 7,177 Intangibles, net 70,676 66,832 Other Assets 10,339 10,858 Total Assets $219,104 $209,770 Current Liabilities Loans Payable $ 10,553 $ 9,188 Current Portion of Long-Term debt 487 160 Other Current Liabilities 61,248 61,980 Restructuring Reserve 3,000 Total Current Liabilities 75,288 71,328 Long-Term Debt 36,298 29,868 Other Long-Term Liabilities 9,694 9,686 Total Liabilities 121,280 110,882 Shareholders' Equity 97,824 98,888 Total Liabilities and Shareholders' Equity $ 219,104 $ 209,770 CONTACT: Baldwin Technology Company, Inc. Helen P. Oster Oster the archetypal hair clipper used worldwide. Has a range of interchangeable heads. 203-866-3497 |
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