Baldwin Reports Fiscal 2000 Year-End Results.Business Editors SHELTON Shelton, city (1990 pop. 35,418), Fairfield co., SW Conn., on the Housatonic River opposite Derby; settled 1697, set off from Stratford 1789, inc. as a city 1915. Metal products, furniture, and electronic equipment are among the city's manufactures. , Conn--(BUSINESS WIRE)--Aug. 9, 2000 Baldwin Baldwin, cities, United States Baldwin. 1 Uninc. city (1990 pop. 22,719), Nassau co., SE N.Y., on the south shore of Long Island, on Baldwin Bay; settled 1640s. A fishing center and summer resort, it has varied manufactures. Technology Company, Inc. (AMEX AMEX See: American Stock Exchange :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 that net income for the fiscal year ended June June: see month. 30, 2000 was $4,836,000, or $0.31 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $5,625,000, or $0.33 per diluted share, for the prior fiscal year. Excluding special items, earnings for the current fiscal year amounted to $4,003,000, or $0.26 per diluted share. During the fiscal year, the Company recorded an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge of $3,795,000, or ($0.24) per diluted share related to the previously announced restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan, a tax benefit of $5,351,000, or $0.34 per diluted share, primarily relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry-forward See Loss Carry-Back. , and an after-tax charge of $723,000, or ($0.05) per share, related to the sale of a customer's receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . 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 for the current year were $198,602,000, as compared to $232,771,000 for the prior year. Currency translation increased net sales by $2,354,000 during the current fiscal year, but had minimal impact on net income. Net income for the quarter ended June 30, 2000 was $1,905,000, or $0.13 per diluted share, which includes the after-tax impact of $115,000 for 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. and $1,204,000 of tax adjustments. This compares to net income of $1,487,000, or $0.09 per diluted share, for the quarter ended June 30, 1999. Excluding special items, earnings for the quarter ended June 30, 2000 amounted to $816,000 or $0.05 per diluted share. Orders for the year and quarter ended June 30, 2000 were $207 million and $49 million, respectively, as compared to $204 million and $48 million for the prior year periods. 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 June 30, 2000 was $66 million versus $57 million at June 30, 1999. Currency translation increased orders for the year and backlog at June 30, 2000 by approximately $1 million each. Gerald A. Nathe, Chairman and President, commented: "During fiscal year 2000, our revenues were impacted by declines in the commercial web market and decreased sales to a major newspaper customer. While we expect continued softness in the commercial web market, we see opportunities for Baldwin products in the commercial sheetfed and newspaper marketplace and the evolving digital print arena." Mr. Nathe continued, "Our management organization is in place, and with the previously announced restructuring program underway, we are positioned to pursue opportunities in our markets. We fully expect that revenues will increase during the coming fiscal year compared to fiscal year 2000, particularly in the latter half of the year. Concurrently, the impact of the restructuring plan along with other strategic initiatives will improve our profitability." 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. and control equipment for the printing industry. CAUTIONARY STATEMENT--This Release contains statements regarding expected future order and sales rates, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and profitability which may constitute "forward-looking" information as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 or by the Securities and Exchange Commission. Investors are cautioned that any such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are not guarantees of future performance and actual results may differ. See Exhibit 99 to the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. Report for the year ended June 30, 1999.
Condensed Consolidated Statement of Income
(In thousands, except per share data)
(Unaudited)
Three months ended June 30,
2000 1999
---- ----
Net Sales $50,886 $54,235
Cost of Goods Sold 34,225 37,681
------ ------
Gross Profit 16,661 16,554
Operating Expenses 15,604 14,407
Restructuring Charge 175 870
--- ---
Operating Income 882 1,277
Interest Expense 429 557
Interest Income (94) (100)
Other Income (512) (1,503)
----- -------
Pretax Income 1,059 2,323
----- ------
Net Income $1,905 $1,487
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Weighted Average Shares
Outstanding - Basic 15,169 16,478
====== ======
Weighted Average Shares
Outstanding - Diluted 15,169 16,790
====== ======
Basic Net Income Per Share $0.13 $0.09
===== =====
Diluted Net Income Per Share $0.13 $0.09
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Year Ended June 30,
2000 1999
---- ----
Net Sales $ 198,602 $ 232,771
Cost of Goods Sold 135,146 158,780
------- -------
Gross Profit 63,456 73,991
Operating Expenses 60,155 61,918
Restructuring Charge 5,664 870
Provision for loss on
disposition of Pre-press
operations - 2,400
-------- ------
Operating Income (Loss) (2,363) 8,803
Interest Expense 1,819 2,301
Interest Income (330) (453)
Other Income (3,013) (3,184)
------- -------
Pretax Income (Loss) (839) 10,139
------- -------
Net Income $ 4,836 $5,625
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Weighted Average Shares
Outstanding - Basic 15,652 16,801
====== ======
Weighted Average Shares
Outstanding - Diluted 15,652 17,148
====== ======
Basic Net Income Per Share $0.31 $0.33
===== =====
Diluted Net Income Per Share $0.31 $0.33
===== =====
Condensed Consolidated Balance Sheet
(In thousands)
(Unaudited)
June 30, June 30,
2000 1999
---- ----
Assets
Cash and Equivalents $ 7,914 $10,673
Receivables 45,818 46,898
Inventory 37,354 31,791
Prepaid Expenses and Other 7,312 8,821
------- --------
Total Current Assets 98,398 98,183
------- --------
Property, Plant &
Equipment, net 7,472 6,928
Intangibles, net 33,434 35,434
Other Assets 20,731 18,810
------- --------
Total Assets $ 160,035 $ 159,355
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Current Liabilities
Loans Payable $ 4,801 $3,893
Current Portion of
Long-Term debt 6,515 6,397
Other Current Liabilities 58,861 58,739
------- --------
Total Current Liabilities 70,177 69,029
------- --------
Long-Term Debt 11,882 16,515
Other Long-Term Liabilities 7,607 7,271
------- --------
Total Liabilities 89,666 92,815
------- --------
Shareholders' Equity 70,369 66,540
------- --------
Total Liabilities and
Shareholders' Equity $ 160,035 $ 159,355
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