Baldwin Reports Increased Sales, Income and EPS in Second Quarter.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)--Jan. 29, 2004 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. (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 ), a leading international manufacturer of 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, today reported financial results for its second fiscal quarter ended December December: see month. 31, 2003. Net income for the second quarter was $1,224,000 or $0.08 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, up from $990,000 or $0.07 per diluted share for the second quarter of the prior year, which included a $0.04 per share gain from the sale of a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . 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 quarter were $39,443,000, an increase from $35,288,000 for the quarter ended December 31, 2002. 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. as of the end of December 2003 was approximately $56,800,000 up from $49,700,000 at June June: see month. 30, 2003, and $47,300,000 for the comparable quarter last year. Net sales for the six months ended December 31, 2003 were $73,954,000 compared to $68,092,000 for the comparable period in the prior year. Year to date net income was $1,903,000 or $0.13 per diluted shares compared to a loss of ($5,503,000) or ($0.37) per diluted share for the six months ended December 31, 2002. Vijay C. Tharani, Vice President and CFO See Chief Financial Officer. , commented: "We have indicated in previous conference calls that our accessories and controls products seem to be doing well in the market, and our quarterly results are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of that improved performance. In addition to strong sales activity, our orders for the second quarter were $43,126,000, including a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. translation gain of about $2,653,000. This level of order activity has led to a healthy backlog of about $56,800,000 as we start the second half of the fiscal year." 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, Chairman, 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: "We are pleased to report continued improvement in our Company's performance. Our employees around the world have been increasingly effective in procuring Procuring, in general, is the act of acquiring goods or services, usually by contract. It may refer to:
v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in , used and new equipment marketplace. We expect that improving prospects in our major geographic regions will help to achieve better margins and profitability in the future." Baldwin plans to review its second quarter results and discuss its business outlook during a conference call today beginning at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . Call in information is available on the Company's web site at www.baldwintech.com under the Investor Relations Investor relations The process by which the corporation communicates with its investors. section. Interested investors are encouraged to log onto the web site and either participate in the call or access the webcast of the call. Participating in the call will be Baldwin's Chairman, President and Chief Executive Officer, Gerald A. Nathe, as well as its Chief Financial Officer, Vijay C. Tharani.
Baldwin Technology Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited, in thousands, except per share data)
Quarter ended
December 31,
2003 2002
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Net Sales $39,443 $35,288
Cost of Goods Sold 26,646 23,806
------- --------
Gross Profit 12,797 11,482
Operating Expenses 11,290 10,475
Restructuring Charges 43 50
------- --------
Operating Income 1,464 957
Interest Expense 1,418 600
Interest (Income) (30) (65)
Other (Income), net (1,938) (453)
------- --------
Income from continuing operations before income taxes 2,014 875
Provision for income taxes 790 363
------- --------
Income from continuing operations 1,224 512
Discontinued operations:
(Loss) income for operations (net of applicable
income taxes of $0) 0 (65)
Gain on sale (net of applicable income taxes of $0) 0 543
------- --------
Net income $1,224 $990
======= ========
Net income per share - basic and diluted
Continuing operations $0.08 $0.03
Discontinued operations - income from operations 0.00 0.00
Discontinued operations - gain on sale 0.00 0.04
------- --------
Net income per share - basic and diluted $0.08 $0.07
======= ========
Weighted average shares outstanding - basic 15,015 15,015
======= ========
Weighted average shares outstanding - diluted 15,245 15,015
======= ========
Six Months ended
December 31,
----------------
2003 2002
------- --------
Net Sales $73,954 $68,092
Cost of Goods Sold 50,388 47,422
------- --------
Gross Profit 23,566 20,670
Operating Expenses 20,847 22,053
Restructuring Charges 425 3,337
------- --------
Operating Income (loss) 2,294 (4,720)
Interest Expense 2,355 1,318
Interest (Income) (56) (141)
Other (Income), net (3,181) (726)
------- --------
Income (loss) from continuing operations before income
taxes 3,176 (5,171)
Provision for income taxes 1,273 622
------- --------
Income (loss) from continuing operations 1,903 (5,793)
Discontinued operations:
Loss from operations (net of applicable income taxes
of $0) 0 (253)
Gain on sale (net of applicable income taxes of $0) 0 543
------- --------
Net income (loss) $1,903 $(5,503)
======= ========
Net income (loss) per share - basic and diluted
Continuing operations $0.13 $(0.39)
Discontinued operations - loss from operations 0.00 (0.02)
Discontinued operations - gain on sale 0.00 0.04
------- --------
Net income (loss) per share - basic and diluted $0.13 $(0.37)
======= ========
Weighted average shares outstanding - basic 15,015 15,015
======= ========
Weighted average shares outstanding - diluted 15,130 15,015
======= ========
Baldwin Technology Company, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
December June
31, 30,
Assets 2003 2003
-------- --------
Cash and equivalents $12,678 $6,950
Trade Receivables 35,007 32,438
Inventory 25,404 22,769
Prepaid expenses and other 9,153 5,143
-------- --------
Total Current Assets 82,242 67,300
Property, plant and equipment, net 4,904 5,022
Intangible assets 13,474 12,364
Other assets 12,393 12,147
-------- --------
Total assets $113,013 $96,833
======== ========
Current liabilities
Loans payable $2,794 $3,301
Current portion of long-term debt 20,911 16,247
Other current liabilities 49,607 43,688
-------- --------
Total current liabilities 73,312 63,236
Long-term debt 2,367 521
Other long-term liabilities 7,111 6,795
-------- --------
Total liabilities 82,790 70,552
Shareholders' equity 30,223 26,281
-------- --------
Total liabilities and shareholders' equity $113,013 $96,833
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CAUTIONARY STATEMENT--This Release may contain statements regarding expected future order, backlog and sales rates, operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and profitability or other statements, which may constitute "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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 fiscal year ended June 30, 2003. |
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