Baldwin Reports Second Quarter 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)--Feb. 5, 2003 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 fiscal quarter ended December December: see month. 31, 2002. Net income for the quarter was $990,000 or $0.07 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, versus $159,000 or $0.01 per diluted share for the second quarter of the prior 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 for the quarter were $35,288,000 compared to $34,217,000 for the quarter ended December 31, 2001. 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, 2002 was approximately $47,300,000. 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 favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. second quarter results. This performance was driven by the efforts of Baldwin employees around the globe. These employees obtained profitable orders in a difficult market, drove cost out of our operations to make us competitive, and delivered reliable, effective products to our worldwide customer base. They are to be congratulated on doing a remarkable job under trying circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or ." "While we had a favorable quarter, the printing equipment market continues to be challenging. We need to continue to aggressively manage our production costs and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. during the upcoming months. And although the timing of shipments between quarters is difficult to pinpoint in today's economic climate, we expect sales to be at or slightly above the first half level." Vijay C. Tharani, Vice President and CFO See Chief Financial Officer. , added: "Our operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the current quarter was approximately $1,000,000 and reflects the savings associated with our ongoing cost reduction efforts. As previously indicated, we expected to be cash positive at the end of December and in fact recorded a cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. from operations of approximately $1,500,000 for the six months ended December 31, 2002. Orders remain stable and we are predicting a modest increase in our backlog over the upcoming months." 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 website 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
(In thousands, except per share data)
(Unaudited)
Quarter ended December 31,
--------------------------
2002 2001
-------- ---------
Net Sales $ 35,288 $ 34,217
Cost of Goods Sold 23,806 23,149
-------- ---------
Gross Profit 11,482 11,068
Operating Expenses 10,475 10,351
Restructuring Charges 50 496
-------- ---------
Operating Income 957 221
Interest Expense 600 450
Interest Income (65) (108)
Other Income, net (453) (335)
-------- ---------
Income from continuing operations before
income taxes 875 214
Provision for income taxes 363 137
-------- ---------
Income from continuing operations 512 77
Discontinued operations:
(Loss) income from operations (net of
applicable income taxes of $0) (65) 82
Gain on sale (net of applicable income
taxes of $0) 543 0
-------- ---------
Net income $ 990 $ 159
======== =========
Net income per share - basic and diluted
Continuing operations $ 0.03 $ 0.00
Discontinued operations - income from
operations 0.00 0.01
Discontinued operations - gain on sale 0.04 0.00
-------- ---------
Net income per share -- basic and diluted $ 0.07 $ 0.01
======== =========
Weighted average shares outstanding --
basic and diluted 15,015 14,953
======== =========
Six Months ended December 31,
-----------------------------
2002 2001
-------- ---------
Net Sales $ 68,092 $ 71,692
Cost of Goods Sold 47,422 49,802
-------- ---------
Gross Profit 20,670 21,890
Operating Expenses 22,053 23,227
Restructuring Charges 3,337 506
-------- ---------
Operating Loss (4,720) (1,843)
Interest Expense 1,318 860
Interest Income (141) (147)
Other Income, net (726) (1,630)
-------- ---------
Loss from continuing operations before
income taxes (5,171) (926)
Provision (benefit) for income taxes 622 (196)
-------- ---------
Loss from continuing operations (5,793) (730)
Discontinued operations:
Loss from operations (net of applicable
income taxes of $0) (253) (227)
Gain on sale (net of applicable income
taxes of $0) 543 0
-------- ---------
Net loss $ (5,503) $ (957)
======== =========
Net income (loss) per share - basic and
diluted
Continuing operations $ (0.39) $ (0.05)
Discontinued operations - loss from
operations (0.02) (0.01)
Discontinued operations - gain on sale 0.04 0.00
Net loss per share -- basic and diluted $ (0.37) $ (0.06)
Weighted average shares outstanding --
basic and diluted 15,015 14,816
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
December 31, June 30,
2002 2002
----------- ---------
Assets
Cash and Equivalents $ 5,586 $ 5,106
Trade Receivables 37,273 40,652
Inventory 23,295 24,928
Prepaid Expenses and Other 5,837 7,474
-------- ---------
Total Current Assets 71,991 78,160
Property, Plant & Equipment, net 4,986 6,344
Intangibles, net 11,938 11,679
Other Assets 11,967 12,732
-------- ---------
Total Assets $100,882 $108,915
======== =========
Current Liabilities
Loans Payable $ 5,815 $ 5,372
Current Portion of Long-Term debt 12,780 5,416
Other Current Liabilities 45,399 45,053
-------- ---------
Total Current Liabilities 63,994 55,841
Long-Term Debt 520 11,873
Other Long-Term Liabilities 6,586 7,447
-------- ---------
Total Liabilities 71,100 75,161
Shareholders' Equity 29,782 33,754
-------- ---------
Total Liabilities and Shareholders' Equity $100,882 $ 108,915
======== =========
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" 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, 2002. |
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