Baldwin Reports Third Quarter EPS of $0.07.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)--May 9, 2002 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 ) reported today that net income for its third quarter ended March 31, 2002 was $1,038,000 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, compared to $332,000 or $0.02 per diluted share, for the third 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 current period were $38.9 million versus $47.6 million for the prior year's quarter. Excluding the effects of divested operations and currency translation, net sales for the current third quarter would have been $41.7 million compared to $39.5 million for the prior year, while the net income comparison would have been $1.3 million and $0.4 million, respectively. John T. Heald n. 1. A heddle. , Jr., 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 had a good third quarter, and are pleased to be continuing the trend towards improvement of our overall results. However we are experiencing a challenge in booking new orders and we expect this slow order intake to continue for the next three to six months." The Company's 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 March 31, 2002 was $44.6 million compared to $50.0 million at December December: see month. 31, 2001. Orders for this year's third quarter were $33.4 million versus $30.2 million for the prior quarter. Vijay C. Tharani, Vice President and CFO See Chief Financial Officer. , stated: "As we reported last quarter, our 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). plans remain on schedule, and we continue to be pleased with our progress. With the recent move of manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. from Shelton, Connecticut Shelton is a city in Fairfield County, Connecticut, United States. History Origins The town was split off from Stratford in 1789, as Huntington (named for Samuel Huntington). , to the Emporia, Kansas Emporia is a city in Lyon County, Kansas, USA. The population was 26,760 at the 2000 census. Emporia is located at the intersection of US-50, Interstate 335 and Interstate 35 on the Kansas Turnpike. It is the county seat of Lyon County. plant, our facility consolidation activities are largely concluded. The balance of our restructuring activities is scheduled to occur before our fiscal year end." Mr. Heald concluded: "We recently participated in IPEX IPEX Italian Power Exchange IPEX Immunodysregulation, Polyendocrinopathy, Enteropathy, X Linked (Syndrome) IPEX Input Parameter Extra (Alcatel) , a large international trade show in England, where we experienced a good deal of interest in our products but saw a noticeable softness in the market and in the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business. Nevertheless, we have recently negotiated arrangements with several OEMs under which Baldwin systems are standard on certain models of sheetfed and web presses. We are also implementing an aggressive strategy of utilizing our globally deployed sales and service operations to vigorously target the retrofit ret·ro·fit 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 markets to offset the slowness in our OEM business." You are invited to visit our web site at www.baldwintech.com to hear the live teleconference call this morning at 11 a.m. Baldwin Technology Company, Inc. is the 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.
Baldwin Technology Company, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months ended March 31,
2002 2001
---- ----
Net Sales $38,921 $47,575
Cost of Goods Sold 26,620 33,510
------ ------
Gross Profit 12,301 14,065
------ ------
Operating Expenses
General & Administrative 4,550 6,048
Engineering 2,131 2,909
Research and Development 1,612 1,367
Sales and Marketing 3,016 3,733
Restructuring & Special Charges 289 (377)
------ ---------
Total Operating Expenses 11,598 13,680
------ ------
Operating Income (loss) 703 385
Interest Expense 419 627
Interest Income (67) (74)
Other income, net (1200) (739)
------- ------
Pretax Income 1,551 571
----- ---
Provision for Income Taxes 513 239
--- ---
Net Income $1,038 $332
====== ====
Weighted Average Shares Outstanding
- Basic and Diluted 15,016 14,709
====== ======
Net Income Per Share - Basic and Diluted $0.07 $0.02
===== ======
Nine Months ended March 31,
2002 2001
---- ----
Net Sales $113,635 $138,293
Cost of Goods Sold 78,730 96,385
------ ------
Gross Profit 34,905 41,908
------ ------
Operating Expenses
General & Administrative 13,811 16,193
Engineering 6,835 8,660
Research and Development 4,707 4,064
Sales and Marketing 10,212 12,037
Restructuring & Special Charges 709 (377)
------ ----
Total Operating Expenses 36,274 40,577
------ ------
Operating (Loss) Income (1,369) 1,331
Interest Expense 1,279 1,663
Interest Income (216) (231)
Other Income, net (2,830) (3,789)
------- -----
Pretax Income (loss) 398 3,688
------ -------
Provision for Income Taxes 317 1,549
--- -----
Net Income $81 $2,139
====== ======
Weighted Average Shares Outstanding
- Basic and Diluted 14,882 14,818
====== ======
Net Income Per Share - Basic and Diluted $0.01 $0.14
===== =====
Baldwin Technology Company, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, June 30,
2002 2001
--------- ---------
Assets
Cash and Equivalents $ 5,646 $ 6,590
Receivables - Trade and Notes 39,244 42,003
Inventory 25,613 33,051
Prepaid Expenses and Other 13,840 12,682
------ ------
Total Current Assets 84,343 94,326
Property, Plant & Equipment, net 6,012 5,525
Intangibles, net 16,116 16,183
Other Assets 14,017 17,856
------ ------
Total Assets $ 120,488 $ 133,890
========= =========
Current Liabilities
Loans Payable $ 4,768 $ 3,529
Current Portion of Long-Term debt 16,754 10,531
Other Current Liabilities 45,755 57,857
---------- ----------
Total Current Liabilities 67,277 71,917
Long-Term Debt 487 8,428
Other Long-Term Liabilities 7,293 8,085
---------- ----------
Total Liabilities 75,057 88,430
Shareholders' Equity 45,431 45,460
---------- ----------
Total Liabilities and Shareholders'
Equity $ 120,488 $ 133,890
========= =========
CAUTIONARY STATEMENT--This Release may contain 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 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 year ended June 30, 2001. |
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