Baldwin Reports Third Quarter Results for Fiscal 2001.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 2, 2001 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, 2001 was $332,000 or $0.02 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 $1,825,000 or $0.12 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 $47.6 million versus $50.7 million for the prior year's quarter. The foreign currency translation impact of a strong U.S. dollar decreased net sales and net income by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3,000,000 and $152,000, respectively, compared to the prior year. The third quarter of last year included two extraordinary items: 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. restructuring charge 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 $3.6 million or ($0.23) per diluted share, and a tax benefit of 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. of $4.1 million or $0.27 per diluted share. 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, 2001 was $67.2 million compared to $65.2 million at March 31, 2000. Orders for this year's third quarter were $49.3 million versus $47.6 million for the prior year's comparable quarter. Previous year's orders and backlog have been adjusted for divested operations. The current quarter reported orders were negatively impacted by foreign currency translation of $3.2 million or 6%. 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, commented: "We are disappointed by the quarter's results. Baldwin continues to experience severe market pricing pressures during this general global economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. . In this environment, we need to be even more aggressive in the implementation of 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). and cost reduction efforts. John T. Heald n. 1. A heddle. , our new President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , is taking immediate action on these items. He is also examining how Baldwin can take better advantage of the excellent brand name recognition it has in the marketplace." John T. Heald stated: "I am pleased to be a part of the Baldwin management team, and look forward to helping fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. Baldwin's vision of being the global supplier of choice to the graphic arts graphic arts: see aquatint; drawing; drypoint; engraving; etching; illustration; linoleum block printing; lithography; mezzotint; niello; pastel; poster; silk-screen printing; silhouette; silverpoint; sketch; stencil; woodcut and wood engraving. marketplace." You are invited to visit our web site for the live teleconference call. Baldwin Technology Company, Inc. is the leading international manufacturer of controls, accessories and material handling 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,
2001 2000
---- ----
Net Sales $47,575 $50,711
Cost of Goods Sold 33,510 34,545
-------- --------
Gross Profit 14,065 16,166
-------- --------
Operating Expenses
General & Administrative 6,048 5,673
Engineering 2,909 3,091
Research and Development 1,367 1,455
Sales and Marketing 3,733 4,728
Restructuring & Special Charges (377) 5,490
-------- --------
Total Operating Expenses 13,680 20,437
-------- --------
Operating Income (loss) 385 (4,271)
-------- --------
Interest Expense 627 397
Interest Income (74) (67)
Other income, net (739) (1,052)
-------- --------
Pretax Income (loss) 571 (3,549)
-------- --------
Net Income 332 1,825
======== ========
Weighted Average
Shares Outstanding - Basic 14,709 15,408
Weighted Average
Shares Outstanding - Diluted 14,709 15,408
Basic Net Income Per Share $0.02 $0.12
Diluted Net Income Per Share $0.02 $0.12
Nine Months ended March 31,
2001 2000
---- ----
Net Sales $138,293 $147,717
Cost of Goods Sold 96,385 100,922
-------- --------
Gross Profit 41,908 46,795
-------- --------
Operating Expenses
-
General & Administrative 16,193 17,589
Engineering 8,660 9,147
Research and Development 4,064 4,001
Sales and Marketing 12,037 13,814
Restructuring & Special Charges (377) 5,490
-------- --------
Total Operating Expenses 40,577 50,041
-------- --------
Operating Income (loss) 1,331 (3,246)
Interest Expense 1,663 1,390
Interest Income (231) (236)
Other Income, net (3,789) (2,502)
-------- --------
Pretax Income (loss) 3,688 (1,898)
-------- --------
Net Income $2,139 $2,931
======== ========
Weighted Average
Shares Outstanding - Basic 14,818 15,812
Weighted Average
Shares Outstanding - Diluted 14,818 15,812
Basic Net Income Per Share $0.14 $0.19
Diluted Net Income Per Share $0.14 $0.19
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, June 30,
2001 2000
---- ----
Assets
Cash and Cash Equivalents $ 8,154 $ 7,914
Trade Receivables 45,316 45,818
Inventory 32,605 37,354
Prepaid Expenses and Other 7,809 7,312
-------- --------
Total Current Assets 93,884 98,398
Property, Plant & Equipment, net 7,290 7,472
Intangibles, net 29,549 33,434
Other Assets 21,504 20,731
-------- --------
Total Assets $ 152,227 $ 160,035
======== ========
Current Liabilities
Loans Payable $ 5,056 $ 4,801
Loans Current Portion of
Long-Term debt 109 6,515
Other Current Liabilities 54,914 58,861
-------- --------
Total Current Liabilities 60,079 70,177
Long-Term Debt 18,369 11,882
Other Long-Term Liabilities 7,221 7,607
-------- --------
Total Liabilities 85,669 89,666
Shareholders' Equity 66,558 70,369
-------- --------
Total Liabilities and
Shareholders' Equity $ 152,227 $ 160,035
======== ========
CAUTIONARY STATEMENT--This Release may contain statements
regarding expected future order and sales rates, operating margins and
profitability or other statements which may constitute
"forward-looking" information as defined in the Private Securities
Litigation Reform Act of 1995 or by the Securities and Exchange
Commission. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and actual results
may differ. See Exhibit 99 to the Company's Form 10-K Report for the
year ended June 30, 2000.
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