Baldwin Reports Third Quarter Results.Business Editors NORWALK Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , Conn.--(BUSINESS WIRE)--May 3, 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 ) today reported net income of $1,825,000, or $0.12 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, for its third quarter ended March 31, 2000. This compares to a net loss of ($379,000), or ($0.02) per diluted share, for the quarter ended March 31, 1999. During the current quarter the Company recorded the previously announced 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 $3,623,000, or ($0.23) per diluted share, and the 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 $4,147,000, or $0.27 per diluted share. Last year's third quarter included an after-tax special charge of $2,400,000, or ($0.14) per diluted share, related to the previously divested pre-press operations. Excluding special items, earnings for the current quarter amounted to $1,301,000, or $0.08 per diluted share. 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 ended March 31, 2000 were $50,711,000 versus $58,048,000 for last year's comparable quarter. Orders for the current quarter were $49,300,000, an increase of 6% above the $46,400,000 in orders during the prior year's quarter. The positive order activity increased 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. to $67,600,000, or 8% over the prior 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 and President, commented on the results: "Our sales and earnings, excluding special items, were better than the average of the previous two quarters of this fiscal year. We are pleased by this quarter's increase in order activity and backlog in our Graphic Products and Controls Group. Order activity in the Material Handling Group remains soft, reflecting a slowness in orders for web press equipment, including both commercial heatset and double-wide newspaper units." In March, the Company announced a corporate 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). program to reduce the Company's cost base and strengthen its global competitiveness. The $7 million program calls for the consolidation and concentration of production into certain existing facilities, including an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. 10% reduction in employment levels. The restructuring, which is expected to be completed by June June: see month. 2001, will reduce costs by $6 million annually. Mr. Nathe commented: "The restructuring program, coupled with our reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. worldwide sales and service organization, will substantially improve the performance and competitive capability of our company. Implementation of these plans is critical to the successful transition of Baldwin into a market focused, preferred supplier of auxiliary equipment Noun 1. auxiliary equipment - electronic equipment not in direct communication (or under the control of) the central processing unit off-line equipment to the printing and publishing industry." ---------------------------------------------------------------------- Baldwin Technology Company, Inc. is the leading international manufacturer of controls, accessories and material handling 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 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 materially as the result of certain factors discussed in the Company's periodic reports filed with the Securities and Exchange Commission.
Baldwin Technology Company, Inc.
Condensed Consolidated Statements of Income
(In thousands, except for share data)
(Unaudited)
Quarter ended March 31,
2000 1999
---- ----
Net Sales $50,711 $58,048
Cost of Goods Sold 34,545 39,629
------ ------
Gross Profit 16,166 18,419
Operating Expenses 14,947 15,510
Restructuring & Special Charges 5,490 2,400
----- -----
Operating Income (loss) (4,271) 509
Interest Expense 397 603
Interest Income (67) (83)
Other Income, net (1,052) (608)
------- -----
Pretax Income (loss) (3,549) 597
------- ---
Net Income (loss) (2) $1,825 $(379)
====== ======
Weighted Average Shares Outstanding
- Basic 15,408 16,719
====== ======
Weighted Average Shares Outstanding
- Diluted 15,408 16,719
====== ======
Basic Net Income (loss) Per Share $0.12 $(.02)
===== ======
Diluted Net Income (loss) Per Share $0.12 $(.02)
===== ======
Nine Months ended March 31,
2000 1999
---- ----
Net Sales $147,717 $178,536
Cost of Goods Sold 100,922 121,099
------- -------
Gross Profit 46,795 57,437
Operating Expenses (1) 44,551 47,511
Restructuring & Special Charges 5,490 2,400
----- -----
Operating Income (loss) (3,246) 7,526
Interest Expense 1,390 1,744
Interest Income (236) (353)
Other Income, net (2,502) (1,681)
------- -------
Pretax Income (loss) (1,898) 7,816
------- -----
Net Income (2) $2,931 $4,138
====== ======
Weighted Average Shares Outstanding
- Basic 15,812 16,908
====== ======
Weighted Average Shares Outstanding
- Diluted 15,812 17,267
====== ======
Basic Net Income Per Share $0.19 $0.24
===== =====
Diluted Net Income Per Share $0.19 $0.24
===== =====
(1) March 2000 amount includes a charge of $1.1 million related to the
sale of receivables.
(2) March 2000 amounts include a tax benefit of approximately $4.1
million for the recognition of a tax benefit related to a foreign
subsidiary of the Company.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, 2000 June 30, 1999
-------------- -------------
Assets
Cash and Equivalents $9,129 $10,673
Trade Receivables 46,428 46,898
Inventory 37,250 31,791
Prepaid Expenses and Other 8,380 8,821
----- -----
Total Current Assets 101,187 98,183
Property, Plant & Equipment, net 7,253 6,928
Intangibles, net 34,767 35,434
Other Assets 19,580 18,810
------ ------
Total Assets $162,787 $159,355
======== ========
Current Liabilities
Loans Payable $5,509 $3,893
Current Portion of Long-Term
Debt 6,517 6,397
Other Current Liabilities 64,426 58,739
------ ------
Total Current Liabilities 76,452 69,029
Long Term Debt 8,979 16,515
Other Long-Term Liabilities 7,668 7,271
----- -----
Total Liabilities 93,099 92,815
Shareholders' Equity 69,688 66,540
------ ------
Total Liabilities and Shareholders'
Equity $162,787 $159,355
======== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion