Baldwin Technology Q2 Net Income Up 75%.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. -- 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 ), a leading global manufacturer of press accessories and control equipment, announced today that net income for the second fiscal quarter ended December 31, 2005 rose 75% to $1,383,000, or $0.09 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 $788,000, or $0.05 per diluted share, from the comparable quarter last year. Currency translation negatively impacted quarterly net income by $208,000. 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 $43,826,000, compared to $41,232,000 for the second quarter last year, an increase of more than 6%. However, excluding the unfavorable effects of currency translation of $3,524,000 in the quarter, sales would have increased by close to 15%. Net sales for the six months ended December 31, 2005 of $86,471,000 represented an increase of more than 6% from net sales of $81,229,000 for the six months ended December 31, 2004. Excluding the effects of currency translation, net sales grew by more than 11%. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net income was $2,576,000, or $0.17 per diluted share, compared to $1,507,000, or $0.10 per diluted share, for the comparable six-month period in the prior year. The currency impact decreased year-to-date net income by $213,000. 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. at the end of the quarter was $51,580,000, essentially flat when compared to the level at September 30, 2005, but up approximately 7% from the beginning of the fiscal year. Vijay C. Tharani, Vice President and CFO See Chief Financial Officer. , commented, "Earnings improved significantly in comparison to the same quarter last year despite the loss of royalty income from expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. patents. Our gross margin percentage improved by about 3% quarter over quarter, and our interest expense was less than half of the comparable quarter's figure of a year ago. I am particularly pleased with the strength of our top-line growth, which was approximately 15% excluding the effects of currency. In addition, our operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the quarter were approximately $2,800,000." President and COO (Cell Of Origin) See mobile positioning. Karl S. Puehringer, said, "The second quarter results reflected another strong business performance by Baldwin Technology. Printing markets worldwide continued to see steady, stable growth. At the same time, however, market dynamics are driving a growing need in the industry to aggressively reduce costs and improve press productivity. This translates into more demand for the type of process automation that Baldwin Technology's products provide the market." Chairman 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. Gerald A. Nathe added, "Our products and their benefits will be on display during the next several months at exhibitions such as Graphitec in France and IPEX IPEX Italian Power Exchange IPEX Immunodysregulation, Polyendocrinopathy, Enteropathy, X Linked (Syndrome) IPEX Input Parameter Extra (Alcatel) in England as England A refers to England's developmental national teams in several sports. Players on these teams often "graduate" to slots on the appropriate senior national team. The phrase may refer to:
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our business prospects, and we see additional opportunities in the global printing 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 controls business." Baldwin will review its second quarter results and discuss its business outlook during a conference call today beginning at 11 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . Call-in information is available on the company's website at http://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 and replay of the call. Participating in the call will be Baldwin Technology Chairman and CEO Gerald Nathe, President and COO Karl Puehringer and Vice President and CFO Vijay Tharani. About Baldwin Baldwin Technology Company, Inc. is a leading global manufacturer of press accessories and controls for the commercial and newspaper printing industries. Baldwin offers its customers a broad range of market-leading technologies, products and systems that enhance the quality of printed products and improve the economic and environmental efficiency of printing presses. Headquartered in Shelton, Ct., the company has sales and service centers, product development and 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. in the Americas, Asia and Europe. Baldwin's technology and products include cleaning systems, fluid management and ink control systems, web press protection systems and drying systems. For more information, visit http://www.baldwintech.com. Investors may contact Frank Hawkins Frank Hawkins Jr. (born July 3, 1959 in Las Vegas, Nevada) is a former American football running back who played seven seasons in the National Football League with the Oakland/Los Angeles Raiders. or Julie Marshall at (305) 451-1888 or e-mail info@hawkassociates.com. For an online investment kit, visit http://www.hawkassociates.com. An investment profile about Baldwin Technology may be found at http://www.hawkassociates.com/baldwin/profile.htm. 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, 2005.
Baldwin Technology Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited, in thousands, except per share data)
Quarter ended
December 31,
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2005 2004
------- -------
Net sales $43,826 $41,232
Cost of goods sold 29,040 28,525
------- -------
Gross profit 14,786 12,707
Operating expenses 12,421 11,446
------- -------
Operating income 2,365 1,261
Interest expense 249 571
Interest (income) (33) (30)
Other expense (income), net 12 (626)
------- -------
Income before income taxes 2,137 1,346
Provision for income taxes 754 558
------- -------
Net income $ 1,383 $ 788
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Net income per share - basic and diluted $ 0.09 $ 0.05
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Weighted average shares outstanding - basic 14,953 14,901
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Weighted average shares outstanding - diluted 15,666 15,319
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Six Months ended
December 31,
-----------------
2005 2004
------- -------
Net sales $86,471 $81,229
Cost of goods sold 57,629 56,431
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Gross profit 28,842 24,798
Operating expenses 24,323 22,137
------- -------
Operating income 4,519 2,661
Interest expense 547 1,523
Interest (income) (61) (53)
Other expense (income), net (121) (1,393)
------- -------
Income before income taxes 4,154 2,584
Provision for income taxes 1,578 1,077
------- -------
Net income $ 2,576 $ 1,507
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Net income per share - basic and diluted $ 0.17 $ 0.10
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Weighted average shares outstanding - basic 14,983 14,887
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Weighted average shares outstanding - diluted 15,570 15,335
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Baldwin Technology Company, Inc.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
December June 30,
31, 2005 2005
Current assets -------- --------
Cash $ 16,949 $ 15,443
Trade receivables 34,640 35,250
Inventories 21,878 22,755
Prepaid expenses and other 3,656 3,548
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Total current assets 77,123 76,996
Property, plant and equipment, net 3,201 3,415
Intangible assets 13,105 13,483
Other assets 14,978 15,457
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Total assets 108,407 109,351
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Current liabilities
Loans payable $ 2,544 $ 2,705
Current portion of long-term debt 1,251 1,033
Other current liabilities 44,802 47,759
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Total current liabilities 48,597 51,497
Long-term debt 11,940 12,223
Other long-term liabilities 6,682 6,400
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Total liabilities 67,219 70,120
-------- --------
Shareholders' equity 41,188 39,231
-------- --------
Total liabilities and shareholders' equity 108,407 109,351
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