Baldwin third quarter earnings.ROWAYTON Rowayton is a section of Norwalk, Connecticut. It is located on Long Island Sound, 45 miles from New York City. The community is governed by the Sixth Taxing District of Norwalk, and has a number of active local associations, including the Civic Association, the Historical , Conn.--(BUSINESS WIRE)--May 6, 1996--Baldwin 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 ) announced today net income of $991,000 for the third quarter ended March 31, 1996. 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 three months increased 15% to $63,812,000 and included sales of approximately $5.5 Million for the recently-acquired Acrotec group. Net income per share for the quarter was $0.06 compared with $0.07 in the prior year. Orders for the quarter increased by 12% over the prior year (1% excluding Acrotec orders). Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. orders are up by 12% over the prior year (4% excluding Acrotec orders). 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. increased nearly 10% during the quarter to $92 million. 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, 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: "Baldwin ended its third quarter with a record backlog. However, operating results were influenced by lower than expected sales volumes and disappointing operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: in Europe. Sales levels at our Augsburg Germany location were less than expected and orders weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. against year ago
levels. Sales levels in the newly acquired Acrotec group were also
weak, although order activity was strong and backlog for those
companies, at nearly $11 million, is very solid."
Mr. Nathe continued: "We are committed to improving our overall European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. results. Last quarter we announced a 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 and have made some progress in the area of workforce adjustments. We expect to see performance improvement in our next quarter with more substantial improvement in fiscal year 1997." "Our Americas sector continues to show good sales and profit growth, although orders for the quarter declined from year ago levels. We are concerned that business activity in the U.S. is slowing somewhat and are carefully monitoring our personnel and expense levels." "In our Asia sector sales rebounded from the low levels of the second quarter and profit margins returned to double-digit levels. In addition, order activity increased dramatically with orders increasing by nearly 50% over the prior year and backlog is at its highest level in nearly four years. While this situation is encouraging, we believe it is premature to conclude that a recovery is under way in Asia," Mr. Nathe concluded. Over the past twelve months, the Company has repurchased nearly 750,000 shares of its Class A Common Stock (4% of total shares outstanding) and has approximately $3 million remaining available under its share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. Baldwin Technology Company, Inc. is the leading international manufacturer of material handling, 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. , control and pre-press equipment for the printing industry. -0- Come visit us on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.baldwintech.com/baldwin. -0-
Condensed Consolidated Statement of Income
(Unaudited, in thousands, except per share data)
Three months ended March 31,
1996 1995
Net Sales $ 63,812 $ 55,375
Cost of Goods Sold 43,102 36,709
Gross Profit 20,710 18,666
Operating Expenses 18,653 15,761
Operating Income 2,057 2,905
Interest and other expenses 222 397
Pretax Income 1,835 2,508
Net Income $ 991 $ 1,254
Average Shares Outstanding 17,783,312 17,932,228 Net Income Per Share $ 0.06 $ 0.07
Nine Months ended March 31,
1996 1995
Net Sales $ 182,463 $ 155,727
Cost of Goods Sold 123,048 102,838
Gross Profit 59,415 52,889
Operating Expenses 53,064 45,380
Restructuring Charges 3,000 - 0 -
Operating Income 3,351 7,509
Interest and other expenses 1,450 1,207
Pretax Income 1,901 6,302
Net (Loss) Income $ (353) $ 3,151
Average Shares Outstanding 17,914,971 17,937,880 Net (Loss) Income Per Share $(0.02) $ 0.18 -0-
Condensed Consolidated Balance Sheet
(In thousands, unaudited)
March 31, June 30,
1996 1995
Assets
Cash and Equivalents $ 8,210 $ 13,189
Receivables 60,739 63,394
Inventory 45,919 39,824
Prepaid Expenses and Other 8,978 8,496
Total Current Assets 123,846 124,903
Property, Plant & Equipment, net 13,289 7,177 Intangibles, net 69,740 66,832 Other Assets 9,919 10,858 Total Assets $ 216,794 $209,770 Current Liabilities Loans Payable $ 11,013 $ 9,188 Current Portion of Long-Term debt 479 160 Other Current Liabilities 62,959 61,980 Restructuring Reserve 2,974 - 0 - Total Current Liabilities 77,425 71,328 Long-Term Debt 35,071 29,868 Other Long-Term Liabilities 9,238 9,686 Total Liabilities 121,734 110,882 Shareholders' Equity 95,060 98,888 Total Liabilities and Shareholders' Equity $ 216,794 $ 209,770 CONTACT: Helen P. Oster Oster the archetypal hair clipper used worldwide. Has a range of interchangeable heads. 203-866-3497 |
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