BALDWIN'S FIRST QUARTER EARNINGS DISAPPOINTING
BALDWIN'S FIRST QUARTER EARNINGS DISAPPOINTING ROWAYTON, Conn., Nov. 8 /PRNewswire/ -- Baldwin Technology Company,
Inc. (AMEX: BLD) announced today that net sales for the three months ended Sept. 30, 1991 were up 1.9 percent to $48.9 million compared to $48 million for the three months ended Sept. 30, 1990. Net income for the quarter was $107,000 compared to $1,449,000 for the prior year's first quarter. Net income per common and common equivalent share was $0.01 per share for the current period and $0.08 per share for the comparable prior year period. Weighted average equivalent shares outstanding during the quarter were 17,197,831 versus 17,924,589 for the prior year period.
Wendell M. Smith, chairman of the company, indicated that the first quarter has historically been the weakest. This is due to normal four- to-five week plant shutdowns in Europe and in some U.S. units during July and August. The principal reason for the lower-than-usual results in this year's first quarter is the continuing, deepened recession in the printing and printing equipment industry in the U.S. and the U.K., spreading to other parts of Europe and into the Asia Pacific markets. Smith commented that the printing industry order rate is down again, a 20 percent decline over the last four quarters, compounding the prior year's decline. This is reflected in the company's orders, up just 1 percent while backlogs dropped .8 percent. The company noted that it is continuing to make substantive cost- reductions at many of its business units both domestically and in its overseas operations that are geared towards matching current capacity levels with order rates. The company also announced that its board of directors declared a decreased quarterly dividend to holders of record of its Class A Common Stock as of the close of business on Dec. 13, 1991 payable on Dec. 31, 1991 in the amount of $.0015 per share. Baldwin Technology Company, Inc. is listed on the American Stock Exchange and is a leading multinational manufacturer of material handling, accessory, control and pre-press equipment for the printing industry. BALDWIN TECHNOLOGY COMPANY, INC. Quarter ended Sept. 30 1991 1990 Net sales $48,891,000 $47,994,000 Net income 107,000 1,449,000 Average shares outstanding (A) 17,197,831 17,924,589 Net income per share (A) 0.01 0.08 (A) -- Average shares outstanding and net income per share include common stock equivalents available upon exercise of stock options and other operating incentives. -0- 11/8/91 /CONTACT: Helen P. Oster of Baldwin Technology Company, Inc., 203-838-7470/ (BLD) CO: Baldwin Technology Company, Inc. ST: Connecticut IN: SU: ERN FC-KW -- NY003 -- 2482 11/08/91 09:01 EST
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|Date:||Nov 8, 1991|
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