Baldwin Technology Company, Inc. (AMEX: BLD), 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 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 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
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 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, commented, "Earnings improved significantly in comparison to
the same quarter last year despite the loss of royalty income from
expired 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 for the quarter were approximately
$2,800,000." President and COO 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
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 in England as well as other shows in
America and Asia. We remain optimistic about our business
prospects, and we see additional opportunities in the global
printing accessory 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. Call-in information
is available on the company's website at http://www.baldwintech.com
under the Investor Relations 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
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 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 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 fiscal year ended June 30, 2005. -0- *T Baldwin
Technology Company, Inc. Condensed Consolidated Statements of
Income (Unaudited, in thousands, except per share data) Quarter
ended December 31, ----------------- 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 ======= ======= Net income per share - basic and
diluted $ 0.09 $ 0.05 ======= ======= Weighted average shares
outstanding - basic 14,953 14,901 ======= ======= Weighted average
shares outstanding - diluted 15,666 15,319 ======= ======= Six
Months ended December 31, ----------------- 2005 2004 -------
------- Net sales $86,471 $81,229 Cost of goods sold 57,629 56,431
------- ------- 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 ======= ======= Net income per
share - basic and diluted $ 0.17 $ 0.10 ======= ======= Weighted
average shares outstanding - basic 14,983 14,887 ======= =======
Weighted average shares outstanding - diluted 15,570 15,335 =======
======= *T -0- *T 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 -------- -------- 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 -------- -------- Total assets 108,407 109,351 ========
======== 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 -------- -------- Total current liabilities 48,597
51,497 Long-term debt 11,940 12,223 Other long-term liabilities
6,682 6,400 -------- -------- Total liabilities 67,219 70,120
-------- -------- Shareholders' equity 41,188 39,231 --------
-------- Total liabilities and shareholders' equity 108,407 109,351
======== ======== *T
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