Baldwin Reports Improved Results For Fiscal 2008
August 18 2008 - 8:05AM
Business Wire
Baldwin Technology Company, Inc. (AMEX: BLD), a global leader in
process automation technology for the printing industry, reported
net sales for the fiscal year ended June 30, 2008 of $236.3
million, an increase of $34.8 million or 17.3% over net sales of
$201.5 million for the year ended June 30, 2007. Currency exchange
rates favorably increased sales by $16.1 million or 8.0%. For the
fiscal fourth quarter, net sales were $65.3 million, an increase of
$8.4 million or 14.8% from net sales of $56.9 million for the
fourth quarter in the prior year. Currency exchange rates had a
favorable impact of 10.9% or $6.2 million. Baldwin recorded income
before income taxes of $8.3M for the year versus $7.6M for the
prior fiscal year. Income before income taxes was $3.3M for the
fourth quarter compared to $2.2M for the fourth quarter in the
previous fiscal year. Net income for the fiscal year was $6.4
million or $0.41 per diluted share compared to $6.6 million or
$0.42 per diluted share for the prior year. Net income for the
years ended June 30, 2008 and 2007 included releases of deferred
tax valuation allowance of $1.6 million and $2.5 million,
respectively, which impacted the tax provisions and net income by
the same amounts. Fourth quarter net income was $3.1 million or
$0.20 per diluted share, compared to net income of $3.6 million or
$0.23 per diluted share for the comparable quarter in the prior
year. Net income for the quarters ended June 30, 2008 and June 30,
2007 included releases of deferred tax asset valuation allowance of
$0.4 million and $2.5 million, respectively, which impacted the tax
provisions and net income by the same amounts. This year�s cash
flow from operations was $7.6 million compared to $4.2 million in
2007. That cash flow, coupled with disciplined management of
working capital and global cash resources, allowed the Company to
make $10.6 million of debt repayments. Orders for the fiscal fourth
quarter were approximately $50.4 million, an increase of 10.5% over
orders of $45.6 million during the fourth quarter of fiscal year
2007. Orders for the year were $231.9 million, an increase of 18.3%
compared to prior year orders of $196.0 million. Backlog as of June
30, 2008 was $48.2 million compared to $52.7 million a year
earlier. President and CEO Karl S. Puehringer said, �We are very
pleased to have ended the year with our best shipment quarter in
ten years; this achievement is especially noteworthy in a currently
more challenging market environment. We attribute the Fiscal 2008
strong performance to the successful integration of recent
acquisitions and to our success in designing and introducing
products that provide value-added benefits to our customers,
especially as they relate to environmental compliance, efficiency
and profitability. Our consumables, parts and service revenues
continue to strengthen as a result of our having the right products
available for the growing world-wide installed base of Baldwin
systems. Additionally, we are off to a good start in the new fiscal
year with a strong order intake during the month of July, bringing
our order backlog as of July 31, 2008 to $54 million.� Puehringer
concluded. John P. Jordan, Vice President and CFO, stated, �Our
strategic sourcing initiatives and productivity improvements have
enabled us to maintain reasonable margins in a demanding economic
environment. Our focus on cost control and our restructuring
initiatives enabled us to reduce OPEX to 27% of sales (vs 27.7% in
fiscal year 2007), contributing to a 10% improvement in operating
income over last year. We also intensified our focus on working
capital elements during the year to improve our cash management.
This has resulted in strong cash generation from operations during
the second half of the year.� Jordan concluded. The Company will
host a conference call to discuss the financial results and
business outlook today at 11 a.m. Eastern Time. 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 participate in the call or
access the webcast of the call. Participating in the call will be
Baldwin President and CEO Karl S. Puehringer and Vice President and
CFO John P. Jordan. About Baldwin Baldwin Technology Company, Inc.
is a leading global supplier of process automation equipment for
the printing and publishing industry. 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. With a widely
recognized reputation for advanced pressroom technology, Baldwin
has more than 100 patents as well as several GATF Intertech awards
and Fogra certifications. For more information, visit
http://www.baldwintech.com . Baldwin Technology Company, Inc.
Condensed Consolidated Statements of Income (In thousands, except
per share data) (Unaudited) � Quarter ended June 30, 2008 � 2007
Net sales $ 65,270 $ 56,891 Cost of goods sold � 44,230 � � 38,434
� Gross profit 21,040 18,457 Operating expenses � 17,305 � � 15,532
� Operating income 3,735 2,925 Interest expense 717 740 Interest
(income) (21 ) (78 ) Other (income) expense, net � (299 ) � 84 �
Income before income taxes 3,338 2,179 Income tax provision
(benefit) � 201 � � (1,437 ) Net income $ 3,137 � $ 3,616 � Net
income per share � basic $ 0.20 � $ 0.24 � Net income per share �
diluted $ 0.20 � $ 0.23 � Weighted average shares outstanding �
basic � 15,356 � � 15,377 � Weighted average shares outstanding �
diluted � 15,510 � � 15,749 � Condensed Consolidated Balance Sheets
(In thousands, unaudited) � � June 30, June 30, Assets 2008 2007
Cash and equivalents $ 9,333 $ 16,034 Trade receivables 49,565
47,863 Inventory 31,804 30,384 Prepaid expenses and other � 7,636 �
7,364 Total current assets 98,338 101,645 � Property, plant and
equipment 6,159 5,375 Intangible assets 39,700 35,910 Other assets
� 12,510 � 14,250 Total assets � 156,707 � 157,180 � Liabilities
Loans payable $ 3,767 $ 3,249 Current portion of long-term debt
3,472 2,501 Other current liabilities � 60,884 � 61,673 Total
current liabilities 68,123 67,423 � Long-term debt 17,963 26,929 �
Other long-term liabilities � 9,008 � 8,288 � Total liabilities
95,094 102,640 � Shareholders� equity � 61,613 � 54,540 � Total
liabilities and shareholders� equity $ 156,707 $ 157,180 � Certain
prior year items have been reclassified to conform to the current
year�s presentation. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands, unaudited) � � For the years endedJune 30,
2008 � 2007 Net cash provided by operating activities $ 7,632 $
4,246 � Net cash (used for) investing activities (3,991 ) (22,696 )
� Net cash (used) provided by financing activities (11,449 ) 20,219
� Effects of exchange rate changes � 1,107 � � (221 ) Net
(decrease) increase in cash and cash equivalents (6,701 ) 1,548
Cash and cash equivalents at beginning of year � 16,034 � � 14,486
� Cash and cash equivalents at end of year $ 9,333 � $ 16,034 � �
Certain prior year items have been reclassified to conform to the
current year�s presentation. 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 Item 1A,
�Risk Factors�, in the Company�s Annual Report on Form 10-K for the
fiscal year ended June 30, 2007.
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