After the table containing Condensed Consolidated Statements of
Income for quarters ended June 30, 2008 and 2007, insert a table
for Condensed Consolidated Statements of Income for year ended June
30, 2008 and 2007. The corrected release reads: 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 � Baldwin
Technology Company, Inc. Condensed Consolidated Statements of
Income (In thousands, except per share data) (Unaudited) � Year
ended June 30, 2008 � 2007 � Net sales $ 236,330 $ 201,477 Cost of
goods sold � 161,585 � � 135,703 � Gross profit 74,745 65,774
Operating expenses 62,845 54,867 Restructuring charges � 960 � �
994 � Operating income 10,940 9,913 Interest expense 3,127 2,272
Interest (income) (183 ) (210 ) Other (income) expense, net � (271
) � 253 � Income before income taxes 8,267 7,598 Income tax
provision � 1,831 � � 958 � Net income $ 6,436 � $ 6,640 � Net
income per share � basic $ 0.42 � $ 0.44 � Net income per share �
diluted $ 0.41 � $ 0.42 � Weighted average shares outstanding �
basic � 15,444 � � 15,169 � Weighted average shares outstanding �
diluted � 15,730 � � 15,716 � 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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