BLD Baldwin Technology Company Common Stock

Dutton Associates continues its coverage of Baldwin Technology Company (AMEX: BLD) maintaining its Strong Buy rating and a $5.00 price target. The report by Dutton senior analyst Wayne M. Lottinville, CFA is available at www.duttonassociates.com as well as from First Call, Bloomberg, FactSet, Capital IQ, and other leading financial portals. Baldwin Technology makes process automation equipment for the printing industry that enhances the quality of printed materials while increasing efficiencies and improving costs in the print manufacturing process. Baldwin�s products and systems make it easier to clean press cylinders; optimize temperature, chemistry, and ink and water balances; protect against paper breaks; and speed the curing and drying of printed materials. Partly as a result of the consolidation of recent acquisitions and the added effects of currency translation�and contrary to the lower revenue trends of other companies in the industry�Baldwin�s sales surged 17.3 percent to $236.3 million in fiscal 2008. After eliminating the effect of favorable currency translation, sales still rose a solid 9.3 percent. Dutton conservatively projects that revenues could increase 0.5 percent in fiscal 2009 and 2 percent the following year to reach $242 million in FY10 (June) with EPS of $.40. While these projected increases may appear modest, they exceed our expectations for the printing press industry as a whole, an industry that is susceptible to economic downturns. Combining a price/earnings multiple of 15 times with a price/sales multiple of just 0.37 times (Baldwin�s average over the past three years), we calculate a one-year price target of $5.00 per share. This target is twice Baldwin�s share price and merits a Strong Buy rating on the Company�s stock. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $102,000 from the Company for 12 Research Reports with coverage commencing on 4/19/2006, and does not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.