BLD TopBuild Corp

Taglich Brothers, Inc. announces it initiated coverage of Baldwin Technology Company, Inc. (NYSE: BLD).

Baldwin Technology Company, Inc. (NYSE: BLD), headquartered in Shelton, CT, supplies the printing and publishing industry -- OEMs as well as printers and publishers -- with process automation equipment aimed at enhancing cost effectiveness, product quality and productivity. With almost 80% of its revenue generated overseas, the company maintains substantial facilities in Germany, Sweden, India, Japan and China.

Baldwin's principal product lines consist of cleaning systems, fluid management and other process automation equipment. During the past five years, sales of cleaning systems have accounted for roughly half of revenue and have grown at roughly 10% a year, as have sales of fluid management systems, which have accounted for around 20% of revenue during the period. Sales of other process automation equipment -- web severers and web catchers, ink control systems, ultraviolet and infrared dryers, gluing systems, and service and parts -- have outperformed the other product lines, growing an average of 17% annually during this five-year period. Other process automation equipment now accounts for almost a third of revenue.

Baldwin's largest market is Western Europe, within which Germany and Sweden generated 32% and 11%, respectively, of total FY2008 revenue. While the US accounted for only 21% of FY2008 revenue, US sales have gained sharply during the past three years. By contrast, growth in Japan, which accounted for more than a third of revenue several years earlier, has weakened during the past five years.

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Taglich Brothers, Inc. is a full-service broker dealer focused exclusively on microcap companies. The Company defines the microcap segment of the equity market as companies with less than $250 million in market capitalization. Taglich Brothers currently offers institutional and retail brokerage services, investment banking and comprehensive research coverage to the investment community.

We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statement is the opinion of Taglich Brothers, Inc. and is not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in this report are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from the Director of Research. As of the date of this report no Taglich Brothers, Inc. employees had a position in the stock of the Company mentioned in this report: All research issued by Taglich Brothers, Inc. is based on public information. Under an agreement dated March, 2009, the company will pay a monetary fee of US$1,500 per month for the creation and dissemination of research reports. The first payment will be payable upon issuance of the initial research report.

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Contact: Richard Oh Taglich Brothers, Inc. 631-757-1500