BLD in with a strong quarter. Nice y/y improvements. Revenue and income way up (excluding the tax adjustments from last year). Backlog up to $50 million.
Baldwin Reports Increase in Sales and Income Before Taxes for FY05
Business Wire - August 11, 2005 08:05
SHELTON, Conn., Aug 11, 2005 (BUSINESS WIRE) -- Baldwin Technology Company, Inc. (ASE:BLD), a global leader in accessories and controls technology for the printing industry, announced today that net sales for the fiscal fourth quarter ending June 30, 2005 were $48.3 million compared to $41.4 million for the fourth quarter in the prior year, representing an increase of almost 17%. For the fiscal year, net sales rose nearly 10% to $173.2 million compared with $158.1 million for the year ended June 30, 2004.
Income before taxes for the fourth quarter was $3.8 million, a five-fold increase over the prior year's $756,000. For the full year, income before taxes was $8.7 million, up over 60% from the prior year.
Fourth quarter net income was $2.0 million or $0.13 per diluted share compared to net income of $4.4 million or $0.28 per diluted share for the comparable quarter in the prior fiscal year. Included in the prior year's net income figures for the quarter and the full year were certain favorable tax adjustments, primarily relating to a release of a tax valuation reserve, of approximately $3.9 million. For the full year, Baldwin recorded net income of $5.0 million or $0.33 per diluted share, compared to $7.0 million or $0.46 per diluted share for the prior year.
Orders for the fiscal fourth quarter were $38.9 million. Backlog as of June 30, 2005 was $48.1 million, up from $44.9 million a year earlier. Strong orders received subsequent to year-end have further improved current backlog to approximately $50 million.
Baldwin Vice President and CFO Vijay Tharani said, "We had a year in which we saw improvement in the international economic/business climate, some strengthening of the global market for printing and printing related products, and an outstanding business performance by Baldwin. Sales, operating income and profit before taxes were significantly higher for the quarter and the year. Our earnings, coupled with effective management of working capital, enabled us to generate operating cash flows of over $14 million in fiscal 2005 and end the year with virtually no net debt which we define as total debt less cash on hand."
Chairman and CEO Gerald Nathe commented, "Customers have responded positively to our focus on their needs and our commitment to innovation. We believe that by adhering to our core strategies and technologies that we can continue to deliver strong results and create additional shareholder value."
"As part of the process of transforming Baldwin and maintaining our momentum in the global printing industry, the Company has recently made several organizational changes. Of particular note is the appointment of Karl S. Puehringer, formerly responsible for the Company's European operations, to the position of President and Chief Operating Officer, effective July 1, 2005. Supporting Karl in his new role as head of Baldwin's global operations will be a fine group of Baldwin employees. Their dedication and commitment during fiscal 2005 contributed significantly to Baldwin's impressive performance."
The company will host a conference call to discuss the financial results and business outlook today, August 11 at 11 a.m. Eastern. Call in information is available on the company's web site at 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's Chairman and Chief Executive Officer, Gerald A. Nathe, its President and Chief Operating Officer, Karl S. Puehringer, and its Vice President and Chief Financial Officer, Vijay C. Tharani.
Baldwin Technology Company, Inc. is a leading international manufacturer of accessories and controls technology for the printing industry. 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. The company has offices and manufacturing facilities in 10 countries in North and South America, Europe, Asia and Australia.
Baldwin Technology Company, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
June 30,
---------------------- Quarter ended
2005 2004
----------- ----------
Net sales $ 48,283 $ 41,386
Cost of goods sold 30,285 28,297
---------- ----------
Gross profit 17,998 13,089
Operating expenses 13,727 11,265
Restructuring charges 0 22
---------- ----------
Operating income 4,271 1,802
Interest expense 427 1,247
Interest (Income) (26) (29)
Other expense (income), net 108 (172)
---------- ----------
Income before income taxes 3,762 756
Income tax provision (benefit) 1,743 (3,622)
---------- ----------
Net income $ 2,019 $ 4,378
========== ==========
Net income per share - basic $ 0.14 $ 0.29
========== ==========
Net income per share - diluted $ 0.13 $ 0.28
========== ==========
Weighted average shares outstanding - basic 14,911 14,961
========== ==========
Weighted average shares outstanding - diluted 15,278 15,457
========== ==========
Year ended June 30,
------------------------
2005 2004
------------- ----------
Net sales $ 173,185 $ 158,110
Cost of goods sold 115,948 108,074
------------ ----------
Gross profit 57,237 50,036
Operating expenses 48,209 43,329
Restructuring charges (338) 448
------------ ----------
Operating Income 9,366 6,259
Interest Expense 2,412 4,985
Interest (Income) (105) (119)
Other (Income), net (1,660) (3,920)
------------ ----------
Income before income taxes 8,719 5,313
Income tax provision (benefit) 3,684 (1,673)
------------ ----------
Net income $ 5,035 $ 6,986
============ ==========
Net income per share - basic $ 0.34 $ 0.47
============ ==========
Net income per share - diluted $ 0.33 $ 0.46
============ ==========
Weighted average shares outstanding - basic 14,899 15,001
============ ==========
Weighted average shares outstanding - diluted 15,305 15,286
============ ==========
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
June 30, June 30,
Assets 2005 2004
---------- ----------
Cash and equivalents $ 15,443 $ 12,008
Trade Receivables 35,250 37,725
Inventory 22,755 24,998
Prepaid expenses and other 3,548 5,921
---------- ----------
Total Current Assets 76,996 80,652
Property, plant and equipment, net 3,415 4,540
Intangible assets 13,483 13,363
Other assets 15,457 16,716
---------- ----------
Total assets 109,351 $ 115,271
========== ==========
Current liabilities
Loans payable $ 2,705 $ 2,757
Current portion of long-term debt 1,033 20,523
Other current liabilities 47,759 48,998
---------- ----------
Total current liabilities 51,497 72,278
Long-term debt 12,223 1,794
Other long-term liabilities 6,400 6,732
---------- ----------
Total liabilities 70,120 80,804
Shareholders equity 39,231 34,467
---------- ----------
Total liabilities and shareholders equity $ 109,351 $ 115,271
========== ==========
AI
