Baldwin Updates Fiscal 2001 Year-End Results
Friday, October 05, 2001
SHELTON, Conn.--Oct. 4, 2001--Baldwin Technology Company, Inc. (ASE:BLD) announced today that its financial results for the year ended June 30, 2001 were adjusted from those announced in August due primarily to the renegotiation and subsequent reduction in the purchase price for the previously announced divestiture of the Roll Handling Group, which sale was concluded on September 26, 2001. In addition, the Company's results were impacted by a write-down of receivables associated with the bankruptcy filing of one of it's customers. These adjusted results include a charge against earnings for an impairment of assets of approximately $15,518,000, which resulted primarily from the sale of the Roll Handling Group, as well as restructuring charges of approximately $2,277,000. Consequently, the Company had a net loss for the fiscal year ended June 30, 2001 of ($18,172,000) compared to net income of $4,836,000 for the prior fiscal year. Prior year net income included a $4,147,000 income tax benefit as a result of a valuation allowance associated with certain foreign net operating losses; no such benefit has been recorded in the fiscal year ended June 30, 2001. The Company has filed a Form 12b-25 with the SEC to allow it additional time to complete its Form 10-K for the fiscal year ended June 30, 2001. The Form 10-K will be filed by October 15th.