SHELTON, Conn.--Oct. 28, 2004-- Baldwin Technology Company, Inc. announced today that net sales for the first quarter ended September 30, 2004 were $39,997,000 compared to $34,511,000 for the first quarter in the prior year, representing an increase of approximately sixteen (16%) percent. Of this increase, $2,593,000 was due to the favorable effects of currency translation.
Baldwin also reported net income for the first quarter ended September 30, 2004 of $719,000 or $0.05 per fully diluted share, compared to $679,000 or $0.05 per fully diluted share for the same quarter in the prior fiscal year. Net income for the first quarter was positively impacted by $75,000 due to favorable currency exchange rates. Furthermore, the prior year's first quarter income from operations before tax included approximately $500,000 of a favorable impact from foreign exchange gains primarily associated with the Company's then outstanding debt.
Orders for the quarter ended September 30, 2004 were $43,083,000 compared to $39,900,000 for the quarter ended September 30, 2003. Backlog was at $48,009,000 on September 30, 2004, up from $44,923,000 at June 30, 2004.
Gerald Nathe, Chairman and President commented: "Since the completion of the drupa exhibition in May, an international graphic arts exhibition held every four years in Dusseldorf, Germany, we have witnessed an increased level of business activity. In fact, strong customer interest has continued at other graphic arts trade shows such as JGAS in Asia, Graph Expo in the Americas, and IFRA in Europe. We believe a strengthening global economy combined with a vigorous graphic arts printing market will help sustain continuing improvement in Baldwin's performance."
Vijay Tharani, Vice President and CFO added: "We are pleased to see continued sales growth this quarter, as well as an increase in our backlog levels. During the quarter, we also entered into an amendment to our credit facility with Maple Bank. The new arrangement increased the size of the facility, lowered interest rates and fees and extended the maturity of the loan to October, 2008. This amendment will result in annualized cash savings of approximately $1.3 million."
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