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Baldwin Reports Increased Q3 Sales and Net Income

Press release from the issuing company

SHELTON, Conn.--April 27, 2006-- Baldwin Technology Company, Inc., a leading global manufacturer of printing press accessories and control equipment reported today net sales of $45,447,000 for the third fiscal quarter ended March 31, 2006, compared with net sales of $43,673,000 for the third quarter last year, an increase of 4.1%. Excluding significant unfavorable effects of currency translation of $3,717,000 in the quarter, sales would have been $49,164,000, an increase of approximately 13%. Net income for the third quarter was $1,745,000 or $0.12 per basic share and $0.11 per diluted share, a gain of approximately 16% over net income of $1,509,000, or $0.10 per basic and diluted share for the comparable period a year earlier. Currency translation negatively impacted the net income by $271,000. Excluding the impact of currency translation, net income would have increased by 34%. The Company's backlog at March 31, 2006 was $53,557,000, up from $51,580,000 at December 31, 2005. Orders for the third quarter were $47,424,000, compared to $43,470,000 for the previous quarter, representing an increase of 9%. Vice President and CFO Vijay C. Tharani said, "This was another quarter of double-digit sales growth when measured in local currencies. The Company's performance, when compared to the prior year, was better than the reported results would indicate due to several factors. First, last year's third quarter results included royalty income as well as positive adjustments relating to restructuring reserves, which in total amounted to $600,000. Second, there was also a significant negative currency impact on reported sales and net income due to the strength of the U.S. dollar during the quarter." President and COO Karl Puehringer said, "Business conditions continue to be favorable, particularly in Europe and the Americas. This is reflected by the increases in our backlog and order flow. We are also encouraged by the interest level shown in our products at two recent trade shows, IPEX in the U.K. and NEXPO in the U.S. During the quarter, we hired a new deputy general manager to head our Chinese operations and opened a new office in Shanghai to spearhead our China initiative. We believe we have excellent opportunities in this fast-growing market."

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