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Baldwin Reports Increased Net Income in Q1 FY '07

Press release from the issuing company

SHELTON, Conn.-- Baldwin Technology Company, Inc., a leading global manufacturer of printing press accessories and control equipment, announced today that net income for the first fiscal quarter ended September 30, 2006 increased 11% to $1,326,000, or $0.09 per basic and $0.08 per fully diluted share. This compares to $1,193,000, or $0.08 per basic and fully diluted share, for the same quarter in the prior fiscal year. Net sales for the quarter increased approximately $562,000 to $43,207,000, compared to $42,645,000 for the first quarter in the prior year. Excluding the effects of currency translation, net sales were comparable to those reported in last year's first quarter. Orders for the quarter totaled $45,922,000, compared to $46,467,000 reported for the quarter a year earlier. Backlog was $51,882,000 on September 30, 2006, up from $49,167,000 at June 30, 2006. Vice President and Chief Financial Officer Vijay Tharani said, "Our results for the quarter were even with last year's performance and generally in line with internal expectations. Sales strengthened in most of Europe, offset by a softening of shipments, primarily newspaper products, in Japan." President and Chief Operating Officer Karl Puehringer said, "Fiscal 2007 appears to be off to a solid start. Given the weakness in sales in Japan, we are particularly pleased by the receipt of several large orders at Baldwin Japan during the quarter, which will lead to improved shipments in that market. During October, we participated in two printing industry trade shows, IFRA in Amsterdam and Graph Expo in Chicago. Both were well attended and were successful exhibitions for Baldwin. "We are very excited about the proposed acquisition of Oxy-Dry Corporation," Puehringer continued. "The addition of its brush cleaning to our existing cloth technology will further strengthen our cleaning product capabilities in the marketplace. We are working diligently to close this transaction in November. In addition, we have recently signed an exclusive distribution alliance with Robatech, a leading gluing system manufacturer based in Switzerland. This alliance complements and supplements our existing web products in this market niche."

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