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Baldwin Reports Increased Sales, Income and EPS in Q2

Press release from the issuing company

SHELTON, Conn.--Jan. 29, 2004--Baldwin Technology Company, Inc., a leading international manufacturer of accessory and control equipment for the printing industry, today reported financial results for its second fiscal quarter ended December 31, 2003. Net income for the second quarter was $1,224,000 or $0.08 per diluted share, up from $990,000 or $0.07 per diluted share for the second quarter of the prior year, which included a $0.04 per share gain from the sale of a discontinued operation. Net sales for the quarter were $39,443,000, an increase from $35,288,000 for the quarter ended December 31, 2002. Backlog as of the end of December 2003 was approximately $56,800,000 up from $49,700,000 at June 30, 2003, and $47,300,000 for the comparable quarter last year. Net sales for the six months ended December 31, 2003 were $73,954,000 compared to $68,092,000 for the comparable period in the prior year. Year to date net income was $1,903,000 or $0.13 per diluted shares compared to a loss of ($5,503,000) or ($0.37) per diluted share for the six months ended December 31, 2002. Vijay C. Tharani, Vice President and CFO, commented: "We have indicated in previous conference calls that our accessories and controls products seem to be doing well in the market, and our quarterly results are reflective of that improved performance. In addition to strong sales activity, our orders for the second quarter were $43,126,000, including a favorable translation gain of about $2,653,000. This level of order activity has led to a healthy backlog of about $56,800,000 as we start the second half of the fiscal year." Gerald A. Nathe, Chairman, President and CEO, commented: "We are pleased to report continued improvement in our Company's performance. Our employees around the world have been increasingly effective in procuring, producing and delivering our products to the market. At the same time, there have been improvements in the demand for our types of printing equipment products in the retrofit, used and new equipment marketplace. We expect that improving prospects in our major geographic regions will help to achieve better margins and profitability in the future."