Baldwin Reports Q1 Results: Says restructuring plan is on track
Press release from the issuing company
SHELTON, Conn.--Nov. 5, 2003--Baldwin Technology Company, Inc. announced today that net sales for the first quarter ended September 30, 2003 were $34,511,000 compared to $32,804,000 for the first quarter in the prior year, representing an increase of approximately five percent. Baldwin also reported net income for the first quarter ended September 30, 2003 of $679,000 or $0.05 per fully diluted share, compared to a loss of $6,493,000 or $0.43 per fully diluted share for the same quarter in the prior fiscal year.
In addition, the Company reported operating profit and cash flow for the first quarter ended September 30, 2003 of approximately $830,000 and $2,556,000, respectively. Results for the first quarter ended September 30, 2003 were positively impacted by improved capacity utilization at the Company's manufacturing sites, continued efforts on cost containment and the favorable effects of currency on its top line.
Orders for the quarter ended September 30, 2003 were $39,900,000 compared to $36,200,000 for the quarter ended September 30, 2002. Backlog was at $55,100,000 on September 30, 2003 up from $49,700,000 at June 30, 2003 and up from $52,100,000 at September 30, 2002. For comparison purposes, all amounts have been adjusted where applicable, to reflect the disposition of the inserter business in October of 2002.
Vijay Tharani, Vice President and CFO commented: "We had a solid first quarter. We are particularly pleased that in addition to completing our refinancing, we generated $0.05 in EPS and approximately $2,600,000 in operating cash flow in the first quarter. It is evident that our restructuring plan is on track and starting to show results."
Gerald Nathe, Chairman, President and CEO added: "We are encouraged by the increase in business activity we've witnessed at recent printing trade shows in the Americas, Asia, and in Europe. Our order trends and healthy backlog reflect market share and order gains with both OEM and end-user customers. This is further evidence that the strategy initiated several years ago to refocus Baldwin on its core accessory and controls business for printing, packaging and publishing is leading to improved Company performance. We are cautiously optimistic that we will see continued improvement in most of our product segments and geographic markets."
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