Product category:
Printing Presses Ancillary Equipment
News Release from: Baldwin Technology Company Inc
Edited by the Printingtalk Editorial
Team on 06 May 2005
Baldwin's 3rd Quarter Income 100% Up
Baldwin Technology Company has reported that its net income for its third quarter ended March 31 was $1.5m - a growth of about 100 per cent
Baldwin Technology Company has reported that its net income for its third quarter ended March 31 was $1.5m - a growth of about 100 per cent over net income of $705,000 for the comparable period of the previous year Net sales for the quarter were $43,673,000 compared to net sales of $42,770,000 for the quarter ended March 31, 2004
This article was originally published on Printingtalk on 18 Oct 2004 at 8.00am (UK)
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Currency translation contributed approximately $1,120,000 to the gain in net sales and $130,000 to the net income improvement.
Vijay C.
Tharani, vice president and chief financial officer, said: "Our significant growth in earnings was primarily attributable to two factors - an improvement in gross margins from a more favorable product mix and reduced interest expense as a result of the refinancing of our bank loan earlier this fiscal year." Net sales for the nine months ended March 31, 2005 were $124,902,000 compared to $116,724,000 net sales for the nine months ended March 31, 2004.
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Excluding the effects of currency translation, net sales grew by about two per cent for the nine-month period.
Year to date net income was $3,016,000 or $0.20 per diluted share, up 15.6 per cent from net income of $2,608,000 or $0.17 per diluted share for the nine months ended March 31, 2004.
The previous year's nine months income before taxes of $4,557,000 included approximately $1.6m of favorable foreign exchange gain associated with the company's then outstanding debt.
Baldwin added that its order backlog at March 31 was substantially up at $57,500,000 from $50,500,000 at December 31, 2004.
Orders for the third quarter were $50,700,000 compared to $43,711,000 for the previous quarter, representing an increase of 16 per cent.
Tharani added: "Overall, we are very pleased with the results for the third quarter.
During the quarter, the company generated $3.9m in operating cash flow, primarily due to decreased inventory and accounts receivable.
That enabled the company to repay approximately $4.7m of its outstanding debt.
We continue to see improvement in both our order rates and our backlog levels, which have strengthened even further since the end of the third quarter.
Looking ahead, we expect sales for the fiscal fourth quarter to exceed levels achieved in the third quarter." Gerald A Nathe, the company's chairman, president and chief executive officer, further commented: "The third quarter contained other good news.
In March, Baldwin entered in to an alliance with Hildebrand Systeme, a German company that manufactures high performance web cleaning products.
Earlier in the quarter, we released news of substantial newspaper orders received from Star Publications in Malaysia, Shimotsuke Newspaper in Japan, and the News Limited Group in Australia.
Orders like those have helped to increase our backlog to some of the highest levels seen in a number of years.".
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