Knobias Clip Report (08-18-2008) BLD
Submitted By Knobias ClipReport
BLD: Management Comments on Q4 and FY08 Financial Results
By Fain Hughes, fhughes@knobias.com
Shares of Baldwin Technology Company, Inc. (BLD) saw healthy gains on Monday after the Company reported Q4 and year-end results for the period ended June 30, 2008.
For the fiscal fourth quarter, net sales were $65.3 million, an increase of $8.4 million or 14.8% from net sales of $56.9 million for the fourth quarter in the prior year. Fourth quarter net income was $3.1 million or $0.20 per diluted share, compared to net income of $3.6 million or $0.23 per diluted share for the comparable quarter in the prior year.
The Company reported net sales for the fiscal year ended June 30, 2008 of $236.3 million, an increase of $34.8 million or 17.3% over net sales of $201.5 million for the year ended June 30, 2007. Net income for the fiscal year was $6.4 million or $0.41 per diluted share compared to $6.6 million or $0.42 per diluted share for the prior year.
Orders for the fiscal fourth quarter were approximately $50.4 million, an increase of 10.5% over orders of $45.6 million during the fourth quarter of fiscal year 2007. Orders for the year were $231.9 million, an increase of 18.3% compared to prior year orders of $196.0 million. Backlog as of June 30, 2008 was $48.2 million compared to $52.7 million a year earlier.
Karl S. Puehringer, CEO of Baldwin Technology, commented in a conference call today, “Despite the current economy, this was one of ther strongest shipment quarters in the Company’s history. The Company also reportes strong operating income during the quarter. During the last half of 2008, we made significant progress in managing the cash flow from operating activities through active working capital management.”
John P. Jordan. CFO of Baldwin Technology, added, “We recorded growth in nearly all product lines with healthy growth from recurring revenues- parts, service and consumables.”
“Our strategic sourcing initiatives and improvements in production efficiencies help us maintain reasonable margins in a challenging market environment. Our existing global infrastructure facilitates this important sourcing flexibility. We have a disciplined approach to cost management, and we expect to continue to produce improvement in working capital levels and operating cash flow in 2009.”
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