FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[ Mark one ]
[ X ] Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For quarter ended March 31, 1995
OR
[ ] Transition Report Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission file number 1-9334
BALDWIN TECHNOLOGY COMPANY, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3258160
(State or other jurisdiction of (I.R.S Employer
incorporation or organization) Identification No.)
65 Rowayton Avenue, Rowayton, Connecticut 06853
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 203-838-7470
(Former name, former address and former fiscal year, if changed since
last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days:
YES X . NO .
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at April 30, 1995
Class A Common Stock
$0.01 par value 15,976,230
Class B Common Stock
$0.01 par value 1,835,883
Total number of pages in this document 12
BALDWIN TECHNOLOGY COMPANY, INC.
INDEX
Page
Part I Financial Information
Consolidated Balance Sheet -
March 31, 1995 and June 30, 1994 1
Consolidated Statement of Income -
Three months and nine months ended
March 31, 1995 and 1994 2
Consolidated Statement of Changes in
Shareholders' Equity - Nine months
ended March 31, 1995 3
Consolidated Statement of Cash Flows -
Nine months ended March 31, 1995 and 1994 4
Notes to Consolidated Financial Statements 6
Management's Discussion and Analysis of
Financial Condition and Results of
Operations 7
Part II Other Information
Item 6 Exhibits and Reports on Form 8-K 11
Signatures 12
PART I FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
BALDWIN TECHNOLOGY COMPANY, INC.
CONSOLIDATED BALANCE SHEET
(in thousands, except share data)
(Unaudited)
March 31, June 30,
1995 1994
ASSETS
CURRENT ASSETS:
Cash $ 8,909 $ 9,768
Short-term interest bearing securities 4,036 8,766
Accounts receivable trade, net of allowance for
doubtful accounts of $2,763 ($3,209 at June 30, 1994) 42,459 31,253
Notes receivable trade 15,665 12,411
Inventories 42,459 32,939
Prepaid expenses and other 7,936 8,263
Total current assets 121,464 103,400
MARKETABLE SECURITIES, at cost:
(Market $932; $1,190 at June 30, 1994) 896 918
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land and buildings 2,333 2,284
Machinery and equipment 8,745 8,516
Furniture and fixtures 5,793 5,075
Leasehold improvement 1,772 1,615
Capital leases 8,237 7,295
26,880 24,785
Less: Accumulated depreciation and amortization 19,712 17,172
Net property, plant and equipment 7,168 7,613
PATENTS, TRADEMARKS AND ENGINEERING DRAWINGS at cost,
less accumulated amortization of $3,070 ($2,584 at
June 30, 1994) 5,255 6,123
GOODWILL, less accumulated amortization of $9,153
($7,579 at June 30, 1994) 61,030 60,584
OTHER ASSETS 9,701 8,578
TOTAL ASSETS $205,514 $187,216
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Loans payable $ 10,746 $ 5,891
Current portion of long-term debt 156 142
Accounts payable, trade 14,644 11,472
Notes payable, trade 12,217 11,079
Accrued salaries, commissions, bonus and profit-sharing 7,889 7,861
Customer deposits 6,674 4,139
Accrued and withheld taxes 1,908 1,742
Income taxes payable 2,691 4,374
Other accounts payable and accrued liabilities 12,575 11,602
Total current liabilities 69,500 58,302
LONG-TERM LIABILITIES:
Long-term debt 31,210 32,230
Other long-term liabilities 9,336 8,604
Total long-term liabilities 40,546 40,834
Total liabilities 110,046 99,136
SHAREHOLDERS' EQUITY:
Class A Common Stock, $.01 par, 45,000,000 shares
authorized, 16,011,586 shares issued
(16,010,706 at June 30, 1994) 160 160
Class B Common Stock, $.01 par, 4,500,000 shares
authorized, 2,000,000 shares issued 20 20
Capital contributed in excess of par value 54,881 54,837
Retained earnings 39,131 35,980
Cumulative translation adjustment 2,552 (1,900)
Less: Treasury stock, at cost:
Class A - 35,356 shares ( 21,756 at June 30, 1994)
Class B - 164,117 shares (135,000 at June 30, 1994) (1,276) (1,017)
Total shareholders' equity 95,468 88,080
COMMITMENTS ------ ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $205,514 $187,216
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- 1 -
BALDWIN TECHNOLOGY COMPANY, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands of dollars except per share data)
(Unaudited)
For the three months For the nine months
ended March 31, ended March 31,
1995 1994 1995 1994
Net sales $55,375 $49,403 $155,727 $141,261
Cost of goods sold 36,709 33,626 102,838 94,437
Gross Profit 18,666 15,777 52,889 46,824
Operating expenses:
General and administrative 6,212 5,885 17,294 16,542
Selling 5,125 4,341 15,128 13,504
Engineering 3,092 2,238 8,783 7,171
Research and development 1,332 1,434 4,175 4,273
15,761 13,898 45,380 41,490
Operating income 2,905 1,879 7,509 5,334
Other (income) expense
Interest expense 898 853 2,590 2,834
Interest (income) (146) (84) (468) (232)
Other (income) expense, net (355) (439) (915) (934)
397 330 1,207 1,668
Income before taxes 2,508 1,549 6,302 3,666
Provision for income taxes 1,254 821 3,151 1,943
Net income $ 1,254 $ 728 $ 3,151 $ 1,723
Net income per common and
common equivalent share $ 0.07 $ 0.04 $ 0.18 $ 0.10
Dividends declared
Per share - Class A
Per share - Class B
Weighted average number of
shares outstanding 17,932 18,053 17,938 18,029
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- 2 -
<TABLE>
BALDWIN TECHNOLOGY COMPANY INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(in thousands, except share data)
(Unaudited)
(PART 1 OF 2 PART TABLE)
<CAPTION>
Class A Class B
Common Stock Common Stock
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Balance at June 30, 1994 16,010,706 $160 2,000,000 $20
Net income for the nine months
Stock options exercised 880
Purchase of treasury stock
Acquisition of treasury stock
in exchange for cancellation
of note receivable from former
officer
Issuance of common stock from
treasury to officer under
incentive compensation agreement
Translation adjustment
Balance at March 31, 1995 16,011,586 $160 2,000,000 $20
</TABLE>
<TABLE>
BALDWIN TECHNOLOGY COMPANY INC.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(in thousands, except share data)
(Unaudited)
(PART 2 OF 2 PART TABLE)
<CAPTION>
Capital
Contributed Cumulative
in Excess Retained Translation Treasury Stock
of Par Earnings Adjustment Shares Amount
<S> <C> <C> <C> <C> <C>
Balance at
June 30, 1994 $54,837 $35,980 $(1,900) (156,756) $(1,017)
Net income for
the nine months 3,151
Stock options exercised 4
Purchase of treasury stock (57,717) (263)
Acquisition of treasury
stock in exchange for
cancellation of note re-
ceivable from former
officer (25,000) (171)
Issuance of common stock
from treasury to officer
under incentive compen-
sation agreement 40 40,000 175
Translation adjustment 4,452
Balance at March 31,
1995 $54,881 $39,131 $ 2,552 (199,473) $(1,276)
</TABLE>
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- 3 -
BALDWIN TECHNOLOGY COMPANY, INC. CONSOLIDATED STATEMENT OF
CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(in thousands)
(Unaudited)
For the nine months
ended March 31,
1995 1994
Cash Flows from operating activities:
Income from continuing operations $ 3,151 $ 1,723
Adjustments to reconcile net income to net cash
provided by operating activities -
Depreciation and amortization 3,488 3,574
Accrued retirement pay 151 368
Provision for losses on accounts receivable 62 978
Changes in assets and liabilities net of
effects from subsidiary purchase -
Accounts and notes receivable, net (10,169) 3,172
Inventories (7,380) (679)
Prepaid expenses and other 279 (2,928)
Customer deposits 2,367 1,075
Accrued compensation (242) (882)
Accounts and notes payable, trade 2,465 (5,080)
Income taxes payable (1,626) 288
Accrued and withheld taxes 38 (206)
Other accounts payable and accrued liabilities (69) (1,232)
Interest payable 481 894
Net cash (used) provided by operating activities (7,004) 1,065
Cash flows from investing activities:
Additions of property, net (882) (767)
Additions of patents, trademarks and drawings, net (274) (693)
Other assets 433 (1,887)
Net cash used by investing activities (723) (3,347)
Cash flows from financing activities:
Long-term borrowings 2,000 34,718
Long-term debt repayment (3,335) (33,788)
Short-term borrowings 4,566 12,105
Short-term debt repayment (1,096) (15,301)
Principal payments under capital lease
obligations (372) (594)
Other long-term liabilities (23) (18)
Treasury stock purchased (263) (847)
Stock options exercised 4 42
Net cash provided (used) by financing activities 1,481 (3,683)
Effects of exchange rate changes 657 44
Net (decrease) increase in cash
and cash equivalents (5,589) (5,921)
Cash and cash equivalents at beginning of year 18,534 19,676
Cash and cash equivalents at end of period $12,945 $13,755
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- 4 -
BALDWIN TECHNOLOGY COMPANY, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Supplemental disclosures of cash flow information:
For the nine months
ended March 31,
1995 1994
(in thousands)
Cash paid during the period for:
Interest $ 2,109 $ 3,664
Income taxes $ 4,834 $ 1,620
Supplemental schedule of non-cash investing and financing activities:
For the nine months ended March 31, 1995:
The Company successfully defended a patent which, under the terms of
the patent purchase agreement with the patent's inventor, entitles the
Company to indemnification of a portion of the legal fees incurred to
defend the patent infringement. Accordingly, the Company reclassified
from patents to long term assets $693,000 of legal fees. These
previously capitalized patent costs will be realized as royalties
become payable to the patent's inventor. At March 31, 1995, other
assets included $591,000 of such costs.
In accordance with the terms of a note receivable from a former
officer, the Company canceled the note in exchange for the collateral
which consisted of 25,000 shares of the Company's Class B Common
Stock. The balance of the note together with interest receivable was
$171,000.
Under an incentive compensation agreement with an officer, the Company
issued from treasury 40,000 shares of Class A Common Stock for which
the accrued compensation was $235,000.
During the quarter ended March 31, 1995, the Company reclassified
$279,000 of prepaid taxes previously classified as a current asset to
long term other assets.
For the nine months ended March 31, 1994:
There were no significant non-cash transactions for the nine months
ended March 31, 1994.
Disclosure of accounting policy:
For purposes of the statement of cash flows, the Company considers all
highly liquid instruments with original maturities of three months or
less to be cash equivalents.
The accompanying notes to consolidated financial statements
are an integral part of these statements.
- 5 -
BALDWIN TECHNOLOGY COMPANY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 - General:
Baldwin Technology Company, Inc. (Baldwin, or the Company) is
engaged primarily in the development, manufacture and sale of material
handling, accessory, control and pre-press equipment for the printing
industry.
The consolidated financial statements include the accounts of
Baldwin and its subsidiaries and reflect all adjustments (consisting
of only normal recurring adjustments) which are, in the opinion of
management, necessary to present a fair statement of the results for
the interim periods. Operating results for the three month and nine
month periods ended March 31, 1995 are not necessarily indicative of
the results that may be expected for the year ending June 30, 1995.
All significant intercompany transactions have been eliminated in
consolidation. Net income per share is based on the weighted average
number of common shares and common equivalent shares outstanding
during the period. For the three and nine month periods ended March
31, 1995 and 1994, net income was divided by the total of the weighted
average number of common shares and common equivalent shares
outstanding, in order to calculate net income per share. Common
equivalent shares for the three month periods ended March 31, 1995 and
1994 consisted of 117,965 and 131,258 shares, respectively, for stock
options. The total of the weighted average number of common shares
and common equivalent shares outstanding for the three month periods
ended March 31, 1995 and 1994 were 17,932,228 and 18,053,212,
respectively. Common equivalent shares for the nine month periods
ended March 31, 1995 and 1994 consisted of 121,134 and 72,274 shares,
respectively, for stock options. For the nine month periods ended
March 31, 1995 and 1994 the total of the weighted average number of
common shares and common equivalent shares were 17,937,880 and
18,029,333, respectively. Common equivalent shares calculated for
fully diluted earnings per share were not materially different from
those calculated for primary earnings per share.
Note 2 - Inventories:
Inventories consist of the following:
March 31, June 30,
1995 1994
Raw material $17,847,000 $ 13,991,000
In process 13,998,000 10,032,000
Finished goods 10,614,000 8,916,000
$42,459,000 $32,939,000
Inventories increased $2,140,000 due to the translation effects
of exchange fluctuations from June 30, 1994 to March 31, 1995.
- 6 -
BALDWIN TECHNOLOGY COMPANY, INC.
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain
significant factors which have affected the Company's financial
position and consolidated financial statements.
Nine Months Ended March 31, 1995 vs. Nine Months
Ended March 31, 1994.
Net sales for the nine months ended March 31, 1995 increased by
$14,466,000 or 10% to $155,727,000 from $141,261,000 for the nine
months ended March 31, 1994. Currency rate fluctuations attributable
to the Company's overseas operations increased net sales for the
current period by $7,657,000. Product volume was the primary reason
for the remainder of the increase. In terms of local currency, sales
changes were mixed within the European Sector. Sales were up 6% in
Germany, were up 2% in the United Kingdom and were down 7% in Sweden.
Local currency Asian Sector sales were down 1%. In the Americas
Sector, net sales increased 11%.
Gross profit for the nine month period ended March 31, 1995 was
$52,889,000 (34% of net sales) as compared to $46,824,000 (33.1% of
net sales) for the nine month period ended March 31, 1994, an increase
of $6,065,000 or 13%. Gross profit increased by $3,580,000 due to
volume increases and by $2,485,000 due to currency rate fluctuations.
Selling, general and administrative expenses were $32,422,000
(20.8% of net sales) for the nine month period ended March 31, 1995 as
compared to $30,046,000 (21.3% of net sales) for the same period of
the prior year, an increase of $2,376,000 or 7.9% in these expenses.
Currency rate fluctuations increased these expenses by $1,352,000 in
the current period. Increased marketing expenses, related to
increased sales volume and to trade shows were primarily responsible
for the increase. Other operating expenses increased $1,514,000 over
the same period of the prior year of which $729,000 was due to
currency rate fluctuations with the remaining increase due primarily
to product design engineering.
Interest expense for the nine month period ended March 31, 1995
was $2,590,000 as compared to $2,834,000 for the nine month period
ended March 31, 1994. Currency rate fluctuations increased interest
expense for the current period by $120,000. Decreased interest
expense was primarily related to lower interest rates. Interest
income was $468,000 and $232,000 for the nine month periods ended
March 31, 1995 and March 31, 1994, respectively. Other income and
expense includes foreign currency transaction gains of $204,000 and
$389,000 for the nine month periods ended March 31, 1995 and 1994,
respectively. The effects of currency rate fluctuations increased
other expense by $48,000 for the current period.
The Company's effective tax rate was 50% for the nine month
period ended March 31, 1995, as compared to 53% for the nine month
period ended March 31, 1994. The difference in effective rates
results primarily from increased domestic income. The effective tax
rate reflects the impact of foreign source income which is generally
taxed at significantly higher rates than domestic source income and
foreign source losses for which no tax loss carryback benefit is
available. Currency rate fluctuations increased the provision for
income taxes by $91,000 for the current period.
Net income for the nine month period ended March 31, 1995
increased by $1,428,000 or 82.9% to $3,151,000 from $1,723,000 for the
nine month period ended March 31, 1994, or to $0.18 from $0.10 per
share, respectively. Currency rate fluctuations increased net income
by $91,000 for the current period. Weighted average equivalent shares
outstanding during the nine month periods ended March 31, 1995 and
March 31, 1994 were 17,937,880 and 18,029,333, respectively.
- 7 -
Three Months Ended March 31, 1995 vs. Three Months
Ended March 31, 1994.
Net sales for the three months ended March 31, 1995 increased by
$5,972,000 or 12% to $55,375,000 from $49,403,000 for the three months
ended March 31, 1994. Currency rate fluctuations attributable to the
Company's overseas operations increased net sales for the current
period by $3,378,000 with product volume increases primarily
responsible for the remainder of the change. In terms of local
currency, sales changes were mixed within the European Sector. Sales
were up 14.4% in Germany and were down 12% in United Kingdom and 16.9%
in Sweden. Local currency Asian Sector sales were up by 8.7%. In the
Americas Sector, net sales increased 9.6% for the period.
Gross profit for the three month period ended March 31, 1995 was
$18,666,000 (33.7% of net sales) as compared to $15,777,000 (31.9% of
net sales) for the three month period ended March 31, 1994, an
increase of $2,889,000 or 18.3%. Currency rate fluctuations increased
gross profit by $1,052,000 with the remainder of the increase due
primarily to increased sales volume.
Selling, general and administrative expenses were $11,337,000
(20.4% of net sales) for the three month period ended March 31, 1995
as compared to $10,226,000 (20.7% of net sales) for the same period of
the prior year, an increase of $1,111,000 or 10.9% in these expenses.
Currency rate fluctuations increased these expenses in the current
period by $572,000. The remainder of the increase was primarily
selling expenses related to increased volume and trade shows. Other
operating expenses increased $752,000 or 20.5% over the same period of
the prior year. Currency rate fluctuations increased these expenses
for the current period by $303,000 with the remaining increase
primarily related to product design engineering.
Interest expense for the three month period ended March 31, 1995
was $898,000 as compared to $853,000 for the three month period ended
March 31, 1994. Currency rate fluctuations increased interest expense
for the current period by $73,000. Interest income was $146,000 and
$84,000 for the three month periods ended March 31, 1995 and March 31,
1994, respectively. Other income and expense includes foreign
currency transaction gains of $147,000 and $35,000 for the three month
periods ended March 31, 1995 and 1994, respectively. Currency rate
fluctuations decreased other expense for the period by $4,000.
The Company's effective tax rate on income before taxes was 50%
for the three month period ended March 31, 1995, as compared to 53%
for the three month period ended March 31, 1994. The difference in
effective rates results primarily from increased domestic source
income. The effective tax rate reflects the impact of foreign source
income which is generally taxed at significantly higher rates than
domestic source income and foreign source losses for which no tax loss
carryback benefit is available. Currency rate fluctuations increased
the provision for income taxes by $43,000 for the current period.
Net income for the three month period ended March 31, 1995
increased by $526,000 or 72.3% to $1,254,000 from $728,000 for the
three month period ended March 31, 1994, or to $0.07 from $0.04 per
share, respectively. Currency rate fluctuations increased net income
by $43,000 for the current period. Weighted average equivalent shares
outstanding during the three month periods ended March 31, 1995 and
March 31, 1994 were 17,932,228 and 18,053,212, respectively.
- 8 -
Liquidity and Capital Resources at March 31, 1995
Liquidity and Working Capital
The Company's long-term debt includes $25,000,000 of 8.17% senior
notes (the "Senior Notes") due October 29, 2000 and a three-year
$20,000,000 Revolving Credit Agreement (the "Revolver") with
NationsBank of North Carolina, as Agent which matures in November,
1996. The Senior Notes and the Revolver require the Company to
maintain certain financial covenants and have certain restrictions
regarding the payment of dividends, limiting them throughout the terms
of the Senior Notes and the Revolver to $3,000,000 plus 50% of the
Company's net income after June 30, 1993. In addition, the Company
was required to pledge certain of the shares of it's domestic
subsidiaries as collateral for both the Senior Notes and the Revolver.
Both the Senior Notes and the Revolver require the Company to
maintain a ratio of current assets to current liabilities (as those
terms are defined in the agreements) of not less than 1.4 to 1. At
March 31, 1995, this ratio was 1.75 to 1.
Net cash used by investing activities decreased by $2,624,000
from $3,347,000 at March 31, 1994 to $723,000 at March 31, 1995. The
March 31, 1994 amount was significantly impacted by the capitalization
of costs associated with the Company's debt refinancing. The
remainder of the decrease was due primarily to a reduction of
capitalized patent costs. Net cash provided by financing activities
increased by $5,164,000 to $1,481,000 at March 31, 1995 as compared
to net cash used by financing activities of $3,683,000 at March 31,
1994 primarily due to the difference in debt borrowing and repayment
activity and lower levels of treasury stock purchased during the
current period.
The Company's working capital increased from $43,879,000 at March
31, 1994, to $51,964,000 at March 31, 1995, an increase of $8,085,000
or 18.4%. Currency rate fluctuations increased working capital by
$4,045,000. The remainder of the increase was due primarily to the
effects of increases in trade accounts and notes receivable, due to
both an increase in sales to direct customers in the Asia-Pacific
Sector and increased March 1995 sales overall and increases in
inventory levels to meet customer requirements in the next succeeding
quarter, offset by a decrease in cash. The increase in current assets
was partially offset by a net increase in current liabilities which
included increases in loans payable, trade accounts and notes payable
and customer deposits. The Company's working capital increased by
$6,866,000 or 15.2% from $45,098,000 at June 30, 1994 to $51,964,000
at March 31, 1995. Currency rate fluctuations increased working
capital by $2,967,000. The increase in working capital was due to
increases in both trade accounts and notes receivable and inventories
which was partially offset by a decrease in short term interest
bearing securities. Increases in loans payable, trade accounts and
notes payable and customer deposits were offset by decreases in income
taxes payable and accrued compensation.
The Company maintains relationships with foreign and domestic
banks which have extended credit facilities to the Company totaling
$35,220,000, including amounts available under the Revolver. As of
March 31, 1995, the Company had outstanding $12,996,000 under these
lines of credit, of which $2,673,000 is classified as long-term debt.
Total debt levels as reported on the balance sheet at March 31, 1995
are $1,714,000 higher then they would have been if June 30, 1994
exchange rates had been used.
Net capital expenditures made to meet the normal business needs
of the Company for the nine months ended March 31, 1995 and March 31,
1994, including commitments for capital lease payments, were
$1,156,000 and $1,460,000, respectively.
- 9 -
The Company believes its cash flow from operations and bank lines
of credit are sufficient to finance its working capital and other
capital requirements for the near and long-term future.
Impact of Inflation
The Company's results are affected by the impact of inflation on
manufacturing and operating costs. Historically, the Company has used
selling price adjustments, cost containment programs and improved
operating efficiencies to offset the otherwise negative impact of
inflation on its operations.
- 10 -
BALDWIN TECHNOLOGY COMPANY, INC
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(b) Reports on Form 8-K. There were no reports on Form 8-K
filed for the three months ended March 31, 1995.
- 11 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
BALDWIN TECHNOLOGY COMPANY, INC.
BY /s/William J. Lauricella
---------------------
Treasurer and
Chief Financial Officer
Dated: May 4, 1995
- 12 -
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS IN THE COMPANY'S CURRENT REPORT ON FORM 10-q AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH UNAUDITED FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> MAR-31-1995
<CASH> 8909
<SECURITIES> 4036
<RECEIVABLES> 58124
<ALLOWANCES> 2763
<INVENTORY> 42459
<CURRENT-ASSETS> 121464
<PP&E> 26880
<DEPRECIATION> 19712
<TOTAL-ASSETS> 205514
<CURRENT-LIABILITIES> 69500
<BONDS> 0
<COMMON> 180
0
0
<OTHER-SE> 95288
<TOTAL-LIABILITY-AND-EQUITY> 205514
<SALES> 155727
<TOTAL-REVENUES> 155727
<CGS> 102838
<TOTAL-COSTS> 102838
<OTHER-EXPENSES> 45380
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2590
<INCOME-PRETAX> 6302
<INCOME-TAX> 3151
<INCOME-CONTINUING> 3151
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<EXTRAORDINARY> 0
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<NET-INCOME> 3151
<EPS-PRIMARY> .18
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</TABLE>
