Net Income for the quarter ended June 30, 2004 was US$4.4m, compared to a net loss of US$4.5m in the prior fiscal year.
Net sales for the fiscal year were US$158.1m, a considerable 18 per cent rise over the US$134.2m posted for the full year of 2002-03. Net sales for the fourth quarter were US$41.4m, compared to US$35.1m for the fourth quarter in the prior year, representing an increase of approximately 18 per cent.
Orders for the fourth quarter ended June 30, 2004 were US$34.5m. Due to stronger than expected shipments, the Company’s backlog as of June 30, 2004 declined to approximately US$45m, down from US$49.7m at June 30, 2003. Strong order intake since year-end has improved current backlog to approximately US$47m.
Vijay Tharani, Baldwin vice president and CFO, says, “We are very pleased with the financial results for fiscal 2004. These results reflect favorably on the actions undertaken by the Company over the past year to improve its operating and financial performance. The Company is operating its business with fewer employees, managing its assets more effectively, tightly controlling its expenses, and shipping its order backlog more quickly. All of this has contributed to a very good year for Baldwin. In addition, we are currently in discussions with selected lenders to refinance our existing lines of credit, which will materially lower our cost of borrowings.”
Gerald Nathe, Baldwin chairman and president, says, “I am very proud of the contributions of the Baldwin employees to the Company’s performance this past year. They implemented and executed a range of action plans focused on customers, operations, expenses and financial matters. The results of these efforts are reflected in the significant improvement of Fiscal 2004 over Fiscal 2003. Although the global economic recovery remains unsteady, our industry difficult, and our competition formidable, we expect to carry the business momentum from Fiscal 2004 into Fiscal 2005.”
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