Baldwin Technology reports net sales for the fiscal year ended June 30, 2004, were $158.1M - an increase of almost 18 per cent on the previous year. Net sales for the fourth quarter ended June 30, 2004, were $41.4M - again about 18 per cent up. Net income for the quarter ended June 30, 2004, was $4.4M. For the full year to June 30, 2004, the company recorded net income of $7.0M, an improvement of $18M. Orders for the fourth quarter were $34.5M.
Vijay Tharani, vp and cfo, commented: "We are very pleased with the financial results for fiscal 2004. They reflect favourably 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."
Chairman and president Gerald Nathe added: "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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