For the full year, Baldwin recorded net income of $US6.258 million or $US0.40 per diluted share, up 24% over net income of $US5.035 million or $US0.33 per diluted share for 2005.
For the fourth quarter, net sales decreased by 1.7%. Excluding the unfavourable currency impact, sales would have been approximately the same as last year’s quarter.
President Karl Puehringer says the company achieved excellent results in fiscal 2006 year in a rapidly changing environment.
“Despite challenges to print media in general and tough price competition in particular, we again expanded our market share as a provider of accessories and controls for the global offset printing industry, by aggressively focusing on our core competencies, including our ability to deliver well-designed, reliable products at a competitive price.
“We also benefited from strong individual efforts from the many Baldwin employees around the world who are engaged, energized and involved in building our business.”
He also noted that the start to the new financial year was marked by Baldwin being awarded a large order from the Nikkei Newspaper Group in Japan in excess of $US5 million.
Baldwin Vice President and CFO Vijay Tharani said revenues on a currency-adjusted basis grew by about 8% and gross margins were at 33.6% in a price competitive market, up from 33% in 2005.