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Baldwin Technology Co. has a market cap of $23.5 million; its shares were traded at around $1.51 with and P/S ratio of 0.2. Hedge Fund Gurus that owns BLD: Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns BLD: Mario Gabelli of GAMCO Investors.
Highlight of Business Operations: Selling, general and administrative expenses (SG&A) amounted to $18,610 (23% of net sales) for the six months ended December 31, 2010 compared to $17,007 (22.6% of net sales) for the same period in the prior fiscal year, an increase of $1,603 or 9%. Currency rate fluctuations increased SG&A $113 during the six month period. G&A expenses increased $815. The increase primarily reflects additional G&A expenses associated with the UV business of $744 and costs associated with the termination agreement with the Company’s former CEO of $878. Partially offsetting these increases were lower professional fees of $911 incurred in fiscal year 2010 related to an investigation into internal control matters. Selling expenses increased $790. The increase primarily reflects additional selling expenses associated with the UV business of $754.
Engineering and development expenses amounted to $7,098 for the six months ended December 31, 2010, compared to $6,574 for the same period in the prior fiscal year, an increase of $524 or 8%. Currency rate fluctuations decreased expenses $183 for the current period. The increase primarily reflects additional expenses associated with the UV business of $346. As a percentage of net sales, engineering and development expenses were approximately 8.8% of sales for each of the six months ended December 31, 2010 and 2009.
Selling, general and administrative expenses (SG&A) were $8,819 (20.9% of net sales) for the three months ended December 31, 2010, compared to $8,048 (20.8% of net sales) for the same period in the prior fiscal year, an increase of $771 or 9%. Foreign currency translations increased SG&A $86. G&A expenses increased $298. The increase primarily reflects additional G&A expenses associated with the UV business of $382. Selling expenses increased $474. The increase primarily reflects additional selling expenses associated with the UV business of $345.
Engineering and development expenses were $3,683 (8.7% of net sales) for the three months ended December 31, 2010, compared to $3,503 (9.0% of net sales) for the same period of the prior fiscal year, an increase of $180. Currency rate fluctuations of $73 decreased engineering and development expenses. The increase primarily reflects additional expenses associated with the UV business of $168.
Cash flow from financing activities primarily reflects borrowings in fiscal year 2010 in excess of payments. On September 28 and 29, 2010, the Company entered into Amendment #8 and #9 to the Credit Agreement (“Amendment #8” and “Amendment #9”, respectively) with its Lenders and BofA as agent for its Lenders (the “Credit Agreement”). Under the terms of Amendment #8, the total commitment under the Credit Agreement was reduced from $25 million to $20 million, certain adjustments were made to the interest payment provisions and the Company issued to the Lenders warrants with a term of 10 years to purchase 352,671 shares of common stock in the Company for $0.01 per share (the “Warrants”). The Warrants also contain a put provision that enables the holders after September 28, 2012 to request a cash settlement of the then fair market value of the Warrants in an amount not to exceed $1.50 per share. Amendment #8 sets new covenants for currency adjusted net sales, establishes minimum EBITDA levels and sets a limit on capital expenditures for the fiscal year ending June 30, 2011. Under the terms of Amendment #9, the definition of EBITDA was revised.
Cash (used) by financing activities of $9,178 for the period ended December 31, 2009 reflects the use of the net cash proceeds from the gain on the legal settlement of approximately $7,700 to repay the term loan in accordance with the provisions of the July 31, 2009 Credit Agreement amendment. In addition, cash used for financing activities reflected scheduled term loan payments of approximately $1,500 and payment of debt financing costs of $685. These payments were partially offset by borrowings under the Credit Agreement of $726.
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