============================: TUE.JAN,980120 :============================
16:15| NYSBC(AMX:BLD)9801 . Harry`s@Hanover . Baldwin Tech . Press Equipment

Originally : Baldwin Bkln 1918 . | Printing & Pub mkt : Newspaper - going to
 customization & color . Mags & catalogs .
 US 210B$ . greater than all other electronic media combined .
 Buys 10 - 15 B$ WW % yr . 5B$ accessories & controls . .2-.3 of 5M$ cost of
 web press is their sort of prods . Enkel Splicer . finishing - folding
 .5 to 1 M$ each . Blanket Cleaner 8-15k$ each . 200 prods tot , 3 catagories
 : .4 .3 .3 | US Europe Asia | 475 393 165 employees : 85 68 62 M$ rev
 Material handling in US . need to expand this into RoW .
 220M$ tot Sales . Cos Run by locals WW .
 Markets : Commercial , Publications , Newspaper , Packaging , Converting (
 envelopes & papertowell rolls , etc ) , Print-on-Demand .
 Digital data very liquid now days . Distributed printing .
 Customers : OEM ( press mfgs : Heidberg ) .  Direct : Donnelly McGraw
 Largest cust < .08 of tot sales .
 See :  www.baldwintech.com 
Not had good run this half fair evaluation . Over last cpl yrs been
 reevaluating what they doing . Focused evryone shareholder val .
 Portfolio of Cos . Streamline global mkting .
Actions : divested Pre-Press , restructured mkting to Product WW .
 Baldwin JV w Davlin ( CAN ) : print-on-demand , cleaning eq .
 Fin measurement sys : incentive compensation on  Economic value added
Publishers & Users : more Tek sofist . continue to consolidate , more niche
 mkting . Their eq adds hrs of press time by reducing turnaround .
 Signature waste ?  Focusing on Environment waset VOC emisions .
 Cleaning & water systems .
 Q1 52 57 48 M  | 1 .6 1.2 earnings .  last 3 yr .
 Why invest : Industry large stable - lot of change , high cap-ex now .
 They one stop shop . Solid Fin Base : Where there`s Printing , ther`s
 Baldwin .
|17:11| ?s : Ted : Institutional ownership - > .15 ( 13f funds ) Insiders :
  Jerry Chmn 1 yr . been in busn since `68 . Joined Baldwin US `90 .
  B all inside - supervoting , A .2 inside . Options - lot out @ 3 - 7 $ .
 dbld this yr  - forcasts hav ~ been reliable .   2.75 to now 5 .
 | Sales to Fed ? Gov buys from press mfgs or farm out .
 Market cap  | 17.5 x 5 |>| 87.5  | M$ | Book 60 M$ |
 E % S ? .45 - .5  | est
 Largest cust : Mitsubishi , German firm , last 2  yrs .
 Competition . Press Mfgs themselves after patents expire .
  other , all Private : Oxytran ~ Chic IL | B only major WW player .
  Bought Mizomex `89 . sold , took 38M$ writeoff .
 Acqs ? record poor so going to be carefull .
 Wherefrom Growth ? Newspapers - reequiping w multiuse presses that need
 cleaning in between .  Distributive printing .
 Material handling |
 Clare : Asia ? in Japan & PRC - they relatively unaffected . produce there
  . not seeing declines in sale , but is translation issue .
 Cash % share ? 10 M$ ( .7 % share ) | Debt ? 30 M$ .
 Profit margs : Gross  .30 ; operating : .07  |
 Internet , Home shopping ? CD-Rom - good for ref , - didn`t impact mags &
  periodicals . 1 wall in Computer store filled w books .
  Got more niche mkting catalogs . Wife does shopping off net & catalogs .
  Does not now see as bleeding .  Printing growth @ .05 |
 Digital DB used to create all push media
|17:34| Jerry Larry & Helen .