|Modified | DDT |>| MON.FEB,980202,13:1-5 |||CoSy/Home ; CoSy/Current||© Coherent Systems Inc .|
============================: 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 .