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Bowne Co Inc (BNE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, June 30, 2010

Bowne Co Inc

CIK: 13610 Ticker: BNE

 

Exhibit 99.1
Bowne & Co., Inc.
55 Water Street
New York, NY 10041
(212) 924-5500
Fax: (212) 658-5871
NEWS RELEASE
         
(BOWNE LOGO)
  Investor Relations Contact:
Bryan Berndt
Treasurer
212-658-5817
bryan.berndt@bowne.com
  Media Contact:
Pamela Blum
Director of Corporate Communications
212-658-5884
pamela.blum@bowne.com
FOR IMMEDIATE RELEASE
BOWNE & CO. REPORTS 2009 RESULTS
    Fourth Quarter Revenue Up 8%; Gross Profit Up 36%; and Segment Profit Increases $13 million
 
    Full Year Segment Profit of $46 Million Represents a 39% Increase Over 2008
 
    Significantly Improved 2010 Business Outlook Announced
NEW YORK, February 3, 2010
Bowne & Co., Inc. (NYSE: BNE), a global leader in shareholder and marketing communications services, today announced fourth quarter and full year operating results.
Fourth quarter 2009 revenue of $169.0 million increased $12.0 million or 8% over the comparable period last year. Gross profit improved by $15.1 million to $57.2 million with a 33.8% gross margin contribution, compared to $42.0 million and a 26.8% gross margin contribution in the prior year period. The Company generated segment profit of $10.5 million in the fourth quarter, as compared to a loss of ($2.2) million last year. Segment profit margin for the quarter was 6.2%. Loss from continuing operations for the fourth quarter of 2009 was ($4.1) million, or ($0.10) per diluted share, compared to ($15.5) million, or ($0.54) per diluted share, in the fourth quarter of 2008.
For the year ended December 31, 2009, revenue was $675.8 million, as compared to $766.6 million reported for the prior year. The Company generated gross profit in 2009 of $225.7 million with a 33.4% gross margin contribution, compared to $241.6 million and a 31.5% gross margin contribution in the prior year period. Segment profit improved by $12.8 million, or 39%, to $46.1 million for the full year, compared to $33.2 million in 2008. Segment profit margin also increased to 6.8% from 4.3% in 2008. Loss from continuing operations was ($17.1) million, or ($0.52) per diluted share for the year ended December 31, 2009, compared to ($30.4) million, or ($1.07) per diluted share, in 2008.
On a pro forma basis for the fourth quarter, loss from continuing operations totaled ($2.1) million and loss per share was ($0.05) compared to a loss from continuing operations of ($11.2) million and loss per share of ($0.39) in the 2008 fourth quarter. For the full year 2009 on a pro forma basis, loss from continuing operations was ($3.0) million and a loss per share of ($0.09), as compared to a ($7.5) million loss from continuing operations in 2008 and loss per share of ($0.26). (See page 9, Pro Forma Supplemental Income Information, for a reconciliation between the non-GAAP financial measures and the Company’s Condensed Consolidated Statements of Operations.)
“We are pleased with our operating performance in the fourth quarter with revenue improving by 8% over last year and segment profit improving by $13 million. For the full year, our segment profit improved by 39% over 2008, despite a drop in revenue of approximately $91 million,” said Dave Shea, Chairman and Chief Executive Officer. “We are optimistic about 2010, given the increased momentum in the capital markets, our strong back log entering the year, a streamlined cost structure and our more flexible operating model. In 2009, we also significantly strengthened the Company’s capital structure, through a dramatic reduction in our debt levels, and completed an amendment and extension of our $123 million revolving credit facility, extending its
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The following information was filed by Bowne Co Inc (BNE) on Wednesday, February 3, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: BNE
CIK: 13610
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-10-072281
Submitted to the SEC: Wed Aug 04 2010 11:42:44 AM EST
Accepted by the SEC: Wed Aug 04 2010
Period: Wednesday, June 30, 2010
Industry: Commercial Printing

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