BALDWIN TECHNOLOGY CO INC

CIK:0000805792|SEC Filings

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Dec. 31, 2011

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 5 — Accumulated Other Comprehensive Income (Loss):

Accumulated Other Comprehensive Income (Loss) (“AOCI”) is comprised of various items, which affect equity that result from recognized transactions and other economic events other than transactions with owners in their capacity as owners. AOCI is included in shareholders’ equity in the consolidated balance sheets. AOCI consists of the following:


	December 31, 2011			June 30, 2011
	(In thousands)
Cumulative translation adjustments	$	5,899		$	7,516
Unrealized loss on investments, net of tax of benefit $193 ($144 at June 30, 2011)		(277	)		(198	)
Pension and other, net of tax benefit of $995 ($930 at June 30, 2011)		(1,415	)		(1,287	)

	$	4,207		$	6,031

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net loss	$ (10,656)	$ (833)
Adjustments to reconcile net loss to net cash used in operating activities:
Net loss (income) from discontinued operations		234
Depreciation and amortization	1,500	1,345
Deferred income taxes	4,205	(1,663)
Provision for losses on accounts receivable	1,482	344
Provision for inventory obsolescence	528
Deferred financing charge		118
Merger/transaction charges	643
Merger/transaction payments	(206)
Stock based compensation expense	196	501
Restructuring charges	77	609
Payment of restructuring charges	(1,591)	(520)
Severance charge (former CEO)		878
Severance charge payments	(445)	(7)
(Gain) loss on disposal of fixed assets	(147)	80
Changes in assets and liabilities:
Accounts and notes receivable, trade	860	(5,012)
Inventories	(7)	1,257
Prepaid expenses and other	1,735	803
Other assets	1,105	1,605
Customer deposits	(1,158)	(665)
Accrued compensation	(758)	(858)
Accounts and notes payable, trade	(496)	(263)
Income taxes payable	352	182
Accrued and withheld taxes	(411)	(74)
Other accounts payable and accrued liabilities	963	(1,140)
Net cash used in operating activities	(2,229)	(3,079)
Cash flows from investing activities:
Additions of property, plant and equipment	(877)	(116)
Additions of patents and trademarks	(43)	(240)
Proceeds from the sale of assets	640
Net cash used in investing activities	(280)	(356)
Cash flows from financing activities:
Long-term and short-term debt borrowings	1,287	2,788
Long-term and short-term debt repayments	(1,416)
Principal payments under capital lease obligations	(3)	(59)
Payment of debt financing costs	(541)	(220)
Share repurchase	(18)	(37)
Other long-term liabilities	164	(46)
Net cash (used in) provided by financing activities	(527)	2,426
Discontinued operations:
Cash used in operating activities		(115)
Cash used in investing activities		(70)
Net cash used in discontinued operations		(185)
Effects of exchange rate changes on cash	67	1,038
Net decrease in cash and cash equivalents	(2,969)	(156)
Cash and cash equivalents (including discontinued operations at beginning of period)	15,814	15,710
Cash and cash equivalents (including discontinued operations at end of period)	12,845	15,554
Less cash and cash equivalents of discontinued operations at end of period	0	0
Cash and cash equivalents (excluding discontinued operations) at end of period	12,845	15,554
Cash paid during the period for:
Interest	703	600
Income taxes	21	716
Non-cash investing and financing activities:
Warrants issued in connection with debt financing	$ 391	$ 469

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Jun. 30, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 12,845	$ 15,814
Accounts receivable trade, net of allowance for doubtful accounts of $2,621 ($1,398 at June 30, 2011)	25,728	28,068
Notes receivable, trade	1,798	2,511
Inventories	19,132	20,629
Deferred taxes, net	382	834
Prepaid expenses and other	4,953	6,361
Total current assets	64,838	74,217
MARKETABLE SECURITIES:
(Cost $972 at December 31, 2011 and $907 at June 30, 2011)	495	565
PROPERTY, PLANT AND EQUIPMENT:
Land and buildings	0	1,176
Machinery and equipment	6,922	6,223
Furniture and fixtures	4,635	4,872
Capital leases	102	118
Total property, plant and equipment	11,659	12,389
Less: Accumulated depreciation	(7,837)	(8,081)
Net property, plant and equipment	3,822	4,308
INTANGIBLES, less accumulated amortization of $12,642 ($12,222 at June 30, 2011)	9,506	10,729
GOODWILL, less accumulated amortization of $1,561 ($1,606 at June 30, 2011)	19,274	19,925
DEFERRED TAXES, NET	739	4,087
OTHER ASSETS	3,717	5,291
TOTAL ASSETS	102,391	119,122
CURRENT LIABILITIES:
Loans payable	3,900	4,965
Current portion of long-term debt	16,482	696
Accounts payable, trade	16,175	16,937
Notes payable, trade	3,580	3,879
Accrued salaries, commissions, bonus and profit-sharing	4,391	5,216
Customer deposits	1,753	2,911
Accrued and withheld taxes	884	1,295
Income taxes payable	443	109
Deferred taxes	49	93
Other accounts payable and accrued liabilities	9,966	11,519
Total current liabilities	57,623	47,620
LONG-TERM LIABILITIES:
Long-term debt, net of current portion	3,764	18,552
Deferred taxes	718	718
Other long-term liabilities	9,984	9,881
Total long-term liabilities	14,466	29,151
Total liabilities	72,089	76,771
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Capital contributed in excess of par value	49,176	48,748
Accumulated deficit	(23,241)	(12,585)
Accumulated other comprehensive income	4,207	6,031
Total shareholders' equity	30,302	42,351
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	102,391	119,122
Class A Common Stock
SHAREHOLDERS' EQUITY:
Common Stock	149	146
Total shareholders' equity	149	146
Class B Common Stock
SHAREHOLDERS' EQUITY:
Common Stock	11	11
Total shareholders' equity	$ 11	$ 11