Bowne Reports Increases in Revenue, Profit in Fourth Quarter
February 3, 2010
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NEW YORK CITY—Feb 03, 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 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
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 maturity to May 2013. We're confident that we have the capital structure in place that will support our strategic growth plan."
• 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
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 maturity to May 2013. We're confident that we have the capital structure in place that will support our strategic growth plan."
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