Bowne & Co. Inc. (BNE:NYSE)

Bowne & Co. Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, revenue was $148.8 million compared to $164.0 million in the third quarter of 2008, a decline of $15.2 million, or 9%. Segment profit and segment profit margin were $3.8 million and 2.5%, respectively, in the third quarter of 2009, compared to a loss of $7.4 million and 4.5%, respectively, in the third quarter of 2008. Loss from continuing operations was $7.4 million, or $0.21 per diluted share, compared to $17.7 million, or $0.62 per diluted share, in the third quarter of 2008. Operating loss was $7.98 million compared to $24.4 million for the same period a year ago. Loss from continuing operations before income taxes was $11.6 million compared to $26.1 million for the same period a year ago. Pro forma results from continuing operations totaled a loss of $4.5 million in the third quarter of 2009 compared to a loss of $12.4 million for the same period a year ago. This resulted in diluted earnings/(loss) per share of $0.13 in the third quarter of 2009, compared to $0.43 for the same period a year ago. For the nine months ended September 30, 2009, revenue was $506.8 million, down $102.9 million or 17% from $609.7 million reported for the first nine months of 2008. Segment profit and segment profit margin were $35.6 million and 7.0%, respectively, in the first nine months of 2009 compared to $35.4 million and 5.8% in the first nine months of 2008. Operating loss was $10.4 million compared to $17.4 million for the same period a year ago. Loss from continuing operations before income taxes was $26.1 million compared to $17.5 million for the same period a year ago. Loss from continuing operations was $13.0 million, or $0.43 per diluted share for the nine months ended September 30, 2009, compared to $14.9 million, or $0.52 per diluted share, in 2008. Pro forma results from continuing operations totaled break-even for the 2009 year-to-date period compared to the income of $3.0 million, respectively, in the comparable prior year periods. This resulted in diluted earnings/(loss) per share of $0.00 compared to $0.10, in the comparable 2008 period. Net cash provided by operating activities was $6.3 million compared to net cash used in operating activities of $23.2 million for the nine months ended September 30, 2008. The company spent $10.6 million on purchases of property, plant and equipment compared to $16.7 million for the same period a year ago. The company had previously adjusted its 2009 business outlook in its second quarter earnings announcement released in August 2009, and expects full year results to be in the range presented.

Bowne & Co., Inc. announced its third quarter results with revenue of $148.8 million. On October 20, 2009, the Company had amended its revolving credit facility and extended its maturity through May 2013. The company stated that this amended facility provides it with more favorable debt covenants, increased financial flexibility related to cash dividends and acquisitions, and retains the total committed amount of the existing revolving credit facility at $123 million.

Bowne & Co. Inc., Q3 2009 Earnings Call, Nov-05-2009