Bowne & Co (BNE) 10-Q 4 Nov 09 2009 Q3 Quarterly report Financial data

Document and Company Informatio

Document and Company Information (USD $)
	9 Months Ended Sep. 30, 2009	Nov. 01, 2009
Document and Company Information [Abstract]
Entity Registrant Name	BOWNE & CO INC
Entity Central Index Key	0000013610
Document Type	10-Q
Document Period End Date	2009-09-30
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		40,084,427

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenue	$148,763	$163,956	$506,844	$609,731
Expenses:
Cost of revenue (exclusive of depreciation and amortization shown below)	100,476	121,901	338,302	410,162
Selling and administrative (exclusive of depreciation and amortization shown below)	44,497	49,401	132,974	164,163
Depreciation	6,190	6,860	20,647	20,996
Amortization	1,366	1,659	4,100	3,238
Restructuring, integration and asset impairment charges	4,220	8,491	21,184	28,525
Total expenses	156,749	188,312	517,207	627,084
Operating loss	(7,986)	(24,356)	(10,363)	(17,353)
Interest expense	(1,796)	(2,654)	(5,148)	(7,558)
Loss on extinguishment of debt	(777)	0	(777)	0
Other (expense) income, net	(1,026)	926	(1,182)	3,116
Loss from continuing operations before income taxes	(11,585)	(26,084)	(17,470)	(21,795)
Income tax benefit	4,163	8,356	4,447	6,931
Loss from continuing operations	(7,422)	(17,728)	(13,023)	(14,864)
(Loss) income from discontinued operations, net of tax	(51)	6,084	(222)	5,221
Net loss	($7,473)	($11,644)	($13,245)	($9,643)
Loss per share from continuing operations:
Basic	-0.21	-0.62	-0.43	-0.52
Diluted	-0.21	-0.62	-0.43	-0.52
(Loss) earnings per share from discontinued operations:
Basic	$0	0.21	-0.01	0.18
Diluted	$0	0.21	-0.01	0.18
Total loss per share:
Basic	-0.21	-0.41	-0.44	-0.34
Diluted	-0.21	-0.41	-0.44	-0.34
Dividends per share (2009 dividends were paid in stock, 2008 were paid in cash)	0.055	0.055	0.165	0.165

1_Condensed Consolidated Statem

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Net loss	($7,473)	($11,644)	($13,245)	($9,643)
Recognition of previously unrecognized pension adjustments, net of taxes of $323 and $143 for the three months ended Sep. 30, 2009 and 2008 and $10,570 and $408 for the nine months ended Sep. 30, 2009 and 2008, respectively	456	228	14,900	652
Foreign currency translation adjustments	2,780	(3,954)	5,415	(3,820)
Net unrealized (loss) gain from marketable securities during the period, net of taxes of $1 and $4 for the three months ended Sep. 30, 2009 and 2008 and $1 and $124 for the nine months ended Sep. 30, 2009 and 2008, respectively	(1)	7	(2)	(202)
Reclassification adjustments for unrealized holding losses on marketable securities that were sold during the period, net of taxes of $0 and $55 for the three months ended Sep. 30, 2009 and 2008 $0 and $89 for the nine months ended Sep. 30 2009 and 2008, respectively	0	89	0	145
Comprehensive (loss) income	($4,238)	($15,274)	$7,068	($12,868)

2_Condensed Consolidated Statem

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $)
In Thousands	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Tax effect on recognition of previously unrecognized pension adjustments	$323	$143	$10,570	$408
Tax effect on net unrealized (loss) gain from marketable securities	1	4	1	124
Tax effect on reclassification adjustments for unrealized holding losses on marketable securities that were sold during the period	$0	$55	$0	$89

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Thousands	Sep. 30, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	$16,306	$11,524
Marketable securities	226	193
Accounts receivable, less allowances of $4,991 (2009) and $5,178 (2008)	121,245	116,773
Inventories	28,148	27,973
Prepaid expenses and other current assets	43,326	45,990
Total current assets	209,251	202,453
Marketable securities, noncurrent	2,921	2,942
Property, plant and equipment at cost, less accumulated depreciation of $267,905 (2009) and $258,425 (2008)	118,138	130,149
Other noncurrent assets:
Goodwill	50,965	50,371
Intangible assets, less accumulated amortization of $10,901 (2009) and $6,781 (2008)	37,756	41,824
Deferred income taxes	38,927	44,368
Other	10,204	8,642
Total assets	468,162	480,749
Current liabilities:
Current portion of long-term debt and capital lease obligations	714	842
Accounts payable	43,946	47,776
Employee compensation and benefits	21,615	19,181
Accrued expenses and other obligations	34,392	42,085
Total current liabilities	100,667	109,884
Other liabilities:
Long-term debt and capital lease obligations - net of current portion	33,753	88,352
Deferred employee compensation	50,010	75,868
Deferred rent	18,928	19,039
Other	1,657	1,023
Total liabilities	205,015	294,166
Preferred stock:
Authorized 1,000,000 shares, par value $.01 issuable in series-none issued	0	0
Common stock:
Authorized 60,000,000 shares, par value $.01 issued 44,216,896 shares and outstanding 40,079,863 shares, net of treasury shares of 4,137,033 (2009); issued 43,209,432 shares and outstanding 26,977,671 shares, net of treasury shares of 16,231,761(2008)	442	432
Additional paid-in capital	32,470	119,676
Retained earnings	298,634	316,411
Treasury stock, at cost, 4,137,033 shares (2009) and 16,231,761 shares (2008)	(55,213)	(216,437)
Accumulated other comprehensive loss, net	(13,186)	(33,499)
Total stockholders' equity	263,147	186,583
Total liabilities and stockholders' equity	$468,162	$480,749

3_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data	Sep. 30, 2009	Dec. 31, 2008
Current assets:
Allowances for accounts receivable	$4,991	$5,178
Accumulated depreciation on property, plant and equipment	267,905	258,425
Other noncurrent assets:
Accumulated amortization on intangible assets	$10,901	$6,781
Preferred stock:
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value	0.01	0.01
Preferred stock, shares issued	0	0
Common stock:
Common stock, shares authorized	60,000,000	60,000,000
Common stock, par value	0.01	0.01
Common stock, shares issued	44,216,896	43,209,432
Common stock, shares outstanding	40,079,863	26,977,671
Treasury stock, shares	4,137,033	16,231,761

4_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash flows from operating activities:
Net loss	($13,245)	($9,643)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Net loss (income) from discontinued operations	222	(5,221)
Depreciation	20,647	20,996
Amortization	4,100	3,238
Asset impairment charges	2,450	246
Loss on extinguishment of debt	777	0
Changes in other assets and liabilities, net of acquisitions, discontinued operations and certain non-cash transactions	(7,535)	(31,377)
Net cash used in operating activities of discontinued operations	(1,087)	(1,473)
Net cash provided by (used in) operating activities	6,329	(23,234)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(10,556)	(16,654)
Purchases of marketable securities	0	(5,000)
Proceeds from the sale of marketable securities and other assets	758	39,891
Acquisitions of businesses	(195)	(79,495)
Net cash used in investing activities	(9,993)	(61,258)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility, net of debt issuance costs	38,542	48,000
Payment of debt	(98,417)	(9,000)
Proceeds from equity offering, net of equity issuance costs	67,828	0
Payment of capital lease obligations	(627)	(762)
Proceeds from stock options exercised	0	766
Payment of cash dividends	0	(4,410)
Other	0	221
Net cash provided by financing activities	7,326	34,815
Effects of exchange rates on cash flows and cash equivalents	1,120	(1,176)
Net increase (decrease) in cash and cash equivalents	4,782	(50,853)
Cash and cash equivalents, beginning of period	11,524	64,941
Cash and cash equivalents, end of period	16,306	14,088
Supplemental Cash Flow Information:
Cash paid for interest	3,159	3,459
Net cash (refunded) paid for income taxes	(7,589)	4,618
Non-cash investing activities:
Equipment acquired under capital leases	$0	$423

Basis of Presentation

Basis of Presentation
	9 Months Ended Sep. 30, 2009 USD / shares
Basis of Presentation [Abstract]
Basis of Presentation	Note1. Basis of Presentation The financial information as of September30, 2009 and for the three and nine month periods ended September30, 2009 and 2008 has been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). In the opinion of management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the consolidated financial position, results of operations and of cash flows for each period presented have been made on a consistent basis. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These financial statements should be read in conjunction with the Companys annual report on Form10-K and consolidated financial statements for the year ended December31, 2008. Operating results for the three and nine months ended September30, 2009may not be indicative of the results that may be expected for the full year. Certain prior year amounts have been reclassified to conform to the 2009 presentation. In addition, certain prior year information has been retroactively restated to reflect the impact of the adoption of accounting guidance regarding the accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement), which is discussed in more detail in Note2 to the Condensed Consolidated Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements
	9 Months Ended Sep. 30, 2009 USD / shares
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	Note2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2009, the Financial Accounting Standards Board (FASB) issued a standard regarding the FASB Accounting Standards Codificationtm and the hierarchy of generally accepted accounting principles, which replaces the standard previously issued by the FASB regarding the hierarchy of generally accepted accounting principles. This standard identifies the source of accounting principles and the framework for selecting the principles used in the preparation of financial statements of non-governmental entities that are presented in conformity with generally accepted accounting principles (GAAP) in the United States (the GAAP hierarchy). In addition, this standard establishes the FASB Accounting Standard Codificationtm (the Codification) as the source of authoritative GAAP recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP. All guidance contained in the Codification carries an equal level of authority. The initial date of the adoption of this standard was effective for financial statements issued for interim and annual periods ending after June15, 2009. On June3, 2009, FASB decided that this standard is effective for interim and annual periods ending after September15, 2009. The Company adopted this standard during the third quarter of 2009. Its adoption did not have a significant impact on its financial statements. In May 2009, the FASB issued a standard regarding accounting for subsequent events. This standard incorporates into authoritative accounting literature certain guidance that already existed within generally accepted auditing standards, but the rules concerning recognition and disclosure of subsequent events will remain essentially unchanged. Subsequent events guidance addresses events which occur after the balance sheet date but before the issuance of financial statements. Under this guidance as under current practice, an entity must record the effect of subsequent events that provide evidence about conditions that existed at the balance sheet date but not record the effects of subsequent events which provide evidence about conditions that did not exist at the balance sheet date. This standard is effective for interim and annual periods ending after June15, 2009. The Company adopted this standard during the second quarter of 2009. Its adoption did not have a significant impact on the Companys financial statements for the three and nine months ended September30, 2009. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September30, 2009, for items that should be recognized or disclosed in these financial statements. The evaluation was conducted through November4, 2009, the date these financial statements were issued. The Companys subsequent events are disclosed in Note14 to the Condensed Consolidated Financial Statements. In April 2009, the FASB issued guidance regarding interim disclosures about fair value of financial instruments, which amended the preexisting standards to require disclosures about

Marketable Securities

Marketable Securities
	9 Months Ended Sep. 30, 2009 USD / shares
Marketable Securities [Abstract]
Marketable Securities	Note3. Marketable Securities The Company classifies its investments in marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported as a separate component of stockholders equity. Marketable securities as of September30, 2009 and December31, 2008 consist primarily of investments in auction rate securities of approximately $2.9million. Uncertainties in the credit markets have prevented the Company and other investors from liquidating some holdings of auction rate securities in recent auctions. Accordingly, the Company still holds a portion of these auction rate securities and is receiving interest at comparable rates for similar securities. The Companys investments in auction rate securities had a par value of approximately $3.1million as of September30, 2009, and are insured against loss of principal and interest. Due to the uncertainty in the market as to when these auction rate securities will be refinanced or the auctions will resume, the Company has classified the auction rate securities as noncurrent assets as of September30, 2009. The total unrealized loss related to its auction rate securities was $179 ($105 after tax), of which $2 ($1 after tax) and $21 ($12 after tax) was included as a component of other comprehensive income (loss) during the three and nine months ended September30, 2009, respectively.

Fair Value of Financial Instrum

Fair Value of Financial Instruments
	9 Months Ended Sep. 30, 2009 USD / shares
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note4. Fair Value of Financial Instruments The Company defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. The fair value estimates presented in the table below are based on information available to the Company as of September30, 2009 and December31, 2008. The accounting standard regarding fair value measurements discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level1:Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level2:Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level3:Unobservable inputs that reflect the reporting entitys own assumptions. The carrying value and fair value of the Companys significant financial assets and liabilities and the necessary disclosures for the periods are presented as follows: September30, 2009 Carrying Fair Value Measurements Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents(1) $ 16,306 $ 16,306 $ 16,306 $ $ Marketable securities(2) 3,147 3,147 226 2,921 Total financial assets $ 19,453 $ 19,453 $ 16,532 $ $ 2,921 Financial Liabilities: Convertible subordinated debentures (the Notes)(3) $ 7,816 $ 8,188 $ $ 8,188 $ Senior revolving credit facility(4) 25,000 25,000 25,000 Total financial liabilities $ 32,816 $ 33,188 $ $ 33,188 $ December31, 2008 Carrying Fair Value Measurements Value Total Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents(1) $ 11,524 $ 11,524 $ 11,524 $

Stock Based Compensation

Stock Based Compensation
	9 Months Ended Sep. 30, 2009 USD / shares
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note5. Stock-Based Compensation In accordance with the FASB standard regarding share-based payments, the Company measures the share-based compensation expense for stock options granted based upon the estimated fair value of the award on the date of grant and recognizes the compensation expense over the awards requisite service period. The Company has not granted stock options with market or performance conditions. The weighted-average fair value of stock options granted during the three and nine months ended September30, 2009 was $4.28 and $1.67, respectively. There were no stock options granted during the three and nine months ended September30, 2008, respectively. The weighted-average fair value was calculated using the Black-Scholes-Merton option pricing model. The following assumptions were used to determine the weighted-average fair value of the stock options granted during the three and nine months ended September30, 2009: September30, 2009 Three Months Nine Months Ended Ended Expected dividend yield 4.4% 3.6% Expected stock price volatility 81.6% 68.5% Risk-free interest rate 2.9% 2.3% Expected life of options 5years 5years The Company uses historical data to estimate the expected dividend yield and expected volatility of the Companys stock in determining the fair value of the stock options. The risk-free interest rate is based on the U.S.Treasury yield in effect at the time of grant and the expected life of the options represents the estimated length of time the options are expected to remain outstanding, which is based on the history of exercises and cancellations of past grants made by the Company. In accordance with the aforementioned FASB standard, the Company recorded compensation expense for the three and nine months ended September30, 2009 and 2008, net of pre-vesting forfeitures for the options granted, which was based on the historical experience of the vesting and forfeitures of stock options granted in prior years. The Company recorded compensation expense related to stock options of $169 and $1,000 for the three and nine months ended September30, 2009, respectively, and $182 and $582 for the three and nine months ended September30, 2008, respectively, which is included in selling and administrative expenses in the Condensed Consolidated Statement of Operations. As of September30, 2009, there was approximately $702 of total unrecognized compensation cost related to non-vested stock option awards which is expected to be recognized over a weighted-average period of 1.49years. During the first quarter of 2009, certain executive officers of the Company voluntarily surrendered 794,500 outstanding stock options with an exercise price that ranged from $10.58 to $15.75 per share. Included in the stock options that were voluntarily surrendered was 204,000 options that were nonvested. The Company recognized approximately $457 of compensation expense in March 2009 related to the accelerated vesting of the nonvested portion of the voluntarily surrendered stock options. No additional compensation w

Earnings

Earnings (Loss) Per Share
	9 Months Ended Sep. 30, 2009 USD / shares
Earnings (Loss) Per Share [Abstract]
Earnings (Loss) Per Share	Note6. Earnings (Loss) Per Share Shares used in the calculation of basic earnings per share are based on the weighted-average number of shares outstanding. Shares used in the calculation of diluted earnings per share are based on the weighted-average number of shares outstanding adjusted for the assumed exercise of all potentially dilutive stock options and other stock-based awards. Basic and diluted earnings per share are calculated by dividing the net income by the weighted-average number of shares outstanding during each period. The incremental shares from assumed exercise of all potentially dilutive stock options and other stock-based awards that were not included in the calculation of diluted earnings per share for the three and nine months ended September30, 2009 were 1,953,242 for both periods, respectively, and for the three and nine months ended September30, 2008 were 2,229,768 for both periods, respectively, since their effect would have been anti-dilutive during the respective periods. The weighted-average diluted shares outstanding for the three and nine months ended September30, 2009 and 2008 also exclude the effect of 520,000 and 4,058,445shares that could have been issued upon the conversion of the Companys convertible subordinated debentures under certain circumstances, since the effects are anti-dilutive to the earnings per share calculation for these periods. The significant decline in the number of shares to be issued under the convertible subordinated debentures is due to the redemption and repurchase of approximately $66.7million of the Notes in October 2008, as discussed in more detail in Note11 to the Consolidated Financial Statements in the Companys annual report on Form10-K for the year ended December31, 2008. The weighted-average basic and diluted shares for the three and nine months ended September30, 2009 and 2008 include 1,007,464shares issued as a result of stock dividends paid to shareholders in February, May and August 2009. In addition, the weighted-average basic and diluted shares outstanding for the three and nine months ended September30, 2009 include 6,251,878 and 2,106,853shares, respectively, related to the Companys equity offering that was completed in August 2009. The equity offering is described in more detail in Note7 to the Condensed Consolidated Financial Statements. The following table sets forth the basic and diluted average share amounts: Three Months Ended September30, 2009 2008 Basic shares 35,020,140 28,631,565 Diluted shares 35,020,140 28,631,565 Nine Months Ended September30, 2009 2008 Basic shares 30,385,974 28,417,401 Diluted shares 30,385,974 28,417,401

Equity Offering

Equity Offering
	9 Months Ended Sep. 30, 2009 USD / shares
Equity Offering [Abstract]
Equity Offering	Note7. Equity Offering In August 2009, the Company completed a public equity offering of 12.1million shares of its common stock, at an offering price of $5.96 per share. The net proceeds from the equity offering were approximately $67.8million, which is net of issuance costs of $4.1million. The net proceeds from the equity offering were used to repay the Companys $24.2million term loans in their entirety, and repay a portion of the Companys borrowings under its revolving credit facility. The 12.1million shares issued in accordance with this equity offering were reissued from the Companys treasury stock.

Inventories

Inventories
	9 Months Ended Sep. 30, 2009 USD / shares
Inventories [Abstract]
Inventories	Note8. Inventories Inventories of $28,148 as of September30, 2009 included raw materials of $8,296 and work-in-process and finished goods of $19,852. As of December31, 2008, inventories of $27,973 included raw materials of $9,730 and work-in-process and finished goods of $18,243. During the quarter ended September 30, 2009, the Company reviewed and updated its inventory standards to reflect the Companys current cost structure and production capacity, and recorded an increase of $2,860 in its work-in-process inventory values as a result of this analysis. Management will continue to update its inventory standards on a periodic basis going forward.

Goodwill and Intangible Assets

Goodwill and Intangible Assets
	9 Months Ended Sep. 30, 2009 USD / shares
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note9. Goodwill and Intangible Assets The changes in the carrying amount of goodwill as of September30, 2009 are as follows: Balance at January1, 2009 $ 50,371 Purchase price adjustments for prior acquisitions 92 Foreign currency translation adjustment 502 Balance at September30, 2009 $ 50,965 The Company performed its annual goodwill impairment assessment as of December31, 2008. The Company updated its goodwill impairment assessments at March31, 2009 and June30, 2009 since the Companys market capitalization at each reporting date was lower than the carrying value of its reporting unit. The Company concluded that its goodwill was not impaired at each reporting date. As of September30, 2009, the Companys market capitalization exceeded the carrying value of its reporting unit; therefore an impairment analysis was not required. The gross amounts and accumulated amortization of identifiable intangible assets are as follows: September30, 2009 December31, 2008 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer relationships $ 48,632 $ 10,876 $ 48,580 $ 6,760 Covenants not-to-compete 25 25 25 21 $ 48,657 $ 10,901 $ 48,605 $ 6,781

Accrued Restructuring, Integrat

Accrued Restructuring, Integration and Asset Impairment Charges
	9 Months Ended Sep. 30, 2009 USD / shares
Accrued Restructuring, Integration and Asset Impairment Charges [Abstract]
Accrued Restructuring, Integration and Asset Impairment Charges	Note10. Accrued Restructuring, Integration and Asset Impairment Charges The Company continually reviews its business, manages costs and aligns its resources with market demand, especially in light of the volatility of the capital markets and the resulting variability in capital markets services revenue. The Company took a number of steps over the past several years to reduce fixed costs, eliminate redundancies and better position the Company to respond to market conditions. As a result of these steps, the Company incurred restructuring charges for severance and personnel-related costs due to headcount reductions and costs associated with closing down and consolidating facilities. During the nine months ended September30, 2009, the Company reduced its workforce by approximately 500 positions, or 15% of the Companys total headcount, which included 200 positions in January 2009, 250 positions in May 2009, and approximately 50 positions in September 2009. The reductions in workforce that occurred during the first half of 2009 were a continuation of the cost savings initiatives implemented during 2008 and included a broad range of functions and were enterprise-wide. The headcount reductions that occurred in September 2009 were primarily related to the closure of the Companys digital facility in Houston, TX. The Company recorded approximately $1.0million and $10.8million of severance related costs associated with the workforce reductions during the three and nine months ended September30, 2009, respectively. In addition, during the three and nine months ended September30, 2009, the Company incurred costs of approximately $0.2million and $2.5million, respectively, related primarily to costs associated with the closure and reduction of leased space of certain facilities and costs of approximately $2.2million and $2.7million, respectively, related to the closure of the Companys datacenter facilities and transition of these operations to a third-party service provider. Non-cash asset impairment charges amounted to approximately $0.3million and $2.5million for the three and nine months ended September30, 2009, respectively, and were primarily related to impaired assets associated with the closure and consolidation of the aforementioned facilities. The Company recorded integration costs of approximately $2.0million during the nine months ended September30, 2009, primarily related to the Companys acquisitions, which are discussed in more detail in Note2 to the Consolidated Financial Statements in the Companys annual report on Form10-K for the year ended December31, 2008. These costs primarily represent incremental costs directly related to the integration and consolidation of the acquired operations with existing Bowne operations. These actions resulted in total restructuring, integration and asset impairment charges of $4,220 and $21,184 for the three and nine months ended September30, 2009, respectively. The following information summarizes the costs incurred with respect to restructuring, integration and asset impairment charges during the three and nine months ended September30, 2009: S

Debt

Debt
	9 Months Ended Sep. 30, 2009 USD / shares
Debt [Abstract]
Debt	Note11. Debt The components of debt at September30, 2009 and December31, 2008 are as follows: September30, December31, 2009 2008 Convertible subordinated debentures $ 7,816 $ 7,464 Borrowings under revolving credit facility 25,000 79,500 Capital lease obligations 1,651 2,230 $ 34,467 $ 89,194 In March 2009, the Company amended its $150.0million five-year senior, unsecured revolving credit facility (the Facility) and extended its maturity to May31, 2011. The $150.0million Facility was restructured as an asset-based loan consisting of a revolving credit facility of $123.0million (the Revolver) and $27.0million in Term Loans. As discussed in Note14 to the Condensed Consolidated Financial Statements, in October 2009 the Company amended and extended its Revolver through May 2013. The $123.0million Revolver has an interest rate based on the London InterBank Offered Rate (LIBOR) plus 4.00% in the case of Eurodollar loans or a base rate plus 3.00% in the case of Base Rate loans. The Revolver is secured by substantially all assets of the Company as well as by pledges of stock and guaranties of certain operating subsidiaries. The Revolver includes a $15.0million sub-facility which is available to the Companys Canadian subsidiary. The Revolver also includes a $25.0million sub-limit for letters of credit and a $14.0million sub-limit for swing line loans. The Companys ability to borrow under the $123.0million Revolver is subject to periodic borrowing base determinations. The borrowing base consists primarily of certain eligible accounts receivable and inventories. Borrowings under the Revolver are based on predetermined advance rates based on assets (generally up to 85% of billed receivables, 80% of eligible unbilled receivables and 50% of certain inventories including work-in-process). As of September30, 2009, the Company had $25.0million outstanding under the Revolver, which is classified as long-term debt since the Revolver expires in May 2013. The $27.0million Term Loans were comprised of a $20.0million Term Loan and a $7.0million Term Loan. The Term Loans were repaid in their entirety in August 2009 using the net proceeds from the Companys equity offering which is discussed in more detail in Note7 to the Condensed Consolidated Financial Statements. Prior to repayment the Term Loans had an interest rate based on LIBOR plus 4.25% in the case of Eurodollar loans or a base rate plus 3.25% in the case of Base Rate loans. The Facility requires compliance with a minimum fixed charge coverage covenant as well as customary affirmative and negative covenants including restrictions on the Company and its subsidiaries ability to pay cash dividends, incur debt and liens, and engage in mergers and acquisitions and sales of assets, among other things. The Company was in compliance with all loan covenants as of September30, 2009. During the three and nine months ended September30, 2009, the average interest rate on the Companys Faci

Postretirement Benefits

Postretirement Benefits
	9 Months Ended Sep. 30, 2009 USD / shares
Postretirement Benefits [Abstract]
Postretirement Benefits	Note12. Postretirement Benefits The Company sponsors a qualified defined benefit pension plan (the Plan) which covers certain UnitedStates employees not covered by union agreements. The Plan is described in more detail in Note12 to the Consolidated Financial Statements in the Companys annual report on Form10-K for the year ended December31, 2008. The Company also has a non-qualified unfunded supplemental executive retirement plan (SERP) for certain executive management employees. The SERP is described more fully in Note12 to the Consolidated Financial Statements in the Companys annual report on Form10-K for the year ended December31, 2008. Also, certain non-union international employees are covered by other retirement plans. The components of the net periodic (benefit) cost are as follows: Pension Plan SERP Three Months Ended Three Months Ended September30, September30, 2009 2008 2009 2008 Service cost $ 607 $ 835 $ 146 $ 146 Interest cost 1,753 1,791 315 322 Expected return on plan assets (1,607 ) (2,428 ) Amortization of transition asset (43 ) (81 ) Amortization of prior service (credit) cost (335 ) (411 ) 227 232 Amortization of actuarial loss 515 179 408 449 Curtailment gain Net periodic cost (benefit) of defined benefit plans 890 (115 ) 1,096 1,149 Union plans 21 79 Other retirement plans 268 475 Total cost $ 1,179 $ 439 $ 1,096 $ 1,149 Pension Plan SERP Nine Months Ended Nine Months Ended September30, September30, 2009 2008 2009 2008 Service cost $ 2,141 $ 2,513 $ 438 $ 438 Interest cost 5,339 5,411 945 966 Expected return on plan assets (4,771 ) (7,436 ) Amortization of transition asset (191 ) (241 ) Amortization of prior service (credit) cost (1,063 ) (1,237 ) 681 696 Amortization of actuarial loss 2,266 491 1,224 1,347 Curtailment gain (1,573 ) Net periodic cost (benefit) of defined benefit plans 2,148 (499 ) 3,288 3,447 Union plans 85 214

Income Taxes

Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	Note13. Income Taxes Income tax benefit for the three months ended September30, 2009 was $4,163 on pre-tax loss from continuing operations of ($11,585) compared to $8,356 on pre-tax loss from continuing operations of ($26,084) for the same period in 2008. The effective tax rate for the three months ended September30, 2009 and 2008 were 35.9% and 32.0%, respectively. Income tax benefit for the three months ended September30, 2009 reflects a favorable impact of $474 related to the reconciliation of the Companys 2008 estimated tax provision to the Companys 2008 federal tax return that was filed during the third quarter of 2009; a substantial portion of which relates to additional foreign tax credits generated. Income tax benefit for the nine months ended September30, 2009 was $4,447 on pre-tax loss from continuing operations of ($17,470) compared to $6,931 on pre-tax loss from continuing operations of ($21,795) for the same period in 2008. The effective tax rate for the nine months ended September30, 2009 and 2008 were 25.5% and 31.8%, respectively. The lower effective tax rate for the nine months ended September30, 2009 as compared to the same period in 2008 was primarily due to a decrease in the proportionate amount of nondeductible permanent items, including meals and entertainment and Subpart F income in 2009. Income tax benefit for the nine months ended September30, 2009 reflects a favorable impact of $474 related to the reconciliation of the Companys 2008 estimated tax provision to the Companys 2008 federal tax return that was filed during the third quarter of 2009; a substantial portion of which relates to additional foreign tax credits generated. The total gross amount of unrecognized tax benefits included in the Condensed Consolidated Balance Sheets as of September30, 2009 and December31, 2008 was approximately $2.0million and $2.9million, respectively, which includes estimated interest and penalties of approximately $0.6million and $0.8million, respectively. There were no significant changes to the Companys unrecognized tax benefits during the three and nine months ended September30, 2009. The Companys 2007 and 2008 U.S.federal income tax returns are in the process of being audited by the Internal Revenue Service. The Companys income tax returns filed in state and local jurisdictions have been audited at various times.

Subsequent Event

Subsequent Event
	9 Months Ended Sep. 30, 2009 USD / shares
Subsequent Event [Abstract]
Subsequent Event	Note14. Subsequent Event In October 2009, the Company amended and extended its $123.0million Revolving Credit Facility through May 2013. Under the terms of the amended facility, the minimum fixed charge coverage ratio will be 1.0x at all times, and the Company will be afforded increased flexibility related to cash dividends and acquisitions. The amended facility provides that the Company may pay cash dividends of $2.5million per quarter with an increase in the amount of up to $15.0million in any fiscal year provided that no default or event of default has occurred and is continuing, the fixed charge coverage ratio is 1.25x or greater and excess revolver availability is $30.0million. In addition, acquisitions up to $50.0million per annum are permitted if the fixed charge coverage ratio is 1.25x or greater and excess revolver availability is $40.0million. As with the existing facility, the $123.0million Revolving Credit Facility will have an interest rate of LIBOR plus 4.00% in the case of Eurodollar loans, or a base rate plus 3.00% in the case of Base Rate loans, and the borrowings are subject to certain levels of receivables and inventories. The Company incurred costs of approximately $1.4million related to the amendment and extension of the Facility. These costs primarily consisted of bank fees and fees paid to attorneys. The fees will be amortized to interest expense through May 2013.