BALDWIN TECHNOLOGY COMPANY, INC. CONSOLIDATED STATEMENT OF INCOME (in thousands of dollars except per share data) (Unaudited) For the three months For the six months ended December 31, ended December 31, 1993 1992 1993 1992 Net sales $45,446 $53,910 $ 91,858 $104,376 Cost of goods sold 29,921 35,034 59,484 67,268 Gross Profit 15,525 18,876 32,374 37,108 Operating expenses: General and administrative 4,900 5,399 9,557 10,528 Selling 4,439 4,558 9,163 8,369 Engineering 2,355 2,449 4,933 5,146 Research and development 1,409 1,859 2,839 3,384 Technical service 671 516 1,327 1,861 13,774 14,781 27,819 29,288 Operating income 1,751 4,095 4,555 7,820 Other (income) expense Interest expense 919 1,591 1,981 3,280 Interest (income) (69) (60) (148) (165) Other (income) expense, net 141 65 605 974 991 1,596 2,438 4,089 Income before taxes and cumulative effect of change in accounting 760 2,499 2,117 3,731 Provision for income taxes 395 1,374 1,122 2,052 Income before taxes and cumulative effect of change in accounting 365 1,125 995 1,679 Cumulative effect of change in accounting for income taxes 1,229 Net income $ 365 $ 1,125 $ 995 $ 2,908 Income (Loss) per share from: Income before cumulative ef- fect of change in accounting $ 0.02 $ 0.07 $ 0.06 $ 0.10 Cumulative effect of change in accounting for income taxes 0.07 Net income per common and common equivalent share $ 0.02 $ 0.07 $ 0.06 $ 0.17 Dividends declared Per share - Class A Per share - Class B Weighted average number of shares outstanding 18,072 17,410 18,017 17,242 The accompanying notes to consolidated financial statements are an integral part of these statements. - - 2 -