SOURCE: Bowne & Co., Inc.

March 16, 2006 18:51 ET

Bowne & Co. Reports Preliminary 2005 Results

Previous Financial Results to Be Restated: Expected to Increase Stockholders' Equity $7 to $10 Million; Executing on Strategy, Company Is Well-Positioned for 2006

NEW YORK, NY -- (MARKET WIRE) -- March 16, 2006 -- Bowne & Co., Inc. (NYSE: BNE) today announced a preliminary net loss from continuing operations for 2005 of $0.4 million -- or $0.01 per share -- compared to net loss of $3.0 million, or $0.08 per share, for 2004. For the fourth quarter ended December 31, 2005, a preliminary net loss was $10.3 million, or $0.31 per share, versus a net loss of $11.6 million, or $0.32 per share, for the same period in 2004. This fourth quarter 2005 loss includes a $5.1 million after-tax loss on the sale of Lionbridge Technologies stock, which is the difference between the initial value of the Lionbridge stock Bowne received from the sale of Bowne Global Solutions (BGS) to Lionbridge on September 2, 2005, and the proceeds received upon the sale of the stock on December 14, 2005.

Revenue for the year ended December 31, 2005 increased 3.4% to $694.1 million, compared to $671.4 million in 2004. Fourth quarter 2005 revenue increased 5.8% to $163.1 million compared to $154.1 million for the same period in 2004. Financial Print revenue for the 2005 fourth quarter and year-to-date, increased 10.2% and 4.4%, respectively, over the 2004 periods, primarily as a result of increased compliance reporting and mutual fund services.

The Company intends to restate its previously-filed financial statements for the fiscal years 2004 and prior. In connection with the preparation of its financial statements for the year ended December 31, 2005, the Company identified certain current and deferred income tax liabilities that were overstated. The overstatements primarily arose due to a combination of excess current tax liabilities that had built up over time and differences between the income tax basis and the financial reporting basis of assets and liabilities. It is expected that the restatement will result in an increase in stockholders' equity of between $7 and $10 million. The Company believes the changes as a result of the restatement will have no effect on previously reported revenue, income from continuing operations before income taxes, or net cash flows. Further, this restatement is not expected to have an impact on segment profit as previously reported by the Company. The Company expects to file its Form 10-K for the year ended December 31, 2005, by March 31, 2006.

Pro forma diluted earnings per share from continuing operations is expected to be $0.37 for the year ended December 31, 2005, compared to $0.19 for the same period in 2004 (see Pro Forma Supplemental Income Information on page eight of this release for a reconciliation of these non-GAAP financial measures to our Condensed Consolidated Statements of Operations). For the fourth quarter of 2005, pro forma loss per share is expected to be $0.01, compared to a loss of $0.12 for the fourth quarter of 2004. In addition to the loss on sale of marketable securities, the Company recorded a pre-tax charge of $5.7 million in the fourth quarter of 2005, primarily as a result of restructuring expenses related to a reduction in workforce in October 2005.

Philip E. Kucera, Chairman and Chief Executive Officer, said, "Our strategy in 2005 was to sharpen our focus on our core business, strengthen our balance sheet and return value to our shareholders. We made great progress on all three fronts and ended the year strong. We believe our fourth quarter results are an early indication that we're starting to reap the benefits of that strategy. We're looking forward to continuing that momentum in 2006."

David J. Shea, President and Chief Operating Officer, added, "We're pleased with the strong growth in the second half of the year, with revenue increasing 11% over the same period in 2004. Our Financial Print business is well-positioned, with continuing growth in our non-transactional services and international markets and positive trends in the capital markets, which helped drive a 46% increase in segment profit for the fourth quarter. Likewise, we're confident that our Bowne Marketing & Business Communications segment will be a significant contributor to the company's growth in 2006 and beyond."

Financial Print: On a full-year basis, Financial Print revenue increased 4.4% to $625.1 million in 2005, compared to $598.8 million for 2004. This increase is principally the result of a 12% and 18% increase, respectively, in compliance reporting and mutual fund revenues. As compared to full-year 2004, transactional revenue decreased $22.5 million, but reached its highest level for the year in the fourth quarter. For the fourth quarter 2005, Financial Print revenue of $146.7 million was up $13.6 million, or 10.2%, over the same period in the prior year. Segment profit for 2005 decreased $1.7 million compared to the prior year. For the fourth quarter of 2005, segment profit was $14.0 million, a 46% increase over the fourth quarter of 2004.

Marketing & Business Communications (MBC): This business segment is being reported separately for the first time; previously, the results of Bowne Enterprise Solutions (BES) were included in the results of the Financial Print segment. BES reported revenue of $41.8 million for 2005, a $3.2 million increase over 2004, while the segment reported a loss of $7.9 million, but improved $3.6 million over 2004. For the fourth quarter of 2005, BES's revenue and segment profit improved slightly compared to the fourth quarter of 2004. These results do not include the acquisition of the Marketing and Business Communications division of Vestcom International, which was completed in January 2006. The combined entity is now known as Bowne Marketing & Business Communications. The Company has provided quarterly analysis for 2005 and 2004 of the revised presentation of its segment results on page 9 of this release.

Litigation Solutions: Litigation Solutions' 2005 full-year and fourth quarter revenue decreased $6.7 million and $4.6 million, respectively, from the prior year, primarily due to the completion of a large project in the fourth quarter of 2004. Segment profit decreased $1.6 million compared to the full-year of 2004 and decreased $2.0 million compared to the fourth quarter of 2004.

Discontinued Operations: The 2005 and 2004 results from discontinued operations include BGS and Bowne Business Solutions (BBS) and DecisionQuest Discovery Services (which was sold in January 2006). Including discontinued operations, net income for 2005 is expected to be $1.6 million, or earnings of $0.05 per share, compared to net income of $27.5 million, or earnings of $0.77 per share for 2004 -- due primarily to the $31.6 million gain, or $0.86 per share, on the sale of BBS. For the fourth quarter of 2005, net loss including discontinued operations is expected to be $10.9 million, a net loss of $0.33 per share, compared to net earnings of $19.8 million, or net earnings of $0.55 per share, for the same period in 2004, which included the aforementioned gain on sale of BBS.

Balance Sheet: As of December 31, 2005, cash and marketable securities was $187.5 million as compared to $71.9 million at December 31, 2004. This increase is principally due to the receipt of proceeds from the sale of BGS. Accounts receivable totaled $126.8 as compared to $111.9 million at December 31, 2004. This increase is principally the result of a five day increase in days sales outstanding and a higher level of activity in the fourth quarter of 2005. Total inventories at December 31, 2005 were $26.0 million, including Financial Print work-in-process inventory of $20.9 million, compared to total inventories of $20.6 million and $15.4 million of Financial Print work-in-process inventory at December 31, 2004. Total debt at December 31, 2005 was $76.5 million, up $0.5 million from 2004.

The Company's practice has been to provide Condensed Consolidated Balance Sheets and Statements of Cash Flows with its earnings press release. However, as a result of the expected restatement discussed above, the Company is not providing Condensed Consolidated Balance Sheets and Statements of Cash Flows with this release.

Bowne entered into a $35 million stock repurchase plan in accordance with Rule 10b5-1 on August 1, 2005. In addition, on December 15, 2005, Bowne announced an increase to the plan of an additional $75 million. As of March 13, 2006, 3,017,100 shares have been purchased for $43.2 million, an average share price of $14.27.

Bowne's New York-based operations and corporate office relocated to 55 Water Street during January 2006. The capital expenditures related to this relocation in 2005 are $25 million. The total capital commitment is expected to be approximately $28 million. As detailed in our Current Report on Form 8-K filed February 25, 2005, the lease has an initial term of 20 years and covers approximately 200,000 square feet.

Business Outlook

The Company notes that forward-looking statements of future performance contained in the foregoing and in the following statements and certain statements made elsewhere in this release are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including demand for and acceptance of the Company's services, new technological developments, competition and general economic or market conditions, particularly in the domestic and international capital markets, and the estimated annual savings from the cost reductions, the effect of potential dilution from the Company's Convertible Subordinated Debt and the impact from any future purchases under our share repurchase program.

                                    Preliminary
                                    2005 Actual         2006 Outlook

Revenues:                           $694 million    $755 to $840 million
   Financial Print                $625.1 million    $600 to $660 million
   Marketing and Business
    Communications (1)             $41.8 million    $130 to $150 million(1)
   Litigation Solutions            $27.2 million     $25 to  $30 million
Segment Profit:
   Financial Print                 $78.8 million     $75 to  $95 million
   Marketing and Business
    Communications  (1)            $(7.9)million      $2 to   $9 million
   Litigation Solutions             $3.3 million      $3 to   $5 million
Corporate/Other:
   Corporate expense               $19.2 million     $17 to  $20 million
   Integration, restructuring
    and impairment expenses        $10.4 million     $12 to  $16 million(2)
Depreciation and amortization      $27.1 million     $28 to  $30 million
Interest expense                    $5.2 million         $5 million
Diluted (loss) earnings
 per share from continuing
 operations                       ($0.01)             $0.29   to   $0.67
Diluted earnings per
 share from continuing
 operations-pro forma,
 (excluding integration,
 restructuring, and impairment
 charges)                          $0.37              $0.50   to   $0.95
Diluted shares                      34.7 million       33.3 million(3)
Capital expenditures, excluding
 NY office relocation              $15.9 million     $22 to  $26 million
Capital expenditures, NY office
 relocation                        $25.2 million         $3 million

(1) 2005 includes only BES. The 2006 Business Outlook includes the
    results of the January 2006 acquisition of the marketing and
    business communications division of Vestcom International.
(2) The integration of the Vestcom division with BES will result
    in disbursements of approximately $12 million, some of which
    will be capitalized ($5 million) and some expensed ($7 million).
(3) Excludes the impact of the potential dilution from the Convertible
    Subordinated Debt (4,058,000 shares) and the impact of any future
    purchases under our share repurchase program.  At December 31, 2005,
    32.1 million shares were outstanding.  In addition, another 1.2
    million shares from the potential dilutive effect of stock options
    and deferred stock units is assumed.
Bowne & Co. will hold its earnings conference call to review the 2005 year-end results and the 2006 business outlook on Friday, March 17, 2006, at 11 a.m. Eastern Time. To join the Web cast, log on to http://www.bowne.com. To access the call via telephone, please dial (800) 910-5497 (domestic) or (973) 935-8450 (international), ID # 7155483

About Bowne & Co., Inc.

Bowne & Co., Inc., founded in 1775, is a global leader in providing high-value solutions that empower our clients' communications.

--  Bowne Financial Print: The world's largest financial printer and
    leading EDGAR filer, specializing in the creation, management, translation
    and distribution of regulatory and compliance documents.
    
--  Bowne Marketing and Business Communications: Digital composition,
    print, delivery and fulfillment of customized and personalized
    communications designed to enable companies to more-effectively target
    customers.
    
--  Bowne Litigation Solutions: Consulting and software solutions,
    including DecisionQuest®, one of the nation's largest trial research
    firms, bring our clients fresh perspective resulting in better informed
    choices about strategies and tactics at every step in the litigation
    process.
    

Bowne & Co. combines these capabilities with superior customer service, new technologies, confidentiality and integrity to manage, repurpose and distribute a client's information to any audience, through any medium, in any language, anywhere in the world. For more information, visit us at www.bowne.com.

                            BOWNE & CO., INC.
                               (NYSE: BNE)
              Condensed Consolidated Statements of Operations
                    (Unaudited, Subject to Restatement)


                                      For the Periods Ended Dec. 31,
(in thousands, except           ------------------------------------------
per share information)                 Quarter                Year
                                --------------------  --------------------
                                   2005       2004       2005       2004
                                ---------  ---------  ---------  ---------

Revenue                         $ 163,120  $ 154,120  $ 694,140  $ 671,351
Expenses:
 Cost of revenue                 (107,278)  (101,979)  (449,764)  (421,707)
 Selling and administrative       (48,605)   (50,078)  (190,629)  (198,742)
 Depreciation                      (7,195)    (5,814)   (26,120)   (25,855)
 Amortization                        (235)      (235)      (940)      (730)
 Gain on sale of building               -          -          -        896
 Restructuring, integration
  and asset impairment charges     (5,661)    (2,346)   (10,410)    (8,132)
                                ---------  ---------  ---------  ---------
                                 (168,974)  (160,452)  (677,863)  (654,270)
                                ---------  ---------  ---------  ---------
Operating (loss) income            (5,854)    (6,332)    16,277     17,081
 Interest expense                  (1,367)    (2,452)    (5,160)   (10,436)
 Loss on extinguishment of debt         -     (8,815)         -     (8,815)
 Loss on sale of marketable
  securities                       (7,890)         -     (7,890)         -
 Other income (expense), net        1,523         (8)     2,839        860
                                ---------  ---------  ---------  ---------
(Loss) income from continuing
 operations before income taxes   (13,588)   (17,607)     6,066     (1,310)
Income tax benefit (expense)        3,284      6,024     (6,474)    (1,730)
                                ---------  ---------  ---------  ---------
Loss from continuing operations   (10,304)   (11,583)      (408)    (3,040)
Discontinued operations (see
 notes):
(Loss) gain on sale of
 subsidiary                          (411)    31,552      3,015     31,552
Loss from discontinued
 operations, net of tax              (170)      (157)    (1,036)    (1,008)
                                ---------  ---------  ---------  ---------
Net (loss) income from
 discontinued operations             (581)    31,395      1,979     30,544
                                ---------  ---------  ---------  ---------
Net (loss) income               $ (10,885) $  19,812  $   1,571  $  27,504
                                =========  =========  =========  =========

Loss per share from continuing
 operations:
 Basic                          $   (0.31) $   (0.32) $   (0.01) $   (0.08)
 Diluted                        $   (0.31) $   (0.32) $   (0.01) $   (0.08)

(Loss) earnings per share from
 discontinued operations:
 Basic                          $   (0.02) $    0.87  $    0.06  $    0.85
 Diluted                        $   (0.02) $    0.87  $    0.06  $    0.85

Total (loss) earnings per
 share:
  Basic                         $   (0.33) $    0.55  $    0.05  $    0.77
  Diluted                       $   (0.33) $    0.55  $    0.05  $    0.77

Weighted-average shares
 outstanding:
  Basic                            33,144     35,956     34,251     35,898
  Diluted                          33,593     36,556     34,699     36,795

Dividends per share             $   0.055  $   0.055  $    0.22  $    0.22

Note: On November 9, 2004, the Company sold its document outsourcing business, BBS, to Williams Lea. The Condensed Consolidated Statements of Operations for the 2004 periods have been reclassified to reflect the results from this business as discontinued operations.

On September 1, 2005, the Company sold its globalization business, BGS, to Lionbridge Technologies, and in January 2006, the Company sold its DecisionQuest Discovery Services business. The Condensed Consolidated Statements of Operations for the current and prior periods has been reclassified to reflect the results from these businesses as discontinued operations.

                            BOWNE & CO., INC.
                               (NYSE: BNE)
                           Segment Information
                               (unaudited)

During the 2005 fourth quarter, the Company changed the way it reports and evaluates segment information. The Company's operations are now classified into the following reportable business segments: Financial Print, Marketing and Business Communications, and Litigation Solutions. The Company had previously reported Marketing and Business Communications (formerly Bowne Enterprise Solutions) within its Financial Print segment. The Company's previous years' segment information has been restated to conform to the new presentation. Information regarding the operations of each business segment is set forth below. Performance is evaluated based on several factors, of which the primary financial measure is segment profit. Segment profit is defined as gross margin (revenue less cost of revenue) less selling and administrative expenses, plus the Company's equity share of income (losses) associated with a joint venture investment in the Litigation Solutions segment. Segment performance is evaluated exclusive of interest, income taxes, depreciation, amortization, certain shared corporate expenses, restructuring, integration and asset impairment charges, gain on sale of building, other expenses and other income. Therefore, this information is presented in order to reconcile to income from continuing operations before income taxes. The Corporate/Other category includes (i) corporate expenses for shared administrative, legal, finance and other support services which are not directly attributable to the operating segments, (ii) restructuring, integration and asset impairment charges, and (iii) other expenses and other income.

                                    For Periods Ended December 31,
                             --------------------------------------------
(in thousands)                      Quarter                  Year
                             --------------------    --------------------
                               2005        2004        2005        2004
                             --------    --------    --------    --------
Revenues:
Financial Print              $146,741    $133,187    $625,128    $598,763
Marketing and Business
 Communications                10,305      10,212      41,806      38,650
Litigation Solutions            6,074      10,721      27,206      33,938
                             --------    --------    --------    --------
                             $163,120    $154,120    $694,140    $671,351
                             ========    ========    ========    ========
Segment profit:
Financial Print                13,995       9,607      78,815      80,519
Marketing and Business
 Communications                (2,251)     (2,840)     (7,877)    (11,482)
Litigation Solutions              511       2,487       3,269       4,859
Corporate/Other
 (see detail below)           (17,046)    (18,360)    (35,921)    (38,185)
                             --------    --------    --------    --------

                               (4,791)     (9,106)     38,286      35,711
                             --------    --------    --------    --------
Depreciation                   (7,195)     (5,814)    (26,120)    (25,855)
Amortization                     (235)       (235)       (940)       (730)
Interest                       (1,367)     (2,452)     (5,160)    (10,436)
                             --------    --------    --------    --------
Loss (income) from continuing
 operations before income
 taxes                       $(13,588)   $(17,607)   $  6,066    $ (1,310)
                             ========    ========    ========    ========

Corporate/Other (by type):
Shared corporate expenses    $ (4,585)   $ (7,008)   $(19,188)   $(22,062)
Other income (expense), net     1,090        (191)      1,567         (72)
Loss on extinguishment of debt      -      (8,815)          -      (8,815)
Loss on sale of marketable
 securities                    (7,890)          -      (7,890)          -
Gain on sale of building            -           -           -         896
Restructuring charges,
 integration costs and asset
 impairment charges            (5,661)     (2,346)    (10,410)     (8,132)
                             --------    --------    --------    --------
    Total                    $(17,046)   $(18,360)   $(35,921)   $(38,185)
                             ========    ========    ========    ========

                            BOWNE & CO., INC.
                               (NYSE: BNE)
                 PRO FORMA SUPPLEMENTAL INCOME INFORMATION
     Reconciliation to Condensed Consolidated Statements of Operations
                   (Unaudited, Subject to Restatement)

Pro forma supplemental income information, which is not prepared in accordance with generally accepted accounting principles, excludes restructuring, integration and asset impairment charges, the loss on extinguishment of debt, the loss on sale of marketable securities, and the gain on sale of building. The Company believes that presentation of this supplemental information is useful to investors to evaluate performance in comparison to prior year's results. This pro forma supplemental information is an alternative to, and not a replacement measure of, operating performance as determined in accordance with generally accepted accounting principles.

                                    For the Periods Ended December 31
                                      Quarter                Year
                               -------------------------------------------
(in thousands,
 except per share
 information)                      2005        2004      2005      2004
                                --------    --------  --------  --------

Loss from continuing
 operations                     $(10,304)   $(11,583) $   (408) $ (3,040)
Add back:
Restructuring, integration
 and asset impairment
 charges (1)                       5,053       1,453     8,127     5,092
Loss on extinguishment
 of debt (2)                           -       5,642         -     5,642
Loss on sale of
 marketable securities (3)         5,050           -     5,050         -
Gain on sale of
 building (4)                          -           -         -      (551)
                                --------    --------  --------  --------
(Loss) income from continuing
 operations, pro forma          $   (201)   $ (4,488) $ 12,769  $  7,143
                                ========    ========  ========  ========

Loss per share from continuing
 operations:
     Basic                      $  (0.31)   $  (0.32) $  (0.01) $  (0.08)
     Diluted                    $  (0.31)   $  (0.32) $  (0.01) $  (0.08)
(Loss) earnings per share from
 continuing operations
 --pro forma:
     Basic                      $  (0.01)   $  (0.12) $   0.37  $   0.20
     Diluted                    $  (0.01)   $  (0.12) $   0.37  $   0.19
Weighted-average shares
 outstanding
     Basic                        33,144      35,956    34,251    35,898
     Diluted                      33,593      36,556    34,699    36,795

(1) In 2005, restructuring, integration and asset impairment charges of
    $5.7 million for the quarter and $10.4 million year-to-date are net
    of tax benefits of $0.7 million and $2.3 million, respectively.  In
    2004, the restructuring, integration and asset impairment charges of
    $2.3 million for the quarter and $8.1 million year-to-date, are net
    of tax benefits of $0.8 million and $3.0 million, respectively.

(2) Loss on extinguishment of debt of $8.8 million, net of taxes of
    $3.2 million.

(3) Loss on sale of Lionbridge shares of $7.9 million, net of taxes of
    $2.8 million.

(4) Gain on sale of building of $0.9 million, net of taxes of
    $0.3 million.

                             BOWNE & CO., INC.
                               (NYSE: BNE)
                          Supplemental Information
                               (unaudited)

During the 2005 fourth quarter, the Company changed the way it reports and
evaluates segment information.  The Company's operations are now classified
into the following reportable business segments: Financial Print, Marketing
and Business Communications, and Litigation Solutions.  The Company had
previously reported Marketing and Business Communications (formerly Bowne
Enterprise Solutions) within its Financial Print segment. The Company's
previous years' segment information has been restated to conform to the new
presentation. The following provides the 2005 and 2004 annual and quarterly
information for this new presentation.

                                                2005
                          ------------------------------------------------
                                              Quarter Ended
                                    --------------------------------------
(in thousands)              Year     Dec. 31   Sep. 30   Jun. 30   Mar. 31
                          --------  --------  --------  --------  --------
Revenues:
Financial Print           $625,128  $146,741  $143,202  $188,438  $146,747
Marketing and Business
 Communications             41,806    10,305     9,135     9,190    13,176
Litigation Solutions        27,206     6,074     6,471     7,012     7,649
                          --------  --------  --------  --------  --------
                          $694,140  $163,120  $158,808  $204,640  $167,572
                          ========  ========  ========  ========  ========
Segment profit:
Financial Print             78,815    13,995    12,278    31,127    21,415
Marketing and Business
 Communications             (7,877)   (2,251)   (2,737)   (2,160)     (729)
Litigation Solutions         3,269       511       666     1,004     1,088
Corporate/Other (see
 detail below)             (35,921)  (17,046)   (6,082)   (7,214)   (5,579)
                          --------  --------  --------  --------  --------
                            38,286    (4,791)    4,125    22,757    16,195
                          --------  --------  --------  --------  --------
Depreciation               (26,120)   (7,195)   (5,853)   (6,547)   (6,525)
Amortization                  (940)     (235)     (235)     (235)     (235)
Interest                    (5,160)   (1,367)   (1,200)   (1,308)   (1,285)
                          --------  --------  --------  --------  --------
Income (loss) from
 continuing operations
 before income taxes      $  6,066  $(13,588) $ (3,163) $ 14,667  $  8,150
                          ========  ========  ========  ========  ========

Corporate/Other by (type):
Shared corporate expenses $(19,188) $ (4,585) $ (4,329) $ (5,195) $ (5,079)
Other income (expense),
 net                         1,567     1,090      (160)     (488)    1,125
Loss on extinguishment of
 debt                            -         -         -         -         -
Loss on sale of
 marketable securities      (7,890)   (7,890)        -         -         -
Gain on sale of building         -         -         -         -         -
Restructuring charges,
 integration costs and
 asset impairment charges  (10,410)   (5,661)   (1,593)   (1,531)   (1,625)
                          --------  --------  --------  --------  --------
Total                     $(35,921) $(17,046) $ (6,082) $ (7,214) $ (5,579)
                          ========  ========  ========  ========  ========

                                                2004
                          ------------------------------------------------
                                              Quarter Ended
                                    --------------------------------------
(in thousands)              Year     Dec. 31   Sep. 30   Jun. 30   Mar. 31
                          --------  --------  --------  --------  --------
Revenues:
Financial Print           $598,763  $133,187  $121,824  $186,902  $156,850
Marketing and Business
 Communications             38,650    10,212     8,166     7,599    12,673
Litigation Solutions        33,938    10,721     6,440     8,903     7,874
                          --------  --------  --------  --------  --------
                          $671,351  $154,120  $136,430  $203,404  $177,397
                          ========  ========  ========  ========  ========
Segment profit:
Financial Print             80,519     9,607    10,044    34,906    25,962
Marketing and Business
 Communications            (11,482)   (2,840)   (3,618)   (3,625)   (1,399)
Litigation Solutions         4,859     2,487        99     1,061     1,212
Corporate/Other (see
 detail below)             (38,185)  (18,360)   (5,078)   (5,398)   (9,349)
                          --------  --------  --------  --------  --------
                            35,711    (9,106)    1,447    26,944    16,426
                          --------  --------  --------  --------  --------
Depreciation               (25,855)   (5,814)   (6,622)   (6,617)   (6,802)
Amortization                  (730)     (235)     (165)     (165)     (165)
Interest                   (10,436)   (2,452)   (2,593)   (2,701)   (2,690)
                          --------  --------  --------  --------  --------
Income (loss) from
 continuing operations
 before income taxes      $ (1,310) $(17,607) $ (7,933) $ 17,461  $  6,769
                          ========  ========  ========  ========  ========

Corporate/Other by (type):
Shared corporate expenses $(22,062) $ (7,008) $ (4,241) $ (5,754) $ (5,059)
Other income (expense),
 net                           (72)     (191)      (48)      100        67
Loss on extinguishment of
 debt                       (8,815)   (8,815)        -         -         -
Loss on sale of
 marketable securities           -         -         -         -         -
Gain on sale of building       896         -         -       896         -
Restructuring charges,
 integration costs and
 asset impairment charges   (8,132)   (2,346)     (789)     (640)   (4,357)
                          --------  --------  --------  --------  --------
Total                     $(38,185) $(18,360) $ (5,078) $ (5,398) $ (9,349)
                          ========  ========  ========  ========  ========

Contact Information

  • Investor Relations Contact:
    William J. Coote
    Treasurer
    212-658-5858
    Email Contact

    Bowne & Co., Inc.
    55 Water Street
    212/924-5500
    Fax: 212/658-5871