8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 29, 2003

Bowne & Co., Inc.
(Exact name of registrant as specified in its charter)

Delaware	1-05842	13-2618477
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)
345 Hudson Street, New York, NY		10014
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (212) 924-5500

Not Applicable
Former name or former address, if changed since last report

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits
	Item 12. Disclosure of Results of Operations and Financial Condition
SIGNATURES
Exhibit Index
PRESS RELEASE

Item 7. Financial Statements and Exhibits

(c)  Exhibits

99 Press release dated October 29, 2003 announcing results of operations for the quarter and nine months ended September 30, 2003

Item 12. Disclosure of Results of Operations and Financial Condition

On October 29, 2003, Bowne & Co., Inc issued a press release announcing its financial results for the quarter and nine months ended September 30, 2003. A copy of the press release is being furnished as Exhibit 99 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including Exhibit 99, is furnished pursuant to Item 12 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BOWNE & CO, INC. (Registrant)
October 29, 2003	By:	/s/ C. Cody Colquitt
		Name: C. Cody Colquitt
		Title: Senior Vice President and Chief Financial Officer

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Exhibit Index

Exhibit No.	Description
99	Press release of Bowne & Co., Inc, Inc. dated October 29, 2003 announcing results of operations for the quarter and nine months ended September 30, 2003

4 EX-99 3 y91149exv99.htm PRESS RELEASE

Contact:	William J. Coote
	Treasurer
	212-886-0614
	bill.coote@bowne.com

For Immediate Release

Bowne Announces Third Quarter Results
Transactional Financial Print Revenue Highest Since Q2 2002

NEW YORK, October 29, 2003 — Bowne & Co., Inc. (NYSE: BNE) today announced net loss for the third quarter ended September 30, 2003 of $1,209,000, or $0.04 per share, versus net income of $4,649,000, or $0.13 per share, for the comparable quarter last year. The results for the 2003 quarter include restructuring charges, net of tax, of $3,283,000 or $0.10 per share while the 2002 third quarter includes one-time items, primarily gains on sale of certain assets, totaling $9.2 million, net of tax, or $.27 per share. This results in pro forma per share earnings of $.06 in 2003 as compared to a loss per share of $.14 in 2002. (See page 8, Pro forma supplemental income information.)

Third quarter 2003 revenues were $249,979,000 compared to $214,156,000 for the same period last year. This increase, which includes revenues from acquisitions by both Bowne Business Solutions and Global Solutions, is across each of the business segments. Overall, non-transactional revenues were 70% of Bowne’s total revenues.

On a pre-tax basis, restructuring costs amounted to $4,158,000, of which $1.7 million related to severance costs and $2.5 million related to other cost reductions and integration costs associated with the acquisition of Berlitz GlobalNet by the company’s Globalization unit.

For the nine months ended September 30, 2003, net loss was $5,204,000, or $0.15 per diluted share, versus net income of $19,258,000 or $0.54 per share for the same period last year. The 2003 nine-month results include restructuring charges, net of tax, of $12,941,000 or $0.37 per diluted share. Revenue for the nine months ended September 30, 2003 was $813,443,000, up 6% from $767,107,000 reported a year earlier.

“We are pleased with the $.20 per share year-over-year improvement in pro forma operating results experienced in the third quarter and are cautiously optimistic about the fourth quarter. We are starting to see momentum in our transactional financial print business as the capital markets activity is building. This quarter’s transactional print revenues were at their highest level since Q2 2002 and Q1 2001 before that. Our market leadership continues to serve us well and we are extremely pleased with the fact that Financial Print segment profit, as compared to the third quarter of 2002, has increased in correlation with our revenue, the direct result of our aggressive cost reductions,” said Bowne chairman and chief executive officer Robert M. Johnson.

-more-

Page 2 of 8

Johnson continued, “We are committed to reviewing our operations and managing our costs in each of our businesses as we continue to develop and improve upon a more efficient operating model that both leverages our technology investments and more variable cost components. While this effort resulted in greater than forecasted restructuring and integration charges this quarter, and will in the fourth quarter as well, our 2004 results are expected to show improved margins as a result.”

"Bowne Global Solutions’ (BGS) continued to benefit from our acquisition of Berlitz GlobalNet at the end of the third quarter of 2002 and for the third consecutive quarter achieved profit improvement. We are pleased with the progress of our integration efforts, and our further client diversification; however, we are not satisfied with segment profit margins, and we continue to examine our costs and infrastructure which will result in additional restructuring charges. These efforts are evidenced by the restructuring and integration charges in the quarter of $2.9 million related to this continuing effort in BGS. We continue our sales focus to sign new business outside of the IT market and as the recently announced signings of BKK AS, the United States Department of Justice, the Irish Department of Justice and SAAB indicate—our efforts have been successful, particularly in interpretation and translation services.”

Bowne president Carl J. Crosetto commented on the performance of Bowne Business Solutions (BBS). “We have historically experienced a slight, seasonal downturn in revenue in the third quarter, however, we are encouraged by the improvement in the segment profit as a percent of revenue over the last 5 quarters. Importantly, during the third quarter BBS secured 15 new outsourcing contracts as we continue to strengthen our market leadership in the legal industry. The release of RapidViewTM, which permits law firms to collaboratively view, search and store electronic document and data files online, while reducing the time and costs associated with document discovery, adds to our suite of services to the legal industry. We also saw a pick-up in the levels of document creation activity at our Investment Banking clients in September, the first such improvement that we have seen in over two years and that could signal the beginning of improving results in that important vertical.”

“Our digital print group within Bowne Financial Print is continuing to build momentum particularly in the area of customized and personalized enrollment and investor kits as production volumes continue to be approximately 70% higher than in 2002,” Johnson said.

Johnson said Bowne also continues to focus on cash flow and managing receivables. Average days outstanding improved 4 days to 67 days in 2003. With the increased accounts receivable due to revenue growth and the funding of restructuring charges, cash used by operations for the nine months ended September 2003 was approximately $37.2 million versus cash provided by operations in 2002 of $29.0 million. Financial printing work-in-process inventories decreased 3% to $15.6 million in 2003 from September 2002.

Business Outlook

The company noted that forward-looking statements for future performance like 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.

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For the year 2003, the company expects improved results over 2002. The results for the fourth quarter are expected to be significantly improved over last year.

	2003
	4th Quarter	Full-year
Revenue, approximately	$245 to $260 million	$1.06 billion
Depreciation and amortization, approximately	$11 million	$44 million
Restructuring and integration charges, approximately	$7 million	$26 million
Operating income, approximately	$2-8 million	$5-11 million
Operating income, excluding restructuring and integration charges, approximately	$9-15 million	$31-37 million
Interest expense, approximately	$2-3 million	$10-11 million
Diluted (loss) earnings per share, in the range of	$(0.06) to $0.04	$(0.21) to $(0.11)
Diluted earnings per share, excluding restructuring and integration charges, in the range of	$0.08 to $0.18	$0.30 to $0.40
Capital expenditures, approximately	$7 million	$25 million

Bowne & Co. will hold its earnings conference call to review the third quarter results and to discuss the fourth quarter business outlook on Thursday, October 30, 2003, at 11 a.m. ET. To join the web cast, log on to http://www.bowne.com. To access the call via telephone, please dial (877) 888-4034 (domestic) or (719) 867-0680 (international) and ask for the Bowne teleconference.

Bowne & Co., Inc., established in 1775, is a global leader in delivering high-value document management solutions that empower our clients’ communications.

• Bowne Financial Print, the world’s largest financial printer, offers the most comprehensive array of transactional and compliance-related services to create, manage, translate and distribute mission-critical documents. Within this segment, Bowne Enterprise Solutions provides digital printing and electronic delivery of personalized communications, enabling clients to strengthen their customer relationships and increase market leadership.

• Bowne Business Solutions delivers a full array of business process outsourcing services in word processing, desktop publishing, information technology, litigation resource management and office document services.

• Bowne Global Solutions offers a broad range of globalization/localization services to help companies adapt communications developed in one country to meet the social, cultural and business requirements for successful distribution in another.

Bowne & Co. Inc., www.bowne.com, combines all of 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.

[Tables follow]

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BOWNE & CO., INC.
(NYSE: BNE)
Condensed Consolidated Statements of Operations
(unaudited)

			For the Periods Ended September 30,
(in thousands, except per share information)			Quarter						Year-to-Date
			2003			2002			2003			2002
Revenue			$	249,979		$	214,156		$	813,443		$	767,107
Expenses:
		Cost of revenue		167,882			149,542			549,782			504,726
		Selling and administrative		64,580			59,578			208,822			206,933
		Depreciation		9,989			10,033			30,103			31,351
		Amortization		893			430			2,730			1,290
		Restructuring, integration and asset impairment charges		4,158			3,605			18,967			3,605
				247,502			223,188			810,404			747,905
Operating income (loss)				2,477			(9,032	)		3,039			19,202
Interest expense				(3,202	)		(1,844	)		(8,174	)		(4,951	)
Gain on sale of certain printing assets				—			14,869			—			14,869
Gain on sale of building				—			4,889			—			4,889
Other income (expense), net				949			(683	)		391			(224	)
Income (loss) before income taxes				224			8,199			(4,744	)		33,785
Income tax expense				(1,433	)		(3,550	)		(460	)		(14,527	)
Net (loss) income			$	(1,209	)	$	4,649		$	(5,204	)	$	19,258
Total (loss) earnings per share:
	Basic		$	(0.04	)	$	0.14		$	(0.15	)	$	0.58
	Diluted		$	(0.04	)	$	0.13		$	(0.15	)	$	0.54
Weighted average shares outstanding:
	Basic			33,782			33,531			33,666			33,444
	Diluted			35,568			34,654			34,947			34,822
Dividends per share			$	0.055		$	0.055		$	0.165		$	0.165

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BOWNE & CO., INC.
(NYSE: BNE)
Condensed Consolidated Balance Sheets

			September 30,		December 31,
(in thousands)			2003		2002
			(unaudited)
Assets
Cash and marketable securities			$	16,547	$	34,695
Accounts receivable, net				228,140		176,984
Inventories				22,427		19,555
Prepaid expenses and other current assets				24,681		30,599
		Total current assets		291,795		261,833
Property, plant and equipment, net				139,268		151,557
Goodwill and other intangibles, net				275,630		267,959
Other assets				37,889		23,053
		Total assets	$	744,582	$	704,402
Liabilities and Stockholders’ Equity
Current portion of long-term debt and short-term borrowings			$	728	$	497
Accounts payable and accrued liabilities				157,642		178,997
		Total current liabilities		158,370		179,494
Long-term debt				188,187		142,708
Deferred compensation and other				56,076		45,880
Stockholders’ equity				341,949		336,320
	Total liabilities and stockholders’ equity		$	744,582	$	704,402

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BOWNE & CO., INC.
(NYSE: BNE)
Condensed Consolidated Statements of Cash Flows
(unaudited)

		Nine Months Ended September 30,
(in thousands)		2003			2002
Cash flows from operating activities:
	Net (loss) income	$	(5,204	)	$	19,258
	Depreciation and amortization		32,833			32,641
	Asset impairment charges and other non-cash charges		1,212			1,300
	Gain on sale of certain printing assets		—			(14,869	)
	Gain on sale of building		—			(4,889	)
	Cash used in discontinued operations		(1,241	)		(1,959	)
	Changes in other assets and liabilities, net of non-cash transactions		(64,757	)		(2,498	)
Net cash (used in) provided by operating activities			(37,157	)		28,984
Cash flows from investing activities:
	Purchase of property, plant and equipment		(18,153	)		(23,541	)
	Acquisitions of businesses, net of cash acquired		—			(56,750	)
	Proceeds from sale of certain printing assets		—			14,500
	Proceeds from sale of building		—			8,295
	Other		1,040			668
Net cash used in investing activities			(17,113	)		(56,828	)
Cash flows from financing activities:
	Proceeds from borrowings		261,106			307,527
	Payment of debt		(220,865	)		(256,885	)
	Proceeds from stock options exercised		3,173			2,741
	Payment of dividends		(5,551	)		(5,517	)
Net cash provided by financing activities			37,863			47,866
Net (decrease) increase in cash and cash equivalents		$	(16,407	)	$	20,022
Cash and Cash Equivalents—beginning of period			32,881			27,769
Cash and Cash Equivalents—end of period		$	16,474		$	47,791

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

Information regarding the operations of each business segment is set forth below. Performance is evaluated based on several factors, of which the primary financial measures are segment profit and segment profit less depreciation expense. 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 outsourcing segment. Segment performance is evaluated exclusive of interest, income taxes, amortization, certain shared corporate expenses, restructuring, integration and asset impairment charges, other expenses and other income. Therefore, this information is presented in order to reconcile to income (loss) 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 September 30,
	Quarter						Year-to-Date
(in thousands)	2003			2002			2003			2002
Revenues:
Financial Printing	$	136,058		$	130,205		$	458,043		$	511,879
Outsourcing		62,111			57,940			190,425			175,798
Globalization		51,810			26,011			164,975			79,430
	$	249,979		$	214,156		$	813,443		$	767,107
Segment profit (loss):
Financial Printing		14,265			8,503			47,612			62,170
Outsourcing		4,246			3,543			10,801			11,881
Globalization		2,878			(1,723	)		9,185			(4,452	)
Corporate/Other (see detail below)		(7,081	)		10,183			(31,335	)		1,778
		14,308			20,506			36,263			71,377
Depreciation expense:
Financial Printing		6,817			7,253			20,775			22,962
Outsourcing		1,037			961			3,059			2,988
Globalization		1,721			1,277			5,026			3,777
Corporate/Other		414			542			1,243			1,624
		9,989			10,033			30,103			31,351
Segment profit (loss) less depreciation:
Financial Printing		7,448			1,250			26,837			39,208
Outsourcing		3,209			2,582			7,742			8,893
Globalization		1,157			(3,000	)		4,159			(8,229	)
Corporate/Other		(7,495	)		9,641			(32,578	)		154
		4,319			10,473			6,160			40,026
Amortization		(893	)		(430	)		(2,730	)		(1,290	)
Interest		(3,202	)		(1,844	)		(8,174	)		(4,951	)
Income (loss) before income taxes	$	224		$	8,199		$	(4,744	)	$	33,785
Corporate/Other (by type):
Shared corporate expenses	$	(3,389	)	$	(5,287	)	$	(11,789	)	$	(14,151	)
Other income (expense), net		466			19,075			(579	)		19,534
Restructuring charges, integration costs and asset impairment charges		(4,158	)		(3,605	)		(18,967	)		(3,605	)
	$	(7,081	)	$	10,183		$	(31,335	)	$	1,778

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BOWNE & CO., INC.
(NYSE: BNE)
PRO FORMA SUPPLEMENTAL INCOME INFORMATION
(unaudited)

Pro forma supplemental income information, which is not prepared in accordance with generally accepted accounting principles, excludes restructuring, integration and asset impairment charges, gains on sales or dispositions of assets and investments, and one-time financing costs. 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 September 30,
					Quarter						Year-to-Date
(in thousands, except per share information)					2003			2002			2003			2002
Net (loss) income					$	(1,209	)	$	4,649		$	(5,204	)	$	19,258
Add back (subtract):
Restructuring, integration and asset impairment charges, net of tax			(1	)		3,283			2,055			12,941			2,055
Gain on disposition of investments, net of tax			(2	)		(429	)		—			(429	)		—
One-time financing cost expenses, net of tax			(3	)		484			—			484			—
Gain on the sale of certain printing assets, net of tax			(4	)		—			(8,475	)		—			(8,475	)
Gain on sale of building, net of tax			(5	)		—			(2,787	)		—			(2,787	)
Net income (loss), pro forma					$	2,129		$	(4,558	)	$	7,792		$	10,051
(Loss) earnings per share:
		Basic			$	(0.04	)	$	0.14		$	(0.15	)	$	0.58
		Diluted			$	(0.04	)	$	0.13		$	(0.15	)	$	0.54
Earnings (loss) per share—pro forma:
	Basic				$	0.06		$	(0.14	)	$	0.23		$	0.30
	Diluted				$	0.06		$	(0.14	)	$	0.22		$	0.27
Weighted average shares outstanding:
	Basic					33,782			33,531			33,666			33,444
	Diluted					35,568			34,654			34,947			34,822

(1)	In 2003, restructuring, integration and asset impairment charges of $4.2 million for the third quarter and $19.0 million year-to-date are net of tax benefit of $0.9 million and $6.1 million, respectively. In 2002, the restructuring, integration and asset impairment charges of $3.6 million are net of a tax benefit of $1.5 million.
(2)	Represents gain on the disposition of long-term investments of $0.7 million, net of tax of $0.3 million.
(3)	Expenses related to the prepayment and amendment of the Company’s Revolving Credit Facility and certain Private Placement Notes of $0.8 million are net of a tax benefit of $0.3 million.
(4)	In 2002, the gain on the sale of certain printing assets of $14.9 million is net of tax of $6.4 million.
(5)	In 2002, the gain on the sale of the Chicago building of $4.9 million is net of tax of $2.1 million.

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