13610--3/16/2009--BOWNE_&_CO

related topics

{system, service, information}

{condition, economic, financial}

{debt, indebtedness, cash}

{product, market, service}

{acquisition, growth, future}

{cost, contract, operation}

{capital, credit, financial}

{competitive, industry, competition}

{personnel, key, retain}

{operation, international, foreign}

{gas, price, oil}

An inability to repay or refinance the $150 million five-year senior, unsecured revolving credit facility, which matures in May 2010, would have a material adverse effect on the Company s financial condition. Continued economic crisis and stock market declines could reduce future potential earnings and could result in future goodwill impairments. The Company s strategy to increase revenue through introducing new products and services and acquiring businesses that complement its existing businesses may not be successful, which could adversely affect results and may negatively affect earnings. Revenue from printed shareholder documents is subject to regulatory changes and volatility in demand, which could adversely affect the Company s operating results. The environment in which Bowne competes is highly competitive, which creates adverse pricing pressures and may harm the Company s business and operating results if it cannot compete effectively. The market for marketing communications services is relatively new and the Company may not realize the anticipated benefits of its investment. Bowne s business could be harmed if it does not successfully manage the integration of businesses that are acquired. The Company is exposed to risks associated with operations outside of the United States. The Company does not have long-term service agreements in the capital markets services business, which may make it difficult to achieve steady earnings growth on a quarterly basis and lead to adverse movements in the price of its common stock. If the Company is unable to retain key employees and attract and retain other qualified personnel, its business could suffer. If the Company fails to keep clients information confidential or if it handles their information improperly, Bowne s business and reputation could be significantly and adversely affected. The Company has indebtedness and this indebtedness and its costs may increase. Downgrades of the Company s debt rating could adversely affect the Company s results of operations and financial position. Covenants in the Company s credit facility could adversely affect its financial condition. Seasonality and credit crises may decrease Bowne s available cash. The current market conditions could adversely affect the funded status of the Company s defined benefit pension plan. The Company s services depend on the reliability of its computer systems and its ability to implement and maintain information technology and security measures. Bowne s services depend on third-parties to provide or support some of its services and its business and reputation could suffer if these third-parties fail to perform satisfactorily.

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13610--3/16/2009--BOWNE_&_CO_INC