The New York-based group reported net income of just 160,000 ($258,000), down from 6.9m in the second quarter of 2002, after being hit by 6m of restructuring costs.
The redundancies at its UK operation in London included the departure of managing director Tim Walters in June (PrintWeek, 12 June).
Bownes total second-quarter revenues fell 1.7% to 191m, but revenues in its financial printing business fell by almost 20% to 113.9m.
However, revenues more than doubled to 37m at Bownes globalisation business, which adapts material developed in one country for distribution in another.
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