Bowne & Co. Reports 2005 First Quarter Earnings Per Share Of $0.11 Vs. $0.08 In 2004

Global Solutions Revenue and Segment Profit Increase

NEW YORK, April 27, 2005 -- Bowne & Co., Inc. (NYSE: BNE) today announced 2005 first quarter earnings of $3.9 million--or $0.11 per diluted share--compared to earnings of $3.0 million, or $0.08 per diluted share, for the first quarter 2004.

The results for both quarters were impacted by restructuring charges. Excluding the restructuring charges, pro forma diluted earnings per share from continuing operations were $0.15 in the first quarter of 2005, compared to $0.15 in the first quarter of 2004. (See Pro Forma Supplemental Income Information attached hereto for a reconciliation of these non-GAAP financial measures to our consolidated statements of operations).

Revenue was $226.9 million in the first quarter of 2005, compared to $232.7 million in the comparable quarter of 2004--a 3% decrease. Financial Print revenue for the first quarter decreased $9.6 million, or 6%, year-over-year, the result of a 22% decline in transactional print revenue. Globalization revenue for the quarter grew $4.3 million, or 8%, over the same quarter in 2004.

"We're pleased with the results of Bowne Global Solutions (BGS), especially the growth in revenue and segment profit over both the preceding quarter and the comparable 2004 quarter," said Bowne Chief Executive Officer Philip E. Kucera. "Projects that had been delayed for some time are coming to fruition, and we expect BGS's improving revenue run rate to continue. As is reflected in our guidance, we are managing this business to be significantly more profitable than in 2004."

David J. Shea, Bowne President and Chief Operating Officer, added, "Our drop in financial print transactional revenue mirrors the overall decline in capital market activity as measured by the number of filings. Nevertheless, we're encouraged because we've been awarded more than 50% of the largest M&A transactions announced in 2005. As these transactions are completed, we expect corresponding revenues and profits to rise."

Bowne Financial Print: For the first quarter, Financial Print reported revenue of $159.9 million, a $9.6 million, or 6%, decrease from last year. Offsetting the transactional revenue decrease of 22%, non-transactional revenue, which includes Mutual Fund and Compliance revenue, increased 5% over 2004. Segment profit for the quarter as a percentage of sales was 12.9% for the quarter, compared to 14.5% for the same period in 2004.

Bowne Global Solutions (BGS): First quarter revenue of $58.9 million was $4.3 million higher than the same period in 2004, while segment profit of $2.3 million was $0.3 million higher than 2004, and as a percent of revenue increased 20 basis points. Revenue and segment profit increased $3.8 and $0.8 million, respectively, over the fourth quarter of 2004.

Corporate/Other: Corporate spending increased $0.6 million over 2004 primarily due to higher professional fees. Litigation Solutions' revenue was relatively flat, with revenues down $0.5 million and profits up $0.2 million.

Through an Overnight Share Repurchase program with Bank of America, Bowne repurchased 2,530,000 shares on December 2, 2004. In connection with the program, Bank of America has been purchasing, and will continue to purchase, shares in the market. At the end of the program Bowne will receive a price adjustment in the form of additional shares or cash based on the volume-weighted average price of shares acquired by Bank of America. Bank of America has purchased a total of 2,430,900 shares at an average price of $15.09 through April 25, 2005. To date, the Company has not made any purchases under its $35 million open market purchase program.

Days sales outstanding increased to 72 days in March 2005 from 69 days in March 2004. Cash used in operations for the quarter ended March 31, 2005 increased $24.6 million to $40.8 million, from net cash used in operations of $16.2 million in 2004. Net debt at March 31, 2005 was $40.9 million as compared to net debt of $141.2 million in March 2004. Financial Print work-in-process inventory was $28.2 million at March 31, 2005, as compared to $26.3 in March 2004.

Business Outlook

The company noted 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 excludes the effect of potential dilution from the Convertible Subordinated Debt and the impact from any future purchases under our share repurchase program.

The 2005 outlook, which follows, is unchanged from our prior guidance given February 2005.

Bowne & Co. will hold its earnings conference call to review the 2005 first quarter results on Thursday, April 28, 2005, at 11 a.m. Eastern Time. To join the Webcast, log on to http://www.bowne.com. To access the call via telephone, please dial (800) 437-2398 (domestic) or (312)-461-9457 (international) and ask for the Bowne teleconference.

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 Enterprise Solutions: Digital composition, print, delivery, and fulfillment of customized and personalized communications designed to enable companies to more-effectively target customers to increase market leadership.
Bowne Global Solutions: A broad range of language and cultural solutions that use translation, localization, technical writing and interpretation services to help companies adapt their communications or products for use in other cultures and countries around the world.
Bowne Litigation Solutions: Consulting, electronic discovery 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

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

Media Contact:
Kate O'Brien
Director, Corporate Communications
212-229-7214
kate.obrien@bowne.com