<SEC-DOCUMENT>0000950123-10-079906.txt : 20120927
<SEC-HEADER>0000950123-10-079906.hdr.sgml : 20120927
<ACCEPTANCE-DATETIME>20100823153159
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-079906
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20100823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOWNE & CO INC
		CENTRAL INDEX KEY:			0000013610
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL PRINTING [2750]
		IRS NUMBER:				132618477
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		55 WATER STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10041-0006
		BUSINESS PHONE:		2129245500

	MAIL ADDRESS:	
		STREET 1:		55 WATER STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10041-0006
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><B>Bowne &#038; Co., Inc.</B><BR>
55 Water Street<BR>
New York, NY 10041<BR>
212/658-5804<BR>
FAX 212/658-5840

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
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<TR></TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="y86337y8633701.gif" alt="(BOWNE LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>John J. Walker</B><BR>SVP &#038; Chief Financial Officer</TD>
</TR>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">August&nbsp;23, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>VIA EDGAR AND FEDERAL EXPRESS</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Re:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bowne &#038; Co., Inc.<br>
Form&nbsp;10-K<br>
Filed March&nbsp;2, 2010<br>
Amendment No.&nbsp;1 to Form&nbsp;10-K<br>
Filed April&nbsp;20, 2010<br>
File No.&nbsp;001-05842</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporate Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are the responses of Bowne &#038; Co., Inc. (&#147;Bowne&#148; or the &#147;Company&#148;) to the
comments contained in the comment letter of the staff (the &#147;Staff&#148;) of the Securities and Exchange
Commission (the &#147;Commission&#148;) to the Company dated August&nbsp;18, 2010, relating to the Form 10-K and
Amendment No.&nbsp;1 to Form 10-K (the &#147;Form&nbsp;10-K/A&#148;) for the year ended December&nbsp;31, 2009. For
convenience of reference, the text of the comments in the Commission Staff&#146;s letter has been
reproduced in bold herein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Amendment No.&nbsp;1 to Form&nbsp;10-K</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please confirm to us that in future filings you will include a section entitled
&#147;Compensation Committee Interlocks and Insider Participation.&#148; Refer to </B><B>Item 407(e)</B><B> (4)
of Regulation&nbsp;S-K.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response:</U> Because the Company has no transactions or relationships that
trigger a disclosure obligation under Item&nbsp;407(e)(4) of Regulation&nbsp;S-K and the only
disclosure that the Company is required to provide pursuant to Item&nbsp;407(e)(4) is the
identity of the members of the Compensation and Management Development Committee,
the Company has omitted the caption otherwise required under Item&nbsp;407(e)(4) as
permitted by Item&nbsp;233.02 of the Staff&#146;s Compliance and Disclosure Interpretations,
Regulation&nbsp;S-K. If in any future filing the Company has any other disclosure
obligation under Item&nbsp;407(e)(4), it will include a section entitled &#147;Compensation
Committee Interlocks and Insider Participation.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have not included any disclosure in response to </B><B>Item 402(s)</B><B> of
Regulation&nbsp;S-K. Please advise us of the basis for your conclusion that disclosure is
not necessary and tell us the process you undertook to reach that conclusion.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response:</U> The Company&#146;s management conducted a review of the Company&#146;s
principal risk factors, the individuals who control or impact those principal risk
factors, key elements of the Company&#146;s compensation programs and practices,
including programs and practices that mitigate against excessive risk taking, and
other management processes which otherwise mitigate the realization of material
risks.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">www.bowne.com
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Among the findings from the review were the following: 1) the design,
structure and processes associated with the compensation programs are consistent
across the Company&#146;s principal business segments, and no business segment carries a
significant portion of the Company&#146;s risk profile, or a disproportionate share of
the company&#146;s overall compensation expense; 2) the Company&#146;s compensation programs
feature a balance among fixed compensation, incentives based on the Company&#146;s
operating performance, and equity incentives; 3) incentive programs are structured
with upper limit thresholds and/or, where appropriate (e.g., sales personnel)
deferrals, and have consistently tracked changes in business performance; 4)
incentive programs for senior executives include long-term components with
multi-year risk-adjusted performance metrics and vesting periods; 5) delegation of
authority guidelines are followed and proper reviews occur on material transactions;
6) regular meetings are held among the Company&#146;s senior executive team to review
business performance, and adjustments to business plans are implemented quickly when
needed to mitigate principal risks; 7) succession planning reviews are conducted
annually to ensure management continuity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on the findings of this review compared to the principles of Item 402(s) of
Regulation&nbsp;S-K and the corresponding guidance on Item 402(s) provided by the
Commission, the Company&#146;s management concluded that the Company&#146;s compensation
policies and practices are not reasonably likely to have a material adverse effect
on the Company. The Company&#146;s management also provided the Compensation Committee
with a summary of its findings from this review in the context of the Compensation
Committee&#146;s overall review of the Form 10-K/A. In accordance with the guidance
provided by the Commission in its Release No.&nbsp;34-61175, based on its determination,
the Company is not required to make an affirmative statement regarding compensation
policies and practices as they relate to risk management.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Cover Page</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In future filings please indicate whether you have submitted electronically and
posted to your website every interactive data file required to be submitted and posted
pursuant to Rule&nbsp;405.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response:</U> The Company will comply with your request in future filings.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Item&nbsp;10. Directors, Executive Officers and Corporate Governance, page 4</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In future filings please include the narrative description of the business
experience of your directors for the past five years. Provide the name and principal
business of the business or organization, the relevant titles of the job, and the
approximate start and finish dates. Refer to Item&nbsp;401 of Regulation&nbsp;S-K.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response:</U> The Company will comply with your request in future filings.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Corporate Governance Information, page 11</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We cannot locate your compensation committee charter on your website. Please
advise.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response:</U> The Company respectfully advises the Staff that the compensation
committee charter is on the Company&#146;s website under the &#147;Corporate Governance&#148;
portion of the Investor Relations section. You can locate the charter by clicking
on the following links within the Investor Relations section: Investor Relations
=&#062; Corporate Governance =&#062; Board Committees =&#062; Compensation and Management
Development =&#062; View the Charter.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Objectives of the Company&#146;s Executive Compensation Programs, page 15</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please advise us whether benchmarking to the &#147;industry sample of similarly
sized companies&#148; you describe on page 16 is material to your compensation policies and
decisions. If so, please confirm to us that in future filings you will list the
companies to which you benchmark and disclose the degree to which the compensation
committee considered such companies comparable to you. Refer to </B><B>Item 402(b)</B><B> of
Regulation&nbsp;S-K.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response:</U> The Company respectfully advises the Staff that the indicated
paragraph on page 16 does list the specific peer group companies that the
compensation committee considers in benchmarking executive compensation levels. In
addition to data from these specific companies, the compensation committee considers
summary statistics from an &#147;industry sample of similarly sized companies&#148;, which is
gathered from published compensation surveys. The specific companies are neither
listed in the surveys, nor consistent across all executive positions, so it would
not be possible to list specific companies. The Company will include additional
information on the description of these surveys and relevant information of the
scope of companies in the survey samples in future filings.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Analysis of the Company&#146;s Executive Compensation Program, page 16</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure on page 17 of various quantifiable measures of
operating performance. Please confirm that in future filings you will quantify all
company-wide performance targets or please provide us with your analysis for concluding
that the disclosure of such targets is not required because it would result in
competitive harm and such disclosure may be omitted pursuant to Instruction 4 to Item
4</B><B>02(b)</B><B> of Regulation&nbsp;S-K.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Response:</U> The Company will comply with your request and in future filings
will quantify all company-wide performance targets, unless we believe the disclosure
of any particular target would result in competitive harm, in which case we will
disclose the conclusion that the disclosure of that performance target will result
in competitive harm and discuss how difficult it will be for the named executive
officers or how likely it will be for us to achieve the undisclosed target.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As requested in your letter, the Company hereby acknowledges that the Company is responsible for
the adequacy and accuracy of the disclosure in the filing and that the Staff&#146;s comments, or changes
to disclosures in response to Staff comments, do not foreclose the Commission from taking any
action with respect to the filing. Furthermore, the Company acknowledges that the Company may not
assert Staff comments as a defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any of our comments require further explanation, please do not hesitate to contact me at (212)
658-5804.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y86337y8633702.gif" alt="-s- John J. Walker">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John J. Walker<BR>
Senior Vice President and Chief Financial Officer<BR>
Bowne &#038; Co., Inc.

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



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