Ballantyne of Omaha Divests Rental Operations Related to Xenotech Unit.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--Aug. 5, 2002 Ballantyne of Omaha, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BTNE), a leading manufacturer of motion picture projection and long-range follow spotlights, today announced that it completed the sale of certain assets and business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets of Xenotech Rental Corp. located in North Hollywood, California to the former division Vice President and General Manager of the unit for an undisclosed sum. Prior to the sale, the Company had been restructuring the unit as part of a broader effort to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . In 2001, the unit generated approximately $700,000 of rental revenues and contributed to the Company's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. during the year. The Company will continue to manufacture, market and sell a full range of Xenotech products, and will continue to maintain a distribution relationship with the new unit, ARC Light Efx, Inc. Ballantyne of Omaha is a leading U.S. supplier of commercial motion picture and specialty projection equipment utilized by major theater chains and location-based entertainment providers. The Company also manufactures, rents and leases specialty entertainment lighting products used at top arenas, television and motion picture production studios, theme parks and architectural sites around the world. Except for the historical information in this press release, it includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including but not limited to, quarterly fluctuations in results; customer demand for the Company's products; the development of new technology for alternate means of motion picture presentation; domestic and international economic conditions; the management of growth; and, other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from management expectations. |
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