Ballantyne of Omaha Reports 2005 First Quarter Results; Revenues Increase 11% to $12.5 Million.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. -- Ballantyne Ballantyne may refer to: Places
In currencies, this is the abbreviation for the Bhutan Ngultrum. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), a manufacturer of motion picture projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. lighting equipment, today reported financial results for the three-month period ended March 31, 2005. Net revenues for the three-month period ended March 31, 2005 rose 11% to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $12.5 million from $11.3 million in the comparable year-ago period. The revenue increase reflects higher demand from motion picture exhibitors for the Company's theater products and increased sales of the Company's long-range long-range adj. 1. Of, suitable for, or reaching long distances: long-range missiles. 2. Requiring or involving an extended span of time: long-range planning. follow spotlights. Gross profit in the first quarter of 2005 rose 8% to $3.4 million, or 27.1% of revenues, from $3.2 million, or 28.0% of revenues, in the first quarter of 2004. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the 2005 first quarter reflects continuing efficiencies in the manufacturing process, offset by increased sales of lower margin Xenon xenon (zē`nŏn) [Gr.,=strange], gaseous chemical element; symbol Xe; at. no. 54; at. wt. 131.29; m.p. −111.9°C;; b.p. −107.1°C;; density 5.86 grams per liter at STP; valence usually 0. lamps and flat sales of higher margin replacement parts. Gross margin in the period ended March 31, 2005 also reflects a higher cost of sales for certain raw materials and components. Net income in the 2005 first quarter increased 10% to $941,914, or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $854,995, or $0.06 per diluted share, in the 2004 first quarter. Per share results are based on a weighted average number of diluted shares outstanding of 13,840,719 and 13,526,233 for the first quarters of 2005 and 2004, respectively. John P. Wilmers, President and Chief Executive Officer of Ballantyne, commented, "First quarter revenue came in ahead of our internal forecast, underscoring the continued demand for our motion picture projection equipment from customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Asia and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Our installed equipment base and direct sales strategy are driving demand for our line of LTI LTI Linear Time Invariant LTI Long Term Incentive (NZ) LTI Lingua Tertii Imperii (language of the NAZI empire, Latin) LTI Lost Time Injury LTI Leadership Training Institute LTI Lost Time Incident Xenon lamps, sales of which increased to $1.1 million in the 2005 first quarter. While sales of replacement parts were flat at approximately $1.7 million compared to year-ago levels, we expect sales to increase as the year progresses." "In the periods ahead, we expect to offset some of the increases in raw material and component costs with a new equipment pricing structure implemented on March 1, 2005," continued Mr. Wilmers. "Moreover, we will continue to prudently pru·dent adj. 1. Wise in handling practical matters; exercising good judgment or common sense. 2. Careful in regard to one's own interests; provident. 3. Careful about one's conduct; circumspect. manage selling, administrative and other corporate expenses going forward to generate maximum profitability from any sales increase." "Ballantyne continued to improve its already strong balance sheet during the period, adding over $2 million to its cash balance since December December: see month. 31, 2004. This achievement is the result of an ongoing focus on growing our top line and carefully managing all aspects of our business including inventory turnover, capital expenditures, collections and new product development." About Ballantyne of Omaha Ballantyne 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 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 alternate /al·ter·nate/ (awl´ter-nit) 1. following in turns. 2. pertaining to every other one in a series. 3. occurring in place of another; acting as a substitute. 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's expectations.
Ballantyne of Omaha, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31,
2005 2004
----------- -----------
Net revenues $12,511,869 $11,297,412
Cost of revenues 9,117,278 8,139,678
----------- -----------
Gross profit 3,394,591 3,157,734
Selling & administrative expenses:
Selling 739,412 744,047
Administrative 1,194,412 1,031,198
----------- -----------
Total selling & administrative exp. 1,933,824 1,775,245
Gain on disposal of assets, net -- 800
----------- -----------
Income from operations 1,460,767 1,383,289
Other expense, net (29,519) (40,751)
----------- -----------
Income before interest and taxes 1,431,248 1,342,538
Net interest income 63,496 1,359
----------- -----------
Income before income taxes 1,494,744 1,343,897
Income tax expense (552,830) (488,902)
----------- -----------
Net income $ 941,914 $ 854,995
=========== ===========
Earnings per share
Basic $ 0.07 $ 0.07
=========== ===========
Diluted $ 0.07 $ 0.06
=========== ===========
Weighted average shares outstanding:
Basic 13,050,733 12,722,261
=========== ===========
Diluted 13,840,719 13,526,233
=========== ===========
Selected Balance Sheet Items:
March 31, December 31,
2005 2004
(unaudited)
------------- --------------
Cash and cash equivalents $ 16,119,421 $ 14,031,984
Accounts receivable, net 5,735,473 6,159,764
Inventories, net 12,431,366 12,173,966
Current portion of long-term debt 26,378 25,935
Long-term debt 35,606 42,370
Accounts payable and accrued expenses 7,011,955 7,077,303
Total stockholders' equity $ 35,689,977 $ 34,523,438
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Selected Cash Flow Statement Items (unaudited):
Three Months Ended
March 31,
2005 2004
----------- -----------
Net income $ 941,914 $ 854,995
Depreciation and amortization 291,471 290,528
Net cash provided by operating activities 1,952,153 3,169,164
Capital expenditures (83,020) (391,869)
Net cash used in investing activities (83,020) (391,069)
Net cash provided by (used in) financing
activities 218,304 (3,392)
Net increase in cash & cash equivalents 2,087,437 2,774,703
Cash & cash equivalents at beginning of
period 14,031,984 8,761,568
Cash & cash equivalents at end of period $16,119,421 $11,536,271
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