Ballantyne of Omaha Reports 2005 Second Quarter Results; Revenues Increase 12% to $13.0 Million, Net Income Rises 26% to $1.1 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- and six-month periods ended June June: see month. 30, 2005. Net revenues for the three-month period ended June 30, 2005 rose 12% to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $13.0 million from $11.7 million in the comparable year-ago period. The net revenue increase reflects higher demand from motion picture exhibitors for the Company's theater products and increased sales of 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. replacement bulbs. Gross profit in the second quarter of 2005 rose 14% to $3.7 million, or 28.3% of net revenues, from $3.2 million, or 27.8% of net revenues, in the second 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 period reflects continuing efficiencies in the manufacturing process, offset by increased sales of lower margin Xenon lamps and lower sales of higher margin replacement parts. Net income in the 2005 second quarter increased 26% to $1,061,261, or $0.08 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 $845,315, or $0.06 per diluted share, in the 2004 second quarter. Per share results are based on a weighted average number of diluted shares outstanding of 13,886,873 and 13,560,628 for the second quarters of 2005 and 2004, respectively. John P. Wilmers, President and Chief Executive Officer of Ballantyne, commented, "Overall demand for our projection equipment and related theater products remained strong in the second quarter and on track to meet our full-year expectations. Replacement parts sales of $1.8 million were lower compared to the year-ago level, but rose from the $1.7 million level we recorded in the 2005 first quarter, as we predicted. Sales of Xenon lamps increased to $1.3 million, while sales to foreign customers remained flat, compared to year-ago levels. "During the second quarter, we entered into a definitive agreement with NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Solutions (America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. ), Inc. to distribute its full line of digital cinema and in-theater advertising products. NEC products are well-regarded in the motion picture exhibition industry and their status as one of three licensees of the Texas Instruments' DLP (Digital Light Processing) A data projection technology from TI that produces clear, readable images on screens in lit rooms. DLP is used in all types of projection devices, from data projectors that weigh only a few pounds to large rear-projection TVs to electronic digital cinema technology makes them an ideal partner for our market reach and distribution network. "Although we do not expect to generate material revenue from this agreement in 2005, we believe the relationship importantly positions Ballantyne with an attractive partner for the motion picture industry's eventual transition to digital cinema. Our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. goal is to advance our relationship with NEC so that Ballantyne participates, to the greatest extent possible, in the manufacture of NEC's next-generation of digital cinema products for the commercial exhibition market, due in 2006. This will maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. our investment in the manufacturing process and ultimately achieve a higher return for our shareholders." For the six-month period ended June 30, 2005, net revenues rose 11% to approximately $25.6 million from approximately $23.0 million in the comparable year-ago period. Gross profit in the first half of 2005 rose 11% to $7.1 million, or 27.7% of net revenues, from $6.4 million, or 27.9% of net revenues, in the first six months of 2004. Net income in the first six months of 2005 increased 18% to approximately $2.0 million, or $0.14 per diluted share, compared to net income of approximately $1.7 million, or $0.13 per diluted share, in year ago period. Per share results are based on a weighted average number of diluted shares outstanding of 13,865,167 and 13,543,569 for the first six months of 2005 and 2004, respectively. 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.
-tables follow-
Ballantyne of Omaha, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net revenues $13,041,594 $11,657,967 $25,553,463 22,955,379
Cost of revenues 9,354,602 8,420,804 18,471,880 16,560,482
----------- ----------- ----------- -----------
Gross profit 3,686,992 3,237,163 7,081,583 6,394,897
Selling &
administrative
expenses:
Selling 616,497 627,385 1,355,909 1,371,432
Administrative 1,423,124 1,313,536 2,617,536 2,344,734
----------- ----------- ----------- -----------
Total selling &
administrative
exp. 2,039,621 1,940,921 3,973,445 3,716,166
Income from
operations 1,647,371 1,296,242 3,108,138 2,678,731
Other income
(expense), net (9,387) 20,469 (38,906) (19,482)
----------- ----------- ----------- -----------
Income before
interest and taxes 1,637,984 1,316,711 3,069,232 2,659,249
Net interest income 86,558 17,248 150,054 18,607
----------- ----------- ----------- -----------
Income before
income taxes 1,724,542 1,333,959 3,219,286 2,677,856
Income tax expense (663,281) (488,644) (1,216,111) (977,546)
----------- ----------- ----------- -----------
Net income $ 1,061,261 $ 845,315 $ 2,003,175 1,700,310
=========== =========== =========== ===========
Earnings per share
Basic $ 0.08 $ 0.07 $ 0.15 0.13
=========== =========== =========== ===========
Diluted $ 0.08 $ 0.06 $ 0.14 0.13
=========== =========== =========== ===========
Weighted average
shares outstanding:
Basic 13,218,957 12,812,270 13,135,310 12,767,265
=========== =========== =========== ===========
Diluted 13,886,873 13,560,628 13,865,167 13,543,569
=========== =========== =========== ===========
-tables follow-
Selected Balance Sheet Items:
June 30, December 31,
2005 2004
----------- ------------
(unaudited)
Cash and cash equivalents $16,603,484 $ 14,031,984
Accounts receivable, net 6,025,878 6,159,764
Inventories, net 12,197,722 12,173,966
Current portion of long-term debt 26,831 25,935
Long-term debt 28,725 42,370
Accounts payable and accrued expenses 6,709,165 7,077,303
Total stockholders' equity $37,263,548 $ 34,523,438
=========== ============
Selected Cash Flow Statement Items (unaudited):
Six Months Ended
June 30,
2005 2004
----------- -----------
Net income $ 2,003,175 $ 1,700,310
Depreciation and amortization 583,605 563,912
Net cash provided by operating activities 2,375,431 4,632,808
Capital expenditures (538,117) (519,088)
Net cash used in investing activities (528,117) (518,288)
Net cash provided by financing activities 724,186 56,806
Net increase in cash & cash equivalents 2,571,500 4,171,326
Cash & cash equivalents at beginning of period 14,031,984 8,761,568
Cash & cash equivalents at end of period $16,603,484 $12,932,894
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