Ballantyne of Omaha Reports 2005 Third Quarter Results; Revenues Increase 22% to $14.3 Million; Pre-Tax Income Increases 37% to $2.0 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 nine-month periods ended September September: see month. 30, 2005. Net revenues for the three-month period ended September 30, 2005 rose 22% to $14.3 million from $11.7 million in the comparable year-ago period. The net revenue increase reflects higher sales of the Company's theater products, including projection systems, lenses and 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. Gross profit in the third quarter of 2005 rose 23% to $4.1 million, or 28% of net revenues, from $3.3 million, or 28% of net revenues, in the third quarter of 2004. The 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 a product mix reflecting more lower-margin projection systems and resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. items. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income in the 2005 third quarter rose 37% to $2.0 million, compared to $1.5 million in the year-ago period. Net income in the 2005 third quarter amounted to $1.2 million, or $0.09 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 $2.1 million, or $0.16 per diluted share, in the 2004 third quarter. Net income in the 2005 period reflects income tax expense totaling $0.8 million, compared to an income tax benefit of $0.7 million in the 2004 third quarter, which reflects the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of certain deferred tax valuation allowances. Had the Company not reversed these deferred tax valuation allowances during the 2004 third quarter, the Company would have earned adjusted net income of $0.9 million, or $0.07 per diluted share (please see subsequent table for a reconciliation of these figures to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). results). Per share results for the third quarters of 2005 and 2004 are based on a weighted average number of diluted shares outstanding of 13,955,817 and 13,626,594 respectively. John P. Wilmers, President and Chief Executive Officer of Ballantyne, commented, "We saw continued demand for our theater products from motion picture exhibitors during the third quarter. Sales of projection systems primarily drove the 22% net revenue increase, followed by sales of lenses and xenon replacement lamps. "With negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and over $17.4 million of cash on the balance sheet, as of September 30, 2005, we continue to explore new investment opportunities to grow our business. To that end, we are evaluating new acquisitions to complement our manufacturing capacity and diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our product offerings. We are also laying the groundwork to distribute the next generation of digital cinema and advertising products debuted this week by our partner, 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., which will require us to make new investments in sales and marketing." For the nine-month period ended September 30, 2005, net revenues rose 15% to $39.8 million from $34.6 million in the comparable year-ago period. Gross profit in the first nine months of 2005 rose 15% to $11.1 million, or 28.0% of net revenues, from $9.7 million, or 28.0% of net revenues, in the first nine months of 2004. Pre-tax income in the first nine months of 2005 rose 26% to $5.2 million, compared to $4.1 million in the comparable year-ago period. Net income in the first nine months of 2005 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3.2 million, or $0.23 per diluted share, compared to net income of approximately $3.8 million, or $0.28 per diluted share, in year ago period. Had the Company not reversed deferred tax valuation allowances during the first nine months of 2004, the Company would have earned adjusted net income of $2.6 million, or $0.19 per diluted share, in that period (please see the following table for a reconciliation of these figures to GAAP results). Per share results are based on a weighted average number of diluted shares outstanding of 13,903,081 and 13,572,924 for the first nine months of 2005 and 2004, respectively. Non-GAAP Reconciliation Adjusted Net Income is defined as Net Income without the benefit of certain deferred tax valuation allowances. The Company believes it can be a useful tool to help investors evaluate the performance of the Company's core operations.
Summary of Adjustments to 2005 Third Quarter and Nine-Months Results
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Net income $1,229,045 $2,144,139 $3,232,220 $3,844,449
Reversal of valuation
allowance (1) -- 1,243,676 -- 1,243,676
---------- ---------- ---------- ----------
Adjusted net income 1,229,045 900,463 3,232,220 2,600,773
========== ========== ========== ==========
Adjusted net income
per diluted share: $ 0.09 $ 0.07 $ 0.23 $ 0.19
========== ========== ========== ==========
(1) During the third quarter of 2004, the Company reversed all
valuation allowances against its deferred tax assets. The reversal
was recorded as an offset against income tax expense in the amount
of $1.2 million. Net income, as adjusted, illustrates the impact
of taxes the Company would have expensed, had it not reversed its
valuation allowances during the period.
Conference Call/Webcast Information Ballantyne of Omaha, Inc. will host a conference call and simultaneous webcast today at 12:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Both the call and webcast are open to the general public. The conference call number is 877-690-6769. Please call five minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the live call on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the from the "investor relations Investor relations The process by which the corporation communicates with its investors. " section of the Company's Web site, www.ballantyne-omaha.com, or at www.fulldisclosure.com. Please allow 15 minutes to register and download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary software. Following the call's completion, a replay will also be available for 90 days on the Internet from the Company's website or at www.fulldisclosure.com. 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 Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net revenues $14,260,237 $11,675,514 $39,813,700 $34,630,893
Cost of revenues 10,203,994 8,371,203 28,675,874 24,931,685
----------- ----------- ----------- -----------
Gross profit 4,056,243 3,304,311 11,137,826 9,699,208
Selling &
administrative
expenses:
Selling 699,485 759,395 2,055,394 2,130,827
Administrative 1,481,269 1,095,593 4,098,805 3,439,527
----------- ----------- ----------- -----------
Total selling &
administrative
exp. 2,180,754 1,854,988 6,154,199 5,570,354
Income from
operations 1,875,489 1,449,323 4,983,627 4,128,854
Other income
(expense), net 18,847 (28,888) (20,059) (49,170)
----------- ----------- ----------- -----------
Income before
interest and
taxes 1,894,336 1,420,435 4,963,568 4,079,684
Net interest income 97,007 30,110 247,061 48,717
----------- ----------- ----------- -----------
Income before
income taxes 1,991,343 1,450,545 5,210,629 4,128,401
Income tax benefit
(expense) (762,298) 693,594 (1,978,409) (283,952)
----------- ----------- ----------- -----------
Net income $ 1,229,045 $ 2,144,139 $ 3,232,220 $ 3,844,449
=========== =========== =========== ===========
Earnings per share
Basic $ 0.09 $ 0.17 $ 0.24 $ 0.30
=========== =========== =========== ===========
Diluted $ 0.09 $ 0.16 $ 0.23 $ 0.28
=========== =========== =========== ===========
Weighted average
shares
outstanding:
Basic 13,355,955 12,833,211 13,209,580 12,789,408
=========== =========== =========== ===========
Diluted 13,955,817 13,626,594 13,903,081 13,572,924
=========== =========== =========== ===========
Selected Balance Sheet Items:
September 30, December 31,
2005 2004
------------- -------------
(unaudited)
Cash and cash equivalents $ 17,411,830 $ 14,031,984
Accounts receivable, net 9,543,681 6,159,764
Inventories, net 11,628,649 12,173,966
Current portion of long-term debt 27,292 25,935
Long-term debt 21,727 42,370
Accounts payable and accrued expenses 8,089,874 6,808,367
Total stockholders' equity $ 38,880,003 $ 34,523,438
============= =============
Selected Cash Flow Statement Items (unaudited):
Nine Months Ended
September 30,
2005 2004
------------- -------------
Net income $ 3,232,220 $ 3,844,449
Depreciation and amortization 858,338 825,749
Net cash provided by operating
activities 3,277,237 3,551,173
Capital expenditures (730,346) (841,352)
Net cash used in investing activities (711,012) (572,273)
Net cash provided by financing
activities 813,621 50,692
Net increase in cash & cash equivalents 3,379,846 3,029,592
Cash & cash equivalents at beginning of
period 14,031,984 8,761,568
Cash & cash equivalents at end of period $ 17,411,830 $ 11,791,160
============= =============
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