Ballantyne of Omaha Reports First Quarter EPS of $0.07 on Revenue of $12.4 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. -- In the table Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations, the line item entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Other expense, net" should read "Other income (expense), net". The corresponding figures should read 18,880 for Three Months Ended March 31, 2006 and (29,519) for Three Months Ended March 31, 2005. The corrected release reads: BALLANTYNE Ballantyne may refer to: Places
Conference call: Today, Friday, April 28, 2006 at 11:00 a.m. EDT
Webcast / Replay URL: www.ballantyne-omaha.com/investor_relations/ or
www.fulldisclosure.com
Dial-in number: 800-741-0104
The replay will be available on the Internet for 90 days.
Ballantyne of Omaha, Inc. (Amex: BTN BTN 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 first quarter (Q1) ended March 31, 2006. 2006 First Quarter Results Net revenues in Q1 2006 were $12.4 million, a 1% decline from net revenue of $12.5 million in the year-ago first quarter, reflecting lower demand for theatre equipment partially due to the changing industry environment where theatre owners evaluate their capital expenditures plans relative to the purchase of new or used film projectors or digital equipment. Gross profit in Q1 2006 was $3.3 million, or 26.8% of net revenues, nearly matching Q1 2005 gross profit of $3.4 million, or 27.1% of net revenues. Total Q1 2006 selling and administrative expenses rose 8.8% to $2.1 million reflecting a 14.7% increase in administrative expense that more than offset a small decline in selling expense. The $175,000 year-over-year rise in administrative expense was primarily due to employee severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs incurred as a result of planned work force reductions as well as for legal expenses to settle a lawsuit lawsuit: see procedure; tort. , Sarbanes-Oxley compliance costs and compensation costs partially offset by lower bonus expense. Reflecting these items, net income in Q1 2006 amounted to $915,000, 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 $942,000, or $0.07 per diluted share, in Q1 2005. Per share results for the first quarters of 2006 and 2005 are based on a weighted average number of diluted shares outstanding of 13,947,291 and 13,840,719, respectively. John P. Wilmers, President and Chief Executive Officer of Ballantyne, commented, "Ballantyne turned in a solid performance in the first quarter in the face of industry changes as theater owners anticipate the transition to digital cinema. Sales of lighting equipment rose from last year's first quarter, but a 3% decline in theater product sales offset the gains and resulted in the slight reduction in revenue compared to last year. The Company's strong cash flow in the first quarter further strengthened our balance sheet, and Ballantyne ended the quarter 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 $22 million of cash and cash equivalents. "Our announcement today that we have entered into a letter of intent to acquire National Cinema Service Corp. (NCSC (National Computer Security Center) The arm of the U.S. National Security Agency that defines criteria for trusted computer products, which are embodied in the Orange Book and Red Book. ) represents an important strategic and financial development for Ballantyne. NCSC creates an immediate platform for Ballantyne to offer film and digital projector See data projector. maintenance, repair, equipment installations, site surveys and other theatre services. In addition, while the acquisition of NCSC is expected to be modestly accretive to Ballantyne's earnings upon closing, longer-term we believe there will be significant growth opportunities as we market NCSC's industry-leading service capabilities through our industry relationships." About Ballantyne of Omaha Ballantyne is a leading U.S. supplier of commercial motion picture equipment including digital cinema and in-theater advertising products. The Company also supplies specialty projection equipment utilized by major theater chains and location-based entertainment providers and 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,
2006 2005
-------------- --------------
Net revenues $ 12,433,338 $ 12,511,869
Cost of revenues 9,102,371 9,117,278
-------------- --------------
Gross profit 3,330,967 3,394,591
Selling & administrative expenses:
Selling 734,523 739,412
Administrative 1,369,684 1,194,412
-------------- --------------
Total selling & administrative exp. 2,104,207 1,933,824
Income from operations 1,226,760 1,460,767
Other income (expense), net 18,880 (29,519)
-------------- --------------
Income before interest and taxes 1,245,640 1,431,248
Net interest income 158,163 63,496
-------------- --------------
Income before income taxes 1,403,803 1,494,744
Income tax expense (489,055) (552,830)
-------------- --------------
Net income $ 914,748 $ 941,914
============== ==============
Earnings per share
Basic $ 0.07 $ 0.07
============== ==============
Diluted $ 0.07 $ 0.07
============== ==============
Weighted average shares outstanding:
Basic 13,440,500 13,050,733
============== ==============
Diluted 13,947,291 13,840,719
============== ==============
Selected Balance Sheet Items:
March 31, December 31,
2006 2005
-------------- --------------
(Unaudited)
Cash and cash equivalents $ 22,049,763 $ 19,628,348
Accounts receivable, net 6,587,272 7,821,085
Inventories, net 11,209,687 9,942,065
Current portion of long-term debt 28,239 27,761
Long-term debt 7,367 14,609
Accounts payable and accrued expenses 7,277,042 6,675,923
Total stockholders' equity $ 41,317,923 $ 39,997,505
============== ==============
Selected Cash Flow Statement Items:
Quarter Ended March 31,
2006 2005
-------------- --------------
(Unaudited)
Net income $ 914,748 $ 941,914
Depreciation and amortization 279,934 291,471
Net cash provided by operating activities 2,173,008 1,952,153
Capital expenditures (118,776) (83,020)
Net cash used in investing activities (118,776) (83,020)
Net cash provided by financing activities 367,183 218,304
Net increase in cash & cash equivalents 2,421,415 2,087,437
Cash & cash equivalents at beginning of
period 19,628,348 14,031,984
Cash & cash equivalents at end of period $ 22,049,763 $ 16,119,421
============== ==============
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion