Ballantyne of Omaha Reports Record Quarterly Results.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)--July 16, 1997-- - Second Quarter Net Income Rises 68% on 31% Revenue Increase - - $20 Million Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Reflects Continuing Worldwide Demand - Ballantyne Ballantyne may refer to: Places
See: American Stock Exchange : 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. ) today reported record results for the second quarter and six month period ended June June: see month. 30, 1997. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the second quarter of 1997 increased 31% to $16,348,995, compared to $12,495,223 in the second quarter of 1996. The growth in sales for the quarter was largely driven by a 32% increase in sales of the company's theatre product lines as a result of continued growth in both the domestic and international marketplace. Net income in the second quarter of 1997 benefited from increased operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. , rising 68% to $1,855,250, or $0.20 per share, compared to net income of $1,105,108, or $0.15 per share, in the second quarter of 1996. Per share results are based on a weighted average number of shares outstanding of 9,388,926 and 7,171,977 for the second quarters of 1997 and 1996, respectively, and have been adjusted to reflect a 10 percent stock distribution paid in March 1996 and a 3-for-2 stock split effected March 5, 1997. The increase in the number of shares outstanding primarily reflects the issuance of 1,897,500 shares (adjusted for the 3-for-2 split) in an August 1996 secondary offering. For the six months ended June 30, 1997, net sales increased 30% to $31,073,809, compared to $23,857,860 in the same period a year ago. In the first half of 1997, net income rose 74% to $3,423,452, or $0.36 per share, compared to $1,967,282, or $0.27 per share, in the first half of 1996. Per share results are based on a weighted average number of shares outstanding of 9,392,082 and 7,171,977 for the 1997 and 1996 periods, respectively, and have been adjusted to reflect the 10% stock distribution paid to stockholders on March 8, 1996 and a 3-for-2 stock split effected March 5, 1997. The increase in the number of shares outstanding primarily reflects the issuance of 1,897,500 shares (adjusted for the 3-for-2 split) in an August 1996 secondary offering. Commenting on the second quarter results, John P. Wilmers, President and Chief Executive Officer of Ballantyne, stated, "Second quarter results, which represent the highest levels of revenue and net income in the Company's history, were driven by continued demand for our theatre products. Motion picture exhibitors are continuing to expand, both domestically and internationally, building `multiplex' and `megaplex' theaters with as many as 30 screens per location. Since December December: see month. 31, 1996, our backlog has increased 100% to approximately $20,000,000 at June 30, 1997, reflecting this activity." The Company also noted that as a result of the June 1997 offering of approximately 2.56 million shares of Ballantyne Common Stock by ARC International This article is about the publicly traded processor company. For the privately held French housewares company of the same name, see ARC International (household). and the exercise of options and a warrant by certain other shareholders, the number of shares available for public trading increased by approximately 60 percent. While Ballantyne did not offer any shares or pay any expenses incurred in the offering, the Company did receive approximately $1.1 million from the exercise of the warrant and options, which in aggregate totaled 280,750 shares. Ballantyne is the leading U.S. manufacturer of commercial motion picture projection equipment utilized by the major exhibition chains including AMC (Advanced Mezzanine Card) See AdvancedTCA. , Cineplex Odeon O`de´on n. 1. A kind of theater in ancient Greece, smaller than the dramatic theater and roofed over, in which poets and musicians submitted their works to the approval of the public, and contended for prizes; - hence, in modern usage, the and Regal Cinemas, and makes specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. projection equipment used by location-based entertainment providers such as The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co., Universal Studios and IMAX IMAX Noun a film projection process that produces an image ten times larger than standard . Ballantyne also manufactures specialty entertainment lighting products used at top arenas, television and motion picture production studios, theme parks and architectural sites around the world, as well as commercial foodservice equipment, including pressure fryers and slow-cook ovens, for convenience store and fast food operators. 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, 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. -0-
Ballantyne of Omaha, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Net sales $16,348,995 $12,495,223 $31,073,809 $23,857,860
Cost of sales 11,416,489 8,900,770 21,785,256 17,075,185
Gross profit 4,932,506 3,594,453 9,288,553 6,782,675
Total operating expenses 2,140,526 1,578,922 4,081,292 3,152,602
Income from operations 2,791,980 2,015,531 5,207,261 3,630,073
Net interest income
(expense) 51,593 (195,666) 104,773 (381,771)
Income before taxes 2,843,573 1,819,865 5,312,034 3,248,302
Income taxes 988,323 714,757 1,888,582 1,281,020
Net income $1,855,250 $1,105,108 $3,423,452 $1,967,282
Net income per share(a) $ 0.20 $ 0.15 $ 0.36 $ 0.27
Weighted average shares
outstanding(a) 9,388,926 7,171,977 9,392,082 7,171,977
(a) The weighted average shares outstanding and net income per share
amounts have been adjusted to give effect to a 10 percent stock
distribution paid March 8, 1996 and a 3-for-2 stock split effected
March 5, 1997. The increase in the number of shares outstanding
primarily reflects the issuance of 1,897,500 shares (adjusted for the
3-for-2 split) in an August 1996 secondary offering.
CONTACT: Brad French Chief Financial Officer 402/453-4444 or Arnold S. Tenney Chairman 416/630-0200 or Joseph N. Jaffoni, Stewart A. Lewack Jaffoni & Collins Incorporated 212/505-3015; E-mail - jciir@aol.com |
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