Ballantyne of Omaha Third Quarter Revenue Increases 6%; Cash Flow From Operations Reduces Debt to $2.5 Million.Business Editors 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)--Nov. 15, 2001 Ballantyne Ballantyne may refer to: Places
See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BTNE), a leading 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 a 6% increase in net revenue for the three-month period ended September September: see month. 30, 2001. The increase was primarily related to increases in theater product and lighting product sales. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the period rose 200% to $3.0 million from $1.0 million in the year ago period, mainly due to inventory reductions. The cash was used to reduce outstanding debt to $2.5 million. Reflecting interest savings of $0.2 million from both lower debt and inventory levels, the Company reduced its net loss during the third quarter by 21% to $846,433, or $0.07 per share, compared to a net loss of $1,066,937, 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, in the same period last year. Per share results are based on a weighted average number of shares outstanding of 12,512,672 and 12,480,192 for the third quarters of 2001 and 2000, respectively. John P. Wilmers, President and Chief Executive Officer of Ballantyne, commented, "Third quarter results underline underline an animal's ventral profile; the shape of the belly when viewed from the side, e.g. pendulous, pot-belly, tucked up, gaunt. the progress we've we've Contraction of we have. we've have made, and continue to make, toward improving the Company's balance sheet. Importantly, cash flow from operations on a sequential One after the other in some consecutive order such as by name or number. basis rose over 39% from the second quarter to $3.0 million, bringing the nine-month total to $6.2 million, while outstanding debt fell over 45% to $2.5 million, it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have lowest level in three years." Net revenue for the first nine months of 2001 was $32,943,254 compared to $37,510,448 in the year-ago quarter. The Company reduced its net loss by 12% to $2,249,722, or $0.18 per diluted share, in the 2001 nine-month period, from a net loss of $2,545,839, or $0.20 per diluted share, in the same period last year. Per share results are based on a weighted average number of shares outstanding of 12,512,672 and 12,466,949 for the first nine months of 2001 and 2000, respectively. Ballantyne of Omaha 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, rents and leases 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 expectations.
Ballantyne of Omaha, Inc. and Subsidiaries
Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2001 and 2000
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
------------ ------------
2001 2000 2001 2000
---- ---- ---- ----
Net revenues $10,977,920 $10,362,348 $32,943,254 $37,510,448
Cost of revenues 10,021,909 8,737,884 29,327,447 31,152,278
----------- ----------- ----------- -----------
Gross profit 956,011 1,624,464 3,615,807 6,358,170
Operating expenses:
Selling 904,958 1,143,117 2,771,710 3,691,293
General and
administrative 1,282,154 1,720,778 3,944,395 5,702,456
----------- ----------- ----------- -----------
Total operating
expenses 2,187,112 2,863,895 6,716,105 9,393,749
----------- ----------- ----------- -----------
Loss from
operations (1,231,101) (1,239,431) (3,100,298) (3,035,579)
Interest income 227 6,942 17,545 15,724
Interest expense (45,941) (248,410) (308,248) (796,464)
----------- ----------- ----------- -----------
Net interest
expense (45,714) (241,468) (290,703) (780,740)
----------- ----------- ----------- -----------
Loss before
income
taxes (1,276,815) (1,480,899) (3,391,001) (3,816,319)
Income tax benefit 430,382 413,962 1,141,279 1,270,480
----------- ----------- ----------- -----------
Net loss $ (846,433) $(1,066,937) $(2,249,722) $(2,545,839)
=========== =========== =========== ===========
Net loss per
share:
Basic $ (0.07) $ (0.09) $ (0.18) $ (0.20)
=========== =========== =========== ===========
Diluted $ (0.07) $ (0.09) $ (0.18) $ (0.20)
=========== =========== =========== ===========
Weighted average
shares:
Basic 12,512,672 12,480,192 12,512,672 12,466,949
=========== =========== =========== ===========
Diluted 12,512,672 12,480,192 12,512,672 12,466,949
=========== =========== =========== ===========
Selected Balance Sheet Items
(Unaudited)
September 30, 2001 December 31, 2000
------------------ -----------------
Cash and cash equivalents $ 1,519,572 $ 2,220,983
Accounts receivable, net 9,938,205 8,447,856
Inventories 15,261,060 22,720,499
Notes payable to bank 2,508,380 8,870,000
Accounts payable 2,519,139 2,289,111
Total stockholders' equity $ 33,759,264 $ 36,008,986
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