From the Newswire.....
Ballantyne of Omaha first quarter net income rises 82% on revenue increase of 30%
BusinessWire, Tuesday, April 15, 1997 at 07:18
OMAHA, Neb.--(BUSINESS WIRE)--April 15, 1997--
$16 million backlog reflects continuing worldwide demand
Ballantyne of Omaha, Inc. (AMEX:BTN) today reported record
results for the first quarter ended March 31, 1997.
Net sales in the first quarter of 1997 increased 30% to
$14,724,814, compared to $11,362,637 in the first quarter of 1996.
The growth in sales for the quarter was largely driven by a 30%
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 first quarter of 1997 rose 82% to $1,568,202,
or $0.17 per share, compared to net income of $862,174, or $0.13 per
share, in the first quarter of 1996, benefiting from increased
operating leverage, reduced interest expense and a lower tax rate.
Per share results are based on a weighted average number of shares
outstanding of 9,340,702 and 6,880,731 for the first quarters of 1997
and 1996, respectively, and have been adjusted to reflect a 10
percent common stock dividend paid in March 1996 and a 3-for-2 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 first quarter results, John P. Wilmers,
President and Chief Executive Officer of Ballantyne, stated,
"Continued demand in both the domestic and international markets for
theatre products was the principal driver of our performance in the
first quarter of 1997. The expanding revenue base enhances our
operating leverage, while our healthy balance sheet enables us to
make investments that diversify our business and create new growth
opportunities.
"For example, the recent acquisition of Xenotech, a supplier of
entertainment lighting equipment, will be accretive to earnings in
1997 and will more than double the revenue generated by our spotlight
division. Our goal is to expand Xenotech's rental operations into a
full-service, global distribution network by leveraging Ballantyne's
installed sales base and capital resources.
Mr. Wilmers added, "As the major exhibitors increase the average
number of screens installed at each new multiplex location, our lead
time in filling equipment orders has grown. In the past our
customers placed orders with two or three months advance notice, but
given today's trend toward larger volume purchases, orders are now
being placed up to six months in advance of the shipping date.
Reflecting this demand, Ballantyne's backlog rose 63% from year-end
to approximately $16,400,000 at March 31, 1997."
Ballantyne is the leading U.S. manufacturer of commercial motion
picture projection equipment utilized by the major exhibition chains
including AMC, Cineplex Odeon and Regal Cinemas, and makes
specialized projection equipment used by location-based entertainment
providers such as The Walt Disney Co., Universal Studios, IMAX and
Iwerks, among others. Ballantyne also manufactures specialty
entertainment lighting products used at top arenas, television and
motion picture production studios, theme parks and other 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 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.
*T
Ballantyne of Omaha, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31,
1997 1996
Net Sales $14,724,814 $11,362,637
Cost of Sales 10,368,767 8,174,415
Gross profit 4,356,047 3,188,222
Total operating expenses 1,940,766 1,573,680
Income from Operations 2,415,281 1,614,542
Net Interest (income) expense ( 53,180) 186,105
Income before taxes 2,468,461 1,428,437
Income taxes 900,259 566,263
Net income $ 1,568,202 $ 862,174
Net income per share(a) $ 0.17 $ 0.13
Weighted average shares
outstanding(a) 9,340,702 6,880,731
(a) The weighted average shares outstanding and net income per share
amounts have been adjusted to give effect to a 10 percent Common
Stock dividend paid March 8, 1996 and a 3-for-2 split of Common Stock
on March 5, 1997, as well as the issuance of 1,897,500 shares
(adjusted for the 3-for-2 split) from an August 1996 secondary
offering.
CONTACT:Brad French Arnold S. Tenney
Chief Financial Officer or Chairman
402/453-4444 416/630-0200
or
Joseph N. Jaffoni, Stewart A. Lewack
Jaffoni & Collins Incorporated
212/505-3015; E-mail - jciir@aol.com
KEYWORD: NEBRASKA CALIFORNIA
INDUSTRY KEYWORD: ENTERTAINMENT EARNINGS
Companies or Securities discussed in this article:
Symbol
Name
AMEX:BTN
Ballantyne Of Omaha Inc
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