BTNE again trading well at 1.28/1.30..........52wh last week 1.35:
(COMTEX) B: CEO of Omaha, Neb.-Based Movie Projector Maker Sees Profitabil
B: CEO of Omaha, Neb.-Based Movie Projector Maker Sees Profitability for 2003
May 30, 2003 (Omaha World-Herald - Knight Ridder/Tribune Business News via
COMTEX) -- The head of Ballantyne of Omaha Inc., maker of movie projectors,
restaurant cookers and lighting equipment, said he expects that the company will
"return to profitability this year."
John Wilmers, president and chief executive officer, made the projection
Wednesday at the company's annual shareholders meeting.
The news was greeted with applause from some of the shareholders, who have seen
the company struggle in recent years because of an overbuilt theater industry.
They have seen shares fall to a low of 44 cents over the last year but have been
heartened in recent weeks as Ballantyne stock has risen to as high as $1.21.
Ballantyne reported a net loss of $3.6 million, or 29 cents a share, last year.
That was down from a net loss of $4.1 million, or 32 cents a share, in 20001.
Revenue in 2002 was $33.8 million, down 12 percent from 2001.
"I believe the business is coming around," said Wilmers. He described all three
segments of the company -- movie projectors, restaurant cookers and lighting --
as "looking very good."
Ballantyne's fortunes have suffered mainly in recent years, because a glut of
new movie theaters led to a number of companies cutting back on construction.
Some filed for Chapter 11 bankruptcy protection.
"The movie business is starting to come back," Wilmers said. "The theater
business is looking very strong for the third and fourth quarter, and we made
money last month."
Although the company had originally planned to turn out about 800 projectors
this year, he said, "we're now projecting in excess of 1,000."
The company plans to begin producing a new projector later this year, Wilmers
said. The machine is of better quality and will cost less to produce, he said.
In addition, he said, Ballantyne is just now benefiting from an agreement signed
last December with MegaSystems Inc., a Philadelphia suppler of large-screen
projectors and other equipment.
Ballantyne became the exclusive maker and marketer of big-screen movie
projection equipment and technology of the Philadelphia company.
Wilmers said Ballantyne is working on a $2.2 million contract for large-screen
theater equipment with a Chinese company. Under the contract, Ballantyne will
provide five large-screen motion picture projectors, sound systems and other
equipment to a theme park under construction in Changchun, China.
In addition to this job, Ballantyne's restaurant division has just signed a deal
to provide stove hoods for the American Hood Co.
About 50 shareholders attended the meeting at the Doubletree Guest Suites Hotel,
7270 Cedar St.
Shareholders also elected Mark D. Hasebroock to the board of directors at the
suggestion of McCarthy Group Inc., owner through an affiliate of 31.1 percent of
Ballantyne's stock.
Hasebroock is the owner of Quadrone II Inc. and a former executive with
GiftCertificates.com and Level 3 Communications.
Ronald H. Echtenkamp, whose term expired this year, did not seek re-election.
Echtenkamp is a former president and chief executive of the company.
Ballantyne shares were unchanged Thursday at $1.17.
By John Taylor
To see more of the Omaha World-Herald, or to subscribe to the newspaper, go to
omaha.com
(c) 2003, Omaha World-Herald, Neb. Distributed by Knight Ridder/Tribune Busines
News.
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