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Ballantyne of Omaha Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 4, 2012 10:25PM
Ballantyne of Omaha Inc (BTN) filed Quarterly Report for the period ended 2012-03-31. Ballantyne Strg has a market cap of $84.2 million; its shares were traded at around $5.83 with a P/E ratio of 7.8 and P/S ratio of 0.5. Ballantyne Strg had an annual average earning growth of 52.3% over the past 5 years.
Highlight of Business Operations:Service revenues increased 48.4% in 2012 to $3.7 million from $2.5 million a year-ago due to the industry continuing its transition to digital cinema, providing increasing opportunities for our service team to sell a range of services including, but not limited to, installation, after-sale maintenance, repairs, cabling, wiring and NOC (Network Operation Center) services. As expected, revenues generated from servicing film equipment decreased to $0.2 million in 2012 compared to $0.4 million in the first quarter of 2011 while revenues generated from servicing digital equipment amounted to $3.4 million in 2012 from $2.1 million in 2011 consistent with the transition to digital cinema.
Sales of film projection equipment declined 45.9% to $1.7 million in 2012 from $3.2 million a year-ago. Sales of film replacement parts declined to $0.5 million during the first quarter of 2012 from $0.8 million during 2011 while sales of xenon lamps amounted to $0.3 million in 2012 compared to $0.4 million a year-ago. These declines were expected and sales of these products are expected to continue to decline as the industry continues to transition to digital cinema.
Sales of lighting products decreased 13.0% to $0.7 million from $0.8 million a year-ago. The decrease is primarily due to a decrease in sales of follow spotlights to $0.3 million from $0.5 million a year-ago, partially offset by increases in other lighting products to $0.3 million in 2012 compared to $0.1 million in 2011. Sales of replacement parts were flat at $0.1 million in 2012 and 2011. Demand for our lighting products continues to be impacted by lower demand for the construction or improvements of stadiums and auditoriums around the world.
Selling expenses decreased 15.7% to $0.8 million in the first quarter of 2012 compared to $1.0 million a year-ago and as a percentage of revenues decreased to 1.9% from 3.1% a year-ago. The decrease in selling expenses is primarily related to decreased advertising and trade show expense.
and non-cash stock compensation totaling $1.0 million. Cash was provided by a $1.5 million return on investment from our joint venture investment in Digital Link II. Changes in working capital used cash from operating activities of $3.5 million, primarily due to increases in inventory, accruals and timing of tax deposits, partially offset by a decrease in the balance of accounts receivables and other current assets and liabilities. Inventory levels increased $2.8 million at March 31, 2012 to enable the Company to take advantage of vendor discounts for inventory expected to be sold in the second quarter of 2012. Accounts receivable balances decreased $3.3 million due to collections of the higher sales volume of the prior fourth quarter 2011 as compared to the first quarter of 2012.
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