UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number: 1-13906 |
BALLANTYNE OF OMAHA, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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47-0587703 |
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(State or other jurisdiction of |
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(IRS Employer |
4350 McKinley Street, Omaha, Nebraska 68112
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code:
(402) 453-4444
(Former name, former address and former fiscal year, if changed since last report.)
Indicate by check mark whether Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
Indicate the number of shares outstanding of each of the Registrant’s classes of common stock as of the latest practicable date:
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Class |
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Outstanding as of October 31, 2004 |
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Common Stock, $.01, par value |
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12,947,329 shares |
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition And Results of Operations |
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Ballantyne of Omaha, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2004 and December 31, 2003
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September 30, |
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December 31, |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,791,160 |
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$ |
8,761,568 |
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Accounts receivable (less allowance for doubtful accounts of $419,099 in 2004 and $512,962 in 2003) |
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7,619,460 |
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6,698,725 |
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Inventories, net |
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14,793,289 |
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12,459,852 |
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Deferred income taxes |
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1,524,215 |
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— |
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Other current assets |
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528,911 |
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963,613 |
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Total current assets |
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36,257,035 |
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28,883,758 |
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Property, plant and equipment, net |
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5,682,008 |
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5,794,935 |
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Goodwill, net |
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2,467,219 |
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2,467,219 |
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Intangible assets, net |
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33,554 |
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64,073 |
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Other assets |
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23,757 |
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24,782 |
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Total assets |
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$ |
44,463,573 |
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$ |
37,234,767 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Current portion of long-term debt |
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25,502 |
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$ |
24,253 |
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Accounts payable |
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4,123,557 |
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3,766,773 |
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Warranty reserves |
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756,404 |
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732,033 |
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Accrued group health insurance claims |
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260,996 |
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386,911 |
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Customer deposits |
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2,673,077 |
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566,434 |
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Other accrued expenses |
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2,907,834 |
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2,345,133 |
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Income tax payable |
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360,670 |
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255,835 |
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Total current liabilities |
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11,108,040 |
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8,077,372 |
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Deferred income taxes |
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280,539 |
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— |
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Long-term debt, excluding current installments |
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49,019 |
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68,306 |
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Stockholders’ equity: |
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Preferred stock, par value $.01 per share; Authorized 1,000,000 shares, none outstanding |
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Common stock, par value $.01 per share; Authorized 25,000,000 shares; issued 14,931,016 shares in 2004 and 14,814,604 shares in 2003 |
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149,310 |
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148,146 |
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Additional paid-in capital |
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31,982,903 |
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31,891,630 |
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Retained earnings |
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16,209,216 |
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12,364,767 |
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48,341,429 |
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44,404,543 |
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Less 2,097,805 common shares in treasury, at cost |
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(15,315,454 |
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(15,315,454 |
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Total stockholders’ equity |
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33,025,975 |
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29,089,089 |
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Total liabilities and stockholders’ equity |
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$ |
44,463,573 |
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$ |
37,234,767 |
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See accompanying notes to consolidated financial statements.
1
Ballantyne of Omaha, Inc. and Subsidiaries
Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2004 and 2003
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Net revenues |
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$ |
11,675,514 |
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$ |
9,411,274 |
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$ |
34,630,893 |
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$ |
26,381,245 |
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Cost of revenues |
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8,371,203 |
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7,227,858 |
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24,931,685 |
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20,434,461 |
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Gross profit |
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3,304,311 |
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2,183,416 |
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9,699,208 |
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5,946,784 |
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Selling and administrative expenses: |
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Selling |
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759,395 |
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971,329 |
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2,130,827 |
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2,535,393 |
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Administrative |
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1,204,823 |
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898,497 |
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3,549,557 |
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3,009,553 |
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Total selling and administrative expenses |
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1,964,218 |
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1,869,826 |
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5,680,384 |
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5,544,946 |
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Income from operations |
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1,340,093 |
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313,590 |
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4,018,824 |
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401,838 |
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Interest income |
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38,284 |
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32,454 |
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76,248 |
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75,934 |
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Interest expense |
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(8,174 |
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(10,475 |
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(27,531 |
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(28,906 |
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Gain on disposal of assets, net |
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