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 |
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For the quarterly period ended March 31, 2005 |
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OR |
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15 (d) OF THE SECURITIES |
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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 |
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4350 McKinley Street, Omaha, Nebraska |
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68112 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
(402) 453-4444
(Registrant’s Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.)
Indicate by check mark whether the 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 issuer’s classes of common stock as of the latest practicable date:
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Class |
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Outstanding as of April 29, 2005 |
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Common Stock, $.01, par value |
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13,163,046 shares |
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition And Results of Operations |
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Ballantyne of Omaha, Inc. and Subsidiaries
Consolidated Balance Sheets
March 31, 2005 and December 31, 2004
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March 31, |
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December 31, |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
16,119,421 |
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$ |
14,031,984 |
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Accounts receivable (less allowance for doubtful accounts of $414,608 in 2005 and $485,829 in 2004) |
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5,735,473 |
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6,159,764 |
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Inventories, net |
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12,431,366 |
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12,173,966 |
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Deferred income taxes |
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1,301,227 |
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1,320,591 |
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Other current assets |
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168,380 |
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293,676 |
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Total current assets |
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35,755,867 |
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33,979,981 |
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Property, plant and equipment, net |
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5,478,210 |
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5,676,595 |
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Goodwill, net |
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2,467,219 |
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2,467,219 |
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Intangible assets, net |
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13,422 |
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23,488 |
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Other assets |
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22,257 |
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23,757 |
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Total assets |
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$ |
43,736,975 |
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$ |
42,171,040 |
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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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$ |
26,378 |
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$ |
25,935 |
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Accounts payable |
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3,495,757 |
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2,949,423 |
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Warranty reserves |
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676,480 |
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668,268 |
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Accrued group health insurance claims |
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206,510 |
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234,598 |
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Customer deposits |
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442,114 |
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564,321 |
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Accrued bonus |
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282,642 |
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911,520 |
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Other accrued expenses |
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1,617,343 |
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1,480,237 |
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Income tax payable |
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722,055 |
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245,986 |
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Total current liabilities |
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7,469,279 |
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7,080,288 |
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Long-term debt, excluding current installments |
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35,606 |
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42,370 |
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Deferred income taxes |
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251,004 |
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256,008 |
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Other accrued expenses, net of current portion |
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291,109 |
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268,936 |
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Total liabilities |
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8,046,998 |
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7,647,602 |
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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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— |
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— |
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Common stock, par value $.01 per share; Authorized 25,000,000 shares; issued 15,193,913 shares in 2005 and 15,090,863 shares in 2004 |
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151,939 |
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150,908 |
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Additional paid-in capital |
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32,473,482 |
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32,249,888 |
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Retained earnings |
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18,380,010 |
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17,438,096 |
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51,005,431 |
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49,838,892 |
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Less 2,097,805 common shares in treasury, at cost |
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(15,315,454 |
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(15,315,454 |
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Total stockholders’ equity |
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35,689,977 |
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34,523,438 |
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Total liabilities and stockholders’ equity |
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$ |
43,736,975 |
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$ |
42,171,040 |
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See accompanying notes to consolidated financial statements.
1
Ballantyne of Omaha, Inc. and Subsidiaries
Consolidated Statements of Operations
Three Months Ended March 31, 2005 and 2004
(Unaudited)
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2005 |
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2004 |
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Net revenues |
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$ |
12,511,869 |
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$ |
11,297,412 |
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Cost of revenues |
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9,117,278 |
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8,139,678 |
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Gross profit |
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3,394,591 |
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3,157,734 |
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Selling and administrative expenses: |
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