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» Ballantyne Strong, Inc. Q2 2010 Earnings Call Transcript
The company’s actual performance may differ materially because of these or other factors discussed in the management’s discussion and analysis of results of operations and financial conditions section of the company’s SEC filings, copies of which can be obtained from the SEC or Ballantyne’s corporate website www.strong-world.com.All information discussed on this conference call is as of today and the company undertakes no obligation to update these statements or expectations from prior conversations. I’ll remind listeners that today’s call is also being webcast live over the internet and that a replay will be available on Ballantyne’s website for 30 days after the call ends. Now I’m going to turn the call over to President and CEO, Gary Cavey, who is joined this morning by CFO, Mary Carstens and Vice President, Kevin Herrmann. Gary, please go ahead. Gary Cavey Thank you, Rob. We appreciate you joining us today. Earlier this morning we reported second quarter diluted earnings of $0.17 per share on a 15% increase in net revenues to $37.6 million. All three of the core digital cinema components of our business Projection Equipments, Screens and Services achieved year-over-year growth compared to the 2010 period. Ballantyne’s Digital Products and Services businesses led the way this quarter with net revenue increases of 38%. Kevin will fill you in with more details on our financials following my remarks. Before we go any further, it’s my pleasure to introduce you to Mary Carstens, Ballantyne’s new Chief Financial Officer. As mentioned in our recent press release, announcing her appointment, Mary brings a wide array of financial experience and expertise to renew position and she has worked in various financial capacities at two multibillion dollar, New York Stock Exchange listed companies. Importantly, Mary nicely complements Kevin’s skill set which includes both the cinema industry knowledge and a broad understanding of and a long history with Ballantyne. Kevin played a crucial role in helping spearhead our company’s successful transformation from the analog cinema world to digital. Since Mary is obviously very new to BTN, she is going to primarily play the role of an observer today. Somewhere to when I was when we first joining our company last November.
I made a few introductory comments on that call which was led by my predecessor John Wilmers and of course Kevin. So before I go any further with my opening remarks, I would like to have Mary say a few words and introduce herself. Mary?Mary Carstens Thank you, Gary. It’s a pleasure to be with you all today as Gary mentioned, I’ve spent the past 17 years of my career with A.O. Smith, a global manufacturing conglomerate and at Belden, a manufacturer and marketer of cable and networking products. I held various positions at Belden including Vice President of Finance for the Global Manufacturing Group, responsible for deploying lean and standard work throughout the organization. And during the most recent 2.5 year period with Belden, before I accepted the CFO position here at Ballantyne, I was based in Hong Kong and oversaw the Asia-Pacific regions finance, IT, and legal functions. Clearly one of the reasons I am excited about joining the Ballantyne team is our growth opportunities in Asia, particularly China. It’s no secret that China continues to be dramatically under screened compared to their enormous population and capturing a growing portion of their projection systems and related ancillary cinema business including screens remains a top priority. We recently added an experienced Chief Operating Officer to assist P.L. Wong, who by all accounts has been doing an excellent job heading up Ballantyne’s Asian operations. So were the challenge, joining a new organization but I’ve been very pleased with both the quality and character of my new colleagues here in Omaha. In the near future, I plan to visit our state-of-the-art screen manufacturing facility in Quebec and of course our Asian operations. I want to echo Gary’s sentiment about working with Kevin. He has already done a great job of helping facilitate my transition, assisting me in rapidly getting up to speed on corporate finances, global strategy and also on what has been happening in the cinema industry in general. Read the rest of this transcript for free on seekingalpha.com