Ballantyne Completes Sale of All Outstanding Auction Rate Securities at Par, Yielding $9.4 Million
June 08 2009 - 8:13AM
Business Wire
Ballantyne Strong, Inc. (NYSE Amex: BTN), formally known as
Ballantyne of Omaha, Inc., a provider of motion picture projection,
digital cinema and cinema screen equipment and cinema services,
announced today that it has sold all of the remaining outstanding
Auction Rate Securities (ARS) it held at par value, yielding total
cash proceeds to the Company of approximately $9.4 million.
Kevin Herrmann, Ballantyne�s CFO, commented, �We are pleased to
have successfully resolved our ARS situation through this sale. We
now have additional cash on our balance sheet to fund possible
short-term working capital needs related to a rollout of digital
cinema equipment, as well as to fund potential strategic
acquisitions or for other purposes.�
At March 31, 2009, Ballantyne had $11.3 million in cash and cash
equivalents and approximately $8.8 million in ARS net of a
temporary impairment charge to reflect the limited liquidity of
these securities.
About Ballantyne Strong, Inc.
Ballantyne is a provider of motion picture projection, digital
cinema projection and specialty lighting equipment and services.
The Company supplies major theater chains, top arenas, television
and motion picture production studios, theme parks and
architectural sites around the world. For more information visit
www.ballantyne-omaha.com.
Except for the historical information in this press release, it
includes forward-looking statements that involve risks and
uncertainties, including but not limited to, quarterly fluctuations
in results; customer demand for the Company�s products; the
development of new technology for alternate means of motion picture
presentation; domestic and international economic conditions; the
management of growth; and other risks detailed from time to time in
the Company�s Securities and Exchange Commission filings. Actual
results may differ materially from management�s expectations.
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