In 2002, the company (which specializes in motion picture projection and lighting equipment, and includes Strong Entertainment Lighting amongst its group members), reported a net loss from continuing operations of $2.6 million. At the shareholder meeting, director William F. Welsh II was elected for an additional three-year term and Mark D. Hasebroock, a new director, was elected to serve a three-year term.
John P. Wilmers, president and CEO of the company, told shareholders that Ballantyne’s 2003 results would benefit from revenue gains in its theatre and restaurant equipment segments, as well as from continuing efficiencies in the manufacturing process, adding that he also expected to see improved demand for motion picture projection equipment.
In a separate announcement, the company has revealed that is has signed an agreement with the Changchun Film Studio Group Co (CFS) to provide five MegaSystems 8/70 large-format projectors and related sound systems, as well as a 76-foot dome structure, to the Futurescope Movie Theme Park located in Changchun, Jilin Province, China. This is the first MegaSystems order for the company since it obtained the licensing rights for the projection system technology in December 2002. Revenues from this multi-million dollar sale will be recognized in the second half of 2003, as units are shipped and phases of the installation are completed.
(Ruth Rossington)
