Net revenue from continuing operations for the quarter was $7.5 million compared to $9.2 million in the first quarter of 2002. Gross profit from continuing operations in the quarter was $1.4 million, compared to $1.7 million in the first quarter of 2002. The company reported a net loss from continuing operations of $0.4 million (or $0.03 per share) in the first quarter of 2003, compared to a net loss of $0.1 million ($0.01 per share), in the first quarter of 2002.
John P. Wilmers, president and CEO of Ballantyne, commented: "The theatre exhibition industry is slowly recovering from a lengthy downturn and the financial health of the industry has been improving, but the industry as a whole did not aggressively resume building new theatres during the first quarter. We continue to reinvest in our company to develop ancillary revenue sources, and with a cash position of $7.5 million and net working capital of approximately $19.1 million, we have a strong balance sheet to support that effort."
(Lee Baldock)
