Ballantyne Strong (BTN) Announces $8 Million Buyback Plan

December 22, 2011 8:46 AM EST
Ballantyne Strong, Inc. (NYSE: BTN) announced today that its Board of Directors has authorized the repurchase of up to $8 million of its outstanding common stock, or approximately 15.2% of its market capitalization, based on current market prices, and pursuant to a plan adopted under Rule 10b5-1 of the Securities Exchange Act of 1934.

As of yesterday’s closing price of $3.63 and based on approximately 14.5 million diluted shares outstanding, Ballantyne Strong had a market cap of $52.6 million. As of September 30, 2011, the Company had a book value (total stockholders’ equity) of $61.1 million, or $4.21 per diluted share, $22.4 million in unrestricted cash and no long-term debt. For the trailing twelve months ended September 30, 2011, Ballantyne achieved net revenues of $178.2 million and net earnings of $11.1 million, or $0.76 per diluted share.

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