Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company”) today
announced financial results for the first quarter ended March 31,
2020. The Company conducts its operations through three operating
segments: Strong Entertainment, Convergent and Strong Outdoor.
Financial and Operational
Highlights
|
● |
Significant
improvements in first quarter consolidated financial performance as
compared to the prior year |
|
|
|
|
|
|
○ |
Gross
profit increased by 60.8% |
|
|
|
|
|
|
|
|
○ |
Operating
loss improved 25.4% |
|
|
|
|
|
|
|
|
○ |
Net loss
improved 89.2% |
|
|
|
|
|
|
|
|
○ |
Adjusted
EBITDA (a non-GAAP measure) increased 54.1% |
|
● |
Convergent’s Digital Signage as a Service (DSaaS) recurring revenue
model continued to generate improving gross margins and operating
performance |
|
|
|
|
● |
Strong
Entertainment’s revenue and profitability contracted, following
several quarters of improving trends, as the COVID-19 pandemic
began to impact demand for both screens and services in March
2020 |
|
|
|
|
● |
Strong
Outdoor’s operating performance improved significantly on lower
cost structure and launch of experiential marketing campaigns |
Mark Roberson, Chief Executive Officer,
commented, “The first quarter started off with positive momentum as
gross margin, net loss and Adjusted EBITDA all showed meaningful
improvements. However, that strong start was disrupted by the
impact of the COVID-19 pandemic on our entertainment and
advertising customers. In response to the temporary cinema closures
and considerable reduction in outdoor advertising activities, we
have taken actions to significantly reduce our operating expenses,
manage working capital and conserve cash.
“Many of our digital signage customers provide
essential services and their business levels have held up
reasonably well. We began a phased reopening of our screen
manufacturing facility this week and expect service demand will
start to recover as cinemas prepare to resume operations this
summer. While we cannot predict the timing or trajectory of the
business recovery, we will continue to closely monitor expenses and
pace our activities to ensure that we are well positioned to
support our customers.”
First Quarter 2020 Financial
Review
|
● |
Consolidated revenue decreased 5.1% to $13.6 million for the first
quarter of 2020 compared to the first quarter of 2019. |
|
|
|
○ |
Revenue
from Strong Entertainment decreased 3.8% to $7.3 million primarily
due to the impact of COVID-19, including the temporary closure of
our screen manufacturing facility in Quebec and lower revenues from
field service projects; |
|
|
|
|
|
|
|
|
○ |
Revenue
from Convergent decreased 10.4% to $5.0 million as growth in DSaaS
revenues were offset by lower revenue from non-recurring
installation projects; and |
|
|
|
|
|
|
|
|
○ |
Revenue
from Strong Outdoor of $1.2 million was relatively flat compared to
the prior year as increased advertising revenues from static
taxi-tops and experiential marketing campaigns offset the reduction
in revenue from the transfer of the digital taxi-top business to
Firefly in mid-2019. |
|
● |
Gross
profit increased 60.8% to $4.3 million for the first quarter of
2020. Gross profit margins improved to 31.3% for the first quarter
of 2020 from 18.5% in for the first quarter of 2019. The
improvement was a direct result of repositioning Convergent to a
high margin recurring revenue model combined with cost reduction
initiatives and improvements in Strong Outdoor’s operating cost
structure. |
|
|
|
|
● |
Operating
loss improved 25.4% to $1.9 million for the first quarter of 2020
from $2.6 million in the prior year. Improved operating performance
at Convergent and Strong Outdoor and lower unallocated corporate
expenses were partially offset by the lower revenue and related
contribution from Strong Entertainment. We also recognized
increased accounts receivable collection reserves due to the
increased uncertainty related to the impact of COVID-19 on our
customers. |
|
|
|
|
● |
Net loss
was $0.4 million ($0.03 per share) for the first quarter of 2020 as
compared to $4.2 million ($0.29) per share) in the prior year.
Improved operating results, combined with foreign currency gains,
lower fair value adjustments on our notes receivable and increased
equity method investment income improved our net loss in the
current year. |
|
|
|
|
● |
Adjusted
EBITDA, a non-GAAP measure, improved to $(0.7) million for the
first quarter of 2020 compared to $(1.4) million in the prior
year. |
Conference Call
A conference call to discuss the 2020
first-quarter financial results will be held on Tuesday, May 12,
2020 at 5:00 pm Eastern Time. Investors and analysts are invited to
access the conference call by dialing 877-407-3982 (domestic) or
201-493-6780 (international) and providing the operator with
conference ID number: 13703177. Please dial in at least five
minutes before the start of the call to register. A replay will be
available approximately two hours after the conclusion of the
conference call until Friday, June 12, 2020 by dialing 844-512-2921
in the U.S. and Canada and 412-317-6671 internationally and
entering the conference ID number: 13703177.
The Company’s financial results and an
accompanying slide presentation will also be available on the
Investor Relations page of the Company’s website at
ballantynestrong.com/investors.
Use of Non-GAAP Measures
Ballantyne Strong, Inc. prepares its
consolidated financial statements in accordance with United States
generally accepted accounting principles (“GAAP”). In addition to
disclosing financial results prepared in accordance with GAAP, the
Company discloses information regarding Adjusted EBITDA, which
differs from the term EBITDA as it is commonly used. In addition to
adjusting net income (loss) to exclude income taxes, interest, and
depreciation and amortization, Adjusted EBITDA also excludes
share-based compensation, impairment charges, equity method income
(loss), fair value adjustments, severance, foreign currency
transaction gains (losses), transactional expenses, gains on
insurance recoveries and other cash and non-cash charges and
gains.
EBITDA and Adjusted EBITDA are not measures of
performance defined in accordance with GAAP. However, Adjusted
EBITDA is used internally in planning and evaluating the Company’s
operating performance. Accordingly, management believes that
disclosure of these metrics offers investors, bankers and other
stakeholders an additional view of the Company’s operations that,
when coupled with the GAAP results, provides a more complete
understanding of the Company’s financial results.
EBITDA and Adjusted EBITDA should not be
considered as an alternative to net loss or to net cash used in
operating activities as measures of operating results or liquidity.
Our calculation of EBITDA and Adjusted EBITDA may not be comparable
to similarly titled measures used by other companies, and the
measures exclude financial information that some may consider
important in evaluating the Company’s performance. A reconciliation
of GAAP net loss to EBITDA and Adjusted EBITDA is included in the
accompanying financial schedules.
EBITDA and Adjusted EBITDA have limitations as
analytical tools, and you should not consider them in isolation, or
as substitutes for analysis of our results as reported under GAAP.
Some of these limitations are (i) they do not reflect our cash
expenditures, or future requirements for capital expenditures or
contractual commitments, (ii) they do not reflect changes in, or
cash requirements for, our working capital needs, (iii) EBITDA and
Adjusted EBITDA do not reflect interest expense, or the cash
requirements necessary to service interest or principal payments,
on our debt, (iv) although depreciation and amortization are
non-cash charges, the assets being depreciated and amortized will
often have to be replaced in the future, and EBITDA and Adjusted
EBITDA do not reflect any cash requirements for such replacements,
(v) they do not adjust for all non-cash income or expense items
that are reflected in our statements of cash flows, (vi) they do
not reflect the impact of earnings or charges resulting from
matters we consider not to be indicative of our ongoing operations,
and (vii) other companies in our industry may calculate these
measures differently than we do, limiting their usefulness as
comparative measures.
We believe EBITDA and Adjusted EBITDA facilitate
operating performance comparisons from period to period by
isolating the effects of some items that vary from period to period
without any correlation to core operating performance or that vary
widely among similar companies. These potential differences may be
caused by variations in capital structures (affecting interest
expense), tax positions (such as the impact on periods or companies
of changes in effective tax rates or net operating losses) and the
age and book depreciation of facilities and equipment (affecting
relative depreciation expense). We also present EBITDA and Adjusted
EBITDA because (i) we believe these measures are frequently used by
securities analysts, investors and other interested parties to
evaluate companies in our industry, (ii) we believe investors will
find these measures useful in assessing our ability to service or
incur indebtedness, and (iii) we use EBITDA and Adjusted EBITDA
internally as benchmarks to evaluate our operating performance or
compare our performance to that of our competitors.
For further information, please refer to
Ballantyne Strong, Inc.’s Quarterly Report on Form 10-Q to be filed
with the Securities and Exchange Commission on or about May 12,
2020, available online at www.sec.gov.
About Ballantyne Strong,
Inc.
Ballantyne Strong
(www.ballantynestrong.com) and
its subsidiaries engage in diverse business activities including
the design, integration and installation of technology solutions
for a broad range of applications; development and delivery of
out-of-home messaging, advertising and communications;
manufacturing of projection screens; and providing managed services
including monitoring of networked equipment. The Company focuses on
serving the entertainment, retail and advertising markets.
Forward-Looking Statements
In addition to the historical information in
this press release, it includes forward-looking statements, such as
our expectations regarding future sales, the impact, length and
severity of the COVID-19 pandemic, and the adequacy of the actions
taken in response to the pandemic, which involve a number of risks
and uncertainties, including but not limited to those discussed in
the “Risk Factors” section contained in Item 1A in our Annual
Report on Form 10-K for the year ended December 31, 2019, the
Company’s subsequent filings with the Securities and Exchange
Commission, and the following risks and uncertainties: the
Company’s ability to maintain and expand its revenue streams,
potential interruptions of supplier relationships or higher prices
charged by suppliers, the Company’s ability to successfully compete
and introduce enhancements and new features that achieve market
acceptance and that keep pace with technological developments, the
Company’s access to capital, the Company’s ability to successfully
execute its capital allocation strategy, the Company’s ability to
maintain its brand and reputation and retain or replace its
significant customers, the impact of a challenging global economic
environment or a downturn in the markets (such as the current
economic disruption and market volatility generated by the ongoing
COVID-19 pandemic), economic and political risks of selling
products in foreign countries (including tariffs), risks of
non-compliance with U.S. and foreign laws and regulations,
potential sales tax collections and claims for uncollected amounts,
cybersecurity risks and risks of damage and interruptions of
information technology systems, the Company’s ability to retain key
members of management and successfully integrate new executives,
the Company’s ability to complete acquisitions, strategic
investments, entry into new lines of business, divestitures,
mergers or other transactions on acceptable terms or at all, the
Company’s ability to utilize or assert its intellectual property
rights, the impact of natural disasters and other catastrophic
events (such as the ongoing COVID-19 pandemic), the adequacy of
insurance and the impact of having a controlling stockholder. Given
the risks and uncertainties, readers should not place undue
reliance on any forward-looking statement and should recognize that
the statements are predictions of future results which may not
occur as anticipated. Many of the risks listed above have been, and
may be further be, exacerbated by the COVID-19 pandemic, its impact
on the cinema and entertainment industry, and the worsening
economic environment. Actual results could differ materially from
those anticipated in the forward-looking statements and from
historical results, due to the risks and uncertainties described
herein, as well as others not now anticipated. New risk factors
emerge from time to time and it is not possible for management to
predict all such risk factors, nor can it assess the impact of all
such factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Except where required by law, the Company assumes no obligation to
update forward-looking statements to reflect actual results or
changes in factors or assumptions affecting such forward-looking
statements.
For Investor Relations Inquiries:
Ballantyne Strong, Inc. Mark Roberson Chief
Executive OfficerIR@btn-inc.com704-994-8279
Ballantyne Strong, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets(In thousands, except par
values)
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,546 |
|
|
$ |
4,951 |
|
Restricted cash |
|
|
351 |
|
|
|
351 |
|
Accounts receivable (net of allowance for doubtful accounts of
$1,217 and $1,291, respectively) |
|
|
10,252 |
|
|
|
12,898 |
|
Inventories, net |
|
|
2,794 |
|
|
|
2,879 |
|
Recoverable income taxes |
|
|
262 |
|
|
|
190 |
|
Other current assets |
|
|
2,642 |
|
|
|
1,754 |
|
Total current assets |
|
|
22,847 |
|
|
|
23,023 |
|
Property, plant and equipment (net of accumulated depreciation of
$10,299 and $10,238, respectively) |
|
|
9,836 |
|
|
|
10,560 |
|
Operating lease right-of-use assets |
|
|
5,438 |
|
|
|
5,581 |
|
Finance lease right-of-use assets |
|
|
2,333 |
|
|
|
2,563 |
|
Investments |
|
|
14,368 |
|
|
|
13,311 |
|
Intangible assets, net |
|
|
1,453 |
|
|
|
1,534 |
|
Goodwill |
|
|
842 |
|
|
|
919 |
|
Other assets |
|
|
98 |
|
|
|
142 |
|
Total assets |
|
$ |
57,215 |
|
|
$ |
57,633 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,139 |
|
|
$ |
3,273 |
|
Accrued expenses |
|
|
3,830 |
|
|
|
4,416 |
|
Short-term debt |
|
|
3,188 |
|
|
|
3,080 |
|
Current portion of long-term debt |
|
|
1,016 |
|
|
|
998 |
|
Current portion of operating lease obligations |
|
|
974 |
|
|
|
971 |
|
Current portion of finance lease obligations |
|
|
1,633 |
|
|
|
1,586 |
|
Deferred revenue and customer deposits |
|
|
3,175 |
|
|
|
2,981 |
|
Total current liabilities |
|
|
18,955 |
|
|
|
17,305 |
|
Long-term debt, net of current portion and debt issuance costs |
|
|
2,757 |
|
|
|
3,019 |
|
Operating lease obligations, net of current portion |
|
|
4,632 |
|
|
|
4,809 |
|
Finance lease obligations, net of current portion |
|
|
3,561 |
|
|
|
3,988 |
|
Deferred revenue and customer deposits, net of current portion |
|
|
32 |
|
|
|
38 |
|
Deferred income taxes |
|
|
2,918 |
|
|
|
2,649 |
|
Other long-term liabilities |
|
|
110 |
|
|
|
116 |
|
Total liabilities |
|
|
32,965 |
|
|
|
31,924 |
|
Commitments, contingencies and
concentrations |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, par value $.01 per share; authorized 1,000 shares,
none outstanding |
|
|
- |
|
|
|
- |
|
Common stock, par value $.01 per share; authorized 25,000 shares;
issued 17,445 and 17,410 shares at March 31, 2020 and December 31,
2019, respectively; outstanding 14,651 and 14,616 shares at March
31, 2020 and December 31, 2019, respectively |
|
|
174 |
|
|
|
174 |
|
Additional paid-in capital |
|
|
42,862 |
|
|
|
42,589 |
|
Retained earnings |
|
|
5,554 |
|
|
|
6,001 |
|
Less 2,794 of common shares in treasury, at cost |
|
|
(18,586 |
) |
|
|
(18,586 |
) |
Accumulated other comprehensive loss |
|
|
(5,754 |
) |
|
|
(4,469 |
) |
Total stockholders’ equity |
|
|
24,250 |
|
|
|
25,709 |
|
Total liabilities and stockholders’ equity |
|
$ |
57,215 |
|
|
$ |
57,633 |
|
Ballantyne Strong, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(In thousands, except per share
amounts)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
Net product sales |
|
$ |
6,404 |
|
|
$ |
5,560 |
|
Net service revenues |
|
|
7,171 |
|
|
|
8,746 |
|
Total net revenues |
|
|
13,575 |
|
|
|
14,306 |
|
Cost of products sold |
|
|
4,695 |
|
|
|
3,523 |
|
Cost of services |
|
|
4,627 |
|
|
|
8,138 |
|
Total cost of revenues |
|
|
9,322 |
|
|
|
11,661 |
|
Gross profit |
|
|
4,253 |
|
|
|
2,645 |
|
Selling and administrative
expenses: |
|
|
|
|
|
|
|
|
Selling |
|
|
1,344 |
|
|
|
1,228 |
|
Administrative |
|
|
4,830 |
|
|
|
3,929 |
|
Total selling and administrative expenses |
|
|
6,174 |
|
|
|
5,157 |
|
Loss on disposal of
assets |
|
|
- |
|
|
|
(64 |
) |
Loss from operations |
|
|
(1,921 |
) |
|
|
(2,576 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(272 |
) |
|
|
(119 |
) |
Fair value adjustment to notes receivable |
|
|
- |
|
|
|
(510 |
) |
Foreign currency transaction gain (loss) |
|
|
488 |
|
|
|
(143 |
) |
Other income, net |
|
|
289 |
|
|
|
36 |
|
Total other income (expense) |
|
|
505 |
|
|
|
(736 |
) |
Loss before income taxes and equity method investment income
(loss) |
|
|
(1,416 |
) |
|
|
(3,312 |
) |
Income tax expense |
|
|
(400 |
) |
|
|
(141 |
) |
Equity method investment
income (loss) |
|
|
1,369 |
|
|
|
(697 |
) |
Net loss |
|
$ |
(447 |
) |
|
$ |
(4,150 |
) |
|
|
|
|
|
|
|
|
|
Basic loss per share |
|
$ |
(0.03 |
) |
|
$ |
(0.29 |
) |
Diluted loss per share |
|
$ |
(0.03 |
) |
|
$ |
(0.29 |
) |
Ballantyne Strong, Inc. and
SubsidiariesCondensed Consolidated Statements of
Cash Flows(In
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(447 |
) |
|
$ |
(4,150 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
Provision for (recovery of) doubtful accounts |
|
|
819 |
|
|
|
(310 |
) |
Provision for obsolete inventory |
|
|
44 |
|
|
|
53 |
|
Provision for warranty |
|
|
53 |
|
|
|
67 |
|
Depreciation and amortization |
|
|
989 |
|
|
|
795 |
|
Amortization and accretion of operating leases |
|
|
309 |
|
|
|
579 |
|
Fair value adjustment to notes receivable |
|
|
- |
|
|
|
510 |
|
Equity method investment (income) loss |
|
|
(1,369 |
) |
|
|
697 |
|
Loss on disposal of assets |
|
|
- |
|
|
|
64 |
|
Gain on Firefly transaction |
|
|
(270 |
) |
|
|
- |
|
Deferred income taxes |
|
|
23 |
|
|
|
50 |
|
Stock-based compensation expense |
|
|
273 |
|
|
|
243 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,499 |
|
|
|
1,819 |
|
Inventories |
|
|
(118 |
) |
|
|
(145 |
) |
Current income taxes |
|
|
(87 |
) |
|
|
(444 |
) |
Other assets |
|
|
(277 |
) |
|
|
(69 |
) |
Accounts payable and accrued expenses |
|
|
1,323 |
|
|
|
(605 |
) |
Deferred revenue and customer deposits |
|
|
216 |
|
|
|
11 |
|
Operating lease obligations |
|
|
(341 |
) |
|
|
(590 |
) |
Net cash provided by (used in) operating activities |
|
|
2,639 |
|
|
|
(1,425 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
$ |
- |
|
|
$ |
86 |
|
Capital expenditures |
|
|
(371 |
) |
|
|
(257 |
) |
Net cash used in investing activities |
|
|
(371 |
) |
|
|
(171 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of long-term debt |
|
|
- |
|
|
|
237 |
|
Principal payments on short-term debt |
|
|
(55 |
) |
|
|
(79 |
) |
Principal payments on long-term debt |
|
|
(243 |
) |
|
|
(245 |
) |
Payments on capital lease obligations |
|
|
(380 |
) |
|
|
(49 |
) |
Net cash used in financing activities |
|
|
(678 |
) |
|
|
(136 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
5 |
|
|
|
23 |
|
Net increase (decrease) in cash and cash equivalents and restricted
cash |
|
|
1,595 |
|
|
|
(1,709 |
) |
Cash and cash equivalents and
restricted cash at beginning of period |
|
|
5,302 |
|
|
|
7,048 |
|
Cash and cash equivalents and
restricted cash at end of period |
|
$ |
6,897 |
|
|
$ |
5,339 |
|
|
|
|
|
|
|
|
|
|
Components of cash and cash
equivalents and restricted cash: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,546 |
|
|
$ |
4,989 |
|
Restricted cash |
|
|
351 |
|
|
|
350 |
|
Total cash and cash equivalents and restricted cash |
|
$ |
6,897 |
|
|
$ |
5,339 |
|
Ballantyne Strong, Inc. and
SubsidiariesSummary by Business
Segments(In
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
Strong
Entertainment |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
7,315 |
|
|
$ |
7,601 |
|
Gross profit |
|
|
1,834 |
|
|
|
2,415 |
|
Operating (loss) income |
|
|
(337 |
) |
|
|
1,159 |
|
Adjusted EBITDA |
|
|
(103 |
) |
|
|
1,471 |
|
|
|
|
|
|
|
|
|
|
Convergent |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
4,962 |
|
|
$ |
5,535 |
|
Gross profit |
|
|
1,985 |
|
|
|
1,569 |
|
Operating income |
|
|
857 |
|
|
|
752 |
|
Adjusted EBITDA |
|
|
1,460 |
|
|
|
1,178 |
|
|
|
|
|
|
|
|
|
|
Strong
Outdoor |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
1,197 |
|
|
$ |
1,093 |
|
Gross profit (loss) |
|
|
333 |
|
|
|
(1,416 |
) |
Operating loss |
|
|
(376 |
) |
|
|
(2,012 |
) |
Adjusted EBITDA |
|
|
(266 |
) |
|
|
(1,902 |
) |
|
|
|
|
|
|
|
|
|
Corporate and
Other |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
101 |
|
|
$ |
77 |
|
Gross profit |
|
|
101 |
|
|
|
77 |
|
Operating loss |
|
|
(2,065 |
) |
|
|
(2,475 |
) |
Adjusted EBITDA |
|
|
(1,747 |
) |
|
|
(2,176 |
) |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
13,575 |
|
|
$ |
14,306 |
|
Gross profit |
|
|
4,253 |
|
|
|
2,645 |
|
Operating loss |
|
|
(1,921 |
) |
|
|
(2,576 |
) |
Adjusted EBITDA |
|
|
(656 |
) |
|
|
(1,429 |
) |
Ballantyne Strong, Inc. and
SubsidiariesReconciliation of Net Loss to Adjusted
EBITDA(In
thousands)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strong Entertainment |
|
|
|
Convergent |
|
|
|
Strong Outdoor |
|
|
|
Corporate and Other |
|
|
|
Consolidated |
|
|
|
Strong Entertainment |
|
|
|
Convergent |
|
|
|
Strong Outdoor |
|
|
|
Corporate and Other |
|
|
|
Consolidated |
|
Net (loss) income |
|
$ |
(156 |
) |
|
|
616 |
|
|
$ |
(201 |
) |
|
|
(706 |
) |
|
$ |
(447 |
) |
|
$ |
(348 |
) |
|
|
579 |
|
|
$ |
(2,034 |
) |
|
|
(2,347 |
) |
|
$ |
(4,150 |
) |
Interest expense, net |
|
|
32 |
|
|
|
144 |
|
|
|
95 |
|
|
|
1 |
|
|
|
272 |
|
|
|
35 |
|
|
|
92 |
|
|
|
23 |
|
|
|
(31 |
) |
|
|
119 |
|
Income tax expense |
|
|
287 |
|
|
|
58 |
|
|
|
- |
|
|
|
55 |
|
|
|
400 |
|
|
|
23 |
|
|
|
68 |
|
|
|
- |
|
|
|
50 |
|
|
|
141 |
|
Depreciation and
amortization |
|
|
230 |
|
|
|
602 |
|
|
|
110 |
|
|
|
47 |
|
|
|
989 |
|
|
|
219 |
|
|
|
423 |
|
|
|
100 |
|
|
|
53 |
|
|
|
795 |
|
EBITDA |
|
|
393 |
|
|
|
1,420 |
|
|
|
4 |
|
|
|
(603 |
) |
|
|
1,214 |
|
|
|
(71 |
) |
|
|
1,162 |
|
|
|
(1,911 |
) |
|
|
(2,275 |
) |
|
|
(3,095 |
) |
Stock-based compensation
expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
273 |
|
|
|
273 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
243 |
|
|
|
243 |
|
Fair value adjustment to notes
receivable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
510 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
510 |
|
Equity method investment loss
(income) |
|
|
48 |
|
|
|
- |
|
|
|
- |
|
|
|
(1,417 |
) |
|
|
(1,369 |
) |
|
|
841 |
|
|
|
- |
|
|
|
- |
|
|
|
(144 |
) |
|
|
697 |
|
Loss on disposal of assets and
impairment charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
64 |
|
Foreign currency transaction
(gain) loss |
|
|
(528 |
) |
|
|
40 |
|
|
|
- |
|
|
|
- |
|
|
|
(488 |
) |
|
|
128 |
|
|
|
15 |
|
|
|
- |
|
|
|
- |
|
|
|
143 |
|
Gain on Firefly transaction,
net of transaction costs |
|
|
- |
|
|
|
- |
|
|
|
(270 |
) |
|
|
- |
|
|
|
(270 |
) |
|
|
- |
|
|
|
- |
|
|
|
9 |
|
|
|
- |
|
|
|
9 |
|
Gain on property and casualty
insurance recoveries |
|
|
(16 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(16 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
(103 |
) |
|
$ |
1,460 |
|
|
$ |
(266 |
) |
|
$ |
(1,747 |
) |
|
$ |
(656 |
) |
|
$ |
1,471 |
|
|
$ |
1,178 |
|
|
$ |
(1,902 |
) |
|
$ |
(2,176 |
) |
|
$ |
(1,429 |
) |
Ballantyne Strong (AMEX:BTN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ballantyne Strong (AMEX:BTN)
Historical Stock Chart
From Apr 2023 to Apr 2024