It is earning season and this week a multitude of companies have released their financial and operational updates for the recent quarter.
Among them, is a diversified holding company with operations and holdings across a broad range of industries that announced this week that its revenue had more than doubled, growing 110% for the quarter compared to Q1 2021.
Ballantyne Strong Inc. (NYSE American: BTN, Forum) revenue clocked in at $10 million (USD) up from $4.8 million (USD). The increase was primarily due to the continuing recovery in customer demand for screens products and technical services at Strong Entertainment as exhibitors more fully reopened and Hollywood studios began to accelerate the release of content into the theatrical channels. The company noted that Strong Entertainment’s business continued to strengthen with cinemas reopening and studio releases fueling strong box-office performance.
The company’s Chief Executive Officer, Mark Roberson said in
a media release on this news that business momentum continues to surge, with revenues from our entertainment group more than doubling in Q1. He further noted that trends in the theatrical exhibition industry continue to improve with new releases hitting the box office and exhibitors preparing for their busiest summer and fall in years.
“We also announced the launch of Strong Studios this quarter, adding content to our Strong Entertainment business. We are hitting the ground running with a busy slate of revenue producing projects and expect to start production on our first two projects this summer. And our equity holdings continued to show favorable progress with FG Financial launching two new SPACs and GreenFirst Forest Products reporting is first quarterly profit.”
Gross profit increased 116.5% to $2.5 million as compared to $1.2 million. Gross profit margins were 25% as compared to 24.3%. Gross profit increased as revenue increased with the reopening of cinemas and entertainment venues worldwide.
Ballantyne Strong’s entertainment segment is the largest premium screen supplier in North America, provides technical support services and related products and services to the cinema exhibition industry, and recently launched its studio operations to produce content for streaming and other entertainment outlets. The company holds equity stakes in
Firefly Systems Inc.,
GreenFirst Forest Products Inc. (TSX: GFP), and
FG Financial Group Inc. (NASDAQ: FGF), as well as real estate through its
Digital Ignition operating business.