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Ballantyne Strong Reports Second Quarter 2021 Operating Results

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Charlotte, NC, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company” or “Ballantyne Strong”) today announced financial results for the second quarter ended June 30, 2021.

Recent Highlights

  • Revenue of Ballantyne Strong’s Strong Entertainment business segment (“Strong Entertainment”) increased 30% sequentially and 136% compared with the prior year.

    • Cinema operators are preparing for unprecedented blockbuster releases slated for release in second half 2021 and 2022.

    • Strong Entertainment’s “Eclipse” curvilinear screen product line continued to expand with immersive applications.

    • Continued expansion outside of cinema, including Illuminarium’s first immersive experience venue in Atlanta.

  • Ballantyne Strong announced its intent to pursue an initial public offering of Strong Entertainment.

  • Firefly Systems, Inc. (“Firefly”), a Ballantyne Strong portfolio holding, completed the acquisition of Curb Media, providing Firefly with access to over ten thousand top-of-car screens to significantly scale Firefly’s disruptive technology and network.

  • FG Financial Group, Inc. (“FG Financial”), a Ballantyne Strong’s portfolio company, announced that its first SPAC investment, FG New America Acquisition Corp., recently completed its business combination with Opportunity Financial, LLC (OppFi) which began trading on NYSE.

  • The Company exercised rights to acquire subscription receipts to acquire an additional 8.3 million common shares of GreenFirst Forest Products Inc. (“GreenFirst”) at $1.50CDN subsequent to the end of the second quarter. To exercise the rights, the Company utilized approximately $8.3 million USD of cash on its balance sheet and an additional $1.7 million USD generated from the sale of a portion of the rights. The GreenFirst shares are expected to be issued upon completion of GreenFirst’s acquisition of the lumber assets of Rayonier Advanced Materials Inc. (“Rayonier”) in the third calendar quarter of 2021.

“Strong Entertainment continued to see improving performance trends, with revenues more than doubling from the prior year and increasing 30% from the first quarter of this year,” commented Mark Roberson, Chief Executive Officer. “We expect attendance at cinemas to continue to strengthen as the unprecedented backlog of Hollywood blockbusters hits theatres in the second half of 2021 and into 2022. As a leader in screens and services, we are well positioned to provide services and products and benefit from the recovery in the industry.

“Our portfolio companies continue to execute well. Subsequent to the end of the quarter, GreenFirst announced that it completed its rights offering and expects to close its acquisition of Rayonier’s lumber business in the third quarter. We are very excited about GreenFirst’s transformative opportunities in its lumber business and allocated $12 million CDN of additional capital to acquire 8.3 million subscription receipts, each of which is redeemable for a common share of GreenFirst, at $1.50CDN per subscription receipt in the rights offering, which will bring our GreenFirst holdings to approximately 15 million common shares upon completion of the transaction. Also, FG Financial continued to make progress with its reinsurance business and as its first SPAC investment completed a business combination subsequent to the close of the quarter.”

Second Quarter 2021 Financial Review (As Compared to the Continuing Operations from the Three Months Ended June 30, 2020)

  • Revenue increased 138.3% to $6.1 million from $2.6 million. The increase was primarily due to the continuing recovery in customer demand for screen products and technical services at Strong Entertainment as exhibitors more fully reopened and Hollywood studios began to accelerate the release content into the theatrical channels.

  • Gross profit increased to $2.5 million from $0.1 million and gross profit margins increased to 40.4% from 4.2%. Excluding the impact of the employee retention credit, gross profit would have been 26.6% of revenue. The increase in gross profit was primarily attributable to higher screen, equipment, and field service revenues.

  • Operating income (loss) improved to breakeven from a loss of $2.1 million. Excluding the impact of the employee retention credit, operating loss would have been $1.3 million. The improvement was the result of increased revenues and gross profit combined with initiatives to reduce SG&A expenses.

  • Net loss from continuing operations was $0.8 million, or $0.04 per basic and diluted share, as compared to $3.9 million, or $0.27 per basic and diluted share in the three months ended June 30, 2020.

  • Adjusted EBITDA improved to negative $0.7 million from negative $1.5 million in the three months ended June 30, 2020.

Conference Call

A conference call to discuss the Company’s second quarter 2021 financial results will be held on Tuesday, August 10, 2021, at 5:00 pm Eastern Time. Interested parties can listen to the call via live webcast or by phone. To access the webcast, visit the Company’s website at https://ballantynestrong.com/investors or use the following link: BTN Webcast Link. To access the conference call by phone, dial (877) 300-8521 (domestic) or (412) 317-6026 (international) and provide the operator with conference ID number 10159230. Please access the webcast or dial in at least five minutes before the start of the call to register.

A replay of the webcast will be available following the conclusion of the live broadcast and accessible on the Company’s website at https://ballantynestrong.com/investors.

Use of Non-GAAP Measures

Ballantyne Strong 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 (“Adjusted EBITDA”), which differs from the commonly-used EBITDA (“EBITDA”). Adjusted EBITDA both adjusts net income (loss) to exclude income taxes, interest, and depreciation and amortization, and excludes discontinued operations, share-based compensation, impairment charges, equity method income (loss), fair value adjustments, severance, foreign currency transaction gains (losses), transactional gains and expenses, gains on insurance recoveries, certain tax credits 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 income (loss) or to net cash from operating activities as measures of operating results or liquidity. The Company’s 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.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of the Company’s results as reported under GAAP. Some of these limitations are: (i) they do not reflect the Company’s cash expenditures, or future requirements for capital expenditures or contractual commitments, (ii) they do not reflect changes in, or cash requirements for, the Company’s 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 the Company’s 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 the Company’s statements of cash flows, (vi) they do not reflect the impact of earnings or charges resulting from matters management considers not to be indicative of the Company’s ongoing operations, and (vii) other companies in the Company’s industry may calculate these measures differently than the Company does, limiting their usefulness as comparative measures.

Management believes 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). The Company also presents EBITDA and Adjusted EBITDA because (i) management believes these measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in the Company’s industry, (ii) management believes investors will find these measures useful in assessing the Company’s ability to service or incur indebtedness, and (iii) management uses EBITDA and Adjusted EBITDA internally as benchmarks to evaluate the Company’s operating performance or compare the Company’s performance to that of its competitors.

For further information, please refer to Ballantyne Strong, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 10, 2021, as supplemented by Ballantyne Strong, Inc.’s Amendment No. 1 on Form 10-K/A filed with the SEC on April 28, 2021, both available online at www.sec.gov.

About Ballantyne Strong, Inc.

Ballantyne Strong, Inc. (https://ballantynestrong.com/) is a diversified holding company with operations and investments across a broad range of industries. The Company’s Strong Entertainment segment includes the largest premium screen supplier in the U.S. and provides technical support services and other related products and services to the cinema exhibition industry, theme parks and other entertainment-related markets. Ballantyne Strong holds a $13 million preferred investment along with Google Ventures in privately held Firefly Systems, Inc., which is rolling out a digital mobile advertising network on rideshare and taxi fleets. The Company holds a 19% ownership position in GreenFirst Forest Products Inc. (TSX: GFP), which has recently completed an investment in a sawmill and related assets. Finally, the Company holds a 21% ownership position in FG Financial Group, Inc. (Nasdaq: FGF), a reinsurance and investment management holding company focused on opportunistic collateralized and loss capped reinsurance, while allocating capital to SPAC and SPAC sponsor-related businesses.

Forward-Looking Statements

In addition to the historical information included herein, this press release includes forward-looking statements, such as management’s expectations regarding its portfolio companies, the Company’s intent to pursue an initial public offering of Strong Entertainment, the anticipated timing of such a transaction, and management’s expectations regarding such a transaction, as well as future sales, the impact, length and severity of the COVID-19 pandemic, general economic recovery from the effects 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 10, 2021, as supplemented by the Company’s Amendment No. 1 on Form 10-K/A filed with the SEC on April 28, 2021, the Company’s subsequent filings with the SEC, and the following risks and uncertainties: the negative impact that the COVID-19 pandemic has already had, and may continue to have, on the Company’s business and financial condition; the Company’s ability to maintain and expand its revenue streams to compensate for the lower demand for the Company’s digital cinema products and installation services; 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 ability to successfully execute its capital allocation strategy or achieve the returns it expects from these investments; the Company’s ability to maintain its brand and reputation and retain or replace its significant customers; challenges associated with the Company’s long sales cycles; 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 impact of the COVID-19 pandemic on the Company’s portfolio companies; 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; the impact of having a controlling stockholder and vulnerability to fluctuation in the Company’s stock price. 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 further be, exacerbated by the ongoing 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 the Company’s 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, withdraw or revise any forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

For Investor Relations Inquiries:

Mark Roberson

John Nesbett / Jennifer Belodeau

Ballantyne Strong, Inc. - Chief Executive Officer

IMS Investor Relations

704-994-8279

203-972-9200

IR@btn-inc.com

jnesbett@institutionalms.com


Ballantyne Strong, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets
(In thousands, except par values)

June 30, 2021

December 31, 2020

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

17,857

$

4,435

Restricted cash

150

352

Accounts receivable, net

4,455

5,558

Inventories, net

2,834

2,264

Current assets of discontinued operations

-

3,748

Other current assets

4,460

1,452

Total current assets

29,756

17,809

Property, plant and equipment, net

6,406

5,524

Operating lease right-of-use assets

3,998

4,304

Finance lease right-of-use assets

2

4

Note receivable, net of current portion

2,083

-

Investments

19,081

20,167

Intangible assets, net

209

353

Goodwill

963

938

Long-term assets of discontinued operations

-

6,372

Other assets

520

28

Total assets

$

63,018

$

55,499

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

1,984

$

2,717

Accrued expenses

3,017

2,182

Short-term debt

3,505

3,299

Current portion of operating lease obligations

600

619

Current portion of finance lease obligations

2

1,015

Deferred revenue and customer deposits

2,446

2,404

Current liabilities of discontinued operations

-

3,901

Total current liabilities

11,554

16,137

Operating lease obligations, net of current portion

3,528

3,817

Finance lease obligations, net of current portion

-

1,091

Deferred income taxes

2,843

3,099

Long-term liabilities of discontinued operations

-

4,066

Other long-term liabilities

231

223

Total liabilities

18,156

28,433

Stockholders’ equity:

Preferred stock

-

-

Common stock

212

176

Additional paid-in capital

50,390

43,713

Retained earnings

17,037

5,654

Treasury stock, at cost

(18,586

)

(18,586

)

Accumulated other comprehensive loss

(4,191

)

(3,891

)

Total stockholders’ equity

44,862

27,066

Total liabilities and stockholders’ equity

$

63,018

$

55,499


Ballantyne Strong, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

Net product sales

$

4,198

$

2,001

$

7,726

$

7,232

Net service revenues

1,896

556

3,140

2,740

Total net revenues

6,094

2,557

10,866

9,972

Cost of products sold

2,765

1,620

5,207

5,080

Cost of services

865

830

2,034

2,878

Total cost of revenues

3,630

2,450

7,241

7,958

Gross profit

2,464

107

3,625

2,014

Selling and administrative expenses:

Selling

270

251

747

849

Administrative

2,178

1,931

4,619

5,701

Total selling and administrative expenses

2,448

2,182

5,366

6,550

Income (loss) from operations

16

(2,075

)

(1,741

)

(4,536

)

Other (expense) income:

Interest income

20

-

33

-

Interest expense

(167

)

(136

)

(257

)

(263

)

Foreign currency transaction (loss) gain

(234

)

(304

)

(218

)

224

Other income, net

12

100

154

117

Total other (expense) income

(369

)

(340

)

(288

)

78

Loss from continuing operations before income taxes and equity method investment loss

(353

)

(2,415

)

(2,029

)

(4,458

)

Income tax expense

(23

)

(40

)

(92

)

(383

)

Equity method investment loss

(376

)

(1,489

)

(1,145

)

(120

)

Net loss from continuing operations

(752

)

(3,944

)

(3,266

)

(4,961

)

Net income from discontinued operations

324

216

14,649

785

Net (loss) income

$

(428

)

$

(3,728

)

$

11,383

$

(4,176

)

Basic and diluted net (loss) income per share

Continuing operations

$

(0.04

)

$

(0.27

)

$

(0.18

)

$

(0.33

)

Discontinued operations

0.02

0.02

0.83

0.05

Basic and diluted net (loss) income per share

$

(0.02

)

$

(0.25

)

$

0.65

$

(0.28

)


Ballantyne Strong, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

Six Months Ended June 30,

2021

2020

Cash flows from operating activities:

Net loss from continuing operations

$

(3,266

)

$

(4,961

)

Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:

(Recovery of) provision for doubtful accounts

(134

)

553

Provision for obsolete inventory

50

106

Provision for warranty

37

39

Depreciation and amortization

640

566

Amortization and accretion of operating leases

413

482

Equity method investment loss

1,145

120

Deferred income taxes

(273

)

72

Stock-based compensation expense

473

485

Changes in operating assets and liabilities:

Accounts receivable

1,213

3,058

Inventories

(568

)

(442

)

Current income taxes

(160

)

(83

)

Other assets

(1,564

)

(404

)

Accounts payable and accrued expenses

(1,540

)

1,451

Deferred revenue and customer deposits

433

260

Operating lease obligations

(414

)

(479

)

Net cash (used in) provided by operating activities from continuing operations

(3,515

)

823

Net cash provided by operating activities from discontinued operations

510

1,729

Net cash (used in) provided by operating activities

(3,005

)

2,552

Cash flows from investing activities:

Capital expenditures

$

(278

)

$

(319

)

Net cash used in investing activities from continuing operations

(278

)

(319

)

Net cash provided by (used in) investing activities from discontinued operations

12,761

(253

)

Net cash provided by (used in) investing activities

12,483

(572

)

Cash flows from financing activities:

Principal payments on short-term debt

(295

)

(299

)

Proceeds from stock issuance, net of costs

6,310

-

Payments of withholding taxes related to net share settlement of equity awards

(80

)

-

Proceeds from borrowing under credit facility

-

3,411

Repayment of borrowing under credit facility

-

(2,562

)

Proceeds from Paycheck Protection Program Loan

-

3,174

Repayment of Paycheck Protection Program Loan

-

(3,174

)

Proceeds from exercise of stock options

9

-

Payments on capital lease obligations

(2,105

)

(432

)

Net cash provided by financing activities from continuing operations

3,839

118

Net cash used in financing activities from discontinued operations

(155

)

(674

)

Net cash provided by (used in) financing activities

3,684

(556

)

Effect of exchange rate changes on cash and cash equivalents

58

96

Net increase in cash and cash equivalents and restricted cash from continuing operations

104

718

Net increase in cash and cash equivalents and restricted cash from discontinued operations

13,116

802

Net increase in cash and cash equivalents and restricted cash

13,220

1,520

Cash and cash equivalents and restricted cash at beginning of period

4,787

5,302

Cash and cash equivalents and restricted cash at end of period

$

18,007

$

6,822


Ballantyne Strong, Inc. and Subsidiaries
Summary by Business Segments
(In thousands)
(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

Strong Entertainment

Revenue

$

5,828

$

2,467

$

10,301

$

9,781

Gross profit

2,386

47

3,276

1,880

Operating income

1,369

(478

)

1,122

(814

)

Adjusted EBITDA

497

(168

)

415

(272

)

Corporate and Other

Revenue

$

266

$

90

$

565

$

191

Gross profit

78

60

349

134

Operating loss

(1,353

)

(1,597

)

(2,863

)

(3,722

)

Adjusted EBITDA

(1,239

)

(1,321

)

(2,229

)

(3,120

)

Consolidated

Revenue

$

6,094

$

2,557

$

10,866

$

9,972

Gross profit

$

2,464

$

107

$

3,625

$

2,014

Operating loss

$

16

$

(2,075

)

$

(1,741

)

$

(4,536

)

Adjusted EBITDA

$

(741

)

$

(1,489

)

$

(1,814

)

$

(3,392

)


Ballantyne Strong, Inc. and Subsidiaries
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(In thousands)
(Unaudited)

Quarters Ended June 30,

2021

2020

Strong Entertainment

Corporate and Other

Discontinued Operations

Consolidated

Strong Entertainment

Corporate and Other

Discontinued Operations

Consolidated

Net income (loss)

$

641

$

(1,394

)

$

324

$

(428

)

$

(865

)

$

(3,079

)

$

216

$

(3,728

)

Net income from discontinued operations

-

-

(324

)

(324

)

-

-

(216

)

(216

)

Netincome ( loss) from continuing operations

641

(1,394

)

-

(752

)

(865

)

(3,079

)

-

(3,944

)

Interest expense, net

36

111

-

147

34

102

-

136

Income tax expense

17

6

-

23

78

(38

)

-

40

Depreciation and amortization

235

131

-

366

231

55

-

286

EBITDA

929

(1,146

)

-

(216

)

(522

)

(2,960

)

-

(3,482

)

Stock-based compensation expense

-

159

-

159

-

212

-

212

Equity method investment loss (income)

383

(7

)

-

376

69

1,420

-

1,489

Employee retention credit

(1,049

)

(245

)

-

(1,294

)

-

-

-

-

Foreign currency transaction income

234

-

-

234

304

-

-

304

Gain on property and casualty insurance recoveries

-

-

-

-

(97

)

-

-

(97

)

Severance and other

-

-

-

-

78

7

-

85

Adjusted EBITDA

$

497

$

(1,239

)

$

-

$

(741

)

$

(168

)

$

(1,321

)

$

-

$

(1,489

)


Six Months Ended June 30,

2021

2020

Strong Entertainment

Corporate and Other

Discontinued Operations

Consolidated

Strong Entertainment

Corporate and Other

Discontinued Operations

Consolidated

Net income (loss)

$

33

$

(3,299

)

$

14,649

$

11,383

$

(1,022

)

$

(3,939

)

$

785

$

(4,176

)

Net income (loss) from discontinued operations

-

-

(14,649

)

(14,649

)

-

-

(785

)

(785

)

Net income (loss) from continuing operations

33

(3,299

)

-

(3,266

)

(1,022

)

(3,939

)

-

(4,961

)

Interest expense, net

60

164

-

224

66

197

-

263

Income tax expense (benefit)

79

13

-

92

365

18

-

383

Depreciation and amortization

471

169

-

640

462

109

-

571

EBITDA

643

(2,953

)

-

(2,310

)

(129

)

(3,615

)

-

(3,744

)

Stock-based compensation expense

-

473

-

473

-

485

-

485

Equity method investment loss

736

409

-

1,145

117

3

-

120

Employee retention credit

(1,049

)

(245

)

-

(1,294

)

-

-

-

-

Foreign currency transaction loss (income)

218

-

-

218

(224

)

-

-

(224

)

Gain on property and casualty insurance recoveries

(148

)

-

-

(148

)

(114

)

-

-

(114

)

Severance and other

15

87

-

102

78

7

-

85

Adjusted EBITDA

$

415

$

(2,229

)

$

-

$

(1,814

)

$

(272

)

$

(3,120

)

$

-

$

(3,392

)