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Ballantyne Strong Reports Third Quarter 2020 Operating Results

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Charlotte, NC, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company”) today announced financial results for the third quarter and nine months ended September 30, 2020.

Financial and Operational Highlights

● Convergent profitability improved with continued growth in recurring revenue

○ Year-over-year segment gross margins increased to 47.9% from 32.4%, segment operating income improved by 169% and segment Adjusted EBITDA grew 88% to $1.7 million

● Strong Entertainment began to see meaningful signs of recovery as cinema exhibitors and other entertainment operators began reopening worldwide

○ Revenue decreased year over year due to COVID-19 impact on cinema operators

○ Sequential revenue grew 113% from the second quarter 2020 to the third quarter as exhibitors resumed operations

○ Settled business interruption claim, resulting in a gain of $2.7 million

○ Signed multi-year exclusive agreements with Cinemark and Marcus Theatres

● Completed sale of Strong Outdoor in early August

○ Investment in Firefly increased to $13 million

○ $5.3 million primarily non-cash gain recognized upon divestiture

● Cash flows from operating activities from continuing operations for the first nine months of 2020 improved to $8.2 million from negative $1.0 million the same period in the prior year

“This was a busy quarter for Ballantyne Strong,” commented Mark Roberson, Chief Executive Officer. “We continued to grow our recurring revenue and profitability at Convergent; began to see a strengthening recovery in Strong Entertainment as operators began reopening worldwide; and we completed the sale of Strong Outdoor, exiting the outdoor advertising business.

“The sale of Strong Outdoor was a significant transaction providing us the flexibility to more fully participate in the upside potential of the Firefly business. We now hold a $13 million investment stake in Firefly and are one of their largest shareholders behind Google Ventures and NFX.

“Our continuing businesses, Convergent and Strong Entertainment, both gained momentum as we progressed through the quarter, and we’re excited to continue building on this progress. Convergent posted a 169% increase in operating profit as compared to the prior year as a result of the growth in DSAAS. While Strong Entertainment was down compared with the prior year due to the impact of COVID-19, we achieved substantial sequential growth compared to the second quarter of 2020. It is encouraging to see customer orders and overall business levels strengthening since operators began reopening their facilities in August. We expect those trends to continue as we progress through the fourth quarter and look ahead to 2021. Furthermore, Strong Entertainment has recently signed new partnerships with leading cinema operators, enhancing our leading position in the industry. We entered a multi-year nationwide managed services agreement with Marcus Theatres, the fourth largest cinema operator in the United States, and in October we signed a five-year exclusive worldwide screen supply agreement with Cinemark Theatres, the third largest exhibitor in the United States.”

Third Quarter 2020 Financial Review - (comparison of continuing operations to prior year quarter)

Revenue decreased 36.3% to $9.9 million from $15.6 million. The decrease was primarily due to the impact of COVID-19 on customer demand for screen products and technical services at Strong Entertainment. At Convergent, growth in services revenue was offset by the effect of large non-recurring installation projects in the prior year period.

Gross profit decreased 37.6% to $3.2 million from $5.2 million for the quarter and gross profit margins decreased to 32.8% as compared to 33.4%. Gross profit decreased as cost reduction actions and the expansion of margins at Convergent were offset by the impact of COVID-19 on business at Strong Entertainment.

Net income from continuing operations was $1.0 million, or $0.07 per basic and diluted share, in the third quarter of 2020, compared to a net loss from continuing operations of $1.7 million, or ($0.11) per basic and diluted share, in the third quarter of 2019. Net income includes a gain of $2.7 million from the settlement of the business interruption insurance claim in the third quarter of 2020.

Adjusted EBITDA was $0.8 million compared to $1.3 million in the prior year. Growth in Adjusted EBITDA at Convergent and reductions in corporate overhead were offset by lower contribution from Strong Entertainment due to COVID-19.

Conference Call

A conference call to discuss the 2020 third-quarter financial results will be held on Thursday, November 12, 2020 at 5:00 pm Eastern Time. Investors and analysts are invited to access the conference call by dialing 855-327-6837 (domestic) or 631-891-4304 (international) and providing the operator with conference ID number: 10011742. Please dial in at least five minutes before the start of the call to register. A replay will be available approximately three hours after the conclusion of the conference call until Saturday, December 12, 2020 by dialing 844-512-2921 in the U.S. and Canada and 412-317-6671 internationally and entering the conference ID number: 10011742.

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 discontinued operations, share-based compensation, impairment charges, equity method income (loss), fair value adjustments, severance, foreign currency transaction gains (losses), transactional expenses 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 November 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 and retail markets.

Forward-Looking Statements

Except for the historical information in this press release, it includes forward-looking statements 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, Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 and 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, 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 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 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)

September 30, 2020

December 31, 2019

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

7,026

$

4,951

Restricted cash

352

351

Accounts receivable (net of allowance for doubtful accounts of $783 and $1,291, respectively)

6,115

12,898

Inventories, net

2,816

2,879

Current assets of discontinued operations

-

320

Other current assets

1,735

1,624

Total current assets

18,044

23,023

Property, plant and equipment (net of accumulated depreciation of $11,363 and $10,030, respectively)

9,028

10,069

Operating lease right-of-use assets

4,705

5,581

Finance lease right-of-use assets

2,465

2,563

Investments

22,006

13,311

Intangible assets, net

1,214

1,534

Goodwill

895

919

Long-term assets of discontinued operations

-

585

Other assets

31

48

Total assets

$

58,388

$

57,633

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

3,448

$

2,969

Accrued expenses

3,464

4,416

Short-term debt

2,972

3,080

Current portion of long-term debt

1,055

998

Current portion of operating lease obligations

743

846

Current portion of finance lease obligations

1,820

1,586

Deferred revenue and customer deposits

4,198

2,706

Current liabilities of discontinued operations

-

704

Total current liabilities

17,700

17,305

Long-term debt, net of current portion and debt issuance costs

2,617

3,019

Operating lease obligations, net of current portion

4,107

4,662

Finance lease obligations, net of current portion

3,111

3,988

Deferred income taxes

3,053

2,649

Long-term liabilities of discontinued operations

-

147

Other long-term liabilities

120

154

Total liabilities

30,708

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 17,584 and 17,410 shares at September 30, 2020 and December 31, 2019, respectively; outstanding 14,790 and 14,616 shares at September 30, 2020 and December 31, 2019, respectively

176

174

Additional paid-in capital

43,311

42,589

Retained earnings

7,472

6,001

Less 2,794 of common shares in treasury, at cost

(18,586

)

(18,586

)

Accumulated other comprehensive loss

(4,693

)

(4,469

)

Total stockholders’ equity

27,680

25,709

Total liabilities and stockholders’ equity

$

58,388

$

57,633

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

Three Months Ended September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

Net product sales

$

4,460

$

9,192

$

13,095

$

20,840

Net service revenues

5,447

6,358

15,393

21,057

Total net revenues

9,907

15,550

28,488

41,897

Cost of products sold

3,564

5,603

10,119

17,526

Cost of services

3,096

4,746

9,520

11,435

Total cost of revenues

6,660

10,349

19,639

28,961

Gross profit

3,247

5,201

8,849

12,936

Selling and administrative expenses:

Selling

678

956

2,234

2,986

Administrative

2,914

4,055

10,119

11,709

Total selling and administrative expenses

3,592

5,011

12,353

14,695

Loss on disposal of assets

(18

)

(3

)

(18

)

(67

)

(Loss) income from operations

(363

)

187

(3,522

)

(1,826

)

Other income (expense):

Interest income

-

1

-

3

Interest expense

(254

)

(263

)

(794

)

(568

)

Fair value adjustment to notes receivable

-

(845

)

-

(2,153

)

Foreign currency transaction (loss) gain

(173

)

66

12

(154

)

Other income, net

2,749

416

2,873

650

Total other income (expense)

2,322

(625

)

2,091

(2,222

)

Income (loss) from continuing operations before income taxes and equity method investment loss

1,959

(438

)

(1,431

)

(4,048

)

Income tax expense

(526

)

(731

)

(1,022

)

(1,295

)

Equity method investment loss

(460

)

(496

)

(580

)

(1,223

)

Net income (loss) from continuing operations

973

(1,665

)

(3,033

)

(6,566

)

Net income (loss) from discontinued operations

4,673

(123

)

4,504

(2,790

)

Net income (loss)

$

5,646

$

(1,788

)

$

1,471

$

(9,356

)

Basic net income (loss) per share

Continuing operations

$

0.07

$

(0.11

)

$

(0.21

)

$

(0.46

)

Discontinued operations

0.31

(0.01

)

0.31

(0.19

)

Basic net income (loss) per share

$

0.38

$

(0.12

)

$

0.10

$

(0.65

)

Diluted net income (loss) per share

Continuing operations

$

0.07

$

(0.11

)

$

(0.21

)

$

(0.46

)

Discontinued operations

0.31

(0.01

)

0.31

(0.19

)

Diluted net income (loss) per share

$

0.38

$

(0.12

)

$

0.10

$

(0.65

)

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

Nine Months Ended September 30,

2020

2019

Cash flows from operating activities:

Net loss from continuing operations

$

(3,033

)

$

(6,566

)

Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities:

Provision for (recovery of) doubtful accounts

397

(509

)

Provision for obsolete inventory

41

245

Provision for warranty

14

24

Depreciation and amortization

2,634

2,214

Amortization and accretion of operating leases

814

788

Fair value adjustment to notes receivable

-

2,153

Equity method investment loss

580

1,223

Loss on disposal of assets

-

67

Gain on business interruption claim settlement

(789

)

-

Gain on Firefly transaction (Note 3)

-

-

Deferred income taxes

72

(129

)

Stock-based compensation expense

724

798

Changes in operating assets and liabilities:

Accounts receivable

4,793

776

Inventories

(28

)

(96

)

Current income taxes

269

229

Other assets

35

(130

)

Accounts payable and accrued expenses

1,024

(2,000

)

Deferred revenue and customer deposits

1,469

797

Operating lease obligations

(857

)

(875

)

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

8,159

(991

)

Net cash provided by operating activities from discontinued operations

598

1,407

Net cash provided by operating activities

8,757

416

Cash flows from investing activities:

Proceeds from sale of property, plant and equipment

$

-

$

121

Investment in Firefly Systems, Inc.

(4,000

)

-

Capital expenditures

(729

)

(1,717

)

Net cash used in investing activities from continuing operations

(4,729

)

(1,596

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

-

237

Principal payments on short-term debt

(450

)

(323

)

Principal payments on long-term debt

(427

)

(725

)

Proceeds from borrowing under credit facility

5,040

-

Repayments of borrowings under credit facility

(5,040

)

-

Proceeds from Paycheck Protection Program Loan

3,174

-

Repayment of Paycheck Protection Program Loan

(3,174

)

-

Payments on capital lease obligations

(1,195

)

(420

)

Net cash used in financing activities from continuing operations

(2,072

)

(1,231

)

Effect of exchange rate changes on cash and cash equivalents

120

46

Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations

1,478

(3,772

)

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

598

1,407

Net increase (decrease) in cash and cash equivalents and restricted cash

2,076

(2,365

)

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

$

7,378

$

4,683

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

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Strong Entertainment

Revenue

$

5,260

$

10,928

$

15,041

$

26,405

Gross profit

889

3,669

2,769

8,621

Operating (loss) income

(79

)

2,230

(894

)

4,646

Adjusted EBITDA

133

2,444

(137

)

5,367

Convergent

Revenue

$

4,346

$

4,532

$

12,954

$

15,204

Gross profit

2,083

1,469

5,668

4,622

Operating income

1,059

394

2,508

1,467

Adjusted EBITDA

1,672

890

4,332

2,859

Corporate and Other

Revenue

$

301

$

90

$

493

$

288

Gross profit

275

63

412

(307

)

Operating loss

(1,343

)

(2,437

)

(5,136

)

(7,939

)

Adjusted EBITDA

(1,013

)

(2,030

)

(4,217

)

(6,957

)

Consolidated

Revenue

$

9,907

$

15,550

$

28,488

$

41,897

Gross profit

3,247

5,201

8,849

12,936

Operating (loss) income

(363

)

187

(3,522

)

(1,826

)

Adjusted EBITDA

792

1,304

(22

)

1,269

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

Three Months Ended September 30,

2020

2019

Strong Entertainment

Convergent

Corporate and Other

Discontinued Operations

Consolidated

Strong Entertainment

Convergent

Corporate and Other

Discontinued Operations

Consolidated

Net income (loss)

$

1,939

$

1,000

$

(1,966

)

$

4,673

$

5,646

$

1,265

$

386

$

(3,316

)

$

(123

)

$

(1,788

)

Net income (loss) from discontinued operations

-

-

-

(4,673

)

(4,673

)

-

-

-

123

123

Net income (loss) from continuing operations

1,939

1,000

(1,966

)

-

973

1,265

386

(3,316

)

-

(1,665

)

Interest expense, net

24

146

84

-

254

35

120

107

-

262

Income tax expense (benefit)

488

(88

)

126

-

526

827

(96

)

-

-

731

Depreciation and amortization

226

613

46

-

885

226

492

54

-

772

EBITDA

2,677

1,671

(1,710

)

-

2,638

2,353

902

(3,155

)

-

100

Stock-based compensation expense

-

-

239

-

239

-

-

334

-

334

Fair value adjustment to notes receivable

-

-

-

-

-

845

-

-

-

845

Equity method investment loss (income)

20

-

440

-

460

(287

)

-

783

-

496

Loss on disposal of assets and impairment charges

-

-

18

-

18

3

-

-

-

3

Foreign currency transaction loss (gain)

172

1

-

-

173

(50

)

(16

)

-

-

(66

)

Gain on property and casualty insurance recoveries

(2,736

)

-

-

-

(2,736

)

(420

)

-

-

-

(420

)

Severance and other

-

-

-

-

-

-

4

8

-

12

Adjusted EBITDA

$

133

$

1,672

$

(1,013

)

$

-

$

792

$

2,444

$

890

$

(2,030

)

$

-

$

1,304


Nine Months Ended September 30,

2020

2019

Strong Entertainment

Convergent

Corporate and Other

Discontinued Operations

Consolidated

Strong Entertainment

Convergent

Corporate and Other

Discontinued Operations

Consolidated

Net income (loss)

$

918

$

2,018

$

(5,969

)

$

4,504

$

1,471

$

1,120

$

1,085

$

(8,771

)

$

(2,790

)

$

(9,356

)

Net income (loss) from discontinued operations

-

-

-

(4,504

)

(4,504

)

-

-

-

2,790

2,790

Net income (loss) from continuing operations

918

2,018

(5,969

)

-

(3,033

)

1,120

1,085

(8,771

)

-

(6,566

)

Interest expense, net

90

429

275

-

794

105

322

138

-

565

Income tax expense

853

26

143

-

1,022

1,137

72

86

-

1,295

Depreciation and amortization

688

1,804

142

-

2,634

665

1,387

162

-

2,214

EBITDA

2,549

4,277

(5,409

)

-

1,417

3,027

2,866

(8,385

)

-

(2,492

)

Stock-based compensation expense

-

-

724

-

724

-

-

798

-

798

Fair value adjustment to notes receivable

-

-

-

-

-

2,153

-

-

-

2,153

Equity method investment loss (income)

137

-

443

-

580

601

-

622

-

1,223

Loss on disposal of assets and impairment charges

-

-

18

-

18

66

1

-

-

67

Foreign currency transaction (gain) loss

(51

)

39

-

-

(12

)

166

(12

)

-

-

154

Gain on property and casualty insurance recoveries

(2,850

)

-

-

-

(2,850

)

(646

)

-

-

-

(646

)

Severance and other

78

16

7

-

101

-

4

8

-

12

Adjusted EBITDA

$

(137

)

$

4,332

$

(4,217

)

$

-

$

(22

)

$

5,367

$

2,859

$

(6,957

)

$

-

$

1,269