Ballantyne Strong (BTN) Reports Q1 Loss of $0.15

Ballantyne Strong (NYSE: BTN) reported Q1 EPS of ($0.15), versus ($0.07) reported last year. Revenue for the quarter came in at $4.8 million, versus $7.4 million reported last year.

We are excited to see the continued positive trends in our Strong Entertainment operating business and in our investment holdings,” commented Mark Roberson, Chief Executive Officer. “We expect cinemas and theme park attendance levels to strengthen in the second half of the year as vaccine rollouts continue, restrictions are eased, and an unprecedented backlog of blockbusters start to hit the theatres. As a leader in screens and services, we are well positioned to benefit from the post-COVID recovery in the industry.

“Our investment portfolio continued to make significant progress, particularly following the close of the quarter, which was not reflected in our financials. The unrealized value of these investments has increased approximately 290% as compared to their carrying value on our balance sheet as of March 31, 2021. GreenFirst announced a $214 million lumber and forest products acquisition and plans to commence a rights offering to support the equity financing of the transaction. This is a transformative acquisition that is expected to make GreenFirst a top ten lumber producer in Canada. We own approximately 7.0 million shares of GreenFirst and anticipate receiving approximately 21.1 million rights to acquire shares of GreenFirst at $1.50 in the proposed offering.

“We also completed the sale of Convergent and conducted an equity capital raise, thereby increasing our cash position, reducing our liabilities and strengthening our balance sheet flexibility. We are now well positioned to capitalize on the post-COVID growth opportunities within our Strong Entertainment business and to allocate capital to our investment strategies.”

For earnings history and earnings-related data on Ballantyne Strong (BTN) click here.

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