Strong Entertainment’s Studio Subsidiary Begins Production on First Project
Charlotte, NC, Aug. 02, 2022 (GLOBE NEWSWIRE) — Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company” or “Ballantyne Strong”) today announced operating results for the second quarter ended June 30, 2022.
Operational Highlights
| ● | Strong Entertainment’s business continued to strengthen as cinema audiences returned and a strong slate of studio releases fueled strong box-office performance | |
| ● | Revenue momentum continued, growing 50% for the second quarter 2022 compared to the second quarter of the prior year | |
| ● | Strong Studios commenced production of its first project, Safehaven, during second quarter 2022 | |
| ● | Registration statement filed publicly with the Securities and Exchange Commission for initial public offering of the Strong Entertainment business | |
| ● | Deployed additional capital to FG Financial Group, Inc. (FGF) equity holding by participating in common stock offering | |
“We continued to see solid growth in our Strong Entertainment business as box office revenues surged and industry confidence continued to strengthen. Our recurring monthly revenue maintenance contracts are largely back to pre-COVID levels, and we are starting to see acceleration in capital investment from our cinema partners, including laser upgrades which we believe represent a multi-year investment cycle. Also, our exciting new Strong Studios division – which adds…
