| Over a month ago | ||||
Comscore (SCOR) announced… Comscore (SCOR) announced a partnership with Ballantyne Strong (BTN) subsidiary Strong Technical Services, a provider of projection equipment sales, engineering and services for enhanced detailed device monitoring in Comscore's Enterprise Web. Subscribers of Enterprise Web will be able to review projection hardware status circuit-wide, enabling them to centrally monitor and manage media players and projectors, and delivery and playout reporting as well as content and other hardware from one integrated application in near real-time. The partnership also allows Strong's management system subscribers to title map features and build preshow content packs using Enterprise Web's functionality. | ||||
| Over a quarter ago | ||||
Strong/MDI Screen… Strong/MDI Screen Systems, a wholly owned subsidiary of Ballantyne Strong (BTN) announced the signing of a five-year exclusive worldwide supply agreement with Cinemark Theatres (CNK). Cinemark is a leader in the motion picture exhibition industry with 534 theatres and 5,977 screens across the U.S. and countries in Latin America. This multi-year agreement comprises Strong/MDI's full line of screen products. | ||||
STRONG Technical… STRONG Technical Services, a wholly-owned subsidiary of Ballantyne Strong (BTN) announces a multi-year nationwide managed service agreement with Marcus Theatres (MCS). Effective today STRONG Technical Services will become the exclusive provider of managed services for all of Marcus Theatres' cinema locations nationwide. These managed services will include 24x7x365 monitoring, technical support, and maintenance on all projection and audio equipment across more than 1,100 screens. | ||||
Ballantyne Strong… Ballantyne Strong announced that it has completed the sale of its Strong Outdoor out-of-home advertising business to Firefly Systems. Strong Outdoor commenced operations in early 2018 and built a digital out-of-home advertising business on over 3,000 New York City taxis. In May 2019, the company transferred its digital taxi-top assets to Firefly in a transaction that leveraged Firefly's strength in digital and contributed to significant improvements in Strong Outdoor's financial performance. The current transaction completes the sale of all of Strong Outdoor's remaining taxi-top advertising business in exchange for equity in Firefly.Ballantyne Strong also increased its strategic investment in Firefly's business, taking a larger shareholder position. "We are excited to increase our position in Firefly as they expand their digital advertising platform in major cities across the United States," said Mark Roberson, CEO of Ballantyne Strong. "Strong Outdoor established itself as a significant player in the New York out of home advertising market and is a perfect addition to Firefly's successful national rideshare and taxi-top advertising business. As a result of the transactions, Ballantyne will hold Firefly Series A-2 and Series A-3 preferred shares valued at approximately $13 million and expects to recognize a non-cash pretax gain of approximately $5 million in the third quarter. We look forward to participating in Firefly's success as one of its largest venture investors as they leverage their increasing scale in the marketplace." | ||||
STRONG Technical Services… STRONG Technical Services is actively supporting drive-in and traditional cinema exhibitors across the country as they adjust to the current COVID-19 environment. "We are seeing continued interest in our BrightNight program, where we assist in converting theatre parking lots into pop-up drive-ins," said Blake Titman, Vice President and General Manager of STRONG Technical Services. "Our BrightNight program allows an exhibitor the option to rent or purchase the projection and audio equipment and utilizes a Strong MDI projection screen attached to an outside building wall. STRONG Technical Services provides equipment and services to many of the permanent drive-ins nationwide. Following our initial BrightNight test launch a few weeks ago, we have now installed six BrightNight Drive-In Cinemas, with exhibitor requests for additional locations." | ||||
Convergent Media Systems… Convergent Media Systems has teamed up with BrightSign to offer an integrated solution that delivers interactive digital signage experiences using the viewer's phone to control content on a digital sign. This solution allows retailers, banks and other businesses to enable viewers to navigate and access information on a large digital display without touching it - thereby reducing potential exposure to COVID-19. SafeStore Screen Control is a turnkey solution, complete with all the hardware, software and services necessary, including installation, support and maintenance for quick deployment and reliable operation at scale. | |
STRONG Technical… STRONG Technical Services, a wholly-owned subsidiary of Ballantyne Strong (BTN), assisted Marcus Theatres (MCS) with the addition of a drive-in movie theatre test concept at the Twin Creek Cinema in Bellevue, NE, with additional locations under consideration. | |
Strong/MDI Screen… Strong/MDI Screen Systems, a wholly owned subsidiary of Ballantyne Strong, announced that it has returned to full production capacity in compliance with government directives and workplace sanitation protocols. | |
In response to the rapid… In response to the rapid spread of the novel COVID-19 virus, Ballantyne Strong has temporarily curtailed its service and distribution activities in the United States and temporarily closed its screen manufacturing facility in Canada. Accordingly, the company is taking a number of actions to preserve liquidity during this period and to remain in a strong competitive position when the current crisis subsides. The company has implemented targeted furloughs and other actions to significantly reduce operating expenses and manage working capital. The company has received $3.2 million under the Payroll Protection Program, which is expected to be partially forgivable with any remaining balance after 6 months structured as an 18-month loan bearing an interest rate of 1.0%. To further strengthen liquidity, we have drawn $2.9 million CAD on our revolving line of credit in Canada, currently at a 2.45% variable interest rate. We expesct these financing activities, combined with aggressive expense reductions and working capital management, to increase company's current cash position to over $10 million. "As we face the challenges presented by COVID-19, we continue to assess the potential financial and operating impact to each of our business units," said Mark Roberson, CEO. "While business and revenue for the first two months of 2020 started off strong, continuing the favorable trends from the last half of 2019, our customers, particularly those in the entertainment and advertising industries, have been significantly impacted by COVID-19. We have taken decisive actions and believe those actions will ensure that Ballantyne Strong is well positioned from a liquidity standpoint for the next few months. We will be ready to react from a position of strength when our customers need our support to reopen their venues and as things return to normal." |