Ballantyne Strong, Inc (NYSE MKT:BTN) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 05:00 pm ET


Ballantyne Strong, Inc (NYSE MKT:BTN) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Ballantyne Strong, Inc. First Quarter 2020 Earnings Conference Call. On the call today from Ballantyne Strong are; Kyle Cerminara, Non-Executive Chairman of the Board; Mark Roberson, Chief Executive Officer; and Todd Major, Chief Financial Officer.

I would now like to hand the conference over to Todd Major for some opening remarks. Please go ahead, Todd.

Todd Major

Good afternoon and welcome to Ballantyne Strong's earnings conference call for the first quarter ended March 31, 2020. Before we begin, I'd like to remind everyone that some statements made on this call will be forward-looking in nature. These statements are based on management's current views and expectations as of today and the company is under no obligation and expressly disclaims any obligation to update forward-looking statements except as required by law. These statements are also subject to risks and uncertainties that may cause actual results to differ materially from those described on today's call. Risks and uncertainties are also described in the company's SEC filings.

Today's presentation and discussion also contain references to non-GAAP financial measures. The definition of non-GAAP terms and reconciliations to GAAP measures are available in the earnings release posted in the Investor Relations section of our website. Our non-GAAP measures may not be comparable to those used by other companies and we encourage you to review and understand all of our financial reporting before making any investment decisions.

At this time I would like to turn the call over to Kyle.

D. Kyle Cerminara

Good afternoon and thank you for joining us on our call today. One of our priorities over the past couple of years has been to assemble the right management team for Ballantyne Strong and our subsidiary operations. As you are aware, we recently announced executive management changes as part of our succession planning initiatives. Mark Roberson has taken over as CEO and Todd Major has stepped up as CFO. I will continue to be actively involved on key strategic and M&A initiatives in my role as Non-Executive Chairman. Bringing Mark and Todd into the organization over the past two years was a key element of our plan to strengthen our management team, as well as allowing us to improve our governance structure by separating the roles of CEO and Chairman. Over the past 18 months, we've made significant improvements in our operations and those improvements are clearly visible in our recent financial trends.

While we did not foresee that we would be in the midst of a pandemic as we were first contemplating these news, we are certainly better positioned as a result of these investments to react and emerge from our current situation in a position of strength. Turning to our overall strategic plans going forward, M&A remains a key strategic focus of the company and we continue to evaluate both acquisitions and opportunities to monetize each of our businesses. We've thoroughly analyzed several potential transactions with our internal team. In addition, we've engaged with investment banks