Ballantyne Strong, Inc. (NYSE American: BTN), a holding company with diverse business activities focused on serving the cinema, retail, financial and government markets, has reported financial results for the second quarter ended June 30, 2017, the company said.
Net revenues were USD 19.4 million in the second quarter of 2017, compared with USD 20.6 million in the same period of the prior year.
Loss from operations was (USD 0.8) million in the second quarter of 2017, compared with income from operations of USD 2.0 million in the same period of the prior year.
Net loss from continuing operations was (USD 1.9) million, or (USD 0.14) per share, in the second quarter of 2017, compared with net earnings from continuing operations of USD 1.8 million, or USD 0.12 per share, in the same period of the prior year.
Certain expenses had a disproportionately negative impact on second quarter 2017 results, including increases of USD 0.4 million associated with our CRM and ERP systems implementation, USD 0.4 million in bad debt expense, and USD 0.4 million in audit and legal expenses that were primarily related to the restatement of our 2016 financial statements and internal control remediation efforts.
Ballantyne Strong 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 cinema, retail, financial, and government markets.