Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company”), a holding company with diverse business activities focused on serving the cinema, retail, financial, advertising and government markets, today announced financial results for the period ended December 31, 2018. The Company conducts its operations through three operating segments: Strong Cinema, Convergent and Strong Outdoor.
Fourth Quarter and Full Year 2018 Highlights
- Total revenue increased 15.7% to $18.2 million for the fourth quarter of 2018 due to quarterly revenue growth from Convergent and incremental revenue from the start-up of Strong Outdoor. For the year, revenue decreased 11.0% to $64.7 million as reductions at Convergent and Strong Cinema, where we eliminated several product lines earlier in the year, were partially offset by the start-up of Strong Outdoor.
- Gross profit increased 15.6% to $4.5 million for the fourth quarter of 2018 due to increased quarterly revenues at Convergent and Strong Outdoor combined with cost reduction initiatives at Convergent. For the year, gross profit decreased 35.7% to $12.2 million largely due to the startup costs of Strong Outdoor, and lower annual revenue at Convergent.
- Operating income amounted to $0.1 million for the fourth quarter of 2018 compared to a loss of $1.9 million in the fourth quarter of 2017 due to the combination of higher quarterly revenue and cost reduction initiatives implemented at Convergent. For the year, operating loss was $10.3 million compared to a loss of $2.8 million in the prior year, largely due to the startup costs of Strong Outdoor and the operating losses incurred in the first three quarters in connection with the repositioning of Convergent.
- Net loss was $0.6 million ($0.04 per share) for the fourth quarter of 2018 as compared to a loss of $1.0 million ($0.07 per share) in the fourth quarter of the prior year. For the year, net loss was $12.3 million ($0.86 per share) as compared to a loss of $3.6 million ($0.25 per share) in the prior year, largely due to the startup costs of Strong Outdoor and impairment charges incurred in connection with the repositioning of Convergent.
- Adjusted EBITDA, a non-GAAP measure, improved to positive $1.4 million for the fourth quarter of 2018 from negative $0.4 million in the fourth quarter of 2017 due to quarterly revenue growth combined with improved operating expenses. For the year, adjusted EBITDA was a loss of $3.7 million in 2018 compared to positive $0.5 million in 2017, largely due to the start-up costs of Strong Outdoor and operating losses in the first nine months for Convergent.
Kyle Cerminara, Chairman and CEO commented, “We demonstrated significant progress in all three lines of business during the fourth quarter, resulting in significantly improved quarterly operating results. Strong Cinema continued to produce stable high margin performance, while Convergent turned the corner on increased recurring revenue and lower operating costs in the fourth quarter. Strong Outdoor, which started operations in early 2018, began generating meaningful revenue for the first time.”
“Earlier in 2018, we took a number of steps to right-size and restructure our Convergent business, significantly reducing our operating costs while also accelerating higher margin recurring revenue. We also invested in the startup of Strong Outdoor, which is now beginning to generate meaningful revenue and is expected to continue to grow in 2019. Our Strong Cinema business continues to generate strong margins and reliable cash flow. The investments in the startup of Strong Outdoor and the restructuring of Convergent adversely impacted our reported operating results for the year. We started seeing the benefit of those initiatives in the fourth quarter and look forward to building on that foundation in 2019.”
Conference Call
The Company will host a conference call on Monday March 11, 2019 at 8:30 am Eastern Time, which can be accessed by calling:
U.S.: 1-877-407-3982
International: 1-201-493-6780
A replay will be available until Thursday April 11, 2019, 11:59 PM by dialing 1-844-512-2921 in the U.S. and Canada and 1-412-317-6671 internationally and entering the pin number: 13688563.
Use of Non-GAAP Measures
Ballantyne Strong, Inc. prepares its consolidated financial statements in accordance with United States generally accepted accounting principles (“GAAP”). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding Adjusted EBITDA, which differs from the term EBITDA as it is commonly used. In addition to adjusting net income (loss) to exclude taxes, interest, and depreciation and amortization, Adjusted EBITDA also excludes share-based compensation, impairment charges, equity method income, fair value adjustments, severance and transactional expenses and other non-cash charges.
EBITDA and Adjusted EBITDA are not measures of performance defined in accordance with GAAP. However, Adjusted EBITDA is used internally in planning and evaluating the Company’s operating performance. Accordingly, management believes that disclosure of these metrics offers investors, bankers and other stakeholders an additional view of the Company’s operations that, when coupled with the GAAP results, provides a more complete understanding of the Company’s financial results.
Adjusted EBITDA should not be considered as an alternative to net loss or to net cash used in operating activities as a measure of operating results or liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating the Company’s performance. A reconciliation of GAAP net loss to Adjusted EBITDA is included in the accompanying financial schedules.
For further information, please refer to Ballantyne Strong, Inc.’s Annual Report on Form 10-K to be filed with the SEC on or about March 12, 2019, available online at www.sec.gov.
About Ballantyne Strong, Inc. (www.ballantynestrong.com) 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 of managed services including monitoring of networked equipment. The Company focuses on serving the cinema, retail, financial, advertising and government markets.
Forward-Looking Statements
Except for the historical information in this press release, it includes forward-looking statements which involve a number of risks and uncertainties, including but not limited to those discussed in the “Risk Factors” section contained in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2018 and the following risks and uncertainties: the Company’s ability to expand its revenue streams, potential interruptions of supplier relationships or higher prices charged by suppliers, the Company’s ability to successfully compete and introduce enhancements and new features that achieve market acceptance and that keep pace with technological developments, the Company’s ability to successfully execute its capital allocation strategy, the Company’s ability to retain or replace its significant customers, the impact of a challenging global economic environment or a downturn in the markets, economic and political risks of selling products in foreign countries, risks of non-compliance with U.S. and foreign laws and regulations, cybersecurity risks and risks of damage and interruptions of information technology systems, the Company’s ability to retain key members of management and successfully integrate new executives, the Company’s ability to complete acquisitions, strategic investments, entry into new lines of business, divestitures, mergers or other transactions on acceptable terms or at all, the Company’s ability to assert its intellectual property rights, the impact of natural disasters and other catastrophic events, the adequacy of insurance and the impact of having a controlling stockholder. Given the risks and uncertainties, readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except where required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
| Ballantyne Strong, Inc. and Subsidiaries | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands, except par values) | ||||||||
| (Unaudited) | ||||||||
| December 31, 2018 | December 31, 2017 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,698 | $ | 4,870 | ||||
| Restricted cash | 350 | - | ||||||
| Accounts receivable (net of allowance for doubtful accounts of $1,832 and $1,877 respectively) | 13,841 | 10,766 | ||||||
| Inventories, net | 3,490 | 4,821 | ||||||
| Recoverable income taxes | 281 | 495 | ||||||
| Other current assets | 1,663 | 1,290 | ||||||
| Total current assets | 26,323 | 22,242 | ||||||
| Property, plant and equipment (net of accumulated depreciation of $9,561 and $8,780 respectively) | 15,175 | 10,826 | ||||||
| Equity method investments | 11,167 | 18,053 | ||||||
| Intangible assets, net | 1,795 | 3,972 | ||||||
| Goodwill | 875 | 952 | ||||||
| Notes receivable | 3,965 | 2,815 | ||||||
| Other assets | 337 | 154 | ||||||
| Total assets | $ | 59,637 | $ | 59,014 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,724 | $ | 3,425 | ||||
| Accrued expenses | 2,782 | 2,882 | ||||||
| Short-term debt | 3,152 | 500 | ||||||
| Current portion of long-term debt | 1,094 | 65 | ||||||
| Current portion of capital lease obligations | 160 | 189 | ||||||
| Deferred revenue and customer deposits | 2,310 | 1,619 | ||||||
| Total current liabilities | 14,222 | 8,680 | ||||||
| Long-term debt, net of current portion and debt issuance costs | 10,053 | 1,870 | ||||||
| Capital lease obligations, net of current portion | 427 | 113 | ||||||
| Deferred revenue and customer deposits, net of current portion | 1,167 | 1,207 | ||||||
| Deferred income taxes | 2,516 | 2,816 | ||||||
| Other accrued expenses, net of current portion | 254 | 206 | ||||||
| Total liabilities | 28,639 | 14,892 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock, par value $.01 per share; authorized 1,000 shares, none outstanding | - | - | ||||||
| Common stock, par value $.01 per share; authorized 25,000 shares; issued 17,237 and 17,216 shares at December 31, 2018 and 2017, respectively; outstanding 14,443 and 14,422 shares at December 31, 2018 and 2017, respectively | 169 | 169 | ||||||
| Additional paid-in capital | 41,474 | 40,565 | ||||||
| Accumulated other comprehensive income (loss): | ||||||||
| Foreign currency translation | (5,308 | ) | (4,048 | ) | ||||
| Postretirement benefit obligations | 125 | 99 | ||||||
| Unrealized (loss) gain on available-for-sale securities of equity method investment | (195 | ) | 353 | |||||
| Retained earnings | 13,319 | 25,570 | ||||||
| 49,584 | 62,708 | |||||||
| Less 2,794 of common shares in treasury, at cost | (18,586 | ) | (18,586 | ) | ||||
| Total stockholders' equity | 30,998 | 44,122 | ||||||
| Total liabilities and stockholders' equity | $ | 59,637 | $ | 59,014 | ||||
| Ballantyne Strong, Inc. and Subsidiaries | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Quarters Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net product sales | $ | 9,794 | $ | 9,243 | $ | 34,378 | $ | 47,544 | ||||||||
| Net service revenues | 8,438 | 6,519 | 30,311 | 25,102 | ||||||||||||
| Total net revenues | 18,232 | 15,762 | 64,689 | 72,646 | ||||||||||||
| Cost of products sold | 6,480 | 4,523 | 29,116 | 35,446 | ||||||||||||
| Cost of services | 7,242 | 7,337 | 23,394 | 18,266 | ||||||||||||
| Total cost of revenues | 13,722 | 11,860 | 52,510 | 53,712 | ||||||||||||
| Gross profit | 4,510 | 3,902 | 12,179 | 18,934 | ||||||||||||
| Selling and administrative expenses: | ||||||||||||||||
| Selling | 1,168 | 1,210 | 4,806 | 5,417 | ||||||||||||
| Administrative | 3,285 | 4,415 | 15,587 | 16,121 | ||||||||||||
| Total selling and administrative expenses | 4,453 | 5,625 | 20,393 | 21,538 | ||||||||||||
| Loss on disposal of assets | (6 | ) | (210 | ) | (2,135 | ) | (210 | ) | ||||||||
| Operating income (loss) | 51 | (1,933 | ) | (10,349 | ) | (2,814 | ) | |||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | - | 1 | - | 9 | ||||||||||||
| Interest expense | (180 | ) | (79 | ) | (447 | ) | (153 | ) | ||||||||
| Fair value adjustment to notes receivable | 197 | 1,146 | 1,150 | 1,146 | ||||||||||||
| Foreign currency transaction gain (loss) | 292 | 106 | 333 | (304 | ) | |||||||||||
| Other expense, net | (28 | ) | (7 | ) | (35 | ) | (16 | ) | ||||||||
| Total other income | 281 | 1,167 | 1,001 | 682 | ||||||||||||
| Income (loss) before income taxes and equity method investment income | 332 | (766 | ) | (9,348 | ) | (2,132 | ) | |||||||||
| Income tax expense | 591 | 709 | 2,427 | 3,418 | ||||||||||||
| Equity method investment (loss) income | (309 | ) | 442 | (552 | ) | 1,958 | ||||||||||
| Net loss from continuing operations | (568 | ) | (1,033 | ) | (12,327 | ) | (3,592 | ) | ||||||||
| Net Income (loss) from discontinued operations, net of tax | - | 41 | - | (25 | ) | |||||||||||
| Net loss | $ | (568 | ) | $ | (992 | ) | $ | (12,327 | ) | $ | (3,617 | ) | ||||
| Net loss earnings per share - basic | ||||||||||||||||
| Net loss from continuing operations | $ | (0.04 | ) | $ | (0.07 | ) | $ | (0.86 | ) | $ | (0.25 | ) | ||||
| Net loss from discontinued operations | - | 0.00 | - | (0.00 | ) | |||||||||||
| Net loss | (0.04 | ) | (0.07 | ) | (0.86 | ) | (0.25 | ) | ||||||||
| Net loss per share - diluted | ||||||||||||||||
| Net loss from continuing operations | $ | (0.04 | ) | $ | (0.07 | ) | $ | (0.86 | ) | $ | (0.25 | ) | ||||
| Net loss from discontinued operations | - | 0.00 | - | (0.00 | ) | |||||||||||
| Net loss | (0.04 | ) | (0.07 | ) | (0.86 | ) | (0.25 | ) | ||||||||
| Ballantyne Strong, Inc. and Subsidiaries | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Years Ended December 31, | ||||||||
| 2018 | 2017 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (12,327 | ) | $ | (3,617 | ) | ||
| Net loss from discontinued operations, net of tax | - | (25 | ) | |||||
| Net loss from continuing operations | (12,327 | ) | (3,592 | ) | ||||
| Non-cash expenses, net | 7,662 | 3,695 | ||||||
| Fair value adjustment to notes receivable | (1,150 | ) | (1,146 | ) | ||||
| Changes in operating assets and liabilities | (1,410 | ) | 1,053 | |||||
| Net cash flows (used in) provided by operating activities - continuing operations | (7,225 | ) | 10 | |||||
| Net cash flows used in operating activities - discontinued operations | - | (123 | ) | |||||
Net cash used in operating activities | (7,225 | ) | (113 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of equity securities | 4,531 | - | ||||||
| Dividends received from investee in excess of cumulative earnings | 69 | 253 | ||||||
| Capital expenditures | (1,984 | ) | (3,275 | ) | ||||
| Purchase of equity securities | - | (2,525 | ) | |||||
| Net cash flows provided by (used in) investing activities - continuing operations | 2,616 | (5,547 | ) | |||||
| Net cash flows provided by investing activities - discontinued operations | - | 134 | ||||||
| Net cash provided by (used in) investing activities | 2,616 | (5,413 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from sale-leaseback financing | $ | 7,000 | $ | - | ||||
| Proceeds from issuance of long-term debt | - | 2,000 | ||||||
| Proceeds from issuance of short-term debt | 3,963 | 500 | ||||||
| Principal payments on short-term debt | (1,154 | ) | - | |||||
| Principal payments on long-term debt | (2,476 | ) | (33 | ) | ||||
| Payment of debt issuance costs | (22 | ) | (49 | ) | ||||
| Payment of costs attributable to issuance of equity contract | (8 | ) | - | |||||
| Purchase of treasury stock | - | (102 | ) | |||||
| Proceeds from exercise of stock options | - | 71 | ||||||
| Payments on capital lease obligations | (230 | ) | (240 | ) | ||||
| Net cash provided by financing activities | 7,073 | 2,147 | ||||||
| Effect of exchange rate changes on cash and cash equivalents - continuing operations | (286 | ) | 478 | |||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 2,178 | (2,901 | ) | |||||
| Discontinued operations activity included above: | ||||||||
| Add: Cash balance included in assets held for sale at beginning of period | - | 175 | ||||||
| Less: Cash balance included in assets held for sale at end of period | - | - | ||||||
| Cash and cash equivalents and restricted cash at beginning of period | 4,870 | 7,596 | ||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 7,048 | $ | 4,870 | ||||
| Components of cash and cash equivalents and restricted cash: | ||||||||
| Cash and cash equivalents | $ | 6,698 | $ | 4,870 | ||||
| Restricted cash | 350 | - | ||||||
| Total cash and cash equivalents and restricted cash | $ | 7,048 | $ | 4,870 | ||||
| Ballantyne Strong, Inc. and Subsidiaries | ||||||||||||||||
| Summary by Business Segments | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Quarters Ended December 31, | Year ended December 31, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Strong Cinema | ||||||||||||||||
| Revenue | $ | 10,923 | $ | 10,785 | $ | 44,361 | $ | 48,938 | ||||||||
| Gross profit | 3,695 | 3,354 | 14,710 | 14,919 | ||||||||||||
| Operating income | 2,726 | 2,086 | 10,407 | 10,678 | ||||||||||||
| Adjusted EBITDA | $ | 3,242 | $ | 2,391 | $ | 11,812 | $ | 11,220 | ||||||||
| Convergent | ||||||||||||||||
| Revenue | $ | 5,706 | $ | 5,163 | $ | 17,210 | $ | 24,348 | ||||||||
| Gross profit | 1,481 | 488 | 2,061 | 3,840 | ||||||||||||
| Operating income (loss) | 687 | (1,830 | ) | (4,483 | ) | (3,944 | ) | |||||||||
| Adjusted EBITDA | $ | 1,093 | $ | (823 | ) | $ | (1,459 | ) | $ | (2,223 | ) | |||||
| Strong Outdoor | ||||||||||||||||
| Revenue | $ | 1,684 | $ | - | $ | 3,632 | $ | - | ||||||||
| Gross loss | (726 | ) | - | (4,843 | ) | - | ||||||||||
| Operating loss | (1,118 | ) | - | (6,070 | ) | - | ||||||||||
| Adjusted EBITDA | $ | (1,041 | ) | $ | - | $ | (5,803 | ) | $ | - | ||||||
| Corporate and Other | ||||||||||||||||
| Revenue | $ | (81 | ) | $ | (186 | ) | $ | (514 | ) | $ | (640 | ) | ||||
| Gross profit | 60 | 60 | 251 | 175 | ||||||||||||
| Operating loss | (2,244 | ) | (2,189 | ) | (10,203 | ) | (9,548 | ) | ||||||||
| Adjusted EBITDA | $ | (1,944 | ) | $ | (1,951 | ) | $ | (8,227 | ) | $ | (8,509 | ) | ||||
| Consolidated | ||||||||||||||||
| Revenue | $ | 18,232 | $ | 15,762 | $ | 64,689 | $ | 72,646 | ||||||||
| Gross profit | 4,510 | 3,902 | 12,179 | 18,934 | ||||||||||||
| Operating income (loss) | 51 | (1,933 | ) | (10,349 | ) | (2,814 | ) | |||||||||
| Adjusted EBITDA | $ | 1,350 | $ | (383 | ) | $ | (3,677 | ) | $ | 488 | ||||||
| Ballantyne Strong, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of Net Loss to Adjusted EBITDA | |||||||||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||||||
| Quarters Ended December 31, | |||||||||||||||||||||||||||||||||||||||
| 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
Strong | Convergent |
Strong |
Corporate | Consolidated |
Strong | Convergent |
Strong |
Corporate | Consolidated | ||||||||||||||||||||||||||||||
| Net income (loss) | $ | 2,499 | 416 | $ | (1,118 | ) | (2,365 | ) | $ | (568 | ) | $ | 3,743 | (2,187 | ) | $ | - | (2,548 | ) | $ | (992 | ) | |||||||||||||||||
| Interest expense, net | 28 | 60 | - | 92 | 180 | 2 | 54 | - | 22 | 78 | |||||||||||||||||||||||||||||
| Income tax expense | 410 | 181 | - | - | 591 | 328 | 381 | - | - | 709 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 231 | 413 | 77 | 98 | 819 | 239 | 310 | - | 33 | 582 | |||||||||||||||||||||||||||||
EBITDA | 3,168 | 1,070 | (1,041 | ) | (2,175 | ) | 1,022 | 4,312 | (1,442 | ) | - | (2,493 | ) | 377 | |||||||||||||||||||||||||
| Stock-based compensation expense | - | - | - | 189 | 189 | - | - | - | 200 | 200 | |||||||||||||||||||||||||||||
| Fair value adjustment to notes receivable | (197 | ) | - | - | - | (197 | ) | (1,146 | ) | - | - | - | (1,146 | ) | |||||||||||||||||||||||||
| Equity method investment loss (income) | 267 | - | - | 42 | 309 | (785 | ) | - | - | 343 | (442 | ) | |||||||||||||||||||||||||||
| Impairment charges | 4 | 2 | - | - | 6 | 10 | 201 | - | - | 211 | |||||||||||||||||||||||||||||
| Severance and other | - | 21 | - | - | 21 | - | 418 | - | (1 | ) | 417 | ||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 3,242 | $ | 1,093 | $ | (1,041 | ) | $ | (1,944 | ) | $ | 1,350 | $ | 2,391 | $ | (823 | ) | $ | - | $ | (1,951 | ) | $ | (383 | ) | ||||||||||||||
| Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
| 2018 | 2017 | ||||||||||||||||||||||||||||||||||||||
Strong | Convergent |
Strong |
Corporate | Consolidated |
Strong | Convergent |
Strong |
Corporate | Consolidated | ||||||||||||||||||||||||||||||
| Net income (loss) | $ | 8,834 | (5,448 | ) | $ | (6,070 | ) | (9,643 | ) | $ | (12,327 | ) | $ | 10,622 | (4,445 | ) | $ | - | (9,794 | ) | $ | (3,617 | ) | ||||||||||||||||
| Interest expense, net | 72 | 239 | - | 136 | 447 | (1 | ) | 89 | - | 56 | 144 | ||||||||||||||||||||||||||||
| Income tax expense | 1,925 | 502 | - | - | 2,427 | 2,899 | 519 | - | - | 3,418 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 892 | 1,312 | 267 | 273 | 2,744 | 912 | 994 | - | 232 | 2,138 | |||||||||||||||||||||||||||||
| EBITDA | 11,723 | (3,395 | ) | (5,803 | ) | (9,234 | ) | (6,709 | ) | 14,432 | (2,843 | ) | - | (9,506 | ) | 2,083 | |||||||||||||||||||||||
| Stock-based compensation expense | - | - | - | 837 | 837 | - | - | - | 736 | 736 | |||||||||||||||||||||||||||||
| Fair value adjustment to notes receivable | (1,150 | ) | - | - | - | (1,150 | ) | (1,146 | ) | - | - | - | (1,146 | ) | |||||||||||||||||||||||||
| Equity method investment loss (income) | 1,233 | - | - | (681 | ) | 552 | (2,074 | ) | - | - | 116 | (1,958 | ) | ||||||||||||||||||||||||||
| Impairment charges | 6 | 1,707 | - | 818 | 2,531 | 8 | 202 | - | - | 210 | |||||||||||||||||||||||||||||
| Severance and other | - | 229 | - | 33 | 262 | - | 418 | - | 145 | 563 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 11,812 | $ | (1,459 | ) | $ | (5,803 | ) | $ | (8,227 | ) | $ | (3,677 | ) | $ | 11,220 | $ | (2,223 | ) | $ | - | $ | (8,509 | ) | $ | 488 | |||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190311005468/en/
Contacts:
Mark Roberson
Chief
Financial Officer
Mark.Roberson@btn-inc.com
704-994-8295
