Ballantyne Strong, Inc., a leading cinema equipment vendor and service provider, has been keeping their public relations staff busy this week with two important announcements.
On Thursday the Omaha, Nebraska based company released their record breaking earnings for the third quarter of 2010. If you were looking for a sign that the digital cinema rollout was truly underway, then Strong’s financial statement could serve as exhibit A.
The company’s net revenue for the quarter ending September 30th of this year was USD $32.9 million, a 99 percent increase in sales over the same quarter in 2009. Strong’s net earnings jumped from USD $500,000 (USD $0.04 per share) a year ago to USD $2.3 million (USD $0.16), making it the second consecutive record quarter for the vendor.
One of the biggest contributors to Strong’s increased earnings was the sale of digital cinema equipment, which leapt 291 percent to USD $20.2 million. Meanwhile, exhibitors scooped up USD $5 million worth of cinema screens, improving sales by 77 percent. Silver screens needed for certain 3D systems were the biggest sellers. And, with all that d-cinema equipment rolling out the door, someone had to actually install it in theatres. Strong made USD $2.2 million providing cinema services, an increase of 148 percent.