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Saturday, June 19, 2021

Ballantyne Strong Inc (BTN) stock continuing its positive streak

Ballantyne Strong Inc (BTN) stock gained 4.01% in the extended trading session on Monday, April 12, 2021, after it rallied in the morning session and gained 16.13%. BTN shares have gained 85.14% over the last 12 months, and they have moved up by 29.60% in the past week. Over the past three months, the stock has gained 53.57%, while over the past six months, it has added 102.50%.


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Acquiring portfolio of forest and paper product assets

On April 12, 2021, Ballantyne Strong, Inc. announced that its portfolio company, GreenFirst is acquiring a portfolio of forest and paper product assets from Rayonier A.M. Canada G.P. and Rayonier A.M. Canada Industries Inc.

The GreenFirst will get six lumber mills, and they have an annual production capacity of 755 MMFbm and are capable of producing a wide range of forest products.

The GreenFirst will also get The newsprint mill, which has an annual production capacity of 205,000 MT/year.

BTN recent Financial results

On March 10, 2021, BTN announced financial results for the fourth quarter and the year ended December 31, 2020.

Q4 financial highlights

  • For Q4, 2020 BTN revenue was$6.0 million compared with $10.6 million in Q4 2019
  • Q4, 2020 Gross profit was $2.2 million compared to $3.6 million in Q4 2019.
  • BTN suffered a net loss of $3.5 million or $0.23 per basic and diluted share from continuing operations in Q4 2020, compared with $1.8 million or $0.12 per basic and diluted share, for the fourth quarter of 2019.
  • For the reported quarter, Adjusted EBITDA was negative $0.3 million compared to positive $1.1 million in the fourth quarter of 2019

Full-year 2020 highlights

  • For FY 2020, revenue was $21.5 million compared to $37.3 million in FY 2019.
  • Gross profit was $5.4 million in FY 2020, compared to $12.5 million for the year 2019.
  • BTN suffered a Net loss of $8.3 million from continuing operations or $0.56 per basic and diluted share during 2020 compared to $8.7 million, or $0.60 per basic and diluted share during 2019.
  • Adjusted EBITDA was negative $4.4 million during 2020 compared to positive $0.1 million in the prior year.

Ballantyne expanding its facility and service structure

On Feb. 10, 2021, Ballantyne Strong, Inc. said that its Digital Ignition technology incubator and co-working facility has been doubled in size and BTN is also expanding its services to grow the number of tech startups and small company members at its state-of-the-art space.

Conclusion

BTN posted improved financial results from last year, despite the pandemic and recent acquisitions could be the reason behind its surging on Monday.

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