Strong Global Entertainment today announced its operating results for the first quarter ended March 31, 2024.
Revenue increased 11.2 percent to $11.1 million for the quarter. The acquisition of Innovative Cinema Solutions and increased product sales contributed favorably to revenue growth.
Gross profit improved to 24.0 percent of revenue for the quarter from 23.3 percent in the prior year with favorable product mix.
In April 2024, announced a transaction to merge Strong/MDI Screen Systems with FG Acquisition Corporation, a Canadian special purpose acquisition company, which will be renamed Saltire, Inc.
Transaction values Strong/MDI at $30 million. Strong Global Entertainment will retain a significant economic stake, participating in the future growth and success of Strong/MDI and Saltire.
Marketplace momentum for laser upgrades and our international expansion continue to position the Company for growth.
Strong Global Entgertainment CEO Mark Roberson said, “The first quarter of 2024 continued the positive trends from 2023 as demand for laser projection and customer upgrade initiatives favorably impact revenue and margins. The ICS acquisition continues to perform, and we believe there are other opportunities in the market to accelerate scale in the services business. The Strong/MDI transaction represents a compelling valuation, and we are very excited to participate in the future growth of Saltire.”