Yahoo Finance Moving iMage Technologies, Inc. (AMEX:MITQ) Q2 2024 Earnings Call Transcript
Moving iMage Technologies, Inc. (AMEX:MITQ) Q2 2024 Earnings Call Transcript February 14, 2024
Moving iMage Technologies, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greeting and welcome to Moving iMage Technologies Second Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Brian Siegel, Vice President, Investor Relations and Strategic Communications. Thank you. You may begin.
Brian Siegel: Thank you, operator. Good morning, and welcome to Moving iMage Technologies earnings conference call and webcast. With me today is Chairman and CEO, Phil Rafnson, who will provide an industry overview; Co-Founder, Executive VP of Sales and Marketing, Joe Delgado, who will provide a strategy and business overview; and our CFO, Will Green. For those of you that have not seen today's release, it is available on the Investors section of our website. Before beginning, I would like to remind everyone that except for historical information, the matters discussed in this presentation are forward-looking statements that involve several risks and uncertainties. Words like believe, expect, anticipate, mean that these are our best estimates as of this writing, but that there can be no assurances of expected or anticipated results or events will actually take place.
Actual future results could differ materially from those statements. Further information on the company's risk factors is contained in the company's quarterly and annual reports filed with the SEC. Now I'd like to turn the call over to Phil. Take it away.
Phil Rafnson: Thank you, Brian, and thank you all for joining us today. I'm Phil Rafnson, CEO of Moving iMage Technologies, or MIT. As you look at MIT as an investment, industry and company-specific factors will contribute to our future performance. First, I'll address the cinema industry as it stands today, and then Joe will discuss why we're so excited about the future, where we are introducing potentially disruptive technologies into cinema, eSports, stadium, arenas and other live entertainment venues. Historically, our business has been cyclical driven by new technologies and technology upgrade cycles. We're currently in early days of one right now, where newer technologies such as laser, projectors with upgraded servers, new screens and smart sound systems are being purchased to replace older technologies.
Additionally, we are seeing cinema owners build new theaters and upgrade or refurbish older ones. These new theaters often include new amenities such as dine-in, bars, and more, all with the idea of making going to the movies a destination experience. From an industry growth standpoint, as I discussed previously on these calls, COVID took its toll on the industry. Over the past few years, we have returned to a more normalized environment with the box office originally expected to approach pre-pandemic levels in 2023. Unfortunately, the now settled Hollywood strikes impacted the later part of 2023 and are expected to be a headwind for box office growth in 2024 due to delays in filming and releasing new content. This will have a trickle-down effect on our business for the remainder of fiscal '24, which Joe and Brian will discuss in more detail.
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