Moving iMage Technologies, Inc.

Greetings and welcome to Moving Image Technology's third quarter fiscal 2023 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Brian Siegel from Hayden IR. Thank you. You may begin.

Thank you, operator. Good morning and welcome to Moving Image Technologies' third quarter of fiscal 2023 earnings conference call and webcast. With me today is Chairman and CEO Phil Raffison, who will provide an industry overview, co-founder and Executive VP of Sales and Marketing Joe Delgado, who will provide a strategy and business overview, and our CFO Bill Green. For those of you that have not seen today's release, it is available in the investor 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 that 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. Phil, take it away.

Thank you, Brian, and thank you all for joining us today. I'm Phil Rafson, CEO of Movie Image Technologies, or MIT. MIT serves commercial cinema owners, esports, stadiums, arenas, and live event venues. Today, most of our business is serving cinema operators and owners. North America has approximately 42,000 screens and 18,000 are outside the top five circuits. While we work with the top five, most of our business is with small to medium operators. As you look at MIT as an investment, industry and company specific factors will contribute to our future performance. So first, I'll address the industry trail winds and then Joe will discuss our company specific reasons to invest in MIT. Industry trail winds provide The underlying optimism in our ability to grow the company, including domestic box office improvement, technology and venue upgrade cycles, new theater builds, and the addition of amenities and other content to the movie going experience. As you probably know, this industry was hit hard by COVID in 2020 and the first half of 2021. with box office receipts declining from over $11 billion in 2019 to $2.1 billion in 2020. The box office recovered in 2022 to over $7.5 billion and momentum should continue into 2023 when box office releases are expected to be up nearly 50% approaching pre-pandemic levels for the first time in three years. Additionally, the studios have made it clear that exclusive theater releases drive studio success, and there is no longer any debate. Streaming is a complimentary down-market revenue generator and not a threat. Next, we are in the early stages of a technology upgrade cycle, especially for laser projectors and servers. We are also looking at sound systems and ADA device refreshes over the next few years, all of which will benefit MIT. During the last cycle, we participated in upgrading approximately 17,000 cinema screens over nearly five years, so we believe there's a long runway ahead. Before turning the call over to Joe, I'd like to thank our dedicated employees. Without them, we would not be in what I believe is the strongest position we've ever been in as a company from an operational, financial, product, and competitive perspective. Thank you. Joe?