Moving iMage Technologies, Inc.

Greetings and welcome to the Moving Image Technologies third quarter 2024 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, Mr. Brian Siegel, Vice President of Investor Relations and Strategic Communications for Moving Image Technologies. Thank you. You may begin.

Thank you, Operator. Good morning, and welcome to Moving Image Technologies Earnings Conference Call Webcast. With me today is Chairman and CEO, Phil Rasmussen, 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 on the Investor section of our websites. 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. Take it away.

Thank you, Brian, and thank you all for joining us today. I'm Phil Rafson, 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 Joel will discuss why we're so excited about the future, where we are introducing potentially disruptive technologies into cinema, esports, stadiums, arenas, and other live entertainment venues. Historically, our business has been cyclical, driven by new technology and technology upgrade cycles, which has caused lumpiness in our results. We are currently still in the 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. with the idea of making going to a movie a destination experience. Prior to the actors and writers strike during the second half of 2023, the industry was normalizing and heading toward pre-COVID box office levels. Unfortunately, the now settled Hollywood strikes impacted the industry during the later part of 2023 and are expected to be a headwind for box office growth in 2024 due to the delays in filming and releasing of new content. This has had a trickle-down effect on our business in 2024, but we are cautiously optimistic about the momentum starting to return as we get closer to 2025. 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.