Business
FG Group Holdings Reports Fourth Quarter and Full Year 2022 Operating Results
- 2022 Revenues Grow 53% to $41.2 Million - Charlotte, NC, March 15, 2023 (GLOBE NEWSWIRE) -- FG Group Holdings Inc. (NYSE American: FGH) (the “Company” or
About this update from Fg Nexus Inc.
[{"type":"text","content":"- 2022 Revenues Grow 53% to $41.2 Million - Charlotte, NC, March 15, 2023 (GLOBE NEWSWIRE) -- FG Group Holdings Inc. (NYSE American: FGH) (the “Company” or “FG Group Holdings”) today announced operating results for the fourth quarter and full year ended December 31, 2022. Operational Highlights ●Strong Entertainment annual revenues increased 54% from 2021. Quarterly revenue returned to pre-Covid levels with increasing demand from cinema customers. Favorable industry outlook for 2023 with robust studio release schedule and accelerating laser projection upgrades. ●Strong Studios successfully launched during 2022. First revenue producing project, Inside the Black Box, delivered in fourth quarter. Completed production on first major series, Safehaven, and expecting to complete postproduction and deliver in 2023. ●Equity holdings continue to execute their business plans in attractive markets. FG Financial Group, Inc (“FG Financial”) launched a merchant banking platform and closed several transactions. Firefly continues to execute on its growth plans, both organically and through acquisition. GreenFirst Forest Products Inc (“GreenFirst”) is well positioned as pure-play lumber producer in Canada and continues to strengthen its balance sheet, monetizing non-core assets and increasing its focus on its Ontario operations. ●Registration statement filed publicly with the Securities and Exchange Commission for initial public offering of the Strong Entertainment business. ●Completed name change to FG Group Holdings Inc. in fourth quarter to better reflect the company’s success executing its holding company strategy. Mark Roberson, Chief Executive Officer, commented, “Our Strong Entertainment operating business continues to strengthen its market position, securing new exclusive relationships and increasing market share. The transition from xenon projection to laser will continue to drive industry demand, and with the studio release schedule returning to pre-pandemic levels, we are exciting about the next several years for our screen and services business. “We are also very excited about the opportunity to scale our entertainment business and create long-term value in the content area. With the launch of Strong Studios, we are positioned squarely at the forefront of a streaming and exhibition industry that is rapidly evolving.” Kyle Cerminara, ...