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4) Finally, we have a set of recently introduced products that we believe have the potential to be disruptive to the movie theater, entertainment and sports venue industries.
−Removed: For example, our operations enhancement and theater management solution includes a software-as-a-service (SaaS) platform combined with other technologies that allow theater operators to improve their quality control.
+Added: For example, our operations enhancement and theater management solution include a software-as-a-service (SaaS) platform combined with other technologies that allow theater operators to improve their quality control.
We have also developed a translator product and service that will enable moviegoers to watch a movie in any language that the film is available in, all in the same auditorium through a set of augmented reality glasses.
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Industry and Revenue Drivers
−Removed: In 2021, the return to a more normalized theater environment led to a broader and more diverse slate of movie releases compared to prior year’s lower pandemic-related movie releases, more tent poles (blockbusters) from a wider range of distributors, and movie studios cutting back on or abandoning the direct-to-streaming model.
−Removed: The domestic box office for 2021 finished at $4.5 billion with significant momentum going into 2022.
−Removed: With studios re-focusing on exclusive theatrical releases, 2022 continued to see the domestic box office recover, reporting $7.4 billion in sales.
+Added: In 2023, movie releases increased to $9 billion.
+Added: up from $7.4 billion in 2022 due to higher post- pandemic movie releases.
+Added: The SAG/AFTRA strikes began in July 2023 and ended in November 2023.
+Added: New movie production and related releases did not rebound until the summer of 2024.
Convenient and Affordable Form of Out-Of-Home Entertainment .
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According to the National Association of Theatre Owners, the number of U.S.
−Removed: movie screens remained relatively consistent at 40,150 in 2021 and 39,007 in 2022.
−Removed: MiT is providing turnkey Furniture, Fixtures and Equipment (“FF&E”) services to under-construction movie theaters in the United States opening 140 such new screens in the United States.
+Added: movie screens declined from 39,000 in 2024 from 44,000 in 2023 due the lingering impacts of COVID and the SAG/AFTRA strikes.
+Added: While the strikes ended in November 2023, movie production and related movie releases did not rebound until the summer of 2024.
Existing Theaters — Upgrades and Refurbishing .
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“Green energy efficient” Products, Lighting Fixtures and Dimmers — We offer a series of in-house designed and assembled lighting products and dimmers designed to reduce energy consumption in cinemas, theaters, and performance venues.
−Removed: LED-based lighting has rapidly become an important aspect of MiT’s product line, offering advantages in efficiency and reduced maintenance, which translate into lower operating cost.
−Removed: We believe our green initiative Architectural LED Fixture (ALF) is the first LED-based 8” downlight luminaire and companion MiT’s M-Series lighting dimmers are specifically designed for commercial cinemas, screening rooms, post production facilities, museums, performance venues and meeting spaces.
+Added: LED-based lighting has rapidly become an important aspect of MiT’s product line, offering advantages in efficiency and reduced maintenance, which translate into lower operating costs.
+Added: We believe our green initiative Architectural LED Fixture (ALF) is the first LED-based 8” downlight luminaire and companion MiT’s M-Series lighting dimmers are specifically designed for commercial cinemas, screening rooms, postproduction facilities, museums, performance venues and meeting spaces.
In addition to our LED and dimmer products, MiT offers a number of other “green” products designed for energy efficiency.
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MiT’s IS-20 & IS-20d Power Managers power audio and video systems up and down on a controlled schedule, offering savings on wasteful energy consumption during system idle time.
−Removed: This suite of products support MiT’s green initiatives with an emphasis on energy savings, reliability and value.
+Added: This suite of products supports MiT’s green initiatives with an emphasis on energy savings, reliability and value.
Enterprise and Operations Software Solutions
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To compliment the aforementioned services MiT provides turnkey Project Management & Furniture Fixture & Equipment (FF&E) services to commercial cinema exhibitors for new construction and remodels, including design, consulting, and procurement of seats, screen systems, lighting, acoustical treatments, screens, projection and sound equipment for upgrades and new professional cinema, screening room, postproduction facilities and ultra-high-end cinema builds.
−Removed: Our Project Management includes consulting with architects through to final fixturing and calibration.
+Added: Our Project Management includes consulting with architects through final fixturing and calibration.
Our staff of mechanical and electrical engineers work closely with end users as well as OEM manufacturers and can participate in every phase of the process from conceptual design and development to production on most any scale.
−Removed: MiT personnel have designed, specified and installed thousands of commercial cinemas, post production, screening and high-end residential rooms and have been involved in the digital cinema conversion rollouts of clients such as AMC, Cinemark, Cinepolis, Cinemex, Reading, Metropolitan, Hollywood, Regal, Syufy, Harkins, and other smaller circuits.
+Added: MiT personnel have designed, specified and installed thousands of commercial cinemas, postproduction, screening and high-end residential rooms and have been involved in the digital cinema conversion rollouts of clients such as AMC, Cinemark, Cinepolis, Cinemex, Reading, Metropolitan, Hollywood, Regal, Syufy, Harkins, and other smaller circuits.
New Business Initiatives
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We believe that Direct View LED is disruptive to the current front projection paradigm and offers several benefits to exhibitors and filmmakers which we believe will drive demand for these systems in the years to come.
−Removed: While LED displays have been around for years (e.g., the giant displays in virtually every sports arena), the constant miniaturization of this technology has now made cinema exhibition possible.
+Added: While LED displays have been around for years (e.g., the giant displays in virtually every sports arena), the constant miniaturization of this technology has now made cinema exhibitions possible.
Direct View LED screens utilize a technology that is an alternative to the century-old streaming of projector light thrown onto screens;
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Also, LED is ideal for displaying High Dynamic Range (HDR) which we believe is the main video aesthetic enhancement used to boost audience experience in cinemas.
−Removed: Since the LED consumes no power when they are switched off to ‘illuminate’ black, this saves on electricity versus the always-on energy of laser projection or xenon lamps.
+Added: Since the LED consumes no power when they are switched off to ‘illuminate’ black, this saves electricity versus the always-on energy of laser projection or xenon lamps.
LED panels can also last up to 100,000 hours or 15 years, whereas projectors have a lifespan of barely half that.
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We believe our success will not be dependent upon trademark protection, but rather upon our engineering capabilities and research and production techniques.
−Removed: Our sales backlog at June 30, 2023 was approximately $12.02 million, which represented orders currently planned to be shipped substantially by January 31, 2024.
+Added: Our sales backlog at June 30, 2024 was approximately $5.93 million, which represents orders currently planned for March 31, 2025 shipment.
Backlog at June 30, 2023 was $12.02 million.
−Removed: All open orders at June 30, 2022, except one for approximately $0.2 million due to customer deferral, were fulfilled in year ended June 30, 2023.
−Removed: Sales backlog typically represents the fixed contracted revenue under signed theater system installation or upgrade agreements that we believe will be recognized as revenue upon installation/upgrade and acceptance of the associated theater.
+Added: All open orders at June 30, 2023 were fulfilled in the year ended June 30, 2024.
+Added: Sales backlog typically represents the fixed contracted revenue undersigned theater system installation or upgrade agreements that we believe will be recognized as revenue upon installation/upgrade and acceptance of the associated theater.
The dollar value fluctuates depending on the number of new and upgraded theater system arrangements signed from year to year, which adds to backlog and the installation and acceptance of theater systems and the settlement of contracts, both of which reduce backlog.
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however, it excludes amounts allocated to maintenance and extended warranty revenues as well as fees (contingent fees) in excess of contractual ongoing fees that may be received in the future.
−Removed: We believe that the contractual obligations for theater system installations that are listed in sales backlog are valid and binding commitments.
+Added: We believe that the contractual obligations for theater system installations that are listed in the sales backlog are valid and binding commitments.
From time to time, in the normal course of its business, we will have customers who are unable to proceed with a theater system installation or upgrade for a variety of reasons, including the inability to obtain certain consents, approvals or financing.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.