subslover
10 months ago
NEWS
MIND TECHNOLOGY, INC. REPORTS FISCAL 2024 FIRST QUARTER RESULTS
THE WOODLANDS, Texas, June 13, 2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or the "Company") today announced financial results for its fiscal 2024 first quarter ended April 30, 2023.
Revenues from Marine Technology Products sales for the first quarter of fiscal 2024 were $12.6 million compared to $12.4 million in the fourth quarter of fiscal 2023 and $9.1 million in the first quarter of fiscal 2023.
The Company reported operating income of $289,000 for the first quarter of fiscal 2024 compared to losses of $221,000 in the fourth quarter of fiscal 2023 and approximately $2.5 million in the first quarter of fiscal 2023. The net loss (after income taxes) for the first quarter of fiscal 2024 was $240,000 compared to net income of $666,000 million in the fourth quarter of fiscal 2023 and a net loss of approximately $2.4 million in the first quarter of fiscal 2023. First quarter of fiscal 2024 net loss attributable to common shareholders was $0.09 per share compared to $0.02 in the fourth quarter of fiscal 2023 and $0.24 in the first quarter of fiscal 2023.
Adjusted EBITDA from continuing operations for the first quarter of fiscal 2024 was approximately $913,000 compared to $1.4 million in the fourth quarter of fiscal 2023 and a loss of $1.9 million in the first quarter of fiscal 2023. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net income (loss) from continuing operations and cash used in operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles.
The backlog of Marine Technology Products as of April 30, 2023, was approximately $22.6 million compared to $20.7 million at January 31, 2023 and $13.4 million at April 30, 2022.
Rob Capps, MIND's President and Chief Executive Officer, stated, "We are pleased to report positive results for the second quarter in a row, having produced positive operating income and Adjusted EBITDA with significantly improved revenues year-over-year. Our first quarter revenues from continuing operations increased 39% year-over-year, with our Seamap segment making up a meaningful portion of that growth. I think it's noteworthy that we saw sequential improvement at the operating level. The sequential improvement in operating income was partially driven by an increase in gross margin to approximately 43% in the current quarter versus 36% in the prior quarter. Our backlog of $22.6 million was up over 68% from the $13.4 million we reported during the first quarter of fiscal 2023 and improved on a sequential basis, demonstrating the strong demand growth we continue to see in our key markets. Inquiry and bidding activity remain robust as we work to further expand our backlog. Our backlog reflects the continued positive momentum that we are experiencing in various markets, and we believe that our differentiated marine technology products are uniquely positioned to benefit from favorable market trends.
"As we progress throughout fiscal 2024, we continue to believe the positive trend for order flow will continue. Additionally, we believe the underlying market fundamentals are positive and those have contributed to the increase in order activity. The current geopolitical situation emphasizes the need for maritime security and other defense applications. The constructive pricing environment in the energy market is positive for our customers in that space. The trend towards renewable energy, such as wind farms, is a positive development for our marine survey customers. We plan to continue to execute our long-term strategic initiatives and position the Company to become a leading provider of innovative marine technology and products," concluded Capps.
CONFERENCE CALL
Management has scheduled a conference call for Wednesday, June 14, 2023 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's fiscal 2024 first quarter results. To access the call, please dial (412) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time. Investors may also listen to the conference live on the MIND Technology website, http://mind-technology.com, by logging onto the site and clicking "Investor Relations." A telephonic replay of the conference call will be available through June 21, 2023 and may be accessed by calling (201) 612-7415 and using passcode 13739231#. A webcast archive will also be available at http://mind-technology.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Dennard Lascar Investor Relations by email at MIND@dennardlascar.com.
ABOUT MIND TECHNOLOGY
MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap and Klein units, design, manufacture and sell specialized, high performance, marine sonar and seismic equipment.
Forward-looking Statements
Certain statements and information in this press release concerning results for the quarter ended April 30, 2023 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers' capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, volatility in commodity prices for oil and natural gas and the extent of disruptions caused by the COVID-19 outbreak.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.
Non-GAAP Financial Measures
Certain statements and information in this press release contain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Company management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating
lowman
18 years ago
Mitcham Industries, Inc. (NASDAQ:MIND) today reported net income of $2.9 million, or $0.29 per diluted share, on revenues of $9.8 million for its third quarter ended October 31, 2005. This compares with a net loss of $(0.8 million), or $(0.09) per diluted share, in the prior year's third quarter. The increase in the Company's results for the quarter primarily reflects strong leasing demand for land equipment in Canada and for marine equipment internationally, as well as solid equipment sales across all areas of operation.
"We saw a strong pickup in leasing activity in the seismic equipment market this last quarter," said Billy F. Mitcham, Jr., President and CEO of Mitcham Industries. "The Canadian market was very active and we saw an increase in marine equipment rentals on a global basis. Seamap, our most recent acquisition, also contributed to our results, and with its newly released Gunlink 3000 as well as recently signed strategic alliances appears to be on track to be a strong contributor next fiscal year. Unusually heavy rains delayed certain projects and limited Seismic Asia Pacific's results for the quarter, but the projects should resume in the fourth quarter and continue into the next fiscal year. Overall, we are optimistic about leasing activity for the remainder of this fiscal year and believe we are well-positioned for continued growth in the upcoming fiscal year."
For the nine months ended October 31, 2005, the Company recorded net income of $6.2 million, or $0.64 per diluted share, on revenues of $24.5 million. This compares with net income of $0.7 million, or $0.08 per diluted share, on revenues of $19.3 million for the comparable nine-month period of the prior year.
Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease or sale, new and "experienced" seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. Headquartered in Texas, with sales and services offices in Calgary, Canada, Brisbane, Australia, Singapore and the United Kingdom, and with associates throughout Europe, South America and Asia, Mitcham conducts operations on a global scale and is the largest independent exploration equipment lessor in the industry.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included herein, including statements regarding potential future demand for the Company's products and services, the Company's future financial position and results of operations, business strategy and other plans and objectives for future operations, are forward-looking statements. Actual results may differ materially from such forward-looking statements. Important factors that could cause or contribute to such differences include a prolonged and gradual recovery, or no full recovery, of the energy services sector of a depressed oil and gas industry, and thereafter, the inherent volatility of oil and gas prices and the related volatility of demand for the Company's services; loss of significant customers; significant defaults by customers on amounts due to the Company; international economic and political instability; dependence upon additional lease contracts; the risk of technological obsolescence of the Company's lease fleet; vulnerability of seismic activity and demand to weather conditions and seasonality of operating results; dependence upon few suppliers; and other factors which are disclosed in the Company's Securities and Exchange Commission filings, available from the Company without charge.
MITCHAM INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Revenues:
Equipment leasing $ 6,676 $ 3,948 $ 17,668 $ 12,727
Equipment sales 3,139 790 6,787 6,610
----------- ----------- ----------- -----------
Total revenues 9,815 4,738 24,455 19,337
Costs and expenses:
Direct costs - seismic
leasing 968 450 2,174 1,350
Cost of equipment
sales 1,308 557 3,072 3,371
General and
administrative 2,381 1,471 6,488 5,419
Provision for doubtful
accounts 82 122 161 122
Depreciation and
amortization 2,253 2,700 6,585 8,113
----------- ----------- ----------- -----------
Total costs and
expenses 6,992 5,300 18,480 18,375
----------- ----------- ----------- -----------
Operating income
(loss) 2,823 (562) 5,975 962
Other income (expense)
- net 84 3 281 (76)
----------- ----------- ----------- -----------
Income (loss) from
continuing operations
before income taxes 2,907 (559) 6,256 886
Provision for income
taxes 57 264 25 264
----------- ----------- ----------- -----------
Income (loss) from
continuing operations 2,850 (823) 6,231 622
=========== =========== =========== ===========
Income from
discontinued
operations,
net of income taxes - - - 80
----------- ----------- ----------- -----------
Net income (loss) $ 2,850 $ (823) $ 6,231 $ 702
=========== =========== =========== ===========
Income (loss) per
common share from
continuing
operations:
Basic $ 0.31 $ (0.09) $ 0.69 $ 0.07
Diluted $ 0.29 $ (0.09) $ 0.64 $ 0.07
Income per common
share from
discontinued
operations:
Basic $ - $ - $ - $ 0.01
Diluted $ - $ - $ - $ 0.01
Net income (loss) per
common share:
Basic $ 0.31 $ (0.09) $ 0.69 $ 0.08
Diluted $ 0.29 $ (0.09) $ 0.64 $ 0.08
Shares used in
computing net income
per common share:
Basic 9,152,000 8,880,000 9,061,000 8,824,000
Dilutive effect of
common stock
equivalents 750,000 - 684,000 411,000
----------- ----------- ----------- -----------
Diluted 9,902,000 8,880,000 9,745,000 9,235,000
=========== =========== =========== ===========
MITCHAM INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except share data)
Oct. 31, Jan. 31,
2005 2005
--------- ---------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 15,196 $ 13,138
Accounts receivable, net of allowance for
doubtful accounts of $1,210 and $723 7,099 6,021
Current portion of notes receivable, net of
allowance for doubtful notes of $198 and
$286 584 1,192
Inventories 1,679 -
Prepaid expenses and other current assets 530 705
Current assets of discontinued operations 388 393
--------- ---------
Total current assets 25,476 21,449
Seismic equipment lease pool, property and
equipment 77,338 74,792
Accumulated depreciation of seismic equipment
lease pool, property and equipment (59,961) (55,067)
Goodwill 5,324 -
Long-term assets of discontinued operations - 216
Other assets 15 5
--------- ---------
Total assets $ 48,192 $ 41,395
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,272 $ 4,893
Current maturities - long-term debt - 918
Deferred revenue 644 652
Income taxes payable 151 284
Wages payable 163 299
Accrued expenses and other current
liabilities 1,391 458
Current liabilities of discontinued
operations 5 14
--------- ---------
Total current liabilities 3,626 7,518
Long-term debt 3,000 -
--------- ---------
Total liabilities 6,626 7,518
Commitments and contingencies
Shareholders' equity:
Preferred stock, $1.00 par value; 1,000,000
shares authorized; none issued and
outstanding - -
Common stock, $.01 par value; 20,000,000
shares authorized; 10,112,062 and 9,893,732
shares issued, respectively 101 99
Additional paid-in capital 63,582 62,702
Treasury stock, at cost (915,000 shares) (4,686) (4,686)
Deferred compensation (12) (94)
Accumulated deficit (20,048) (26,282)
Accumulated other comprehensive income 2,629 2,138
--------- ---------
Total shareholders' equity 41,566 33,877
--------- ---------
Total liabilities and
shareholders' equity $ 48,192 $ 41,395
========= =========
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
AJ Freely
8 months ago
reena969
2 years ago
StockHighAlert-
3 years ago
jedijazz
3 years ago
wesley_
3 years ago
whytestocks
4 years ago
WALL STREET KID
4 years ago
JJ8
4 years ago
HymanMinsky
6 years ago
stocktrademan
7 years ago
Penny Roger$
12 years ago
frenchee
16 years ago
Hot Features
Premium
