THE
WOODLANDS, Texas, Sept. 13,
2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ:
MIND) ("MIND" or the "Company") today announced financial results
for its fiscal 2024 second quarter ended July 31, 2023.
Revenues from Marine Technology Products sales for the second
quarter of fiscal 2024 were $8.8
million compared to $8.7
million in the second quarter of fiscal 2023.
The Company reported operating loss of $1.5 million for the second quarter of fiscal
2024 compared to a loss of approximately $1.6 million in the second quarter of fiscal
2023. The net loss from continuing operations for the second
quarter of fiscal 2024 was $1.5
million compared to a net loss from continuing operations of
approximately $1.8 million in the
second quarter of fiscal 2023. Second quarter of fiscal 2024
net loss attributable to common shareholders was $0.18 per share compared to $0.20 in the second quarter of fiscal 2023.
Adjusted EBITDA from continuing operations for the second
quarter of fiscal 2024 was a loss of $687,000 compared to an adjusted EBITDA loss of
approximately $1.0 million in the
second 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 July 31, 2023 related to our Seamap segment was
approximately $17.0 million compared
to $14.0 million at July 31, 2022.
Rob Capps, MIND's President and
Chief Executive Officer, stated, "We were pleased with our second
quarter results, with revenues coming in slightly higher than
the second quarter of last year. Although our revenues
declined sequentially, they were in line with our expectations.
As we have mentioned previously, our revenues often fluctuate
due to timing of orders delivered among other factors that are out
of our control, but we are confident that the robust customer
interest, favorable market conditions, increased order flow and
growing backlog will translate to higher levels of revenue in the
back half of the year.
"Subsequent to the end of the second quarter, we completed the
sale of our Klein Marine Systems unit to General Oceans for cash
consideration of $11.5 million,
enabling us to monetize an underperforming segment of our business
and reallocate that capital to grow and further develop our Seamap
unit, which contributed roughly 86% of second quarter
revenue. In addition to streamlining the Company to focus on
our high performance Seamap technologies, we were able to use a
portion of the proceeds from the sale to repay the high-cost debt
that we incurred earlier this year, making MIND debt free once
again. While we have divested our Klein unit, we are excited
to be able to continue working with Klein and General Oceans in
regard to our Spectral Ai software suite and are optimistic that
this arrangement will deliver us growing and recurring royalty
income.
"Turning to our backlog, as of July 31,
2023 our backlog for Seamap products totaled approximately
$17.0 million. However, subsequent to
the end of the quarter we have received additional orders totaling
about $5.4 million.
Furthermore, we are in negotiation with certain customers for
other significant orders and believe we will be successful in
landing these orders. The existing and pending orders call
for a variety of products including GunLink Source controllers,
BuoyLink GNSS positioning systems and SeaLink towed streamer
systems. We believe this continued positive backlog trend is
indicative of the favorable market conditions and the
differentiation of our Seamap product lines and gives us good
visibility for the balance of this fiscal year and into next
year.
"As we progress throughout fiscal 2024, we continue to believe
the positive trend for order flow will continue. The redeployment
of capital from the sale of Klein will enable us to better address
the growing opportunities in our ongoing business. 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
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 Thursday, September 14, 2023 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's
fiscal 2024 second 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 September 21, 2023 and may be accessed by calling
(201) 612-7415 and using passcode 13740861#. 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 unit designs, manufactures and sells specialized, high
performance, marine exploration and survey equipment.
Forward-looking Statements
Certain statements and information in this press release
concerning results for the quarter ended July 31, 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 results separate and apart from items
that may, or could, have a disproportionately positive or negative
impact on results in any particular period. Company management also
believes that these non-GAAP financial measures enhance the ability
of investors to analyze the Company's business trends and to
understand the Company's performance. In addition, the Company may
utilize non-GAAP financial measures as guides in its forecasting,
budgeting, and long-term planning processes and to measure
operating performance for some management compensation purposes.
Any analysis of non-GAAP financial measures should be used only in
conjunction with results presented in accordance with GAAP.
Reconciliation of Backlog, which is a non-GAAP financial measure,
is not included in this press release due to the inherent
difficulty and impracticality of quantifying certain amounts that
would be required to calculate the most directly comparable GAAP
financial measures.
-Tables to Follow-
|
MIND
TECHNOLOGY, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands,
except per share data)
(unaudited)
|
|
|
|
July 31,
2023
|
|
|
January 31,
2023
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
494
|
|
|
$
|
778
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of $504 at each of
July 31, 2023 and January 31, 2023
|
|
|
7,143
|
|
|
|
3,993
|
|
|
Inventories,
net
|
|
|
15,651
|
|
|
|
15,318
|
|
|
Prepaid expenses and
other current assets
|
|
|
1,273
|
|
|
|
2,144
|
|
|
Total current
assets
|
|
|
24,561
|
|
|
|
22,233
|
|
|
Property and equipment,
net
|
|
|
3,620
|
|
|
|
3,945
|
|
|
Operating lease
right-of-use assets
|
|
|
1,626
|
|
|
|
1,749
|
|
|
Intangible assets,
net
|
|
|
4,418
|
|
|
|
4,931
|
|
|
Total
assets
|
|
$
|
34,225
|
|
|
$
|
32,858
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
2,459
|
|
|
$
|
4,101
|
|
|
Deferred
revenue
|
|
|
309
|
|
|
|
164
|
|
|
Accrued expenses and
other current liabilities
|
|
|
3,386
|
|
|
|
2,247
|
|
|
Income taxes
payable
|
|
|
1,585
|
|
|
|
1,516
|
|
|
Operating lease
liabilities - current
|
|
|
903
|
|
|
|
903
|
|
|
Note payable,
net
|
|
|
3,343
|
|
|
|
—
|
|
|
Total current
liabilities
|
|
|
11,985
|
|
|
|
8,931
|
|
|
Operating lease
liabilities - non-current
|
|
|
723
|
|
|
|
846
|
|
|
Deferred tax
liability
|
|
|
41
|
|
|
|
29
|
|
|
Total
liabilities
|
|
|
12,749
|
|
|
|
9,806
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1.00
par value; 2,000 shares authorized; 1,683 shares issued and
outstanding at each of July 31, 2023 and
January 31, 2023
|
|
|
37,779
|
|
|
|
37,779
|
|
|
Common stock, $0.01
par value; 40,000 shares authorized; 15,721 shares issued at
each of July 31, 2023 and January 31,
2023
|
|
|
157
|
|
|
|
157
|
|
|
Additional paid-in
capital
|
|
|
129,738
|
|
|
|
129,580
|
|
|
Treasury stock, at
cost (1,933 shares at each of July 31, 2023 and January 31, 2023
)
|
|
|
(16,863)
|
|
|
|
(16,863)
|
|
|
Accumulated
deficit
|
|
|
(129,369)
|
|
|
|
(127,635)
|
|
|
Accumulated other
comprehensive gain
|
|
|
34
|
|
|
|
34
|
|
|
Total stockholders'
equity
|
|
|
21,476
|
|
|
|
23,052
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
34,225
|
|
|
$
|
32,858
|
|
|
MIND TECHNOLOGY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share data)
(unaudited)
|
|
|
|
For the Three
Months
Ended July 31,
|
|
|
For the Six
Months
Ended July 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
$
|
8,750
|
|
|
$
|
8,713
|
|
|
$
|
21,336
|
|
|
$
|
17,800
|
|
|
Total
revenues
|
|
|
8,750
|
|
|
|
8,713
|
|
|
|
21,336
|
|
|
|
17,800
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
|
5,483
|
|
|
|
5,175
|
|
|
|
12,652
|
|
|
|
10,973
|
|
|
Total cost of
sales
|
|
|
5,483
|
|
|
|
5,175
|
|
|
|
12,652
|
|
|
|
10,973
|
|
|
Gross
profit
|
|
|
3,267
|
|
|
|
3,538
|
|
|
|
8,684
|
|
|
|
6,827
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
3,514
|
|
|
|
3,789
|
|
|
|
7,388
|
|
|
|
8,061
|
|
|
Research and
development
|
|
|
842
|
|
|
|
833
|
|
|
|
1,615
|
|
|
|
1,847
|
|
|
Depreciation and
amortization
|
|
|
459
|
|
|
|
467
|
|
|
|
940
|
|
|
|
946
|
|
|
Total operating
expenses
|
|
|
4,815
|
|
|
|
5,089
|
|
|
|
9,943
|
|
|
|
10,854
|
|
|
Operating
loss
|
|
|
(1,548)
|
|
|
|
(1,551)
|
|
|
|
(1,259)
|
|
|
|
(4,027)
|
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
131
|
|
|
|
(76)
|
|
|
|
20
|
|
|
|
(194)
|
|
|
Total other income
(expense)
|
|
|
131
|
|
|
|
(76)
|
|
|
|
20
|
|
|
|
(194)
|
|
|
Loss from continuing
operations before income taxes
|
|
|
(1,417)
|
|
|
|
(1,627)
|
|
|
|
(1,239)
|
|
|
|
(4,221)
|
|
|
Provision for income
taxes
|
|
|
(77)
|
|
|
|
(131)
|
|
|
|
(495)
|
|
|
|
(342)
|
|
|
Net loss from
continuing operations
|
|
|
(1,494)
|
|
|
|
(1,758)
|
|
|
|
(1,734)
|
|
|
|
(4,563)
|
|
|
(Loss) income from
discontinued operations, net of income taxes
|
|
|
—
|
|
|
|
(162)
|
|
|
|
—
|
|
|
|
224
|
|
|
Net
loss
|
|
$
|
(1,494)
|
|
|
$
|
(1,920)
|
|
|
$
|
(1,734)
|
|
|
$
|
(4,339)
|
|
|
Preferred stock
dividends - declared
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(947)
|
|
|
Preferred stock
dividends - undeclared
|
|
|
(947)
|
|
|
|
(947)
|
|
|
|
(1,894)
|
|
|
|
(947)
|
|
|
Net loss
attributable to common stockholders
|
|
$
|
(2,441)
|
|
|
$
|
(2,867)
|
|
|
$
|
(3,628)
|
|
|
$
|
(6,233)
|
|
|
Net loss per common
share - Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.18)
|
|
|
$
|
(0.20)
|
|
|
$
|
(0.26)
|
|
|
$
|
(0.47)
|
|
|
Discontinued
operations
|
|
$
|
—
|
|
|
$
|
(0.01)
|
|
|
$
|
—
|
|
|
$
|
0.02
|
|
|
Net loss
|
|
$
|
(0.18)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.26)
|
|
|
$
|
(0.45)
|
|
|
Shares used in
computing net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
13,792
|
|
|
|
13,782
|
|
|
|
13,791
|
|
|
|
13,779
|
|
|
Diluted
|
|
|
13,792
|
|
|
|
13,782
|
|
|
|
13,791
|
|
|
|
13,779
|
|
|
MIND TECHNOLOGY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
(unaudited)
|
|
|
|
For the Six Months
Ended July 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,734)
|
|
|
$
|
(4,339)
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
940
|
|
|
|
946
|
|
|
Stock-based
compensation
|
|
|
158
|
|
|
|
388
|
|
|
Provision for
inventory obsolescence
|
|
|
—
|
|
|
|
45
|
|
|
Gross profit from sale
of other equipment
|
|
|
(336)
|
|
|
|
(245)
|
|
|
Changes in:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(3,238)
|
|
|
|
1,998
|
|
|
Unbilled
revenue
|
|
|
31
|
|
|
|
15
|
|
|
Inventories
|
|
|
(333)
|
|
|
|
(461)
|
|
|
Prepaid expenses and
other current and long-term assets
|
|
|
1,329
|
|
|
|
168
|
|
|
Income taxes
receivable and payable
|
|
|
63
|
|
|
|
19
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
|
|
(1,556)
|
|
|
|
(1,126)
|
|
|
Deferred revenue and
customer deposits
|
|
|
1,199
|
|
|
|
95
|
|
|
Net cash used in
operating activities
|
|
|
(3,477)
|
|
|
|
(2,497)
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(102)
|
|
|
|
(250)
|
|
|
Sale of other
equipment
|
|
|
336
|
|
|
|
361
|
|
|
Net cash provided by
investing activities
|
|
|
234
|
|
|
|
111
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of treasury
stock
|
|
|
—
|
|
|
|
(1)
|
|
|
Net proceeds from
short-term loan
|
|
|
2,947
|
|
|
|
—
|
|
|
Preferred stock
dividends
|
|
|
—
|
|
|
|
(1,894)
|
|
|
Net cash provided by
(used in) financing activities
|
|
|
2,947
|
|
|
|
(1,895)
|
|
|
Effect of changes in
foreign exchange rates on cash and cash equivalents
|
|
|
12
|
|
|
|
—
|
|
|
Net decrease in cash
and cash equivalents
|
|
|
(284)
|
|
|
|
(4,281)
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
778
|
|
|
|
5,114
|
|
|
Cash and cash
equivalents, end of period
|
|
$
|
494
|
|
|
$
|
833
|
|
|
MIND TECHNOLOGY,
INC.
Reconciliation of
Net Loss From Continuing Operations and Net Cash Used in Operating
Activities to EBITDA (Loss) and
Adjusted EBITDA
(Loss) From Continuing Operations
(in
thousands)
(unaudited)
|
|
|
|
For the Three
Months
Ended July 31,
|
|
|
For the Six
Months
Ended July 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Reconciliation of
Net loss from Continuing Operations to EBITDA
(loss) and Adjusted EBITDA (loss)
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(1,494)
|
|
|
$
|
(1,758)
|
|
|
$
|
(1,734)
|
|
|
$
|
(4,563)
|
|
|
Interest expense,
net
|
|
|
163
|
|
|
|
4
|
|
|
|
367
|
|
|
|
4
|
|
|
Depreciation and
amortization
|
|
|
459
|
|
|
|
467
|
|
|
|
940
|
|
|
|
946
|
|
|
Provision for income
taxes
|
|
|
77
|
|
|
|
131
|
|
|
|
495
|
|
|
|
342
|
|
|
EBITDA (loss) from
continuing operations (1)
|
|
|
(795)
|
|
|
|
(1,156)
|
|
|
|
68
|
|
|
|
(3,271)
|
|
|
Stock-based
compensation
|
|
|
108
|
|
|
|
152
|
|
|
|
158
|
|
|
|
388
|
|
|
Adjusted EBITDA (loss)
from continuing operations (1)
|
|
$
|
(687)
|
|
|
$
|
(1,004)
|
|
|
$
|
226
|
|
|
$
|
(2,883)
|
|
|
Reconciliation of
Net Cash Used in Operating Activities to EBITDA
(loss) from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)
provided by operating activities
|
|
$
|
(490)
|
|
|
$
|
1,025
|
|
|
$
|
(3,477)
|
|
|
$
|
(2,497)
|
|
|
Stock-based
compensation
|
|
|
(108)
|
|
|
|
(152)
|
|
|
|
(158)
|
|
|
|
(388)
|
|
|
Provision for inventory
obsolescence
|
|
|
—
|
|
|
|
(22)
|
|
|
|
—
|
|
|
|
(45)
|
|
|
Changes in accounts
receivable (current and long-term)
|
|
|
(244)
|
|
|
|
(2,897)
|
|
|
|
3,207
|
|
|
|
(1,860)
|
|
|
Interest
paid
|
|
|
203
|
|
|
|
—
|
|
|
|
407
|
|
|
|
4
|
|
|
Taxes paid, net of
refunds
|
|
|
236
|
|
|
|
—
|
|
|
|
425
|
|
|
|
277
|
|
|
Gross profit (loss)
from sale of other equipment
|
|
|
198
|
|
|
|
—
|
|
|
|
336
|
|
|
|
(113)
|
|
|
Changes in
inventory
|
|
|
1,312
|
|
|
|
201
|
|
|
|
333
|
|
|
|
461
|
|
|
Changes in accounts
payable, accrued expenses and other current liabilities
and deferred revenue
|
|
|
(1,825)
|
|
|
|
333
|
|
|
|
357
|
|
|
|
730
|
|
|
Changes in prepaid
expenses and other current and long-term assets
|
|
|
(21)
|
|
|
|
304
|
|
|
|
(1,329)
|
|
|
|
129
|
|
|
Other
|
|
|
(56)
|
|
|
|
52
|
|
|
|
(33)
|
|
|
|
31
|
|
|
EBITDA (loss) from
continuing operations (1)
|
|
$
|
(795)
|
|
|
$
|
(1,156)
|
|
|
$
|
68
|
|
|
$
|
(3,271)
|
|
|
|
|
1.
|
EBITDA and Adjusted
EBITDA are non-GAAP financial measures. EBITDA is defined as net
income before (a) interest income and interest expense, (b)
provision for (or benefit from) income taxes and (c) depreciation
and amortization. Adjusted EBITDA excludes non-cash foreign
exchange gains and losses, stock-based compensation, impairment of
intangible assets, other non-cash tax related items and non-cash
costs of lease pool equipment sales. We consider EBITDA and
Adjusted EBITDA to be important indicators for the performance of
our business, but not measures of performance or liquidity
calculated in accordance with GAAP. We have included these non-GAAP
financial measures because management utilizes this information for
assessing our performance and liquidity, and as indicators of our
ability to make capital expenditures, service debt and finance
working capital requirements and we believe that EBITDA and
Adjusted EBITDA are measurements that are commonly used by analysts
and some investors in evaluating the performance and liquidity of
companies such as us. In particular, we believe that it is useful
to our analysts and investors to understand this relationship
because it excludes transactions not related to our core cash
operating activities. We believe that excluding these transactions
allows investors to meaningfully trend and analyze the performance
of our core cash operations. EBITDA and Adjusted EBITDA are not
measures of financial performance or liquidity under GAAP and
should not be considered in isolation or as alternatives to cash
flow from operating activities or as alternatives to net income as
indicators of operating performance or any other measures of
performance derived in accordance with GAAP. In evaluating our
performance as measured by EBITDA, management recognizes and
considers the limitations of this measurement. EBITDA and Adjusted
EBITDA do not reflect our obligations for the payment of income
taxes, interest expense or other obligations such as capital
expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two
of the measurements that management utilizes. Other companies in
our industry may calculate EBITDA or Adjusted EBITDA differently
than we do and EBITDA and Adjusted EBITDA may not be comparable
with similarly titled measures reported by other
companies.
|
|
Contacts:
|
Rob Capps, President
& CEO
|
|
MIND Technology,
Inc.
|
|
281-353-4475
|
|
|
|
Ken Dennard / Zach
Vaughan
|
|
Dennard Lascar Investor
Relations
|
|
713-529-6600
|
|
MIND@dennardlascar.com
|
View original
content:https://www.prnewswire.com/news-releases/mind-technology-inc-reports-fiscal-2024-second-quarter-results-301926864.html
SOURCE MIND Technology, Inc.