THE
WOODLANDS, Texas, Dec. 13,
2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ:
MIND) ("MIND" or the "Company") today announced financial results
for its fiscal 2024 third quarter ended October 31, 2023.
Net income for the quarter amounted to approximately
$568,000, including a gain of
approximately $2.4 million from the
sale of the Company's Klein Marine Systems segment. Revenues
from continuing Marine Technology Products sales for the third
quarter of fiscal 2024 were $5.0 million compared to $3.0 million in the third quarter of fiscal
2023.
The Company reported an operating loss from continuing
operations of $1.5 million for
the third quarter of fiscal 2024 compared to a loss of
approximately $2.9 million in
the third quarter of fiscal 2023. The net loss from continuing
operations for the third quarter of fiscal 2024 was $1.7 million compared to a net loss from
continuing operations of approximately $2.9
million in the third quarter of fiscal 2023. Third
quarter of fiscal 2024 net loss attributable to common
shareholders, as adjusted for the reverse stock split effected in
October 2023, was $0.27 per share compared to a net loss of
$4.34 per share in the third quarter
of fiscal 2023.
Adjusted EBITDA from continuing operations for the third quarter
of fiscal 2024 was a loss of $1.1
million compared to an adjusted EBITDA loss of approximately
$2.4 million in the third 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, or GAAP.
The backlog of Marine Technology Products as of October 31, 2023 related to our Seamap segment
was approximately $37.4 million
compared to $14.0 million at
October 31, 2022 and $17.0 million at July 31,
2023.
Rob Capps, MIND's President and
Chief Executive Officer, stated, "There were two very significant
achievements for MIND in the third quarter. First, we
completed the sale of our Klein unit. This has allowed us to
streamline our business and focus on our Seamap unit and also
provides liquidity and financial stability from which to exploit
our remaining operations. Secondly, our Seamap unit reached a
record backlog of approximately $37.4
million as of October 31,
2023, which is by far the largest backlog in our
history. Additionally, and subsequent to the end of the
quarter, we entered into a framework supply agreement with a major
international seismic contractor. We expect to receive initial
orders from this agreement shortly. Therefore, as we enter
the fourth quarter and prepare for our next fiscal year, we have a
solid book of committed and expected business.
"Shipments and consequently, revenue in the third quarter of
this year, were below our expectations. We were unable to
complete and deliver certain orders as previously anticipated due
to delays in the receipt of certain key components. These
orders, which total from $5.0 to
$6.0 million, are now expected to be
delivered in the fourth quarter. Based on this and other
scheduled orders in our backlog, we expect a significant increase
in revenues in the fourth quarter of fiscal 2024.
"As we have seen, an increase in order activity brings
challenges. Supply chain issues, while much improved from a
couple of years ago, do remain a challenge. Increased
production activity requires further investment in working capital
as evidenced by the increase in our inventories as of October 31, 2023 to approximately $13.3 million from about $10.0 million six months earlier.
"With the sale of the Klein unit, we are a more streamlined and
focused company and better positioned to take advantage of Seamap's
strong market position, as well as other opportunities. The
sale has also allowed us to take some additional steps to reduce
overhead costs. We have made selective headcount reductions,
reduced the size of our board of directors and lowered the
compensation for the remaining members of the board. Furthermore,
with the more streamlined operations we expected lower professional
fees and travel costs. The impact of these changes will begin to be
felt in the fourth quarter; however, we don't expect to realize the
full benefit until the new fiscal year.
"Despite the expected improvement in our financial results, we
do not believe that current operations can simultaneously fund the
capital requirements of the ongoing business, as well as ongoing or
accumulated dividends related to our preferred stock. While no firm
decisions have been made, we currently believe it unlikely that we
will declare dividends on our preferred stock for the foreseeable
future," concluded Capps.
CONFERENCE CALL
Management has scheduled a conference call for Thursday, December 14, 2023 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's
fiscal 2024 third 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 December 21,
2023 and may be accessed by calling (201) 612-7415 and using
passcode 13742874#. 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 October 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)
|
|
|
|
October 31,
2023
|
|
|
January 31,
2023
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,569
|
|
|
$
|
778
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of $332 at each of
October
31, 2023 and January 31, 2023
|
|
|
3,882
|
|
|
|
3,247
|
|
|
Inventories,
net
|
|
|
13,263
|
|
|
|
11,026
|
|
|
Prepaid expenses and
other current assets
|
|
|
1,701
|
|
|
|
1,400
|
|
|
Current assets of
discontinued operations
|
|
|
—
|
|
|
|
5,783
|
|
|
Total current
assets
|
|
|
24,415
|
|
|
|
22,234
|
|
|
Property and equipment,
net
|
|
|
830
|
|
|
|
953
|
|
|
Operating lease
right-of-use assets
|
|
|
1,517
|
|
|
|
1,749
|
|
|
Intangible assets,
net
|
|
|
3,073
|
|
|
|
3,633
|
|
|
Long-term assets of
discontinued operations
|
|
|
—
|
|
|
|
4,289
|
|
|
Total
assets
|
|
$
|
29,835
|
|
|
$
|
32,858
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,127
|
|
|
$
|
2,494
|
|
|
Deferred
revenue
|
|
|
130
|
|
|
|
144
|
|
|
Accrued expenses and
other current liabilities
|
|
|
4,360
|
|
|
|
1,477
|
|
|
Income taxes
payable
|
|
|
1,457
|
|
|
|
1,493
|
|
|
Operating lease
liabilities - current
|
|
|
833
|
|
|
|
903
|
|
|
Current liabilities of
discontinued operations
|
|
|
—
|
|
|
|
2,420
|
|
|
Total current
liabilities
|
|
|
7,907
|
|
|
|
8,931
|
|
|
Operating lease
liabilities - non-current
|
|
|
684
|
|
|
|
846
|
|
|
Deferred tax
liability
|
|
|
41
|
|
|
|
29
|
|
|
Total
liabilities
|
|
|
8,632
|
|
|
|
9,806
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1.00
par value; 2,000 shares authorized; 1,683 shares issued and
outstanding at each of October 31, 2023 and
January 31, 2023
|
|
|
37,779
|
|
|
|
37,779
|
|
|
Common stock, $0.01
par value; 40,000 shares authorized; 1,406 shares issued at
October 31, 2023 and 1,599 shares at January
31, 2023 (as Adjusted)
|
|
|
14
|
|
|
|
16
|
|
|
Additional paid-in
capital (as Adjusted)
|
|
|
113,124
|
|
|
|
129,721
|
|
|
Treasury stock, at
cost (193 shares at January 31, 2023) (as Adjusted)
|
|
|
—
|
|
|
|
(16,863)
|
|
|
Accumulated
deficit
|
|
|
(129,748)
|
|
|
|
(127,635)
|
|
|
Accumulated other
comprehensive gain
|
|
|
34
|
|
|
|
34
|
|
|
Total stockholders'
equity
|
|
|
21,203
|
|
|
|
23,052
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
29,835
|
|
|
$
|
32,858
|
|
|
MIND TECHNOLOGY,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands,
except per share data)
|
|
(unaudited)
|
|
|
|
For the Three
Months
Ended October 31,
|
|
|
For the Nine
Months
Ended October 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
$
|
4,974
|
|
|
$
|
3,038
|
|
|
$
|
23,132
|
|
|
$
|
16,142
|
|
|
Total
revenues
|
|
|
4,974
|
|
|
|
3,038
|
|
|
|
23,132
|
|
|
|
16,142
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
|
2,721
|
|
|
|
2,176
|
|
|
|
13,402
|
|
|
|
10,446
|
|
|
Total cost of
sales
|
|
|
2,721
|
|
|
|
2,176
|
|
|
|
13,402
|
|
|
|
10,446
|
|
|
Gross
profit
|
|
|
2,253
|
|
|
|
862
|
|
|
|
9,730
|
|
|
|
5,696
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
2,941
|
|
|
|
3,023
|
|
|
|
9,160
|
|
|
|
9,867
|
|
|
Research and
development
|
|
|
508
|
|
|
|
412
|
|
|
|
1,479
|
|
|
|
1,063
|
|
|
Depreciation and
amortization
|
|
|
257
|
|
|
|
331
|
|
|
|
892
|
|
|
|
1,011
|
|
|
Total operating
expenses
|
|
|
3,706
|
|
|
|
3,766
|
|
|
|
11,531
|
|
|
|
11,941
|
|
|
Operating
loss
|
|
|
(1,453)
|
|
|
|
(2,904)
|
|
|
|
(1,801)
|
|
|
|
(6,245)
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(169)
|
|
|
|
—
|
|
|
|
(536)
|
|
|
|
(4)
|
|
|
Other, net
|
|
|
25
|
|
|
|
59
|
|
|
|
336
|
|
|
|
(186)
|
|
|
Total other (expense)
income
|
|
|
(144)
|
|
|
|
59
|
|
|
|
(200)
|
|
|
|
(190)
|
|
|
Loss from continuing
operations before income taxes
|
|
|
(1,597)
|
|
|
|
(2,845)
|
|
|
|
(2,001)
|
|
|
|
(6,435)
|
|
|
Provision for income
taxes
|
|
|
(112)
|
|
|
|
(38)
|
|
|
|
(590)
|
|
|
|
(380)
|
|
|
Net loss from
continuing operations
|
|
|
(1,709)
|
|
|
|
(2,883)
|
|
|
|
(2,591)
|
|
|
|
(6,815)
|
|
|
Income (loss) from
discontinued operations, net of income taxes,
(including a $2,393 gain on the sale of Klein for the three and
nine
months ended October 31, 2023)
|
|
|
2,277
|
|
|
|
(2,276)
|
|
|
|
1,424
|
|
|
|
(2,683)
|
|
|
Net income
(loss)
|
|
$
|
568
|
|
|
$
|
(5,159)
|
|
|
$
|
(1,167)
|
|
|
$
|
(9,498)
|
|
|
Preferred stock
dividends - declared
|
|
|
(947)
|
|
|
|
—
|
|
|
|
(947)
|
|
|
|
(947)
|
|
|
Preferred stock
dividends - undeclared
|
|
|
—
|
|
|
|
(947)
|
|
|
|
(1,894)
|
|
|
|
(1,894)
|
|
|
Net loss
attributable to common stockholders
|
|
$
|
(379)
|
|
|
$
|
(6,106)
|
|
|
$
|
(4,008)
|
|
|
$
|
(12,339)
|
|
|
Net loss per common
share - Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(1.89)
|
|
|
$
|
(2.72)
|
|
|
$
|
(3.86)
|
|
|
$
|
(6.87)
|
|
|
Discontinued
operations
|
|
$
|
1.62
|
|
|
$
|
(1.62)
|
|
|
$
|
1.01
|
|
|
$
|
(1.91)
|
|
|
Net loss
|
|
$
|
(0.27)
|
|
|
$
|
(4.34)
|
|
|
$
|
(2.85)
|
|
|
$
|
(8.78)
|
|
|
Shares used in
computing net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,406
|
|
|
|
1,406
|
|
|
|
1,406
|
|
|
|
1,405
|
|
|
Diluted
|
|
|
1,406
|
|
|
|
1,406
|
|
|
|
1,406
|
|
|
|
1,405
|
|
|
MIND TECHNOLOGY,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
For the Nine Months
Ended
October 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,167)
|
|
|
$
|
(9,498)
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,230
|
|
|
|
1,414
|
|
|
Stock-based
compensation
|
|
|
264
|
|
|
|
524
|
|
|
Gain on sale of
Klein
|
|
|
(2,393)
|
|
|
|
—
|
|
|
Provision for
inventory obsolescence
|
|
|
23
|
|
|
|
68
|
|
|
Gross profit from sale
of other equipment
|
|
|
(385)
|
|
|
|
(269)
|
|
|
Non-cash cumulative
translation adjustment for discontinued operations
|
|
|
—
|
|
|
|
1,626
|
|
|
Changes in:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(688)
|
|
|
|
4,981
|
|
|
Unbilled
revenue
|
|
|
51
|
|
|
|
1
|
|
|
Inventories
|
|
|
(3,174)
|
|
|
|
(2,899)
|
|
|
Prepaid expenses and
other current and long-term assets
|
|
|
566
|
|
|
|
506
|
|
|
Income taxes
receivable and payable
|
|
|
(21)
|
|
|
|
(16)
|
|
|
Accounts payable,
accrued expenses and other current liabilities
|
|
|
(1,045)
|
|
|
|
983
|
|
|
Deferred revenue and
customer deposits
|
|
|
1,115
|
|
|
|
328
|
|
|
Net cash used in
operating activities
|
|
|
(5,624)
|
|
|
|
(2,251)
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(199)
|
|
|
|
(531)
|
|
|
Proceeds from the sale
of Klein, net
|
|
|
10,832
|
|
|
|
—
|
|
|
Sale of other
equipment
|
|
|
385
|
|
|
|
382
|
|
|
Net cash provided by
(used in) investing activities
|
|
|
11,018
|
|
|
|
(149)
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of treasury
stock
|
|
|
—
|
|
|
|
(1)
|
|
|
Net proceeds from
short-term loan
|
|
|
2,947
|
|
|
|
—
|
|
|
Payment on short-term
loan
|
|
|
(3,750)
|
|
|
|
—
|
|
|
Refund of prepaid
interest on short-term loan
|
|
|
214
|
|
|
|
—
|
|
|
Preferred stock
dividends
|
|
|
—
|
|
|
|
(1,894)
|
|
|
Net cash used in
financing activities
|
|
|
(589)
|
|
|
|
(1,895)
|
|
|
Effect of changes in
foreign exchange rates on cash and cash equivalents
|
|
|
(14)
|
|
|
|
(7)
|
|
|
Net change in cash
and cash equivalents
|
|
|
4,791
|
|
|
|
(4,302)
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
778
|
|
|
|
5,114
|
|
|
Cash and cash
equivalents, end of period
|
|
$
|
5,569
|
|
|
$
|
812
|
|
|
MIND TECHNOLOGY,
INC.
|
|
Reconciliation of
Net Loss From Continuing Operations and Net Cash (Used in) Provided
by Operating Activities
|
|
to EBITDA (Loss) and
Adjusted EBITDA (Loss) From Continuing Operations
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
For the Three
Months
Ended October 31,
|
|
|
For the Nine
Months
Ended October 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Reconciliation of
Net loss from Continuing Operations to
EBITDA (loss) and Adjusted EBITDA (loss)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(1,709)
|
|
|
$
|
(2,883)
|
|
|
$
|
(2,591)
|
|
|
$
|
(6,815)
|
|
|
Interest expense,
net
|
|
|
169
|
|
|
|
—
|
|
|
|
536
|
|
|
|
4
|
|
|
Depreciation and
amortization
|
|
|
257
|
|
|
|
331
|
|
|
|
892
|
|
|
|
1,011
|
|
|
Provision for income
taxes
|
|
|
112
|
|
|
|
38
|
|
|
|
590
|
|
|
|
380
|
|
|
EBITDA (loss) from
continuing operations (1)
|
|
|
(1,171)
|
|
|
|
(2,514)
|
|
|
|
(573)
|
|
|
|
(5,420)
|
|
|
Stock-based
compensation
|
|
|
106
|
|
|
|
136
|
|
|
|
264
|
|
|
|
524
|
|
|
Adjusted EBITDA (loss)
from continuing operations (1)
|
|
$
|
(1,065)
|
|
|
$
|
(2,378)
|
|
|
$
|
(309)
|
|
|
$
|
(4,896)
|
|
|
Reconciliation of
Net Cash (Used in) Provided by Operating
Activities to EBITDA (loss) from continuing
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)
provided by operating activities
|
|
$
|
(2,146)
|
|
|
$
|
247
|
|
|
$
|
(5,624)
|
|
|
$
|
(2,251)
|
|
|
Stock-based
compensation
|
|
|
(106)
|
|
|
|
(136)
|
|
|
|
(264)
|
|
|
|
(524)
|
|
|
Provision for inventory
obsolescence
|
|
|
(23)
|
|
|
|
(23)
|
|
|
|
(23)
|
|
|
|
(68)
|
|
|
Changes in accounts
receivable (current and long-term)
|
|
|
(2,496)
|
|
|
|
(886)
|
|
|
|
514
|
|
|
|
(4,150)
|
|
|
Interest paid,
net
|
|
|
129
|
|
|
|
—
|
|
|
|
536
|
|
|
|
4
|
|
|
Taxes paid, net of
refunds
|
|
|
—
|
|
|
|
94
|
|
|
|
425
|
|
|
|
371
|
|
|
Gross profit (loss)
from sale of other equipment
|
|
|
49
|
|
|
|
—
|
|
|
|
385
|
|
|
|
(113)
|
|
|
Changes in
inventory
|
|
|
2,665
|
|
|
|
1,702
|
|
|
|
2,259
|
|
|
|
2,220
|
|
|
Changes in accounts
payable, accrued expenses and other current
liabilities and deferred revenue
|
|
|
(82)
|
|
|
|
(3,083)
|
|
|
|
1,052
|
|
|
|
(350)
|
|
|
Changes in prepaid
expenses and other current and long-term assets
|
|
|
368
|
|
|
|
(91)
|
|
|
|
(566)
|
|
|
|
18
|
|
|
Other
|
|
|
471
|
|
|
|
(338)
|
|
|
|
733
|
|
|
|
(577)
|
|
|
EBITDA (loss) from
continuing operations (1)
|
|
$
|
(1,171)
|
|
|
$
|
(2,514)
|
|
|
$
|
(573)
|
|
|
$
|
(5,420)
|
|
|
|
|
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-third-quarter-results-302014660.html
SOURCE MIND Technology, Inc.