Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Moving iMage Technologies Announces First Quarter Fiscal 2024 Results By: Moving iMage Technologies, Inc. via Business Wire November 14, 2023 at 07:00 AM EST Revenue increased 13%; gross profit increased 17%; gross margin of 27.4%; GAAP and Non-GAAP EPS of $0.04 Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its first quarter ended September 30, 2023. “We started the new fiscal year on a strong note with double-digit growth in revenue, gross margin expansion and profits,” said Phil Rafnson, chairman and chief executive officer, MiT. “We’ve been talking about a technology refresh cycle for several quarters now, and this quarter’s results were encouraging, as projector replacements and our ADA compliance products were a key driver. We also made progress on several of the newer initiatives that we expect to drive revenue growth and profits over the next several years, including receiving our first orders for LEA Professional’s smart power amplifiers. “From a capital allocation perspective, we put in place a 10b5-1 trading program for our previously approved share buyback at the end of the quarter. This meant that beginning November 1, the number of trading days that we could repurchase shares increased to approximately 250 days per year versus 90 days previously.” First Quarter Fiscal 2024 Highlights (versus Fiscal 1Q23) Revenue increased 13.4% to $6.6 million compared to $5.9 million; Gross Profit increased of $1.8 million compared to $1.6 million; Gross Margin of 27.4%; GAAP Operating Income of $0.4 million compared to $0.0 million; GAAP Net Income and Earnings per Share (EPS) of $0.4 million and $0.04 compared to a GAAP Net Loss and Loss per Share of ($0.1) million and ($0.01), respectively; Non-GAAP Income and EPS of $0.4 million and $0.04 compared to Non-GAAP Net Income and Income per Share of $0.1 million and $0.01, respectively. Select Financial Metrics: FY24 versus FY23 as of 9/30/2023* in millions, except for Income (loss) per Share and percentages 1Q24 1Q23 Change Total Revenue $6.6 $5.9 13.4% Gross Profit $1.8 $1.6 16.7% Gross Margin 27.4% 26.6% Operating Income $0.4 $0.0 700.0% Operating Margin 5.8% 0.8% GAAP Net Income (Loss) $0.4 ($0.1) nm GAAP Earnings (Loss) per Share $0.04 ($0.01) nm Non-GAAP Net Income (Loss) $0.4 ($0.1) nm Non-GAAP Income (Loss) Per Share $0.04 ($0.01) nm nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2024 Commentary “With the Hollywood strikes now behind us, the industry can jump start the production and release schedules and our customers, the cinema owners, which were not able to budget their expenditures with any confidence during the strike, can now start planning as well. Our initial fiscal 2024 guidance, which only included our legacy business and not our newer and emerging businesses, for low double-digit revenue growth with continuing to move towards break-even on a non-GAAP basis, took these delays into account with a down second quarter and a stronger second half of the year. “That said, we continue to see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. For instance, our guidance doesn’t include any sales of LEA Professional smart power amplifiers, but, in the second fiscal quarter, we already announced two orders for these products, and there is ongoing evaluation and testing occurring at more cinemas as we speak. Additional areas of potential upside include: an ADA compliance product refresh at a large national circuit that we are working to lock down; order growth in Esports shipments above the modest fiscal 2023 levels; National Amusements rolling out CineQC to its international locations; initial sales of MiTranslator and other international sales. Given these significant opportunities to accelerate growth, we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson. Trended Financials* in millions, except for Income (loss) per Share and percentages 1Q23 2Q23 3Q23 4Q23 1Q24 FY22 FY23 YTD FY24 Total Revenue $5.9 $4.8 $3.7 $5.8 $6.6 $18.4 $20.2 $6.6 Gross Profit $1.6 $1.3 $1.0 $1.4 $1.8 $4.5 $5.3 $1.8 Gross Margin 26.6% 27.1% 27.9% 24.2% 27.4% 24.3% 26.3% $0.3 Operating Loss $0.0 ($0.1) ($0.5) ($1.4) $0.4 ($1.8) ($2.0) $0.4 Operating Margin 0.8% -2.8% -14.1% -23.5% 5.8% -9.6% -9.8% $0.1 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($1.3) ($1.8) $0.4 Diluted Income (Loss) Per Share ($0.01) $0.00 ($0.04) ($0.12) $0.04 ($0.13) ($0.17) $0.04 Non-GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($0.2) $0.4 ($1.5) ($0.7) $0.4 Non-GAAP Diluted Income (Loss) Per Share ($0.01) $0.00 ($0.04) ($0.02) $0.04 ($0.14) ($0.07) $0.04 nm = not measurable/meaningful; *may not add up due to rounding Dial-in and Webcast Information Date/Time: Tuesday, November 14, 2023, 12:00 p.m. ET Toll-Free: 1-877-407-4018 Toll/International: 1-201-689-8471 Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time. Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1642336&tp_key=f7b20dddac Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Tuesday, November 28, 2023 at 11:59 p.m. ET Access ID: 13742538 Telephone Replays will be made available after conference end time. About Moving iMage Technologies Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com. Forward-Looking Statements All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements. MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) September 30, June 30, 2023 2023 (unaudited) Assets Current Assets: Cash $ 6,408 $ 6,616 Accounts receivable, net 2,042 905 Inventories, net 4,752 4,419 Prepaid expenses and other 248 451 Total Current Assets 13,450 12,391 Long-Term Assets: Right-of-use asset 349 415 Property and equipment, net 26 28 Intangibles, net 466 480 Other assets 16 16 Total Long-Term Assets 857 939 Total Assets $ 14,307 $ 13,330 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 2,912 $ 1,507 Accrued expenses 843 618 Customer deposits 2,153 3,169 Lease liability–current 288 280 Unearned warranty revenue 12 26 Total Current Liabilities 6,208 5,600 Long-Term Liabilities: Lease liability–non-current 76 151 Total Long-Term Liabilities 76 151 Total Liabilities 6,284 5,751 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,685,778 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively — — Additional paid-in capital 12,467 12,462 Accumulated deficit (4,444 ) (4,883 ) Total Stockholders’ Equity 8,023 7,579 Total Liabilities and Stockholders’ Equity $ 14,307 $ 13,330 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) Three Months Ended Three Months Ended September 30, September 30, 2023 2022 (unaudited) Net sales $ 6,635 $ 5,852 Cost of goods sold 4,816 4,293 Gross profit 1,819 1,559 Operating expenses: Research and development 67 66 Selling and marketing 542 610 General and administrative 826 835 Total operating expenses 1,435 1,511 Operating profit 384 48 Other income (expense) Unrealized loss on marketable securities — (140 ) Realized loss on marketable securities — (23 ) Interest and other income, net 55 20 Total other expense (income) 55 (143 ) Net profit/(loss) $ 439 $ (95 ) Weighted average shares outstanding: basic and diluted 10,685,778 10,928,724 Net profit/(loss) per common share basic and diluted $ 0.04 $ (0.01 ) MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended Three Months Ended September 30, September 30, 2023 2022 Cash flows from operating activities: Net profit/(loss) $ 439 $ (95 ) Adjustments to reconcile net profit/(loss) to net cash provided by (used in) operating activities: Provision for doubtful accounts 1 3 Depreciation expense 3 2 Amortization expense 14 24 ROU amortization 66 (5 ) Stock option compensation expense 5 — Unrealized loss on investments — 140 Realized loss on investments — 23 Changes in operating assets and liabilities Accounts receivable (1,138 ) 9 Inventories, net (333 ) (887 ) Prepaid expenses and other 203 425 Accounts payable 1,405 1,597 Accrued expenses 225 28 Unearned warranty revenue (14 ) 28 Customer deposits (1,016 ) (1,312 ) Lease liabilities (67 ) — Net cash used in operating activities (207 ) (20 ) Cash flows from investing activities Sales of marketable securities — 493 Purchases of marketable securities — (517 ) Purchases of property and equipment (1 ) (2 ) Net cash used in investing activities (1 ) (26 ) Net decrease in cash (208 ) (46 ) Cash, beginning of the year 6,616 2,340 Cash, end of the year $ 6,408 $ 2,294 Use of Non-GAAP Measures The Company uses non-GAAP net income/loss and earnings/loss per share as a measure customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that the elimination of one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and when comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under GAAP in the United States of America and should not be considered an alternative to net income as an indicator of our operating performance. RECONCILIATION OF NON-GAAP ITEMS (in millions except for per share numbers) in millions, except for Income (loss) per Share 1Q23 2Q23 3Q23 4Q23 1Q24 FY22 FY23 YTD FY24 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($1.3) ($1.8) $0.4 Other Income (expense) ($0.2) $0.0 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 Impairments $0.0 $0.0 $0.0 $0.6 $0.0 $0.0 $0.6 $0.0 SNDBX Write-off $0.0 $0.0 $0.0 $0.4 $0.0 $0.0 $0.4 $0.0 Stock Compensation Expense $0.0 $0.0 $0.0 $0.1 $0.0 $0.4 $0.1 $0.0 PPP Adjustment $0.0 $0.0 $0.0 $0.0 $0.0 ($0.7) $0.0 $0.0 Non-GAAP Net Income (Loss) $0.1 $0.0 ($0.4) ($0.2) $0.4 ($1.5) ($0.7) $0.4 Non-GAAP Diluted Income (Loss) Per Share $0.01 $0.0 ($0.04) ($0.02) $0.04 ($0.14) ($0.07) $0.0 Shares O/S 10.9 11.0 11.0 10.9 10.7 10.6 10.9 10.7 View source version on businesswire.com: https://www.businesswire.com/news/home/20231114785533/en/Contacts Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Moving iMage Technologies Announces First Quarter Fiscal 2024 Results By: Moving iMage Technologies, Inc. via Business Wire November 14, 2023 at 07:00 AM EST Revenue increased 13%; gross profit increased 17%; gross margin of 27.4%; GAAP and Non-GAAP EPS of $0.04 Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its first quarter ended September 30, 2023. “We started the new fiscal year on a strong note with double-digit growth in revenue, gross margin expansion and profits,” said Phil Rafnson, chairman and chief executive officer, MiT. “We’ve been talking about a technology refresh cycle for several quarters now, and this quarter’s results were encouraging, as projector replacements and our ADA compliance products were a key driver. We also made progress on several of the newer initiatives that we expect to drive revenue growth and profits over the next several years, including receiving our first orders for LEA Professional’s smart power amplifiers. “From a capital allocation perspective, we put in place a 10b5-1 trading program for our previously approved share buyback at the end of the quarter. This meant that beginning November 1, the number of trading days that we could repurchase shares increased to approximately 250 days per year versus 90 days previously.” First Quarter Fiscal 2024 Highlights (versus Fiscal 1Q23) Revenue increased 13.4% to $6.6 million compared to $5.9 million; Gross Profit increased of $1.8 million compared to $1.6 million; Gross Margin of 27.4%; GAAP Operating Income of $0.4 million compared to $0.0 million; GAAP Net Income and Earnings per Share (EPS) of $0.4 million and $0.04 compared to a GAAP Net Loss and Loss per Share of ($0.1) million and ($0.01), respectively; Non-GAAP Income and EPS of $0.4 million and $0.04 compared to Non-GAAP Net Income and Income per Share of $0.1 million and $0.01, respectively. Select Financial Metrics: FY24 versus FY23 as of 9/30/2023* in millions, except for Income (loss) per Share and percentages 1Q24 1Q23 Change Total Revenue $6.6 $5.9 13.4% Gross Profit $1.8 $1.6 16.7% Gross Margin 27.4% 26.6% Operating Income $0.4 $0.0 700.0% Operating Margin 5.8% 0.8% GAAP Net Income (Loss) $0.4 ($0.1) nm GAAP Earnings (Loss) per Share $0.04 ($0.01) nm Non-GAAP Net Income (Loss) $0.4 ($0.1) nm Non-GAAP Income (Loss) Per Share $0.04 ($0.01) nm nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2024 Commentary “With the Hollywood strikes now behind us, the industry can jump start the production and release schedules and our customers, the cinema owners, which were not able to budget their expenditures with any confidence during the strike, can now start planning as well. Our initial fiscal 2024 guidance, which only included our legacy business and not our newer and emerging businesses, for low double-digit revenue growth with continuing to move towards break-even on a non-GAAP basis, took these delays into account with a down second quarter and a stronger second half of the year. “That said, we continue to see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. For instance, our guidance doesn’t include any sales of LEA Professional smart power amplifiers, but, in the second fiscal quarter, we already announced two orders for these products, and there is ongoing evaluation and testing occurring at more cinemas as we speak. Additional areas of potential upside include: an ADA compliance product refresh at a large national circuit that we are working to lock down; order growth in Esports shipments above the modest fiscal 2023 levels; National Amusements rolling out CineQC to its international locations; initial sales of MiTranslator and other international sales. Given these significant opportunities to accelerate growth, we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson. Trended Financials* in millions, except for Income (loss) per Share and percentages 1Q23 2Q23 3Q23 4Q23 1Q24 FY22 FY23 YTD FY24 Total Revenue $5.9 $4.8 $3.7 $5.8 $6.6 $18.4 $20.2 $6.6 Gross Profit $1.6 $1.3 $1.0 $1.4 $1.8 $4.5 $5.3 $1.8 Gross Margin 26.6% 27.1% 27.9% 24.2% 27.4% 24.3% 26.3% $0.3 Operating Loss $0.0 ($0.1) ($0.5) ($1.4) $0.4 ($1.8) ($2.0) $0.4 Operating Margin 0.8% -2.8% -14.1% -23.5% 5.8% -9.6% -9.8% $0.1 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($1.3) ($1.8) $0.4 Diluted Income (Loss) Per Share ($0.01) $0.00 ($0.04) ($0.12) $0.04 ($0.13) ($0.17) $0.04 Non-GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($0.2) $0.4 ($1.5) ($0.7) $0.4 Non-GAAP Diluted Income (Loss) Per Share ($0.01) $0.00 ($0.04) ($0.02) $0.04 ($0.14) ($0.07) $0.04 nm = not measurable/meaningful; *may not add up due to rounding Dial-in and Webcast Information Date/Time: Tuesday, November 14, 2023, 12:00 p.m. ET Toll-Free: 1-877-407-4018 Toll/International: 1-201-689-8471 Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time. Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1642336&tp_key=f7b20dddac Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Tuesday, November 28, 2023 at 11:59 p.m. ET Access ID: 13742538 Telephone Replays will be made available after conference end time. About Moving iMage Technologies Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com. Forward-Looking Statements All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements. MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) September 30, June 30, 2023 2023 (unaudited) Assets Current Assets: Cash $ 6,408 $ 6,616 Accounts receivable, net 2,042 905 Inventories, net 4,752 4,419 Prepaid expenses and other 248 451 Total Current Assets 13,450 12,391 Long-Term Assets: Right-of-use asset 349 415 Property and equipment, net 26 28 Intangibles, net 466 480 Other assets 16 16 Total Long-Term Assets 857 939 Total Assets $ 14,307 $ 13,330 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 2,912 $ 1,507 Accrued expenses 843 618 Customer deposits 2,153 3,169 Lease liability–current 288 280 Unearned warranty revenue 12 26 Total Current Liabilities 6,208 5,600 Long-Term Liabilities: Lease liability–non-current 76 151 Total Long-Term Liabilities 76 151 Total Liabilities 6,284 5,751 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,685,778 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively — — Additional paid-in capital 12,467 12,462 Accumulated deficit (4,444 ) (4,883 ) Total Stockholders’ Equity 8,023 7,579 Total Liabilities and Stockholders’ Equity $ 14,307 $ 13,330 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) Three Months Ended Three Months Ended September 30, September 30, 2023 2022 (unaudited) Net sales $ 6,635 $ 5,852 Cost of goods sold 4,816 4,293 Gross profit 1,819 1,559 Operating expenses: Research and development 67 66 Selling and marketing 542 610 General and administrative 826 835 Total operating expenses 1,435 1,511 Operating profit 384 48 Other income (expense) Unrealized loss on marketable securities — (140 ) Realized loss on marketable securities — (23 ) Interest and other income, net 55 20 Total other expense (income) 55 (143 ) Net profit/(loss) $ 439 $ (95 ) Weighted average shares outstanding: basic and diluted 10,685,778 10,928,724 Net profit/(loss) per common share basic and diluted $ 0.04 $ (0.01 ) MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended Three Months Ended September 30, September 30, 2023 2022 Cash flows from operating activities: Net profit/(loss) $ 439 $ (95 ) Adjustments to reconcile net profit/(loss) to net cash provided by (used in) operating activities: Provision for doubtful accounts 1 3 Depreciation expense 3 2 Amortization expense 14 24 ROU amortization 66 (5 ) Stock option compensation expense 5 — Unrealized loss on investments — 140 Realized loss on investments — 23 Changes in operating assets and liabilities Accounts receivable (1,138 ) 9 Inventories, net (333 ) (887 ) Prepaid expenses and other 203 425 Accounts payable 1,405 1,597 Accrued expenses 225 28 Unearned warranty revenue (14 ) 28 Customer deposits (1,016 ) (1,312 ) Lease liabilities (67 ) — Net cash used in operating activities (207 ) (20 ) Cash flows from investing activities Sales of marketable securities — 493 Purchases of marketable securities — (517 ) Purchases of property and equipment (1 ) (2 ) Net cash used in investing activities (1 ) (26 ) Net decrease in cash (208 ) (46 ) Cash, beginning of the year 6,616 2,340 Cash, end of the year $ 6,408 $ 2,294 Use of Non-GAAP Measures The Company uses non-GAAP net income/loss and earnings/loss per share as a measure customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that the elimination of one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and when comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under GAAP in the United States of America and should not be considered an alternative to net income as an indicator of our operating performance. RECONCILIATION OF NON-GAAP ITEMS (in millions except for per share numbers) in millions, except for Income (loss) per Share 1Q23 2Q23 3Q23 4Q23 1Q24 FY22 FY23 YTD FY24 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($1.3) ($1.8) $0.4 Other Income (expense) ($0.2) $0.0 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 Impairments $0.0 $0.0 $0.0 $0.6 $0.0 $0.0 $0.6 $0.0 SNDBX Write-off $0.0 $0.0 $0.0 $0.4 $0.0 $0.0 $0.4 $0.0 Stock Compensation Expense $0.0 $0.0 $0.0 $0.1 $0.0 $0.4 $0.1 $0.0 PPP Adjustment $0.0 $0.0 $0.0 $0.0 $0.0 ($0.7) $0.0 $0.0 Non-GAAP Net Income (Loss) $0.1 $0.0 ($0.4) ($0.2) $0.4 ($1.5) ($0.7) $0.4 Non-GAAP Diluted Income (Loss) Per Share $0.01 $0.0 ($0.04) ($0.02) $0.04 ($0.14) ($0.07) $0.0 Shares O/S 10.9 11.0 11.0 10.9 10.7 10.6 10.9 10.7 View source version on businesswire.com: https://www.businesswire.com/news/home/20231114785533/en/Contacts Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com
Revenue increased 13%; gross profit increased 17%; gross margin of 27.4%; GAAP and Non-GAAP EPS of $0.04
Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its first quarter ended September 30, 2023. “We started the new fiscal year on a strong note with double-digit growth in revenue, gross margin expansion and profits,” said Phil Rafnson, chairman and chief executive officer, MiT. “We’ve been talking about a technology refresh cycle for several quarters now, and this quarter’s results were encouraging, as projector replacements and our ADA compliance products were a key driver. We also made progress on several of the newer initiatives that we expect to drive revenue growth and profits over the next several years, including receiving our first orders for LEA Professional’s smart power amplifiers. “From a capital allocation perspective, we put in place a 10b5-1 trading program for our previously approved share buyback at the end of the quarter. This meant that beginning November 1, the number of trading days that we could repurchase shares increased to approximately 250 days per year versus 90 days previously.” First Quarter Fiscal 2024 Highlights (versus Fiscal 1Q23) Revenue increased 13.4% to $6.6 million compared to $5.9 million; Gross Profit increased of $1.8 million compared to $1.6 million; Gross Margin of 27.4%; GAAP Operating Income of $0.4 million compared to $0.0 million; GAAP Net Income and Earnings per Share (EPS) of $0.4 million and $0.04 compared to a GAAP Net Loss and Loss per Share of ($0.1) million and ($0.01), respectively; Non-GAAP Income and EPS of $0.4 million and $0.04 compared to Non-GAAP Net Income and Income per Share of $0.1 million and $0.01, respectively. Select Financial Metrics: FY24 versus FY23 as of 9/30/2023* in millions, except for Income (loss) per Share and percentages 1Q24 1Q23 Change Total Revenue $6.6 $5.9 13.4% Gross Profit $1.8 $1.6 16.7% Gross Margin 27.4% 26.6% Operating Income $0.4 $0.0 700.0% Operating Margin 5.8% 0.8% GAAP Net Income (Loss) $0.4 ($0.1) nm GAAP Earnings (Loss) per Share $0.04 ($0.01) nm Non-GAAP Net Income (Loss) $0.4 ($0.1) nm Non-GAAP Income (Loss) Per Share $0.04 ($0.01) nm nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2024 Commentary “With the Hollywood strikes now behind us, the industry can jump start the production and release schedules and our customers, the cinema owners, which were not able to budget their expenditures with any confidence during the strike, can now start planning as well. Our initial fiscal 2024 guidance, which only included our legacy business and not our newer and emerging businesses, for low double-digit revenue growth with continuing to move towards break-even on a non-GAAP basis, took these delays into account with a down second quarter and a stronger second half of the year. “That said, we continue to see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. For instance, our guidance doesn’t include any sales of LEA Professional smart power amplifiers, but, in the second fiscal quarter, we already announced two orders for these products, and there is ongoing evaluation and testing occurring at more cinemas as we speak. Additional areas of potential upside include: an ADA compliance product refresh at a large national circuit that we are working to lock down; order growth in Esports shipments above the modest fiscal 2023 levels; National Amusements rolling out CineQC to its international locations; initial sales of MiTranslator and other international sales. Given these significant opportunities to accelerate growth, we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson. Trended Financials* in millions, except for Income (loss) per Share and percentages 1Q23 2Q23 3Q23 4Q23 1Q24 FY22 FY23 YTD FY24 Total Revenue $5.9 $4.8 $3.7 $5.8 $6.6 $18.4 $20.2 $6.6 Gross Profit $1.6 $1.3 $1.0 $1.4 $1.8 $4.5 $5.3 $1.8 Gross Margin 26.6% 27.1% 27.9% 24.2% 27.4% 24.3% 26.3% $0.3 Operating Loss $0.0 ($0.1) ($0.5) ($1.4) $0.4 ($1.8) ($2.0) $0.4 Operating Margin 0.8% -2.8% -14.1% -23.5% 5.8% -9.6% -9.8% $0.1 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($1.3) ($1.8) $0.4 Diluted Income (Loss) Per Share ($0.01) $0.00 ($0.04) ($0.12) $0.04 ($0.13) ($0.17) $0.04 Non-GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($0.2) $0.4 ($1.5) ($0.7) $0.4 Non-GAAP Diluted Income (Loss) Per Share ($0.01) $0.00 ($0.04) ($0.02) $0.04 ($0.14) ($0.07) $0.04 nm = not measurable/meaningful; *may not add up due to rounding Dial-in and Webcast Information Date/Time: Tuesday, November 14, 2023, 12:00 p.m. ET Toll-Free: 1-877-407-4018 Toll/International: 1-201-689-8471 Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time. Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1642336&tp_key=f7b20dddac Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Tuesday, November 28, 2023 at 11:59 p.m. ET Access ID: 13742538 Telephone Replays will be made available after conference end time. About Moving iMage Technologies Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com. Forward-Looking Statements All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements. MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) September 30, June 30, 2023 2023 (unaudited) Assets Current Assets: Cash $ 6,408 $ 6,616 Accounts receivable, net 2,042 905 Inventories, net 4,752 4,419 Prepaid expenses and other 248 451 Total Current Assets 13,450 12,391 Long-Term Assets: Right-of-use asset 349 415 Property and equipment, net 26 28 Intangibles, net 466 480 Other assets 16 16 Total Long-Term Assets 857 939 Total Assets $ 14,307 $ 13,330 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 2,912 $ 1,507 Accrued expenses 843 618 Customer deposits 2,153 3,169 Lease liability–current 288 280 Unearned warranty revenue 12 26 Total Current Liabilities 6,208 5,600 Long-Term Liabilities: Lease liability–non-current 76 151 Total Long-Term Liabilities 76 151 Total Liabilities 6,284 5,751 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,685,778 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively — — Additional paid-in capital 12,467 12,462 Accumulated deficit (4,444 ) (4,883 ) Total Stockholders’ Equity 8,023 7,579 Total Liabilities and Stockholders’ Equity $ 14,307 $ 13,330 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) Three Months Ended Three Months Ended September 30, September 30, 2023 2022 (unaudited) Net sales $ 6,635 $ 5,852 Cost of goods sold 4,816 4,293 Gross profit 1,819 1,559 Operating expenses: Research and development 67 66 Selling and marketing 542 610 General and administrative 826 835 Total operating expenses 1,435 1,511 Operating profit 384 48 Other income (expense) Unrealized loss on marketable securities — (140 ) Realized loss on marketable securities — (23 ) Interest and other income, net 55 20 Total other expense (income) 55 (143 ) Net profit/(loss) $ 439 $ (95 ) Weighted average shares outstanding: basic and diluted 10,685,778 10,928,724 Net profit/(loss) per common share basic and diluted $ 0.04 $ (0.01 ) MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended Three Months Ended September 30, September 30, 2023 2022 Cash flows from operating activities: Net profit/(loss) $ 439 $ (95 ) Adjustments to reconcile net profit/(loss) to net cash provided by (used in) operating activities: Provision for doubtful accounts 1 3 Depreciation expense 3 2 Amortization expense 14 24 ROU amortization 66 (5 ) Stock option compensation expense 5 — Unrealized loss on investments — 140 Realized loss on investments — 23 Changes in operating assets and liabilities Accounts receivable (1,138 ) 9 Inventories, net (333 ) (887 ) Prepaid expenses and other 203 425 Accounts payable 1,405 1,597 Accrued expenses 225 28 Unearned warranty revenue (14 ) 28 Customer deposits (1,016 ) (1,312 ) Lease liabilities (67 ) — Net cash used in operating activities (207 ) (20 ) Cash flows from investing activities Sales of marketable securities — 493 Purchases of marketable securities — (517 ) Purchases of property and equipment (1 ) (2 ) Net cash used in investing activities (1 ) (26 ) Net decrease in cash (208 ) (46 ) Cash, beginning of the year 6,616 2,340 Cash, end of the year $ 6,408 $ 2,294 Use of Non-GAAP Measures The Company uses non-GAAP net income/loss and earnings/loss per share as a measure customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that the elimination of one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and when comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under GAAP in the United States of America and should not be considered an alternative to net income as an indicator of our operating performance. RECONCILIATION OF NON-GAAP ITEMS (in millions except for per share numbers) in millions, except for Income (loss) per Share 1Q23 2Q23 3Q23 4Q23 1Q24 FY22 FY23 YTD FY24 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($1.3) ($1.8) $0.4 Other Income (expense) ($0.2) $0.0 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 Impairments $0.0 $0.0 $0.0 $0.6 $0.0 $0.0 $0.6 $0.0 SNDBX Write-off $0.0 $0.0 $0.0 $0.4 $0.0 $0.0 $0.4 $0.0 Stock Compensation Expense $0.0 $0.0 $0.0 $0.1 $0.0 $0.4 $0.1 $0.0 PPP Adjustment $0.0 $0.0 $0.0 $0.0 $0.0 ($0.7) $0.0 $0.0 Non-GAAP Net Income (Loss) $0.1 $0.0 ($0.4) ($0.2) $0.4 ($1.5) ($0.7) $0.4 Non-GAAP Diluted Income (Loss) Per Share $0.01 $0.0 ($0.04) ($0.02) $0.04 ($0.14) ($0.07) $0.0 Shares O/S 10.9 11.0 11.0 10.9 10.7 10.6 10.9 10.7 View source version on businesswire.com: https://www.businesswire.com/news/home/20231114785533/en/