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 CORRECTING and REPLACING Moving iMage Technologies Announces Third Quarter Fiscal 2023 Results By: Moving iMage Technologies, Inc. via Business Wire May 15, 2023 at 10:25 AM EDT In the Earnings Conference Call and Webcast Information section, the first sentence should read "Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 12:00 p.m Eastern Time." (Instead of "Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 11:00 a.m Eastern Time.") The updated release reads: MOVING IMAGE TECHNOLOGIES ANNOUNCES THIRD QUARTER FISCAL 2023 RESULTS Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading digital cinema technology company, today announced results for its third fiscal quarter ended March 31, 2023. “Our results were impacted by project timing, with one large project and portions of a few smaller ones pushing out into next fiscal year,” said Phil Rafnson, chairman and chief executive officer. “I want to stress that this is a normal part of our business today and does not indicate any demand weakness. However, this situation is a key driver for our strategy to spur growth and diversify our business into higher-margin, recurring revenue offerings and new markets. On that front, our gross margin expanded significantly versus last year. We are also seeing momentum start to pick up for our Esports and ADA products and with the technology upgrade cycle for projectors and servers.” Fiscal Third Quarter 2023 Highlights (versus Fiscal 2Q22) Revenue of $3.7 million compared to $5.8 million; Gross Profit of $1.0 million compared to $1.3 million, and Gross Margin expanded by 440 basis points to 27.9%; Operating Loss of ($0.5) million compared to ($0.1) million; GAAP Net Loss and Loss per Share of ($0.4) million and ($0.04) compared to GAAP Net Income and EPS of $0.6 million and $0.06, respectively; Non-GAAP Net Loss and Loss per Share of ($0.4) million and ($0.04) compared to Non-GAAP Net Loss and Loss per Share of ($0.1) million and ($0.00), respectively; Last year’s Non-GAAP Net Loss excluded $0.7 million, or $0.06 per share, related to the forgiveness of a PPP loan. Select Financial Metrics: FY23 versus FY22 as of 3/31/2022* (in millions, except for Loss per Share and percentages) 3Q23 3Q22 Change YTD 3Q23 YTD 3Q22 Change Total Revenue $ 3.7 $ 5.8 -35.9 % $ 14.4 $ 12.7 13.4 % Gross Profit $ 1.0 $ 1.4 -23.8 % $ 3.9 $ 3.0 29.3 % Gross Margin 27.9 % 23.4 % 26.7 % 23.5 % Operating Income (Loss) ($ 0.5 ) ($ 0.1 ) -301.5 % ($ 0.7 ) ($ 1.3 ) 48.9 % Operating Margin -14.1 % -2.2 % -4.6 % -10.3 % GAAP Net Income (Loss) ($ 0.4 ) $ 0.6 nm ($ 0.5 ) ($ 0.6 ) 15.9 % GAAP Diluted Earnings (Loss) Per Share ($ 0.04 ) $ 0.06 nm ($ 0.04 ) ($ 0.06 ) 30.7 % Non-GAAP Net Income (Loss) ($ 0.4 ) ($ 0.1 ) -715.4 % ($ 0.4 ) ($ 0.4 ) -6.0 % Non-GAAP Diluted Income (Loss) Per Share ($ 0.04 ) ($ 0.00 ) -691.6 % ($ 0.04 ) ($ 0.00 ) -691.6 % nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2023 Commentary and Guidance Fiscal 2023 Guidance Fiscal 2022 Actuals Change Revenue +~10% $18.4 Million ~10% Diluted Loss per Share ($0.07) - ($0.06) ($0.13) $0.06 - $0.07 Diluted Shares Outstanding 10.9 million 10.6 million 0.3 million “Our updated guidance reflects the impact of the project pushes and the associated timing changes for the third and fourth quarters, which will negatively impact our revenue and EPS by approximately $3.4 million and approximately $0.06 to $0.07 per share in fiscal 2023, but will positively impact fiscal 2024, which starts in July. “We also expect the fourth quarter to set the stage for strong momentum heading into fiscal 2024. We recently announced new Esports orders and expanded our strategic relationship with SNDBX, giving us even more confidence about the Esports opportunity. Additionally, CinemaCon, the major movie industry tradeshow in late April, was a strong success for both the industry and MiT. The Esports offering continues to draw significant, actionable interest while the pipeline grows. Also, our new global distribution partnership with LEA Professional for power amplifiers drew a lot of interest and test orders from potential customers. Finally, our MiTranslator had a lot of actionable interest as well. With respect to the MiTranslator offering, industry support from the North American Theater Owners industry group for moving from ADA compliance to increasing the potential market for moviegoers through marketing initiatives plays right into our offering’s value proposition. Finally, we saw three top 10 theater chains start planning for testing the MiTranslator over the Summer,” concluded Rafnson. Earnings Conference Call and Webcast Information Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 12:00 p.m Eastern Time. Investors can submit questions ahead of time to brian@haydenir.com or ask questions through the webcast portal in real time. Dial-in and Webcast Information Date/Time: Monday, May 15, 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=1614934&tp_key=e23f9f3e24 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Monday, May 29, 2023 at 11:59 p.m. ET Access ID: 13738733 Telephone Replays will be made available approximately 3 hours 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 Condensed Consolidated Balance Sheets (in 1000's except share and per share amounts) March 31, 2023 2022 Assets (unaudited) Current Assets: Cash and Cash Equivalents $ 6,357 $ 2,340 Marketable Securities, Current - 4,363 Accounts receivable, net 979 1,762 Inventories, net 4,836 4,033 Prepaid expenses and other 575 864 Total Current Assets 12,747 13,362 Long-Term Assets: Marketable Securities, non-current - 325 Right-of-use asset 479 - Property, plant and equipment, net 23 22 Intangibles, net 768 839 Goodwill 287 287 Other assets 16 16 Total Long-Term Assets 1,573 1,489 Total Assets $ 14,320 $ 14,851 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 2,141 $ 1,583 Accrued expenses 496 655 Customer deposits 2,092 3,158 Lease liability-current 272 - Unearned warranty revenue 48 18 Total Current Liabilities 5,049 5,414 Long-Term Liabilities: Lease liability-non-current 224 - Deferred rent - 22 Total Long-Term Liabilities 224 22 Total Liabilities 5,273 5,436 Stockholders' Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,910,931 and 10,828,398 shares issued and outstanding at March 31, 2022 and June 30, 2022, respectively - - Additional paid-in capital 12,604 12,500 Accumulated deficit (3,557 ) (3,085) Total Stockholders' Equity 9,047 9,415 Total Liabilities and Stockholders' Equity $ 14,320 $ 14,851 Condensed Consolidated Statements of Operations (in 1000s except share and per share amounts) Three Months Ended March 31, Nine Months Ended March 31, 2023 2022 2023 2022 Net sales $ 3,741 $ 5,835 $ 14,435 $ 12,728 Cost of goods sold 2,699 4,468 10,523 9,743 Gross profit 1,042 1,367 3,912 2,985 Operating expenses: Research and development 66 53 195 172 Selling and marketing 663 539 1,867 1,653 General and administrative 839 906 2,464 2,470 Total operating expenses 1,568 1,498 4,526 4,295 Operating income (loss) (526 ) (131 ) (614 ) (1,310 ) Other (income) expenses: Unrealized (gain) loss on investments (115 ) (17 ) (243 ) (17 ) Realized (gain) loss on investments 34 - 167 - PPP loan and interest forgiveness - (705 ) - (705 ) Interest and other income (1 ) (1 ) (5 ) (2 ) Interest expense - 2 - 40 Other Non-Operating Expenses (20 ) - (61 ) - Total other (income) expense (102 ) (724 ) (142 ) (684 ) Net income (loss) $ (424 ) $ 593 $ (472 ) $ (626 ) Weighted average shares outstanding: basic and diluted 10,956,413 10,636,278 10,947,790 10,508,152 Net loss per common share basic and diluted $ (0.04 ) $ 0.06 $ (0.04 ) $ (0.06 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005321/en/Contacts Contact: 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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CORRECTING and REPLACING Moving iMage Technologies Announces Third Quarter Fiscal 2023 Results By: Moving iMage Technologies, Inc. via Business Wire May 15, 2023 at 10:25 AM EDT In the Earnings Conference Call and Webcast Information section, the first sentence should read "Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 12:00 p.m Eastern Time." (Instead of "Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 11:00 a.m Eastern Time.") The updated release reads: MOVING IMAGE TECHNOLOGIES ANNOUNCES THIRD QUARTER FISCAL 2023 RESULTS Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading digital cinema technology company, today announced results for its third fiscal quarter ended March 31, 2023. “Our results were impacted by project timing, with one large project and portions of a few smaller ones pushing out into next fiscal year,” said Phil Rafnson, chairman and chief executive officer. “I want to stress that this is a normal part of our business today and does not indicate any demand weakness. However, this situation is a key driver for our strategy to spur growth and diversify our business into higher-margin, recurring revenue offerings and new markets. On that front, our gross margin expanded significantly versus last year. We are also seeing momentum start to pick up for our Esports and ADA products and with the technology upgrade cycle for projectors and servers.” Fiscal Third Quarter 2023 Highlights (versus Fiscal 2Q22) Revenue of $3.7 million compared to $5.8 million; Gross Profit of $1.0 million compared to $1.3 million, and Gross Margin expanded by 440 basis points to 27.9%; Operating Loss of ($0.5) million compared to ($0.1) million; GAAP Net Loss and Loss per Share of ($0.4) million and ($0.04) compared to GAAP Net Income and EPS of $0.6 million and $0.06, respectively; Non-GAAP Net Loss and Loss per Share of ($0.4) million and ($0.04) compared to Non-GAAP Net Loss and Loss per Share of ($0.1) million and ($0.00), respectively; Last year’s Non-GAAP Net Loss excluded $0.7 million, or $0.06 per share, related to the forgiveness of a PPP loan. Select Financial Metrics: FY23 versus FY22 as of 3/31/2022* (in millions, except for Loss per Share and percentages) 3Q23 3Q22 Change YTD 3Q23 YTD 3Q22 Change Total Revenue $ 3.7 $ 5.8 -35.9 % $ 14.4 $ 12.7 13.4 % Gross Profit $ 1.0 $ 1.4 -23.8 % $ 3.9 $ 3.0 29.3 % Gross Margin 27.9 % 23.4 % 26.7 % 23.5 % Operating Income (Loss) ($ 0.5 ) ($ 0.1 ) -301.5 % ($ 0.7 ) ($ 1.3 ) 48.9 % Operating Margin -14.1 % -2.2 % -4.6 % -10.3 % GAAP Net Income (Loss) ($ 0.4 ) $ 0.6 nm ($ 0.5 ) ($ 0.6 ) 15.9 % GAAP Diluted Earnings (Loss) Per Share ($ 0.04 ) $ 0.06 nm ($ 0.04 ) ($ 0.06 ) 30.7 % Non-GAAP Net Income (Loss) ($ 0.4 ) ($ 0.1 ) -715.4 % ($ 0.4 ) ($ 0.4 ) -6.0 % Non-GAAP Diluted Income (Loss) Per Share ($ 0.04 ) ($ 0.00 ) -691.6 % ($ 0.04 ) ($ 0.00 ) -691.6 % nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2023 Commentary and Guidance Fiscal 2023 Guidance Fiscal 2022 Actuals Change Revenue +~10% $18.4 Million ~10% Diluted Loss per Share ($0.07) - ($0.06) ($0.13) $0.06 - $0.07 Diluted Shares Outstanding 10.9 million 10.6 million 0.3 million “Our updated guidance reflects the impact of the project pushes and the associated timing changes for the third and fourth quarters, which will negatively impact our revenue and EPS by approximately $3.4 million and approximately $0.06 to $0.07 per share in fiscal 2023, but will positively impact fiscal 2024, which starts in July. “We also expect the fourth quarter to set the stage for strong momentum heading into fiscal 2024. We recently announced new Esports orders and expanded our strategic relationship with SNDBX, giving us even more confidence about the Esports opportunity. Additionally, CinemaCon, the major movie industry tradeshow in late April, was a strong success for both the industry and MiT. The Esports offering continues to draw significant, actionable interest while the pipeline grows. Also, our new global distribution partnership with LEA Professional for power amplifiers drew a lot of interest and test orders from potential customers. Finally, our MiTranslator had a lot of actionable interest as well. With respect to the MiTranslator offering, industry support from the North American Theater Owners industry group for moving from ADA compliance to increasing the potential market for moviegoers through marketing initiatives plays right into our offering’s value proposition. Finally, we saw three top 10 theater chains start planning for testing the MiTranslator over the Summer,” concluded Rafnson. Earnings Conference Call and Webcast Information Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 12:00 p.m Eastern Time. Investors can submit questions ahead of time to brian@haydenir.com or ask questions through the webcast portal in real time. Dial-in and Webcast Information Date/Time: Monday, May 15, 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=1614934&tp_key=e23f9f3e24 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Monday, May 29, 2023 at 11:59 p.m. ET Access ID: 13738733 Telephone Replays will be made available approximately 3 hours 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 Condensed Consolidated Balance Sheets (in 1000's except share and per share amounts) March 31, 2023 2022 Assets (unaudited) Current Assets: Cash and Cash Equivalents $ 6,357 $ 2,340 Marketable Securities, Current - 4,363 Accounts receivable, net 979 1,762 Inventories, net 4,836 4,033 Prepaid expenses and other 575 864 Total Current Assets 12,747 13,362 Long-Term Assets: Marketable Securities, non-current - 325 Right-of-use asset 479 - Property, plant and equipment, net 23 22 Intangibles, net 768 839 Goodwill 287 287 Other assets 16 16 Total Long-Term Assets 1,573 1,489 Total Assets $ 14,320 $ 14,851 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 2,141 $ 1,583 Accrued expenses 496 655 Customer deposits 2,092 3,158 Lease liability-current 272 - Unearned warranty revenue 48 18 Total Current Liabilities 5,049 5,414 Long-Term Liabilities: Lease liability-non-current 224 - Deferred rent - 22 Total Long-Term Liabilities 224 22 Total Liabilities 5,273 5,436 Stockholders' Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,910,931 and 10,828,398 shares issued and outstanding at March 31, 2022 and June 30, 2022, respectively - - Additional paid-in capital 12,604 12,500 Accumulated deficit (3,557 ) (3,085) Total Stockholders' Equity 9,047 9,415 Total Liabilities and Stockholders' Equity $ 14,320 $ 14,851 Condensed Consolidated Statements of Operations (in 1000s except share and per share amounts) Three Months Ended March 31, Nine Months Ended March 31, 2023 2022 2023 2022 Net sales $ 3,741 $ 5,835 $ 14,435 $ 12,728 Cost of goods sold 2,699 4,468 10,523 9,743 Gross profit 1,042 1,367 3,912 2,985 Operating expenses: Research and development 66 53 195 172 Selling and marketing 663 539 1,867 1,653 General and administrative 839 906 2,464 2,470 Total operating expenses 1,568 1,498 4,526 4,295 Operating income (loss) (526 ) (131 ) (614 ) (1,310 ) Other (income) expenses: Unrealized (gain) loss on investments (115 ) (17 ) (243 ) (17 ) Realized (gain) loss on investments 34 - 167 - PPP loan and interest forgiveness - (705 ) - (705 ) Interest and other income (1 ) (1 ) (5 ) (2 ) Interest expense - 2 - 40 Other Non-Operating Expenses (20 ) - (61 ) - Total other (income) expense (102 ) (724 ) (142 ) (684 ) Net income (loss) $ (424 ) $ 593 $ (472 ) $ (626 ) Weighted average shares outstanding: basic and diluted 10,956,413 10,636,278 10,947,790 10,508,152 Net loss per common share basic and diluted $ (0.04 ) $ 0.06 $ (0.04 ) $ (0.06 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005321/en/Contacts Contact: Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com
In the Earnings Conference Call and Webcast Information section, the first sentence should read "Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 12:00 p.m Eastern Time." (Instead of "Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 11:00 a.m Eastern Time.") The updated release reads: MOVING IMAGE TECHNOLOGIES ANNOUNCES THIRD QUARTER FISCAL 2023 RESULTS Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading digital cinema technology company, today announced results for its third fiscal quarter ended March 31, 2023. “Our results were impacted by project timing, with one large project and portions of a few smaller ones pushing out into next fiscal year,” said Phil Rafnson, chairman and chief executive officer. “I want to stress that this is a normal part of our business today and does not indicate any demand weakness. However, this situation is a key driver for our strategy to spur growth and diversify our business into higher-margin, recurring revenue offerings and new markets. On that front, our gross margin expanded significantly versus last year. We are also seeing momentum start to pick up for our Esports and ADA products and with the technology upgrade cycle for projectors and servers.” Fiscal Third Quarter 2023 Highlights (versus Fiscal 2Q22) Revenue of $3.7 million compared to $5.8 million; Gross Profit of $1.0 million compared to $1.3 million, and Gross Margin expanded by 440 basis points to 27.9%; Operating Loss of ($0.5) million compared to ($0.1) million; GAAP Net Loss and Loss per Share of ($0.4) million and ($0.04) compared to GAAP Net Income and EPS of $0.6 million and $0.06, respectively; Non-GAAP Net Loss and Loss per Share of ($0.4) million and ($0.04) compared to Non-GAAP Net Loss and Loss per Share of ($0.1) million and ($0.00), respectively; Last year’s Non-GAAP Net Loss excluded $0.7 million, or $0.06 per share, related to the forgiveness of a PPP loan. Select Financial Metrics: FY23 versus FY22 as of 3/31/2022* (in millions, except for Loss per Share and percentages) 3Q23 3Q22 Change YTD 3Q23 YTD 3Q22 Change Total Revenue $ 3.7 $ 5.8 -35.9 % $ 14.4 $ 12.7 13.4 % Gross Profit $ 1.0 $ 1.4 -23.8 % $ 3.9 $ 3.0 29.3 % Gross Margin 27.9 % 23.4 % 26.7 % 23.5 % Operating Income (Loss) ($ 0.5 ) ($ 0.1 ) -301.5 % ($ 0.7 ) ($ 1.3 ) 48.9 % Operating Margin -14.1 % -2.2 % -4.6 % -10.3 % GAAP Net Income (Loss) ($ 0.4 ) $ 0.6 nm ($ 0.5 ) ($ 0.6 ) 15.9 % GAAP Diluted Earnings (Loss) Per Share ($ 0.04 ) $ 0.06 nm ($ 0.04 ) ($ 0.06 ) 30.7 % Non-GAAP Net Income (Loss) ($ 0.4 ) ($ 0.1 ) -715.4 % ($ 0.4 ) ($ 0.4 ) -6.0 % Non-GAAP Diluted Income (Loss) Per Share ($ 0.04 ) ($ 0.00 ) -691.6 % ($ 0.04 ) ($ 0.00 ) -691.6 % nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2023 Commentary and Guidance Fiscal 2023 Guidance Fiscal 2022 Actuals Change Revenue +~10% $18.4 Million ~10% Diluted Loss per Share ($0.07) - ($0.06) ($0.13) $0.06 - $0.07 Diluted Shares Outstanding 10.9 million 10.6 million 0.3 million “Our updated guidance reflects the impact of the project pushes and the associated timing changes for the third and fourth quarters, which will negatively impact our revenue and EPS by approximately $3.4 million and approximately $0.06 to $0.07 per share in fiscal 2023, but will positively impact fiscal 2024, which starts in July. “We also expect the fourth quarter to set the stage for strong momentum heading into fiscal 2024. We recently announced new Esports orders and expanded our strategic relationship with SNDBX, giving us even more confidence about the Esports opportunity. Additionally, CinemaCon, the major movie industry tradeshow in late April, was a strong success for both the industry and MiT. The Esports offering continues to draw significant, actionable interest while the pipeline grows. Also, our new global distribution partnership with LEA Professional for power amplifiers drew a lot of interest and test orders from potential customers. Finally, our MiTranslator had a lot of actionable interest as well. With respect to the MiTranslator offering, industry support from the North American Theater Owners industry group for moving from ADA compliance to increasing the potential market for moviegoers through marketing initiatives plays right into our offering’s value proposition. Finally, we saw three top 10 theater chains start planning for testing the MiTranslator over the Summer,” concluded Rafnson. Earnings Conference Call and Webcast Information Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 12:00 p.m Eastern Time. Investors can submit questions ahead of time to brian@haydenir.com or ask questions through the webcast portal in real time. Dial-in and Webcast Information Date/Time: Monday, May 15, 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=1614934&tp_key=e23f9f3e24 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Monday, May 29, 2023 at 11:59 p.m. ET Access ID: 13738733 Telephone Replays will be made available approximately 3 hours 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 Condensed Consolidated Balance Sheets (in 1000's except share and per share amounts) March 31, 2023 2022 Assets (unaudited) Current Assets: Cash and Cash Equivalents $ 6,357 $ 2,340 Marketable Securities, Current - 4,363 Accounts receivable, net 979 1,762 Inventories, net 4,836 4,033 Prepaid expenses and other 575 864 Total Current Assets 12,747 13,362 Long-Term Assets: Marketable Securities, non-current - 325 Right-of-use asset 479 - Property, plant and equipment, net 23 22 Intangibles, net 768 839 Goodwill 287 287 Other assets 16 16 Total Long-Term Assets 1,573 1,489 Total Assets $ 14,320 $ 14,851 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 2,141 $ 1,583 Accrued expenses 496 655 Customer deposits 2,092 3,158 Lease liability-current 272 - Unearned warranty revenue 48 18 Total Current Liabilities 5,049 5,414 Long-Term Liabilities: Lease liability-non-current 224 - Deferred rent - 22 Total Long-Term Liabilities 224 22 Total Liabilities 5,273 5,436 Stockholders' Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,910,931 and 10,828,398 shares issued and outstanding at March 31, 2022 and June 30, 2022, respectively - - Additional paid-in capital 12,604 12,500 Accumulated deficit (3,557 ) (3,085) Total Stockholders' Equity 9,047 9,415 Total Liabilities and Stockholders' Equity $ 14,320 $ 14,851 Condensed Consolidated Statements of Operations (in 1000s except share and per share amounts) Three Months Ended March 31, Nine Months Ended March 31, 2023 2022 2023 2022 Net sales $ 3,741 $ 5,835 $ 14,435 $ 12,728 Cost of goods sold 2,699 4,468 10,523 9,743 Gross profit 1,042 1,367 3,912 2,985 Operating expenses: Research and development 66 53 195 172 Selling and marketing 663 539 1,867 1,653 General and administrative 839 906 2,464 2,470 Total operating expenses 1,568 1,498 4,526 4,295 Operating income (loss) (526 ) (131 ) (614 ) (1,310 ) Other (income) expenses: Unrealized (gain) loss on investments (115 ) (17 ) (243 ) (17 ) Realized (gain) loss on investments 34 - 167 - PPP loan and interest forgiveness - (705 ) - (705 ) Interest and other income (1 ) (1 ) (5 ) (2 ) Interest expense - 2 - 40 Other Non-Operating Expenses (20 ) - (61 ) - Total other (income) expense (102 ) (724 ) (142 ) (684 ) Net income (loss) $ (424 ) $ 593 $ (472 ) $ (626 ) Weighted average shares outstanding: basic and diluted 10,956,413 10,636,278 10,947,790 10,508,152 Net loss per common share basic and diluted $ (0.04 ) $ 0.06 $ (0.04 ) $ (0.06 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005321/en/
Contact: Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com