Revenue growth of 241% to $5.8 Million GAAP Net
Income and diluted EPS of $0.6 million and $0.06 Reduced non-GAAP
Net Loss and net Loss Per Share to $0.1 million and $0.00 Increases
fiscal 2022 revenue guidance to $17.5 to $18.5 million (155 to 169%
growth)
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, 2022.
“Robust industry tailwinds combined with our leading market
position drove huge growth this quarter,” said Phil Rafnson,
chairman and chief executive officer. “In addition to it still
being early days in the theater technology upgrade cycle, the
Domestic Box Office continues to benefit from early year tentpoles
with over a dozen more potential blockbusters scheduled to be
released before the end of the year. In addition, the billions of
dollars in Shuttered Venue Operations Grant (SVOG) funds are
flowing more freely, and our strong proprietary product portfolio
and industry leadership position us well to capitalize on these
near to mid-term opportunities.”
Fiscal Third Quarter Highlights (Fiscal
2022 versus fiscal 2021)
- Revenue increased 241.2% to $5.8 million versus $1.7
million;
- GAAP and Non-GAAP operating loss narrowed to ($0.1) million
versus ($0.3) million;
- GAAP Net Income and diluted Earnings Per Share (EPS) of $0.6
million and $0.06 versus a net loss and loss per share of ($0.2)
million and ($0.03), respectively;
- Non-GAAP net loss and diluted loss per share improved to ($0.1)
million and ($0.00) versus ($0.2) million and ($0.03),
respectively;
- Backlog was $10.2 million;
- Cash, cash equivalents and marketable securities of $9.8
million.
Fiscal 2022 Commentary
“The positive backdrop for the theater industry continues to
strengthen, and we expect to be a major beneficiary of these
trends. As a result, we are both increasing our revenue guidance
and narrowing the range, and we now expect at least $17.5 to 18.5
million or 155 to 169% growth for the year. Within this range and
depending on the mix, we expect to leave the year with a break-even
or positive run-rate for both non-GAAP EPS and cash flow from
operations,” concluded Rafnson.
Earnings Webcast and Replay
Information
Management will host a webcast to review the Company’s results
and forward expectations. Investors can submit questions ahead
of time to brian@haydenir.com or ask questions through the
webcast portal in real-time.
Webcast Date/Time: Tuesday, May 17, 2022, 11:00 a.m.
Eastern Time Webcast Location:
https://investors.movingimagetech.com/
Replay Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671 Replay Pin Number:
13730078 Replay Start: Tuesday May 17, 2022, 2:00 PM ET
Replay Expiry: Tuesday May 31, 2022, 11:59 PM ET
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. 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)
March 31,
June 30,
2022
2021
(unaudited)
(Note 1)
Assets
Current Assets:
Cash and cash equivalents
$
6,337
$
1,270
Marketable securities
3,082
—
Accounts receivable, net
1,686
454
Inventories, net
2,985
1,534
Prepaid expenses and other
785
95
Total Current Assets
14,875
3,353
Long-Term Assets:
Marketable securities
347
—
Property, plant and equipment, net
24
21
Intangibles, net
863
935
Goodwill
287
287
Other assets
16
1,133
Total Long-Term Assets
1,537
2,376
Total Assets
$
16,412
$
5,729
Liabilities and Stockholders’ Equity
(Deficit)
Current Liabilities:
Accounts payable
$
2,237
$
1,911
Accrued expenses
515
620
Customer deposits
3,534
1,339
Line of credit
—
590
Notes payable – current
—
237
Unearned warranty revenue
37
34
Total Current Liabilities
6,321
4,731
Long-Term Liabilities:
Notes payable, net of current portion
—
1,702
Deferred rent
24
25
Total Long-Term Liabilities
24
1,727
Total Liabilities
6,345
6,458
Stockholders’ Equity (Deficit)
Common stock, $0.00001 par value,
100,000,000 shares authorized, 10,636,278 and 5,666,667 shares
issued and outstanding at March 31, 2022 and June 30, 2021,
respectively
—
—
Additional paid-in capital
12,433
1,011
Accumulated deficit
(2,368
)
(1,740
)
Total Stockholders’ Equity
(Deficit)
10,065
(729
)
Total Liabilities and Stockholders’
Equity (Deficit)
$
16,412
$
5,729
MOVING
IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands except share and
per share amounts)
(unaudited)
Three Months
Three Months
Nine Months
Nine Months
Ended
Ended
Ended
Ended
March 31,
March 31,
March 31,
March 31,
2022
2021
2022
2021
Net sales
$
5,835
$
1,710
$
12,728
$
5,076
Cost of goods sold
4,468
1,294
9,743
3,786
Gross profit
1,367
416
2,985
1,290
Operating expenses:
Research and development
53
42
172
103
Selling and marketing
539
277
1,653
934
General and administrative
906
389
2,470
1,209
Total operating expenses
1,498
708
4,295
2,244
Operating loss
(131
)
(292
)
(1,310
)
(956
)
Other (income) expense:
Unrealized gain on marketable
securities
(17
)
—
(17
)
—
Realized gain on marketable securities
—
(185
)
—
(459
)
PPP loan and interest forgiveness
(705
)
—
(705
)
—
Interest and other income
(1
)
—
(2
)
—
Interest expense
2
57
40
194
Total other (income) expense
(724
)
(128
)
(684
)
(265
)
Net income (loss)
$
593
$
(164
)
$
(626
)
$
(691
)
Weighted average shares outstanding: basic
and diluted*
10,636,278
5,666,667
10,508,152
5,638,626
Net income (loss) per common share basic
and diluted
$
0.06
$
(0.03
)
$
(0.06
)
$
(0.12
)
MOVING
IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
Nine Months Ended
Nine Months Ended
March 31,
March 31,
2022
2021
Cash flows from operating
activities:
Net loss
$
(626
)
$
(691
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Provision for (reversal of) doubtful
accounts
(230
)
8
Depreciation expense
15
99
Amortization expense
72
72
Unrealized gain on investments
(17
)
—
Realized gain on investments
—
(459
)
Deferred rent
(1
)
5
Stock option compensation expense
178
—
PPP loan forgiveness
(705
)
—
Changes in operating assets and
liabilities
Accounts receivable
(1,002
)
139
Inventories
(1,451
)
(263
)
Prepaid expenses and other
426
(104
)
Accounts payable
326
(311
)
Accrued expenses
(99
)
(78
)
Unearned warranty revenue
3
(21
)
Customer deposits
2,195
(270
)
Net cash used in operating activities
(916
)
(1,874
)
Cash flows from investing
activities
Sale of (investment in) marketable
securities
(3,412
)
550
Purchases of property, plant and
equipment
(18
)
—
Net cash used in investing activities
(3,430
)
550
Cash flows from financing
activities
Net Proceeds from initial public
offering
11,244
—
Payments on line of credit
(590
)
(60
)
Proceeds from private placement
—
1,334
Paycheck Protection Program loan
proceeds
—
698
Payments on notes payable
(1,241
)
(59
)
Net cash provided by financing
activities
9,413
1,363
Net increase (decrease) in cash and cash
equivalents
5,067
39
Cash and cash equivalents, beginning of
the period
1,270
1,059
Cash and cash equivalents, end of the
period
$
6,337
$
1,098
Use of Non-GAAP Measures
The Company uses non-GAAP operating income, net income and loss
per share as a measure that we believe is 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 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 accounting principles
generally accepted in the United States of America and should not
be considered an alternative to net income or operating income as
an indicator of our operating performance or to net cash provided
by operating activities as a measure of our liquidity.
Reconciliation of loss from operations to adjusted net loss
3Q22 3Q21 YTD FY22 YTD FY21 (in
thousands except for Loss per Share and shares outstanding)
Income (Loss) from Operations
($131)
($292)
($1,310)
($956)
Adjustments:
Stock Option Compensation Expense
($60)
-
($178)
-
Line of Credit Guarantee
-
-
($50)
-
S-8 Auditors Fees - Incentive Plan Shares
(IPO)
-
-
($8)
-
Staff Retention Bonuses (COVID-19)
-
-
($210)
-
Total Adjustments
($60)
$0
($446)
$0
Non-GAAP Income (Loss) from
Operations
($71)
($292)
($864)
($956)
Other (Income) Expense
($726)
($185)
($724)
($459)
Interest Expense
$2
$57
$40
$194
Adjustments:
PPP Loan Forgiveness
$705
-
-
-
Non-GAAP Net Income (Loss)
($52)
($164)
($180)
($691)
Non-GAAP Income (Loss) per
Share
($0.00)
($0.03)
($0.02)
($0.12)
Weighted Average Shares Outstanding, Basic
and Diluted
10,636,278
5,666,667
10,508,152
5,638,626
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220517005472/en/
Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346)
396-8696 Brian@haydenir.com
Moving iMage Technologies (AMEX:MITQ)
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Moving iMage Technologies (AMEX:MITQ)
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