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
Moving iMage Technologies (AMEX:MITQ)
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