THE
WOODLANDS, Texas, April 19,
2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ:
MIND) ("MIND" or the "Company") today announced financial results
for its fiscal 2023 fourth quarter and year ended January 31, 2023.
Revenues from Marine Technology Products sales for the fourth
quarter of fiscal 2023 were $12.4
million compared to $4.9
million in the third quarter of fiscal 2023 and $3.8 million in the fourth quarter of fiscal
2022.
The Company reported income from continuing operations for the
fourth quarter of fiscal 2023 of approximately $445,000 compared to a loss from continuing
operations of $3.3 million in the
third quarter of fiscal 2023 and a loss from continuing operations
of $5.1 million in the fourth quarter
of fiscal 2022. Fourth quarter of fiscal 2023 net loss from
continuing operations attributable to common shareholders was
$(0.03) per share compared to the
third quarter of fiscal 2023 net loss from continuing operations of
$(0.31) per share and a net loss from
continuing operations of $(0.43) per
share in the fourth quarter of fiscal 2022.
Our fourth quarter income from continuing operations included
some non-recurring income and expense items, including income
related to employee retention credits and expenses related to
inventory impairment and settlement charges, which netted to
approximately $377,000 of reported
income.
Adjusted EBITDA from continuing operations for the fourth
quarter of fiscal 2023 was approximately $1.4 million compared to a loss of $2.7 million in the third quarter of fiscal 2023
and a loss of $4.5 million in the
fourth quarter of fiscal 2022. 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.
The backlog of Marine Technology Products as of January 31, 2023, was approximately $20.7 million compared to $19.9 million at October
31, 2022 and $13.1 million at
January 31, 2022.
Rob Capps, MIND's President and
Chief Executive Officer, stated, "We are pleased to report positive
results for the fourth quarter as we returned to reporting net
income with significantly improved revenues, Adjusted EBITDA and
backlog on both a quarter and full-year basis. Our fourth quarter
revenues from continuing operations increased 230% year-over-year
and full-year fiscal 2023 revenue improved by 52% from fiscal 2022
levels. Our backlog of $20.7 million
was up over 58% from the $13.1
million we reported at the end of 2022, demonstrating the
strong demand growth we continue to see in our key markets.
Inquiry and bidding activity remain robust as we work to
further expand our backlog. As we announced earlier this week, we
have recently received new orders totaling more than $7.0 million and have other pending orders that
we expect to receive soon. Our backlog reflects the continued
positive momentum that we are experiencing in various markets, and
we believe that our differentiated marine technology products are
uniquely positioned to benefit from favorable market trends. We
expect revenues from continuing operations to improve in fiscal
2024 as compared to fiscal 2023.
"Although we maintained working capital of almost $14.0 million as of year-end, I think it is
important to highlight the $3.75
million secured financing arrangement we entered into in
February of this year. This arrangement provided working capital to
assist in the execution of our backlog of business, but
importantly, did not dilute our equity holders and contained
minimal restrictions such as financial covenants or limitations on
the use of proceeds. Due to this financing and cash flow from
increased sales in the fourth quarter of fiscal 2023 and first
quarter of fiscal 2024, we have seen an improvement in our
liquidity position subsequent to year end. Furthermore, we
recently instituted cost control measures that we believe have the
potential to save upwards of $1
million annually.
"As we move into fiscal 2024, we continue to believe the
positive trend for order flow will continue. Additionally, we
believe the underlying market fundamentals are positive and those
have contributed to the increase in order activity. The current
geopolitical situation emphasizes the need for maritime security
and other defense applications. The constructive pricing
environment in the energy market is positive for our customers in
that space. The trend towards renewable energy, such as wind
farms, is a positive development for our marine survey customers.
We plan to continue to execute our long-term strategic initiatives
and position the Company to become a leading provider of innovative
marine technology and products," concluded Capps.
CONFERENCE CALL
Management has scheduled a conference call for Thursday, April 20, 2023 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's
fiscal 2023 fourth quarter and year-end 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
April 27, 2023 and may be accessed by
calling (201) 612-7415 and using passcode 13737244#. 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 and Klein units, design, manufacture and sell specialized,
high performance, marine sonar and seismic equipment.
Forward-looking Statements
Certain statements and information in this press release
concerning results for the quarter and fiscal year ended
January 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)
|
|
|
|
|
|
January
31,
|
|
|
|
2023
|
|
|
2022
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
778
|
|
|
$
|
5,114
|
|
Accounts receivable,
net of allowance for doubtful accounts of $504 and $484 at
January
31, 2023 and 2022, respectively
|
|
|
3,993
|
|
|
|
8,126
|
|
Inventories,
net
|
|
|
15,318
|
|
|
|
14,006
|
|
Prepaid expenses and
other current assets
|
|
|
2,144
|
|
|
|
1,840
|
|
Assets held for
sale
|
|
|
—
|
|
|
|
159
|
|
Total current
assets
|
|
|
22,233
|
|
|
|
29,245
|
|
Property and equipment,
net
|
|
|
3,945
|
|
|
|
4,272
|
|
Operating lease
right-of-use assets
|
|
|
1,749
|
|
|
|
1,835
|
|
Intangible assets,
net
|
|
|
4,931
|
|
|
|
6,018
|
|
Other
assets
|
|
|
—
|
|
|
|
650
|
|
Total
assets
|
|
$
|
32,858
|
|
|
$
|
42,020
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
4,101
|
|
|
$
|
2,046
|
|
Deferred
revenue
|
|
|
164
|
|
|
|
232
|
|
Accrued expenses and
other current liabilities
|
|
|
2,247
|
|
|
|
5,762
|
|
Income taxes
payable
|
|
|
1,247
|
|
|
|
837
|
|
Operating lease
liabilities - current
|
|
|
903
|
|
|
|
869
|
|
Liabilities held for
sale
|
|
|
—
|
|
|
|
953
|
|
Total current
liabilities
|
|
|
8,662
|
|
|
|
10,699
|
|
Operating lease
liabilities - non-current
|
|
|
846
|
|
|
|
966
|
|
Deferred tax
liability
|
|
|
298
|
|
|
|
92
|
|
Total
liabilities
|
|
|
9,806
|
|
|
|
11,757
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $1.00
par value; 2,000 shares authorized; 1,683 shares issued and
outstanding at each January 31, 2023, and 2022
|
|
|
37,779
|
|
|
|
37,779
|
|
Common stock $0.01 par
value; 40,000 shares authorized; 15,721 and 15,705 shares
issued at January 31, 2023 and 2022, respectively
|
|
|
157
|
|
|
|
157
|
|
Additional paid-in
capital
|
|
|
129,580
|
|
|
|
128,926
|
|
Treasury stock, at
cost (1,933 and 1,931 shares at January 31, 2023 and 2022,
respectively)
|
|
|
(16,863)
|
|
|
|
(16,862)
|
|
Accumulated
deficit
|
|
|
(127,635)
|
|
|
|
(117,856)
|
|
Accumulated other
comprehensive loss
|
|
|
34
|
|
|
|
(1,881)
|
|
Total stockholders'
equity
|
|
|
23,052
|
|
|
|
30,263
|
|
Total liabilities and
stockholders' equity
|
|
$
|
32,858
|
|
|
$
|
42,020
|
|
MIND TECHNOLOGY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except per share data)
(unaudited)
|
|
|
|
For the Three
Months
Ended January 31,
|
|
|
For the Twelve
Months
Ended January 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
$
|
12,407
|
|
|
$
|
3,759
|
|
|
$
|
35,091
|
|
|
$
|
23,107
|
|
Total
revenues
|
|
|
12,407
|
|
|
|
3,759
|
|
|
|
35,091
|
|
|
|
23,107
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
|
7,781
|
|
|
|
3,674
|
|
|
|
22,116
|
|
|
|
17,085
|
|
Total cost of
sales
|
|
|
7,781
|
|
|
|
3,674
|
|
|
|
22,116
|
|
|
|
17,085
|
|
Gross
profit
|
|
|
4,626
|
|
|
|
85
|
|
|
|
12,975
|
|
|
|
6,022
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
3,667
|
|
|
|
3,663
|
|
|
|
15,304
|
|
|
|
14,761
|
|
Research and
development
|
|
|
708
|
|
|
|
1,029
|
|
|
|
3,398
|
|
|
|
3,596
|
|
Depreciation and
amortization
|
|
|
472
|
|
|
|
492
|
|
|
|
1,887
|
|
|
|
2,209
|
|
Total operating
expenses
|
|
|
4,847
|
|
|
|
5,184
|
|
|
|
20,589
|
|
|
|
20,566
|
|
Operating
loss
|
|
|
(221)
|
|
|
|
(5,099)
|
|
|
|
(7,614)
|
|
|
|
(14,544)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
986
|
|
|
|
(111)
|
|
|
|
882
|
|
|
|
926
|
|
Total other income
(expense)
|
|
|
986
|
|
|
|
(111)
|
|
|
|
882
|
|
|
|
926
|
|
Income (loss) from
continuing operations before income taxes
|
|
|
765
|
|
|
|
(5,210)
|
|
|
|
(6,732)
|
|
|
|
(13,618)
|
|
(Provision) benefit for
income taxes
|
|
|
(320)
|
|
|
|
150
|
|
|
|
(699)
|
|
|
|
39
|
|
Income (loss) from
continuing operations
|
|
|
445
|
|
|
|
(5,060)
|
|
|
|
(7,431)
|
|
|
|
(13,579)
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
|
221
|
|
|
|
(803)
|
|
|
|
(1,401)
|
|
|
|
(1,506)
|
|
Net income
(loss)
|
|
$
|
666
|
|
|
$
|
(5,863)
|
|
|
$
|
(8,832)
|
|
|
$
|
(15,085)
|
|
Preferred stock
dividends - declared
|
|
|
—
|
|
|
|
(947)
|
|
|
|
(947)
|
|
|
|
(2,901)
|
|
Preferred stock
dividends - undeclared
|
|
|
(947)
|
|
|
|
—
|
|
|
|
(2,841)
|
|
|
|
—
|
|
Net loss attributable
to common stockholders
|
|
$
|
(281)
|
|
|
$
|
(6,810)
|
|
|
$
|
(12,620)
|
|
|
$
|
(17,986)
|
|
Net income (loss) per
common share - Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.03)
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.82)
|
|
|
$
|
(1.20)
|
|
Discontinued
operations
|
|
$
|
0.01
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.11)
|
|
Net loss
|
|
$
|
(0.02)
|
|
|
$
|
(0.49)
|
|
|
$
|
(0.92)
|
|
|
$
|
(1.31)
|
|
Net income (loss) per
common share - Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.03)
|
|
|
$
|
(0.43)
|
|
|
$
|
(0.82)
|
|
|
$
|
(1.20)
|
|
Discontinued
operations
|
|
$
|
0.01
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.11)
|
|
Net loss
|
|
$
|
(0.02)
|
|
|
$
|
(0.49)
|
|
|
$
|
(0.92)
|
|
|
$
|
(1.31)
|
|
Shares used in
computing loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
13,789
|
|
|
|
13,774
|
|
|
|
13,784
|
|
|
|
13,771
|
|
Diluted
|
|
|
13,789
|
|
|
|
13,774
|
|
|
|
13,784
|
|
|
|
13,771
|
|
MIND TECHNOLOGY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
(unaudited)
|
|
|
|
|
|
Year Ended January
31,
|
|
|
|
2023
|
|
|
2022
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(8,832)
|
|
|
$
|
(15,085)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
PPP loan
forgiveness
|
|
|
—
|
|
|
|
(850)
|
|
Depreciation and
amortization
|
|
|
1,887
|
|
|
|
2,214
|
|
Stock-based
compensation
|
|
|
654
|
|
|
|
643
|
|
Non-cash cumulative
translation adjustment for discontinued operations
|
|
|
1,626
|
|
|
|
—
|
|
(Recovery) provision
for doubtful accounts, net of charge offs
|
|
|
—
|
|
|
|
(453)
|
|
Provision for
inventory obsolescence
|
|
|
445
|
|
|
|
921
|
|
Gross profit from sale
of lease pool equipment
|
|
|
(1,052)
|
|
|
|
—
|
|
Gross profit from sale
of other equipment
|
|
|
113
|
|
|
|
(155)
|
|
Deferred tax
expense
|
|
|
207
|
|
|
|
(106)
|
|
Changes in:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
4,890
|
|
|
|
(3,195)
|
|
Unbilled
revenue
|
|
|
(26)
|
|
|
|
(57)
|
|
Inventories
|
|
|
(1,756)
|
|
|
|
(3,074)
|
|
Income taxes
receivable and payable
|
|
|
172
|
|
|
|
37
|
|
Accounts payable,
accrued expenses and other current liabilities
|
|
|
775
|
|
|
|
713
|
|
Prepaid expenses and
other current and long-term assets
|
|
|
(10)
|
|
|
|
(565)
|
|
Deferred
revenue
|
|
|
(1,998)
|
|
|
|
1,878
|
|
Net cash used in
operating activities
|
|
|
(2,905)
|
|
|
|
(17,134)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Cost incurred to
develop technology
|
|
|
(12)
|
|
|
|
—
|
|
Purchases of property
and equipment
|
|
|
(570)
|
|
|
|
(834)
|
|
Sale of assets held
for sale
|
|
|
1,052
|
|
|
|
5,437
|
|
Sale of business, net
of cash sold
|
|
|
—
|
|
|
|
761
|
|
Net cash provided by
investing activities
|
|
|
470
|
|
|
|
5,364
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Net proceeds from
preferred stock offering
|
|
|
—
|
|
|
|
14,676
|
|
Net proceeds from
common stock offering
|
|
|
—
|
|
|
|
43
|
|
Repurchase of common
stock
|
|
|
(1)
|
|
|
|
(2)
|
|
Preferred stock
dividends
|
|
|
(1,894)
|
|
|
|
(2,530)
|
|
Proceeds from PPP
loans
|
|
|
—
|
|
|
|
—
|
|
Net cash (used in)
provided by financing activities
|
|
|
(1,895)
|
|
|
|
12,187
|
|
Effect of changes in
foreign exchange rates on cash, cash equivalents and restricted
cash
|
|
|
(6)
|
|
|
|
86
|
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash
|
|
|
(4,336)
|
|
|
|
503
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
|
5,114
|
|
|
|
4,611
|
|
Cash, cash
equivalents and restricted cash, end of period
|
|
$
|
778
|
|
|
$
|
5,114
|
|
MIND TECHNOLOGY,
INC.
Reconciliation of
Net Loss From Continuing Operations and Net Cash Used in Operating
Activities to EBITDA and
Adjusted EBITDA From
Continuing Operations
(in
thousands)
(unaudited)
|
|
|
|
|
|
For the Three
Months
Ended January 31,
|
|
|
For the Twelve
Months
Ended January 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
(in
thousands)
|
|
|
(in
thousands)
|
|
Reconciliation of
Net loss from continuing operations to EBITDA
and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
continuing operations
|
|
$
|
445
|
|
|
$
|
(5,060)
|
|
|
$
|
(7,431)
|
|
|
$
|
(13,579)
|
|
Interest expense,
net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
Depreciation and
amortization
|
|
|
473
|
|
|
|
492
|
|
|
|
1,887
|
|
|
|
2,209
|
|
Provision (benefit) for
income taxes
|
|
|
320
|
|
|
|
(150)
|
|
|
|
699
|
|
|
|
(39)
|
|
EBITDA from continuing
operations (1)
|
|
|
1,238
|
|
|
|
(4,718)
|
|
|
|
(4,841)
|
|
|
|
(11,409)
|
|
Non-cash foreign
exchange losses
|
|
|
—
|
|
|
|
39
|
|
|
|
—
|
|
|
|
163
|
|
Stock-based
compensation
|
|
|
130
|
|
|
|
224
|
|
|
|
654
|
|
|
|
643
|
|
Adjusted EBITDA from
continuing operations (1)
|
|
$
|
1,368
|
|
|
$
|
(4,455)
|
|
|
$
|
(4,187)
|
|
|
$
|
(10,603)
|
|
Reconciliation of
Net Cash Used In Operating Activities to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
|
$
|
(653)
|
|
|
$
|
(5,905)
|
|
|
$
|
(2,905)
|
|
|
$
|
(17,134)
|
|
PPP loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
850
|
|
Stock-based
compensation
|
|
|
(130)
|
|
|
|
(224)
|
|
|
|
(654)
|
|
|
|
(643)
|
|
Provision for inventory
obsolescence
|
|
|
(377)
|
|
|
|
(533)
|
|
|
|
(445)
|
|
|
|
(616)
|
|
Changes in accounts
receivable (current and long-term)
|
|
|
(6)
|
|
|
|
(567)
|
|
|
|
(4,798)
|
|
|
|
4,316
|
|
Interest
paid
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
Taxes paid, net of
refunds
|
|
|
—
|
|
|
|
206
|
|
|
|
371
|
|
|
|
355
|
|
(Gain) loss on sale of
other equipment
|
|
|
—
|
|
|
|
—
|
|
|
|
(113)
|
|
|
|
155
|
|
Changes in
inventory
|
|
|
(1,143)
|
|
|
|
2,992
|
|
|
|
1,756
|
|
|
|
3,122
|
|
Changes in accounts
payable, accrued expenses and other current
liabilities and deferred revenue
|
|
|
2,788
|
|
|
|
(873)
|
|
|
|
1,193
|
|
|
|
(2,673)
|
|
Changes in prepaid
expenses and other current and long-term assets
|
|
|
560
|
|
|
|
64
|
|
|
|
536
|
|
|
|
606
|
|
Other
|
|
|
199
|
|
|
|
122
|
|
|
|
214
|
|
|
|
253
|
|
EBITDA from continuing
operations (1)
|
|
$
|
1,238
|
|
|
$
|
(4,718)
|
|
|
$
|
(4,841)
|
|
|
$
|
(11,409)
|
|
|
|
|
|
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 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-2023-fourth-quarter-and-year-end-results-301802223.html
SOURCE MIND Technology, Inc.