MIND Technology, Inc. Reports Fiscal 2021 Fourth Quarter And Year-End Results

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[{"type":"text","content":"THE WOODLANDS, Texas, April 12, 2021 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) (\"MIND\" or the \"Company\") today announced financial results for its fiscal 2021 fourth quarter and year ended January 31, 2021.\nRevenues from Marine Technology Products sales for the fourth quarter of fiscal 2021 were $6.4 million compared to $6.5 million in the third quarter of fiscal 2021 and $8.9 million in the fourth quarter of fiscal 2020. Total revenues from continuing operations for fiscal 2021 were $21.2 million compared to $29.9 million in fiscal 2020. \nThe Company reported a net loss from continuing operations for the fourth quarter of fiscal 2021 of $3.3 million compared to a net loss of $2.4 million in the third quarter of fiscal 2021 and a net loss of $1.5 million in the fourth quarter of fiscal 2020. Fourth quarter of fiscal 2021 net loss from continuing operations attributable to common stockholders was a $(0.29) per share, compared to a net loss per share from continuing operations of $(0.24) in the third quarter of fiscal 2021 and a net loss per share of $(0.17) in the fourth quarter of fiscal 2020. On an annual basis, the Company reported a net loss of $22.5 million attributable to common stockholders in fiscal 2021, or $(1.30) per share, compared to a net loss of $13.3 million attributable to common stockholders in fiscal 2020, or $(0.71) per share.\nAdjusted EBITDA from continuing operations for the fourth quarter of fiscal 2021 was a loss of approximately $1.8 million compared to a loss of $1.5 million in the third quarter of fiscal 2021 and a profit of $807,000 in the fourth quarter of fiscal 2020. For the full year, Adjusted EBITDA from continuing operations was a loss of $7.3 million compared to a loss of $1.7 million in fiscal 2020. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net loss from continuing operations and cash provided by 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. \nBacklog of Marine Technology Products as of January 31, 2021 was approximately $14.2 million compared to $8.2 million at October 31, 2020 and $8.9 million at January 31, 2020. \nRob Capps, MIND's Co-Ch...

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