Business
MIND TECHNOLOGY, INC. REPORTS FISCAL 2024 FIRST QUARTER RESULTS
THE WOODLANDS, Texas, June 13, 2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or the "Company") today announced financial results for its
About this update from Mind Technology, Inc.
[{"type":"text","content":"THE WOODLANDS, Texas, June 13, 2023 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) (\"MIND\" or the \"Company\") today announced financial results for its fiscal 2024 first quarter ended April 30, 2023.\nRevenues from Marine Technology Products sales for the first quarter of fiscal 2024 were $12.6 million compared to $12.4 million in the fourth quarter of fiscal 2023 and $9.1 million in the first quarter of fiscal 2023.\nThe Company reported operating income of $289,000 for the first quarter of fiscal 2024 compared to losses of $221,000 in the fourth quarter of fiscal 2023 and approximately $2.5 million in the first quarter of fiscal 2023. The net loss (after income taxes) for the first quarter of fiscal 2024 was $240,000 compared to net income of $666,000 million in the fourth quarter of fiscal 2023 and a net loss of approximately $2.4 million in the first quarter of fiscal 2023. First quarter of fiscal 2024 net loss attributable to common shareholders was $0.09 per share compared to $0.02 in the fourth quarter of fiscal 2023 and $0.24 in the first quarter of fiscal 2023.\nAdjusted EBITDA from continuing operations for the first quarter of fiscal 2024 was approximately $913,000 compared to $1.4 million in the fourth quarter of fiscal 2023 and a loss of $1.9 million in the first quarter of fiscal 2023. 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.\nThe backlog of Marine Technology Products as of April 30, 2023, was approximately $22.6 million compared to $20.7 million at January 31, 2023 and $13.4 million at April 30, 2022. \nRob Capps, MIND's President and Chief Executive Officer, stated, \"We are pleased to report positive results for the second quarter in a row, having produced positive operating income and Adjusted EBITDA with significantly improved revenues year-over-year. Our first quarter revenues from continuing operations increased 39% year-over-year, with our Seamap segment making up a meaningful portion of that growth. I think it's noteworthy that we saw sequential improveme...