Business
MIND Technology Provides Operational Update
COMPANY ALSO ANNOUNCES FISCAL 2022 THIRD QUARTER EARNINGS RELEASE AND CONFERENCE CALL SCHEDULE THE WOODLANDS, Texas, Nov. 22, 2021 /PRNewswire/ -- MIND
About this update from Mind Technology, Inc.
[{"type":"text","content":"COMPANY ALSO ANNOUNCES FISCAL 2022 THIRD QUARTER EARNINGS RELEASE AND CONFERENCE CALL SCHEDULE\n\n\nTHE WOODLANDS, Texas, Nov. 22, 2021 /PRNewswire/ -- MIND Technology, Inc. (\"MIND\" or the \"Company\") (Nasdaq: MIND) announced today that, based on preliminary results, it expects to report revenue from the sale of marine technology products for the quarter ended October 31, 2021 of approximately $8.3 million. This represents a sequential increase of approximately 23% over the second quarter of the current fiscal year and approximately 28% over the third quarter of the previous year. Additionally, the Company expects to report a backlog as of October 31, 2021 of approximately $10.0 million. \nRob Capps, President and CEO commented, \"We are pleased to see that the expected ramp in operations and activity is starting to materialize. As evidenced by the increase in revenues and the strong backlog, we are experiencing an uptick in orders and proposal activity. Our backlog includes orders for commercial sonar and source controller products, but also sonar systems for military applications, including mine counter measure missions. Based on inquiries and active discussions with customers, we expect further activity in all of these segments in the coming weeks.\n\"As previously disclosed, we recently completed an underwritten offering of our 9% Series A Cumulative Preferred Stock,\" added Capps. \"This transaction has provided us with net proceeds of about $9.5 million, after underwriter discounts and other costs. These funds, along with anticipated further proceeds from the liquidation of our land leasing assets, provide us with significant liquidity. We believe this puts us in a strong position to execute on the expected increase in activity and to take advantage of any other opportunities that may present themselves in coming months.\"\nFiscal 2022 Third Quarter Earnings Release and Conference Call Schedule\nMIND also announced today that it will release financial results for its fiscal 2022 third quarter after the market closes on Wednesday, December 8, 2021. In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live over the Internet, for Thursday, December 9th at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. \nWhat: \nMIND Technology Fiscal 2022 Third Quarter Earnings Conference ...