Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Moving iMage Technologies Announces Strong Results in First Quarter Fiscal 2022


Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (MiT) a leading digital cinema technology company, today announced results for its first fiscal quarter ended September 30, 2021.

"I'm excited to announce in our first full quarter as a public company we delivered strong year-over-year revenue growth of 98%," said Phil Rafnson, chairman and chief executive officer. "MiT benefited in the quarter from several tailwinds, including strong signs from consumers and theater operators that we are in the very early stages of recovering from the effects of the pandemic; in addition to a nascent cinema technology upgrade cycle.

"We also successfully completed our IPO, which was upsized and oversubscribed, raising net proceeds of $12.3 million, while also seeing strong bookings in the quarter, which was reflected in our backlog of $7.7 million. Finally, we introduced our ADA-compliant, multi-language translator product, which we believe has disruptive potential from both a product and recurring services perspective and is expected to provide an enhanced cinematic experience to a much broader audience."

Fiscal First Quarter Highlights (compared to fiscal 2021)

Fiscal 2022 Commentary

"We believe that fiscal 2021 was a trough year. We used this period to lean out our operations and expand our proprietary product offerings in preparation for the industry's recovery from the pandemic, and I am encouraged to see industry optimism gaining momentum in recent months. When combined with the billions of dollars in government grants to venue operators, a nascent technology upgrade cycle, new theater construction, theatre upgrades and refurbishment of existing theaters to enhance the overall movie-going experience, I believe we are well-positioned to capitalize on the opportunity ahead. Our relationships within the industry are strong, and we are well-positioned with both the growing small and mid-size theater operators as well as the major circuits, and we believe the first quarter of fiscal 2022 was reflective of this and a sign of even better things to come from both the industry and MiT. As such, we are introducing our initial fiscal 2022 revenue guidance of $12 to $15 million, or 67% to 108% growth over fiscal 2021, and we expect to deliver positive cash flow from operations as well," concluded Rafnson.

Earnings Announcement and Supplemental Information

MiT's earnings release will be filed on Form 8-K and posted on the MiT investor relations website (https://investors.movingimagetech.com/) at approximately 4:10 p.m. Eastern on November 11, 2021.

Management will host an earnings webcast beginning at 4:30 p.m. Eastern. Management's presentation of the results, outlook and strategy will be followed by webcast Q&A with investors.

The call will also be webcast through the investor relations portion of the Company's website at https://investors.movingimagetech.com/

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. 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, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except share and per share amounts)

 

 

 

 

 

 

 

 

 

September 30,

 

June 30,

 

 

2021

 

2021

 

 

(unaudited)

 

 

Assets

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,029

 

 

$

1,269

 

Accounts receivable, net

 

 

898

 

 

 

454

 

Inventories, net

 

 

1,911

 

 

 

1,534

 

Prepaid expenses and other

 

 

642

 

 

 

86

 

Total Current Assets

 

 

14,480

 

 

 

3,343

 

Long-Term Assets:

 

 

 

 

 

 

Property, plant and equipment, net

 

 

8

 

 

 

21

 

Intangibles, net

 

 

911

 

 

 

935

 

Goodwill

 

 

287

 

 

 

287

 

Other assets

 

 

16

 

 

 

1,133

 

Total Long-Term Assets

 

 

1,222

 

 

 

2,376

 

Total Assets

 

$

15,702

 

 

$

5,719

 

 

 

 

 

 

 

 

Liabilities And Stockholders' Equity/Members' Deficit

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,841

 

 

$

1,911

 

Accrued expenses

 

 

402

 

 

 

620

 

Customer deposits

 

 

2,709

 

 

 

1,339

 

Line of credit

 

 

?

 

 

 

590

 

Notes payable ? related party

 

 

?

 

 

 

1,272

 

Notes payable ? current

 

 

110

 

 

 

237

 

Unearned warranty revenue

 

 

34

 

 

 

34

 

Total Current Liabilities

 

 

5,096

 

 

 

6,003

 

 

 

 

 

 

 

 

Long-Term Liabilities:

 

 

 

 

 

 

Notes payable, net of current portion

 

 

588

 

 

 

1,702

 

Deferred rent

 

 

25

 

 

 

25

 

Total Long-Term Liabilities

 

 

613

 

 

 

1,727

 

Total Liabilities

 

 

5,709

 

 

 

7,730

 

Stockholders' Equity/Member's Deficit

 

 

 

 

 

 

Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,636,278 shares issued and outstanding at September 30, 2021, respectively

 

 

?

 

 

 

?

 

Additional paid-in capital

 

 

10,150

 

 

 

?

 

Members' deficit

 

 

?

 

 

 

(2,011

)

Accumulated deficit

 

 

(157

)

 

 

?

 

Total Stockholders' Equity/Members' Deficit

 

 

9,993

 

 

 

(2,011

)

Total Liabilities and Stockholders' Equity/Members' Deficit

 

$

15,702

 

 

$

5,719

 

MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except share and per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

Three months
ended

 

Three months
ended

 

 

September 30,

 

September 30,

 

 

2021

 

2020

Net sales

 

$

3,474

 

 

$

1,757

 

Cost of goods sold

 

 

2,752

 

 

 

1,304

 

Gross profit

 

 

722

 

 

 

453

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

54

 

 

 

27

 

Selling and marketing

 

 

544

 

 

 

283

 

General and administrative

 

 

663

 

 

 

450

 

Total operating expenses

 

 

1,261

 

 

 

760

 

Loss from operations

 

 

(539

)

 

 

(307

)

Other expenses

 

 

 

 

 

 

Interest expense

 

 

37

 

 

 

82

 

Total other expense

 

 

37

 

 

 

82

 

Net loss

 

$

(576

)

 

$

(389

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic and diluted

 

 

9,809,264

 

 

 

5,666,667*

Net loss per share, basic and diluted

 

$

(0.06

)

 

$

(0.07

)

*-The weighted average shares outstanding and net loss per share at September 30, 2020 is proforma.

MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

Three months ended

 

Three months ended

 

 

September 30,

 

September 30,

 

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(576

)

 

$

(389

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Provision for doubtful accounts

 

 

(90

)

 

 

40

 

Depreciation expense

 

 

13

 

 

 

34

 

Amortization expense

 

 

24

 

 

 

24

 

Deferred rent

 

 

?

 

 

 

2

 

Stock option compensation expense

 

 

56

 

 

 

?

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

(354

)

 

 

171

 

Inventories

 

 

(377

)

 

 

(25

)

Prepaid expenses and other

 

 

554

 

 

 

(148

)

Accounts payable

 

 

(70

)

 

 

(167

)

Accrued expenses

 

 

(219

)

 

 

(133

)

Unearned warranty revenue

 

 

?

 

 

 

(9

)

Customer deposits

 

 

1,370

 

 

 

(249

)

Net cash used in operating activities

 

 

(777

)

 

 

(849

)

Cash flows from financing activities

 

 

 

 

 

 

Cash acquired through Exchange Agreement

 

 

8

 

 

 

?

 

Proceeds from equity raises, net of offering costs

 

 

12,360

 

 

 

?

 

Net borrowings (payments) on notes payable

 

 

(1,241

)

 

 

14

 

Payments on line of credit

 

 

(590

)

 

 

(60

)

Proceeds from PPP notes payable

 

 

?

 

 

 

784

 

Net cash provided by financing activities

 

 

10,537

 

 

 

738

 

Net increase (decrease) in cash

 

 

9,760

 

 

 

(111

)

Cash and cash equivalents, beginning of the period

 

 

1,269

 

 

 

1,058

 

Cash and cash equivalents, end of the period

 

$

11,029

 

 

$

947

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Deferred IPO costs

 

$

?

 

 

$

121

 

Reclassification of IPO related costs from other assets to equity

 

$

1,116

 

 

$

?

 

Reverse Capitalization, net of cash received

 

$

1,272

 

 

 

?

 

Cash paid during the period:

 

 

 

 

 

 

Interest

 

$

37

 

 

$

82

Use of Non-GAAP Measure

The Company uses adjusted operating income, net income and loss per share as a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that the elimination of one-time items is useful in evaluating our core operating results and when comparing results to prior periods. However, adjusted metrics are not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income or operating income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity.

Reconciliation of loss from operations to adjusted net loss

Fiscal

 

1Q22

1Q21

Loss from Operations

($539)

($307)

Adjustments:

 

 

Stock Option Compensation Expense

($56)

$

-

Line of Credit Guarantee

($50)

$

-

S-8 Auditors Fees - Incentive Plan Shares (IPO)

($8)

$

-

Staff Retention Bonuses (COVID-19)

($50)

$

-

Total Adjustments

($164)

$

-

Adjusted Loss from Operations

($375)

($307)

Interest Expense

$37

$82

Adjusted Net Loss

($412)

($389)

 

 

 

Adjusted Loss per Share

($0.04)

($0.07)

Weighted Average Shares Outstanding, Basic and Diluted

9,809,264

5,666,667

 


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