Subjects: EARNINGS, Conference Call, Webcast
Moving iMage Technologies Announces 241% Revenue Growth in Third Quarter Fiscal 2022
Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ) ("MiT"), a leading digital cinema technology company, today announced results for its third fiscal quarter ended March 31, 2022.
"Robust industry tailwinds combined with our leading market position drove huge growth this quarter," said Phil Rafnson, chairman and chief executive officer. "In addition to it still being early days in the theater technology upgrade cycle, the Domestic Box Office continues to benefit from early year tentpoles with over a dozen more potential blockbusters scheduled to be released before the end of the year. In addition, the billions of dollars in Shuttered Venue Operations Grant (SVOG) funds are flowing more freely, and our strong proprietary product portfolio and industry leadership position us well to capitalize on these near to mid-term opportunities."
Fiscal Third Quarter Highlights (Fiscal 2022 versus fiscal 2021)
- Revenue increased 241.2% to $5.8 million versus $1.7 million;
- GAAP and Non-GAAP operating loss narrowed to ($0.1) million versus ($0.3) million;
- GAAP Net Income and diluted Earnings Per Share (EPS) of $0.6 million and $0.06 versus a net loss and loss per share of ($0.2) million and ($0.03), respectively;
- Non-GAAP net loss and diluted loss per share improved to ($0.1) million and ($0.00) versus ($0.2) million and ($0.03), respectively;
- Backlog was $10.2 million;
- Cash, cash equivalents and marketable securities of $9.8 million.
Fiscal 2022 Commentary
"The positive backdrop for the theater industry continues to strengthen, and we expect to be a major beneficiary of these trends. As a result, we are both increasing our revenue guidance and narrowing the range, and we now expect at least $17.5 to 18.5 million or 155 to 169% growth for the year. Within this range and depending on the mix, we expect to leave the year with a break-even or positive run-rate for both non-GAAP EPS and cash flow from operations," concluded Rafnson.
Earnings Webcast and Replay Information
Management will host a webcast to review the Company's results and forward expectations. Investors can submit questions ahead of time to [email protected] or ask questions through the webcast portal in real-time.
Webcast Date/Time: Tuesday, May 17, 2022, 11:00 a.m. Eastern Time
Webcast Location: https://investors.movingimagetech.com/
Replay
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13730078
Replay Start: Tuesday May 17, 2022, 2:00 PM ET
Replay Expiry: Tuesday May 31, 2022, 11:59 PM ET
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) |
|||||||
|
March 31, |
June 30, |
|||||
|
2022 |
2021 |
|||||
|
(unaudited) |
(Note 1) |
|||||
Assets |
|
|
|
|
|||
Current Assets: |
|
|
|
|
|||
Cash and cash equivalents |
$ |
6,337 |
|
$ |
1,270 |
|
|
Marketable securities |
|
3,082 |
|
|
? |
|
|
Accounts receivable, net |
|
1,686 |
|
|
454 |
|
|
Inventories, net |
|
2,985 |
|
|
1,534 |
|
|
Prepaid expenses and other |
|
785 |
|
|
95 |
|
|
Total Current Assets |
|
14,875 |
|
|
3,353 |
|
|
Long-Term Assets: |
|
|
|
|
|||
Marketable securities |
|
347 |
|
|
? |
|
|
Property, plant and equipment, net |
|
24 |
|
|
21 |
|
|
Intangibles, net |
|
863 |
|
|
935 |
|
|
Goodwill |
|
287 |
|
|
287 |
|
|
Other assets |
|
16 |
|
|
1,133 |
|
|
Total Long-Term Assets |
|
1,537 |
|
|
2,376 |
|
|
Total Assets |
$ |
16,412 |
|
$ |
5,729 |
|
|
|
|
|
|
|
|||
Liabilities and Stockholders' Equity (Deficit) |
|
|
|
|
|||
Current Liabilities: |
|
|
|
|
|||
Accounts payable |
$ |
2,237 |
|
$ |
1,911 |
|
|
Accrued expenses |
|
515 |
|
|
620 |
|
|
Customer deposits |
|
3,534 |
|
|
1,339 |
|
|
Line of credit |
|
? |
|
|
590 |
|
|
Notes payable ? current |
|
? |
|
|
237 |
|
|
Unearned warranty revenue |
|
37 |
|
|
34 |
|
|
Total Current Liabilities |
|
6,321 |
|
|
4,731 |
|
|
|
|
|
|
|
|||
Long-Term Liabilities: |
|
|
|
|
|||
Notes payable, net of current portion |
|
? |
|
|
1,702 |
|
|
Deferred rent |
|
24 |
|
|
25 |
|
|
Total Long-Term Liabilities |
|
24 |
|
|
1,727 |
|
|
Total Liabilities |
|
6,345 |
|
|
6,458 |
|
|
Stockholders' Equity (Deficit) |
|
|
|
|
|||
Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,636,278 and 5,666,667 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively |
|
? |
|
|
? |
|
|
Additional paid-in capital |
|
12,433 |
|
|
1,011 |
|
|
Accumulated deficit |
|
(2,368 |
) |
|
(1,740 |
) |
|
Total Stockholders' Equity (Deficit) |
|
10,065 |
|
|
(729 |
) |
|
Total Liabilities and Stockholders' Equity (Deficit) |
$ |
16,412 |
|
$ |
5,729 |
|
|
MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (unaudited) |
|||||||||||||||
|
Three Months |
|
Three Months |
|
Nine Months |
|
Nine Months |
||||||||
|
Ended |
|
Ended |
|
Ended |
|
Ended |
||||||||
|
March 31, |
|
March 31, |
|
March 31, |
|
March 31, |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Net sales |
$ |
5,835 |
|
$ |
1,710 |
|
$ |
12,728 |
|
$ |
5,076 |
|
|||
Cost of goods sold |
|
4,468 |
|
|
1,294 |
|
|
9,743 |
|
|
3,786 |
|
|||
Gross profit |
|
1,367 |
|
|
416 |
|
|
2,985 |
|
|
1,290 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|||||||
Research and development |
|
53 |
|
|
42 |
|
|
172 |
|
|
103 |
|
|||
Selling and marketing |
|
539 |
|
|
277 |
|
|
1,653 |
|
|
934 |
|
|||
General and administrative |
|
906 |
|
|
389 |
|
|
2,470 |
|
|
1,209 |
|
|||
Total operating expenses |
|
1,498 |
|
|
708 |
|
|
4,295 |
|
|
2,244 |
|
|||
Operating loss |
|
(131 |
) |
|
(292 |
) |
|
(1,310 |
) |
|
(956 |
) |
|||
Other (income) expense: |
|
|
|
|
|
|
|
|
|||||||
Unrealized gain on marketable securities |
|
(17 |
) |
|
? |
|
|
(17 |
) |
|
? |
|
|||
Realized gain on marketable securities |
|
? |
|
|
(185 |
) |
|
? |
|
|
(459 |
) |
|||
PPP loan and interest forgiveness |
|
(705 |
) |
|
? |
|
|
(705 |
) |
|
? |
|
|||
Interest and other income |
|
(1 |
) |
|
? |
|
|
(2 |
) |
|
? |
|
|||
Interest expense |
|
2 |
|
|
57 |
|
|
40 |
|
|
194 |
|
|||
Total other (income) expense |
|
(724 |
) |
|
(128 |
) |
|
(684 |
) |
|
(265 |
) |
|||
Net income (loss) |
$ |
593 |
|
$ |
(164 |
) |
$ |
(626 |
) |
$ |
(691 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Weighted average shares outstanding: basic and diluted* |
|
10,636,278 |
|
|
5,666,667 |
|
|
10,508,152 |
|
|
5,638,626 |
|
|||
Net income (loss) per common share basic and diluted |
$ |
0.06 |
|
$ |
(0.03 |
) |
$ |
(0.06 |
) |
$ |
(0.12 |
) |
|||
MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) |
|||||||
|
Nine Months Ended |
Nine Months Ended |
|||||
|
March 31, |
March 31, |
|||||
|
2022 |
2021 |
|||||
Cash flows from operating activities: |
|
|
|
|
|||
|
|
|
|
|
|||
Net loss |
$ |
(626 |
) |
$ |
(691 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|||
Provision for (reversal of) doubtful accounts |
|
(230 |
) |
|
8 |
|
|
Depreciation expense |
|
15 |
|
|
99 |
|
|
Amortization expense |
|
72 |
|
|
72 |
|
|
Unrealized gain on investments |
|
(17 |
) |
|
? |
|
|
Realized gain on investments |
|
? |
|
|
(459 |
) |
|
Deferred rent |
|
(1 |
) |
|
5 |
|
|
Stock option compensation expense |
|
178 |
|
|
? |
|
|
PPP loan forgiveness |
|
(705 |
) |
|
? |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|||
Accounts receivable |
|
(1,002 |
) |
|
139 |
|
|
Inventories |
|
(1,451 |
) |
|
(263 |
) |
|
Prepaid expenses and other |
|
426 |
|
|
(104 |
) |
|
Accounts payable |
|
326 |
|
|
(311 |
) |
|
Accrued expenses |
|
(99 |
) |
|
(78 |
) |
|
Unearned warranty revenue |
|
3 |
|
|
(21 |
) |
|
Customer deposits |
|
2,195 |
|
|
(270 |
) |
|
Net cash used in operating activities |
|
(916 |
) |
|
(1,874 |
) |
|
Cash flows from investing activities |
|
|
|
|
|||
Sale of (investment in) marketable securities |
|
(3,412 |
) |
|
550 |
|
|
Purchases of property, plant and equipment |
|
(18 |
) |
|
? |
|
|
Net cash used in investing activities |
|
(3,430 |
) |
|
550 |
|
|
Cash flows from financing activities |
|
|
|
|
|||
Net Proceeds from initial public offering |
|
11,244 |
|
|
? |
|
|
Payments on line of credit |
|
(590 |
) |
|
(60 |
) |
|
Proceeds from private placement |
|
? |
|
|
1,334 |
|
|
Paycheck Protection Program loan proceeds |
|
? |
|
|
698 |
|
|
Payments on notes payable |
|
(1,241 |
) |
|
(59 |
) |
|
Net cash provided by financing activities |
|
9,413 |
|
|
1,363 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
5,067 |
|
|
39 |
|
|
Cash and cash equivalents, beginning of the period |
|
1,270 |
|
|
1,059 |
|
|
Cash and cash equivalents, end of the period |
$ |
6,337 |
|
$ |
1,098 |
|
|
Use of Non-GAAP Measures
The Company uses non-GAAP 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, non-GAAP 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 | 3Q22 | 3Q21 | YTD FY22 | YTD FY21 |
| (in thousands except for Loss per Share and shares outstanding) | ||||
Income (Loss) from Operations |
($131) |
($292) |
($1,310) |
($956) |
Adjustments: |
|
|
|
|
Stock Option Compensation Expense |
($60) |
- |
($178) |
- |
Line of Credit Guarantee |
- |
- |
($50) |
- |
S-8 Auditors Fees - Incentive Plan Shares (IPO) |
- |
- |
($8) |
- |
Staff Retention Bonuses (COVID-19) |
- |
- |
($210) |
- |
Total Adjustments |
($60) |
$0 |
($446) |
$0 |
Non-GAAP Income (Loss) from Operations |
($71) |
($292) |
($864) |
($956) |
Other (Income) Expense |
($726) |
($185) |
($724) |
($459) |
Interest Expense |
$2 |
$57 |
$40 |
$194 |
Adjustments: |
|
|
|
|
PPP Loan Forgiveness |
$705 |
- |
- |
- |
Non-GAAP Net Income (Loss) |
($52) |
($164) |
($180) |
($691) |
|
|
|
|
|
Non-GAAP Income (Loss) per Share |
($0.00) |
($0.03) |
($0.02) |
($0.12) |
Weighted Average Shares Outstanding, Basic and Diluted |
10,636,278 |
5,666,667 |
10,508,152 |
5,638,626 |
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