THE WOODLANDS, TX – June 10, 2024 – MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2025 first quarter ended April 30, 2024.
Revenues from continuing operations for the first quarter of fiscal 2025 were approximately $9.7 million compared to approximately $10.6 million in the first quarter of fiscal 2024. The Company reported operating income from continuing operations of approximately $730,000 for the first quarter of fiscal 2025 compared to approximately $419,000 for the first quarter last year. Net income for the first quarter of fiscal 2025 amounted to approximately $954,000 compared to a loss of approximately $240,000 in the first quarter of fiscal 2024. First quarter of fiscal 2025 net income attributable to common shareholders (after declared and undeclared preferred stock dividends) was approximately $7,000, or less than $0.01 per share compared to a loss of approximately $1.2 million, or a loss of $0.84 per share in the first quarter last year. Adjusted EBITDA from continuing operations for the first quarter of fiscal 2025 was approximately $1.5 million compared to approximately $874,000 in the first quarter of fiscal 2024.
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, or GAAP.
The backlog of Marine Technology Products related to our Seamap segment as of April 30, 2024 was approximately $31 million compared to approximately $18 million at April 30, 2023.
Rob Capps, MIND’s President and Chief Executive Officer, stated, “We are pleased to report solid results for our fiscal first quarter. We are particularly encouraged by the improved operating margins. I think this is a result of our cost containment measures and improved production efficiencies. Our backlog remains strong, over 70% above the year ago amount, and we have a number of customer engagements that we expect to lead to further orders. With our strong backlog, improved cost structure, current visibility, and favorable macroeconomic tailwinds, we expect another profitable fiscal year for MIND with increased revenue and Adjusted EBITDA as compared to fiscal 2024. As expected, we saw increased working capital requirements in the first quarter, which utilized some of our existing liquidity. Managing our liquidity and increased working capital requirements remain a focus for us.” concluded Capps.
The following information was filed by Mitcham Industries Inc (MIND) on Monday, June 10, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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