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Mind Technology, Inc (MIND) SEC Filing 10-K Annual Report for the fiscal year ending Monday, January 31, 2022

Mitcham Industries Inc

CIK: 926423 Ticker: MIND

Exhibit 99.1

 

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NEWS RELEASE

 

Contacts:

 

Rob Capps, President & CEO

MIND Technology, Inc.

281-353-4475

       
     

Ken Dennard / Zach Vaughan

713-529-6600

MIND@dennardlascar.com

 

MIND TECHNOLOGY, INC. REPORTS

FISCAL 2022 FOURTH QUARTER AND YEAR-END RESULTS

 

THE WOODLANDS, TX – April 20, 2022 – MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2022 fourth quarter and year ended January 31, 2022.

 

Total revenues from continuing operations for fiscal 2022 were $23.1 million compared to $21.2 million in fiscal 2021. Revenues from Marine Technology Products sales for the fourth quarter of fiscal 2022 were $3.8 million compared to $8.3 million in the third quarter of fiscal 2022 and $6.4 million in the fourth quarter of fiscal 2021.

 

On an annual basis, the Company reported a net loss of $18.0 million attributable to common stockholders in fiscal 2022, or $(1.20) per share, compared to a net loss of $22.6 million attributable to common stockholders in fiscal 2021, or $(1.30) per share. The Company reported a net loss from continuing operations for the fourth quarter of fiscal 2022 of approximately $5.1 million compared to a loss of $2.1 million in the third quarter of fiscal 2022 and a loss of $3.3 million in the fourth quarter of fiscal 2021.  Fourth quarter of fiscal 2022 net loss from continuing operations attributable to common shareholders was $(0.43) per share compared to the third quarter of fiscal 2022 net loss per share of $(0.20) and a net loss of $(0.29) per share in the fourth quarter of fiscal 2021.

 

For the full year, Adjusted EBITDA from continuing operations was a loss of $10.6 million compared to a loss of $7.3 million in fiscal 2021. Adjusted EBITDA from continuing operations for the fourth quarter of fiscal 2022 was a loss of approximately $4.5 million compared to a loss of $1.3 million in the third quarter of fiscal 2022 and a loss of $1.8 million in the fourth quarter of fiscal 2021. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net loss from continuing operations and cash provided by 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.

 

Backlog of Marine Technology Products as of January 31, 2022, was approximately $13.1 million compared to $10.0 million at October 31, 2021 and $14.2 million at January 31, 2021.  

 

Rob Capps, MIND’s President and Chief Executive Officer, stated, “Despite the challenges we have continued to face, including global supply chain disruptions, order delays and delivery challenges, we accomplished a great deal in fiscal 2022 and continue to see increased levels of customer interest. While our fourth quarter revenues were disappointing due to the mentioned supply chain bottlenecks and delivery delays, we saw sales grow 9% year-over-year.

 

“Inquiry and bidding activity remain robust. As we announced last week, we have recently received significant new orders and have other pending orders that we are highly confident in receiving. Coupled with our backlog of approximately $13.1 million as of January 31, we believe our current book of business is in excess of $23 million. This is significantly higher than we have seen historically and of course does not include numerous other prospects that we are actively pursuing. Based on these factors, we expect revenues from continuing operations in fiscal 2023 to exceed those of fiscal 2022 and we think that improvement will be seen beginning in the first quarter.

 

“Our balance sheet remains strong with zero debt, and our cost structure is flexible. We have taken steps recently to streamline our organization and thereby reduce our overhead structure, including eliminating two of the three highest paid positions in the Company.

 

“Our long-term outlook remains positive as we progress with our strategic initiatives to expand our product offerings to meet the increasing needs of the maritime market, which will underpin our future growth,” continued Capps.  “However, we are very much focused on near-term opportunities. The disruptions in the global supply chain obviously introduce risk and uncertainty. As always, we will proactively work to mitigate these risks as much as possible, but we do believe these issues are temporary and will be resolved in time.

 

“As we move into fiscal 2023, we continue to believe the positive trend for order flow will continue. Additionally, we believe the underlying market fundamentals are positive and those have contributed to the increase in order activity. The current geopolitical situation has highlighted the need for maritime security and other defense applications. Some of our recent order and bid activity is, we believe, a direct result of the European security situation. The pricing environment in the energy market is positive for our customers in that space.  The trend towards renewable energy, such as wind farms, is a positive development for our marine survey customers. We plan to continue executing on our long-term strategic initiatives and position the Company to become a leading provider of innovative marine technology and products,” concluded Capps. 

 

NOTE: As has been previously disclosed, the Company is exiting the land leasing business.  Accordingly, the Equipment Leasing segment has been treated as a discontinued operation, and the associated results are excluded from the Companys results from continuing operations for all periods presented.  Assets and liabilities associated with the Equipment Leasing segment have been reclassified as held for sale in the accompanying consolidated condensed balance sheet.

 

 

 

 

The following information was filed by Mitcham Industries Inc (MIND) on Wednesday, April 20, 2022 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mitcham Industries Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Note 1 - Organization And Summary Of Significant Accounting Policies
Note 1 - Organization And Summary Of Significant Accounting Policies (Details Textual)
Note 1 - Organization And Summary Of Significant Accounting Policies (Tables)
Note 1 - Organization And Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Note 10 - Leases
Note 10 - Leases (Details Textual)
Note 10 - Leases (Tables)
Note 10 - Leases - Maturities Of Lease Liabilities (Details)
Note 10 - Leases - Supplemental Balance Sheet Information (Details)
Note 10 - Leases - Supplemental Cash Flow Information (Details)
Note 11 - Goodwill And Other Intangible Assets
Note 11 - Goodwill And Other Intangible Assets (Details Textual)
Note 11 - Goodwill And Other Intangible Assets (Tables)
Note 11 - Goodwill And Other Intangible Assets - Future Estimated Amortization Expense (Details)
Note 11 - Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets (Details)
Note 12 - Accrued Expenses And Other Current Liabilities
Note 12 - Accrued Expenses And Other Current Liabilities (Tables)
Note 12 - Accrued Expenses And Other Current Liabilities - Accrued Expenses And Other Current Liabilities (Details)
Note 13 - Notes Payable
Note 13 - Notes Payable (Details Textual)
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Details Textual)
Note 15 - Related Party Transaction
Note 15 - Related Party Transaction (Details Textual)
Note 16 - Income Taxes
Note 16 - Income Taxes (Details Textual)
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes - Deferred Taxes (Details)
Note 16 - Income Taxes - Income Taxes Expense (Details)
Note 16 - Income Taxes - Reconciliation Of Income Tax Expense (Benefit) (Details)
Note 17 - Commitments And Contingencies
Note 17 - Commitments And Contingencies (Details Textual)
Note 18 - Stock Option Plans
Note 18 - Stock Option Plans (Details Textual)
Note 18 - Stock Option Plans (Tables)
Note 18 - Stock Option Plans - Fair Value Assumptions (Details)
Note 18 - Stock Option Plans - Restricted Stock (Details)
Note 18 - Stock Option Plans - Stock Option Activiy (Details)
Note 19 - Segment Reporting
Note 19 - Segment Reporting (Details Textual)
Note 2 - Assets Held For Sale And Discontinued Operations
Note 2 - Assets Held For Sale And Discontinued Operations (Tables)
Note 2 - Assets Held For Sale And Discontinued Operations - Held For Sale And Discontinued Operations (Details)
Note 20 - Corporate Restructuring
Note 20 - Corporate Restructuring (Details Textual)
Note 21 - Concentrations
Note 21 - Concentrations (Details Textual)
Note 22 - Sales And Major Customers
Note 22 - Sales And Major Customers (Details Textual)
Note 22 - Sales And Major Customers (Tables)
Note 22 - Sales And Major Customers - Summary Of Revenues (Details)
Note 3 - New Accounting Pronouncements
Note 4 - Liquidity
Note 4 - Liquidity (Details Textual)
Note 5 - Revenue From Contracts With Customers
Note 5 - Revenue From Contracts With Customers (Details Textual)
Note 5 - Revenue From Contracts With Customers (Tables)
Note 5 - Revenue From Contracts With Customers - Contract Assets And Liabilities (Details)
Note 5 - Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Note 6 - Supplemental Statements Of Cash Flows Information
Note 6 - Supplemental Statements Of Cash Flows Information (Tables)
Note 6 - Supplemental Statements Of Cash Flows Information - Supplemental Statements Of Cash Flows Information (Details)
Note 7 - Inventories
Note 7 - Inventories (Tables)
Note 7 - Inventories - Inventories From Continuing Operations (Details)
Note 8 - Accounts Receivables
Note 8 - Accounts Receivables (Tables)
Note 8 - Accounts Receivables - Accounts Receivables From Continuing Operations (Details)
Note 9 - Property And Equipment
Note 9 - Property And Equipment (Tables)
Note 9 - Property And Equipment - Location Of Property And Equipment (Details)
Note 9 - Property And Equipment - Property And Equipment (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Tables)
Schedule Ii - Valuation And Qualifying Accounts - Valuation And Qualifying Accounts (Details)
Significant Accounting Policies (Policies)
Ticker: MIND
CIK: 926423
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-010274
Submitted to the SEC: Fri Apr 29 2022 4:37:53 PM EST
Accepted by the SEC: Fri Apr 29 2022
Period: Monday, January 31, 2022
Industry: Equipment Rental And Leasing

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