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• Content META

  Title	Moving iMage Technologies Announces Fourth Quarter and Full Year Fiscal 2024 Results
  ID	2526763
  External ID	7165900554
  Author	Unknown
  Published Date	Sept. 27, 2024, 6:04 a.m.
  Summary	September 27, 2024 at 07:00 AM EDT Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-hom
  Tags	None
  URL	http://business.mammothtimes.com/mammothtimes/article/bizwire-2024-9-27-moving-image-technologies-announces-fourth-quarter-and-full-year-fiscal-2024-results
  Sentiment	Negative: 0.01425    Neutral: 0.07231    Positive: 0.91344
  Relevance	1.02151

• Content Details

  Content ID	1052857
  Key	9d782171-a66f-4360-bd8c-94c0f413df18
  Content	September 27, 2024 at 07:00 AM EDT Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its fourth quarter and fiscal year ended June 30, 2024. Phil Rafnson, chairman and chief executive officer of MiT commented, “The fourth quarter marked the close to a challenging fiscal year, one in which we successfully managed through the industry disruptions caused by the actors and writers strikes that began during our second fiscal quarter. While the strong momentum and results from our first fiscal quarter did not continue throughout the remainder of the year, we made significant progress behind the scenes on our newer initiatives that we believe will drive much improved results in the years to come. These initiatives included the completed testing of LEA Professional's smart power amplifiers at a top 10 circuit, with ongoing testing at several other top circuits while progressing towards commercialization of our emerging products, including MiTranslator and E-Caddy. “We also put our money where our mouth is. We repurchased over 758,000 shares during the year, demonstrating our belief that our stock is significantly undervalued at current levels and our confidence in a post-strike industry recovery and our emerging products creating value over the next several years.” Fiscal 2025 Commentary “We are incredibly excited about the bright future ahead for cinema and the broader entertainment industry, with MiT at the forefront of innovation. The industry has regained significant momentum, driven by the return of blockbuster films and a growing demand for premium, immersive cinema experiences. This resurgence marks just the beginning of a larger transformation in how audiences engage with theaters, and MiT is perfectly positioned to lead this shift with our advanced technologies. “Theaters are investing heavily in next-generation projection, audio systems, and enhanced amenities, with major chains committing over $2.2 billion to upgrades over the next three years. This wave of investment presents tremendous growth opportunities for MiT, as our offerings are central to the premiumization trend, reshaping the moviegoing experience. “Moreover, the cinema industry is entering a critical upgrade cycle as projectors and servers reach end-of-life. For example, one medium-sized customer alone needs to upgrade over 200 projectors, which could potentially generate $15-25 million in sales for MiT over the next four years. We believe that more than 10,000 projectors will need upgrading during this time frame at a cost of $30,000 to $130,000 per projector, so this cycle is likely still in the first inning. “Strategic moves in the industry—such as Sony Pictures' acquisition of Alamo Drafthouse—validate the strong outlook for theatrical releases, while the expansion of cinemas into live events, gaming, and corporate rentals creates further demand for our versatile, high-performance equipment. “MiT's innovative solutions, like our soon-to-be commercialized high-margin recurring revenue MiTranslator and E-Caddy offerings, uniquely position us to meet the evolving needs of this dynamic landscape. As the industry transforms, we're not just poised to grow alongside it—we're helping drive that growth. We remain committed to delivering long-term value for our investors by enhancing the moviegoing experience and expanding our market leadership,” concluded Rafnson. Fourth Quarter Highlights (Fiscal 2024 versus Fiscal 2023) Full Year Highlights (Fiscal 2024 versus Fiscal 2023) Select Financial Metrics: FY24 versus FY23* in millions, except for Income (loss) per Share and percentages 4Q24 4Q23 Change FY24 FY23 Change Total Revenue Gross Profit Gross Margin Operating Income (Loss) Operating Margin GAAP Net Income (Loss) GAAP Earnings (Loss) per Share Non-GAAP Net Income (Loss) Non-GAAP Income (Loss) Per Share nm = not measurable/meaningful; *may not add up due to rounding 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 FY22 FY23 FY24 Dial-in and Webcast Information Date/Time: Thursday, September 27, 2024, 11:00 a.m. ET Toll-Free: Toll/International: Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time. Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1690918&tp_key=c12f77c83d Telephone Replay Telephone Replays will be made available after conference end time. Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: October 11, 2024 at 11:59 p.m. ET Access ID: About Moving iMage Technologies Moving iMage Technologies (NYSE American: MITQ) is a leading provider of technology, products, and services for the Motion Picture Exhibition industry, with expanding ventures into live entertainment venues and Esports. We design and manufacture a wide range of proprietary products in-house, including developing potentially disruptive SaaS and subscription-based solutions. Committed to excellence and innovation, Moving iMage Technologies aims to revolutionize the out of home entertainment experience with cutting-edge technology and superior service. 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) (audited) June 30, Assets Current Assets: Cash Accounts receivable, net Inventories, net Prepaid expenses and other Total Current Assets Long-Term Assets: Right-of-use asset Property and equipment, net Intangibles, net Other assets Total Long-Term Assets Total Assets Liabilities And Stockholders' Equity Current Liabilities: Accounts payable Accrued expenses Customer deposits Lease liability–current Unearned warranty revenue Total Current Liabilities Long-Term Liabilities: Lease liability–non-current — Total Long-Term Liabilities — Total Liabilities Stockholders' Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 9,986,850 and 10,685,778 shares issued and outstanding at June 30, 2024 and June 30, 2023, respectively — — Additional paid-in capital Accumulated deficit Total Stockholders' Equity Total Liabilities and Stockholders' Equity MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (audited) Year Ended June 30, Net sales Cost of goods sold Gross profit Operating expenses: Research and development Selling and marketing General and administrative Total operating expenses Operating loss Other income (expense) Unrealized gain on marketable securities — Realized loss on marketable securities — — Interest and other income, net Total other income Net income/(loss) Weighted average shares outstanding: basic and diluted Net profit/(loss) per common share basic and diluted MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (audited) Year Ended June 30, Cash flows from operating activities: Net income/(loss) Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities: Provision for credit losses Inventory reserve Depreciation expense Amortization expense Impairment expense — ROU amortization Stock option compensation expense Realized gain on investments — Changes in operating assets and liabilities Accounts receivable Inventories Prepaid expenses and other Accounts payable Accrued expenses Unearned warranty revenue Customer deposits Lease liabilities Net cash provided by (used in) operating activities Cash flows from investing activities Sales of marketable securities — Purchases of marketable securities — Purchases of property and equipment Advances on note receivable — Net cash provided by (used in) investing activities Cash flows from financing activities Share Buyback Net cash (used in) financing activities Net (decrease) increase in cash Cash, beginning of the year Cash, end of the year Non-cash investing and financing activities: Share buyback and cancellation for officer — Issuance of stock to employees — Right-of-use assets from ASC842 adoption — Use of Non-GAAP Measures The Company uses non-GAAP net income/loss and earnings/loss per share as a measure 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 eliminating one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under GAAP in the United States of America and should not be considered an alternative to Net Income as an indicator of our operating performance. RECONCILIATION OF NON-GAAP ITEMS (in $millions except for per share numbers) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 FY22 FY23 FY24 View source version on businesswire.com: https://www.businesswire.com/news/home/20240927077055/en/ Contacts Brian Siegel, IRC, MBA Vice President, Investor Relations and Strategic Communications for MiT Senior Managing Director, Hayden IR Brian@haydenir.com
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  Publisher Name	Mammoth Times
  Publisher URL	http://business.mammothtimes.com
  Description	None
  Trust Flow Score	0
  Citation Flow Score	18

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  Data Source Name	Quantexa News
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10