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Moving iMage Technologies Announces 241% Revenue Growth in Third Quarter Fiscal 2022

Revenue growth of 241% to $5.8 Million

GAAP Net Income and diluted EPS of $0.6 million and $0.06

Reduced non-GAAP Net Loss and net Loss Per Share to $0.1 million and $0.00

Increases fiscal 2022 revenue guidance to $17.5 to $18.5 million (155 to 169% growth)

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 brian@haydenir.com 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

 

Contacts

Brian Siegel, IRC, MBA

Senior Managing Director, Hayden IR

(346) 396-8696

Brian@haydenir.com

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