Welcome to our dedicated page for MIND Technology news (Ticker: MIND), a resource for investors and traders seeking the latest updates and insights on MIND Technology stock.
MIND Technology, Inc. (NASDAQ: MIND) headquartered in The Woodlands, Texas, is a leading provider of innovative technology solutions for the oceanographic, hydrographic, defense, seismic, and maritime security industries. Operating through its subsidiaries, MIND delivers specialized, high-performance sonar and seismic equipment designed for marine exploration and survey applications.
The company functions primarily in two segments: Marine Technology Products and Equipment Leasing. Under these segments, MIND develops, manufactures, and markets proprietary products such as the GunLink seismic source acquisition and control systems, BuoyLink RGPS tracking systems, DigiShot energy source controllers, and the SeaLink product line, which includes marine sensors and solid streamer systems. Additionally, MIND offers the HarborGuard, an integrated waterside surveillance and security system that combines radar, video, and other advanced surveillance technologies.
MIND's Seamap unit, which contributes significantly to the company's revenue, focuses on manufacturing and selling specialized marine survey equipment. This unit has a global footprint with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. The company’s geographical reach extends across the United States; Europe, Russia & CIS; Middle East & Africa; Asia-Pacific; and Canada & Latin America.
Recently, MIND Technology has made significant strides in improving its financial health. For the fiscal year ending January 31, 2024, the company reported its first profitable year since 2014 with an operating income of $518,000. This improvement is a result of strategic alignments and cost containment measures. The company has a robust backlog of approximately $38.4 million as of January 31, 2024, predominantly from its Seamap segment, indicating strong demand and a bright outlook for future operations.
MIND is also taking proactive measures to address its capital structure. The company has proposed converting its 9% Series A Cumulative Preferred Stock into common stock at a revised rate, a strategic move aimed at enhancing financial flexibility and simplifying its capital structure. This proposal underscores the company's commitment to creating additional value for its shareholders and positioning itself for sustainable growth.
With a keen focus on customer engagement and a steady stream of new orders, MIND Technology expects to continue its positive financial trajectory into fiscal 2025. The company is dedicated to leveraging its innovative technology and global presence to meet the evolving needs of its diverse clientele while maintaining strong financial discipline.
For more information on MIND Technology's recent developments and financial performance, visit the company's investor relations page or contact their investor relations team at MIND@dennardlascar.com.
MIND Technology has announced significant orders for its Seamap unit's GunLink source controller. The company received an order worth approximately $5.1 million, contributing to a total of $7.9 million in orders since July 31, 2024. Mark Welker, Vice President of MIND and Seamap Managing Director, highlighted the strong demand for their source controller products.
While a portion of these orders will be delivered in the current fiscal year, the majority is slated for delivery in the next fiscal year. The company is also pursuing additional significant opportunities expected to materialize in the near future. MIND Technology views its growing backlog and business pipeline as positive indicators for the remainder of this fiscal year and the next.
MIND Technology, Inc. (NASDAQ: MIND) reported positive financial results for its fiscal 2025 second quarter ended July 31, 2024. Revenues from continuing operations increased to $10.0 million, up from $7.6 million in the same quarter last year. The company achieved an operating income of $1.4 million, compared to a loss of $767,000 in Q2 fiscal 2024. Net income improved to $798,000, a significant turnaround from a $1.5 million loss in the previous year.
The company's backlog for Marine Technology Products grew to $26.2 million, over 50% higher than the $17.0 million reported a year ago. MIND's CEO, Rob Capps, highlighted operational efficiencies, cost containment initiatives, and strong customer demand across product lines. The company expects year-over-year revenue growth, positive Adjusted EBITDA, and greater full-year profitability in fiscal 2025.
MIND Technology has completed the conversion of all its 9% Series A Cumulative Preferred Stock into common stock. The conversion, effective September 4, 2024, resulted in the issuance of approximately 6.6 million new common shares, bringing the total outstanding common shares to about 8 million. This move was approved by preferred stockholders on August 29, 2024, and executed through a Certificate of Amendment filed with the Delaware Secretary of State. Each preferred share was converted into 3.9 common shares.
Rob Capps, President and CEO of MIND, stated that this transaction provides the company with a clean capital structure and improved flexibility to create value for stockholders.
MIND Technology, Inc. (Nasdaq: MIND; MINDP) has announced the approval of its Preferred Stock Proposal at a reconvened virtual special meeting. The proposal allows for the conversion of each share of 9% Series A Cumulative Preferred Stock into 3.9 shares of common stock, at the discretion of the company's Board of Directors. The approval was secured with more than two-thirds of outstanding Preferred Stock votes in favor, with approximately 89% of received votes supporting the proposal.
The Board now has until October 31, 2024, to effect the conversion by filing an amendment with the Delaware Secretary of State. CEO Rob Capps expressed that this approval is a important step for MIND, potentially providing increased flexibility to create value for all stakeholders.
MIND Technology (NASDAQ: MIND) has announced the schedule for its fiscal 2025 second quarter earnings release and conference call. The company will release financial results for the quarter ended July 31, 2024, after market close on Wednesday, September 11, 2024. A conference call will follow on Thursday, September 12, 2024, at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time.
Investors can participate in the call by dialing (412) 902-0030 or by accessing the webcast at http://mind-technology.com/. For those unable to attend, a replay will be available until September 19, 2024, by dialing (201) 612-7415 with pass code 13748560#. An archive of the webcast will also be accessible on the company's website for 90 days.
MIND Technology (Nasdaq: MIND; MINDP) has announced the reconvening of its virtual special meeting for holders of its 9% Series A Cumulative Preferred Stock on August 29, 2024. The meeting aims to approve an amendment allowing the conversion of each preferred share into 3.9 common shares at the Board's discretion. A new record date of July 16, 2024 has been set, and previously cast proxies are no longer valid. CEO Rob Capps urges all eligible preferred stockholders to vote in favor of the proposal. The company has filed a revised proxy statement with the SEC and distributed it to holders of record.
MIND Technology announced that the virtual special meeting of its 9% Series A Cumulative Preferred Stock holders has been adjourned to August 29, 2024. This meeting aims to approve an amendment allowing each Preferred Stock share to be converted into 3.9 shares of common stock at the Board's discretion. A new record date of July 16, 2024, has been set, and previously cast proxies are now invalid. This was necessitated by significant trading activity post the previous record date, disenfranchising many stockholders. Over 680,000 shares, about 40% of the total outstanding, have been traded since then, prompting the need for a new vote.
MIND Technology announced its decision to defer the quarterly cash dividend on its 9.00% Series A Cumulative Preferred Stock for Q2 of the fiscal year ending January 31, 2025. This marks the eighth consecutive quarter of dividend deferral.
The deferred dividends will accrue and be payable in the future. During this deferral period, MIND is prohibited from paying dividends on common stock or redeeming shares.
As a result of this deferral, holders of the Series A Preferred Stock now have the right to appoint two directors to the company's Board.
MIND Technology has further adjourned its virtual special meeting for holders of its 9% Series A Cumulative Preferred Stock to July 11, 2024. The decision allows more time to solicit additional proxies needed to approve a significant amendment to the Preferred Stock's Certificate of Designations. If approved, the amendment would permit conversion of each preferred share into 3.9 common shares at the Board's discretion before July 31, 2024. Preferred stockholders previously supported adjourning the meeting for this purpose. MIND urges eligible stockholders who haven't voted yet to do so promptly.
MIND Technology convened a virtual special meeting of its preferred stockholders on June 13, 2024. The meeting was adjourned to June 27, 2024, allowing management more time to solicit proxies for a proposal to amend the Certificate of Designations of its 9% Series A Cumulative Preferred Stock.
If approved, the amendment will allow each share of preferred stock to be converted into 3.9 shares of common stock at the Board's discretion before July 31, 2024. The record date to determine eligible voters remains April 27, 2024. MIND encourages preferred stockholders who have not yet voted to do so promptly.
Rob Capps, President and CEO, expressed satisfaction with the current response but emphasized the need for more time due to diverse holdings and the requirement of a two-thirds majority for approval.
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