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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, NASDAQ: MIND, announced its fiscal 2025 Q1 results, ending April 30, 2024.
Revenues from continuing operations were $9.7 million, down from $10.6 million YoY. Operating income rose to $730,000, up from $419,000 last year. Net income reached $954,000, reversing a loss of $240,000 in fiscal 2024's first quarter. Net income attributable to common shareholders was $7,000, or less than $0.01 per share, compared to a loss of $1.2 million, or $0.84 per share, last year.
Adjusted EBITDA from continuing operations was $1.5 million, up from $874,000. The backlog for Marine Technology Products in the Seamap segment increased to $31 million from $18 million YoY.
CEO Rob Capps attributed improved results to cost containment and production efficiencies, with a strong backlog and favorable macroeconomic conditions expected to boost revenue and profitability in fiscal 2025.
MIND Technology (NASDAQ: MIND) will release its fiscal 2025 first-quarter financial results on June 10, 2024, after market close. The company will hold a conference call to discuss these results on June 11, 2024, at 9:00 a.m. Eastern Time, available via live phone call or webcast. The conference call can be accessed by dialing (412) 902-0030 or visiting their website. A replay will be available until June 18, 2024, and an archive will be maintained on the website for 90 days. For further information, contact Dennard Lascar Investor Relations at MIND@dennardlascar.com.
MIND Technology (Nasdaq: MIND; MINDP) announces a virtual special meeting for holders of its 9% Series A Cumulative Preferred Stock on June 13, 2024. The meeting aims to approve an amendment allowing each share of preferred stock to convert into 3.9 shares of common stock. The record date for voting is April 26, 2024, and the proposal requires a two-thirds majority for approval. CEO Rob Capps emphasizes this change will enhance financial flexibility and simplify capital structure, addressing dividend overhang issues. A presentation on the proposal is available on the company's website.
MIND Technology, Inc. rescheduled the virtual special meeting of its 9% Series A Cumulative Preferred Stock holders to June 13, 2024, to vote on an amendment converting each preferred stock into 3.9 common shares. The revised proposal aims to simplify the capital structure, enhance financial flexibility, and provide a 112% premium to preferred stockholders.
MIND Technology, Inc. reported strong financial results for the fourth quarter and fiscal year 2024, with significant revenue growth and operating income. The company achieved its first profitable fiscal year since 2014, showing a positive trend in profitability and backlog growth. The CEO highlighted the strategic efforts put in place for future growth, emphasizing the need to manage liquidity and working capital effectively.
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