Moving iMage Technologies (MiT) Board of Directors Authorizes $1 Million Share Repurchase Program

Rhea-AI Summary

Moving iMage Technologies (AMEX: MITQ) has initiated a share repurchase program allowing for the buyback of up to $1 million worth of common stock over the next year. CEO Phil Rafnson highlighted the disparity between the company's solid fundamentals—reporting nearly $1 per share in cash and expected revenue growth of 155-169% for fiscal 2022—and its current stock price, which he views as undervalued. The company plans to execute the buybacks at its discretion based on market conditions.

Positive

• Board authorized a $1 million share buyback program to enhance shareholder value.
• Strong financials with nearly $1 per share in cash.
• Projected revenue growth of 155-169% for fiscal 2022.

Negative

• None.

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)-- Moving iMage Technologies (NYSE: MITQ) (“MiT”), a leading digital cinema technology company, today announced that its Board of Directors authorized a share repurchase program permitting the Company to purchase up to an aggregate of $1 million of common stock over the next 12 months.

“Since coming public last July, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance,” said Phil Rafnson, chief executive officer. “With a strong, debt-free balance sheet that had nearly $1 per share in cash as of our most recent earnings report and revenue guidance of 155-169% growth for fiscal 2022, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a $1 million buyback over the next 12 months.”

Purchases made under the program will be made from time to time, at the Company’s discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the Company and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.

About Moving iMage Technologies

Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibition. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220624005063/en/

Investor Relations and Media Contacts:

Brian Siegel, IRC®, M.B.A.

Senior Managing Director

Hayden IR

(346) 396-8696

brian@haydenir.com

Source: Moving iMage Technologies

FAQ

What is the purpose of Moving iMage Technologies' $1 million share repurchase program?

The share repurchase program aims to enhance shareholder value amid the company's perceived undervaluation in the market.

When will Moving iMage Technologies begin its stock buyback program?

The buyback program is set to occur over the next 12 months at the company's discretion.

What financial performance metrics does Moving iMage Technologies report?

The company reported nearly $1 per share in cash and expects significant revenue growth of 155-169% for fiscal 2022.

How does the stock buyback impact Moving iMage Technologies' stock price?

The stock buyback is anticipated to support the stock price by reducing the number of outstanding shares and demonstrating confidence in the company's value.