Moving iMage Technologies, Inc. - MITQ STOCK NEWS

Moving iMage Technologies ($MITQ) has announced a significant upgrade project for Alamo Drafthouse's recently acquired Las Colinas, Texas location. The project includes the installation of seven state-of-the-art Barco SP4K RGB projectors, Alchemy servers, and MiT's proprietary manufactured products such as advanced automation systems and power filtering IS-30 units. Additionally, new screens will be installed to complement the high-definition projection system.

This upgrade aims to enhance the movie-going experience by providing exceptional image clarity, color accuracy, and streamlined content management. The collaboration between MiT and Alamo Drafthouse demonstrates their commitment to delivering top-tier cinematic technology and a superior visual experience for audiences.

Moving iMage Technologies ($MITQ) has announced a significant upgrade project for Alamo Drafthouse's recently acquired Richardson, Texas location. The project includes the installation of seven state-of-the-art Barco SP4K RGB projectors, Alchemy servers, and a Dolby Atmos immersive sound system with 46 discrete speaker channels and 36,000W of QSC power. MiT will also provide its proprietary automation systems and power filtering IS-30 units, along with new screens to complement the high-definition projection system.

This comprehensive upgrade aims to enhance the movie-going experience significantly, offering exceptional image clarity, color accuracy, and immersive sound. The Richardson location is set to reopen this Friday, showcasing these cutting-edge technologies that promise a more vibrant and engaging cinematic experience for audiences.

Moving iMage Technologies (NYSE American: MITQ), a leading tech and services firm for entertainment venues, announced a multi-million dollar contract for a new Alamo Drafthouse Cinema in Indianapolis.

Set to open in Summer 2024, the Georgetown location represents the 44th Alamo site equipped by MiT.

The project will feature MiT's proprietary products, including energy management solutions, bases, dimmers, automation systems, and ADA equipment.

Additionally, it will have cutting-edge 4K laser projection from Barco and comprehensive AV distribution and processing from QSC.

MiT will manage and integrate the project, ensuring optimal performance.

The opening will offer movie enthusiasts a state-of-the-art cinematic experience.

Moving iMage Technologies (NYSE AMERICAN: MITQ) reported its Q3 fiscal 2024 results, showing a 4.0% revenue increase to $3.9 million compared to $3.7 million in the prior year. However, gross profit fell by 35.1% to $0.7 million, with a gross margin of 17.4%. The company reported a GAAP operating loss of $0.6 million and a net loss per share of $0.06. The decline was attributed to the long tail effects of 2023's actors and writers strike, lower gross margins from a large order, and strong operating leverage.

Despite these challenges, MiT noted optimistic developments, including promising field tests of LEA's smart power amps and positive advancements in their E-caddy concept for sports stadiums. However, the broader rollout of the CineQC platform has been delayed for significant technology upgrades. MiT also repurchased 310,000 shares during the quarter, holding $5.9 million in cash as of March 31, 2024.

Moving iMage Technologies (MITQ) will host a conference call to discuss its third quarter fiscal 2024 results on May 15, 2024. The company offers technology solutions for entertainment applications, focusing on motion picture exhibitions, sports venues, and eSports. They also provide custom engineering, digital cinema, A/V integration, and specialized seating products.

Moving iMage Technologies (NYSE American: MITQ) will host a conference call discussing financial and operational results for its third quarter fiscal 2024 ended March 31, 2024, on Wednesday, May 15, 2024 at 12:00 p.m. Eastern Time. The earnings release will be posted at roughly 7:00 a.m. Eastern Time on May 15, 2024 and accessible through the Company’s investor relations website. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solutions, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology.

Moving iMage Technologies (MITQ) announces a new $363,000 share repurchase program, replacing the previous $1.0 million program. The program aims to repurchase shares up to the specified amount by June 30, 2024, or when the target is met. MiT had repurchased 6.3% of total shares for $637,000 under the previous plan. Additionally, a 10b5-1 stock trading plan was established to allow repurchases during blackout periods, expanding repurchase days from 90 to 250 annually.

Moving iMage Technologies, Inc. (MITQ) reports a decline in revenue and profit for the second quarter of fiscal 2024 due to the end of SVOG spending and strikes impacting the box office. The company anticipates a recovery in the second half of fiscal 2025 with increased technology upgrades and potential market expansion. Despite challenges, MiT is optimistic about new product lines and service opportunities.

Moving iMage Technologies (MITQ) to discuss Q2 fiscal 2024 results on February 14, 2024. Earnings release accessible on the investor relations website. Conference call details provided for investors.