FOUNTAIN VALLEY, Calif., November 14, 2024--(BUSINESS WIRE)--Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), ("MiT"), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its first quarter ended September 30, 2024.
Phil Rafnson, Chairman and Chief Executive Officer of MiT commented:
"Our first fiscal quarter delivered promising results, underscoring a positive shift in the industry. The combined impact of a robust summer box office and a critical technology upgrade cycle has provided theaters with the confidence to start releasing budgets to invest in premium technologies. We successfully fulfilled orders for high-end solutions including immersive audio systems, laser projection upgrades and our own proprietary products, reinforcing our commitment to excellence.
"With the strikes now behind us, the industry demonstrated remarkable resilience propelled by a strong domestic box office performance this summer. As we move into the holiday season, momentum is clearly building. Major players like AMC, Regal and Cinemark are reporting solid gains. AMC has experienced increased attendance, especially for major releases, and Cinemark’s third-quarter results surpassed expectations as audiences enthusiastically embrace both premium experiences and traditional moviegoing.
"This resurgence aligns seamlessly with our premium offerings such as immersive sound systems and advanced laser projection upgrades, which are increasingly in demand as customers seek to enhance the theater experience. We are energized by this reinvigorated interest and remain committed to supporting the industry’s growth with innovative high-quality solutions."
Fiscal 2025 Commentary
"We are optimistic that the industry’s strong box office momentum will extend through the holiday season and transition into an exciting lineup of releases for 2025. While our fiscal Q2 is typically slower due to the holiday season, the current industry climate presents a unique opportunity for favorable year-over-year comparisons due to last year’s setbacks related to the Hollywood strikes. Despite this improved environment, we still have not made back all the ground lost from the post-Covid recovery that was occurring prior to the strikes. However, the industry is re-gaining momentum, and we expect our customers to allocate more of their refreshed budgets in the second half of our fiscal year, which aligns with the first half of calendar 2025.
"In parallel, we are advancing our internal growth initiatives across the cinema and out-of-home entertainment markets, all aimed at driving revenue growth and margin expansion with the majority introducing recurring revenue streams. As we make progress on these initiatives, we look forward to keeping our investors updated on these initiatives and the value they bring."
Select Financial Metrics: FY25 versus FY24*
in millions, except for Income (loss) per Share and percentages
1Q25
1Q24
Change
Total Revenue
$5.3
$6.6
-20.8%
Gross Profit
$1.4
$1.8
-24.6%
Gross Margin
26.1%
27.4%
Operating Income (Loss)
($0.1)
$0.4
NM
Operating Margin
-1.3%
5.8%
Net Income (Loss)
($0.0)
$0.4
NM
Diluted Income (Loss) per Share
($0.00)
$0.04
NM
nm = not measurable/meaningful; *may not add up due to rounding
First Quarter Highlights (Fiscal 2025 versus Fiscal 2024)
Revenue decreased 20.8% to $5.3 million compared to $6.6 million;
Gross Profit decreased 24.6% to $1.4 million compared to $1.8 million; Gross Margin was 26.1%;
Operating Loss of ($0.1) million compared to Operating Income $0.4 million;
Net Income and Earnings per Share (EPS) of ($0.0) million and ($0.00) compared to $0.4 million and $0.04, respectively;
As of September 30, 2024, the Company held cash of $5.2 million.
Trended Financials*
in millions, except for Income (loss) per Share and percentages
1Q24
2Q24
3Q24
4Q24
1Q25
FY21
FY22
FY23
FY24
Total Revenue
$6.6
$3.3
$3.9
$6.3
$5.3
$8.5
$18.4
$20.2
$20.1
Gross Profit
$1.8
$0.8
$0.7
$1.4
$1.4
$2.0
$4.5
$5.3
$4.7
Gross Margin
27.4%
23.2%
17.4%
22.5%
26.1%
23.6%
24.3%
26.3%
23.3%
Operating Income (Loss)
$0.4
($0.8)
($0.6)
($0.5)
($0.1)
($1.5)
($1.8)
($2.0)
($1.6)
Operating Margin
5.8%
-25.4%
-16.7%
-7.3%
-1.3%
-17.6%
-9.6%
-9.8%
-7.7%
Net Income (Loss)
$0.4
($0.8)
($0.6)
($0.4)
($0.0)
($1.6)
($1.3)
($1.8)
($1.4)
Diluted Income (Loss) per Share
$0.04
(0.07)
($0.06)
($0.04)
$0.00
($0.23)
($0.13)
($0.16)
($0.13)
*may not add up due to rounding
Dial-in and Webcast Information
Date/Time: Thursday, November 14, 2024, 12:00 p.m. ET Toll-Free: 1-877-407-4018 Toll/International: 1-201-689-8471 Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time. Webcast:https://viavid.webcasts.com/starthere.jsp?ei=1697703&tp_key=fc786ab55c
Telephone Replay
Telephone Replays will be made available after conference end time.
Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: November 28, 2024 at 11:59 p.m. ET Access ID: 13750141
About Moving iMage Technologies
Moving iMage Technologies (NYSE American: MITQ) is a leading provider of technology, products, and services for the Motion Picture Exhibition industry, with expanding ventures into live entertainment venues and Esports. We design and manufacture a wide range of proprietary products in-house, including developing potentially disruptive SaaS and subscription-based solutions. Committed to excellence and innovation, Moving iMage Technologies aims to revolutionize the out of home entertainment experience with cutting-edge technology and superior service. 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)
September 30,
June 30,
2024
2024
(unaudited)
Assets
Current Assets:
Cash
$
5,246
$
5,278
Accounts receivable, net
1,027
1,048
Inventories, net
2,616
3,117
Prepaid expenses and other
312
470
Total Current Assets
9,201
9,913
Long-Term Assets:
Right-of-use asset
1,074
144
Property and equipment, net
24
28
Intangibles, net
407
422
Other assets
16
16
Total Long-Term Assets
1,521
610
Total Assets
$
10,722
$
10,523
Liabilities And Stockholders’ Equity
Current Liabilities:
Accounts payable
$
1,832
$
2,261
Accrued expenses
347
320
Customer refunds
398
399
Customer deposits
1,309
1,651
Lease liability–current
170
151
Unearned warranty revenue
54
31
Total Current Liabilities
4,110
4,813
Long-Term Liabilities:
Lease liability–non-current
922
—
Total Long-Term Liabilities
922
—
Total Liabilities
5,032
4,813
Stockholders’ Equity
Common stock, $0.00001 par value, 100,000,000 shares authorized, 9,896,850 and 9,896,850 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively
—
—
Additional paid-in capital
11,971
11,965
Accumulated deficit
(6,281
)
(6,255
)
Total Stockholders’ Equity
5,690
5,710
Total Liabilities and Stockholders’ Equity
$
10,722
$
10,523
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share amounts)
(unaudited)
Three Months Ended
September 30,
2024
2023
Net sales
$
5,252
$
6,635
Cost of goods sold
3,880
4,816
Gross profit
1,372
1,819
Operating expenses:
Research and development
61
67
Selling and marketing
529
542
General and administrative
850
826
Total operating expenses
1,440
1,435
Operating (loss) income
(68
)
384
Other income (expense)
Interest and other income, net
43
55
Total other income
43
55
Net (loss) income
$
(25
)
$
439
Weighted average shares outstanding: basic and diluted (Note 5)
9,896,850
10,685,778
Net (loss) income per common share basic and diluted
$
(0.00
)
$
0.04
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
September 30
2024
2023
Cash flows from operating activities:
Net (loss) income
$
(25
)
$
439
Adjustments to reconcile net (loss)/income to net cash (used in) operating activities:
Brian Siegel, IRC, MBA Vice President, Investor Relations and Strategic Communications for MiT Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com
