New 4.1 Million Dollar Order; Advanced Marine Survey Tech Serving Both Military & Civilian Clients Worldwide: MIND Technology, Inc. (NASDAQ: MIND)
– High Performance Marine Sonar and Seismic Equipment.
– Operating Locations the US, Singapore, Malaysia and the UK.
– Recent New Orders Totaling $4.1 Million, Increasing Backlog.
– Goal to Generate Annual Revenues of $140 Million with an EBITDA Margin of Over 20% Within the Next Five Years.
MIND Technology, Inc. (NASDAQ: MIND) provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia and the United Kingdom. The MIND worldwide Marine Technology Products segment, which includes its Seamap and Klein Marine Systems units, designs, manufactures and sells specialized, high performance, marine sonar and seismic equipment.
The specific applications for MIND Technology include:
– Marine Seismic
– Construction Survey
– Renewable Energy Survey
– Search & Recovery
– Hydrographic Survey
– Mine Counter Measures (MCM)
– Anti-Submarine Warfare (ASW)
– Waterside Security (WSS)
MIND has a global presence and, along with its predecessor companies, has been in business for more than 50 years.
Klein sonar products are considered by many to be the “gold standard” in sidescan sonar, having introduced commercially viable sidescan sonar in 1963.
Seamap seismic exploration systems offers an extensive range of marine seismic products based on leading edge engineering design, development and production.
MIND offers 24/7 worldwide support for all product lines.
– New Orders and Added Backlog
On July 19th MIND announced that its Seamap unit has received new orders totaling approximately $4.1 million for source controller and GNSS positioning systems. Deliveries of the related products are expected to occur in the third and fourth quarters of the current fiscal year.
Guy Malden , MIND Co-CEO, commented, “We are pleased to add these orders to our backlog as demand in the marine exploration market remains positive, particularly for our marine source controller systems. We expect further order activity in this area as the year progresses.”
– Mind Technology, Inc. Reports Fiscal 2022 First Quarter Results
On June 2nd MIND announced financial results for its fiscal 2022 first quarter which ended on April 30, 2021.
MIND revenues from Marine Technology Products sales for the first quarter of fiscal 2022 were $4.2 million compared to $6.4 million in the fourth quarter of fiscal 2021 and $3.2 million in the first quarter of fiscal 2021.
MIND reported a net loss from continuing operations for the first quarter of fiscal 2022 of approximately $3.7 million compared to a net loss of $3.3 million in the fourth quarter of fiscal 2021 and a net loss of $6.4 million in the first quarter of fiscal 2021. First quarter of fiscal 2022 net loss attributable to common shareholders was a $(0.33) loss per share compared to a net loss per share of $(0.30) in the fourth quarter of fiscal 2021 and a net loss of per share of $(0.59) in the first quarter of fiscal 2021.
Adjusted EBITDA from continuing operations for the first quarter of fiscal 2022 was a loss of approximately $3.0 million compared, to a loss of $2.5 million in the first quarter of fiscal 2021. Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net loss from continuing operations and cash used in operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States generally accepted accounting principles.
Backlog of Marine Technology Products as of April 30, 2021 was approximately $11.0 million compared to $14.2 million at January 31, 2021, $8.2 million at October 31, 2020 and $8.9 million at January 31, 2020.
Rob Capps, MIND Co-Chief Executive Officer, stated, “During the first quarter of fiscal 2022, we started to experience the impact of the disruptions to the global supply chain that have been widely reported. While not a material issue at this time, supply chain issues have generally extended lead times for a number of items. In some cases, customers did not receive ancillary items from third parties, causing them to delay deliveries from us. Additionally, we and our customers have experienced longer shipping times, particularly with ocean freight. As a result of these factors, our first quarter results were less than we had anticipated. We have taken steps to address these issues and expect significant improvement in following quarters.
“Our backlog remains solid at $11.0 million as of April 30, 2021, although down from our record fourth quarter of fiscal 2021 backlog. While one customer did cancel an order for approximately $2.1 million due to changes in their near-term requirements, we expect future orders from this customer as their needs become more clearly defined. We are continuing to experience an increase in inquiries for marine exploration applications, particularly for our source controllers, and related components, and expect to receive a couple of significant orders, totaling more than $5.0 million, in the second quarter of fiscal 2022.
“We believe our long-term picture remains positive as we are on track with our strategic initiatives to expand our product offerings and market penetration, and our five-year plan generally remains unchanged. Last quarter, we expanded our contract with PGS, a leading integrated marine geophysical company, to provide advanced source controller technology, adding to the GunLink and SourceLink products currently deployed in the PGS fleet.
“We are internally developing new technologies to strengthen our existing portfolio and create new solutions to address the global marine marketplace. As previously stated, our goal is to generate annual revenues of $140 million with an EBITDA margin of over 20% within the next five years. Our belief is partially driven by the growing use of unmanned systems and the need for sensor packages for those systems, the need for higher resolution sonar systems in both military and commercial applications and the need for more cost-effective maritime security capabilities.
“Going forward, we believe that the positive trend for order flow will continue beyond fiscal 2022. While we do not know the magnitude or duration of the global supply chain issues, we have taken necessary steps to reduce expenses and have maintained a healthy balance sheet with zero debt. We plan to continue to execute on our strategy to become the leading provider of innovative marine technology and products, and believe that the Company is well-positioned to capture both internal and non-organic growth opportunities as they develop,” concluded Capps.
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