THE
WOODLANDS, Texas, Dec. 13,
2022 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ:
MIND) ("MIND" or the "Company") today announced financial results
for its fiscal 2023 third quarter ended October 31, 2022.
Revenues from Marine Technology Products sales for the third
quarter of fiscal 2023 were $4.9
million, compared to $8.3
million in the third quarter of fiscal 2022. The
Company reported a net loss from continuing operations for the
third quarter of fiscal 2023 of approximately $3.3 million compared to a net loss of
$2.1 million in the third quarter of
fiscal 2022. Third quarter of fiscal 2023 net loss from
continuing operations attributable to common shareholders was
$0.31 per share compared to a net
loss of $0.20 per share in the third
quarter of fiscal 2022.
Adjusted EBITDA from continuing operations for the third quarter
of fiscal 2023 was a loss of $2.7
million compared to a loss of $1.3
million in the third quarter of fiscal 2022. Adjusted EBITDA
from continuing operations, which is a non-GAAP measure, is defined
and reconciled to reported net loss from continuing operations and
cash provided by 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 October 31, 2022, was approximately $19.9 million compared to $19.3 million at July 31,
2022 and $10.0 million at
October 31, 2021.
Rob Capps, MIND's President and
Chief Executive Officer, stated, "As expected, our third quarter
results were down sequentially. The decline from our second quarter
revenues was greater than initially anticipated due to the timing
of certain larger orders which we have now delivered in the fourth
quarter. We strongly believe that this sets the stage for a better
than expected fourth quarter, during which we anticipate returning
to profitability. Given our current backlog and delivery schedules,
we expect to generate revenue of $12.0
million to $14.0 million in
the fourth quarter, which we believe will enable us to report
positive earnings from continuing operations in that period.
"We see this general positive trend continuing into our next
fiscal year. While no doubt there will be quarterly
variations, our remaining backlog and ongoing order activity
indicates to us a much-improved fiscal 2024," concluded Capps.
NOTE: As has been previously disclosed, the Company is
exiting the land leasing business. Accordingly, the Equipment
Leasing segment has been treated as a discontinued operation, and
the associated results are excluded from the Company's results from
continuing operations for all periods presented. Assets and
liabilities associated with the Equipment Leasing segment have been
reclassified as "held for sale" in the accompanying consolidated
condensed balance sheet.
CONFERENCE CALL
Management has scheduled a conference call for Wednesday, December 14, 2022 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss the Company's
fiscal 2023 third quarter results. To access the call, please
dial (412) 902-0030 and ask for the MIND Technology call at least
10 minutes prior to the start time. Investors may also listen
to the conference live on the MIND Technology website,
http://mind-technology.com, by logging onto the site and
clicking "Investor Relations." A telephonic replay of the
conference call will be available through December 21, 2022 and may be accessed by calling
(201) 612-7415 and using passcode 13734565#. A webcast
archive will also be available at http://mind-technology.com
shortly after the call and will be accessible for approximately 90
days. For more information, please contact Dennard Lascar Investor Relations by email at
MIND@dennardlascar.com.
ABOUT MIND TECHNOLOGY
MIND Technology, Inc. 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. Its
Seamap and Klein units, design, manufacture and sell specialized,
high performance, marine sonar and seismic equipment.
Forward-looking Statements
Certain statements and information in this press release
concerning results for the fiscal third quarter ended October 31, 2022 may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements contained in this press
release other than statements of historical fact, including
statements regarding our future results of operations and financial
position, our business strategy and plans, and our objectives for
future operations, are forward-looking statements. The words
"believe," "expect," "anticipate," "plan," "intend," "should,"
"would," "could" or other similar expressions are intended to
identify forward-looking statements, which are generally not
historical in nature. These forward-looking statements are
based on our current expectations and beliefs concerning future
developments and their potential effect on us. While
management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate.
All comments concerning our expectations for future revenues and
operating results are based on our forecasts of our existing
operations and do not include the potential impact of any future
acquisitions or dispositions. Our forward-looking statements
involve significant risks and uncertainties (some of which are
beyond our control) and assumptions that could cause actual results
to differ materially from our historical experience and our present
expectations or projections. These risks and uncertainties
include, without limitation, reductions in our customers' capital
budgets, our own capital budget, limitations on the availability of
capital or higher costs of capital, volatility in commodity prices
for oil and natural gas and the extent of disruptions caused by the
COVID-19 outbreak.
For additional information regarding known material factors
that could cause our actual results to differ from our projected
results, please see our filings with the SEC, including our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date
hereof. We undertake no obligation to publicly update or
revise any forward-looking statements after the date they are made,
unless required by law, whether as a result of new information,
future events or otherwise. All forward-looking statements
included in this press release are expressly qualified in their
entirety by the cautionary statements contained or referred to
herein.
Non-GAAP Financial Measures
Certain statements and information in this press release
contain non-GAAP financial measures. Generally, a non-GAAP
financial measure is a numerical measure of a company's
performance, financial position, or cash flows that either excludes
or includes amounts that are not normally excluded or included in
the most directly comparable measure calculated and presented in
accordance with United States
generally accepted accounting principles, or GAAP. Company
management believes that these non-GAAP financial measures, when
considered together with the GAAP financial measures, provide
information that is useful to investors in understanding
period-over-period operating results separate and apart from items
that may, or could, have a disproportionately positive or negative
impact on results in any particular period. Company management also
believes that these non-GAAP financial measures enhance the ability
of investors to analyze the Company's business trends and to
understand the Company's performance. In addition, the Company may
utilize non-GAAP financial measures as guides in its forecasting,
budgeting, and long-term planning processes and to measure
operating performance for some management compensation purposes.
Any analysis of non-GAAP financial measures should be used only in
conjunction with results presented in accordance with GAAP.
Reconciliation of Backlog, which is a non-GAAP financial measure,
is not included in this press release due to the inherent
difficulty and impracticality of quantifying certain amounts that
would be required to calculate the most directly comparable GAAP
financial measures.
-Tables to Follow-
MIND TECHNOLOGY,
INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands, except per share
data) (unaudited)
|
|
|
|
October 31,
2022
|
|
|
January 31,
2022
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
812
|
|
|
$
|
5,114
|
|
Accounts receivable,
net of allowance for doubtful accounts of $504 and
$484 at October 31, 2022 and January 31, 2022,
respectively
|
|
|
3,896
|
|
|
|
8,126
|
|
Inventories,
net
|
|
|
16,837
|
|
|
|
14,006
|
|
Prepaid expenses and
other current assets
|
|
|
1,610
|
|
|
|
1,840
|
|
Assets held for
sale
|
|
|
—
|
|
|
|
159
|
|
Total current
assets
|
|
|
23,155
|
|
|
|
29,245
|
|
Property and equipment,
net
|
|
|
4,103
|
|
|
|
4,272
|
|
Operating lease
right-of-use assets
|
|
|
1,807
|
|
|
|
1,835
|
|
Intangible assets,
net
|
|
|
5,193
|
|
|
|
6,018
|
|
Other assets
|
|
|
—
|
|
|
|
650
|
|
Total
assets
|
|
$
|
34,258
|
|
|
$
|
42,020
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
4,191
|
|
|
$
|
2,046
|
|
Deferred
revenue
|
|
|
135
|
|
|
|
232
|
|
Accrued expenses and
other current liabilities
|
|
|
4,719
|
|
|
|
5,762
|
|
Income taxes
payable
|
|
|
1,059
|
|
|
|
837
|
|
Operating lease
liabilities - current
|
|
|
229
|
|
|
|
869
|
|
Liabilities held for
sale
|
|
|
—
|
|
|
|
953
|
|
Total current
liabilities
|
|
|
10,333
|
|
|
|
10,699
|
|
Operating lease
liabilities - non-current
|
|
|
1,578
|
|
|
|
966
|
|
Deferred tax
liability
|
|
|
92
|
|
|
|
92
|
|
Total
liabilities
|
|
|
12,003
|
|
|
|
11,757
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $1.00
par value; 2,000 shares authorized; 1,683 shares issued and
outstanding at each of October 31, 2022 and January 31,
2022
|
|
|
37,779
|
|
|
|
37,779
|
|
Common stock, $0.01
par value; 40,000 shares authorized; 15,721 and 15,705 shares
issued at October 31, 2022 and January 31, 2022,
respectively
|
|
|
157
|
|
|
|
157
|
|
Additional paid-in
capital
|
|
|
129,450
|
|
|
|
128,926
|
|
Treasury stock, at
cost (1,933 and 1,931 shares at October 31, 2022 and January 31,
2022, respectively)
|
|
|
(16,863)
|
|
|
|
(16,862)
|
|
Accumulated
deficit
|
|
|
(128,301)
|
|
|
|
(117,856)
|
|
Accumulated other
comprehensive gain (loss)
|
|
|
33
|
|
|
|
(1,881)
|
|
Total stockholders'
equity
|
|
|
22,255
|
|
|
|
30,263
|
|
Total liabilities and
stockholders' equity
|
|
$
|
34,258
|
|
|
$
|
42,020
|
|
MIND TECHNOLOGY,
INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share
data) (unaudited)
|
|
|
|
For the Three
Months
Ended October 31,
|
|
|
For the Nine
Months
Ended October 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
$
|
4,884
|
|
|
$
|
8,347
|
|
|
$
|
22,684
|
|
|
$
|
19,348
|
|
Total
revenues
|
|
|
4,884
|
|
|
|
8,347
|
|
|
|
22,684
|
|
|
|
19,348
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
|
|
3,382
|
|
|
|
5,177
|
|
|
|
14,355
|
|
|
|
13,411
|
|
Total cost of
sales
|
|
|
3,382
|
|
|
|
5,177
|
|
|
|
14,355
|
|
|
|
13,411
|
|
Gross
profit
|
|
|
1,502
|
|
|
|
3,170
|
|
|
|
8,329
|
|
|
|
5,937
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
3,556
|
|
|
|
3,903
|
|
|
|
11,617
|
|
|
|
11,098
|
|
Research and
development
|
|
|
843
|
|
|
|
826
|
|
|
|
2,690
|
|
|
|
2,567
|
|
Depreciation and
amortization
|
|
|
469
|
|
|
|
494
|
|
|
|
1,415
|
|
|
|
1,717
|
|
Total operating
expenses
|
|
|
4,868
|
|
|
|
5,223
|
|
|
|
15,722
|
|
|
|
15,382
|
|
Operating
loss
|
|
|
(3,366)
|
|
|
|
(2,053)
|
|
|
|
(7,393)
|
|
|
|
(9,445)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
90
|
|
|
|
33
|
|
|
|
(104)
|
|
|
|
1,037
|
|
Total other income
(expense)
|
|
|
90
|
|
|
|
33
|
|
|
|
(104)
|
|
|
|
1,037
|
|
Loss from continuing
operations before income taxes
|
|
|
(3,276)
|
|
|
|
(2,020)
|
|
|
|
(7,497)
|
|
|
|
(8,408)
|
|
Provision for income
taxes
|
|
|
(37)
|
|
|
|
(59)
|
|
|
|
(379)
|
|
|
|
(111)
|
|
Net loss from
continuing operations
|
|
|
(3,313)
|
|
|
|
(2,079)
|
|
|
|
(7,876)
|
|
|
|
(8,519)
|
|
Loss from discontinued
operations, net of income taxes
|
|
|
(1,846)
|
|
|
|
(499)
|
|
|
|
(1,622)
|
|
|
|
(703)
|
|
Net
loss
|
|
$
|
(5,159)
|
|
|
$
|
(2,578)
|
|
|
$
|
(9,498)
|
|
|
$
|
(9,222)
|
|
Preferred stock
dividends - declared
|
|
|
—
|
|
|
|
(688)
|
|
|
|
(947)
|
|
|
|
(1,954)
|
|
Preferred stock
dividends - undeclared
|
|
|
(947)
|
|
|
|
—
|
|
|
|
(1,894)
|
|
|
|
—
|
|
Net loss
attributable to common stockholders
|
|
$
|
(6,106)
|
|
|
$
|
(3,266)
|
|
|
$
|
(12,339)
|
|
|
$
|
(11,176)
|
|
Net loss per common
share - Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.31)
|
|
|
$
|
(0.20)
|
|
|
$
|
(0.78)
|
|
|
$
|
(0.76)
|
|
Discontinued
operations
|
|
$
|
(0.13)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.05)
|
|
Net loss
|
|
$
|
(0.44)
|
|
|
$
|
(0.24)
|
|
|
$
|
(0.90)
|
|
|
$
|
(0.81)
|
|
Net loss per common
share - Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.31)
|
|
|
$
|
(0.20)
|
|
|
$
|
(0.78)
|
|
|
$
|
(0.76)
|
|
Discontinued
operations
|
|
$
|
(0.13)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.05)
|
|
Net loss
|
|
$
|
(0.44)
|
|
|
$
|
(0.24)
|
|
|
$
|
(0.90)
|
|
|
$
|
(0.81)
|
|
Shares used in
computing net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
13,788
|
|
|
|
13,774
|
|
|
|
13,782
|
|
|
|
13,769
|
|
Diluted
|
|
|
13,788
|
|
|
|
13,774
|
|
|
|
13,782
|
|
|
|
13,769
|
|
MIND TECHNOLOGY,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) (unaudited)
|
|
|
|
For the Nine Months
Ended
October 31,
|
|
|
|
2022
|
|
|
2021
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(9,498)
|
|
|
$
|
(9,222)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
PPP loan
forgiveness
|
|
|
—
|
|
|
|
(850)
|
|
Depreciation and
amortization
|
|
|
1,414
|
|
|
|
1,721
|
|
Stock-based
compensation
|
|
|
524
|
|
|
|
419
|
|
Non-cash cumulative
translation adjustment for discontinued operations
|
|
|
1,626
|
|
|
|
—
|
|
Provision for
inventory obsolescence
|
|
|
68
|
|
|
|
(453)
|
|
(Gross profit) loss
from sale of assets held-for-sale
|
|
|
(382)
|
|
|
|
388
|
|
Loss (gross profit)
from sale of other equipment
|
|
|
113
|
|
|
|
(155)
|
|
Changes in:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
4,981
|
|
|
|
(4,444)
|
|
Unbilled
revenue
|
|
|
1
|
|
|
|
(27)
|
|
Inventories
|
|
|
(2,899)
|
|
|
|
(183)
|
|
Prepaid expenses and
other current and long-term assets
|
|
|
506
|
|
|
|
(293)
|
|
Income taxes
receivable and payable
|
|
|
(16)
|
|
|
|
3
|
|
Accounts payable,
accrued expenses and other current liabilities
|
|
|
983
|
|
|
|
1,696
|
|
Deferred
revenue
|
|
|
328
|
|
|
|
172
|
|
Net cash used in
operating activities
|
|
|
(2,251)
|
|
|
|
(11,228)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(531)
|
|
|
|
(139)
|
|
Sale of assets held
for sale
|
|
|
382
|
|
|
|
3,187
|
|
Sale of a business,
net of cash sold
|
|
|
—
|
|
|
|
761
|
|
Net cash (used in)
provided by investing activities
|
|
|
(149)
|
|
|
|
3,809
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Purchase of treasury
stock
|
|
|
(1)
|
|
|
|
(2)
|
|
Net proceeds from
preferred stock offering
|
|
|
—
|
|
|
|
5,145
|
|
Net proceeds from
common stock offering
|
|
|
—
|
|
|
|
43
|
|
Preferred stock
dividends
|
|
|
(1,894)
|
|
|
|
(1,842)
|
|
Net cash (used in)
provided by financing activities
|
|
|
(1,895)
|
|
|
|
3,344
|
|
Effect of changes in
foreign exchange rates on cash and cash equivalents
|
|
|
(7)
|
|
|
|
86
|
|
Net decrease in cash
and cash equivalents
|
|
|
(4,302)
|
|
|
|
(3,989)
|
|
Cash and cash
equivalents, beginning of period
|
|
|
5,114
|
|
|
|
4,611
|
|
Cash and cash
equivalents, end of period
|
|
$
|
812
|
|
|
$
|
622
|
|
MIND TECHNOLOGY,
INC. Reconciliation of Net Loss From Continuing
Operations and Net Cash Used in Operating Activities to
EBITDA and Adjusted EBITDA From Continuing
Operations (in
thousands) (unaudited)
|
|
|
|
For the Three
Months
Ended October 31,
|
|
|
For the Nine
Months
Ended October 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Reconciliation of
Net loss from Continuing Operations to EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(3,313)
|
|
|
$
|
(2,079)
|
|
|
$
|
(7,876)
|
|
|
$
|
(8,519)
|
|
Interest expense,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
469
|
|
|
|
494
|
|
|
|
1,415
|
|
|
|
1,717
|
|
Provision for income
taxes
|
|
|
37
|
|
|
|
59
|
|
|
|
379
|
|
|
|
111
|
|
EBITDA loss from
continuing operations (1)
|
|
|
(2,807)
|
|
|
|
(1,526)
|
|
|
|
(6,078)
|
|
|
|
(6,691)
|
|
Non-cash foreign
exchange losses
|
|
|
—
|
|
|
|
42
|
|
|
|
—
|
|
|
|
124
|
|
Stock-based
compensation
|
|
|
136
|
|
|
|
183
|
|
|
|
524
|
|
|
|
419
|
|
Adjusted EBITDA loss
from continuing operations (1)
|
|
$
|
(2,671)
|
|
|
$
|
(1,301)
|
|
|
$
|
(5,554)
|
|
|
$
|
(6,148)
|
|
Reconciliation of
Net Cash Used in Operating Activities to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
$
|
247
|
|
|
$
|
(4,038)
|
|
|
$
|
(2,251)
|
|
|
$
|
(11,228)
|
|
PPP loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
850
|
|
Stock-based
compensation
|
|
|
(136)
|
|
|
|
(183)
|
|
|
|
(524)
|
|
|
|
(419)
|
|
Provision for inventory
obsolescence
|
|
|
(23)
|
|
|
|
(38)
|
|
|
|
(68)
|
|
|
|
(83)
|
|
Changes in accounts
receivable (current and long-term)
|
|
|
(2,932)
|
|
|
|
4,417
|
|
|
|
(4,792)
|
|
|
|
4,883
|
|
Interest
paid
|
|
|
—
|
|
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
Taxes paid, net of
refunds
|
|
|
94
|
|
|
|
2
|
|
|
|
371
|
|
|
|
149
|
|
Gross (loss) profit
from sale of other equipment
|
|
|
—
|
|
|
|
—
|
|
|
|
(113)
|
|
|
|
155
|
|
Changes in
inventory
|
|
|
2,438
|
|
|
|
(393)
|
|
|
|
2,899
|
|
|
|
130
|
|
Changes in accounts
payable, accrued expenses and other current liabilities and
deferred revenue
|
|
|
(2,325)
|
|
|
|
(1,468)
|
|
|
|
(1,595)
|
|
|
|
(1,800)
|
|
Changes in prepaid
expenses and other current and long-term assets
|
|
|
(153)
|
|
|
|
42
|
|
|
|
(24)
|
|
|
|
543
|
|
Other
|
|
|
(17)
|
|
|
|
133
|
|
|
|
15
|
|
|
|
129
|
|
EBITDA loss from
continuing operations (1)
|
|
$
|
(2,807)
|
|
|
$
|
(1,526)
|
|
|
$
|
(6,078)
|
|
|
$
|
(6,691)
|
|
|
1.
|
EBITDA and Adjusted
EBITDA are non-GAAP financial measures. EBITDA is defined as net
income before (a) interest income and interest expense, (b)
provision for (or benefit from) income taxes and (c) depreciation
and amortization. Adjusted EBITDA excludes non-cash foreign
exchange gains and losses, stock-based compensation, impairment of
intangible assets, other non-cash tax related items and non-cash
costs of lease pool equipment sales. We consider EBITDA and
Adjusted EBITDA to be important indicators for the performance of
our business, but not measures of performance or liquidity
calculated in accordance with GAAP. We have included these non-GAAP
financial measures because management utilizes this information for
assessing our performance and liquidity, and as indicators of our
ability to make capital expenditures, service debt and finance
working capital requirements and we believe that EBITDA and
Adjusted EBITDA are measurements that are commonly used by analysts
and some investors in evaluating the performance and liquidity of
companies such as us. In particular, we believe that it is useful
to our analysts and investors to understand this relationship
because it excludes transactions not related to our core cash
operating activities. We believe that excluding these transactions
allows investors to meaningfully trend and analyze the performance
of our core cash operations. EBITDA and Adjusted EBITDA are not
measures of financial performance or liquidity under GAAP and
should not be considered in isolation or as alternatives to cash
flow from operating activities or as alternatives to net income as
indicators of operating performance or any other measures of
performance derived in accordance with GAAP. In evaluating our
performance as measured by EBITDA, management recognizes and
considers the limitations of this measurement. EBITDA and Adjusted
EBITDA do not reflect our obligations for the payment of income
taxes, interest expense or other obligations such as capital
expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two
of the measurements that management utilizes. Other companies in
our industry may calculate EBITDA or Adjusted EBITDA differently
than we do and EBITDA and Adjusted EBITDA may not be comparable
with similarly titled measures reported by other
companies.
|
Contacts:
|
Rob Capps, President
& CEO
|
|
MIND Technology,
Inc.
|
|
281-353-4475
|
|
|
|
Ken Dennard / Zach
Vaughan
|
|
Dennard Lascar Investor
Relations
|
|
713-529-6600
|
|
MIND@dennardlascar.com
|
View original
content:https://www.prnewswire.com/news-releases/mind-technology-inc-reports-fiscal-2023-third-quarter-results-301702207.html
SOURCE MIND Technology, Inc.