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