Moving iMage Technologies Announces Fourth Quarter and Full-Year Fiscal 2023 Results
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 fourth quarter and full-year ended June 30, 2023.
"We completed a solid year with double-digit revenue growth, higher gross margin and reduced non-GAAP losses," said Phil Rafnson, chairman and chief executive officer. "Fiscal 2023 was a transition year for MiT. As the box office increased sharply, we saw the beginning of a new, multi-year technology upgrade cycle, and cinema owners continued investing in new FF&E projects. Additionally, we made meaningful progress in our strategy to transform our business with higher margin, recurring revenue technology offerings that have the potential to meaningfully accelerate revenue growth and profits over the medium to longer term.
"Additionally, our fiscal 2023 results would have been even better had we not seen approximately $3.4 million of pushouts in our legacy FF&E projects business during the second half of fiscal 2023. Pushouts are not uncommon in this part of our business, and this lumpiness is a big reason we are developing new technology offerings with recurring revenue streams. We also had roughly $1 million, or $0.09 per share, in non-recurring, non-cash year-end accounting write-downs in the fourth quarter that negatively impacted our GAAP operating and net losses."
Fourth Quarter Fiscal 2023 Highlights (versus Fiscal 2Q22)
Fiscal Year 2023 Highlights (versus Fiscal 2Q22)
Fiscal 2024 Commentary
"Given the lumpy nature of our projects, we are approaching fiscal 2024 guidance cautiously by targeting low double-digit revenue growth from our legacy businesses while continuing to move towards break-even on a non-GAAP basis. That said, we do see multiple upside opportunities from our newer initiatives, which aren't included in our current guidance. These include an ADA compliance product refresh at a large national circuit, recording any sales of LEA Professional products, order growth in Esports above the modest fiscal 2023 levels, National Amusements rolling out CineQC to its international locations, initial sales of MiTranslator and other international sales. Given these, we have significant opportunities to accelerate growth, and we plan to provide updates throughout the year as our growth initiatives hit milestones," concluded Rafnson.
Earnings Conference Call and Webcast Information
Management will host a conference call and audio webcast to review the Company's results and forward expectations at 10:00 a.m Eastern Time.
Dial-in and Webcast Information
Date/Time: Tuesday, September 26, 2023, 10:00 a.m. ET
Replay Dial-In: 1-844-512-2921 or 1-412-317-6671
About Moving iMage Technologies
Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. 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.