Moving iMage Technologies (NYSEAMERICAN:MITQ) Posts Earnings Results

Moving iMage Technologies (NYSEAMERICAN:MITQ) announced its quarterly earnings data on Friday. The company reported $0.02 earnings per share (EPS) for the quarter, Zacks reports. Moving iMage Technologies had a negative return on equity of 5.98% and a negative net margin of 1.72%. The company had revenue of $6.09 million for the quarter.

Here are the key takeaways from Moving iMage Technologies’ conference call:

• First-quarter revenue rose 9.2% to $6.09 million, boosted by two customer projects pulled forward and DCS loudspeaker sales. Management cautioned that project timing can cause significant quarter-to-quarter variability.
• Gross margin fell to 24.1% from 30%, reflecting a less favorable product mix and higher transportation and input costs. Net income was $181,000, down from $509,000 a year earlier.
• MiT expects approximately $5.4 million in fiscal Q2 revenue, supported by a turnkey upgrade at a 16-screen theater. Management also cited a favorable outlook for project activity ahead of the holiday film season, while noting that customer budgets and project timing remain uncertain.
• Since acquiring DCS, MiT has generated $1.3 million in sales across more than 20 countries, with an order backlog of about $459,000. Management said customer interest is strong, though integration, manufacturing, logistics, and rebuilding customer trust remain ongoing challenges.

Moving iMage Technologies Trading Up 12.9%

MITQ stock traded up $0.06 during mid-day trading on Friday, reaching $0.57. The company’s stock had a trading volume of 756,476 shares, compared to its average volume of 23,680. The company has a market cap of $5.63 million, a price-to-earnings ratio of -18.86 and a beta of 0.76. The business’s 50 day moving average price is $0.56 and its 200 day moving average price is $0.59. Moving iMage Technologies has a 12 month low of $0.42 and a 12 month high of $0.81.

Moving iMage Technologies Company Profile

Moving iMage Technologies, Inc. (NYSE American: MITQ) provides technology, equipment and services for cinemas and other entertainment venues. The company helps customers design, build, upgrade and operate auditoriums through a combination of products, systems integration and technical support. Its offerings include digital cinema projection and audio systems, screens, media servers, cinema management and automation solutions, seating, concession equipment and related theater infrastructure. Moving iMage Technologies also provides installation, engineering, maintenance and other professional services, including customized solutions for new construction and auditorium renovations.