MIT Reports Lower Revenue, Remains Optimistic

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Mon, 05/22/2023 - 10:18 -- Nick Dager

Moving Image Technologies has announced results for its third fiscal quarter ended March 31, 2023 and said they were lower than the previous third fiscal quarter.

Moving Image Technologies has announced results for its third fiscal quarter ended March 31, 2023 and said they were lower than the previous third fiscal quarter."Our results were impacted by project timing, with one large project and portions of a few smaller ones pushing out into next fiscal year," said Phil Rafnson, chairman and chief executive officer. "I want to stress that this is a normal part of our business today and does not indicate any demand weakness. However, this situation is a key driver for our strategy to spur growth and diversify our business into higher-margin, recurring revenue offerings and new markets. On that front, our gross margin expanded significantly versus last year. We are also seeing momentum start to pick up for our Esports and ADA products and with the technology upgrade cycle for projectors and servers."

Third quarter revenue in 2023 was $3.7 million compared to $5.8 million in 2022.

Gross profit of $1.0 million compared to $1.3 million, and gross margin expanded by 440 basis points to 27.9 percent.

Operating loss of ($0.5) million compared to ($0.1) million.

"Our updated guidance reflects the impact of the project pushes and the associated timing changes for the third and fourth quarters, which will negatively impact our revenue and EPS by approximately $3.4 million and approximately $0.06 to $0.07 per share in fiscal 2023, but will positively impact fiscal 2024, which starts in July,” Rafnson said.

“Finally, our MiTranslator had a lot of actionable interest as well. With respect to the MiTranslator offering, industry support from the North American Theatre Owners industry group for moving from ADA compliance to increasing the potential market for moviegoers through marketing initiatives plays right into our offering's value proposition. Finally, we saw three top 10 theatre chains start planning for testing the MiTranslator over the summer."

Moving Image Technologies https://www.movingimagetech.com.