MIND Technology, Inc. (MIND) stock prices were down by a marginal 1.54% as of the market closing on July 8th, 2021, bringing the price per share down to USD$1.92. Premarket fluctuations saw the stock rally by 4.69%, bringing it up to USD$2.01.
Dividends Initiated
July 6th 2021 saw the company announce the commencement of the paying of dividends on the company’s 9.00% Series A Preferred Stock, following the approval from the Board of Directors. The dividend will be in the amount of USD$0.5625 per share and will be paid on a quarterly basis for the period started May 1st, 2021, and ends July 31st, 2021. The dividend will be paid out to stockholders on record as of the close of the trading day on July 15th, 2021. The Series A Preferred Stock is listed on the Nasdaq under the ticker symbol MINDP.
MIND’s Plan of Action
The company is confident in its long-term outlook as it stays the course in regard to its strategic initiatives aimed at expanding the company’s product portfolio, as well as facilitating maximum market penetration. The company’s upcoming 5-year plan remains largely unchanged. The fourth quarter of fiscal 2021 saw the company expand its contract with a leading integrated geophysical company, PGS, that facilitated the provision of advanced source controller technology.
Revenue Reports
The first quarter of fiscal 2022, ended April 30th, 2021, saw the company report USD$4.2 million in revenues generated from the sale of Marine Technology Products. This is comparable to the USD$3.2 million reported in the prior-year quarter and USD$6.4 million in the previous quarter. As of the end of the quarter, the backlog of Marine Technology Products came in at USD$11 million, as compared to the USD$14.2 million reported as of January 31st, 2021.
Net Loss
Net loss arising from continuing of operations for the first quarter of fiscal 2022 came in at USD$3.7 million, as compared to the net loss of USD$3.3 million in the prior quarter and USD$6.4 million in the prior-year quarter. Net loss attributable to common shareholders was reported at USD$0.33 per share, as compared to a net loss of USD$0.30 per share for the fourth quarter of fiscal 2021 and a net loss of USD$0.59 per share for Q1 2021.
Future Outlook for MIND
With the company’s stock significantly more attractive to current and potential investors on account of the commencement of dividends, the company is poised to capitalize on the increase of its equity value. Shareholders are confident in the company’s ability to leverage the resources at their disposal to usher in long-term organic growth.
