{"id":393182,"date":"2020-12-03T16:18:39","date_gmt":"2020-12-03T21:18:39","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=393182"},"modified":"2020-12-03T16:18:39","modified_gmt":"2020-12-03T21:18:39","slug":"mind-technology-inc-reports-fiscal-2021-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mind-technology-inc-reports-fiscal-2021-third-quarter-results\/","title":{"rendered":"MIND Technology, Inc. Reports Fiscal 2021 Third Quarter Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n THE WOODLANDS, Texas<\/span>, Dec. 3, 2020<\/span> \/PRNewswire\/ —\u00a0MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2021 third quarter ending October 31, 2020<\/span>.<\/p>\n

Revenues from continuing operations for the third quarter of fiscal 2021 were $6.5 million<\/span> compared to $5.1 million<\/span> in the second quarter of fiscal 2021 and $8.2 million<\/span> in the third quarter of fiscal 2020.\u00a0 The sequential improvement was primarily due to an increase in activity and the completion of SeaLink towed streamer orders. \u00a0<\/p>\n

The loss from continuing operations for the third quarter of fiscal 2021 was approximately $2.4 million<\/span> compared to a loss of $1.3 million<\/span> in the third quarter of fiscal 2020. The Company reported a net loss per share from continuing operations of $(0.24)<\/span> in the third quarter of fiscal 2021 compared to a loss per share of $(0.15)<\/span> in the third quarter of fiscal 2020.<\/p>\n

Adjusted EBITDA from continuing operations for the third quarter of fiscal 2021 was a loss of $1.5 million<\/span> compared to a loss of $423,000<\/span> in the third quarter of fiscal 2020. \u00a0Adjusted EBITDA from continuing operations, which is a non-GAAP measure, is defined and reconciled to reported net loss from continuing operations and cash provided by operating activities in the accompanying financial tables. These are the most directly comparable financial measures calculated and presented in accordance with United States<\/span> generally accepted accounting principles. \u00a0Backlog as of October 31, 2020<\/span> was approximately $8.2 million<\/span> compared to $7.6 million<\/span> at July 31, 2020<\/span> and $8.9 million<\/span> at January 31<\/span>, 2020.\u00a0 The loss from discontinued operations in the third quarter of fiscal 2021 was approximately $1.2 million<\/span> compared to the loss from discontinued operations of $709,000<\/span> in the third quarter of fiscal 2020.<\/p>\n

As has been previously disclosed, the Company is exiting the land leasing business as part of its recently completed reincorporation and rebranding process.\u00a0 Accordingly, the Equipment Leasing segment has been treated as a discontinued operation, and the associated results are excluded from the Company’s results from continuing operations for all periods presented.\u00a0 Assets and liabilities associated with the Equipment Leasing segment have been reclassified as “held for sale” in the accompanying consolidated condensed balance sheet.<\/p>\n

\n Rob Capps<\/span>, MIND’s Co-Chief Executive Officer, stated, “Our third quarter results for fiscal 2021 came in somewhat ahead of expectations despite the negative impact that COVID-19 restrictions have had on the global marine industry.\u00a0 Revenues rose almost 29% sequentially, benefiting from an uptick in order activity for our seismic exploration products.\u00a0 <\/p>\n

“Certain market trends in the marine seismic industry are expected to drive higher demand for our products and core technologies in both the near and long term.\u00a0 For instance, we are seeing a growing use of un-manned marine vehicles in the commercial and military sector, increasing demand for higher resolution underwater sonar images, and seeking solutions for both anti-submarine warfare (ASW) and maritime security applications using commercially developed technologies.\u00a0 In response to these trends, we have established certain strategic initiatives that will allow us to address market needs, such as developing sensor packages for un-manned vehicles, partnering with a European contractor to jointly upgrade next-generation sonar systems, and utilizing proven passive array technology within ASW and maritime security applications.\u00a0 In total, we estimate that our serviceable market, that is the markets that we can address with current and planned products, is approximately $1.3 billion<\/span> per year.\u00a0 <\/p>\n

“We believe that these market trends will increase demand for certain sonar and seismic technologies in the marine industry, and we continue to be optimistic about the future,” continued Capps.\u00a0 “We remain the foremost supplier of source controller technology to the seismic exploration market and are seeing a heightened level of customer interest in upgrading capabilities, some of which we believe are unique to our products. Recent order activity for our source controller products is, we believe, an indication of this interest. We intend to build on our strengths and add innovative new technologies to our portfolio while leveraging our existing technologies into novel new solutions that can economically address the needs of the global marine marketplace.\u00a0 <\/p>\n

“At the end of October, our backlog was up by about 8% from the end of the previous quarter, which gives us high confidence in a positive trend for near-term order flow in the fourth quarter and into the fiscal 2022 year.\u00a0 The Company is well-positioned to capture growth opportunities as they develop, and our balance sheet gives us the financial flexibility to execute on our strategy to become the leading provider of innovative marine technology and products,” concluded Capps.\u00a0 <\/p>\n

\n CONFERENCE CALL<\/b>\n <\/p>\n

Management has scheduled a conference call for Friday, December 4<\/span>th<\/sup> at 9:00 a.m. Eastern Time<\/span> (8:00 a.m. Central Time<\/span>) to discuss fiscal 2021 third quarter results.\u00a0 To access the call, please dial (412) 902-0030 and ask for the MIND Technology call at least 10 minutes prior to the start time.\u00a0 Investors may also listen to the conference live on the MIND Technology website, \u00a0http:\/\/mind-technology.com<\/a>, by logging onto the site and clicking “Investor Relations.” \u00a0A telephonic replay of the conference call will be available through December 11, 2020<\/span> and may be accessed by calling (201) 612-7415 and using passcode 13713498#. A webcast archive will also be available at http:\/\/mind-technology.com<\/a> shortly after the call and will be accessible for approximately 90 days.\u00a0 For more information, please contact Dennard Lascar<\/span> Investor Relations by email MIND@dennardlascar.com<\/a>.<\/p>\n

\n ABOUT MIND TECHNOLOGY <\/b>\n <\/p>\n

MIND Technology, Inc. provides technology and solutions for exploration, survey and defense applications in oceanographic, hydrographic, defense, seismic and security industries.\u00a0 Headquartered in The Woodlands, Texas<\/span>, MIND Technology has a global presence with key operating locations in the United States<\/span>, Singapore<\/span>, Malaysia<\/span> and the United Kingdom.\u00a0 Its Klein and Seamap units design, manufacture and sell specialized, high performance sonar and seismic equipment.\u00a0 For more information, visit http:\/\/mind-technology.com<\/a>.<\/p>\n

\n
\n
\n Forward-looking Statements <\/u>
\n <\/i>
\n <\/b>\n <\/p>\n

\n Certain statements and information in this press release concerning results for the quarter ended October 31, 2020<\/span> may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.<\/i>
\n \u00a0All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements.<\/i>
\n \u00a0\u00a0\u00a0The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.\u00a0 These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.\u00a0 While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.\u00a0 All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions.\u00a0 Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. <\/i>
\n These risks and uncertainties include, without limitation, reductions in our customers’ capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, volatility in commodity prices for oil and natural gas and the extent of disruptions caused by the COVID-19 outbreak.<\/i>\n <\/p>\n

\n For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.<\/i>\n <\/p>\n

\n Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.\u00a0 We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise.<\/i>
\n \u00a0All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.<\/i>\n <\/p>\n

\n Tables to Follow<\/i>\n <\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n MIND TECHNOLOGY, INC.
<\/b>
\n CONDENSED CONSOLIDATED BALANCE SHEETS
<\/b>
\n (in thousands, except per share data)
<\/b>
\n (unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n October 31, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n January 31, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n ASSETS<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Current assets:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,664<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,090<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Restricted cash<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 144<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accounts receivable, net of allowance for doubtful accounts of $1,044 and $2,378 <\/span>
\n at October 31, 2020 and January 31, 2020, respectively<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,609<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 6,623<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Inventories, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,880<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,656<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Prepaid expenses and other current assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,278<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,987<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Assets held for sale<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,440<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 14,913<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total current assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,871<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 39,413<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Property and equipment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,954<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,419<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Operating lease right-of-use assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,363<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,300<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Intangible assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,831<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,136<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Goodwill<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 774<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 429<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 40,793<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 58,228<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Current liabilities:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts payable<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,441<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,767<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Deferred revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 205<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 731<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accrued expenses and other current liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,468<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,565<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Income taxes payable<\/span>\n <\/p>\n<\/td>\n

\n

\n 691<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 316<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Operating lease liabilities – current<\/span>\n <\/p>\n<\/td>\n

\n

\n 280<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,339<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Liabilities held for sale<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,133<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,730<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total current liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,218<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,448<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Operating lease liabilities – non-current <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,083<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 961<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Notes payable<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,607<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other non-current liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 797<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 967<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Deferred tax liability<\/span>\n <\/p>\n<\/td>\n

\n

\n 134<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 200<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,839<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,576<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Shareholders’ equity:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Preferred stock, $1.00 par value; 2,000 shares authorized; 994 shares issued and <\/span>
\n outstanding at October 31, 2020 and January\u00a031, 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 22,104<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 22,104<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Common stock, $0.01 par value; 40,000 shares authorized; 14,773 and 14,097 shares issued at <\/span>
\n October 31, 2020, and January\u00a031, 2020, respectively<\/span>\n <\/p>\n<\/td>\n

\n

\n 148<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 141<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Additional paid-in capital<\/span>\n <\/p>\n<\/td>\n

\n

\n 125,810<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 123,964<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Treasury stock, at cost (1,929 shares at October 31, 2020 and January 31, 2020)<\/span>\n <\/p>\n<\/td>\n

\n

\n (16,860)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (16,860)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accumulated deficit<\/span>\n <\/p>\n<\/td>\n

\n

\n (95,823)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (77,310)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accumulated other comprehensive loss<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,425)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (4,387)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 30,954<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 47,652<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total liabilities and shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 40,793<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 58,228<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n MIND TECHNOLOGY, INC.
<\/b>
\n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<\/b>
\n (in thousands, except per share data)
<\/b>
\n (unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n For the Three Months Ended October 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n For the Nine Months Ended\u00a0 October 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenues:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Sale of marine technology products<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,541<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,175<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,814<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 21,039<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total revenues<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,541<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,175<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 14,814<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 21,039<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Cost of sales:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Sale of marine technology products<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,267<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4,860<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,039<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,478<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total cost of sales<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,267<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4,860<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,039<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,478<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Gross profit<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,274<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3,315<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4,775<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,561<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Operating expenses:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Selling, general and administrative<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,973<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3,401<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,915<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10,538<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Research and development<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 912<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 629<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,077<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,442<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Impairment of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 662<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 604<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,092<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,810<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total operating expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,547<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 4,634<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 15,615<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 13,790<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Operating loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,273)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,319)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (10,840)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (5,229)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other income (expense):<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other, net<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (31)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 68<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 145<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Total other income (expense)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (31)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 68<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 145<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Loss from continuing operations before income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,261)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,350)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (10,772)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (5,084)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n (Provision) benefit for income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (109)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 31<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Loss from continuing operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,370)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,319)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (10,693)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (5,009)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Loss from discontinued operations, net of income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,220)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (709)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (6,143)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2,570)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (3,590)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,028)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (16,836)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (7,579)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Preferred stock dividends<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (559)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (522)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,677)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,492)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net loss attributable to common shareholders<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,149)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,550)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (18,513)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (9,071)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net loss per common share: – Basic<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Continuing operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.24)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.15)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.01)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.54)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Discontinued operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.10)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.06)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.50)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.34)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.51)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.75)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net loss per common share: – Diluted<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Continuing operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.24)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.15)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.01)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.54)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Discontinued operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.10)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.06)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.50)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.34)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.51)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (0.75)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Shares used in computing net loss per common share:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Basic<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12,313<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,158<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,223<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,135<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Diluted<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12,313<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,158<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,223<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12,135<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n MIND TECHNOLOGY, INC.
<\/b>
\n CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<\/b>
\n (in thousands)
<\/b>
\n (unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n For the Nine Months Ended<\/b>
\n
\n \u00a0October 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Cash flows from operating activities:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net loss<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (16,836)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (7,579)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments to reconcile net loss to net cash used in operating activities:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,920<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,806<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Stock-based compensation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 562<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 612<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Impairment of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Loss on disposal of discontinued operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,859<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for doubtful accounts, net of charge offs<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 470<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 23<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for inventory obsolescence<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 256<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Gross profit from sale of lease pool equipment<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,326)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (987)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Gross profit from sale of other equipment<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (303)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Deferred tax expense<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (32)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 135<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Non-current prepaid tax<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (157)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Changes in:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts receivable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,640<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,020)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Unbilled revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (302)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Inventories<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 762<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2,835)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Prepaid expenses and other current and long-term assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,065<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 240<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Income taxes receivable and payable<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 390<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accounts payable, accrued expenses and other current liabilities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,827)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (392)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Deferred revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,979<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Foreign exchange losses net of gains<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 230<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net cash used in operating activities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,803)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (4,247)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Cash flows from investing activities:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Purchases of seismic equipment held for lease<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (110)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,939)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Purchases of property and equipment<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (64)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (893)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Sale of used lease pool equipment<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,010<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,415<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Sale of assets held for sale<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 734<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Sale of business, net of cash sold<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 239<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net cash provided by (used in) investing activities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,570<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,178)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Cash flows from financing activities:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Proceeds from exercise of stock options<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 25<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net proceeds from preferred stock offering<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,211<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net proceeds from common stock offering<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,291<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Preferred stock dividends<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,118)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,492)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Proceeds from PPP loans<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,607<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net cash provided by financing activities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,780<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 744<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (117)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (69)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Net decrease in cash, cash equivalents and restricted cash<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (570)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (4,750)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Cash, cash equivalents and restricted cash, beginning of period<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,234<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 9,549<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Cash, cash equivalents and restricted cash, end of period<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,664<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,799<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n MIND TECHNOLOGY, INC.
<\/b>
\n Reconciliation of Net Loss From Continuing Operations and Net Cash Provided by Operating Activities to EBITDA and
<\/b>
\n Adjusted EBITDA From Continuing Operations
<\/b>
\n (in thousands)
<\/b>
\n (unaudited)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n For the Three Months Ended October 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n For the Nine Months Ended October 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Reconciliation of Net loss from continuing operations to EBITDA and Adjusted EBITDA<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net loss from continuing operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,370)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,319)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (10,693)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (5,009)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 662<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 639<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,092<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,914<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision (benefit) for income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 109<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (31)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (79)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (75)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n EBITDA from continuing operations\u00a0 (1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,599)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (711)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (8,680)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (3,170)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Non-cash foreign exchange losses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 18<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 86<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Stock-based compensation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 113<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 270<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 562<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 612<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Impairment of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA from continuing operations\u00a0 (1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,451)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (423)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (5,508)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,472)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Reconciliation of Net Cash Used in Operating Activities to EBITDA<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net cash used in operating activities<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,237)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (745)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,803)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,247)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Stock-based compensation<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (113)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (270)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (562)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (612)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for inventory obsolescence<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (22)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (23)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (67)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (23)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Changes in accounts receivable (current and long-term)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,003<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2,396<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2,178)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 916<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Interest paid<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 13<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 34<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 40<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Taxes paid, net of refunds<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (27)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 143<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 219<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 325<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Gross profit from sale of other equipment<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 303<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 303<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Changes in inventory<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,462)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 494<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (762)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 3,162<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Changes in accounts payable, accrued expenses and other current liabilities and deferred revenue<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 685<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,051)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,441<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,935)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Impairment of intangible assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (2,531)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Changes in prepaid expenses and other current and long-term assets<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (162)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (240)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (631)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (145)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Foreign exchange (gains) losses, net<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (241)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (230)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Reserve against non-current prepaid income taxes<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 137<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 422<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (1,324)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 857<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (421)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n EBITDA from continuing operations\u00a0 (1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,599)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (711)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (8,680)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (3,170)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n
\n

\n 1.<\/span>\n <\/p>\n<\/td>\n

\n

\n EBITDA is defined as net income before (a) interest income and interest expense, (b) provision for (or benefit from) income taxes and (c) depreciation and amortization. Adjusted EBITDA excludes non-cash foreign exchange gains and losses, non-cash costs of lease pool equipment sales, impairment of intangible assets, stock-based compensation and other non-cash tax related items. We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance or liquidity calculated in accordance with GAAP. These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with GAAP. Rather, we have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity, and as indicators of our ability to make capital expenditures and finance working capital requirements. We believe that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities.\u00a0 We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or as alternatives to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes.\u00a0\u00a0 Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies.\u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n
\n

\n Contacts:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n Rob Capps, Co-CEO <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n MIND Technology, Inc.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 281-353-4475<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n Ken Dennard \/ Zach Vaughan<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n Dennard Lascar Investor Relations<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 713-529-6600<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n MIND@dennardlascar.com<\/a>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/mind-technology-inc-reports-fiscal-2021-third-quarter-results-301186106.html<\/a><\/p>\n

SOURCE MIND Technology, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire THE WOODLANDS, Texas, Dec. 3, 2020 \/PRNewswire\/ —\u00a0MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2021 third quarter ending October 31, 2020. Revenues from continuing operations for the third quarter of fiscal 2021 were $6.5 million compared to $5.1 million in the second quarter of fiscal 2021 and $8.2 million in the third quarter of fiscal 2020.\u00a0 The sequential improvement was primarily due to an increase in activity and the completion of SeaLink towed streamer orders. \u00a0 The loss from continuing operations for the third quarter of fiscal 2021 was approximately $2.4 million compared to a loss of $1.3 million in the third quarter of fiscal 2020. The Company reported … <\/p>\n

Continue reading “MIND Technology, Inc. Reports Fiscal 2021 Third Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-393182","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMIND Technology, Inc. Reports Fiscal 2021 Third Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mind-technology-inc-reports-fiscal-2021-third-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIND Technology, Inc. Reports Fiscal 2021 Third Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire THE WOODLANDS, Texas, Dec. 3, 2020 \/PRNewswire\/ —\u00a0MIND Technology, Inc. (NASDAQ: MIND) (“MIND” or the “Company”) today announced financial results for its fiscal 2021 third quarter ending October 31, 2020. Revenues from continuing operations for the third quarter of fiscal 2021 were $6.5 million compared to $5.1 million in the second quarter of fiscal 2021 and $8.2 million in the third quarter of fiscal 2020.\u00a0 The sequential improvement was primarily due to an increase in activity and the completion of SeaLink towed streamer orders. \u00a0 The loss from continuing operations for the third quarter of fiscal 2021 was approximately $2.4 million compared to a loss of $1.3 million in the third quarter of fiscal 2020. The Company reported … Continue reading "MIND Technology, Inc. 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Revenues from continuing operations for the third quarter of fiscal 2021 were $6.5 million compared to $5.1 million in the second quarter of fiscal 2021 and $8.2 million in the third quarter of fiscal 2020.\u00a0 The sequential improvement was primarily due to an increase in activity and the completion of SeaLink towed streamer orders. \u00a0 The loss from continuing operations for the third quarter of fiscal 2021 was approximately $2.4 million compared to a loss of $1.3 million in the third quarter of fiscal 2020. The Company reported … Continue reading \"MIND Technology, Inc. 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