MIND MIND Technology

MIND Technology, Inc. engages in the provision of equipment to the geophysical, oceanographic, hydrographic and defence industries. It operates through the following segments: Marine Technology products and Equipment Leasing. The Marine Technology products segment is comprised of the design, manufacture, and sale of specialized marine seismic equipment, side scan sonar, water-side security systems, and the equipment sales activities of its Australian subsidiary, Seismic Asia Pacific Pty Ltd. The Equipment Leasing segment offers leasing of seismic equipment to companies in the oil and gas industry. The company was founded on January 29, 1987 and is headquartered in Woodlands, TX.
Company profile
Ticker
MIND, MINDP
Exchange
Website
CEO
Billy Mitcham
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Northrop Grumman • Raytheon • L3Harris • Garmin • Flir Systems • Teledyne • Telenav • Applied Energetics • PASSUR Aerospace • Coda Octopus ...
Former names
MITCHAM INDUSTRIES INC
SEC CIK
Corporate docs
IRS number
760210849
MIND stock data
()
News
12 Stocks Moving In Tuesday's After-Hours Session
30 Mar 21
MIND Technology and PGS Enter into Supply Agreement For Provision Of An Unspecified Quantity Of Source Controllers And Related Services Over An Indefinite Delivery Period; Financial Details Not Disclosed
30 Mar 21
40 Stocks Moving in Monday's Pre-Market Session
8 Mar 21
Press releases
MIND Technology Declares Cash Dividend on its 9.00% Series A Cumulative Preferred Stock
5 Apr 21
Mind Technology Announces Fiscal 2021 Fourth Quarter And Year-End Earnings Release And Conference Call Schedule
1 Apr 21
MIND Technology and PGS Enter into Supply Agreement
30 Mar 21
MIND Technology, Inc. To Provide Seismic Source Controllers
11 Feb 21
MIND Technology, Inc. Announces Director Of European Strategic Programs
12 Jan 21
Calendar
4 Dec 20
11 Apr 21
31 Jan 22
Financial summary
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Financial data from company earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 2.66M | 2.66M | 2.66M | 2.66M | 2.66M | 2.66M |
Cash burn (monthly) | (positive/no burn) | 414.58K | 757.67K | 1.02M | 745.67K | 462.25K |
Cash used (since last report) | n/a | 2.23M | 4.08M | 5.49M | 4.02M | 2.49M |
Cash remaining | n/a | 429.09K | -1.42M | -2.83M | -1.36M | 172.14K |
Runway (months of cash) | n/a | 1.0 | -1.9 | -2.8 | -1.8 | 0.4 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
1 Oct 20 | William Hunter Hilarides | MIND Common Stock | Buy | Aquire P | No | No | 2.15 | 10,000 | 21.5K | 15,500 |
10 Jul 20 | Dennis Patrick Morris | MII Common Stock | Buy | Aquire P | No | No | 1.68 | 4,000 | 6.72K | 70,000 |
9 Jul 20 | Dennis Patrick Morris | MII Common Stock | Buy | Aquire P | No | No | 1.64 | 16,000 | 26.24K | 66,000 |
8 Jul 20 | Dennis Patrick Morris | MII Common Stock | Buy | Aquire P | No | No | 1.645 | 35,000 | 57.58K | 50,000 |
26 Jun 20 | Blum Peter H | MII Common Stock | Buy | Aquire P | No | No | 1.63 | 10,000 | 16.3K | 541,528 |
25 Jun 20 | Blum Peter H | MII Common Stock | Buy | Aquire P | No | No | 1.73 | 10,000 | 17.3K | 531,528 |
19 Dec 19 | Robert John Albers | MII Common Stock | Sell | Dispose S | No | No | 2.64 | 3,000 | 7.92K | 14,800 |
Institutional ownership Q1 2021
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
13F holders |
Current |
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Total holders | 0 |
Opened positions | 0 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 0 |
13F shares |
Current |
---|---|
Total value | 0 |
Total shares | 0 |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
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Financial report summary
?Competition
Geospace TechnologiesRisks
- The Company’s ability to continue as a going concern could impact our ability to obtain capital financing and adversely affect the price of our common stock.
- A limited number of customers account for a significant portion of our revenues and the loss of one of these customers could harm our results of operations.
- The financial soundness of our customers could materially affect our business and operating results.
- We derive a substantial amount of our revenues from foreign operations and sales, which pose additional risks including economic, political and other uncertainties.
- Our global operations expose us to risks associated with conducting business internationally, including failure to comply with United States laws that apply to international operations.
- Due to the international scope of our business activities, our results of operations may be significantly affected by currency fluctuations.
- We are subject to risks associated with the intellectual property of our Marine Technology Products segment.
- Products we develop, manufacture and sell may be subject to performance or reliability risks.
- We may not be successful in implementing and maintaining technology and product development and enhancements. New technology and product developments may cause us to become less competitive.
- We are subject to risks related to the availability and reliability of component parts used in the manufacture of our products.
- Increases in tariffs, trade restrictions, or taxes on our supplies and products could have an adverse impact on our business.
- We are subject to risks related to maintaining appropriate inventory levels.
- Our quarterly operating results may be subject to significant fluctuations.
- We face competition for our products and services.
- We rely on a small number of suppliers and disruption in vendor supplies could adversely affect our results of operations.
- We rely on contractors and subcontractors for certain projects, which could affect our results of operations and reputation.
- Demand for seismic data is not assured.
- Fuel conservation measures could reduce demand for oil and natural gas, which would in turn reduce the demand for our products and services.
- Our revenues are subject to fluctuations that are beyond our control, which could materially adversely affect our results of operations in a given financial period.
- We face risks related to health epidemics and other outbreaks, including the recent spread of COVID-19 or novel coronavirus, or fear of such an event.
- Capital requirements for our business strategy can be large. If we are unable to finance these requirements, we may not be able to maintain our competitive advantage or execute our strategy.
- Access to working capital and letters of credit may be limited.
- Our failure to attract and retain key personnel could adversely affect our operations.
- Our long-lived assets may be subject to impairment.
- Enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) and final regulations relating to and interpretations of provisions of the Tax Cuts and Jobs Act (the “TCJA”) may vary from our current interpretation of such legislation and could have a material adverse effect on our financial condition and results of operations.
- Failure to comply with anti-bribery statutes, such as the U.S. Foreign Corrupt Practices Act (the “FCPA”) and the UK Bribery Act of 2010 (the “UK Bribery Act”), could result in fines, criminal penalties, and other sanctions, and may adversely affect our business and operations.
- We are subject to a variety of environmental and worker safety and health laws and regulations that could increase our costs of compliance and impose significant liabilities.
- Climate change laws and regulations restricting emissions of “greenhouse gases” could result in reduced demand for oil and natural gas, thereby adversely affecting our business, while the physical effects of climate change could disrupt our manufacturing of equipment and cause us to incur significant costs in preparing for or responding to those effects.
- Our business could be negatively affected by security threats, including cybersecurity threats, and other disruptions.
- Our business could be negatively affected by data protection and privacy laws that carry fines and may expose us to criminal sanctions and civil suits.
- We may grow through acquisitions and our failure to properly plan and manage those acquisitions may adversely affect our performance.
- Our stock price is subject to volatility.
- We may not be able to maintain our listing on the NASDAQ Global Select Market (“NASDAQ”), which could have a material adverse effect on us and our shareholders.
- Because we do not currently pay any dividends on our common stock, investors must look solely to stock appreciation for a return on their investment in us.
- We may issue debt or equity securities with rights senior to that of our common stock in liquidation which could dilute or negatively affect the value of our common stock.
- Provisions in our Amended and Restated Articles of Incorporation and Texas law could discourage a takeover attempt, which may reduce or eliminate the likelihood of a change of control transaction and, therefore, the ability of our shareholders to sell their shares for a premium.
- Failure to establish and maintain effective internal control over financial reporting could adversely affect our financial results.
Management Discussion
- On August 2, 2013, we entered into a syndicated $50 million, secured, three-year revolving credit agreement (the “Credit Agreement”) with HSBC Bank USA, N.A as administrative agent, and on August 22, 2014, Seamap Singapore entered into a $15.0 million credit facility (the “Seamap Credit Facility”) with The Hongkong and Shanghai Banking Corporation Limited. In March 2017, we repaid all outstanding obligations under the Credit Agreement and terminated that agreement. Also, on April 5, 2017, we repaid all outstanding obligations under the Seamap Credit Facility and cancelled that facility. During fiscal 2018, our average borrowing levels under the Credit Agreement and the Seamap Credit Facility was approximately $801,000 and we made net repayments of borrowings under the Credit Agreement of approximately $3.5 million.
Content analysis
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H.S. freshman Avg
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New words:
ago, Aid, array, attention, Concurrent, cooperation, countermeasure, deployment, disposition, diversion, Document, dropped, earlier, exploit, Extension, failure, favorable, fourth, grow, growing, identical, iv, Label, length, Linkbase, longer, NaN, passive, properly, pursuit, resolution, sensor, submitted, successfully, surface, sustaining, Taxonomy, treatment, unavailability, uncrewed, unique, visit, XBRL
Removed:
connection, depreciated, fully, inventory, mix, reducing
Financial reports
10-Q
2021 Q3
Quarterly report
4 Dec 20
10-Q
2021 Q2
Quarterly report
15 Sep 20
NT 10-Q
Notice of late quarterly filing
15 Sep 20
10-Q
2021 Q1
Quarterly report
11 Jun 20
10-K
2020 FY
Annual report
28 Apr 20
10-Q
2020 Q3
Quarterly report
5 Dec 19
10-Q
2020 Q2
Quarterly report
5 Sep 19
10-Q
2020 Q1
Quarterly report
6 Jun 19
10-K
2019 FY
Annual report
5 Apr 19
10-Q
2019 Q3
Quarterly report
6 Dec 18
Current reports
8-K
Mind Technology, Inc. Reports Fiscal 2021 Third Quarter Results
3 Dec 20
8-K
Mind Technology to Present In the 2020 Microcap Rodeo Virtual Conference
13 Oct 20
8-K
Entry into a Material Definitive Agreement
25 Sep 20
8-K
Mind Technology, Inc. Reports Fiscal 2021 Second Quarter Results
14 Sep 20
8-K
Submission of Matters to a Vote of Security Holders
29 Jul 20
8-K
Departure of Directors or Certain Officers
25 Jun 20
8-K
Results of Operations and Financial Condition
10 Jun 20
8-K
Other Events
4 Jun 20
8-K
Departure of Directors or Certain Officers
15 May 20
8-K
Departure of Directors or Certain Officers
24 Apr 20
Registration and prospectus
424B5
Prospectus supplement for primary offering
25 Sep 20
424B3
Prospectus supplement
24 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Sep 20
S-8 POS
Registration of securities for employees (post-effective amendment)
15 Sep 20
POS AM
Prospectus update (post-effective amendment)
15 Sep 20
POS AM
Prospectus update (post-effective amendment)
15 Sep 20
Proxies
DEFA14A
Additional proxy soliciting materials
17 Jul 20
DEFA14A
Additional proxy soliciting materials
10 Jul 20
DEFA14A
Additional proxy soliciting materials
10 Jun 20
DEFA14A
Additional proxy soliciting materials
4 Jun 20
DEF 14A
Definitive proxy
29 May 20
PRE 14A
Preliminary proxy
15 May 20
DEFA14A
Additional proxy soliciting materials
3 Jul 19
DEF 14A
Definitive proxy
31 May 19
DEFA14A
Additional proxy soliciting materials
3 Aug 18
DEFA14A
Additional proxy soliciting materials
3 Aug 18
Other
EFFECT
Notice of effectiveness
22 Sep 20
EFFECT
Notice of effectiveness
22 Sep 20
EFFECT
Notice of effectiveness
4 Oct 19
CORRESP
Correspondence with SEC
30 Sep 19
UPLOAD
Letter from SEC
30 Sep 19
EFFECT
Notice of effectiveness
11 Feb 18
CORRESP
Correspondence with SEC
6 Feb 18
UPLOAD
Letter from SEC
27 Dec 17
SD
Conflict minerals disclosure
30 May 17
EFFECT
Notice of effectiveness
8 Sep 16
Ownership
SC 13G/A
MIND TECHNOLOGY / ARIEL INVESTMENTS ownership change
10 Mar 21
SC 13G
MIND TECHNOLOGY / ARIEL INVESTMENTS ownership change
12 Feb 21
SC 13G
MIND TECHNOLOGY / VANGUARD ownership change
10 Feb 21
4
MIND TECHNOLOGY / William Hunter Hilarides ownership change
5 Oct 20
SC 13G/A
MITCHAM INDUSTRIES / WASATCH ADVISORS ownership change
4 Aug 20
4
MITCHAM INDUSTRIES / Dennis Patrick Morris ownership change
10 Jul 20
4
MITCHAM INDUSTRIES / PETER H BLUM ownership change
29 Jun 20
3
MITCHAM INDUSTRIES / Dennis Patrick Morris ownership change
23 Apr 20
SC 13G/A
Mitcham Industries Inc
14 Feb 20
SC 13G/A
Beneficial ownership report (amended)
12 Feb 20
Transcripts
2021 Q3
Earnings call transcript
4 Dec 20
2021 Q2
Earnings call transcript
15 Sep 20
2021 Q1
Earnings call transcript
11 Jun 20
2020 Q4
Earnings call transcript
22 Apr 20
2020 Q3
Earnings call transcript
5 Dec 19
2020 Q2
Earnings call transcript
5 Sep 19
2020 Q1
Earnings call transcript
6 Jun 19
2019 Q4
Earnings call transcript
5 Apr 19
2019 Q3
Earnings call transcript
6 Dec 18
2019 Q2
Earnings call transcript
6 Sep 18
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