FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)-- Moving iMage Technologies (NYSE: MITQ) (“MiT”), a leading digital cinema technology company, today announced that its Board of Directors authorized a share repurchase program permitting the Company to purchase up to an aggregate of $1 million of common stock over the next 12 months.
“Since coming public last July, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance,” said Phil Rafnson, chief executive officer. “With a strong, debt-free balance sheet that had nearly $1 per share in cash as of our most recent earnings report and revenue guidance of 155-169% growth for fiscal 2022, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a $1 million buyback over the next 12 months.”
Purchases made under the program will be made from time to time, at the Company’s discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the Company and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.
Recent MITQ News
- CORRECTING and REPLACING Moving iMage Technologies Fourth Quarter and Full Year Fiscal 2024 Results Conference Call and Webcast • Business Wire • 09/25/2024 10:04:00 PM
- Moving iMage Technologies Fourth Quarter and Full Year Fiscal 2024 Results Conference Call and Webcast • Business Wire • 09/24/2024 11:00:00 AM
- Moving iMage Technologies Awarded Project for State-of-the-Art Flix Brewhouse Cinema in Albuquerque • Business Wire • 09/12/2024 11:00:00 AM
- Moving iMage Technologies to Upgrade Premium Large Format Auditoriums With Immersive Sound Systems for Two Customers • Business Wire • 08/22/2024 11:00:00 AM
- Moving iMage Technologies to Upgrade Alamo Drafthouse’s Recently Acquired Las Colinas, Texas Location • Business Wire • 08/15/2024 01:08:00 PM
- Moving Image Technologies to Upgrade Alamo Drafthouse’s Recently Acquired Richardson, Texas Location • Business Wire • 08/06/2024 11:00:00 AM
- Moving iMage Technologies (MiT) Awarded Multi-Million Dollar Contract for State-of-the-Art Alamo Drafthouse Cinema in Indianapolis • Business Wire • 06/05/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 09:22:04 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 05:15:08 PM
- Moving iMage Technologies Announces Third Quarter Fiscal 2024 Results • Business Wire • 05/15/2024 11:00:00 AM
- CORRECTING and REPLACING Moving iMage Technologies Third Quarter Fiscal 2024 Results Conference Call and Webcast • Business Wire • 05/13/2024 02:42:00 PM
- Moving iMage Technologies Third Quarter Fiscal 2024 Results Conference Call and Webcast • Business Wire • 05/13/2024 11:00:00 AM
- Moving iMage Technologies (MiT) Announces Stock Repurchase Program and 10b5-1 Stock Trading Plan • Business Wire • 04/01/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 07:37:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:49:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:10:56 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/14/2024 05:11:15 PM
- Moving iMage Technologies Announces Second Quarter Fiscal 2024 Results • Business Wire • 02/14/2024 12:00:00 PM
- Moving iMage Technologies to Report Second Quarter Fiscal 2024 Results on February 14, 2024 • Business Wire • 02/12/2024 03:50:00 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 09:27:56 PM
- Moving iMage Technologies Announces First Quarter Fiscal 2024 Results • Business Wire • 11/14/2023 12:00:00 PM
- CORRECTING and REPLACING Moving iMage Technologies to Report First Quarter 2024 Results on November 14, 2023 • Business Wire • 11/09/2023 05:05:00 PM
- Moving iMage Technologies to Present and Conduct 1:1 Meetings at The Sidoti Virtual MicroCap Conference on November 15 and 16th • Business Wire • 11/08/2023 03:00:00 PM
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