Mind Technology reports $2.87 with items vs. (27c) last year

Reports Q3 revenue $12.1M vs. $5.0M last year. Q3 net income attributable to common shareholders after the effect of the conversion of preferred stock into common stock was $15.7M, or $2.87. “We have begun our fiscal Q4 with a strong backlog of approximately $26.2M, essentially flat compared to our second quarter. Looking closer, however, we made substantial order deliveries during the Q3 that contributed to our 21% sequential revenue growth, and we were able to balance this growth with new orders. We expect this trend to continue in future periods and have an active pipeline of pending orders and other prospects that total more than twice our backlog of orders received. The combination of our improved capital structure, encouraging business environment, robust backlog and exceptional pipeline of opportunities gives us confidence for improved financial results in the coming quarters and fiscal year,” concluded Capps.