MIND Technology Inc (NASDAQ:MIND) shares are trading higher in Wednesday's after-hours session after the company announced that it received orders for sonar and source controller systems totaling approximately $7.7 million.
The equipment to be delivered includes multi-beam sonar systems and the associated handling equipment, as well as seismic source controller systems.
"We expect all these orders to be completed and delivered in our current fiscal year. We believe these orders indicate the strength in military and exploration markets and we expect further orders in the near future," said Rob Capps, president and CEO of MIND Technology.
The company also announced that its board elected not to declare a quarterly cash dividend for its fiscal second quarter. Although MIND Technology deferred dividend payments this quarter, the dividend is a cumulative dividend that accrues for payment in the future.
MIND Technology provides technology to the oceanographic, hydrographic, defense, seismic and security industries.
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MIND Price Action: MIND Technology has traded between $2.43 and 80 cents over a 52-week period.
The stock was up 12.7% in after hours at $0.94 at press time.
