MIND Q4

[dan_s]

HUNTSVILLE, Texas, March 13, 2012 /PRNewswire/ -- Mitcham Industries, Inc. (NASDAQ: MIND - News) announced today that it will release financial results for its fiscal 2012 fourth quarter and year-ended January 31, 2012 after the market closes on Tuesday, April 3, 2012. In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live over the Internet, for Wednesday, April 4 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time.

I am expecting MIND to report 4th quarter earnings of $0.50 to $0.60. The sales of their Seamap subsidiary and sales of used equipment from the lease pool are very difficult to forecast. My focus is on their primary business, Equipment Leasing. Q3 equipment leasing revenues were $17.4 million (a new record). I am expecting a jump to $21 million, which would be a new all-time record. Q1 revenues should be even higher. Business is very good at Mitcham Industries!

MIND's business is directly tied to the exploration budgets of the majors and large-cap E&P companies. In turn, their budgets are tied to oil prices. Most of MIND's business is outside the U.S., so natural gas prices have very little impact on the demand for their equipment.

[danross70]

YOWZA!!! MIND comes in with FY Net Income of $2.02/sh and EBITDA of $4.88 (my calc.) per share. Basically exceeding Sweet 16 forecast by 25%. That ought to get the attention of Mr. Market.

[dan_s]

Fantastic quarter and Q1 will be even better!

Mitcham Industries Reports Record Fiscal 2012 Fourth Quarter and Year-End Results
Q4 Revenues of $37 million and diluted EPS of $0.77
Q4 Equipment leasing revenues of $23.7 million < This is the most important number

FY2012 Revenues of $112.8 million and diluted EPS of $2.02

[dan_s]

I just got off the MIND conference call and I will have my updated forecast model on the website (under the Sweet 16 Tab) this morning.

> First quarter results will be at least as good as Q4
> Demand for seismic is up worldwide and MIND has the largest pool of available seismic equipment in the world
> Demand in South America is way up
> Seamap sales in Q1 will be strong

[dan_s]

"Looking at the current year, we remain encouraged about what we have seen so far in fiscal 2013 as there are continuing indications of strong demand for seismic services, particularly in international markets. Current inquiry and order activity lead us to believe that the fundamental trends we saw in fiscal 2012 will continue in fiscal 2013. We have had a good winter season in Russia and Canada. Essentially all of our land recording channels have been committed during the first quarter of fiscal 2013, as was the case in the fourth quarter of fiscal 2012, indicating good utilization of our lease pool. The seismic industry continues to be driven by the need for greater image resolution, which requires higher density and higher channel count. We also expect Seamap to have an excellent year in fiscal 2013. We head into the year with a strong order book at Seamap, driven by growing demand for our GunLink and BuoyLink products as contractors seek to expand capabilities and upgrade equipment and technology."

[dan_s]

Several analysts have submitted new forecasts to First Call. The 12-month price target on First Call is now $35.33.

You can find my forecast model and today's Fair Value estimate under our Sweet 16 Tab.

[patrick]

Today's price (Tuesday 4/10) of $21.80 appears to me to be a gift. If it goes lower I will continue to buy.

[peter]

Mitcham Industries, Inc. (Nasdaq: MIND) filed a registration with the U.S. Securities and Exchange Commission to sell, from time to time, up to $150 million of Debt Securities, Common Stock, Preferred Stock, Warrants, or any combination thereof.