I am now expecting MIND to report record quarterly earnings for their fiscal first quarter. Zachs has it rated a #1 pick (Strong Buy). EPG members can find my detailed Net Income and Cash Flow model under our Sweet 16 Tab. - Dan
Forbes article is right on target: http://www.zacks.com/commentary/21432/m ... stries-inc
Its P/E of 6.8 is well below that of its peers which average 13.4.
Additionally, the company has a price-to-book ratio of only 1.4. A P/B under 3.0 usually means there is value.
Mitcham also has a 1-year return on equity (ROE) of 18%. That easily beats its peers which average only 7.1%.
If you're an investor looking for a beaten down value stock with double digit earnings growth, you may want to consider Mitcham.
MIND
Re: MIND
i took profits in mind a while ago---my concern is as long as market vision has crude going down, ie a world wide recision, it is not going to give osx its due. example was last mind earnings beat big time but its equity did not respond. very frustrating to say the least, but that's the way it is.
Re: MIND
One reason I keep MIND in the Sweet 16 is that it is an excellent leading indicator for me. More money spent on seismic means more drilling the next year.
Cash flows above forecast in Q1 for the majors and large-caps means expanded exploration spending, which in turn means more business for MIND.
This market is very frustrating to say the least. The list of companies selling below break-up value keeps getting longer.
Cash flows above forecast in Q1 for the majors and large-caps means expanded exploration spending, which in turn means more business for MIND.
This market is very frustrating to say the least. The list of companies selling below break-up value keeps getting longer.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MIND reports
damnit, they missed due to order eeliveries delayed into 2q at customer request.
street had eps at 83c and revs at $38.23m.
Mitcham Industries Reports Strong Fiscal 2013 First Quarter Results
Net income up 39%
Total revenues up 31% to $34.6 million
Equipment leasing revenues up 25%
First fiscal quarter results represent second best quarter in company historyPress Release: Mitcham Industries, Inc. – 18 minutes ago
HUNTSVILLE, Texas, June 5, 2012 /PRNewswire/ -- Mitcham Industries, Inc. (MIND) (the "Company") today announced record financial results for its first quarter ended April 30, 2012.
Total revenues for the first quarter increased 31% to $34.6 million from $26.5 million in the first quarter of fiscal 2012. Equipment leasing revenues increased 25% to $21.0 million in the first quarter of fiscal 2013 compared to $16.8 million in the same period last year. Seamap revenues reached a new record of $10.5 million, a 26% year-over-year increase. Net income for the first quarter of fiscal 2013 increased 39% to $8.5 million, or $0.63 per diluted share, compared to $6.1 million, or $0.58 per diluted share, in the first quarter of fiscal 2012. Earnings per share for the first quarter of fiscal 2013 reflect the effect of 2.3 million additional shares of common stock issued in the Company's June 2011 public offering. EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter of fiscal 2013 rose 32% to $19.8 million from $15.1 million in the same period last year. EBITDA amounted to 57% of total revenues in both periods. EBITDA, which is not a measure determined in accordance with United States generally accepted accounting principles ("GAAP"), is defined and reconciled to reported net income and cash provided by operating activities, the most comparable GAAP measures, in the accompanying financial tables.
Bill Mitcham, the Company's President and CEO, stated, "We are extremely pleased with this strong start to fiscal 2013. This was the second best quarter in the company's history and represents a first quarter record in terms of total revenues, leasing revenues, net income, earnings per share and EBITDA. This performance was achieved despite the fact that certain expected Seamap deliveries were delayed until the second quarter, due to our customers' requirements, and that our business in Colombia was negatively impacted by delays in expected projects due to heavy rains. Expected revenues from these two items exceeded $4.5 million, and we estimate they negatively impacted our net income for the first quarter of fiscal 2013 by over $2.4 million, or approximately $0.18 per diluted share.
"This quarter's results demonstrate once again the revenue generating capacity we have created over the past few years, driven by our strategic investments in new lease pool equipment, the operating leverage of increased utilization of our lease pool and a robust global seismic market.
"Our first quarter of fiscal 2013 reflects an excellent winter season in Canada, as well as a solid performance in Russia, where we enjoyed high equipment utilization during the winter season as expected. In addition, we continue to benefit from steady activity in the United States as compared to last year and ongoing strength in our marine leasing business. Activity in Latin America improved from the first quarter of fiscal 2012, despite the shortfall from our expectations. Seamap generated record results, delivering two GunLink 4000 and three BuoyLink RGPS systems along with additional equipment sales and ongoing repair and service work.
"From a seasonal standpoint, the second quarter of our fiscal year is usually the slowest due to the end of the winter seasons in Canada and Russia. Therefore, we expect a decline in leasing revenues in the second quarter from the first quarter. However, we remain very encouraged by the continued level of inquiries, bids and orders we have seen so far in fiscal 2013. We continue to see strength in many international markets, particularly Latin America. We are already seeing early indications of recurring strong winter seasons in Canada and Russia in the coming year. Marine leasing activity is expected to remain strong, driven by the demand for new seismic vessels and continued upgrade of technology in existing vessels. Seamap is expected to benefit from this continued trend and from growing demand for our GunLink 4000 and BuoyLink RGPS systems as marine contractors seek to improve and expand their capabilities with our industry-leading technology."
complete report here---
http://finance.yahoo.com/news/mitcham-i ... 00604.html
street had eps at 83c and revs at $38.23m.
Mitcham Industries Reports Strong Fiscal 2013 First Quarter Results
Net income up 39%
Total revenues up 31% to $34.6 million
Equipment leasing revenues up 25%
First fiscal quarter results represent second best quarter in company historyPress Release: Mitcham Industries, Inc. – 18 minutes ago
HUNTSVILLE, Texas, June 5, 2012 /PRNewswire/ -- Mitcham Industries, Inc. (MIND) (the "Company") today announced record financial results for its first quarter ended April 30, 2012.
Total revenues for the first quarter increased 31% to $34.6 million from $26.5 million in the first quarter of fiscal 2012. Equipment leasing revenues increased 25% to $21.0 million in the first quarter of fiscal 2013 compared to $16.8 million in the same period last year. Seamap revenues reached a new record of $10.5 million, a 26% year-over-year increase. Net income for the first quarter of fiscal 2013 increased 39% to $8.5 million, or $0.63 per diluted share, compared to $6.1 million, or $0.58 per diluted share, in the first quarter of fiscal 2012. Earnings per share for the first quarter of fiscal 2013 reflect the effect of 2.3 million additional shares of common stock issued in the Company's June 2011 public offering. EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter of fiscal 2013 rose 32% to $19.8 million from $15.1 million in the same period last year. EBITDA amounted to 57% of total revenues in both periods. EBITDA, which is not a measure determined in accordance with United States generally accepted accounting principles ("GAAP"), is defined and reconciled to reported net income and cash provided by operating activities, the most comparable GAAP measures, in the accompanying financial tables.
Bill Mitcham, the Company's President and CEO, stated, "We are extremely pleased with this strong start to fiscal 2013. This was the second best quarter in the company's history and represents a first quarter record in terms of total revenues, leasing revenues, net income, earnings per share and EBITDA. This performance was achieved despite the fact that certain expected Seamap deliveries were delayed until the second quarter, due to our customers' requirements, and that our business in Colombia was negatively impacted by delays in expected projects due to heavy rains. Expected revenues from these two items exceeded $4.5 million, and we estimate they negatively impacted our net income for the first quarter of fiscal 2013 by over $2.4 million, or approximately $0.18 per diluted share.
"This quarter's results demonstrate once again the revenue generating capacity we have created over the past few years, driven by our strategic investments in new lease pool equipment, the operating leverage of increased utilization of our lease pool and a robust global seismic market.
"Our first quarter of fiscal 2013 reflects an excellent winter season in Canada, as well as a solid performance in Russia, where we enjoyed high equipment utilization during the winter season as expected. In addition, we continue to benefit from steady activity in the United States as compared to last year and ongoing strength in our marine leasing business. Activity in Latin America improved from the first quarter of fiscal 2012, despite the shortfall from our expectations. Seamap generated record results, delivering two GunLink 4000 and three BuoyLink RGPS systems along with additional equipment sales and ongoing repair and service work.
"From a seasonal standpoint, the second quarter of our fiscal year is usually the slowest due to the end of the winter seasons in Canada and Russia. Therefore, we expect a decline in leasing revenues in the second quarter from the first quarter. However, we remain very encouraged by the continued level of inquiries, bids and orders we have seen so far in fiscal 2013. We continue to see strength in many international markets, particularly Latin America. We are already seeing early indications of recurring strong winter seasons in Canada and Russia in the coming year. Marine leasing activity is expected to remain strong, driven by the demand for new seismic vessels and continued upgrade of technology in existing vessels. Seamap is expected to benefit from this continued trend and from growing demand for our GunLink 4000 and BuoyLink RGPS systems as marine contractors seek to improve and expand their capabilities with our industry-leading technology."
complete report here---
http://finance.yahoo.com/news/mitcham-i ... 00604.html
