4:20PM Mitcham Ind misses by $0.01, misses on revs (MIND) 18.31 +1.17 : Reports Q1 (Apr) earnings of $0.81 per share, excluding ~$0.18 in non-recurring charges, $0.01 worse than the Capital IQ Consensus Estimate of $0.82; revenues rose 30.6% year/year to $34.6 mln vs the $37.98 mln consensus. "We are extremely pleased with this strong start to fiscal 2013. This was the second best quarter in the co's history and represents a first quarter record in terms of total revenues, leasing revenues, net income, EPS 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 ~$0.18/diluted share."
If MIND share price dips because of this 1 cent miss you should buy it.
> Deferred Seamap sales will show up in Q2
> Business in Columbia will pick up, helping future quarters.
I will update my forecast model tonight. BTW my Q1 EPS forecast was $0.80/share, so I like what I see.
MIND Q2
Re: MIND Q2
dan, briefing.com agrees with your take!
•InPlay: Mitcham Ind misses by $0.01, misses on revs-Briefing.com
4:20PM Mitcham Ind misses by $0.01, misses on revs (MIND) 18.31 +1.17 : Reports Q1 (Apr) earnings of $0.81 per share, excluding ~$0.18 in non-recurring charges, $0.01 worse than the Capital IQ Consensus Estimate of $0.82; revenues rose 30.6% year/year to $34.6 mln vs the $37.98 mln consensus. "We are extremely pleased with this strong start to fiscal 2013. This was the second best quarter in the co's history and represents a first quarter record in terms of total revenues, leasing revenues, net income, EPS 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 ~$0.18/diluted share."
•InPlay: Mitcham Ind misses by $0.01, misses on revs-Briefing.com
4:20PM Mitcham Ind misses by $0.01, misses on revs (MIND) 18.31 +1.17 : Reports Q1 (Apr) earnings of $0.81 per share, excluding ~$0.18 in non-recurring charges, $0.01 worse than the Capital IQ Consensus Estimate of $0.82; revenues rose 30.6% year/year to $34.6 mln vs the $37.98 mln consensus. "We are extremely pleased with this strong start to fiscal 2013. This was the second best quarter in the co's history and represents a first quarter record in terms of total revenues, leasing revenues, net income, EPS 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 ~$0.18/diluted share."
Re: MIND Q2
I have meetings on Wednesday but I will have my updated forecast model posted to the website tomorrow.
If you own MIND now, you definitely want to listen to the CC. Bill Mitcham is a straight shooter.
Global demand for seismic is very strong. The big 3D high density shoots need a lot of MIND equipment.
If you own MIND now, you definitely want to listen to the CC. Bill Mitcham is a straight shooter.
Global demand for seismic is very strong. The big 3D high density shoots need a lot of MIND equipment.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: MIND Q2
This reporter is totally off base. MIND beat the crap out of analysts estimates last quarter. I hate when a firm like Reuters makes a screw-up like this. It sounds like the company is having problems when in fact they just completed the best six month period in company history and demand for their equipment remains very strong. - Dan
(Reuters) - Mitcham Industries Inc (MIND.O), which leases and sells seismic equipment to the oil and gas industry, reported quarterly results below analysts' estimates for the second straight quarter, hurt by delayed deliveries.
Mitcham said first-quarter sales were also impacted by heavy rains in Colombia.
The company posted net income of $8.5 million, or 63 cents per share, well below the 83 cents per share analysts were expecting. It had a profit of $6.1 million, or 58 cents per share, in the year-ago quarter.
Revenue rose 31 percent to $34.6 million, but missed analysts' estimate of $38.2 million, according to Thomson Reuters I/B/E/S. (because of Seamap equipment sales that just got pushed into Q2.)
Shares of the Huntsville, Texas-based company, which have fallen about 17 percent in last three months, dipped 9 percent in aftermarket trade on Tuesday. They had closed at $18.31 on the Nasdaq.
(Reporting by Durba Ghosh in Bangalore; Editing by Sreejiraj Eluvangal) < Both idiots that should be fired for reporting like this.
(Reuters) - Mitcham Industries Inc (MIND.O), which leases and sells seismic equipment to the oil and gas industry, reported quarterly results below analysts' estimates for the second straight quarter, hurt by delayed deliveries.
Mitcham said first-quarter sales were also impacted by heavy rains in Colombia.
The company posted net income of $8.5 million, or 63 cents per share, well below the 83 cents per share analysts were expecting. It had a profit of $6.1 million, or 58 cents per share, in the year-ago quarter.
Revenue rose 31 percent to $34.6 million, but missed analysts' estimate of $38.2 million, according to Thomson Reuters I/B/E/S. (because of Seamap equipment sales that just got pushed into Q2.)
Shares of the Huntsville, Texas-based company, which have fallen about 17 percent in last three months, dipped 9 percent in aftermarket trade on Tuesday. They had closed at $18.31 on the Nasdaq.
(Reporting by Durba Ghosh in Bangalore; Editing by Sreejiraj Eluvangal) < Both idiots that should be fired for reporting like this.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group