Energy Prospectus

Sweet 16 Growth Portfolio: Mitcham Industries (MIND) reported adjusted earnings per share for their fiscal 1st quarter that ended April 30 that were inline with our forecast model. Reported earnings were a company record 63 cents per share, net of several delayed equipment sales that will be reported in the 2nd quarter.

An updated Net Income & Cash Flow Forecast model has been posted under the Sweet 16 Tab.


I will make some minor adjustments after I listen to their conference call. - dan

I made a few changes to the Mitcham Industries forecast model after listening to their conference call. Bottom line is that the company had the best six months in the company's history for the period ending 4-30-2012. They are still on-track for the best year in company history.

> Two Seamap sales were pushed from April into May, no big deal.
> Demand for seismic is picking up in Europe, South America and the North American markets.
> Q2 will have the normal seasonal dip in revenues, primarily due to Spring Break-up in Canada, but it will not be as bad. EPS for this Q2 will be double what it was last year.
> MIND's current assets exceed total debt, so it is virtually debt free.
> CFPS will be at least $4.50 this fiscal year.

My Fair Value estimate for MIND can be found at the bottom of the forecast model.