MIND reports
Posted: Wed Sep 05, 2012 4:07 pm
beats first call, 8c vs 5c est. trading 89c higher in after mkt.
complete report here----
http://finance.yahoo.com/news/mitcham-i ... 00767.html
Mitcham Industries Reports Fiscal 2013 Second Quarter Results
Press Release: Mitcham Industries, Inc.
Symbol Price Change
MIND 15.60 0.97
HUNTSVILLE, Texas, Sept. 5, 2012 /PRNewswire/ -- Mitcham Industries, Inc. (MIND) today announced financial results for its fiscal 2013 second quarter ended July 31, 2012.
Total revenues for the second quarter were $23.1 million compared to $21.3 million in the second quarter of fiscal 2012. Equipment leasing revenues were $10.9 million in the second quarter compared to $12.3 million in the same period last year. Seamap sales were $7.3 million compared to $6.5 million a year ago. Net income for the second quarter was $6.4 million, or $0.48 per diluted share, compared to $1.3 million, or $0.11 per diluted share, in the second quarter of fiscal 2012. As reported in a press release on August 9, 2012, fiscal 2013 second quarter results included a benefit of approximately $5.3 million resulting from the settlement of outstanding tax issues. Excluding the impact of the tax benefit, net income for the second quarter of fiscal 2013 would have been approximately $1.1 million, or $0.08 per diluted share. EBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter of fiscal 2013 was $10.2 million compared to $9.3 million in the same period last year. EBITDA in both periods was approximately 44% of total revenues. 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, President and CEO, stated, "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 expected a decline in leasing revenues in the second quarter as compared to the first quarter. As we mentioned in our August 9th press release, the quarter was also negatively impacted by lower land activity levels in Latin America, resulting from permitting issues and project delays due to weather, as well as lower than expected levels of activity in Europe due to fiscal issues and environmental concerns. Marine leasing activity remained strong in the second quarter, and Seamap had a solid quarter due in part to the delivery of certain orders that slid from the first quarter.
"We expect to see a better second half of the year in our leasing business. In Latin America, activity has already started to pick up as several jobs have begun following the delays we previously mentioned. In addition, bidding activity levels are higher, and we anticipate an improvement in that region over the next two quarters, as compared to the first half of the year. We currently anticipate strong winter seasons in Canada and Russia as we are seeing early commitments from some customers in those regions. With the additions to our lease pool that we have made and plan to make this year, we expect to have more equipment deployed in both Canada and Russia this winter, including additional three-component digital sensors. We expect marine leasing activity to remain solid, driven by the continued overall strength of the marine seismic market. We also expect Seamap to have a good fourth quarter as a result of scheduled deliveries and new orders from marine contractors continuing to expand the technical capabilities of their vessels.
"We believe we have a solid business model that allows us to generate free cash flow, significant financial resources on hand, and access to additional capital should the need arise. These factors provide us with a great deal of financial flexibility that enables us to capitalize on market opportunities that are likely to arise."
complete report here----
http://finance.yahoo.com/news/mitcham-i ... 00767.html
Mitcham Industries Reports Fiscal 2013 Second Quarter Results
Press Release: Mitcham Industries, Inc.
Symbol Price Change
MIND 15.60 0.97
HUNTSVILLE, Texas, Sept. 5, 2012 /PRNewswire/ -- Mitcham Industries, Inc. (MIND) today announced financial results for its fiscal 2013 second quarter ended July 31, 2012.
Total revenues for the second quarter were $23.1 million compared to $21.3 million in the second quarter of fiscal 2012. Equipment leasing revenues were $10.9 million in the second quarter compared to $12.3 million in the same period last year. Seamap sales were $7.3 million compared to $6.5 million a year ago. Net income for the second quarter was $6.4 million, or $0.48 per diluted share, compared to $1.3 million, or $0.11 per diluted share, in the second quarter of fiscal 2012. As reported in a press release on August 9, 2012, fiscal 2013 second quarter results included a benefit of approximately $5.3 million resulting from the settlement of outstanding tax issues. Excluding the impact of the tax benefit, net income for the second quarter of fiscal 2013 would have been approximately $1.1 million, or $0.08 per diluted share. EBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter of fiscal 2013 was $10.2 million compared to $9.3 million in the same period last year. EBITDA in both periods was approximately 44% of total revenues. 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, President and CEO, stated, "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 expected a decline in leasing revenues in the second quarter as compared to the first quarter. As we mentioned in our August 9th press release, the quarter was also negatively impacted by lower land activity levels in Latin America, resulting from permitting issues and project delays due to weather, as well as lower than expected levels of activity in Europe due to fiscal issues and environmental concerns. Marine leasing activity remained strong in the second quarter, and Seamap had a solid quarter due in part to the delivery of certain orders that slid from the first quarter.
"We expect to see a better second half of the year in our leasing business. In Latin America, activity has already started to pick up as several jobs have begun following the delays we previously mentioned. In addition, bidding activity levels are higher, and we anticipate an improvement in that region over the next two quarters, as compared to the first half of the year. We currently anticipate strong winter seasons in Canada and Russia as we are seeing early commitments from some customers in those regions. With the additions to our lease pool that we have made and plan to make this year, we expect to have more equipment deployed in both Canada and Russia this winter, including additional three-component digital sensors. We expect marine leasing activity to remain solid, driven by the continued overall strength of the marine seismic market. We also expect Seamap to have a good fourth quarter as a result of scheduled deliveries and new orders from marine contractors continuing to expand the technical capabilities of their vessels.
"We believe we have a solid business model that allows us to generate free cash flow, significant financial resources on hand, and access to additional capital should the need arise. These factors provide us with a great deal of financial flexibility that enables us to capitalize on market opportunities that are likely to arise."