Houston Luncheon on October 26

[dan_s]

Mitcham Industries (MIND) will be hosting our luncheon at the Hess Club on Wednesday, October 26.

This is definitely a luncheon you want to attend. Mitcham is on the bleeding edge of oil & gas exploration all over the world. I talked to the CEO (Rob Capps) today and he said they are seeing an increase in orders for their seismic equipment all over the world.

MIND is a former Sweet 16 company that I have been following for over a decade. It has a strong balance sheet, has generated positive cash flow from operations during the downturn and they are well positioned for a rebound in exploration activity.

Their preferred stock trades as MINDP. It will be added to our High Yield Income Portfolio, replacing the EPM preferred stock.

HUNTSVILLE, Texas, Oct. 4, 2016 /PRNewswire/ -- Mitcham Industries, Inc. ("Mitcham" or the "Company") (MIND) announced today that it has declared a quarterly cash dividend on its 9.00% Series A Cumulative Preferred Stock ("Series A Preferred Stock") for the third quarter of the fiscal year ending January 31, 2017.

In accordance with the terms of the 9.00% Series A Preferred Stock of the Company, the Board of Directors has declared a Series A Preferred Stock cash dividend of $0.5625 per share for the quarterly period that began on August 1, 2016, and ends on October 31, 2016. The dividend on the Series A Preferred Stock is payable on October 31, 2016 to holders of record at the close of business on October 14, 2016. The Series A Preferred Stock is currently listed on the Nasdaq and trades under the ticker symbol "MINDP".

About Mitcham Industries
Mitcham Industries, Inc. provides equipment to the geophysical, oceanographic and hydrographic industries. Headquartered in Huntsville, Texas, Mitcham has a global presence with operating locations in Salem, New Hampshire; Calgary, Canada; Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia; Budapest, Hungary; Lima, Peru; Bogota, Colombia and the United Kingdom. Through its Leasing Segment, Mitcham believes it is the largest independent provider of exploration equipment to the seismic industry. Mitcham's worldwide Equipment Manufacturing and Sales Segment includes its Seamap business, which designs, manufactures and sells specialized seismic marine equipment and Klein Marine Systems, Inc. which develops and manufactures high performance side scan sonar systems.