Mitcham Industries Reports Fiscal 2013 Fourth Quarter And Year-End Results

  Mitcham Industries Reports Fiscal 2013 Fourth Quarter And Year-End Results

FY2013 revenues of $105 million and diluted EPS of $1.29

Announces share repurchase program

PR Newswire

HUNTSVILLE, Texas, April 3, 2013

HUNTSVILLE, Texas, April 3, 2013 /PRNewswire/ -- Mitcham Industries, Inc.
(NASDAQ: MIND) today announced financial results for its fourth quarter and
fiscal year ended January 31, 2013.

Total revenues for the fourth quarter of fiscal 2013 were $28.4 million
compared to $37.0 million in the fourth quarter of fiscal 2012. Equipment
leasing revenues were $11.6 million in the fourth quarter compared to $23.7
million in the same period last year. Seamap sales were $8.9 million in the
fourth quarter compared to $7.3 million in the same period last year. Net
income for the fourth quarter was $3.4 million, or $0.26 per diluted share,
compared to $10.2 million, or $0.77 per diluted share, in the fourth quarter
of fiscal 2012. EBITDA (earnings before interest, taxes, depreciation and
amortization) for the fourth quarter of fiscal 2013 was $12.0 million, or 42%
of revenues, compared to $22.5 million, or 61% of revenues, in the same period
last year. 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. For the full fiscal year, total revenues were $104.7 million compared
to $112.8 million in fiscal 2012. Net income for fiscal 2013 was $17.1
million, or $1.29 per diluted share, compared to $24.3 million, or $2.02 per
diluted share, in fiscal 2012. EBITDA in fiscal 2013 was $48.5 million
compared to $63.5 million in fiscal 2012.

Bill Mitcham, President and CEO, stated, "While fiscal 2013 did not turn out
as we had anticipated going into this year, it was the second best year in our
history in terms of revenues, earnings and EBITDA, with the best year being
fiscal 2012. Our Seamap segment actually had its best year ever, generating
record revenues and gross profit for fiscal 2013.

"We anticipated that this year's fourth quarter was going to be substantially
below the fourth quarter of last year; however, it still did not meet our
expectations. We experienced later than expected starts to the winter seasons
in both Canada and Russia, with many projects in those regions not beginning
until mid to late January, whereas normally Russia begins in mid-December and
Canada in early January. Had projects in those areas started within normal
time frames, we believe our fourth quarter results would have been more in
line with our expectations, if not exceeding them.

"Land leasing activity levels in Latin American continued to be plagued by
project delays due to permitting and regulatory issues and, as we anticipated,
our fourth quarter results attributable to that area were well below those in
last year's fourth quarter.U.S. leasing activity remained sporadic and was
below last year's fourth quarter levels, which included an exceptionally large
job that contributed over $4.5 million in leasing revenues. European leasing
activity levels remained soft in the fourth quarter and substantially below
last year's fourth quarter. On the other hand, we saw a substantial increase
in land leasing activity in the Pacific Rim in the fourth quarter. Marine
leasing activity also was strong, reflecting the overall strength in the
marine seismic market, and fiscal 2013 was a record year for our marine
leasing business. As expected, Seamap had an excellent fourth quarter, which
included the delivery of one GunLink 4000 system and one BuoyLink system for a
new-build vessel.

"We anticipate improved results in fiscal year 2014, and the first quarter is
off to a good start. At this point, we expect both Canada and Russia to be
stronger than last year, but this expected increase depends on, in large part,
to what extent certain projects extend into April. There is a substantial
amount of seismic work pending in Latin America, and we have several jobs
ready to begin as soon as our customers are able to satisfy the various
permitting and regulatory requirements. The permitting and regulatory delays
experienced by our customers in that region remain a concern, but we expect
Latin America to be an area of strong activity for us in fiscal 2014,
especially beyond the first quarter. In Europe, there are signs of
improvement, and we have bids pending that would utilize much of our equipment
in the area for a large part of fiscal 2014. Marine leasing activity is
expected to remain steady throughout fiscal 2014, driven by ongoing strong
fundamentals in the marine seismic market.

"We believe that the outlook for Seamap is extremely promising. We further
believe that robust activity in the marine seismic market, including numerous
new vessels announced for the next several years, is an indication of strong
Seamap sales going forward. We expect increasing demand for Seamap products
and related equipment as well as on-going support work, although we believe
fiscal 2014 activity will be back loaded.

"We are pleased with our current financial position as we have no net debt, we
generated strong cash flow from operations last year and we believe that we
have access to additional capital, if needed. This liquidity should allow us
to continue capitalizing on new opportunities, which we expect will arise.

"We do not believe that the relative slowdown in our land leasing business
during the past fiscal year indicates a change in the overall positive trend
for the seismic industry. As a result of the continuing growth in global
demand for oil and gas, the need by oil and gas companies for more precise
seismic data, as well as the increased use of seismic data in the development
and management of oil and gas properties beyond the exploration phase, we
believe that demand for our equipment and services will continue to be
strong."

FISCAL 2013 FOURTH QUARTER RESULTS
Total revenues for the fourth quarter of fiscal 2013 were $28.4 million
compared to $37.0 million a year ago. A significant portion of our revenues
are typically generated from geographic areas outside the United States, and
during the fourth quarter of fiscal 2013, the percentage of revenues from
international customers was approximately 79% compared to 72% in the fourth
quarter of fiscal 2012.

Equipment leasing revenues, excluding equipment sales, were $11.6 million
compared to $23.7 million in the same period a year ago. The decline in
equipment leasing revenues was primarily due to lower land leasing activity in
the United States, Latin America and Europe, and to a lesser extent a late
start to the winter seasons in Canada and Russia this year. In the U.S., last
year's fourth quarter included an unusually large job that contributed over
$4.5 million in equipment leasing revenues. Another project of comparable
size was not present in this year's fourth quarter. Lease pool equipment
sales were $4.0 million for the fourth quarter of fiscal 2013 compared to $3.4
million in the fourth quarter a year ago. Sales of new seismic, hydrographic
and oceanographic equipment increased 50% to $3.9 million compared to $2.6
million in the same period a year ago.

Seamap equipment sales for the fourth quarter of fiscal 2013 were $8.9 million
compared to $7.3 million in the same period a year ago. The fiscal 2013
fourth quarter included the delivery of one GunLink 4000 system and one
BuoyLink RGPS system for a new-build vessel, as well as after-market business
including replacement parts, engineering services and ongoing support and
repair services. Last year's fourth quarter included the sale of one GunLink
4000 system and two BuoyLink RGPS systems, along with after-market business.

Lease pool depreciation expense in the fourth quarter of fiscal 2013 was $8.3
million compared to $7.4 million in the same period a year ago, representing a
12% increase. This increase resulted from additions made to our lease pool
during fiscal 2012 and fiscal 2013 of $69 million and $39 million,
respectively.

Gross profit in the fourth quarter of fiscal 2013 was $8.8 million compared to
$21.3 million a year ago primarily due to lower equipment leasing revenues and
higher lease pool depreciation expense.

General and administrative expenses were approximately $5.6 million for the
fourth quarters of fiscal 2013 and approximately $6.0 million for same period
one year ago. We reported an income tax benefit in the fourth quarter of
fiscal 2013 of approximately $50,000, as compared to income tax expense of
approximately $4.5 million in the fourth quarter of fiscal 2012.

FISCAL 2013 RESULTS
Total revenues for fiscal 2013 exceeded the $100 million mark for the second
year in a row, reaching $104.7 million compared to $112.8 million in fiscal
2012. Equipment leasing revenues were $54.6 million in fiscal 2013 compared
to $70.1 million last year. Lease pool equipment sales in fiscal 2013 were
$11.4 million compared to $6.5 million in fiscal 2012. Sales of new seismic,
hydrographic and oceanographic equipment for fiscal 2013 were $7.5 million
compared to $7.8 million in fiscal 2012. Seamap equipment sales for fiscal
2013 were $31.2 million compared to $28.4 million last year.

Lease pool depreciation expense for fiscal 2013 was $33.4 million compared to
$27.4 million in fiscal 2012. Gross profit for fiscal 2013 was $37.4 million
compared to $57.8 million a year ago. General and administrative expenses for
fiscal 2013 amounted to approximately $22.5 million, compared to approximately
$21.4 million in fiscal 2012. The increase reflects the generally higher
level of operations associated with our expanded operations in Latin America,
Singapore and Europe. Net income was $17.1 million, or $1.29 per diluted
share, compared to $24.3 million, or $2.02 per diluted share, in fiscal 2012.
EBITDA for fiscal 2013 was $48.5 million, or 46% of total revenues, compared
to $63.5 million, or 56% of total revenues, in fiscal 2012.

SHARE REPURCHASE PROGRAM
Our Board of Directors has authorized a share repurchase program for up to 1.0
million shares of common stock through December 31, 2014. Purchases may be
made from time to time, based on market conditions, legal requirements and
other corporate considerations, in the open market or otherwise on a
discretionary basis. We expect to finance any repurchases from a combination
of cash on hand, cash provided by operating activities and proceeds from our
revolving credit facility.

Mr. Mitcham commented, "We generated significant cash from operating
activities in fiscal 2013 and anticipate doing so again in fiscal
2014.Management and the Board of Directors believe that the repurchase of
our own shares is an attractive use of our capital."

CONFERENCE CALL
We have scheduled a conference call for Thursday, April 4, 2013 at 9:00 a.m.
Eastern Time, to discuss our fiscal 2013 fourth quarter and year-end results.
To access the call, please dial (888) 450-9962 and ask for the Mitcham
Industries call at least 10minutes prior to the start time. Investors may
also listen to the conference live on the Mitcham Industries corporate
website, http://www.mitchamindustries.com, by logging on that site and
clicking "Investors." A telephonic replay of the conference call will be
available through April 11, 2013 and may be accessed by calling (866)
949-7821. A web cast archive will also be available at
http://www.mitchamindustries.com shortly after the call and will be accessible
for approximately 90days. For more information, please contact Donna
Washburn at Dennard ▪ Lascar Associates (713)529‑6600 or email
dwashburn@dennardlascar.com.

Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease
or sale, new and "experienced" seismic equipment to the oil and gas industry,
seismic contractors, environmental agencies, government agencies and
universities. Headquartered in Texas, with sales and services offices in
Calgary, Canada; Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia;
Budapest, Hungary; Lima, Peru; Bogota, Colombia and the United Kingdom,
Mitcham conducts operations on a global scale and is the largest independent
exploration equipment lessor in the industry. Through its Seamap business,
Mitcham designs, manufactures and sells specialized seismic marine equipment.

Certain statements and information in this press release concerning results
for the quarter and fiscal year ended January 31, 2013 may constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. The words "believe," "expect," "anticipate,"
"plan," "intend," "should," "would," "could" or other similar expressions are
intended to identify forward-looking statements, which are generally not
historical in nature. These forward-looking statements are based on our
current expectations and beliefs concerning future developments and their
potential effect on us. While management believes that these forward-looking
statements are reasonable as and when made, there can be no assurance that
future developments affecting us will be those that we anticipate. All
comments concerning our expectations for future revenues and operating results
are based on our forecasts of our existing operations and do not include the
potential impact of any future acquisitions. Our forward-looking statements
involve significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or projections.

For additional information regarding known material factors that could cause
our actual results to differ from our projected results, please see our
filings with the SEC, including our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publically update or revise any forward-looking statements after
the date they are made, whether as a result of new information, future events
or otherwise.



Contacts: Billy F. Mitcham, Jr., President & CEO
          Mitcham Industries, Inc.
          936-291-2277
          Jack Lascar / Karen Roan
          Dennard ▪ Lascar Associates
          713-529-6600



Tables to follow





MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)
                                                                                                                               January 31,
                                                                                                                               2013     2012
ASSETS
Current assets:
Cash and cash                                                                                                                  $       $ 
equivalents              15,150   15,287
Restricted                                                                                                                     801      98
cash
Accounts receivable, net of allowance for doubtful accounts of $3,374 and $4,391 at
                                                                                                                               23,131   35,788
January 31, 2013 and 2012, respectively 
Current portion of contracts and notes receivable                                                                          2,096    2,273
Inventories, net                                                                                                               6,188    6,708
Prepaid income taxes                                                                                                     5,591    -
Deferred tax asset                                                                                                  1,842    2,594
Prepaid expenses and other current assets                                                                                     3,079    2,530
Total current assets                                                                                                      57,878   65,278
Seismic equipment lease pool and property and equipment, net                                                                   119,608  120,377
Intangible assets, net                                                                                                3,989    4,696
Goodwill                                                                                                        4,320    4,320
Prepaid foreign income tax                                                                                                     -        3,519
Deferred tax asset                                                                                              4,296    -
Other assets                                                                                                          316      39
Total assets                                                                                                                   $        $
                                                                                                                               190,407  198,229
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable                                                                                                    $       $ 
                                                                                                                               6,921   13,037
Current maturities – long-term debt                                                                              145      1,399
Income taxes payable                                                                                                     -        2,419
Deferred revenue                                                                                                  539      543
Accrued expenses and other current liabilities                                                                      1,875    6,583
Total current liabilities                                                                                                     9,480    23,981
Non-current income taxes payable                                                                                            376      5,435
Deferred tax liability                                                                                             -        595
Long-term debt, net of current maturities                                                                               4,238    12,784
Total liabilities                                                                                                 14,094   42,795
Shareholders' equity:
Preferred stock, $1.00 par value; 1,000 shares authorized; none issued and outstanding                         -        -
Common stock $.01 par value; 20,000 shares authorized;13,763 and 13,556 shares issued at January 31, 2013 and January 31,      138      136
2012, respectively
Additional paid-in capital                                                                                      116,506  113,654
Treasury stock, at cost (926 and 925 shares at January 31, 2013 and 2012, respectively)                                     (4,860)  (4,857)
Retained earnings                                                                                                  56,348   39,297
Accumulated other comprehensive income                                                                                         8,181    7,204
Total shareholders' equity                                                                                           176,313  155,434
Total liabilities and shareholders' equity                                                                       $        $
                                                                                                                               190,407  198,229





MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)
                                 For the Three Months    For the Twelve Months
                                 Ended January 31,       Ended January 31,
                                 2013       2012         2013        2012
Revenues:
Equipment leasing                $ 11,640   $ 23,679     $54,592     $70,137
Lease pool equipment sales       4,003      3,400        11,412      6,503
Seamap equipment sales           8,868      7,325        31,169      28,406
Other equipment sales            3,890      2,630        7,512       7,788
Total revenues                  28,401     37,034       104,685     112,834
Cost of sales:
Direct costs - equipment leasing 1,655      1,711        7,963       8,059
Direct costs - lease pool        8,266      7,384        33,405      27,400
depreciation
Cost of lease pool equipment     2,291      857          6,043       1,580
sales
Cost of Seamap and other         7,416      5,813        19,861      18,043
equipment sales
Total cost of sales              19,628     15,765       67,272      55,082
Gross profit                     8,773      21,269       37,413      57,752
Operating expenses:
General and administrative       5,647      5,951        22,539      21,354
Provision for (recovery of)      -          428          (428)       615
doubtful accounts
Depreciation and amortization    369        318          1,400       1,239
Total operating expenses         6,016      6,697        23,511      23,208
Operating income                 2,757      14,572       13,902      34,544
Other income (expenses):
Interest, net                    33         (101)        11          (396)
Other, net                       575        174          (389)       182
Total other income (expense)     608        73           (378)       (214)
Income before income taxes       3,365      14,645       13,524      34,330
Benefit (provision for) income   50         (4,480)      3,527       (10,009)
taxes
Net income                       $  3,415  $ 10,165     $ 17,051    $24,321
Net income per common share:
Basic                            $  0.27  $   0.82  $1.34       $2.13
Diluted                          $  0.26  $   0.77  $1.29       $2.02
Shares used in computing net
income per common share:
Basic                            12,799     12,445       12,715      11,432
Diluted                          13,176     13,209       13,242      12,069





MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)
                                                                                                                            Years Ended
                                                                                                                            January 31,
                                                                                                                            2013      2012
Cash flows from operating activities:
Net                                                                                                                         $        $ 
income 17,051    24,321
 Adjustments to reconcile net income to net cash provided by operating activities:
 Depreciation and amortization           34,939    28,774
 Stock-based compensation           1,586     1,331
 Provision for doubtful accounts, net of charge offs                          (636)     1,709
 Provision for inventory obsolescence                  163       173
 Gross profit from sale of lease pool equipment                       (5,369)   (4,923)
 Excess tax expense (benefit) from exercise of non-qualified stock options and restricted                              (420)     (778)
shares
 Deferred tax benefit  (4,450)   (285)
 Changes in non-current income taxes payable                                                             (5,059)   597
 Changes in:
 Trade accounts and contracts receivable                    13,331    (16,687)
                                                                                                                       718       (2,614)
Inventories
 Income taxes payable and receivable                 (6,718)   2,532
 Prepaid foreign income tax                                                                                     3,519     (440)
 Accounts payable, accrued expenses and other current liabilities                                      (4,091)   2,683
 Prepaids and other, net     (307)     (435)
 Net cash provided by operating activities                    44,257    35,958
Cash flows from investing activities:
 Purchases of seismic equipment held for lease                        (44,694)  (62,142)
 Purchases of property and equipment                   (965)     (1,525)
 Sales of used lease pool equipment                11,412    6,503
 Payment for earn-out provision              (450)     (148)
 Net cash used in investing activities               (34,697)  (57,312)
Cash flows from financing activities:
 Net (payments on) proceeds from revolving line of credit                                (8,550)   (9,100)
 Proceeds from equipment notes              147       37
 Payments on borrowings          (1,532)   (3,308)
 Net purchases of short-term investment                    (689)     (101)
 Proceeds from issuance of common stock upon exercise of options                                          329       2,809
Net proceeds from public offering of common stock                                 -         31,028
 Excess tax benefit (expense) from exercise of non-qualified stock options                                          420       778
 Net cash (used in) provided by financing activities                          (9,875)   22,143
Effect of changes in foreign exchange rates on cash and cash equivalents                                             178       (149)
Net (decrease) increase in cash and cash equivalents                             (137)     640
Cash and cash equivalents, beginning of year                        15,287    14,647
Cash and cash equivalents, end of year                   $ 15,150  $ 15,287





MITCHAM INDUSTRIES, INC.

Reconciliation of Net Income and Net Cash Provided by Operating Activities to
EBITDA

(Unaudited)
                         For the Three Months      For the Twelve Months Ended
                         Ended
                                                   January 31,
                         January 31,
                         2013         2012         2013             2012
Reconciliation of Net
Income to EBITDA and     (in thousands)
Adjusted EBITDA
Net income               $  3,415   $          $17,051          $24,321
                                      10,165
Interest expense, net    (33)         101          (11)             396
Depreciation and         8,669        7,736        34,939           28,774
amortization
(Benefit) provision for  (50)         4,480        (3,527)          10,009
income taxes
EBITDA ^(1)              12,001       22,482       48,452           63,500
Stock-based compensation 263          198          1,586            1,331
Adjusted EBITDA ^(1)     $  12,264  $  22,680  $50,038          $64,831
Reconciliation of Net
Cash Provided by
Operating Activities to
EBITDA
Net cash provided by     $8,128       $7,598       $44,257          $35,958
operating activities
Stock-based compensation (263)        (198)        (1,586)          (1,331)
Provision for doubtful   -            (428)        636              (1,709)
accounts
Changes in trade
accounts and contracts   3,570        8,483        (13,331)         16,687
receivable
Interest paid            86           130          533              704
Taxes paid , net of      955          3,330        9,177            7,536
refunds
Gross profit from sale   1,711        2,543        5,369            4,923
of lease pool equipment
Changes in inventory     95           1,642        718              2,614
Changes in accounts
payable, accrued         1,291        (236)        4,091            (2,683)
expenses and other
current liabilities
Other                    (3,572)      (382)        (1,412)          801
EBITDA ^(1)              $12,001      $22,482      $48,452          $63,500



    EBITDA is defined as net income before (a) interest income and interest
    expense, (b) provision for (or benefit from) income taxes and (c)
    depreciation, amortization and impairment. Adjusted EBITDA excludes
    stock-based compensation. We consider EBITDA and Adjusted EBITDA to be
    important indicators for the performance of our business, but not measures
    of performance or liquidity calculated in accordance with accounting
    principles generally accepted in the United States of America ("GAAP"). We
    have included these non-GAAP financial measures because management
    utilizes this information for assessing our performance and liquidity, and
    as indicators of our ability to make capital expenditures, service debt
    and finance working capital requirements. The covenants of our revolving
    credit agreement require us to maintain a minimum level of EBITDA.
    Management believes that EBITDA and Adjusted EBITDA are measurements that
    are commonly used by analysts and some investors in evaluating the
    performance and liquidity of companies such as us. In particular, we
    believe that it is useful to our analysts and investors to understand this
(1) relationship because it excludes transactions not related to our core cash
    operating activities. We believe that excluding these transactions allows
    investors to meaningfully trend and analyze the performance of our core
    cash operations. EBITDA and Adjusted EBITDA are not measures of financial
    performance or liquidity under GAAP and should not be considered in
    isolation or as alternatives to cash flow from operating activities or as
    alternatives to net income as indicators of operating performance or any
    other measures of performance derived in accordance with GAAP. In
    evaluating our performance as measured by EBITDA, management recognizes
    and considers the limitations of this measurement. EBITDA and Adjusted
    EBITDA do not reflect our obligations for the payment of income taxes,
    interest expense or other obligations such as capital expenditures.
    Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements
    that management utilizes. Other companies in our industry may calculate
    EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted
    EBITDA may not be comparable with similarly titled measures reported by
    other companies.





MITCHAM INDUSTRIES, INC.

Segment Operating Results

(unaudited)
                             For the Three Months     For the Twelve Months
                             Ended                    Ended

                             January 31,              January 31,
                             2013         2012        2013         2012
                             (in thousands)
Revenues:
Equipment Leasing            $ 19,533    $ 29,709   $73,516      $84,428
Seamap                       9,076        6,694       32,210       28,703
Inter-segment sales         (208)        631         (1,041)      (297)
 Total revenues          28,401       37,034      104,685      112,834
Cost of sales:
Equipment Leasing            15,127       11,643      53,320       42,615
Seamap                       4,752        3,777       14,817       12,818
Inter-segment costs          (251)        345         (865)        (351)
Total cost of sales          19,628       15,765      67,272       55,082
Gross profit                 8,773        21,269      37,413       57,752
Operating expenses:
General and administrative   5,647        5,951       22,539       21,354
Provision for (recovery of)  -            428         (428)        615
doubtful accounts
Depreciation and             369          318         1,400        1,239
amortization
 Total operating         6,016        6,697       23,511       23,208
expenses
Operating income             $ 2,757     $ 14,572   $ 13,902    $ 34,544
 Equipment Leasing Segment:
Revenue:
Equipment leasing            $  11,640   $  23,679  $54,592      $70,137
Lease pool equipment sales   4,003        3,400       11,412       6,503
New seismic equipment sales  663          797         1,282        1,810
SAP equipment sales          3,227        1,833       6,230        5,978
 Total revenue         19,533       29,709      73,516       84,428
Cost of sales:
Lease pool depreciation      1,654        7,451       33,594       27,668
Direct costs-equipment       8,318        1,711       8,200        8,059
leasing
Cost of lease pool equipment 2,291        857         6,043        1,580
sales
Cost of new seismic          297          365         655          924
equipment sales
Cost of SAP equipment sales  2,567        1,259       4,828        4,384
 Total cost of sales   15,127       11,643      53,320       42,615
Gross profit                 $  4,406   $  18,066  $20,196      $41,183
Gross profit %               23%          61%         27%          50%
Seamap Segment:
Equipment sales              $   9,076  $  6,694   $ 32,210    $ 28,703
Cost of equipment sales      4,752        3,777       14,817       12,818
Gross profit                 $   4,324  $ 2,917    $  17,393  $  15,885
Gross profit %               48%          44%         54%          55%



SOURCE Mitcham Industries, Inc.

Website: http://www.mitchamindustries.com
 
Press spacebar to pause and continue. Press esc to stop.