Mitcham Industries Reports Fiscal 2014 Fourth Quarter And Full Year Results

 Mitcham Industries Reports Fiscal 2014 Fourth Quarter And Full Year Results

PR Newswire

HUNTSVILLE, Texas, April 2, 2014

HUNTSVILLE, Texas, April 2, 2014 /PRNewswire/ -- Mitcham Industries, Inc.
(NASDAQ: MIND) today announced financial results for its fiscal 2014 fourth
quarter and year ended January 31, 2014.

Total revenues for the fourth quarter of fiscal 2014 were $23.6 million
compared to $28.4 million in the fourth quarter of fiscal 2013. Equipment
leasing revenues, excluding equipment sales, increased to $12.3 million in the
fourth quarter compared to $11.6 million in the same period last year. Net
income was $1.8 million, or $0.14 per diluted share, in the fourth quarter of
fiscal 2014 compared to $3.4 million, or $0.26 per diluted share, in the
fourth quarter of fiscal 2013. EBITDA (earnings before interest, taxes,
depreciation and amortization) for the fourth quarter of fiscal 2014 was $10.1
million, or 43% of revenues, compared to $12.0 million, or 42% 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 in the accompanying financial tables.

Total revenues for fiscal 2014 were $92.1 million compared to $104.7 million
in fiscal 2013. Net income in fiscal 2014 was $4.8 million, or $0.36 per
diluted share, compared to $17.1 million, or $1.29 per diluted share, in
fiscal 2013. EBITDA in fiscal 2014 was $37.1 million, or 40% of total
revenues, compared to $48.5 million, or 46% of total revenues, in fiscal
2013.

Bill Mitcham, President and CEO, stated, "Our fourth quarter results generally
unfolded as we had anticipated, with quarter to quarter sequential improvement
and marginal year over year improvement in our core equipment leasing
business. Our equipment leasing revenues in the fourth quarter of fiscal 2014
rose 56% on a sequential basis and 6% from the fourth quarter of fiscal 2013.
We experienced renewed land leasing activity in Latin America, resulting in
increased leasing revenues on both a sequential and year-over-year basis. In
Russia, the winter season is proving to be stronger than last year. We
deployed additional equipment to that region in response to the increased
demand, and in addition, some contracts in Russia started earlier than last
year. Europe continued to show improvement, with leasing revenues up compared
to a year ago. Leasing revenues in the U.S. for the fourth quarter of fiscal
2014 were also above the third quarter as well as one year ago; however, we
don't think this is indicative of a trend as it was due to one large project
that did not extend beyond the fourth quarter.

"As expected, Seamap's fourth quarter results showed strong sequential
improvement, with the delivery of one BuoyLink system, one GunLink 4000 system
and the first PGS SourceLink. We expected to ship another GunLink 4000 system
in the fourth quarter, but that delivery was postponed by the customer until
the first quarter of fiscal 2015 due to lack of vessel availability.

"The winter season in Canada is turning out to be much weaker than last year.
Based on discussions with our customers and some published reports, we believe
the overall seismic market in Canada is down approximately 40% from a year
ago. Despite this overall weakness, we have seen an increase in demand for
wireless recording equipment in Canada and, as a result and as previously
disclosed, we purchased wireless equipment in the fourth quarter for a
specific project that began in the first quarter of fiscal 2015.

"Looking ahead, we expect modest improvement in our results for all of fiscal
2015. We are seeing increasing levels of bidding activity in many parts of
the world, even though there is not much improvement in activity in the U.S.
and the outlook in Canada is uncertain. Latin America looks more promising
this year, with increasing levels of seismic exploration activity in Colombia,
Bolivia, Peru, Brazil and potentially Mexico. As we have discussed
previously, we deployed a significant amount of newly-purchased wireless
equipment into Latin America in the fourth quarter in response to specific
customer demand. 

"In Europe, based on feedback from our customers, we expect continued improved
leasing activity in fiscal 2015. Accordingly, we have plans to redeploy some
equipment to Europe in the coming months. Russian seismic activity should
continue through the first quarter, and we may see a few projects continue
into the second quarter. Leasing activity in the Asia Pacific region remains
steady, and down hole tool leasing continues to improve.

"We believe Seamap will have improved results this year. We expect to deliver
additional source controller systems to PGS as well as to others, and we are
seeing increasing interest for the latest version of our RGPS tracking system,
BuoyLink 4DX, which we introduced in the second half of fiscal 2014. We are
also beginning to see indications of improvement in marine leasing.

"Despite uncertainties in the market, we remain cautiously optimistic that
fiscal 2015 will bring a better operating environment and improved results
compared to last year, although we may not see that improvement until after
the first quarter. In addition, we continue to maintain a strong financial
position to support our leadership position in our markets." 

FISCAL 2014 FOURTH QUARTER RESULTS
Total revenues for the fourth quarter of fiscal 2014 were $23.6 million
compared to $28.4 million in the same period last year. A significant portion
of our revenues are typically generated from geographic areas outside the
United States, and during the fourth quarter of fiscal 2014, the percentage of
revenues from international customers was approximately 86% compared to 79% in
the fourth quarter of fiscal 2013.

Equipment leasing revenues for the fourth quarter of fiscal 2014 excluding
equipment sales increased 6% to $12.3 million from $11.6 million in the same
period last year. The year-over-year increase in fourth quarter equipment
leasing revenues was primarily due to renewed land leasing activity in Latin
America, continued improved activity in Europe, increased demand in Russia, as
well as higher leasing revenues in the U.S. due to one particular project that
did not extend beyond the fourth quarter.

Lease pool equipment sales were $663,000 for the fourth quarter of fiscal 2014
compared to $4.0 million in the fourth quarter a year ago. Sales of new
seismic, hydrographic and oceanographic equipment were $2.0 million for the
fourth quarter of fiscal 2014 compared to $3.9 million in the fourth quarter a
year ago.

Seamap equipment sales for the fourth quarter of fiscal 2014 were $8.7 million
compared to $8.9 million in the same period a year ago. The fiscal 2014
fourth quarter included the delivery of one GunLink 4000 system, one BuoyLink
RGPS system and one PGS SourceLink system, along with other equipment sales
and after-market business. The fourth quarter of last year included
deliveries of one GunLink 4000 system and one BuoyLink RGPS system.

Lease pool depreciation expense in the fourth quarter of fiscal 2014 declined
to $7.4 million compared to $8.3 million in the same period a year ago, mainly
due to certain equipment reaching the end of its depreciable life. Lease pool
additions in the fourth quarter of fiscal 2014 were approximately $34.6
million, largely comprised of new wireless equipment in response to specific
requests from customers, compared to $12.6 million in the fourth quarter of
fiscal 2013. For the full year fiscal 2014, lease pool additions totaled
approximately $49.0 million, which included approximately $37 million of new
wireless equipment, compared to $39.1 million in fiscal
2013.

Gross profit in the fourth quarter of fiscal 2014 was $8.2 million compared to
$8.8 million in the fourth quarter a year ago. Gross profit margin in the
fourth quarter of fiscal 2014 improved to 34.5% of revenue compared to 30.9%
in fourth quarter of fiscal 2013. EBITDA (earnings before interest, taxes,
depreciation and amortization) for the fourth quarter of fiscal 2014 was $10.1
million, or 43% of revenues, compared to $12.0 million, or 42% of revenues, in
the same period last year.

FISCAL 2014 RESULTS
Total revenues for fiscal 2014 were $92.1 million compared to $104.7 million
in fiscal 2013. Equipment leasing revenues, excluding equipment sales, were
$46.8 million in fiscal 2014 compared to $54.6 million a year ago. Lease pool
equipment sales in fiscal 2014 were $6.9 million versus $11.4 million in
fiscal 2013. Other equipment sales, which consist of sales of new seismic,
hydrographic and oceanographic equipment, in fiscal 2014 were $13.4 million
compared to $7.5 million in fiscal 2013. Seamap equipment sales in fiscal
2014 were $25.1 million compared to $31.2 million last year.

Gross profit in fiscal 2014 was $32.0 million compared to $37.4 million in
fiscal 2013, with gross profit margin for the two years of 34.8% and 35.7%,
respectively. G&A expense rose to $23.7 million in fiscal 2014 from $22.5
million in fiscal 2013, primarily reflecting higher expenses related to
personnel costs associated with increased headcount, especially in our
expanded operations in Latin America and Europe. Net income in fiscal 2014
was $4.8 million, or $0.36 per diluted share, compared to $17.1 million, or
$1.29 per diluted share, in fiscal 2013. Included in fiscal 2014 results is
approximately $1.0 million for doubtful accounts pertaining to Latin America
and Asia compared to a recovery of $428,000 that had previously been declared
uncollectible in fiscal 2013. The effective tax rate for fiscal 2014 was 21%,
which is lower than the U.S. statutory rate primarily due to earnings that are
taxed in foreign jurisdictions with lower tax rates. EBITDA in fiscal 2014
was $37.1 million, or 40% of total revenues, compared to $48.5 million, or 46%
of total revenues, in fiscal 2013.

SHARE REPURCHASE PROGRAM
In April 2013, our Board of Directors authorized a share repurchase program
for up to 1.0 million shares of common stock through December 31, 2014. There
were no share repurchases during the fiscal 2014 fourth quarter. In fiscal
2014, we repurchased 147,900 shares of common stock at an average cost of
approximately $14.82 per share. These purchases were made in open market
transactions. Future 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.

CONFERENCE CALL
We have scheduled a conference call for Thursday, April 3 at 9:00 a.m. Eastern
Time to discuss our fiscal 2014 fourth quarter and full year results. To
access the call, please dial (480) 629-9835 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 onto the site and clicking
"Investor Relations." A telephonic replay of the conference call will be
available through April 17, 2014 and may be accessed by calling (303) 590-3030
and using passcode 4673994#. 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 ended January 31, 2014 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,
                                                        2014        2013
ASSETS
Current assets:
Cash and cash equivalents                               $  15,162  $  15,150
Restricted cash                                         81          801
Accounts receivable, net of allowance for doubtful
accounts of $3,833 and $3,374 atJanuary 31, 2014 and   29,514      23,131
2013, respectively
Current portion of contracts and notes receivable       1,005       2,096
Inventories, net                                        8,338       6,188
Prepaid income taxes                                    2,177       5,591
Deferred tax asset                                      1,968       1,842
Prepaid expenses and other current assets               3,915       3,079
 Total current assets                                 62,160      57,878
Seismic equipment lease pool and property and           129,573     119,608
equipment, net
Intangible assets, net                                  3,201       3,989
Goodwill                                                4,320       4,320
Deferred tax asset                                      6,133       4,296
Other assets                                            32          316
 Total assets                                         $205,419    $ 190,407
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable                                        $  10,745  $  6,921
Current maturities – long-term debt                     75          145
Deferred revenue                                        35          539
Accrued expenses and other current liabilities          1,583       1,875
 Total current liabilities                            12,438      9,480
Non-current income taxes payable                        408         376
Long-term debt, net of current maturities               22,125      4,238
 Total liabilities                                    34,971      14,094
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;13,907 and 13,763 shares issued at January   139         138
31, 2014 and 2013, respectivelyat January 31, 2014 and
January 31, 2013, respectively
Additional paid-in capital                              118,156     116,506
Treasury stock, at cost (1,075 and 926 shares at        (7,075)     (4,860)
January 31, 2014 and 2013, respectively)
Retained earnings                                       61,116      56,348
Accumulated other comprehensive income                  (1,888)     8,181
 Total shareholders' equity                            170,448     176,313
  Total liabilities and shareholders' equity        $205,419    $ 190,407

MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)
                       For the Three Months Ended  For the Twelve Months Ended
                       January 31,                 January 31,
                       2014           2013         2014             2013
Revenues:
Equipment leasing      $ 12,321      $ 11,640     $ 46,756        $54,592
Lease pool equipment   663            4,003        6,851            11,412
sales
Seamap equipment sales 8,664          8,868        25,086           31,169
Other equipment sales  1,999          3,890        13,415           7,512
Total revenues        23,647         28,401       92,108           104,685
Cost of sales:
Direct costs -         1,660          1,655        5,517            7,963
equipment leasing
Direct costs - lease   7,391          8,266        29,412           33,405
pool depreciation
Cost of lease pool     215            2,291        2,295            6,043
equipment sales
Cost of Seamap and     6,216          7,416        22,869           19,861
other equipment sales
Total cost of sales    15,482         19,628       60,093           67,272
Gross profit           8,165          8,773        32,015           37,413
Operating expenses:
General and            5,496          5,647        23,669           22,539
administrative
Provision for
(recovery of) doubtful -              -            1,048            (428)
accounts
Depreciation and       369            369          1,493            1,400
amortization
Total operating        5,865          6,016        26,210           23,511
expenses
Operating income       2,300          2,757        5,805            13,902
Other income
(expenses):
Interest, net          (130)          33           (10)             11
Other, net             9              575          231              (389)
Total other (expense)  (121)          608          221              (378)
income
Income before income   2,179          3,365        6,026            13,524
taxes
(Provision for)
benefit from income    (397)          50           (1,258)          3,527
taxes
Net income             $ 1,782       $  3,415    $ 4,768         $ 17,051
Net income per common
share:
Basic                  $  0.14      $  0.27    $  0.37        $1.34
Diluted                $  0.14      $  0.26    $  0.36        $1.29
Shares used in computing net
income per common share:
Basic                  12,752         12,799       12,763           12,715
Diluted                13,165         13,176       13,177           13,242



MITCHAM INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)
                                                       Years Ended January 31,
                                                       2014         2013
Cash flows from operating activities:
Net income                                             $  4,768    $  17,051
 Adjustments to reconcile net income to net cash
provided by operating activities:
 Depreciation and amortization                    31,037       34,939
 Stock-based compensation                         1,143        1,586
 Provision for doubtful accounts, net of charge   1,048        (636)
offs
 Provision for inventory obsolescence             (60)         163
 Gross profit from sale of lease pool equipment   (4,556)      (5,369)
 Excess tax expense (benefit) from exercise of    5            (420)
non-qualified stock options and restricted shares
 Deferred tax benefit                             (2,204)      (4,450)
 Changes in non-current income taxes payable      32           (5,059)
 Changes in:
 Trade accounts and contracts receivable          (9,142)      13,331
 Inventories                                      (2,836)      718
 Income taxes payable and receivable              3,215        (6,718)
 Prepaid foreign income tax                       -            3,519
 Accounts payable, accrued expenses and other     100          (4,091)
current liabilities
 Prepaids and other, net                          (1,335)      (307)
 Net cash provided by operating activities     21,215       44,257
Cash flows from investing activities:
 Purchases of seismic equipment held for lease       (43,509)     (44,694)
 Purchases of property and equipment                 (549)        (965)
 Sales of used lease pool equipment                  6,851        11,412
 Payment for earn-out provision                      -            (450)
 Net cash used in investing activities         (37,207)     (34,697)
Cash flows from financing activities:
 Net proceeds from (payments on) revolving line of  18,000       (8,550)
credit
 Proceeds from equipment notes                       -            147
 Payments on borrowings                              (136)        (1,532)
 Net proceeds from (purchases of) short-term         652          (689)
investment
 Proceeds from issuance of common stock upon         498          329
exercise of options
Purchase of treasury stock                             (2,200)
Net proceeds from public offering of common stock      -            -
 Excess tax benefit from exercise of non-qualified   (5)          420
stock options
 Net cash provided by (used in) financing      16,809       (9,875)
activities
Effect of changes in foreign exchange rates on cash    (805)        178
and cash equivalents
Net increase (decrease) in cash and cash equivalents  12           (137)
Cash and cash equivalents, beginning of year           15,150       15,287
Cash and cash equivalents, end of year                 $ 15,162     $ 15,150



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,
                         2014         2013         2014            2013
Reconciliation of Net
Income to EBITDA and     (in thousands)
Adjusted EBITDA
Net income               $  1,782   $  3,415   $4,768          $17,051
Interest expense        110          (33)         (10)            (11)
(income), net
Depreciation,
amortization and        7,795        8,669        31,037          34,939
impairment
Provision for (benefit   397          (50)         1,258           (3,527)
from) income taxes
EBITDA ^(1)              10,084       12,001       37,053          48,452
Stock-based compensation 304          263          1,143           1,586
Adjusted EBITDA ^(1)     $  10,388  $  12,264  $38,196         $50,038
Reconciliation of Net
Cash Provided by
Operating Activities to
EBITDA
Net cash provided by     $2,525       $8,128       $21,215         $44,257
operating activities
Stock-based compensation (304)        (263)        (1,143)         (1,586)
Provision for (recovery  -            -            (1,048)         636
of) doubtful accounts
Changes in trade
accounts and contracts   5,850        3,570        9,142           (13,331)
receivable
Interest paid            136          86           342             533
Taxes paid, net of       289          955          215             9,177
refunds
Gross profit from sale   448          1,711        4,556           5,369
of lease pool equipment
Changes in inventory     9            95           2,836           718
Changes in accounts
payable, accrued         1,238        1,291        (100)           4,091
expenses and other
current liabilities
Changes in prepaid
expenses and other       (114)        (1,648)      1,335           (307)
current assets
Other                    7            (1,924)      (297)           (1,105)
EBITDA ^(1)              $10,084      $12,001      $37,053         $48,452

    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 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 credit
    agreements contain financial covenants based on EBITDA or Adjusted 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 Ended  For the Twelve Months
                                                         Ended
                             January 31,
                                                         January 31,
                             2014           2013         2014        2013
                             (in thousands)
Revenues:
Equipment Leasing            $ 14,983      $ 19,533    $67,022     $73,516
Seamap                       8,668          9,076        25,252      32,210
Inter-segment sales         (4)            (208)        (166)       (1,041)
 Total revenues          23,647         28,401       92,108      104,685
Cost of sales:
Equipment Leasing            10,879         15,127       47,825      53,320
Seamap                       4,691          4,752        12,653      14,817
Inter-segment costs          (88)           (251)        (385)       (865)
Total cost of sales          15,482         19,628       60,093      67,272
Gross profit                 8,165          8,773        32,015      37,413
Operating expenses:
General and administrative   5,496          5,647        23,669      22,539
Provision for (recovery of)  -              -            1,048       (428)
doubtful accounts
Depreciation and             369            369          1,493       1,400
amortization
 Total operating         5,865          6,016        26,210      23,511
expenses
Operating income             $ 2,300       $ 2,757     $ 5,805    $ 13,902
Equipment Leasing Segment:
Revenue:
Equipment leasing            $ 12,321       $ 11,640     $46,756     $54,592
Lease pool equipment sales   663            4,003        6,851       11,412
New seismic equipment sales  206            663          775         1,282
SAP equipment sales          1,793          3,227        12,640      6,230
 Total revenue           14,983         19,533       67,022      73,516
Cost of sales:
Lease pool depreciation      7,475          8,318        29,663      33,594
Direct costs-equipment       1,660          1,654        5,517       8,200
leasing
Cost of lease pool equipment 215            2,291        2,295       6,043
sales
Cost of new seismic          182            297          616         655
equipment sales
Cost of SAP equipment sales  1,347          2,567        9,734       4,828
 Total cost of sales     10,879         15,127       47,825      53,320
Gross profit                 $ 4,104        $ 4,406      $19,197     $20,196
Gross profit %               27%            23%          29%         27%
Seamap Segment:
Equipment sales              $ 8,668        $ 9,076      $25,252     $ 32,210
Cost of equipment sales      4,691          4,752        12,653      14,817
Gross profit                 $ 3,977        $ 4,324      $12,599     $ 17,393
Gross profit %               46%            48%          50%         54%

SOURCE Mitcham Industries, Inc.

Website: http://www.mitchamindustries.com
 
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