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Rob Capps, Co-CEO
Mitcham Industries, Inc.
Jack Lascar / Mark Roberson
Dennard Lascar Associates Investor Relations
MITCHAM INDUSTRIES REPORTS FISCAL 2019
THIRD QUARTER RESULTS
HUNTSVILLE, TX – December 6, 2018 – Mitcham Industries, Inc. (NASDAQ: MIND) (“Mitcham” or “the Company”) today announced financial results for its fiscal 2019 third quarter ended October 31, 2018.
Total revenues for the third quarter of fiscal 2019 increased 71% to $14.7 million compared to $8.6 million in the third quarter of fiscal 2018 and $8.4 million in the second quarter of fiscal 2019, driven by both an increase in orders for marine technology products as well as an uptick in leasing revenues. Revenues from the Marine Technology Products segment rose 55% to $9.3 million in the third quarter, compared to $6.0 million in the same period last year and $6.0 million in the second quarter of this fiscal year. Revenue from the Equipment Leasing segment increased 97% to $5.4 million in the third quarter compared to the same period last year. The operating loss for the third quarter of fiscal 2019 improved to $349,000 as compared to $4.8 million in the third quarter of the prior fiscal year and $4.6 million in the second quarter of the current fiscal year.
During the third quarter, the Company sold its Russian land leasing operations through the sale of its wholly-owned Russian subsidiary. Since the Company no longer has exposure to Russian Ruble to US Dollar translation risk, United States generally accepted accounting principles (“GAAP”) require the cumulative translation loss related to the Russian Ruble that had previously been a component of Other Comprehensive Income in the amount of approximately $5.4 million be charged to income in the current period. Accordingly, a loss of approximately $4.9 million, or $(0.40) per share was recorded in third quarter of fiscal 2019 related to the sale of these operations. The Company reported a net loss attributable to common shareholders of $5.6 million, or $(0.47) per share, in the third quarter of fiscal 2019 compared to a net loss of $5.5 million, or $(0.46) per share, in the third quarter of fiscal 2018. Excluding the impact of the one-time loss related to the sale of the Company’s Russian operations, the loss related to common shareholders in the third quarter was $735,000, or $(0.06) per share.
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation, non-cash costs of lease pool equipment sales and non-cash foreign exchange gains and losses) for the third quarter of fiscal 2019 was approximately $3.4 million compared to a loss of approximately $406,000 in the same period last year. Adjusted EBITDA, which is not a measure determined in accordance with GAAP, is defined and reconciled to reported net loss and cash provided by operating activities in the accompanying financial tables.
Rob Capps, Mitcham’s Co-Chief Executive Officer, stated, “Our third quarter results reflect marked improvement compared to not only the third quarter of last year but also to the entire first half of this fiscal
The following information was filed by Mitcham Industries Inc (MIND) on Thursday, December 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.