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Mitcham Industries, Inc. (MIND) Reports Increase in Net Income and Revenues

Mitcham Industries, Inc. reported net income of $584,000, or $0.06 per diluted share, in the fourth quarter of fiscal 2010. In the same quarter of fiscal 2009, the company earned $421,000, or $0.04 per diluted share.

Revenues also increased, to $17.4 million in the fourth quarter of fiscal 2010 from $16.2 million in last year’s fourth fiscal quarter. The company attributed the increase in sales to strong results at the Seamap segment and higher demand for lease pool equipment.

Bill Mitcham, the CEO of Mitcham Industries, Inc., said, “Despite the challenging operating environment, we are pleased to report another profitable quarter, strong cash flow and increased total revenues. Our revenues for the fourth quarter increased approximately 7% from a year ago and almost 20% from the third quarter. EBITDA for the quarter was $5.6 million compared to $4.7 million in last year’s fourth quarter, an 18% increase.”

Mitcham Industries, Inc. saw a drop in the proportion of sales outside the United States. The company said that 71% of its revenues were from international sources in the fourth quarter of fiscal 2010, compared to 88% in the same quarter of fiscal 2009.

Mitcham Industries, Inc. sells geophysical equipment to seismic operators to conduct surveys on land and water. The company conducts business all over the globe including the U.S, England, Russia, Asia and South America.

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