HUNTSVILLE, Texas, Sept. 5, 2018 /PRNewswire/ -- Mitcham
Industries, Inc. (NASDAQ: MIND) ("Mitcham" or "the Company") today
announced financial results for its fiscal 2019 second quarter
ended July 31, 2018.
Total revenues for the second quarter of fiscal 2019 were
$8.4 million compared to $10.8 million in the second quarter of fiscal
2018 and $7.6 million in the first
quarter of fiscal 2019, largely driven by the timing of orders for
marine technology products. Revenues from the Marine
Technology Products segment were $6.0
million in the second quarter, compared to $9.7 million in the same period last year and
$3.7 million in the first quarter of
this fiscal year. While Seamap sales declined versus the prior year
period, due to a lack of systems sales during the quarter, Klein
sales increased 59% compared to the same period last year.
Equipment Leasing revenues increased 95% to $2.5 million in the second quarter, compared to
the same period last year.
The Company reported a net loss attributable to common
shareholders of $5.0 million, or
$(0.41) per share, in the second
quarter of fiscal 2019 compared to a net loss of $5.6 million, or $(0.46) per share, in the second quarter of
fiscal 2018.
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 second quarter of fiscal 2019 was a loss of
approximately $1.1 million compared
to a loss of approximately $261,000
in the same period last year. Adjusted EBITDA, which is not a
measure determined in accordance with United States generally accepted accounting
principles ("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 second quarter results essentially
unfolded as anticipated, producing slightly improved results
compared to the second quarter last year and the first quarter
of this fiscal year. As we mentioned previously, our Marine
Technology Products segment has been experiencing an increase in
both inquiries and order activity that is expected to materially
benefit the second half of fiscal 2019. In addition, we expect to
begin generating meaningful revenue from our recently introduced
SeaLink™ product line during the third quarter. As a result, we
currently anticipate a more robust second half of fiscal 2019 led
by orders for Seamap and Klein booked during the first half of this
year. Project inquiries remain strong, as we see several
opportunities with NATO navies as well as with hydrographic and
oceanographic companies. We are also experiencing an uptick in
repairs and aftermarket sales as some of our customers build
backlog and find themselves in need of additional capacity.
"In the first six months of this fiscal year we have been
focused on establishing the production facilities that will handle
the SeaLink product line of marine data acquisition systems. The
production and repair of these products will be conducted in our
existing facility in Singapore and
in a newly established facility in Malaysia. This new
facility is in close proximity to our Singapore operations. We have incurred
approximately $840,000 of incremental
costs during this start-up period without any significant
offsetting revenue, a trend that we anticipate will begin to change
in the third quarter. This line of solid towed streamer systems is
designed to meet a variety of marine seismic data acquisition needs
from customers including survey companies and research institutes
conducting 3-dimensional, high-resolution seismic
surveys.
"On the Equipment Leasing front, we have taken additional steps
over the past few quarters to lessen our exposure to the oil and
gas industry by reducing our cost structure in certain geographic
markets. We expect annualized cost savings of approximately
$2 million from these efforts and
will begin to see some of the benefit in the third quarter.
"We are pleased to start experiencing the positive impact of our
strategic re-positioning that Mitcham began nearly two years ago.
We believe that our strong position in the marine technology
marketplace will allow us to start growing again, as we see many
new opportunities in various markets. On the financial front,
our capital structure remains strong, with no debt on our balance
sheet and ample liquidity, including cash and cash equivalents of
$6.9 million as of July 31, 2018. We look forward to a much
improved second half of fiscal 2019."
FISCAL 2019 SECOND QUARTER RESULTS
Total revenues for the second quarter of fiscal 2019 decreased
compared to last year's second quarter to $8.4 million driven mainly by delays in marine
technology products sales. Marine technology products sales
decreased 38% to $6.0 million in the
second quarter of fiscal 2019 compared to $9.7 million in last year's second quarter due to
a decline in Seamap sales. Klein sales increased 59% during
the second quarter compared to last year's second quarter. The
second quarter sales consisted of approximately $3.8 million of Seamap, $1.6 million from Klein (including $190,000 of intra-segment sales) and $0.8 million by SAP.
Equipment leasing revenues for the second quarter of fiscal
2019, excluding lease pool equipment sales, were $1.6 million, an increase of 67% compared to the
same period last year. Lease pool equipment sales were
$0.7 million in the second quarter of
fiscal 2019, compared to $0.2 million
in the second quarter a year ago.
Lease pool depreciation expense in the first quarter of fiscal
2019 decreased to $2.4 million from
$3.8 million in the same period a
year ago, due to a combination of lower lease pool purchases and
increased lease pool sales over the past
year.
Selling, general and administrative expenses increased to
$5.5 million in the second quarter of
fiscal 2019 versus $4.8 million in
the second quarter of fiscal 2018, due primarily to
approximately $587,000 in incremental
costs related to the transfer of the acquired SeaLink technology
and the set-up of related production and repair facilities in
Asia.
CONFERENCE CALL
We have scheduled a conference call for Thursday, September 6 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss our fiscal
2019 second quarter results. To access the call, please dial
(412) 902-0030 and ask for the Mitcham Industries call at least
10 minutes 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 September 13, 2018 and may be accessed by calling
(201) 612-7415 and using passcode 13682496#. A webcast archive will
also be available at http://www.mitchamindustries.com shortly after
the call and will be accessible for approximately
90 days. For more information, please contact
Donna Washburn at Dennard Lascar
Investor Relations (713) 529‑6600 or email
dwashburn@dennardlascar.com.
About Mitcham Industries
Mitcham Industries, Inc. provides technology to the
oceanographic, hydrographic, defense, seismic and security
industries. Headquartered in Huntsville, Texas, Mitcham has a global
presence with operating locations in the
United States, Canada,
Australia, Singapore, Malaysia, Hungary, Colombia and the United Kingdom. Mitcham's worldwide Marine
Technology Products segment, which includes its Seamap and Klein
Marine Systems units, designs, manufactures and sells specialized,
high performance, marine sonar and seismic equipment. Through its
Equipment Leasing segment, Mitcham believes it is the largest
independent provider of exploration equipment to the seismic
industry.
Certain statements and information in this press release
concerning results for the quarter ended July 31, 2018 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 publicly 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:
|
Rob Capps,
Co-CEO
|
|
Mitcham Industries,
Inc.
|
|
936-291-2277
|
|
|
|
Jack Lascar / Mark
Roberson
|
|
Dennard Lascar
Investor Relations
|
|
713-529-6600
|
Tables to Follow
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
July 31,
2018
|
|
January 31,
2018
|
ASSETS
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
6,886
|
|
|
$
|
9,902
|
|
Restricted
cash
|
223
|
|
|
244
|
|
Accounts and
contracts receivable, net of allowance for doubtful accounts of
$3,115 and $3,885 at July 31, 2018 and January 31, 2018,
respectively
|
11,498
|
|
|
10,494
|
|
Inventories,
net
|
11,855
|
|
|
10,856
|
|
Prepaid expenses and
other current assets
|
1,970
|
|
|
1,550
|
|
Total current
assets
|
32,432
|
|
|
33,046
|
|
Seismic equipment
lease pool and property and equipment, net
|
19,765
|
|
|
22,900
|
|
Intangible assets,
net
|
11,037
|
|
|
8,015
|
|
Goodwill
|
2,531
|
|
|
2,531
|
|
Non-current prepaid
income taxes
|
1,570
|
|
|
1,609
|
|
Long-term
receivables, net of allowance for doubtful accounts of $532 and
$2,282 at July 31, 2018 and January 31, 2018,
respectively
|
168
|
|
|
4,652
|
|
Other
assets
|
611
|
|
|
926
|
|
Total
assets
|
$
|
68,114
|
|
|
$
|
73,679
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
2,038
|
|
|
$
|
1,271
|
|
Deferred
revenue
|
460
|
|
|
741
|
|
Accrued expenses and
other current liabilities
|
4,776
|
|
|
5,253
|
|
Income taxes
payable
|
886
|
|
|
258
|
|
Total current
liabilities
|
8,160
|
|
|
7,523
|
|
Deferred tax
liability
|
-
|
|
|
307
|
|
Total
liabilities
|
8,160
|
|
|
7,830
|
|
Shareholders'
equity:
|
|
|
|
Preferred stock,
$1.00 par value; 1,000 shares authorized; 768 and 532 issued and
outstanding at July 31, 2018 and January 31, 2018,
respectively
|
16,950
|
|
|
11,544
|
|
Common stock, $0.01
par value; 20,000 shares authorized; 14,049 and 14,019 shares
issued at July 31, 2018 and January 31, 2018,
respectively
|
140
|
|
|
140
|
|
Additional paid-in
capital
|
122,672
|
|
|
122,304
|
|
Treasury stock, at
cost (1,929 at July 31, 2018 and January 31, 2018)
|
(16,860)
|
|
|
(16,860)
|
|
Accumulated
deficit
|
(53,715)
|
|
|
(42,425)
|
|
Accumulated other
comprehensive loss
|
(9,233)
|
|
|
(8,854)
|
|
Total shareholders'
equity
|
59,954
|
|
|
65,849
|
|
Total liabilities and
shareholders' equity
|
$
|
68,114
|
|
|
$
|
73,679
|
|
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
For the Three
Months Ended
July 31,
|
|
For the Six Months
Ended
July 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
$
|
5,877
|
|
|
$
|
9,586
|
|
|
$
|
9,443
|
|
|
$
|
16,474
|
|
Equipment
leasing
|
1,630
|
|
|
977
|
|
|
4,327
|
|
|
3,694
|
|
Sale of lease pool
equipment
|
843
|
|
|
273
|
|
|
2,193
|
|
|
9,101
|
|
Total
revenues
|
8,350
|
|
|
10,836
|
|
|
15,963
|
|
|
29,269
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
Sale of marine
technology products
|
3,216
|
|
|
5,868
|
|
|
5,302
|
|
|
9,843
|
|
Equipment leasing
(including lease pool depreciation)
|
3,242
|
|
|
4,290
|
|
|
6,824
|
|
|
9,415
|
|
Lease pool equipment
sales
|
32
|
|
|
60
|
|
|
732
|
|
|
6,199
|
|
Total cost of
sales
|
6,490
|
|
|
10,218
|
|
|
12,858
|
|
|
25,457
|
|
Gross
profit
|
1,860
|
|
|
618
|
|
|
3,105
|
|
|
3,812
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
5,504
|
|
|
4,825
|
|
|
11,134
|
|
|
9,629
|
|
Research and
development
|
312
|
|
|
240
|
|
|
682
|
|
|
338
|
|
Provision for
doubtful accounts
|
—
|
|
|
—
|
|
|
200
|
|
|
—
|
|
Depreciation and
amortization
|
620
|
|
|
525
|
|
|
1,237
|
|
|
1,106
|
|
Total operating
expenses
|
6,436
|
|
|
5,590
|
|
|
13,253
|
|
|
11,073
|
|
Operating
loss
|
(4,576)
|
|
|
(4,972)
|
|
|
(10,148)
|
|
|
(7,261)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
17
|
|
|
17
|
|
|
35
|
|
|
(29)
|
|
Other, net
|
55
|
|
|
(52)
|
|
|
141
|
|
|
(153)
|
|
Total other income
(expense)
|
72
|
|
|
(35)
|
|
|
176
|
|
|
(182)
|
|
Loss before income
taxes
|
(4,504)
|
|
|
(5,007)
|
|
|
(9,972)
|
|
|
(7,443)
|
|
Provision for income
taxes
|
(85)
|
|
|
(357)
|
|
|
(522)
|
|
|
(586)
|
|
Net loss
|
$
|
(4,589)
|
|
|
$
|
(5,364)
|
|
|
$
|
(10,494)
|
|
|
$
|
(8,029)
|
|
Preferred stock
dividends
|
(411)
|
|
|
(207)
|
|
|
(796)
|
|
|
(401)
|
|
Net loss attributable
to common shareholders
|
$
|
(5,000)
|
|
|
$
|
(5,571)
|
|
|
$
|
(11,290)
|
|
|
$
|
(8,430)
|
|
Net loss per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.41)
|
|
|
$
|
(0.46)
|
|
|
$
|
(0.93)
|
|
|
$
|
(0.70)
|
|
Diluted
|
$
|
(0.41)
|
|
|
$
|
(0.46)
|
|
|
$
|
(0.93)
|
|
|
$
|
(0.70)
|
|
Shares used in
computing loss per common share:
|
|
|
|
|
|
|
|
Basic
|
12,093
|
|
|
12,082
|
|
|
12,090
|
|
|
12,080
|
|
Diluted
|
12,093
|
|
|
12,082
|
|
|
12,090
|
|
|
12,080
|
|
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
For the Six Months
Ended
July 31,
|
|
2018
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(10,494)
|
|
|
$
|
(8,029)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
Depreciation and
amortization
|
6,399
|
|
|
9,095
|
|
Stock-based
compensation
|
368
|
|
|
461
|
|
Provision for
inventory obsolescence
|
115
|
|
|
67
|
|
Provision for
doubtful accounts, net of charge offs
|
200
|
|
|
—
|
|
Gross (profit) loss
from sale of lease pool equipment
|
(1,246)
|
|
|
(2,852)
|
|
Deferred tax
expense
|
(306)
|
|
|
(57)
|
|
Changes
in:
|
|
Trade accounts and
contracts receivable
|
2,227
|
|
|
5,877
|
|
Unbilled
revenue
|
(341)
|
|
|
—
|
|
Inventories
|
(1,406)
|
|
|
(107)
|
|
Prepaids and other
current assets, net
|
(1,435)
|
|
|
201
|
|
Income taxes
receivable and payable
|
665
|
|
|
430
|
|
Accounts payable,
accrued expenses and other current liabilities
|
(1,551)
|
|
|
(929)
|
|
Deferred
revenue
|
942
|
|
|
—
|
|
Foreign exchange
losses net of gains
|
64
|
|
|
(71)
|
|
Net cash (used in)
provided by operating activities
|
(5,799)
|
|
|
4,086
|
|
Cash flows from
investing activities:
|
|
Purchases of seismic
equipment held for lease
|
(1,386)
|
|
|
(234)
|
|
Acquisition of
assets
|
(3,000)
|
|
|
—
|
|
Purchases of property
and equipment
|
(487)
|
|
|
(128)
|
|
Sales of used lease
pool equipment
|
2,792
|
|
|
6,020
|
|
Net cash (used in)
provided by investing activities
|
(2,081)
|
|
|
5,658
|
|
Cash flows from
financing activities:
|
|
Net payments on
revolving line of credit
|
—
|
|
|
(3,500)
|
|
Payments on term loan
and other borrowings
|
—
|
|
|
(2,807)
|
|
Net proceeds from
preferred stock offering
|
5,450
|
|
|
774
|
|
Preferred stock
dividends
|
(796)
|
|
|
(401)
|
|
Net cash provided by
(used in) financing activities
|
4,654
|
|
|
(5,934)
|
|
Effect of changes
in foreign exchange rates on cash, cash equivalents and restricted
cash
|
189
|
|
|
(169)
|
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash
|
(3,037)
|
|
|
3,641
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
10,146
|
|
|
3,511
|
|
Cash, cash
equivalents and restricted cash, end of period
|
$
|
7,109
|
|
|
$
|
7,152
|
|
MITCHAM
INDUSTRIES, INC.
|
Reconciliation of
Net Loss and Net Cash Provided by Operating Activities to EBITDA
and
|
Adjusted
EBITDA
|
(unaudited)
|
|
|
For the Three
Months Ended
July 31,
|
|
For the Six Months
Ended
July 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(in
thousands)
|
|
(in
thousands)
|
Reconciliation of
Net loss to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
Net loss
|
$
|
(4,589)
|
|
|
$
|
(5,364)
|
|
|
$
|
(10,494)
|
|
|
$
|
(8,029)
|
|
Interest (income)
expense, net
|
(17)
|
|
|
(17)
|
|
|
(35)
|
|
|
29
|
|
Depreciation and
amortization
|
3,096
|
|
|
4,304
|
|
|
6,399
|
|
|
9,095
|
|
Provision for income
taxes
|
85
|
|
|
357
|
|
|
522
|
|
|
586
|
|
EBITDA (1)
|
(1,425)
|
|
|
(720)
|
|
|
(3,608)
|
|
|
1,681
|
|
Non-cash foreign
exchange losses (gains)
|
62
|
|
|
167
|
|
|
13
|
|
|
361
|
|
Stock-based
compensation
|
242
|
|
|
237
|
|
|
368
|
|
|
461
|
|
Cost of lease pool
sales
|
7
|
|
|
55
|
|
|
634
|
|
|
6,194
|
|
Adjusted EBITDA
(1)
|
$
|
(1,114)
|
|
|
$
|
(261)
|
|
|
$
|
(2,593)
|
|
|
$
|
8,697
|
|
Reconciliation of
Net cash provided by operating activities to EBITDA
|
|
|
|
|
|
|
|
Net cash (used in)
provided by operating activities
|
$
|
(2,433)
|
|
|
$
|
2,974
|
|
|
$
|
(5,799)
|
|
|
$
|
4,086
|
|
Stock-based
compensation
|
(242)
|
|
|
(237)
|
|
|
(368)
|
|
|
(461)
|
|
Provision for
doubtful accounts
|
—
|
|
|
—
|
|
|
(200)
|
|
|
—
|
|
Provision for
inventory obsolescence
|
(115)
|
|
|
(59)
|
|
|
(115)
|
|
|
(67)
|
|
Changes in trade
accounts, contracts and notes receivable
|
(398)
|
|
|
(3,702)
|
|
|
(1,886)
|
|
|
(5,877)
|
|
Interest
received
|
1
|
|
|
28
|
|
|
2
|
|
|
120
|
|
Taxes paid, net of
refunds
|
222
|
|
|
146
|
|
|
268
|
|
|
159
|
|
Gross profit (loss)
from sale of lease pool equipment
|
710
|
|
|
163
|
|
|
1,246
|
|
|
2,852
|
|
Changes in
inventory
|
562
|
|
|
(1,296)
|
|
|
1,406
|
|
|
107
|
|
Changes in accounts
payable, accrued expenses and other current liabilities and
deferred revenue
|
875
|
|
|
977
|
|
|
609
|
|
|
929
|
|
Changes in prepaid
expenses and other current assets
|
(85)
|
|
|
348
|
|
|
1,435
|
|
|
(201)
|
|
Foreign exchange
(losses) gains, net
|
(48)
|
|
|
23
|
|
|
(64)
|
|
|
71
|
|
Other
|
(474)
|
|
|
(85)
|
|
|
(142)
|
|
|
(37)
|
|
EBITDA (1)
|
$
|
(1,425)
|
|
|
$
|
(720)
|
|
|
$
|
(3,608)
|
|
|
$
|
1,681
|
|
|
|
(1)
|
EBITDA is defined as
net income before (a) interest income and interest expense, (b)
provision for (or benefit from) income taxes and (c) depreciation
and amortization. Adjusted EBITDA excludes non-cash foreign
exchange gains and losses, non-cash costs of lease pool equipment
sales and 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 and we believe 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 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
|
(in
thousands)
|
(unaudited)
|
|
|
For the Three
Months Ended
July 31,
|
|
For the Six Months
Ended
July 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(in
thousands)
|
|
(in
thousands)
|
Revenues:
|
|
|
|
|
|
|
|
Marine technology
products
|
$
|
6,012
|
|
|
$
|
9,662
|
|
|
$
|
9,720
|
|
|
$
|
16,573
|
|
Equipment
leasing
|
2,473
|
|
|
1,271
|
|
|
6,520
|
|
|
12,816
|
|
Inter-segment
sales
|
(135)
|
|
|
(97)
|
|
|
(277)
|
|
|
(120)
|
|
Total
revenues
|
8,350
|
|
|
10,836
|
|
|
15,963
|
|
|
29,269
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
Marine technology
products
|
3,351
|
|
|
5,943
|
|
|
5,579
|
|
|
9,942
|
|
Equipment
leasing
|
3,274
|
|
|
4,373
|
|
|
7,556
|
|
|
15,636
|
|
Inter-segment
costs
|
(135)
|
|
|
(98)
|
|
|
(277)
|
|
|
(121)
|
|
Total cost of
sales
|
6,490
|
|
|
10,218
|
|
|
12,858
|
|
|
25,457
|
|
Gross
profit
|
1,860
|
|
|
618
|
|
|
3,105
|
|
|
3,812
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
5,504
|
|
|
4,825
|
|
|
11,134
|
|
|
9,629
|
|
Research and
development
|
312
|
|
|
240
|
|
|
682
|
|
|
338
|
|
Provision for
doubtful accounts
|
—
|
|
|
—
|
|
|
200
|
|
|
—
|
|
Depreciation and
amortization
|
620
|
|
|
525
|
|
|
1,237
|
|
|
1,106
|
|
Total operating
expenses
|
6,436
|
|
|
5,590
|
|
|
13,253
|
|
|
11,073
|
|
Operating
loss
|
$
|
(4,576)
|
|
|
$
|
(4,972)
|
|
|
$
|
(10,148)
|
|
|
$
|
(7,261)
|
|
Marine Technology
Products Segment:
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Seamap
|
$
|
3,814
|
|
|
$
|
7,490
|
|
|
$
|
5,566
|
|
|
$
|
12,377
|
|
Klein
|
1,591
|
|
|
1,002
|
|
|
3,103
|
|
|
1,939
|
|
SAP
|
797
|
|
|
1,622
|
|
|
1,277
|
|
|
2,911
|
|
Intra-segment
sales
|
(190)
|
|
|
(452)
|
|
|
(226)
|
|
|
(654)
|
|
|
6,012
|
|
|
9,662
|
|
|
9,720
|
|
|
16,573
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
Seamap
|
1,785
|
|
|
4,206
|
|
|
2,629
|
|
|
6,767
|
|
Klein
|
1,090
|
|
|
944
|
|
|
2,126
|
|
|
1,677
|
|
SAP
|
666
|
|
|
1,245
|
|
|
1,064
|
|
|
2,262
|
|
Intra-segment
sales
|
(190)
|
|
|
(452)
|
|
|
(240)
|
|
|
(764)
|
|
|
3,351
|
|
|
5,943
|
|
|
5,579
|
|
|
9,942
|
|
Gross
profit
|
$
|
2,661
|
|
|
$
|
3,719
|
|
|
$
|
4,141
|
|
|
$
|
6,631
|
|
Gross profit
margin
|
44
|
%
|
|
38
|
%
|
|
43
|
%
|
|
40
|
%
|
Equipment Leasing
Segment:
|
|
|
|
|
|
|
|
Revenue:
|
|
Equipment
leasing
|
$
|
1,630
|
|
|
$
|
977
|
|
|
$
|
4,327
|
|
|
$
|
3,694
|
|
Lease pool equipment
sales
|
718
|
|
|
228
|
|
|
1,881
|
|
|
9,062
|
|
Other equipment
sales
|
125
|
|
|
66
|
|
|
312
|
|
|
60
|
|
|
2,473
|
|
|
1,271
|
|
|
6,520
|
|
|
12,816
|
|
Cost of
sales:
|
|
Direct
costs-equipment leasing
|
797
|
|
|
561
|
|
|
1,725
|
|
|
1,505
|
|
Lease pool
depreciation
|
2,445
|
|
|
3,750
|
|
|
5,099
|
|
|
7,931
|
|
Cost of lease pool
equipment sales
|
7
|
|
|
66
|
|
|
634
|
|
|
6,195
|
|
Cost of other
equipment sales
|
25
|
|
|
(4)
|
|
|
98
|
|
|
5
|
|
|
3,274
|
|
|
4,373
|
|
|
7,556
|
|
|
15,636
|
|
Gross
loss
|
$
|
(801)
|
|
|
$
|
(3,102)
|
|
|
$
|
(1,036)
|
|
|
$
|
(2,820)
|
|
View original
content:http://www.prnewswire.com/news-releases/mitcham-industries-reports-fiscal-2019-second-quarter-results-300707545.html
SOURCE Mitcham Industries, Inc.