HUNTSVILLE, Texas, Sept. 7, 2017 /PRNewswire/ -- Mitcham
Industries, Inc. (NASDAQ: MIND) ("the Company") today announced
financial results for its fiscal 2018 second quarter ended
July 31, 2017.
Total revenues for the second quarter of fiscal 2018 were
$10.8 million compared to
$8.7 million in the second quarter of
fiscal 2017. Revenues from the Equipment Manufacturing and
Sales segment increased to $9.6
million in the second quarter, compared to $5.8 million in the same period last year.
Revenues from the Equipment Leasing segment were $1.3 million in the second quarter compared to
$2.9 million in the same period last
year. The Company reported a net loss attributable to common
shareholders of $5.6 million, or
$(0.46) per share, in the second
quarter of fiscal 2018 compared to a net loss of $9.6 million, or $(0.80) per share, in the second quarter of
fiscal 2017. Cash flow provided by operating activities was
approximately $3.0 million in the
second quarter of fiscal 2018 compared to $1.3 million in the second quarter of fiscal
2017.
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 2018 was a loss of
approximately $261,000 compared to a
loss of approximately $597,000 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, "We were pleased with our overall second
quarter results, despite very challenging and ongoing conditions in
our energy related business. Our manufacturing segment showed solid
growth, both sequentially and year-over-year. We continue to make
progress in re-positioning our Company to be a more significant
player in the marine industry and in lessening our exposure to oil
and gas exploration activities. At the same time, we are
taking additional strategic steps to revise our business model in
the leasing segment while maintaining a competitive presence and
re-deploying capital into more attractive opportunities.
"Reviewing our financial results for the second fiscal quarter
of 2018, the Equipment Manufacturing and Sales segment delivered
much better performance year-over-year and sequentially, driven
primarily by Seamap. We continue to anticipate a stronger fiscal
year in this segment driven by improved visibility into
oceanographic and hydrographic opportunities, especially in
Asia. While our business at Klein
has lagged expectations in recent periods, we have begun to see an
increase in order bookings and inquiries, which we believe is
indicative of a much improved second half of fiscal 2018 in that
part of our business. We are seeing a greater number of
opportunities as we continue to penetrate new markets and add new
customers. In addition, we are seeing the scope of some of these
projects become larger as well.
"Land and marine seismic exploration activity continues to be
severely depressed from historical levels; however, we are
experiencing an increased number of bids and inquiries. These
projects have been slow to develop, but we are hopeful that by the
fourth quarter we will begin to see this business recover.
"Our capital structure remains very strong with no debt on our
balance sheet and ample liquidity, with cash and cash equivalents
of over $7.0 million as of
July 31, 2017. We generated
positive operating cash flow in the first half of this fiscal year,
including approximately $3.0 million
in the second quarter of this year.
"As we move through the remainder of fiscal 2018, we see a
number of opportunities for our manufacturing business and also
expect continued slow improvement in our leasing business. Our
strategic intent going forward is to continue to diversify our
sales away from dependence on the oil and gas industry by expanding
our equipment and manufacturing business, both organically and
through acquisitions, in order to gain a greater foothold in the
global marine industry. We also continue to evaluate and
restructure our leasing business in order to make this a profitable
part of our company in the future."
FISCAL 2018 SECOND QUARTER RESULTS
Total revenues for the second quarter increased 25% and
were largely driven by a substantial increase in equipment
manufacturing and sales compared to the same quarter a year
ago. Equipment and manufacturing sales increased 67%
year-over-year, while equipment leasing revenues, excluding lease
pool equipment sales, decreased 40% from the second quarter of
fiscal 2017. Total revenues for the second quarter of fiscal
2018 rose to $10.8 million compared
to $8.7 million in the same period
last year. A significant portion of our revenues is typically
generated from geographic areas outside the United States.
The percentage of revenues from international customers was
approximately 92% in the second quarter of fiscal 2018 compared to
approximately 79% in last year's second fiscal quarter.
Equipment manufacturing and sales increased to $9.6 million in the second quarter of fiscal 2018
compared to $5.8 million in last
year's second quarter with improved performance by Seamap and
SAP. The second quarter sales consisted of approximately
$7.5 million of Seamap equipment,
$1.0 million from Klein (including
$0.5 million of intra-segment sales)
and $1.6 million by
SAP.
Equipment leasing revenues for the second quarter of fiscal
2018, excluding lease pool equipment sales, were $1.0 million compared to $1.6 million in the same period last year.
The year-over-year decrease in second quarter equipment leasing
revenues was driven by the ongoing softness in exploration
activity.
Lease pool and other equipment sales were $0.3 million in the second quarter of fiscal
2018, compared to $1.3 million in the
second quarter a year ago.
Lease pool depreciation expense in the second quarter of fiscal
2018 decreased to $3.8 million from
$6.7 million in the same period a
year ago, due to the reduction in lease pool purchases and sales of
lease pool equipment in the second half of fiscal 2017 and the
current fiscal year.
General and administrative expenses decreased to $5.1 million in the second quarter of fiscal 2018
versus $5.4 million in the second
quarter of fiscal 2017, due to the impact of continuing cost
reduction efforts.
CONFERENCE CALL
We have scheduled a conference call for Friday, September 8, 2017 at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss our fiscal
2018 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 22, 2017 and may be accessed by calling
(201) 612-7415 and using passcode 13668655#. 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
Associates (713) 529‑6600 or email
dwashburn@dennardlascar.com.
About Mitcham Industries
Mitcham Industries, Inc. provides equipment to the
geophysical, oceanographic and hydrographic industries.
Headquartered in Huntsville,
Texas, Mitcham has a global presence with operating
locations in the United States,
Canada, Australia, Singapore, Russia, Hungary, Colombia and the United Kingdom. Mitcham's worldwide Equipment
Manufacturing and Sales Segment, which includes its Seamap and
Klein Marine Systems units, designs, manufactures and sells
specialized, high performance, marine sonar and seismic equipment.
Through its 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, 2017 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, EBITDA, cash flow 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
|
|
Dennard ▪ Lascar
Associates
|
|
713-529-6600
|
Tables to Follow
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
July 31,
2017
|
|
January 31,
2017
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
6,916
|
|
$
2,902
|
Restricted
cash
|
236
|
|
609
|
Accounts and
contracts receivable, net of allowance for doubtful accounts of
$3,419 and $3,716 at July 31, 2017 and January 31, 2017,
respectively
|
12,439
|
|
15,830
|
Inventories,
net
|
12,465
|
|
11,960
|
Prepaid income
taxes
|
-
|
|
1,565
|
Prepaid expenses and
other current assets
|
1,934
|
|
2,193
|
Total current
assets
|
33,990
|
|
35,059
|
Seismic equipment
lease pool and property and equipment, net
|
29,842
|
|
43,838
|
Intangible assets,
net
|
8,536
|
|
9,012
|
Goodwill
|
3,997
|
|
3,997
|
Non-current prepaid
income taxes
|
1,173
|
|
-
|
Long-term receivables
net of allowance for doubtful accounts of $2,188 at July 31, 2017
and January 31, 2017
|
4,027
|
|
2,780
|
Other
assets
|
29
|
|
28
|
Total
assets
|
$81,594
|
|
$94,714
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$ 1,770
|
|
$ 1,929
|
Current maturities –
long-term debt
|
-
|
|
6,371
|
Deferred
revenue
|
455
|
|
651
|
Income taxes
payable
|
52
|
|
-
|
Accrued expenses and
other current liabilities
|
4,366
|
|
4,514
|
Total current
liabilities
|
6,643
|
|
13,465
|
Deferred tax
liability
|
275
|
|
317
|
Total
liabilities
|
6,918
|
|
13,782
|
Shareholders'
equity:
|
|
|
|
Preferred stock, $1.00
par value; 1,000 shares authorized; 380 and 343 shares issued
and outstanding at July 31, 2017 and January 31, 2017,
respectively
|
8,133
|
|
7,294
|
Common stock, $0.01
par value; 20,000 shares authorized; 14,019 shares issued at
July 31 2017 and January 31, 2017
|
140
|
|
140
|
Additional paid-in
capital
|
121,861
|
|
121,401
|
Treasury stock, at
cost (1,929 shares at July 31, 2017 and January 31,
2017)
|
(16,858)
|
|
(16,858)
|
Accumulated
deficit
|
(28,881)
|
|
(20,451)
|
Accumulated other
comprehensive loss
|
(9,719)
|
|
(10,594)
|
Total shareholders'
equity
|
74,676
|
|
80,932
|
Total liabilities and
shareholders' equity
|
$81,594
|
|
$94,714
|
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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Equipment
manufacturing and sales
|
$9,586
|
|
$ 5,754
|
|
$16,474
|
|
$12,942
|
|
Equipment
leasing
|
977
|
|
1,634
|
|
3,694
|
|
5,242
|
|
Lease pool and other
equipment sales
|
273
|
|
1,275
|
|
9,101
|
|
2,210
|
|
Total
revenues
|
10,836
|
|
8,663
|
|
29,269
|
|
20,394
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
Cost of equipment
manufacturing and sales
|
5,868
|
|
3,097
|
|
9,843
|
|
7,118
|
|
Direct costs -
equipment leasing
|
540
|
|
785
|
|
1,484
|
|
1,537
|
|
Direct costs - lease
pool depreciation
|
3,750
|
|
6,675
|
|
7,931
|
|
13,548
|
|
Cost of lease pool and
other equipment sales
|
60
|
|
348
|
|
6,199
|
|
799
|
|
Total cost of
sales
|
10,218
|
|
10,905
|
|
25,457
|
|
23,002
|
|
Gross profit
(loss)
|
618
|
|
(2,242)
|
|
3,812
|
|
(2,608)
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
General and
administrative
|
5,065
|
|
5,426
|
|
9,967
|
|
10,739
|
|
Depreciation and
amortization
|
525
|
|
647
|
|
1,106
|
|
1,299
|
|
Total operating
expenses
|
5,590
|
|
6,073
|
|
11,073
|
|
12,038
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(4,972)
|
|
(8,315)
|
|
(7,261)
|
|
(14,646)
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest,
net
|
17
|
|
(164)
|
|
(29)
|
|
(428)
|
|
Other, net
|
(52)
|
|
(612)
|
|
(153)
|
|
(161)
|
|
Total other
expense
|
(35)
|
|
(776)
|
|
(182)
|
|
(589)
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(5,007)
|
|
(9,091)
|
|
(7,443)
|
|
(15,235)
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
(357)
|
|
(435)
|
|
(586)
|
|
(734)
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
$(5,364)
|
|
$ (9,526)
|
|
$ (8,029)
|
|
$ (15,969)
|
|
Preferred stock
dividends
|
(207)
|
|
(114)
|
|
(401)
|
|
(114)
|
|
Net loss available
to common shareholders
|
$(5,571)
|
|
$ (9,640)
|
|
$ (8,430)
|
|
$ (16,083)
|
|
|
|
|
|
|
|
|
|
|
Net loss per
common share:
|
|
|
|
|
|
|
|
|
Basic
|
$ (0.46)
|
|
$ (0.80)
|
|
$ (0.70)
|
|
$ (1.33)
|
|
Diluted
|
$ (0.46)
|
|
$ (0.80)
|
|
$ (0.70)
|
|
$ (1.33)
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net loss per common share:
|
|
|
|
|
|
|
|
Basic
|
12,082
|
|
12,070
|
|
12,080
|
|
12,065
|
|
Diluted
|
12,082
|
|
12,070
|
|
12,080
|
|
12,065
|
|
|
|
|
|
|
|
|
|
|
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
For the Six
Months Ended July
31,
|
|
|
2017
|
|
2016
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
|
$(8,029)
|
|
$(15,969)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
9,095
|
|
14,910
|
Stock-based
compensation
|
|
461
|
|
433
|
Provision for
inventory obsolescence
|
|
67
|
|
43
|
Gross profit from sale
of lease pool equipment
|
|
(2,852)
|
|
(1,456)
|
Deferred tax
benefit
|
|
(57)
|
|
(375)
|
Changes in working
capital items:
|
|
|
|
|
Trade accounts and
contracts receivable
|
|
5,877
|
|
8,769
|
Inventories
|
|
(107)
|
|
181
|
Prepaid expenses and
other current assets
|
|
201
|
|
(673)
|
Income taxes
payable
|
|
430
|
|
658
|
Accounts payable,
accrued expenses, other current liabilities and deferred
revenue
|
|
(929)
|
|
(4,014)
|
Foreign exchange gains
net of losses
|
|
(71)
|
|
577
|
Net cash provided by
operating activities
|
|
4,086
|
|
3,084
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of seismic
equipment held for lease
|
|
(234)
|
|
(583)
|
Purchases of property
and equipment
|
|
(128)
|
|
(77)
|
Sale of used lease
pool equipment
|
|
6,020
|
|
2,169
|
Net cash provided by
investing activities
|
|
5,658
|
|
1,509
|
Cash flows from
financing activities:
|
|
|
|
|
Net payments on
revolving line of credit
|
|
(3,500)
|
|
(9,400)
|
Payments on term loan
and other borrowings
|
|
(2,807)
|
|
(1,612)
|
Net proceeds from
preferred stock offering
|
|
774
|
|
7,117
|
Preferred stock
dividends
|
|
(401)
|
|
(114)
|
Net cash used in
financing activities
|
|
(5,934)
|
|
(4,009)
|
Effect of changes
in foreign exchange rates on cash and cash
equivalents
|
|
(169)
|
|
(857)
|
Net change in cash
and cash equivalents
|
|
3,641
|
|
(273)
|
Cash and cash
equivalents, beginning of period
|
|
3,511
|
|
3,769
|
Cash and cash
equivalents, end of period
|
|
$7,152
|
|
$ 3,496
|
Supplemental cash
flow information:
|
|
|
|
|
Interest
paid
|
|
$ 120
|
|
$ 504
|
Income taxes
paid
|
|
$ 159
|
|
$ 529
|
Purchases of seismic
equipment held for lease in accounts payable at end of
period
|
|
$ 42
|
|
$
148
|
Mitcham
Industries, Inc.
|
Reconciliation of
Net Loss and Net Cash Provided by Operating Activities to EBITDA
and Adjusted EBITDA
|
|
|
|
|
|
|
For the Three
Months Ended July
31,
|
|
For the Six Months
Ended
July
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(in
thousands)
|
|
|
|
(in
thousands)
|
|
Reconciliation of
Net loss to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
Net loss
|
$ (5,364)
|
|
$ (9,526)
|
|
$ (8,029)
|
|
$ (15,969)
|
Interest expense,
net
|
(17)
|
|
164
|
|
29
|
|
428
|
Depreciation and
amortization
|
4,304
|
|
7,353
|
|
9,095
|
|
14,910
|
Provision for income
taxes
|
357
|
|
435
|
|
586
|
|
734
|
EBITDA
(1)
|
(720)
|
|
(1,574)
|
|
1,681
|
|
103
|
Non-cash foreign
exchange losses
|
167
|
|
493
|
|
361
|
|
319
|
Stock-based
compensation
|
237
|
|
186
|
|
461
|
|
433
|
Cost of lease pool
sales
|
55
|
|
298
|
|
6,194
|
|
713
|
Adjusted EBITDA
(1)
|
$
(261)
|
|
$
(597)
|
|
$
8,697
|
|
$
1,568
|
Reconciliation of
Net cash provided by operating activities to EBITDA
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$ 2,974
|
|
$ 1,335
|
|
$ 4,086
|
|
$ 3,084
|
Stock-based
compensation
|
(237)
|
|
(186)
|
|
(461)
|
|
(433)
|
Provision for
inventory obsolescence
|
(59)
|
|
-
|
|
(67)
|
|
(43)
|
Changes in trade
accounts, contracts and notes receivable
|
(3,702)
|
|
(5,960)
|
|
(5,877)
|
|
(8,769)
|
Interest
paid
|
28
|
|
166
|
|
120
|
|
504
|
Taxes paid, net of
refunds
|
146
|
|
378
|
|
159
|
|
529
|
Gross profit from
sale of lease pool equipment
|
163
|
|
965
|
|
2,852
|
|
1,456
|
Changes in
inventory
|
(1,296)
|
|
116
|
|
107
|
|
(181)
|
Changes in accounts
payable, accrued expenses and other current liabilities and
deferred revenue
|
977
|
|
1,970
|
|
929
|
|
4,014
|
Changes in prepaid
expenses and other current assets
|
348
|
|
423
|
|
(201)
|
|
673
|
Foreign exchange
gains net of losses
|
23
|
|
(696)
|
|
71
|
|
(577)
|
Other
|
(85)
|
|
(85)
|
|
(37)
|
|
(154)
|
EBITDA
(1)
|
$
(720)
|
|
$
(1,574)
|
|
$ 1,681
|
|
$ 103
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. This definition of Adjusted
EBITDA is consistent with the definition in the Credit
Agreement. 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 Credit Agreement contained 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
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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(in
thousands)
|
|
(in
thousands)
|
Revenues:
|
|
|
|
|
|
|
|
Equipment Manufacturing
and Sales
|
$
9,662
|
|
$
5,758
|
|
$ 16,573
|
|
$
12,978
|
Equipment
Leasing
|
1,271
|
|
2,909
|
|
12,816
|
|
7,452
|
Inter-segment
sales
|
(97)
|
|
(4)
|
|
(120)
|
|
(36)
|
Total revenues
|
10,836
|
|
8,663
|
|
29,269
|
|
20,394
|
Cost of
sales:
|
|
|
|
|
|
|
|
Equipment Manufacturing
and Sales
|
5,943
|
|
3,116
|
|
9,942
|
|
7,174
|
Equipment
Leasing
|
4,373
|
|
7,809
|
|
15,636
|
|
15,885
|
Inter-segment
costs
|
(98)
|
|
(20)
|
|
(121)
|
|
(57)
|
Total cost of
sales
|
10,218
|
|
10,905
|
|
25,457
|
|
23,002
|
Gross profit
(loss)
|
618
|
|
(2,242)
|
|
3,812
|
|
(2,608)
|
Operating
expenses:
|
|
|
|
|
|
|
|
General and
administrative
|
5,065
|
|
5,426
|
|
9,967
|
|
10,739
|
Depreciation and
amortization
|
525
|
|
647
|
|
1,106
|
|
1,299
|
Total operating
expenses
|
5,590
|
|
6,073
|
|
11,073
|
|
12,038
|
Operating
loss
|
$
(4,972)
|
|
$
(8,315)
|
|
$
(7,261)
|
|
$(14,646)
|
Equipment
Manufacturing and Sales Segment:
|
|
|
|
Revenues:
|
|
|
|
Seamap
|
$7,490
|
|
$2,208
|
|
$12,377
|
|
$7,126
|
Klein
|
1,002
|
|
2,326
|
|
1,939
|
|
4,462
|
SAP
|
1,622
|
|
1,332
|
|
2,911
|
|
1,813
|
Intra-segment
sales
|
(452)
|
|
(108)
|
|
(654)
|
|
(423)
|
|
9,662
|
|
5,758
|
|
16,573
|
|
12,978
|
Cost of
sales:
|
|
|
|
|
|
|
|
Seamap
|
4,206
|
|
900
|
|
6,767
|
|
3,439
|
Klein
|
944
|
|
1,390
|
|
1,677
|
|
2,861
|
SAP
|
1,245
|
|
934
|
|
2,262
|
|
1,297
|
Intra-segment
sales
|
(452)
|
|
(108)
|
|
(764)
|
|
(423)
|
|
5,943
|
|
3,116
|
|
9,942
|
|
7,174
|
Gross
profit
|
$3,719
|
|
$
2,642
|
|
$6,631
|
|
$5,804
|
Gross profit
margin
|
38%
|
|
46%
|
|
40%
|
|
45%
|
Equipment Leasing
Segment:Equipment Leasing Segment:
|
|
|
Revenues:
|
|
|
Equipment
leasing
|
$
977
|
|
$
1,634
|
|
$
3,694
|
|
$
5,242
|
Lease pool equipment
sales
|
228
|
|
1,263
|
|
9,062
|
|
2,169
|
Other equipment
sales
|
66
|
|
12
|
|
60
|
|
41
|
|
1,271
|
|
2,909
|
|
12,816
|
|
7,452
|
Cost of
sales:
|
|
|
|
|
|
|
|
Direct
costs-equipment leasing
|
561
|
|
785
|
|
1,505
|
|
1,537
|
Lease pool
depreciation
|
3,750
|
|
6,675
|
|
7,931
|
|
13,548
|
Cost of lease pool
equipment sales
|
66
|
|
298
|
|
6,195
|
|
713
|
Cost of other
equipment sales
|
(4)
|
|
51
|
|
5
|
|
87
|
|
4,373
|
|
7,809
|
|
15,636
|
|
15,885
|
Gross
loss
|
$
(3,102)
|
|
$
(4,900)
|
|
$ (2,820)
|
|
$ (8,433)
|
View original
content:http://www.prnewswire.com/news-releases/mitcham-industries-reports-fiscal-2018-second-quarter-results-300515937.html
SOURCE Mitcham Industries, Inc.