HUNTSVILLE, Texas, June 6, 2018 /PRNewswire/ -- Mitcham
Industries, Inc. (NASDAQ: MIND) ("Mitcham" or "the Company") today
announced financial results for its fiscal 2019 first quarter ended
April 30, 2018.
Total revenues for the first quarter of fiscal 2019 were
$7.6 million compared to $18.4 million in the first quarter of fiscal
2018, largely driven by a decline in the sale of lease pool
equipment and delays in orders for marine technology
products. The Company had sold $8.8
million of lease pool equipment during the first quarter of
fiscal 2018. Revenues from the Marine Technology Products segment
fell to $3.6 million in the first
quarter, compared to $6.9 million in
the same period last year. While Seamap sales declined mainly
due to delays in expected incoming orders, Klein sales increased
61% compared to the same period last year. Equipment Leasing
revenues were $2.7 million in the
first quarter, flat compared to the same period last year.
The Company reported a net loss attributable to common
shareholders of $6.3 million, or
$(0.52) per share, in the first
quarter of fiscal 2019 compared to a net loss of $2.9 million, or $(0.24) per share, in the first 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 first quarter of fiscal 2019 was a loss of
approximately $1.5 million compared
to a gain of approximately $9.0
million 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, "Despite a lackluster first quarter, our
Marine Technology Products segment has recently been experiencing
an increase in order activity, a good indicator that the marine
markets are finally starting to show some improvement. As we
disclosed on May 30th,
Mitcham has recently booked orders totaling approximately
$6.0 million for Klein's sonar and
related products. In addition, Mitcham's Seamap unit has also
received orders totaling approximately $6.1
million for seismic source controllers, RGPS positioning
systems and related items. Seamap has also received orders
totaling approximately $1.0 million
related to its recently-introduced towed streamer products. These
orders combined with an increased level of inquiries from current
and potential new customers, should result in a much stronger
second-half of fiscal 2019. In addition, Mitcham's capital
structure continues to remain strong with no debt on our balance
sheet and ample liquidity, including cash and cash equivalents of
$8.6 million as of April 30, 2018.
"Eighteen months ago, we embarked on a strategic re-positioning
to become a significant provider of technology to broader marine
applications. We are very pleased that this endeavor is beginning
to pay dividends. The solid streamer and sensor technology that we
acquired earlier this year has extensive application in the
oceanographic and hydrographic industries and provides clear
opportunities to integrate this technology into new markets for us
in areas such as anti-submarine warfare and maritime security
systems. Furthermore, our previously announced rental partnerships
with INOVA and Lanfang Dynamic Technologies provide Mitcham with
increased flexibility and a lower cost structure in delivering
state-of-the-art technology to our land seismic leasing equipment
customers."
FISCAL 2019 FIRST QUARTER RESULTS
Total revenues for the first quarter of fiscal 2019 decreased to
$7.6 million driven mainly by a delay
in marine technology products sales and a large decrease in lease
pool equipment sales compared to last year's fiscal first quarter.
Marine technology products sales decreased 46% year-over-year,
while equipment leasing revenues, excluding lease pool equipment
sales, were flat year-over-year.
Marine technology products sales decreased to $3.7 million in the first quarter of fiscal 2019
compared to $6.9 million in last
year's first quarter mainly due to a decline in Seamap sales.
However, through May 31, 2018,
Seamap has now received orders for seismic source controllers,
positioning systems and related equipment totaling approximately
$6.1 million. Furthermore, this
segment has recently received orders of approximately $1.0 million for the recently introduced SeaLink
streamer product line. Klein sales increased 61% during the first
quarter compared to last year's first quarter. The first quarter
sales consisted of approximately $1.8
million of Seamap, $1.5
million from Klein (including $36,000 of intra-segment sales) and $0.5 million by SAP.
Equipment leasing revenues for the first quarter of fiscal 2019,
excluding lease pool equipment sales, were $2.7 million flat compared to the same period
last year. Lease pool equipment sales were $1.2 million in the first quarter of fiscal 2019,
compared to $8.8 million in the first
quarter a year ago.
Lease pool depreciation expense in the first quarter of fiscal
2019 decreased to $2.7 million from
$4.2 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
$5.6 million in the first quarter of
fiscal 2019 versus $4.8 million in
the first quarter of fiscal 2018, due primarily to approximately
$400,000 in incremental expenses
related to the transfer of the acquired technology and the set-up
of related production and repair facilities in Asia. The lower sales by Seamap in the
first quarter of fiscal 2019 also resulted in an increase in
unabsorbed overhead costs which affected general and administrative
expenses.
CONFERENCE CALL
We have scheduled a conference call for Thursday, June 7 at 9:00
a.m. Eastern Time (8:00 a.m. Central
Time) to discuss our fiscal 2019 first 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 June 14, 2018 and may be accessed by calling
(201) 612-7415 and using passcode 13680079#. 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, Russia, 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 April 30, 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.
Tables to Follow
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
April 30,
2018
|
|
January 31,
2018
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
8,613
|
|
|
$
|
9,902
|
|
Restricted
cash
|
233
|
|
|
244
|
|
Accounts and
contracts receivable, net of allowance for doubtful accounts of
$3,560 and $3,885 at April 30, 2018 and January 31, 2018,
respectively
|
12,333
|
|
|
10,494
|
|
Inventories,
net
|
11,432
|
|
|
10,856
|
|
Prepaid expenses and
other current assets
|
2,132
|
|
|
1,550
|
|
Total current
assets
|
34,743
|
|
|
33,046
|
|
Seismic equipment
lease pool and property and equipment, net
|
21,046
|
|
|
22,900
|
|
Intangible assets,
net
|
11,484
|
|
|
8,015
|
|
Goodwill
|
2,531
|
|
|
2,531
|
|
Non-current prepaid
income taxes
|
1,603
|
|
|
1,609
|
|
Long-term
receivables, net of allowance for doubtful accounts of $94 and
$2,282 at April 30, 2018 and January 31, 2018,
respectively
|
706
|
|
|
4,652
|
|
Other
assets
|
611
|
|
|
926
|
|
Total
assets
|
$
|
72,724
|
|
|
$
|
73,679
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
2,889
|
|
|
$
|
1,271
|
|
Deferred
revenue
|
723
|
|
|
741
|
|
Accrued expenses and
other current liabilities
|
4,895
|
|
|
5,253
|
|
Income taxes
payable
|
896
|
|
|
258
|
|
Total current
liabilities
|
9,403
|
|
|
7,523
|
|
Deferred tax
liability
|
105
|
|
|
307
|
|
Total
liabilities
|
9,508
|
|
|
7,830
|
|
Shareholders'
equity:
|
|
|
|
Preferred stock,
$1.00 par value; 1,000 shares authorized; 698 and 532 issued and
outstanding at April 30, 2018, and January 31, 2018,
respectively
|
15,312
|
|
|
11,544
|
|
Common stock $.01 par
value; 20,000 shares authorized; 14,019 shares issued at
April 30, 2018 and January 31, 2018
|
140
|
|
|
140
|
|
Additional paid-in
capital
|
122,430
|
|
|
122,304
|
|
Treasury stock, at
cost (1,929 at April 30, 2018 and January 31, 2018)
|
(16,860)
|
|
|
(16,860)
|
|
Accumulated
deficit
|
(48,715)
|
|
|
(42,425)
|
|
Accumulated other
comprehensive loss
|
(9,091)
|
|
|
(8,854)
|
|
Total shareholders'
equity
|
63,216
|
|
|
65,849
|
|
Total liabilities and
shareholders' equity
|
$
|
72,724
|
|
|
$
|
73,679
|
|
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
For the Three
Months Ended April 30,
|
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
Sale of marine
technology products
|
|
$
|
3,566
|
|
|
$
|
6,888
|
|
Equipment
leasing
|
|
2,697
|
|
|
2,717
|
|
Sale of lease pool
equipment
|
|
1,350
|
|
|
8,828
|
|
Total
revenues
|
|
7,613
|
|
|
18,433
|
|
Cost of
sales:
|
|
|
|
|
Sale of marine
technology products
|
|
2,086
|
|
|
3,975
|
|
Equipment leasing
(including lease pool depreciation)
|
|
3,582
|
|
|
5,125
|
|
Lease pool equipment
sales
|
|
700
|
|
|
6,139
|
|
Total cost of
sales
|
|
6,368
|
|
|
15,239
|
|
Gross
profit
|
|
1,245
|
|
|
3,194
|
|
Operating
expenses:
|
|
|
|
|
Selling, general and
administrative
|
|
5,630
|
|
|
4,804
|
|
Research and
development
|
|
370
|
|
|
98
|
|
Provision for
doubtful accounts
|
|
200
|
|
|
—
|
|
Depreciation and
amortization
|
|
617
|
|
|
581
|
|
Total operating
expenses
|
|
6,817
|
|
|
5,483
|
|
Operating
loss
|
|
(5,572)
|
|
|
(2,289)
|
|
Other income
(expense):
|
|
|
|
|
Interest,
net
|
|
18
|
|
|
(46)
|
|
Other, net
|
|
86
|
|
|
(101)
|
|
Total other income
(expense)
|
|
104
|
|
|
(147)
|
|
Loss before income
taxes
|
|
(5,468)
|
|
|
(2,436)
|
|
Provision for income
taxes
|
|
(437)
|
|
|
(229)
|
|
Net loss
|
|
$
|
(5,905)
|
|
|
$
|
(2,665)
|
|
Preferred stock
dividends
|
|
(385)
|
|
|
(194)
|
|
Net loss attributable
to common shareholders
|
|
$
|
(6,290)
|
|
|
$
|
(2,859)
|
|
Net loss per common
share:
|
|
|
|
|
Basic
|
|
$
|
(0.52)
|
|
|
$
|
(0.24)
|
|
Diluted
|
|
$
|
(0.52)
|
|
|
$
|
(0.24)
|
|
Shares used in
computing loss per common share:
|
|
|
|
|
Basic
|
|
12,087
|
|
|
12,078
|
|
Diluted
|
|
12,087
|
|
|
12,078
|
|
MITCHAM
INDUSTRIES, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
For the Three
Months
Ended April 30,
|
|
2018
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(5,905)
|
|
|
$
|
(2,665)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,303
|
|
|
4,791
|
|
Stock-based
compensation
|
126
|
|
|
224
|
|
Provision for
doubtful accounts, net of charge offs
|
(200)
|
|
|
—
|
|
Provision for
inventory obsolescence
|
—
|
|
|
8
|
|
Gross profit from
sale of lease pool equipment
|
(536)
|
|
|
(2,689)
|
|
Deferred tax
benefit
|
(202)
|
|
|
(27)
|
|
Changes in working
capital items:
|
|
|
|
Trade accounts and
contracts receivable
|
2,418
|
|
|
2,175
|
|
Unbilled
revenue
|
(930)
|
|
|
—
|
|
Inventories
|
(844)
|
|
|
(1,403)
|
|
Prepaid expenses and
other current assets
|
(1,520)
|
|
|
549
|
|
Income taxes
payable
|
642
|
|
|
149
|
|
Accounts payable,
accrued expenses and other current liabilities
|
(47)
|
|
|
48
|
|
Deferred
revenue
|
313
|
|
|
—
|
|
Foreign exchange
losses net of gains
|
16
|
|
|
(48)
|
|
Net cash (used in)
provided by operating activities
|
(3,366)
|
|
|
1,112
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of seismic
equipment held for lease
|
(190)
|
|
|
(158)
|
|
Acquisition of
assets
|
(3,000)
|
|
|
—
|
|
Purchases of property
and equipment
|
(113)
|
|
|
(28)
|
|
Sales of used lease
pool equipment
|
1,620
|
|
|
4,496
|
|
Net cash (used in)
provided by investing activities
|
(1,683)
|
|
|
4,310
|
|
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
|
3,812
|
|
|
27
|
|
Preferred stock
dividends
|
(385)
|
|
|
(194)
|
|
Net cash provided by
(used in) financing activities
|
3,427
|
|
|
(6,474)
|
|
Effect of changes
in foreign exchange rates on cash, cash equivalents and restricted
cash
|
322
|
|
|
(3)
|
|
Net change in
cash, cash equivalents and restricted cash
|
(1,300)
|
|
|
(1,055)
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
10,146
|
|
|
3,511
|
|
Cash, cash
equivalents and restricted cash, end of period
|
$
|
8,846
|
|
|
$
|
2,456
|
|
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
April 30,
|
|
2018
|
|
2017
|
|
(in
thousands)
|
Reconciliation of
Net loss to EBITDA and Adjusted EBITDA
|
|
|
|
Net loss
|
$
|
(5,905)
|
|
|
$
|
(2,665)
|
|
Interest (income)
expense, net
|
(18)
|
|
|
46
|
|
Depreciation and
amortization
|
3,303
|
|
|
4,791
|
|
Provision for income
taxes
|
437
|
|
|
229
|
|
EBITDA (1)
|
(2,183)
|
|
|
2,401
|
|
Non-cash foreign
exchange (gains) losses
|
(49)
|
|
|
194
|
|
Stock-based
compensation
|
126
|
|
|
224
|
|
Cost of lease pool
sales
|
627
|
|
|
6,139
|
|
Adjusted EBITDA
(1)
|
$
|
(1,479)
|
|
|
$
|
8,958
|
|
Reconciliation of
Net cash provided by operating activities to EBITDA
|
|
|
|
Net cash (used in)
provided by operating activities
|
$
|
(3,366)
|
|
|
$
|
1,112
|
|
Stock-based
compensation
|
(126)
|
|
|
(224)
|
|
Provision for
doubtful accounts
|
(200)
|
|
|
—
|
|
Provision for
inventory obsolescence
|
—
|
|
|
(8)
|
|
Changes in trade
accounts, contracts and notes receivable
|
(1,488)
|
|
|
(2,175)
|
|
Interest
paid
|
1
|
|
|
92
|
|
Taxes paid, net of
refunds
|
46
|
|
|
13
|
|
Gross profit from
sale of lease pool equipment
|
536
|
|
|
2,689
|
|
Changes in
inventory
|
844
|
|
|
1,403
|
|
Changes in accounts
payable, accrued expenses and other current liabilities and
deferred revenue
|
(266)
|
|
|
(48)
|
|
Changes in prepaid
expenses and other current assets
|
1,520
|
|
|
(549)
|
|
Foreign exchange
(losses) gains
|
(16)
|
|
|
48
|
|
Other
|
332
|
|
|
48
|
|
EBITDA (1)
|
$
|
(2,183)
|
|
|
$
|
2,401
|
|
|
|
(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, certain non-recurring contract settlement costs 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 and finance working capital requirements.
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 April
30,
|
|
|
2018
|
|
2017
|
|
|
(in
thousands)
|
Revenues:
|
|
|
|
|
Sale of marine
technology products
|
|
$
|
3,708
|
|
|
$
|
6,911
|
|
Equipment
leasing
|
|
4,047
|
|
|
11,545
|
|
Inter-segment
sales
|
|
(142)
|
|
|
(23)
|
|
Total
revenues
|
|
7,613
|
|
|
18,433
|
|
Cost of
sales:
|
|
|
|
|
Marine technology
products
|
|
2,228
|
|
|
3,998
|
|
Equipment
leasing
|
|
4,282
|
|
|
11,264
|
|
Inter-segment
costs
|
|
(142)
|
|
|
(23)
|
|
Total cost of
sales
|
|
6,368
|
|
|
15,239
|
|
Gross
profit
|
|
1,245
|
|
|
3,194
|
|
Operating
expenses:
|
|
|
|
|
Selling, general and
administrative
|
|
5,630
|
|
|
4,804
|
|
Research and
development
|
|
370
|
|
|
98
|
|
Provision for
doubtful accounts
|
|
200
|
|
|
—
|
|
Depreciation and
amortization
|
|
617
|
|
|
581
|
|
Total operating
expenses
|
|
6,817
|
|
|
5,483
|
|
Operating
loss
|
|
$
|
(5,572)
|
|
|
$
|
(2,289)
|
|
Marine Technology
Products Segment:
|
|
|
|
|
Revenues:
|
|
|
|
|
Seamap
|
|
$
|
1,752
|
|
|
$
|
4,886
|
|
Klein
|
|
1,512
|
|
|
938
|
|
SAP
|
|
480
|
|
|
1,290
|
|
Intra-segment
sales
|
|
(36)
|
|
|
(203)
|
|
|
|
3,708
|
|
|
6,911
|
|
Cost of
sales:
|
|
|
|
|
Seamap
|
|
844
|
|
|
2,561
|
|
Klein
|
|
1,036
|
|
|
732
|
|
SAP
|
|
398
|
|
|
1,017
|
|
Intra-segment
sales
|
|
(50)
|
|
|
(312)
|
|
|
|
2,228
|
|
|
3,998
|
|
Gross
profit
|
|
$
|
1,480
|
|
|
$
|
2,913
|
|
Gross profit
margin
|
|
40
|
%
|
|
42
|
%
|
Equipment Leasing
Segment:
|
|
|
|
|
Revenue:
|
|
|
Equipment
leasing
|
|
$
|
2,697
|
|
|
$
|
2,717
|
|
Lease pool equipment
sales
|
|
1,163
|
|
|
8,828
|
|
Other equipment
sales
|
|
187
|
|
|
—
|
|
|
|
4,047
|
|
|
11,545
|
|
Cost of
sales:
|
|
|
Direct
costs-equipment leasing
|
|
928
|
|
|
944
|
|
Lease pool
depreciation
|
|
2,654
|
|
|
4,181
|
|
Cost of lease pool
equipment sales
|
|
627
|
|
|
6,139
|
|
Cost of other
equipment sales
|
|
73
|
|
|
—
|
|
|
|
4,282
|
|
|
11,264
|
|
Gross (loss)
profit
|
|
$
|
(235)
|
|
|
$
|
281
|
|
Gross (loss)
profit margin
|
|
(6)
|
%
|
|
2
|
%
|
Contacts:
|
Rob Capps,
Co-CEO
|
|
Mitcham Industries,
Inc.
|
|
936-291-2277
|
|
|
|
Jack Lascar / Mark
Roberson
|
|
Dennard Lascar
Investor Relations
|
|
713-529-6600
|
View original
content:http://www.prnewswire.com/news-releases/mitcham-industries-reports-fiscal-2019-first-quarter-results-300661067.html
SOURCE Mitcham Industries, Inc.