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Ultra Light Submersible Equipment News

09 Apr 2009

Mitcham Industries 4Q & Year-End Results

Mitcham Industries, Inc. (NASDAQ:MIND) announced financial results for its fiscal 2009 fourth quarter and year ended January 31, 2009. The company reported total revenues of $16.2m for the fourth quarter of fiscal 2009 compared to $20.8m in the fourth quarter of fiscal 2008. Net income for the fourth quarter of fiscal 2009 was $421,000, or $0.04 per diluted share, compared to net income of $3.3m, or $0.32 per diluted share, for the fourth quarter of fiscal 2008. Fourth quarter earnings were impacted by a $2.4m charge to the company's provision for doubtful accounts and a gain of $580,000 resulting from an insurance settlement on equipment destroyed during Hurricane Ike. Absent these two items, fourth quarter 2009 net income was approximately $1.6m, or $0.16 per diluted share.

12 Dec 2008

Mitcham Industries 3Q 2009 Results

Mitcham Industries, Inc. (NASDAQ:MIND) announced financial results for its fiscal 2009 third quarter ended October 31, 2008. Core leasing revenues increased 19 percent to $10m for the third quarter of fiscal 2009 from $8.4m for the third quarter of fiscal 2008. Net income for the third quarter increased to $2.7m, or $0.27 per diluted share, from $2.4m, or $0.24 per diluted share, in the third quarter of fiscal 2008. The company announced today that Seamap was awarded orders totaling approximately $11m by The Polarcus Group of Companies (Polarcus), a new entrant in the marine seismic market, to equip all six of its new state-of-the-art vessels with the GunLink 4000 fully distributed digital gun controller systems and BuoyLink RGPS tail buoy positioning systems.