Investors Watch-list:- Mitcham Industries, Inc. (NASDAQ: MIND)

Mitcham Industries, Inc. (NASDAQ: MIND) closed with change of 3.12% to $3.31 with the total traded volume of 14273 shares versus to an average volume of 17.42K. The stock was down in the 5 days activity -6.76%. The one month performance of stock was -5.16%. MIND shares are at -11.73% for the quarter and driving a -33.40% return over the course of the past year and is now at 4.42% since this point in 2018.  Right now MIND beta is 1.43. The average volatility for the week and month was at 5.39% 5.42% respectively.

Mitcham Industries, Inc. (NASDAQ: MIND) recently reported financial results for its fiscal 2018 fourth quarter and full year ended January 31, 2018.

Total revenues for the fourth quarter of fiscal 2018 were $10.4 million compared to $12.5 million in the fourth quarter of fiscal 2017.  Revenues from the Marine Technology Products segment fell to $5.0 million in the fourth quarter, compared to $6.9 million in the same period last year.  Revenues from the Equipment Leasing segment were $5.4 million in the fourth quarter compared to $5.7 million in the same period last year.

The Company reported a net loss attributable to common shareholders of $8.0 million, or $(0.66) per share, in the fourth quarter of fiscal 2018 compared to a net loss of $10.0 million, or $(0.83) per share, in the fourth quarter of fiscal 2017.  The fourth quarter results included approximately $3.5 million of pre-tax charges, or $0.29 per share, related to impairment of goodwill, a provision for doubtful accounts, inventory adjustments and other restructuring costs. Excluding the impact of these charges, the Company reported a net loss of approximately $4.5 million, or $(0.37) per share in the fourth quarter of 2018.

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, impairment of intangibles, stock-based compensation, non-cash costs of lease pool equipment sales and non-cash foreign exchange gains and losses) for the fourth quarter of fiscal 2018 was a loss of approximately $1.2 million compared to a gain of approximately $2.6 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, “While our financial results were not what we would like them to be, we believe during fiscal 2018 and early fiscal 2019 we have made significant progress in re-positioning Mitcham as a significant provider of marine technology products. You will note that we have revised the name of our Equipment Manufacturing and Sales segment to the Marine Technology Products segment.  We think this more accurately reflects the operations and focus of that part of our business.

FISCAL 2018 FOURTH QUARTER RESULTS

Total revenues for the fourth quarter of fiscal 2018 decreased 17%, driven mainly by a decrease in marine technology products sales compared to last year’s fourth quarter. Marine technology products sales decreased 27% year-over-year, while equipment leasing revenues, excluding lease pool equipment sales, decreased 12% from the fourth quarter of fiscal 2017.  Total revenues for the fourth quarter of fiscal 2018 decreased to $10.4 million compared to $12.5 million in the same period last year.

Marine technology products sales decreased to $5.0 million in the fourth quarter of fiscal 2018 compared to $6.9 million in last year’s fourth quarter.  The fourth quarter sales consisted of approximately $2.5 million of Seamap, $1.1 million from Klein (including $0.3 million of intra-segment sales) and $1.7 million by SAP.

 

Equipment leasing revenues for the fourth quarter of fiscal 2018, excluding lease pool equipment sales, were $2.1 million compared to $2.3 million in the same period last year.  The year-over-year decrease in fourth quarter equipment leasing revenues was primarily driven by a reduction in exploration activity and an excess supply of equipment.

Lease pool and other equipment sales were $3.3 million in the fourth quarter of fiscal 2018, compared to $3.4 million in the fourth quarter a year ago.

Lease pool depreciation expense in the fourth quarter of fiscal 2018 decreased to $2.9 million from $5.8 million in the same period a year ago, due to the reduction in the lease pool as a result of lower lease pool purchases and increased lease pool sales.

General and administrative expenses increased to $5.2 million in the fourth quarter of fiscal 2018 versus $4.6 million in the fourth quarter of fiscal 2017, due primarily to restructuring costs accrued in the period.

FISCAL 2018 RESULTS

Total revenues for fiscal 2018 increased 18% to $48.3 million compared to $41.0 million in fiscal 2017.  Revenues for Marine Technology Products in fiscal 2018 were $27.4 million compared to $25.1 million in fiscal 2017.  Equipment leasing revenues, excluding lease pool equipment sales, were $7.8 million in fiscal 2018 compared to $10.2 million a year ago.  Lease pool and other equipment sales in fiscal 2018 were $13.0 million versus $5.8 million in fiscal 2017.

General and administrative expense slightly decreased to $19.7 million in fiscal 2018 from $19.8 million in fiscal 2017.  The net loss available to common shareholders for fiscal 2018 was $22.0 million, or $(1.82) per share, compared to net a loss of $33.6 million, or $(2.79) per share in fiscal 2017.  Adjusted EBITDA in fiscal 2018 doubled to $7.2 million compared to $3.6 million in fiscal 2017.

Shares of Mitcham Industries, Inc. have been recently spotted trading -33.80% off of the 52-week high price. On the other end, company shares have been noted 17.38% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 2.82 – 5.00. Switching over to some distances from popular moving averages, we see that the stock has been recorded -3.67% away from the 50 day moving average and -7.24% away from the 200 day moving average. Moving closer, we can see that shares have been trading -0.70% off of the 20-day moving average.

 

Peter Hamm

Peter Hamm is an author, journalist and CEO of the website. He has more than 5 years of experience in institutional investment markets, including fixed income, equities, derivatives and real estate. He has a Bachelor in Business Administration with a major in Finance. He bought his first stocks in a private business at age 15 and made his first public stock trade at 23. He has always been interested in the stock market and how it behaves. As the dad of two children, he’s made saving money and investing for them a high priority. Over many years of investing, he has made some wise choices and he’s made many mistakes. But he’s learned from both. Mr. Peter observations and experience give him the insight to stock market patterns and the investor behaviors that create them. He reports about Earnings news category. Address: 3876 Levy Court, EASTON, Pennsylvania Email: Peter@newscontrol.info

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