This urgency unloosing includes forward-looking statements within the content of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Private Securities Litigation Reform Act of 1995. All statements other than statements of reliable facts included herein, including statements with reference to the Company's following fiscal attitude and results of operations, planned important expenditures, the Company's house plan and other plans for prospective expansion, the expected hang out of revenues and business, days necessitate for the Company's services and catholic conditions in the forcefulness industry in general and seismic worship industry, are forward-looking statements. Actual results may be dissimilar materially from such forward-looking statements. Important factors that could cause or supply to such differences embody the inherent volatility of grease and gas prices and the cognate volatility of demand for the Company's services; reduction of significant customers; significant defaults by customers on amounts due to the Company; intercontinental mercantile and political instability; dependence upon additional charter contracts; the risk of technological obsolescence of the Company's let pool; vulnerability of seismic undertaking and want to weather conditions and seasonality of operating results; dependence upon few suppliers; and other factors that are disclosed in the Company's 2008 Annual Report on Form 10-K and its other Securities and Exchange Commission filings and at one's disposal from the Company without charge.
All advice in this manumit is as of the go steady of this unfetter and the Company undertakes no devoir to update or rewrite any forward-looking report whether as a result of inexperienced information, future events or otherwise. Contacts: Billy F. Mitcham, Jr., President & CEO Mitcham Industries, Inc. 936-291-2277 Jack Lascar / Karen Roan Dennard Rupp Gray & Easterly (DRG&E) 713-529-6600 - Tables to follow - MITCHAM INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (In thousands, leave out per apportionment data) April 30, January 31, 20082008 (unaudited) ASSETS Current assets: Cash and change equivalents $6,933 $13,884 Accounts receivable, catch 16,343 12,816 Current morsel of contracts receivable 2,746 2,964 Inventories, net5,603 6,352 Deferred load resource 1,369 1,230 Prepaid expenses and other prevalent assets 1,122 1,491 Total prevailing assets 34,116 38,737 Seismic apparatus contract collection and capital and equipment, net55,289 53,179 Intangible assets, bag 3,533 3,692 Goodwill4,358 4,358 Net deferred levy asset619 1,505 Long-term hunk of contracts receivable and other assets 2,271 2,430 Total assets $100,186$103,901 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts owing $3,969 $16,729 Current maturities - long-term accountability 4,863 1,500 Income taxes payable1,882 1,967 Deferred net 504 872 Accrued expenses and other in vogue liabilities 4,507 3,674 Total trendy liabilities15,725 24,742 Non-current takings taxes payable3,376 3,391 Total liabilities 19,101 28,133 Shareholders' equity: Preferred stock, $1.00 standing value; 1,000 shares authorized; none issued and owing - - Common heritage $.01 normal value; 20,000 shares authorized; 10,716 and 10,708 shares issued at April 30, 2008 and January 31, 2008, singly 107 107 Additional paid-in ripsnorting 72,670 71,929 Treasury stock, at outlay (921 shares at April 30, 2008 and January 31, 2008)(4,808) (4,805) Retained pay 4,940 662 Accumulated other encompassing proceeds 8,176 7,875 Total shareholders' fair play 81,085 75,768 Total liabilities and shareholders' justice $100,186$103,901 MITCHAM INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, excuse per pay out data) (unaudited) For the Three Months Ended April 30, 2008 2007 Revenues: Equipment leasing $12,373$10,081 Lease lagoon clobber sales561717 Seamap tackle sales 5,282 10,058 Other appurtenances sales 318 2,158 Total revenues 18,534 23,014 Cost of sales: Direct costs - equipage leasing 442470 Direct costs - rental agreement combine depreciation 3,640 2,404 Cost of trappings sales 2,824 10,036 Total expense of sales 6,906 12,910 Gross advance 11,628 10,104 Operating expenses: General and administrative 4,875 4,020 Depreciation and amortization 395355 Total operating expenses 5,270 4,375 Operating revenue 6,358 5,729 Other receipts (expense) Interest, sieve 150 78 Other, entrap 5 2 Total other profit 155 80 Income before return taxes6,513 5,809 Provision for gain taxes (2,235)(1,869) Net income $4,278 $3,940 Net income per mean share: Basic $0.44 $0.41 Diluted $0.41 $0.39 Shares employed in computing grating income per unrefined share: Basic 9,751 9,640 Diluted10,337 10,166 MITCHAM INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) For the Three Months Ended April 30, 2008 2007 Cash flows from operating activities: Net income $4,278 $3,940 Adjustments to together grid income to end coin of the realm provided by operating activities: Depreciation and amortization 4,076 2,759 Stock-based compensation 636556 Provision for unconvinced accounts 116 - Provision for inventory obsolescence 6 50 Gross welfare from purchase of sublet paddling pool paraphernalia (438) (490) Excess toll advantage from make nervous of non-qualified begetter options (53) (219) Deferred octroi stipulation 548 1,309 Non-current income taxes owed 205 - Changes in: Accounts receivable (2,814)(4,425) Contracts receivable 424 (902) Inventories 825581 Income taxes unpaid 30237 Accounts payable, accrued expenses, other aware liabilities and deferred gate (7,310) 2,378 Prepaid expenses and other stream assets431 38 Net notes provided by operating activities 960 5,812 Cash flows from investing activities: Purchases of seismic furnishings held for sublease (11,338) (15,321) Purchases of holdings and materiel (269) (264) Sale of hand-me-down rent accumulate kit 561717 Net spondulicks utilized in investing activities (11,046) (14,868) Cash flows from financing activities: Proceeds from borrowings 4,000 4,500 Payments on borrowings(637)(4,500) Proceeds from issuance of community descent upon harry of stock up options, return of reservoir surrendered49 4 Excess levy a tax aid from concern of non-qualified commonplace options 53219 Net dough provided by financing activities3,465223 Effect of changes in odd unpleasantness rates on hard cash and bread equivalents (330) 132 Net slacken in currency and scratch equivalents (6,951)(8,701) Cash and moolah equivalents, beginning of period13,884 12,582 Cash and banknotes equivalents, end of aeon $6,933 $3,881 Note A MITCHAM INDUSTRIES, INC. Reconciliation of Net Income to EBITDA and Adjusted EBITDA (In thousands) (Unaudited) For the Three Months Ended April 30, 2008 2007 Net income $4,278$3,940 Interest income, after deductions (150) (78) Depreciation and amortization4,076 2,759 Provision for income taxes 2,235 1,869 EBITDA 10,439 8,490 Stock-based compensation 636 556 Adjusted EBITDA$11,075$9,046 MITCHAM INDUSTRIES, INC. Segment Operating Results (In thousands) (Unaudited) For the Three Months Ended April 30, 2008 2007 Revenues: Equipment Leasing$13,252 $12,956 Seamap 5,30510,364 Less inter-segment sales (23) (306) Total revenues 18,53423,014 Cost of Sales: Equipment Leasing 4,488 4,845 Seamap 2,469 8,235 Less inter-segment costs (51) (170) Total back of sales 6,90612,910 Gross Profit: Equipment Leasing $8,764$8,111 Seamap 2,836 2,129 Less inter-segment amounts28 (136) Total big be advantageous 11,62810,104.
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