-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MmdtA9VfZ9qA8i1B6ZAgmwrjTyHKGsyW3BeWofhwGVhlezJzb25DQmu0fbEFB/v7 3YwrikWxdKYrq1XhXjqoEA== 0000950134-03-006622.txt : 20030429 0000950134-03-006622.hdr.sgml : 20030429 20030428211431 ACCESSION NUMBER: 0000950134-03-006622 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030422 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MITCHAM INDUSTRIES INC CENTRAL INDEX KEY: 0000926423 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 760210849 STATE OF INCORPORATION: TX FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25142 FILM NUMBER: 03667709 BUSINESS ADDRESS: STREET 1: 44000 HIGHWAY 75 SOUTH STREET 2: PO BOX 1175 CITY: HUNTSVILLE STATE: TX ZIP: 77340 BUSINESS PHONE: 4092912277 MAIL ADDRESS: STREET 1: P O BOX 1175 CITY: HUNTSVILLE STATE: TX ZIP: 77342-1175 8-K 1 h05270e8vk.txt MITCHAM INDUSTRIES, INC. - DATED 4/22/2003 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT: APRIL 22, 2003 (Date of earliest event reported) MITCHAM INDUSTRIES, INC. (Exact name of registrant as specified in its charter) TEXAS 000-25142 76-0210849 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 8141 SH 75 SOUTH, P.O. BOX 1175, HUNTSVILLE, TEXAS 77342 (Address of principal executive offices) (Zip Code) 936-291-2277 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report.) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. The following exhibit is filed as a part of this report: 99 Mitcham Industries, Inc. press release dated April 22, 2003. ITEM 9. REGULATION FD DISCLOSURE. THE INFORMATION IN THIS REPORT IS BEING FURNISHED PURSUANT TO ITEM 9, "REGULATION FD DISCLOSURE" AND ITEM 12 "DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION." On April 22, 2003, Mitcham Industries, Inc. issued a press release announcing earnings for the fiscal year ended January 31, 2003. The text of the press release is attached to this report as Exhibit 99. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MITCHAM INDUSTRIES, INC. Date: April 28, 2003 By: /s/ P. Blake Dupuis ---------------------------------- P. Blake Dupuis Executive Vice President - Finance EXHIBIT INDEX
Exhibit No. Name of Exhibit ----------- --------------- 99 Mitcham Industries, Inc. press release dated April 22, 2003.
EX-99 3 h05270exv99.txt PRESS RELEASE DATED APRIL 22, 2003 EXHIBIT 99 PRESS RELEASE FOR IMMEDIATE RELEASE CONTACT: P. BLAKE DUPUIS 936-291-2277 MITCHAM INDUSTRIES REPORTS FOURTH QUARTER AND FISCAL 2003 RESULTS HUNTSVILLE, Texas - April 22, 2003 - Mitcham Industries, Inc. (NASDAQ: MIND) reports revenue of $5.7 million for its fourth quarter ended January 31, 2003, as compared to revenue of $4.4 million for last year's fourth quarter. The Company recorded a net loss of $2.9 million, or $(0.34) per diluted share, for the quarter as compared to a quarterly loss in the prior fiscal year of $9.2 million, or $(1.05) per diluted share. The prior year's quarterly results reflected a $4.9 million receivable write off and a $4.7 million valuation allowance recorded against the Company's deferred tax asset. Equipment leasing and sales revenue for the quarter was $3.4 million as compared to $4.4 million in the prior year quarter. Front-end services revenue was $2.3 million. The Company entered the front-end services business during the fiscal year so there is no comparable revenue in the previous year. "Equipment leasing and sales revenue were affected by the slow start to the Canadian winter season," said Billy F. Mitcham, Jr., President and CEO. "Some of that activity will shift into our first quarter, but overall the Canadian season was flat. Front-end services revenue increased sequentially from the third quarter in spite of significant weather-related operational delays which depressed operating margins. We expect front-end services revenue and margins will improve as we move into more stable seasonal weather patterns." Mr. Mitcham also stated, "We will continue our efforts to establish short-term leasing markets in areas that are presently under-served. Our acquisition of Seismic Asia Pacific Pty Ltd. last December is the first example of that effort." For fiscal 2003, the Company recorded revenue of $19.2 million, down 30% from $27.2 million in the prior year. The decline in year-over-year revenue continues to reflect limited investments in exploration activities by the oil and gas industry as well as substantial price pressures stemming from seismic industry overcapacity and consolidation. As geopolitical and economic uncertainties intensified during the year, many investment decisions by the oil and gas industry were delayed, resulting in the weakest seismic equipment market in recent years. For the year ended January 31, 2003, the Company recorded a net loss of $10.1 million, or $(1.15) per diluted share, versus a loss of $8.5 million, or $(0.95) per diluted share, in the prior year. MORE "Fiscal 2003 presented a very difficult operating environment for the seismic industry and for Mitcham Industries. Improved oil and gas prices did not translate into increased exploration activity as companies awaited the outcome of international developments and as they dealt with constrained access to capital domestically," said Mitcham. "At this time, it is too early to speculate on the possible resolution of these important business issues in fiscal 2004. Yet, based on some preliminary indications, we are cautiously optimistic that our traditional seismic operations will pick up in subsequent quarters." This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included herein, including statements regarding potential future demand for the company's products and services, the company's future financial position and results of operations, business strategy and other plans and objectives for future operations, are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct, and actual results may differ materially from such forward-looking statements. Important factors that could cause or contribute to such differences include a prolonged and gradual recovery, or no full recovery, of the energy services sector of a depressed oil and gas industry, and thereafter, the inherent volatility of oil and gas prices and the related volatility of demand for the company's services; dependence upon additional lease contracts; customer concentration and credit risk; continuing industry consolidation; the risk of technological obsolescence of the company's lease fleet; vulnerability of seismic activity and demand to weather conditions and seasonality of operating results; dependence upon few suppliers; and other factors which are disclosed in the company's Securities and Exchange Commission filings, available from the company without charge. Further, all written and verbal forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by such factors. MORE MITCHAM INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
Three Months Ended Year Ended January 31, January 31, ------------------------------ ------------------------------ 2003 2002 2003 2002 ------------ ------------ ------------ ------------ (unaudited) REVENUES: Equipment leasing $ 2,492 $ 2,963 $ 8,343 $ 19,994 Equipment sales 938 440 5,835 5,920 Commissions -- 970 4 1,269 Front-end services 2,261 -- 4,972 -- ------------ ------------ ------------ ------------ Total revenues 5,691 4,373 19,154 27,183 ------------ ------------ ------------ ------------ COSTS AND EXPENSES: Direct costs - seismic leasing 359 662 1,369 2,239 Direct costs - front-end services 2,623 -- 5,775 -- Cost of other equipment sales 509 1,233 4,569 4,993 General and administrative 1,558 1,145 5,633 4,374 Provision (benefit) for doubtful accounts (216) 4,940 (1,920) 5,065 Depreciation 3,657 3,706 15,190 16,015 ------------ ------------ ------------ ------------ Total costs and expenses 8,490 11,686 30,616 32,686 ------------ ------------ ------------ ------------ OPERATING LOSS (2,799) (7,313) (11,462) (5,503) Other income (expense): Interest income (net of interest expense) (141) (55) (291) (231) Other, net 9 1 7 2 ------------ ------------ ------------ ------------ Total other income (expense) (132) (54) (284) (229) ------------ ------------ ------------ ------------ LOSS BEFORE INCOME TAXES (2,931) (7,367) (11,746) (5,732) PROVISION (BENEFIT) FOR INCOME TAXES -- 1,805 (1,647) 2,725 ------------ ------------ ------------ ------------ NET LOSS $ (2,931) $ (9,172) $ (10,099) $ (8,457) ============ ============ ============ ============ Loss per common share: Basic $ (0.34) $ (1.05) $ (1.15) $ (0.95) Diluted $ (0.34) $ (1.05) $ (1.15) $ (0.95) ============ ============ ============ ============ Shares used in computing loss per common share: Basic 8,743,000 8,776,000 8,747,000 8,870,000 Dilutive effect of common stock equivalents -- -- -- -- ------------ ------------ ------------ ------------ Diluted 8,743,000 8,776,000 8,747,000 8,870,000 ============ ============ ============ ============
MORE MITCHAM INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
ASSETS January 31, January 31, 2003 2002 ------------ ------------ CURRENT ASSETS: Cash $ 5,170 $ 8,244 Accounts receivable, net of allowance for doubtful accounts of $770,000 and $1,454,000 at January 31, 2003 and 2002, respectively 3,544 3,431 Notes receivable 12 851 Prepaid expenses and other current assets 627 407 ------------ ------------ Total current assets 9,353 12,933 Seismic equipment lease pool, property and equipment 87,126 90,381 Accumulated depreciation of seismic equipment lease pool, property and equipment (52,183) (44,814) Notes receivable -- 275 Other assets 44 20 ------------ ------------ Total assets $ 44,340 $ 58,795 ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,424 $ 8,659 Current maturities - long-term debt 2,092 2,515 Deferred revenue 216 314 Wages payable 414 265 Accrued expenses and other current liabilities 914 360 ------------ ------------ Total current liabilities 6,060 12,113 Long-term debt 4,622 4,079 ------------ ------------ Total liabilities 10,682 16,192 SHAREHOLDERS' EQUITY: Preferred stock, $1.00 par value; 1,000,000 shares authorized; none issued and outstanding -- -- Common stock, $0.01 par value; 20,000,000 shares authorized; 9,657,801 shares issued 97 97 Additional paid-in capital 61,814 61,814 Treasury stock, at cost (915,000 and 907,200 shares, respectively) (4,686) (4,671) Accumulated deficit (22,122) (12,023) Accumulated other comprehensive loss (1,445) (2,614) ------------ ------------ Total shareholders' equity 33,658 42,603 ------------ ------------ Total liabilities and shareholders' equity $ 44,340 $ 58,795 ------------ ------------
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