On Wednesday, Mitcham Industries, Inc. (NASDAQ:MIND) gained 0.81% with the overall traded volume of 43,774 shares above its average volume of 21,513 shares. The company has the market value of $62.35 and its EPS ratio for the past year was $-4.18. The company finished business at $4.98.
Mitcham Industries, Inc. (MIND) recently declared financial results for its fiscal 2017 fourth quarter and full year ended January 31, 2017.
Total revenues for the fourth quarter of fiscal 2017 were $12.50M contrast to $11.40M in the fourth quarter of fiscal 2016. Revenues from the Equipment Manufacturing and Sales segment rose slightly to $6.90M in the fourth quarter, contrast to $6.80M in the same period last year. Revenues from the Equipment Leasing segment were $5.70M in the fourth quarter contrast to $4.60M in the same period last year. The Company stated a net loss available to common shareholders of $10.0M, or $(0.83) per share, in the fourth quarter of fiscal 2017 contrast to a net loss of $26.80M, or $(2.23) per share, in the fourth quarter of fiscal 2016.
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation, certain non-recurring contract settlement costs, non-cash costs of lease pool equipment sales, impairment of intangible assets and non-cash foreign exchange gains and losses) for the fourth quarter of fiscal 2017 was $2.60M contrast to $0.60M in the same period last year. For the full fiscal year 2017 Adjusted EBITDA amounted to $3.60M.
FISCAL 2017 FOURTH QUARTER RESULTS:
Revenue improvement this quarter was mainly driven by a large increase in lease pool sales contrast to the same quarter a year ago. Equipment and manufacturing revenues rose 2% year-over-year, while equipment leasing revenues, apart from lease pool equipment sales, reduced 37% from the fourth quarter 2016. Total revenues for the fourth quarter of fiscal 2017 were $12.50M contrast to $11.40M in the same period last year. A noteworthy portion of our revenues is typically generated from geographic areas outside the United States. The percentage of revenues from international customers was about 93% in the fourth quarter of fiscal 2017 contrast to about 91% in last year’s fourth fiscal quarter.
Equipment manufacturing and sales rose to $6.90M in the fourth quarter of fiscal 2017 contrast to $6.80M in last year’s fourth quarter. The fourth quarter sales consisted of about $4.40M of Seamap equipment, $1.70M from Klein (counting $0.80M of intra-segment sales) and $1.50M by SAP.
Equipment leasing revenues for the fourth quarter of fiscal 2017, apart from lease pool equipment sales, were $2.30M contrast to $3.70M in the same period last year. The year-over-year decrease in fourth quarter equipment leasing revenues was mainly driven by a reduction in exploration activity because of low commodities prices.
Lease pool and other equipment sales were $3.30M in the fourth quarter of fiscal 2017, contrast to $0.90M in the fourth quarter a year ago.
Lease pool depreciation expense in the fourth quarter of fiscal 2017 reduced to $5.80M from $7.0M in the same period a year ago, because of the reduction in lease pool purchases and sales of lease pool equipment in fiscal 2016 and 2017.
General and administrative expenses rose to $4.90M in the fourth quarter of fiscal 2017 as compared to $4.70M in the fourth quarter of fiscal 2016, because of the effect of the Klein acquisition partially offset by the cost reduction efforts implemented formerly.
FISCAL 2017 RESULTS:
Total revenues for fiscal 2017 were $41.0M contrast to $51.80M in fiscal 2016. Equipment manufacturing and sales in fiscal 2017 were $25.10M contrast to $25.20M in fiscal 2016. Equipment leasing revenues, apart from lease pool equipment sales, were $10.20M in fiscal 2017 contrast to $23.70M a year ago. Lease pool and other equipment sales in fiscal 2017 were $5.80M as compared to $2.90M in fiscal 2016.
General and administrative expense rose to $20.70M in fiscal 2017 from $19.0M in fiscal 2016 because of the Klein acquisition, which was partially offset by the cost reduction efforts implemented during fiscal 2015 and 2016. The net loss available to common shareholders for fiscal 2017 was $33.60M, or $(2.79) per share, contrast to net a loss of $38.70M, or $(3.22) per share in fiscal 2016. Adjusted EBITDA in fiscal 2017 was $3.60M contrast to $13.70M in fiscal 2016.
Technical Analysis:
The company has 1.39 shares outstanding and 68.00% shares of the company were owned by institutional investors. The company has 1.55 value in price to sale ratio while price to book ratio was recorded as 0.66. The company earned $-50.40M in prior twelve months on revenue of $39.90M. It beta stands at 1.39.
Analyst recommendation for this stock stands at 3.00.