Mitcham Posts Record Results In Q3

Mitcham Industries MIND, the Texas-based provider of seismic equipment to the oil and gas industry, said its fiscal third-quarter profit surged to $6.8 million , or $0.52 per diluted share, from $727,000 , or $0.07 per diluted share, a year earlier as revenue climbed 0% to a record $28 million from $20 million last year. The company said equipment leasing revenues rose 116% to $17.4 million from $8.1 million a year ago. Mitcham said increased demand for its services in Latin America and at North American shale plays helped bolster the third-large-quarter results. “We remain encouraged by the level and quality of the inquiries and order activity as we continue to receive orders for longer-term jobs with higher channel counts.  We also look forward to the upcoming winter seasons in Russia and Canada , which we expect to be strong.  Additionally, we expect to continue to see a positive environment in Latin America and to experience new activity in North America , Europe and North Africa and, therefore, anticipate strong results for the full year,” President and CEO Bill Mitcham said in a statement. In addition to Texas, Mitcham has locations in Calgary, Alberta; Ufa, Bashkortostan, Russia; Brisbane, Australia; Singapore; Lima, Peru and Bogota, Colombia. The company previously forecast fiscal 2012 capex of $65 million to $70 million. Mitcham's customers are primarily are seismic data acquisition contractors and oil field service providers. The Company has scheduled a conference call for Wednesday, December 7, 2011 at 9:00 a.m. Eastern Time to discuss its fiscal 2012 quarter results.  To access the call, please dial (480) 629-9692 and ask for the Mitcham Industries call at least 10 minutes prior to the start time.