$MIND
MIND TECHNOLOGY, INC

2016 Q4 Form 10-Q Financial Statement

#000119312516788533 Filed on December 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4 2015 Q1
Revenue $8.057M $15.68M $14.96M
YoY Change -48.62% -31.54% -36.72%
Cost Of Revenue $10.19M $13.96M $13.20M
YoY Change -26.97% -12.21% -14.73%
Gross Profit -$2.137M $1.723M $1.767M
YoY Change -224.03% -75.41% -78.36%
Gross Profit Margin -26.52% 10.99% 11.81%
Selling, General & Admin $5.040M $4.960M $8.860M
YoY Change 1.61% -19.48% 61.09%
% of Gross Profit 287.87% 501.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $558.0K $600.0K $9.120M
YoY Change -7.0% -8.26% 16.92%
% of Gross Profit 34.82% 516.13%
Operating Expenses $5.597M $7.701M $9.480M
YoY Change -27.32% 13.03% 61.5%
Operating Profit -$7.734M -$5.978M -$7.713M
YoY Change 29.37% -3181.44% -436.08%
Interest Expense -$110.0K -$140.0K -$330.0K
YoY Change -21.43% -6.67% 153.85%
% of Operating Profit
Other Income/Expense, Net $176.0K -$581.0K -$2.630M
YoY Change -130.29% 8.8% -26400.0%
Pretax Income -$7.558M -$6.559M -$10.67M
YoY Change 15.23% 1829.12% -589.63%
Income Tax -$228.0K -$746.0K -$1.484M
% Of Pretax Income
Net Earnings -$7.330M -$5.813M -$9.185M
YoY Change 26.1% 1364.23% -615.43%
Net Earnings / Revenue -90.98% -37.07% -61.38%
Basic Earnings Per Share -$0.62 -$0.48 -$0.76
Diluted Earnings Per Share -$0.62 -$0.48 -$0.76
COMMON SHARES
Basic Shares Outstanding 12.08M shares 12.05M shares
Diluted Shares Outstanding 12.08M shares 12.05M shares

Balance Sheet

Concept 2016 Q4 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $4.600M $5.200M
YoY Change -30.43% -49.45% -65.79%
Cash & Equivalents $3.232M $4.566M $5.175M
Short-Term Investments
Other Short-Term Assets $3.500M $5.800M $10.20M
YoY Change -39.66% -54.69% 25.93%
Inventory $12.52M $11.77M $11.45M
Prepaid Expenses
Receivables $11.30M $20.45M $23.69M
Other Receivables $0.00 $3.000M $3.600M
Total Short-Term Assets $30.51M $45.55M $54.15M
YoY Change -33.03% -31.75% -12.89%
LONG-TERM ASSETS
Property, Plant & Equipment $54.19M $78.58M $100.1M
YoY Change -31.03% -30.34% -22.76%
Goodwill $3.997M $2.500M $5.594M
YoY Change 59.88% -55.84% 29.49%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.00K $465.0K $28.00K
YoY Change -93.98% -75.55% -12.5%
Total Long-Term Assets $73.83M $107.9M $125.5M
YoY Change -31.55% -23.22% -12.42%
TOTAL ASSETS
Total Short-Term Assets $30.51M $45.55M $54.15M
Total Long-Term Assets $73.83M $107.9M $125.5M
Total Assets $104.3M $153.4M $179.6M
YoY Change -31.99% -25.96% -12.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.716M $2.067M $2.399M
YoY Change 31.4% -68.15% -77.67%
Accrued Expenses $2.094M $5.053M $3.673M
YoY Change -58.56% 9.73% 132.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.676M $3.218M $3.218M
YoY Change 169.61% 32.92% 4190.67%
Total Short-Term Liabilities $13.66M $10.71M $10.00M
YoY Change 27.61% -21.81% -19.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $9.191M $23.14M
YoY Change -100.0% -71.4% 4.57%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $9.191M $23.14M
YoY Change -100.0% -71.4% 4.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.66M $10.71M $10.00M
Total Long-Term Liabilities $0.00 $9.191M $23.14M
Total Liabilities $13.66M $19.90M $33.14M
YoY Change -31.33% -56.59% -5.24%
SHAREHOLDERS EQUITY
Retained Earnings -$10.41M $40.03M $51.92M
YoY Change -126.0% -34.5% -15.04%
Common Stock $121.4M $120.9M $119.9M
YoY Change 0.42% 86247.86% 86178.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.86M $16.85M $16.85M
YoY Change 0.02% 0.02% 138.18%
Treasury Stock Shares 1.929M shares 1.928M shares 1.928M shares
Shareholders Equity $90.68M $133.5M $146.5M
YoY Change
Total Liabilities & Shareholders Equity $104.3M $153.4M $179.6M
YoY Change -31.99% -25.96% -12.56%

Cashflow Statement

Concept 2016 Q4 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income -$7.330M -$5.813M -$9.185M
YoY Change 26.1% 1364.23% -615.43%
Depreciation, Depletion And Amortization $558.0K $600.0K $9.120M
YoY Change -7.0% -8.26% 16.92%
Cash From Operating Activities $610.0K $2.250M $8.670M
YoY Change -72.89% -186.21% 242.69%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$310.0K -$4.450M
YoY Change -80.65% -79.61% -85.31%
Acquisitions
YoY Change
Other Investing Activities $90.00K $1.170M $300.0K
YoY Change -92.31% 148.94% -54.55%
Cash From Investing Activities $30.00K $860.0K -$4.150M
YoY Change -96.51% -182.69% -86.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.130M -1.690M -8.260M
YoY Change -33.14% -191.85% -141.78%
NET CHANGE
Cash From Operating Activities 610.0K 2.250M 8.670M
Cash From Investing Activities 30.00K 860.0K -4.150M
Cash From Financing Activities -1.130M -1.690M -8.260M
Net Change In Cash -490.0K 1.420M -3.740M
YoY Change -134.51% -178.45% -49.05%
FREE CASH FLOW
Cash From Operating Activities $610.0K $2.250M $8.670M
Capital Expenditures -$60.00K -$310.0K -$4.450M
Free Cash Flow $670.0K $2.560M $13.12M
YoY Change -73.83% -334.86% -60.04%

Facts In Submission

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dei Document Type
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10-Q
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mind Gains Losses On Investment And Foreign Exchange
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dei Entity Registrant Name
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MITCHAM INDUSTRIES INC
us-gaap Basis Of Accounting
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The condensed consolidated balance sheet as of January&#xA0;31, 2016 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company&#x2019;s Annual Report on Form 10-K for the year ended January&#xA0;31, 2016. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of October&#xA0;31, 2016, the results of operations for the three and nine months ended October&#xA0;31, 2016 and 2015, and the cash flows for the nine months ended October&#xA0;31, 2016 and 2015, have been included in these financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January&#xA0;31, 2017.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>1. Organization</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Mitcham Industries, Inc. (for purposes of these notes, the &#x201C;Company&#x201D;) was incorporated in Texas in 1987. The Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (&#x201C;MCL&#x201D;), its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (&#x201C;MSE&#x201D;), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (&#x201C;MEL&#x201D;), its wholly owned Singaporean subsidiary, Mitcham Marine Leasing Pte. Ltd. (&#x201C;MML&#x201D;), and its branch operations in Colombia, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (&#x201C;SAP&#x201D;), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly owned subsidiaries, Seamap International Holdings Pte, Ltd. (&#x201C;Seamap&#x201D;) and Klein Marine Systems, Inc. (&#x201C;Klein&#x201D;), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore and the United Kingdom. All intercompany transactions and balances have been eliminated in consolidation.</p> </div>
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52000 shares
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MIND
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