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Mitcham Industries Q2 revenues slightly downFriday 6 September 2013 15:09 CEST
Mitcham Industries announced financial results for its fiscal 2014 second quarter ended July 31, 2013. Total revenues were $20.9 million compared to $23.1 million in the second quarter of fiscal 2013.
Equipment leasing revenues were $6.4 million in the second quarter compared to $10.9 million in the same period last year. The Company reported a net loss of $693,000, or $0.05 per share, for the second quarter of fiscal 2014 compared to net income of $6.4 million, or $0.48 per diluted share, in the second quarter of fiscal 2013, which included an after-tax benefit of $5.3 million resulting from the settlement of outstanding tax issues.
Excluding the impact of the tax benefit, net income for the second quarter of fiscal 2013 was $1.1 million, or $0.08 per diluted share.
Gross profit in the second quarter of fiscal 2014 declined to $4.3 million from $7.4 million in the second quarter a year ago largely due to lower leasing revenues. General and administrative expenses were approximately $6.0 million in the second quarter of fiscal 2014 compared to $5.7 million for same period a year ago.