Mitcham Industries Q1 revenues downChristian Fernsby ▼ | June 11, 2020
Mitcham Industries announced financial results for its fiscal 2021 first quarter ending April 30, 2020.
Mitcham Industries A 46% decline in Marine Technology Products
Topics: Mitcham Industries
The year over year decline was attributable to a 46% decline in Marine Technology Products segment revenues, partially offset by a 6% increase in Equipment Leasing segment revenues.
The Company reported a net loss of $6.6 million in the first quarter of fiscal 2021 compared to a net loss of $3.7 million in the fourth quarter of fiscal 2020 and a net loss of $2.4 million in the first quarter of fiscal 2020.
The fiscal 2021 first quarter included a non-cash charge of approximately $2.5 million related to the impairment of goodwill.
Net loss attributable to common shareholders was $7.2 million, or a $(0.59) loss per share in the first quarter of fiscal 2021.
This compares to a fiscal 2020 fourth quarter loss of $4.3 million, or a $(0.35) loss per share, and a $2.9 million loss, or a $(0.24) loss per share, in the first quarter of fiscal 2020. ■