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Mitcham Industries Q1 revenues increased 30% to $9.9 million

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Christian Fernsby |
Mitcham Industries
Mitcham Industries   Revenue from the Equipment Leasing segment was $3.9 million in the first quarter

Mitcham Industries announced financial results for its fiscal 2020 first quarter ended April 30, 2019.

Total revenues for the first quarter of fiscal 2020 increased 30% to $9.9 million, compared to $7.6 million in the first quarter of fiscal 2019.

The improvement was driven primarily by further growth within the Marine Technology Products segment.

Revenue from the Equipment Leasing segment was $3.9 million in the first quarter, relatively flat compared to the same period last year.

The operating loss for the first quarter of fiscal 2020 improved to $2.5 million as compared to a loss of $5.6 million in the first quarter of the prior fiscal year.

Mitcham Industries reported a net loss of $2.4 million in the first quarter of fiscal 2020 compared to a net loss of $5.9 million in the same period during fiscal 2019.

The net loss attributable to common shareholders of $2.9 million, or $(0.24) per share, in the first quarter of fiscal 2020 improved from a loss of $6.3 million, or $(0.52) per share, in the first quarter of fiscal 2019.

Adjusted EBITDA for the first quarter of fiscal 2020 was approximately $61,000 compared to a loss of approximately $1.5 million in the same period last year.


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