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Mitcham Industries Q2 revenues increased 7%

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Christian Fernsby ▼ | September 5, 2019
Mitcham Industries announced financial results for its fiscal 2020 second quarter ended July 31, 2019.
Mitcham Industries
Mitcham Industries   Total revenues for the second quarter of fiscal 2020 were $8.9 million
Total revenues for the second quarter of fiscal 2020 increased 7% to $8.9 million, compared to $8.4 million in the second quarter of fiscal 2019.

Topics: Mitcham Industries

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

Revenues from the Marine Technology Products segment rose 12% to $6.7 million in the second quarter, compared to $6.0 million in the same period last year.

Revenue from the Equipment Leasing segment was $2.2 million in the second quarter, down 12% from $2.5 million in the same period last year.

The Company reported a net loss of $3.1 million in the second quarter of fiscal 2020 compared to a net loss of $4.6 million in the same period during fiscal 2019.

The net loss attributable to common shareholders of $3.6 million, or $(0.30) per share, in the second quarter of fiscal 2020 improved from a loss of $5.0 million, or $(0.41) per share, in the second quarter of fiscal 2019.

Adjusted EBITDA for the second quarter of fiscal 2020 was a loss of $1.0 million, relatively flat with the loss of approximately $1.1 million in the same period last year.

Adjusted EBITDA, which is a non-GAAP measure, is defined and reconciled to reported net loss and cash provided by operating activities in the accompanying financial tables.


 

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