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Mitcham Industries Q3 2015 revenues increased 13%

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Staff writer ▼ | December 10, 2014
Mitcham Industries announced financial results for its fiscal 2015 third quarter ended October 31, 2014. Total revenues increased 13% to $22.9 million compared to $20.3 million in Q3 2014.
Mitcham Industries
$22.9 million   Good results for Mitcham Industries
Equipment leasing revenues, excluding equipment sales, increased 81% to $14.3 million in the third quarter compared to $7.9 million in the same period last year.

The company reported a net loss of $397,000, or $(0.03) per share, in the third quarter of fiscal 2015 compared to a net loss of $2.6 million, or $(0.21) per share, in the third quarter of fiscal 2014.

Last year's third quarter included a charge to provision for doubtful accounts of $1.0 million, or approximately $0.07 per share after-tax. Excluding this charge, net loss for the third quarter of fiscal 2014 was $1.7 million, or $(0.14) per share.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the third quarter of fiscal 2015 more than doubled to $9.1 million, or 40% of revenues, from $4.5 million, or 22% of revenues, in the third quarter of fiscal 2014.

EBITDA, which is not a measure determined in accordance with United States generally accepted accounting principles ("GAAP"), is defined and reconciled to reported net income and cash provided by operating activities in the accompanying financial tables.