RSS   Newsletter   Contact   Advertise with us

Mitcham Industries Q3 2020 revenues $10.7 million

Christian Fernsby ▼ | December 5, 2019
Mitcham Industries announced financial results for its fiscal 2020 third quarter ended October 31, 2019.
Mitcham Industries
Mitcham Industries   The Company reported a net loss of $2.0 million
Total revenues for the third quarter of fiscal 2020 was $10.7 million, compared to $8.9 million in the second quarter of fiscal 2020 and $14.7 million in the third quarter of fiscal 2019.

Topics: Mitcham Industries

The 20% sequential improvement was driven primarily by further growth within the Marine Technology Products segment.

Year-over-year declines in revenue were primarily due to several sizeable system deliveries during the last year's third quarter, as well as incremental revenue contributions from our former Australian subsidiary, SAP, which has since been sold and is no longer a part of the Company's operations.

The Company reported a net loss of $2.0 million in the third quarter of fiscal 2020, compared to a net loss of $3.1 million in the second quarter of fiscal 2020, and a net loss of $5.2 million in the third quarter of fiscal 2019.

Third quarter of fiscal 2020 net loss attributable to common shareholders was $2.6 million, or $(0.21) per share, compared to a loss of $3.6 million, or $(0.30) per share, in the second quarter of fiscal 2019, and a loss of $5.6 million, or $(0.47) per share, in the third quarter of fiscal 2019.

Adjusted EBITDA for the third quarter of fiscal 2020 was $198,000, compared to a loss of $1.0 million in the second quarter of fiscal 2020 and Adjusted EBITDA of $3.4 million in the third quarter of fiscal 2019.

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.


 

MORE INSIDE POST