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Mitcham Industries Q4 revenues decreased to $11.4 million

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Staff writer ▼ | April 7, 2016
Mitcham Industries announced financial results for its fiscal 2016 fourth quarter and full year ended January 31, 2016.
Mitcham Industries
Mitcham Industries   The company has changed the presentation of its results
Mitcham Industries has changed the presentation of its financial results as a result of the recent acquisition of Klein Marine Systems.

The Company has realigned its operating segments by combining the Klein acquisition with both its Seamap operations and equipment sales from its Seismic Asia Pacific (SAP) subsidiary to reflect the increasing importance of its manufacturing operations.

Results related to the leasing segment will no longer include equipment sales by SAP. All financial information has been recast to reflect this realignment.

Total revenues for the fourth quarter decreased to $11.4 million compared to $15 million in the fourth quarter of fiscal 2015.

Equipment leasing revenues, excluding equipment sales, decreased to $3.7 million in the fourth quarter compared to $9.6 million in the same period last year.

Manufacturing and equipment sales increased to $6.8 million in the fourth quarter compared to $4.8 million in the same period last year.

The Klein acquisition, which closed on December 31, 2015, contributed approximately $0.5 million during the quarter. Mitcham Industries reported a net loss of $26.8 million, or $(2.23) per share, in the fourth quarter compared to a net loss of $9.2 million, or $(0.76) per share, in the fourth quarter of fiscal 2015.

The fourth quarter of fiscal 2016 included certain unusual items, including an impairment of goodwill and other intangible assets of $3.6 million and a valuation allowance related to deferred tax assets of $15.5 million, which negatively impacted earnings by approximately $1.60 per share.

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation and certain non-cash or unusual items) for the fourth quarter of fiscal 2016 was $0.9 million compared to $0.7 million in the same period last year.

For the full year fiscal 2016 Adjusted EBITDA amounted to approximately $13.7 million.


 

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