Mitcham Industries, Inc. (MIND) saw its loss narrow to $2.66 million, or $0.24 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $6.44 million, or $0.53 a share.
Revenue during the quarter surged 57.13 percent to $18.43 million from $11.73 million in the previous year period. Gross margin for the quarter period stood at positive 17.33 percent as compared to a negative 3.12 percent for the previous year period. Operating margin for the quarter stood at negative 12.42 percent as compared to a negative 53.97 percent for the previous year period.
Operating loss for the quarter was $2.29 million, compared with an operating loss of $6.33 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.96 million compared with $2.17 million in the prior year period. At the same time, adjusted EBITDA margin improved 3013 basis points in the quarter to 48.60 percent from 18.46 percent in the last year period.
Rob Capps, Mitcham's Co-Chief Executive Officer, stated, "Our first quarter unfolded essentially as anticipated as we continue to make progress in re-positioning our Company to be a more significant player in the marine industry and decreasing our exposure to oil and gas exploration activities. We are taking advantage of structural changes in the seismic data acquisition industry to rationalize our lease pool of equipment and re-deploy capital into more attractive opportunities."
Operating cash flow drops significantly
Mitcham Industries, Inc. has generated cash of $1.11 million from operating activities during the quarter, down 36.46 percent or $ 0.64 million, when compared with the last year period.
Cash flow from investing activities was $4.31 million for the quarter, up 1,327.15 percent or $4.01 million, when compared with the last year period.
The company has spent $6.47 million cash to carry out financing activities during the quarter as against cash outgo of $2.75 million in the last year period.
Cash and cash equivalents stood at stood at $2.05 million as at Apr. 30, 2017.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
