Mitcham Industries (MIND) saw its loss narrow to $9.85 million, or $0.83 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $26.84 million, or $2.23 a share.
Revenue during the quarter grew 9.67 percent to $12.55 million from $11.44 million in the previous year period. Gross margin for the quarter stood at negative 21.27 percent as compared to a negative 8.92 percent for the previous year period. Operating margin for the quarter stood at negative 71.01 percent as compared to a negative 96.32 percent for the previous year period.
Operating loss for the quarter was $8.91 million, compared with an operating loss of $11.02 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $2.55 million compared with $0.57 million in the prior year period. At the same time, adjusted EBITDA margin improved 1539 basis points in the quarter to 20.34 percent from 4.95 percent in the last year period.
Rob Capps, Mitcham’s co-chief executive officer, stated, "While this was clearly a very challenging year, as our revenues declined 21% during fiscal 2017 compared to the prior year, we believe we made considerable 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 pleased to have significantly grown our equipment manufacturing and sales backlog to approximately $12.5 million as of January 31, 2017 from $8.7 million a year ago and have recently paid off all of our bank debt.
Operating cash flow drops significantlyMitcham Industries has generated cash of $3.15 million from operating activities during the year, down 79.04 percent or $11.89 million, when compared with the last year. Cash flow from investing activities was $4.41 million from investing activities during the year as against cash outgo of $10.27 million in the last year.
The company has spent $7.31 million cash to carry out financing activities during the year as against cash outgo of $5.64 million in the last year period.
Cash and cash equivalents stood at $2.90 million as on Jan. 31, 2017, down 23 percent or $0.87 million from $3.77 million on Jan. 31, 2016.
Debt comes down significantlyMitcham Industries has recorded a decline in total debt over the last one year. It stood at $6.37 million as on Jan. 31, 2017, down 68.90 percent or $14.11 million from $20.48 million on Jan. 31, 2016. Total debt was 6.73 percent of total assets as on Jan. 31, 2017, compared with 15.20 percent on Jan. 31, 2016. Debt to equity ratio was at 0.08 as on Jan. 31, 2017, down from 0.20 as on Jan. 31, 2016. 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
