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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950129-04-003381.txt : 20040517
<SEC-HEADER>0000950129-04-003381.hdr.sgml : 20040517
<ACCEPTANCE-DATETIME>20040517163405
ACCESSION NUMBER:		0000950129-04-003381
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040514
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MITCHAM INDUSTRIES INC
		CENTRAL INDEX KEY:			0000926423
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				760210849
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25142
		FILM NUMBER:		04812921

	BUSINESS ADDRESS:	
		STREET 1:		8141 SH 75 SOUTH
		STREET 2:		PO BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
		BUSINESS PHONE:		9362912277

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h15589e8vk.htm
<DESCRIPTION>MITCHAM INDUSTRIES, INC.- MAY 14, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><B>CURRENT REPORT</B>


<P align="center" style="font-size: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of<BR>
the Securities Exchange Act of 1934</B>


<P align="center" style="font-size: 10pt"><B>Date of Report: May&nbsp;14, 2004</B>


<DIV align="center" style="font-size: 10pt">(Date of earliest event reported)</DIV>

<P align="center" style="font-size: 24pt"><B>Mitcham Industries, Inc.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Texas</B><BR>
(State or other jurisdiction<BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-25142</B><BR>
(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>76-0210849</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>8141 SH 75 South, P.O. Box 1175, Huntsville, Texas</B><BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77342</B><BR>
(Zip Code)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>936-291-2277</B><BR>
(Registrant&#146;s telephone number, including area code)



<P align="center" style="font-size: 10pt">(Former name or former address, if changed since last report.)



<P>
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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- link2 "Item&nbsp;7. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Financial Statements and Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits. The following exhibit is filed as a part of this report:

<P align="left" style="font-size: 10pt; margin-left: 6%">99 Mitcham Industries, Inc. press release dated May&nbsp;14, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the rules and regulations of the Securities and Exchange
Commission, information attached as Exhibit&nbsp;99 is being furnished pursuant
to Item&nbsp;12 and shall not be deemed to be &#147;filed&#148; under the Securities Exchange
Act of 1934.

<!-- link2 "Item&nbsp;12. Results of Operations and Financial Condition." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;12. Results of Operations and Financial Condition.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;14, 2004, Mitcham Industries, Inc. announced that the Audit
Committee of the Company&#146;s Board of Directors has completed its previously
announced internal investigation and presented its findings to the Company&#146;s
Board of Directors. In connection with the internal investigation, the Company
does not anticipate any material adjustment to the unpublished fourth quarter
results of operations, or to the results of operations for previous fiscal
periods or years. The Company will provide additional detail about the
specific findings and recommendations of the Audit Committee in its Form 10-K
for the fiscal year ended January&nbsp;31, 2004. For additional information, see the
May&nbsp;14, 2004 press release furnished as Exhibit&nbsp;99 to this report.

<!-- link1 " SIGNATURE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3"><B>MITCHAM INDUSTRIES, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>Date: May 17, 2004&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Billy F. Mitcham, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Billy F. Mitcham, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chief Executive Officer and<BR>
President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " EXHIBIT INDEX" -->

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name of Exhibit</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mitcham Industries, Inc. press release dated May&nbsp;14, 2004.</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>h15589exv99.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 14, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt"><B>EXHIBIT 99</B>



<P align="center" style="font-size: 12pt"><B>PRESS RELEASE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<TR valign="bottom">
    <TD align="left" valign="top"><B>FOR IMMEDIATE RELEASE</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Contact: Christine Reel</B><BR>
AVP Enterprises, Inc.<BR>
713.419.1236</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>MITCHAM INDUSTRIES REPORTS COMPLETION<BR>
OF INTERNAL INVESTIGATION</B>


<P align="left" style="font-size: 10pt">HUNTSVILLE, Texas &#150; May&nbsp;14, 2004 &#150; Mitcham Industries, Inc. (NASDAQ: MIND)
announced today that the Audit Committee of the Company&#146;s Board of Directors
has completed its previously announced internal investigation and presented its
findings to the Company&#146;s Board of Directors.

<P align="left" style="font-size: 10pt">On April&nbsp;23, 2004, the Company announced that the Audit Committee hired an
independent firm to conduct an internal investigation regarding concerns raised
by an employee about the sufficiency of the system of internal controls and
procedures at the Company&#146;s Canadian subsidiary, Mitcham Canada, that might
have compromised the integrity of receivables recognized in the unpublished
fourth quarter results of operations. The Audit Committee, with the assistance
of its independent counsel, Locke Liddell &#038; Sapp LLP, and independent forensic
accountants, conducted an investigation that included the interview of all of
the Company&#146;s directors and officers, certain employees in the Company&#146;s
offices in Huntsville, Texas, and Calgary, Canada, and other parties. The
investigation also involved the review and analysis of unaudited financial
statements, work papers and other relevant documents.

<P align="left" style="font-size: 10pt">In connection with the internal investigation, the Company does not anticipate
any material adjustment to the unpublished fourth quarter results of
operations, or to the results of operations for previous fiscal periods or
years. The Company will provide additional detail about the specific findings
and recommendations of the Audit Committee in its Form 10-K for the fiscal year
ended January&nbsp;31, 2004.

<P align="left" style="font-size: 10pt">The Company&#146;s auditor, Hein &#043; Associates LLP, is working to finalize its audit
of the Company&#146;s financial statements for the fiscal year ended January&nbsp;31,
2004. Though the Company is working diligently with its auditor to file its
Form 10-K, the Form 10-K cannot be filed until the auditor has completed its
work.

<P align="left" style="font-size: 10pt">Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease or
sale, new and &#147;experienced&#148; seismic equipment to the oil and gas industry,
seismic contractors, environmental agencies, government agencies and
universities. Headquartered in Texas, with sales and services offices in
Calgary, Canada, Brisbane, Australia and associates throughout Europe, South
America and Asia, Mitcham conducts operations on a global scale and is the
leading independent exploration equipment lessor in the industry.
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">This press release contains forward-looking statements, or statements other
than statements of historical fact, under federal securities laws. These
forward-looking statements involve risks and uncertainties that may cause
actual results to differ materially from such forward-looking statements.
Important factors that could cause or contribute to such differences include,
without limitation, the Company&#146;s ability to complete and file its Form 10-K on
the timeline noted herein.


<P align="center" style="font-size: 10pt"># # #




<P align="center" style="font-size: 10pt">&nbsp;
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