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<SEC-DOCUMENT>0000950134-06-009361.txt : 20061117
<SEC-HEADER>0000950134-06-009361.hdr.sgml : 20061117
<ACCEPTANCE-DATETIME>20060510061305
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950134-06-009361
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20060510

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:		CORRESP

	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>
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<HTML>
<HEAD>
<TITLE>corresp</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h35500c1h3550048.gif" alt="(Mitcham Industries, Inc. Logo)"><BR>
<B><I>THE </I></B><B>EXPLORATION EQUIPMENT SUPPLIER </B><SUP style="font-size: 85%; vertical-align: text-top"><B>TM</B></SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">May&nbsp;9, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR AND FACSIMILE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;John Cash<BR>
Branch Chief<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, NE<BR>
Washington, D.C. 20549-0405

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Mitcham Industries, Inc.<BR>
Form&nbsp;10-K for the fiscal year ended January&nbsp;31, 2005<BR>
File No.&nbsp;0-25142</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Cash:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;25, 2006, Mitcham Industries, Inc. (the &#147;<U>Company</U>&#148;) received the comments of
the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and
Exchange Commission (the &#147;<U>Commission</U>&#148;) to Form 10-K for the fiscal year ended January&nbsp;31,
2005 (the &#147;<U>2005 Form&nbsp;10-K</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following responses are for the Staff&#146;s review. For your convenience, we have repeated in
bold type each comment of the Staff exactly as given in the Staff&#146;s comment letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Form&nbsp;10-K for the fiscal year ended January&nbsp;31, 2005</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><U><B>Statement of Consolidated Cash Flows </B></U><BR>
<U><B>Lease pool equipment and new equipment sales</B></U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have reviewed the comparison of summarized annual consolidated statements of cash
flows, original vs. restated as well as the additional information sent to us via
facsimile on April&nbsp;25, 2006. As of the date of this letter, we are awaiting further
information regarding your 2004 and 2005 restated amounts. In light of your request that
we assist you in meeting your filing timetable for your 2006 </B><B>Form 10-K</B><B> we will separately
address any additional concerns or comments we may have on your 2004 and 2005 restated
amounts once you have provided us with the requested additional information.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:8pt">MITCHAM INDUSTRIES INC.<BR>
P.O. Box 1175 Huntsville, Texas 77342-1175 USA<BR>
<B>HUNTSVILLE</B>: &#043;1 936.291.2277 <B>HOUSTON</B>: &#043;1 281.353.4475 FAX: &#043;1 936.295.1922 <B>EMAIL</B>: sales@mitchamindustries.com</FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>www.mitchamindustries.com</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">





</TABLE>
</DIV>
<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">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 2 of 3
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><B>Response</B>: The Company has supplementally provided to the Staff the additional information
regarding its 2004 and 2005 restated amounts.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Note I &#151; Organization and Summary of Significant Accounting Policies &#151; Seismic Equipment
Lease Pool. page F-8</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Based on your response to prior comment three we have the following additional
comments:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your policy regarding the removal of assets that are fully depreciated from
your books is, &#147;if an asset is fully depreciated and is still expected to generate
revenue, then the asset will remain on &#091;your&#093; books. However, if a fully depreciated
asset is not expected to have any revenue generating capacity, then &#091;you&#093; will remove
the asset from &#091;your&#093; books,&#148; We also note that you are &#147;unable to determine whether a
particular asset is generating revenues.&#148; We assume therefore that your policy
regarding the removal of assets that are fully depreciated from your books is done at
the &#147;major category&#148; of assets level rather than at an individual asset level. Please
ensure your stated policy in future filings is clear. Also, please expand your policy
to discuss when and how you assess your lease pool assets to determine whether your
fully depreciated assets are still generating revenue.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><B>Response</B>: The Company will ensure that its stated policy regarding the removal of assets
that are fully depreciated from its books is clear in future filings. The Company will
also expand its policy to discuss when and how the Company assesses its lease pool assets
to determine whether its fully depreciated assets are still generating revenue.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that at January&nbsp;31, 2005 you had $24.3&nbsp;million of assets on your books
which were fully depreciated. We assume that you will revise your January&nbsp;31, 2005
balance sheet to comply with your stated policy regarding the removal of assets that
are fully depreciated but not expected to have any revenue generating capacity.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><B>Response</B>: The $24.3&nbsp;million in assets on our books at January&nbsp;31, 2005 consists of assets
that are fully depreciated and are expected to have revenue generating capacity. Any
assets that are fully depreciated but not expected to have any revenue generating capacity
have previously been removed from and are not reflected on our balance sheet.
</DIV>

<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">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 3 of 3
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Expand Management&#146;s Discussion and Analysis to quantify the amount of gross assets
which were fully depreciated but still generating revenue at January&nbsp;31, 2005 and
January&nbsp;31, 2006. We believe that this disclosure will enhance an investors
understanding of your results of operations as well as your liquidity.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><B>Response</B>: We will expand Management&#146;s Discussion and Analysis to disclose that at January
31, 2005 and January&nbsp;31, 2006, approximately $24.3 and $41.1&nbsp;million, respectively, of our
lease pool assets were fully depreciated but still expected to generate revenue.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have recorded an impairment charge relating to your lease pool in
fiscal 2006. In your disclosure regarding this impairment, please ensure that you
identify the nature of the asset impaired (the major category of assets impaired) and
you include all of the disclosures required by paragraph 26 of SFAS 144.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><B>Response</B>: Of the $0.6&nbsp;million impairment charge relating to our lease pool in fiscal 2006,
$0.4&nbsp;million was attributable to land systems, cables, geophones and land peripherals, $0.1
million was impaired in marine and other equipment, and $0.1&nbsp;million for slow moving and
obsolete lease pool inventory. We will include this disclosure in our 2006 Form 10-K and
will also include therein all of the disclosures required by paragraph 26 of SFAS 144.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Should the Staff have any questions or comments, please contact the undersigned at
281.353.4475 or Michael A. Pugh, Chief Financial Officer of Mitcham Industries, Inc. at the
same number.
</DIV>

<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" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
<BR>
<B>MITCHAM INDUSTRIES, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Billy F. Mitcham, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Billy F. Mitcham, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
