<SEC-DOCUMENT>0000950123-11-007877.txt : 20110415
<SEC-HEADER>0000950123-11-007877.hdr.sgml : 20110415
<ACCEPTANCE-DATETIME>20110201161702
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-007877
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110201

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h79355h7935501.gif" alt="(MITCHAM LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>THE </I><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">February&nbsp;1, 2011
</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

</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>Re:&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Mitcham Industries, Inc.</B><BR><B>
Form&nbsp;10-K for the year ended January&nbsp;31, 2010 filed April&nbsp;19, 2010</B><BR><B>
Form&nbsp;10-Q for the quarter ended October&nbsp;31, 2010 filed December&nbsp;8, 2010</B><BR><B>
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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;19, 2011, 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 the Company&#146;s Form 10-K for the fiscal year ended
January&nbsp;31, 2010 (the &#147;<U>2010 Form&nbsp;10-K</U>&#148;) and Form 10-Q for the quarter ended October&nbsp;31,
2010 (the &#147;<U>Form&nbsp;10-Q</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following responses are for the Staff&#146;s review. For your convenience we have repeated
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 year ended January&nbsp;31, 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Item&nbsp;7 Management&#146;s Discussion and Analysis of financial Condition and Results of
Operations</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Overview, page 21</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure in footnote (1)&nbsp;to your operating
information that EBITDA and Adjusted EBITDA are important for assessing
your performance and as indicators of your ability to make capital
expenditures, service debt and finance working capital requirements and
that these measures allow investors to meaningfully trend and analyze performance of
your core cash operations. Based on these disclosures it appears that you are not only
utilizing these measures as performance measures, but also as liquidity measures. If
you are using these measures as liquidity measures, please revise future disclosures to
clearly state</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>such and reconcile the measures to the most comparable liquidity measure,
operating cash flow. If you are not using these measures as liquidity measures, please
revise your future disclosures to remove references to cash liquidity. Please provide
to us your proposed future disclosures.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In future filings, we will revise our discussion of EBITDA and Adjusted EBITDA as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Management monitors EBITDA and Adjusted EBITDA, both as defined in the following table, as
key indicators of our overall performance and liquidity.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will also include a reconciliation of EBITDA to Cash flows from operating activities
following the reconciliation of EBITDA and Adjusted EBITDA to Net income. The
reconciliation for the years ended January&nbsp;31, 2010 and 2009 is as follows:</TD>
</TR>

</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Year Ended January 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,618</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,401</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,185</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,378</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,897</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in trade accounts and contracts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,574</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit from sale of lease pool equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in contract revenues in excess of billings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,704</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,282</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in
accounts payable, accrued expenses and other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,289</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"  style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(984</TD>
    <TD>)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">318</TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EBITDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,336</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will revise the footnote following the reconciliations of net income to EBITDA and net cash
provided by operating activities as follows:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EBITDA is defined as net income (loss)&nbsp;before (a)&nbsp;interest income, net of
interest expense, (b)&nbsp;provision for (or benefit from) income taxes and (c)&nbsp;depreciation,
amortization and impairment. Adjusted EBITDA excludes stock-based compensation. We
consider EBITDA and Adjusted EBITDA to be important indicators for the performance of
our business, but not measures of performance <U>or liquidity</U> calculated in
accordance with accounting principles generally accepted in the United States of America
(&#147;GAAP&#148;). We have included these non-GAAP financial measures because management utilizes
this information for assessing our performance <U>and liquidity,</U> and as indicators
of our ability to make capital expenditures, service debt and finance working capital
requirements. The covenants of our revolving credit agreement require us to maintain a
minimum level of EBITDA. Management believes that EBITDA and Adjusted EBITDA are
measurements that are commonly used by analysts and some investors in evaluating the
performance <U>and liquidity</U> of companies such as us. In particular, we believe
that it is useful to our analysts and investors to understand this relationship because
it excludes transactions not related to our core cash operating activities. We believe
that excluding these transactions allows investors to meaningfully trend and analyze the
performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of
financial performance <U>or liquidity</U> under GAAP and should not be considered in
isolation or as alternatives to cash flow from operating activities or as alternatives
to net income as indicators of operating performance or any other measures of
performance derived in accordance with GAAP. In evaluating our performance as measured
by EBITDA, management recognizes and considers the limitations of this measurement.
EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income
taxes, interest expense or other obligations such as capital expenditures. Accordingly,
EDITDA and Adjusted EBITDA are only two of the measurements that management utilizes.
Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than
we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures
reported by other companies.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Critical Accounting Policies</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Revenue Recognition, page 33</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>With a view toward future disclosure, please clarify whether you have multiple
element arrangements. If so, expand your disclosures to address your accounting for
these arrangements. In this regard, we note that you design, manufacture and sell
seismic equipment and your disclosure on page 25 which indicates that you provide
on-going support activities. If appropriate, please also discuss how you have
established fair value for each of your elements. Please refer to ASC Topic 605-25.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We do not have multiple element arrangements, other than providing limited, twelve-month
support at no additional cost for certain systems that we sell. The value of the support
services for the systems sold in fiscal 2011 is immaterial, less than $100,000. This value
is determined by the amount we routinely charge for twelve-month support contracts. Our
costs to provide these support services are de-minimus. On-going support activities are
provided pursuant to separate and distinct service contracts or on an ad hoc basis. Revenue
from service contracts is recognized over the term of the contract. Revenue from ad hoc
services is recognized as those services are performed. Revenue from support activities has
not been material to date; however, should they become more significant we will revise
disclosures in future periods to clarify the nature of these activities and the accounting
for them. Such disclosures would include the following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;We provide on-going support services pursuant to support contracts that generally have a
term of 12&nbsp;months. We recognize revenue from these contracts over the term of the contract.
In some cases we will provide support services on a time and material basis. Revenue from
these arrangements is recognized as the services are provided. For certain new systems that
we sell, we will provide support services for up to 12&nbsp;months at no additional charge. Any
amounts attributable to these support obligations are immaterial.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Long-Lived Assets, page 33</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that demand for your lease-pool assets has declined in the periods
presented. In future filings, please expand your disclosures to provide a more specific
and comprehensive discussion of the changes in circumstances which would cause you to
perform an impairment analysis of your long-lived assets. Also, please disclose whether
you were required to perform an impairment analysis during any of the periods
presented.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In future filings, we will revise the disclosures regarding Seismic Equipment Lease Pool in
Note 1 to our Consolidated Financial Statements as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Company annually assesses its seismic equipment lease pool for potential impairment.
This analysis compares the estimated future undiscounted cash flows to be generated by these
assets to the
carrying value of the seismic equipment lease pool. Such analysis indicated that no
impairment was required during fiscal &#091;2011&#093;, 2010 or 2009. Additionally, the Company
assesses the need for</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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">

<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>impairment of its seismic equipment lease pool upon changes in circumstances which might
indicate the carrying value of the assets is not recoverable. Such changes in circumstances
might include a material decline in the demand for and cash flow generated by the equipment
or technological advances that renders a portion of the equipment obsolete. See Part&nbsp;1 &#151;
Item&nbsp;1A &#151; Risk Factors.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Goodwill and Other Intangible Assets, page 34</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that your results of operations could be adversely affected as a result
of goodwill impairments. Please tell us what your reporting units are and how you determined them
and to the extent that any of your reporting units have estimated fair values that are
not substantially in excess of the carrying value and to the extent that goodwill for these
reporting units, in the aggregate or individually, if impaired, could materially impact
your operating results or total shareholders&#146; equity, please provide the following disclosures
for each of these reporting units in future filings:</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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Identify the reporting unit;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The percentage by which fair value exceeds the carrying value as of the most-recent step-one test;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The amount of goodwill;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A description of the assumptions that drive the estimated fair value;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A discussion of the uncertainty associated with the key assumptions. For example, to the extent that you have included assumptions in your income approach that
materially deviates from your historical results, please include a discussion of
these assumptions;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A discussion of any potential events and/or circumstances that could have a negative effect to the estimated fair value.</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>If you have determined that the estimated fair value substantially exceeds the carrying
value for all of your reporting units, please disclose this determination in future
filings.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Please refer to Item&nbsp;303 of Regulation&nbsp;S-K.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">As disclosed on page 34, all of our goodwill relates to our Seamap segment. We have determined
that the Seamap segment is the reporting unit. While the Seamap segment operates through two
legal entities, all operations of the segment are homogenous and are managed and reviewed on a
combined basis. We acquired both of the legal entities in the same transaction which gave rise
to our goodwill. As of January&nbsp;31, 2010, the date of the most recent step-one test, the
estimated fair value of this reporting unit exceeded its carrying value by approximately 54%.
In future filings we will revise the disclosure regarding goodwill and other intangible assets
as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;Goodwill and Other Intangible Assets
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">We carry our amortizable intangible assets at cost, net of accumulated amortization.
Amortization is computed on a straight-line method over the estimated life of the asset.
Currently, proprietary rights are amortized over a 12.5 to 15-year period, while
covenants-not-to-compete are amortized over a three-year period. The basis for the proprietary
right lives are generally based upon the results of valuation reports commissioned from third
parties. Covenants-not-to-compete are amortized over the term of the
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">contract. Goodwill is not subject to systematic amortization, but rather is tested
for impairment annually.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under ASC 350, <I>Intangibles-Goodwill and Other</I>, we perform an impairment test on goodwill
and other intangibles on an annual basis and at any time circumstances indicate that an
impairment may have occurred. Impairment testing compares the carrying amount of the goodwill
and other intangible assets with their fair value. When the carrying value of the goodwill and
other intangible assets exceeds its fair value, an impairment charge is recorded.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our goodwill and other intangible assets relate to our Seamap segment <U>and we
have determined that our Seamap segment is the reporting unit for purposes of impairment
testing</U>. <U>Accordingly, we estimate fair value based upon estimated discounted cash flows
of that segment. As of January&nbsp;31, 2010, goodwill amounted to $&#091;&nbsp;&nbsp;&nbsp;&#093;. The estimated fair value
of the reporting unit exceeded its carrying value by approximately &#091;&nbsp;&nbsp;&nbsp;&#093;%.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In performing the analysis of discounted cash flows, we projected cash flow from the
Seamap segment for the next four fiscal years. To determine the value of cash flows beyond the
fourth year, we applied a terminal value which is expressed as a multiple of the fourth year&#146;s
cash flow. These cash flow streams are then discounted using our estimated cost of capital.
The key variables utilized in this analysis are (i)&nbsp;the level of projected cash flows,
including the growth rate for the cash flows, (ii)&nbsp;the terminal value applied to the estimated
cash flows and (iii)&nbsp;our cost of capital. The sensitivity of the estimated fair value to
changes in these assumptions is indicated in the following 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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Variable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Decrease in Fair Value</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10% decrease in projected annual cash flow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD colspan="0" align="center" nowrap>&#091;2.7&#093; million</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">33% decrease in terminal value applied to the
estimated fourth year cash flow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD colspan="0" align="center" nowrap>&#091;2.9&#093; million</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">100 basis point increase in cost of capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#091;710,000&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These changes in assumptions, individually and in the aggregate, would not have
altered our conclusion that there was no impairment of our goodwill and other intangible assets
as of January&nbsp;31, 2010. <U>The level of projected cash flows used in this analysis is
consistent with historical results. However, any developments or circumstances that would
adversely impact the results of our Seamap segment could have a negative effect on the
estimated fair value. Such developments could include a material decline in the demand for
marine seismic equipment or other risk factors affecting our Seamap segment. See Part&nbsp;1- Item
1A- Risk Factors.&#148;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Notes to the Consolidated Financial Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>11. Income Taxes, page F-15</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure on page F-16 indicating that you had Canadian net
operating
loss carryforwards that begin to expire in 2011 and your disclosure on page 8 which
indicates that your Canadian revenues have decreased significantly. Please explain to us
and include in future disclosures the evidence which led you to conclude that these net
operating loss carryforwards are realizable.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In accordance with ASC 740-10-25-17.A, we have measured the deferred tax asset
related to the loss carryforward on a basis consistent with that used in determining tax
liabilities for uncertain tax positions. The table on page F-16 detailing the components of
the deferred tax assets indicates a gross deferred tax asset of $1,407,000 which relates
primarily to the Canadian net operating loss
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">carryforward. Offsetting this amount in the same table is $1,369,000 related to
uncertain tax positions, which relates exclusively to the items giving rise to the Canadian net
operating loss carryforward.
We will revise the disclosures in future filings to make clear the relationship among these
matters. In future filings we will revise the disclosure to clarify the relationship among
these matters as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;...The Company had Canadian net operating loss carryforwards of approximately $4,909,000
(Canadian $5,228,000) as of January&nbsp;31, 2010. The Canadian net operating losses will begin to
expire in 2011. <U>No deferred tax asset related to this item is presented in the accompanying
consolidated balance sheets as the deductions giving rise to the net operating loss
carryforward are subject to an uncertain tax position and any deferred tax asset has been
valued in light of these positions.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">...The Company&#146;s Canadian income tax returns for the years ended January&nbsp;31, 2004, 2005 and
2006 have been examined by Canadian tax authorities. Assessments for those years and for the
effect of certain matters in subsequent years totaling approximately $7,400,000 have been
issued. The issues involved relate primarily to the deductibility of depreciation charges and
whether those deductions should be taken in Canada or in the United States. Accordingly, the
Company has filed requests for competent authority assistance with the Canadian Revenue Agency
(&#147;CRA&#148;) and with the IRS seeking to avoid potential double taxation. In addition, the Company
has filed a protest with the CRA and the Province of Alberta. In connection with this protest
the Company was required to make a prepayment of approximately $2,600,000 against the
assessment. <U>These items are contemplated in the Company&#146;s tax liability for uncertain tax
positions.&#148;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>14. Segment Reporting, page F-20</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please provide to us a tabular presentation of your reconciliation of Segment
to
Consolidated Income (loss)&nbsp;before taxes for all periods presented and in future filing
please ensure that all significant reconciling items are separately identified and
described.
Please refer to ASC Topic 280-10-50-30.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reconciliation of income (loss)&nbsp;before taxes is as follows (in thousands):
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">Year ended January 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equipment Leasing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,293</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,422</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Seamap</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reconciling items:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Elimination of (profit)&nbsp;loss from inter-company sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(158</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange (gain)&nbsp;loss on inter-company
transactions of a long-term investment nature</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(914</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,927</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In future filings we will include a similar reconciliation to ensure that all significant
reconciling items are separately identified and described.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-Q for the quarter ended October&nbsp;31. 2010</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Notes to the Condensed Consolidated Financial Statements</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>4. Acquisition, page 4</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that your acquisition of AES resulted in a bargain purchase gain.
Please provide
to us a more comprehensive discussion explaining how you determined that this gain is
appropriate. Please refer to ASC Topic 805-30-25-4.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">As indicated in Note 4 to our Condensed Consolidated Financial Statements, we utilized the
services of an independent appraisal company, BVA Group LLC (&#147;BVA&#148;), to assist us in assessing
the fair value of the assets and liabilities acquired. This assessment included an evaluation
of the fair value of the seismic equipment lease pool assets acquired and the fair value of the
intangible assets acquired based upon the expected cash flows from the assets acquired. It
should be noted that the transaction included a provision for contingent consideration based on
the future revenues of AES and that the fair value of this liability was determined based upon
information included in estimation of the fair value of the assets acquired.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Upon the initial determination that the transaction had resulted in a bargain purchase,
management and BVA reviewed the assets and liabilities acquired and the assumptions utilized in
estimating their fair values. Certain revisions were made to these estimates, which resulted
in a reduction in, but not the elimination of, the gain from bargain purchase. Further
revisions to the estimates were not deemed to be appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Management then undertook a review to determine what factors might contribute to a bargain
purchase and if it were reasonable for a bargain purchase to occur. In this review, Management
noted that at the time the transaction was negotiated with the owners of AES, the oil services
industry had recently experienced a decline and there was uncertainty remaining as to the speed
or depth of a recovery. This situation was particularly difficult on very small companies,
such as AES, who had very limited access to capital and liquidity. Furthermore, it appeared to
Management that the owners of AES were very motivated to complete a transaction for personal
financial reasons. Finally, Management noted that there was a very limited market for companies
such as AES. Indeed, the owners of AES had indicated during negotiations that they had held
discussions with only one other potential buyer and that there were substantial doubts as to
the ability of that party to complete a transaction in a timely manner, if at all. Based upon
all of these factors, Management concluded that the occurrence of a bargain purchase was
reasonable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>6. Balance Sheet, page 6</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your disclosure indicates that you still in the process of repossessing
equipment related
to a defaulted contract receivable. Please tell us and disclose in future filings the
status of
this repossession and when you expect the process to be complete. Due to the length of
time it has taken for the repossession, please tell us whether you have reassessed the
value of the equipment.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">We completed the repossession of this equipment in December&nbsp;2010. We have reassessed
the value of the equipment periodically, as it is identical to other equipment in our lease
pool of seismic equipment. We are in the process of completing the accounting for this
repossession and will include the effect of differences, if any, in the recovered value as
compared to our previous estimates of recoverable value in the quarter ended January&nbsp;31, 2011.
We will include disclosures regarding the resolution of this matter in our Form 10-K for the
year ended January&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Liquidity and Capital Resources, page 20</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have extended the terms on your revolving credit facility
which is now
due May&nbsp;31, 2012 and you have increased the limit to $35&nbsp;million. We also note that you
may convert outstanding balances on your credit facility to 48-month notes. If you
expect to utilize this option, please discuss the impacts it may have on your liquidity
and
your results, including interest expense. Additionally, please revise future annual and
quarterly filings to disclose and discuss average borrowing levels under your credit
facility during each period presented.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In future filings, we will include about our revolving credit facility and ability to
convert outstanding balances into 48-month notes as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;Under the terms of our revolving credit facility we may convert any outstanding balances into a
series of 48-month notes. We do not currently anticipate utilizing this option, but if we were
to do so we would be required to make monthly payments to amortize these notes. As of &#091;January
31, 2011&#093; there was $&#091;&nbsp;&nbsp;&nbsp;&#093; outstanding under this facility. If we were to convert this entire
amount into 48-month notes, our required monthly principal payments would be approximately $&#091;&nbsp;&nbsp;&nbsp;&#093;.
We would also be required to make monthly interest payments based on the remaining outstanding
principal balance and the prime rate plus 50 basis points.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Our average borrowing levels under our revolving credit facility for each of the years ended
January&nbsp;31, 2011, 2010 and 2009 were $&#091;&nbsp;&nbsp;&nbsp;&#093;, $&#091;&nbsp;&nbsp;&nbsp;&#093; and $&#091;&nbsp;&nbsp;&nbsp;&#093;, respectively.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our response to your comments, the Company acknowledges the following:
</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>The Company is responsible for the adequacy and accuracy of the disclosure in our
filings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>Staff comments or changes to disclosure in response to Staff comments do not foreclose
the Commission from taking any action with respect to the filing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>The Company may not assert Staff comments as a defense in any proceeding initiated by
the Commission or any person under federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should the Staff have any questions or comments, please contact the undersigned at
281.353.4475.
</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>
<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">
&nbsp;/s/ Robert P. Capps</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Robert P. Capps&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">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
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>www.mitchamindustries.com</B>
</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>h79355h7935501.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h79355h7935501.gif
M1TE&.#EA80!A`/?_`/16<?IJ@?3(5_3$2?*Y*4TV-2EVMO7-9+1-6?.]-+$/
M*1`*"U-+-T2)PA^%.K*+CKJB9OO;B7,(&@9<I/$E1]-47<BNH75I2_1B>L-G
M:G2JU]"\B(S)FA-FJZA:8<(<(XMC9/"P#>_,U_;1<SXO*E.K:N\2-_OEJ*J7
M:-9:7^?'=@)?7OZ9J%))1+D$"^2"AJG&X/[CF-S&C,P[0>^N!/$4.,DS.8R#
M=KEA90)F'-MT>-1:">RDIM>\=)B\W/[KM#F;4^*8K3>`O/(\6L0C*?&U')Q8
M6M+&J%XV.N_<JB\+$(8K-YD-)(9X5.N7FM42,GN:M//`//2P`'1%1_&R$E0,
M&$.B7/C=F-1\?\5V>1QML(,*'K9X=O31>$JF86&=SM-I;?;0;,<L,^X6.;X2
M&8Q<7%.69+L*$;JMC"R11MW!=LY"1PAK(7-J8*J4792%765"0X2UWNK4F\*I
M:`US*!)X+=EF:S![N>?+A.:XNHZYWOC4=ZIF:=%,4IV1?_GLP]II;5N9R\6$
MAI!"-]MN<]!(3=F(BTN"62:+0%24R&=XC@QAJ,.:F_?5?3*53$9N3<01+^63
M:/NELT:&ME&1Q]EB9^J*CM"5;\`6'>\:/:E"4:%\?[RF=^)[?^`3--^<GM*W
M<65<5-&@J+DN+O:WNA=^,F$]/K1^@/,?0F>Z?>:\26)90/N&F>"MM3^%OR9_
M>90Z1LBS?NZJK8M/4LEL;R8A'.<N2W@5)O_X][9M</#.=LYE:=A>8MJ.D54A
M*:H&!]ZF"HNOS<JO;5B6R?G8@GY*3%RR<_"MB']24^W/?@]=E9-14O-)90Q<
M&4N-Q-X=/#8C)$I::#-7/?$Q4"LZ-1<A'1L6$_"O">E;<<A553B!PL]%43F.
M26=.3Y=@8]UV-D66CNC$7EFFG*8"'^.(4F*5OO:\(.(V0Y#`N?(M3>&P)?ZW
MP\N,C^.U-#I^K^"J%RYUJ2-MHW.VA>D4-X2_DW?'CB5Z-!EEG2)QL[<`!N^L
M`.\4.`!7H`!B&@```/___R'Y!`$``/\`+`````!A`&$```C_`/L)'$BPH,&#
M"!,.7,&OH<.'$"-*G$BQX3^%&#-J%,BPHL>/("]N'$F2(\B3*"&*+,D28\>4
M,#^N;$G3X,N8."7.K,FSW\V<0"WV'.HSJ%&A1'G^/!IS9]*22YFF=/IT9%2I
M)ZE6U7@5J\RM.7*P&4NVK%DV.58LFL`6(MNW<./*?8M2:TNQ;.CHW<NWK]Y2
M*SH(7K26+6'!B!,K7MR!<%N/=DN.I5.G3JG+F#-KOOP*GY;/@P5_'DVZM.G1
M@R=`'AJ6LF4'L&/+GAW[E8';^#QWT)+[MN_?P(,;R*VEL6J*D3&&)?L:$:(T
MT*-+GP[]E38A=^X,YVW@CI#OX,.+_Q^OW4#QM<CO3G9=RL%S1XZ`R)]/OSX0
M<`T:N'(EQ+>0_?D%*."``^Z'G7D=/!91<@>)15EF[J4AGQ445FCAA12"DP@E
ME.B'W1VN.,/AB"26:"(ESO!WAV[H+5B2@Y?%YEP:CECA10DXYJCCCCB*\T4@
MPR2B'X@-)!+(%T@FJ>222@*9HG8L'O<0@P0Y6`=LS]%((Q!6E&!,/1R$*>:8
M9*+C`PP:!)*B*PTX<V0</L0IYYQTRJE'(!U^&*5*).5`&6Q;UG>C&1[H\,FA
MB":::"LBB`##%QTZX\PP7Y3C`2%!9*KIIILRZN@7B3CCH7;%28G41GFUMZ6-
M7K3::@D7C/]#`2LLU&KKK;:*@(L(/H":R*^4*J)`.K3B:BP+NHJ@AZ\H-M`?
M/HWQN9%8ECW'I9>I9)MM":ML`0D`&(0K[KCB2B)"*VAJH*ZZY2`QSC/@DBMO
M`)*P((H/ZWXQS).>+2*M1M2Z%]^-J=`SICQP2*"`"0PW['##-6#`0A`PU*G(
M+4P\4</#')M`0;BB5`P##''@R1^"IE(ID)]7(E(CCM(L(//,57C;,<?[2.R!
M-3/3O(4"\]S\<#H88`/-S(KX@*>S*$\Y4JH.T-BE&=3X8_75$FRA\3Y<=^WU
M/B:,H?/59$N0\==H<VW"$`%40+8B)3]I7HNG*L?&:Q(.6@W9_BC_8;8G-:3]
MM=@L>,!WWPK/$[C@78_!3`":7+T`%!KLZ\J*T3H-\-VEN`S$C8<LP+??3##N
M==AC\UT%$Y`L;KH)F0`0P!)75Q.,!BAB!ZV_FF?$<N<UWOC(X34K8+K7A!M.
MMM\*`'X\V!]CX,O5U"PK9'^E_JO<GRYW68(TQ'OK.N.H%ZZZMXH_;\(T12MQ
M=33+4G)R]KUC!+6$4U=-]@)9;_U\\OO[V_A,Q[8*B,YJ<%/3Y>9F*GZH['Z?
M*X$9]A9`)CCO>.53GM5J!HGT8=!QD),<Y2R'.=[5+R'4`EX$0S>Z+3#!@\<#
M(-8R-D#!P4YVM+.:[300*MUE[H0("9CG_W`T/-4IK(9IR^#5E/`S&+XN>M.S
M6O4@Q33Z`;%!W`O>]\+7NN=Q38;^6-T3O*BV:00`&^ZS&OQ,AKT$N2@C$,S?
MX?J'1+0IL6\_\P09P5;``_HC@7+3`MT<0J4X2I""2Q3@U^;!2+3)D(-H8V0C
M!_>XR%EM<I7CUP^O6)`46@MT?K0:Z4R`O#%XX@F>F,?I",<'?RS`A1?\XBE1
M^;4;SJYVM[M>"77BN[L)S$8E*"+9BO<U5&3B"0J`A!Z[ACI)M!*27LO$,16@
M@">HDIE0I)[UJNC&-RJ$9;^\$?C.U\6NI8,"D+A%,E>)@75L8@%,L.#7*)")
M=+*NEF9$X_OBQ__-!M:M07Y2U;6H-D>MC6\(0R`",9DI-G<J#&BNRT0Z,L$$
M:#*SCU<#Y`(%Z4\'PI$.`IT:(D7Y-X8R@QD5/>+B2`F`=3Q`#+3T&@72X8DJ
MU&R,)@WA)4>H21-JKT&<\QPH1V<V#]X0`[=@WCY<-X8AL((50Y@DUS(Q#0HH
M@'\&96;L;JG#7#K#AS[EY$"$&!\B$N^(V,0``'Q!.B=2X*33R$0QXUH%_EG0
M=1X+5Q3],<4\-8V7W_R3U,3)1;RFXXQ*8.(+QS>&3!AS#,A+1SH@@;C%,O.P
M^E1C_.;736\B)"]7DIH$]5>VK*JM@)5U(M@8-E=45"&,:+UHV_P(-Q+_,G`B
M_PB+;G>[')!&;:`CK6PL]_$X!*2VCI%-QQ-$QT&\@M"2KJ1<J+0QG$VJI!G8
MS:YVFW$W>R""&RL,Y7'5ME58(&X+PQ4<*J:!BEM8C8Y:Q>'5K'&[<E!B$NZ`
M1SSNH8S^^M>___B%@`=,X%^0X0.CL$$ALE$)6B`C?,;S&BIDAP17*O)XDEVN
MA=&+UVQ:C0%)2(8*PJ$*5;1#'>\`AHI7O.)_Y./%,(ZQ"PXL!ANLH0*5V(4I
MN'@Z"@0``]#8L/]LN-[VDM2R943LU2X0@ST<8``#2(`YBB"%*EOYRBZ.L9;/
M0`8BB&$&A:B`'3)``KYA=<CK.Z/HSHQ<KF4X_XU,A*AL#7@U%,0@#`(00!02
M0``J7$,?@`YTH+.L91B?`1->GD$?4F`''-3"S"6=\R7ARSBJHF(+5UNHVIXK
MN0U$(`Q/WG,1J$`#09N:T(5VP:&)8.,^\`(,1A"O8HTZ!ME9DLV,&\-,GY'&
M,)H6;%O-H3]J(0=B'$```X@"`8H0@E*;>M"%AO&,,5'C-?0AQ\4XJP+P&NQ,
MBZ_2566"Y,R&9@_[@P%7:,2QD[WL$#Q;T*C6\HP_\.4;YWC'Y.PP!@*PU^8*
M3M?IX'4B[WI9)5NM#3$8P;KY7(0_OQO0\8XQE^D-9C&3&=*_-L%A,6`-K$D`
M$N"VZO(2AU>,6LW.H/].-I])_7"(1_O%J[8!F!GM:$@3_+0!2($?JQ!;M%$@
MKKWV=80W7<E.?SK/HF9YRR-N:$2W^M6Q;B&2N5;<8?X,B505N=7+"6SY6HW8
MQ,`SNT?M[(<S/1_SKO:U=S$+"`].=N;-M,($]_-,O';<&4?%OO>*;B<CF^'N
M;KD^SIYV!>,X`_C>>@T6OS&]\WMY/ULJXQ>?=078''",3W-F_7&!$RC\[\MV
M^-)?/O$OAWG,!9`9SZQA#3IFGFC\7@#/%E`S)DR>\:B8J"]8SWN>E^[V!>2]
M-5`>ZI6+WNRD[[+I#^\!(SC?^;/8@@NI27U(V&((N7B^$9:0->I[7YGG@(#_
M&U`P?C<,HOO>K^8TL`$!\J-`#7L0^YZ7K73DI_K`B;9V"BH!!D#T'PP9``L2
M,(`$2(!,\`PO0`C]%X`%V(`2,`Z1$`&Z,(&Z(`S<YX`#Z`*$$`,3V`4C`&IY
MIG+M5G;/QG2KIG85D`(IP`LLN'^[``M+$(,R.(.:T`EVP(*[H`DS.(.#T(,J
MT`AA$(1[(`P]6(1&V(,1&(1!>`!,&())1X*GEFHQ9VT5P`MV``A8>(.5``BT
MD`&[@`,9$(9@&(:T0`A8Z']?&(9BB`.7H`9JH`)=L`=R&'^ZX(8]T`.@@(=W
MV`-JD`SQ-P)SN`<?B'0,=WQ1*&_X]W2`\`).P`.R_R`+"6@)/."(/-`)3B`+
M/.`$ESB)DXB)G<"(ET@*3D`(Q_`#/W`"Q$`,)V"*$3`"Q!`#IO@#Q+`'KQB+
M)]`($;"*IG@%GQ=EH3=ZB$AQ8=9@LU``+=`"-R`+M-`-QM@"HI`+QK@)(&",
MIG",QF@!3N`!<``-)!`*>>`$9<``+7`$5P`!J]`"?G`">Z`&%W",:.!YH-".
M+1`*Y&B.Y]@&/Z!NR*9LS`:,$J=\,]=H068U!2`+V79)@H!OR#"0^W,*<'!)
M4B0*`[D!>+`*5G,#,9`,37`U^)@,;D`V?B`'!7`U(.9WOMB/]B=Q3J=H*0`&
M.W,U)"`*'6<UT(`%0;8`?/]@!,M09OXP!<NP#!7F#Z9@!#SI#1U'`G\0`0S@
M2K$0`7,PD_[0`C^@`AMY-3?`"63S!@EW;//7</[X8JKV`:QF;:_6=C+C#]80
M"FAI-=V0!:)3"[U`"#APDX*@`\L@.M#0";0`E%-PD-!P`Q?0<<2&!TM)`H^&
ME&JPE#.Y"E4SDVAP='J6`&3WE6A'8S-@;SKF#]#`D`M0E-Y@-:8PBD;0<=#0
M"[00E,A@"8#0"89`"(E'-NCF!@M0#;%09M4@!SU09JO@1X:)EL4F?Y+9;)3)
M98EV>A=G"D$IE&6V`%PP!593!I;`=E8#!Y9P<?ZP"4Z@`UG`".S`DPS``#SY
M!G+_4&:UT`:/M@!'P`FB\P8SN0!-T''HIH\G&7@I"7,KN6B`\))E\)!H^9(U
MR9.G\`*(9S4@8`DXP),W0`I\T''(\&BU(`,]L)3^@`9O<#@3B@+#!@J/QGD5
MZ@]-L)6@YY5?&99CZ6I@L`RNE`O.Z0_+8`2@F04=9PV]H`-S:36"T`D9<)"=
M*3H%T';G%@/"X*!HT'$7T`1-(*&`>6YJ0)["(*&<<`5X%IF3.:(T9F,X!@;%
MT)E9,`N=20M3('NSL#,+4``)Z`%'4Y.$\(53P#-H:0HYRGI-$`$04`O6P``7
ML``,H`)U^)[6<`&K8`U-H`)_V@01:@T/&G;[*)GU]VZH_S9O8UF%8(`#'H`#
MD>H!&>"2'F"IDFJIA-!HF4JIE9!CDNI\E+H+F<H%\`<*$``!<["JH""'%;BJ
MK0H!;]BJ*J`&LJH+)LF/]%F?JG:?^P<(.M`).O`".D`(Q-H)EF`)G2"LS8JL
MA*`#RZH#TKJL+Z"LTPH(QT`,$1`#WCJ+WMJ*83`"'LBMC1`#C8"+L]BMZ`J"
M8]>KC+IEB%9O50@(6"`*AL`(LJ`#[/`)6?``#Y`'EG"OQLH(3H`%F\`(>9`%
MIP"PHM`+#<L(I(`%%A`#&X`&:&`!J(BQ?P"E0=@%>"`'<G`$/Y`,,I`$$7"Q
M)"N?_+BH)1B,U89C7KH)WE`+K?^0"]W0G5.`!&W0"E/P`(8P"VW`#E.`#`5`
MLP4`#:90!L5@"E-PM+G0!C)@IT6Z`4WP!JO0!NIX`&%`E7[`";5P!!L0"DF`
MM>=(CBG7E?!ZB(8&D*>'`P7`!=NX"5S0#7Q@"IW@`04@"'NK`TL["\XH"+E`
M"[,`!U@`MXQ@"%-0!K/0!)PPCAL@!V[0`A8@`T^J<"/0`ZO`"4U``GZP`1<0
M"ZN@!CWP!L(0=NO6LE`(;_+*:BQI!WHK"$@`N"```K,``ME8`'?[":=Y"ED`
M!R30#:V@`W!0H&;:#2U``H9@"BCP!@6P"JNP`6IPI./89.,Z!]&["ECK!V_0
M!'X0`\3_(`=70`R#&)E]MKK0)FUG()9/=Z)PD`M(D`5(0`*G8`H/P`/%4`Q&
MT`)Y`(U<``(\D`O0(`CRNPF=,`NFD`O+L+<%P`D7X`=)(+)O<`13ZP<_D`2-
MH`MND+T]<`'4X,`W\`>QT`1)D`2\R)7*YF=42F]6RG_Y:P13@`6S``W0V`W=
M``>TH+<M,)1P&PK=4`PT&K\Z4+0O8`2FP`=(<`G0&PH7`+JAT`07``I-<`02
MV+T0<`%XX`8D``HHP`"AL`JL^KV]"'@CNKXE^FICF`%R"88>T*)J_(7+<"EP
M;`1EF`$XH(`X4,=@R(9SX`9N``$J``I^W`/"T`3)0`RZ``J*_]P#74#(==C'
MPI`,P@`*C?!Y\Z?"]9D/,:=H.':&@&`'5WB%6<@+E2#*H=I_GUS*J8R%JOS)
MD;`'71#+(T"NL7RKE3RN@BB(@#C+Y*K+@@B<4QJO_YA_?9""*I@"QGS,*E@!
M*<@+R)S,R'S,QIS,%1`)2@AJ7!N$(U#)3,BUW>S-V=S-(+B/](>^+B=C^%=O
MA5`(?=#.[-P'[PS/Z_S.\^S.ZRS/]MS.VT`.QY9G_BP`W_S/`CW0_RR"*)G)
MFIS.,C<##-W0#;T&#GV9#@W1$5W1#/T-R`9E&CT`!;W1'OW14!8%7>FR;*N^
MF""68I#2-E!C*JW2*YW2-?;2,0W3+_\MTRS]#2*=TSJMT3J=`'OFTWN6TT"=
M`'Q&?X;XLE)(!B<MED30U$[]U$3P`4S=U%,=U4Y=U53]#>90U`30U40MTD3=
MU6(]UF0]UD4P:D>-U-%V!ERFU)CPUF[]UG)-!G%-UW-=UW`]USLP96?=UT5`
MUGX=V()]UE1`!<(I>.?\<BZPV&S=V([=V(P-V8ZM:H]-V6?@`GM]#2&PV2%0
MV'Y=V)P=`M>@V:+=V:4MVM=@SL+\<JS=VJ[]<CL@!:9&`S1`VJFMVOJ`VX@]
M>*_=V[[-VK&]V\(]W*O]V\;MV\%-W,H]W&=WW,ZM9<F]W-*]=/]0W=9]W=B=
2W=J]W=S=W=X'_=W@G=T!`0`[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
