<SEC-DOCUMENT>0001299933-15-000358.txt : 20150309
<SEC-HEADER>0001299933-15-000358.hdr.sgml : 20150309
<ACCEPTANCE-DATETIME>20150309170345
ACCESSION NUMBER:		0001299933-15-000358
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150309
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20150309
DATE AS OF CHANGE:		20150309

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:		15685940

	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
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<DOCUMENT>
<TYPE>8-K
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<FILENAME>htm_51414.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Mitcham Industries, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	March 9, 2015
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	Mitcham Industries, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Texas
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	000-25142
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	76-0210849
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	8141 SH 75 South, P.O. Box 1175, Huntsville, Texas
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	77342
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_________________________________<BR>
	(Address of principal executive offices)
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___________<BR>
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	Registrant&#146;s telephone number, including area code:
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	936-291-2277
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 2.02 Results of Operations and Financial Condition.
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On March 9, 2015 Mitcham Industries, Inc. issued a press release regarding the preliminary, unaudited financial results for the quarter ended January 31, 2015. The date and time for a conference call discussing the financial results are also included in the press release. The text of the press release is attached to this report as Exhibit 99.1. <br><br>
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<BR><BR><BR><BR><P ALIGN="LEFT" STYLE="FONT-SIZE: 10PT">The information in this report is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Item 2.02 of form 8-K will not be incorporated by reference into any filing under the Securties Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. </P><!-- PageBreak START -->
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	SIGNATURES
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	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.
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	Mitcham Industries, Inc.
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<I>
	March 9, 2015
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	By:
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<I>
	Robert P. Capps
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	Name: Robert P. Capps
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	Title: Chief Financial Officer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
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Mitcham Industries, Inc. press release dated March 9, 2015
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<TYPE>EX-99.1
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<P align="left" style="font-size: 10pt; text-indent: 1%"><FONT style="font-size: 24pt"> <B><I>NEWS RELEASE</I></B>
</FONT>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt"> Contacts:</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Rob Capps, EVP &#038; Co-COO<BR>
Mitcham Industries, Inc.<BR>
936-291-2277</FONT></DIV></TD>
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<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top"><FONT style="font-size: 12pt"><B>For Immediate Release</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 12pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt"><BR></FONT>
<FONT style="font-size: 10pt">Jack Lascar / Jenny Zhou<BR>
Dennard ? Lascar Associates<BR>
713-529-6600</FONT></DIV></TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt"><FONT style="font-size: 14pt"><B>MITCHAM INDUSTRIES PROVIDES<BR>
FISCAL 2015 FOURTH QUARTER UPDATE</B></FONT>



<P align="center" style="font-size: 14pt"><FONT style="font-size: 12pt"><B><I>Company to host conference call on Tuesday, March&nbsp;10, 2015 at 8:00 A.M Central Time</I></B></FONT>



<P align="left" style="font-size: 12pt"><B>HUNTSVILLE, TX &#150; MARCH 9, 2015 </B>&#150; Mitcham Industries, Inc. (NASDAQ: MIND) today </FONT><FONT style="font-size: 11pt">is providing an
update for its fourth quarter of fiscal 2015 ended January&nbsp;31, 2015 based on preliminary, unaudited
financial results.
</FONT>

<P align="left" style="font-size: 11pt; text-indent: 4%"><FONT style="font-size: 12pt">The rapid decline in energy prices that occurred in the second half of calendar 2014 has
reduced planned capital spending within the energy industry resulting in lower seismic acquisition
activity. Mitcham Industries has experienced the impact of these developments on both its revenue
and earnings during its fiscal fourth quarter.
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 4%">Fourth quarter leasing revenues, which were previously anticipated to be similar to the third
quarter of fiscal 2015, are now expected to be below the third quarter of fiscal 2015 and below the
fourth quarter of fiscal 2014, primarily due to the cancellation of anticipated projects in Canada,
the impact of renegotiated pricing of Russian contracts and a one quarter delay in the start-up of
a significant project in Europe. In addition, an anticipated sale by Seamap was postponed until the
first quarter of fiscal 2016 due to a delay in the delivery of third-party provided items. As a
result of these factors, Mitcham Industries currently anticipates fourth quarter total revenues to
be between $13.0 and $15.0&nbsp;million and leasing revenues to be between $8.0 and $10.0&nbsp;million.


<P align="left" style="font-size: 12pt; text-indent: 4%">Due to generally deteriorating industry conditions, Mitcham Industries is also anticipating
making an additional provision for doubtful accounts receivable. In addition, during the quarter it
incurred significant foreign exchange losses as a result of the strengthening of the U.S. dollar
versus the Euro, the Russian Ruble and the Colombian Peso.


<P align="left" style="font-size: 12pt; text-indent: 4%">As a result of the above items, Mitcham Industries expects to report a loss before income
taxes of between $10.0 and $12.0&nbsp;million for the fourth quarter of fiscal 2015.


<P align="left" style="font-size: 12pt; text-indent: 4%">In light of these results and the near-term challenges facing the seismic industry, the
Company is evaluating the recoverability of certain deferred tax assets, such as loss carryovers
and foreign tax credit carryovers. This evaluation could result in the establishment of a
valuation allowance related to these assets.


<P align="left" style="font-size: 12pt; text-indent: 4%">Rob Capps, Executive Vice President, Chief Financial Officer and Interim Co-COO, said, &#147;Over
the past several quarters, we have been operating in the midst of a slowdown in the seismic data
acquisition industry as oil and gas companies have been reducing exploration spending and are
increasingly focused on improving capital returns and cash flow generation as a way to deal with a
major decline in oil prices.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;There are pockets of opportunity, with potential prospects in Alaska, Europe, North Africa,
the Middle East, the Pacific Rim and Latin America, as well as a recent uptick in inquiries for the
rental of marine equipment. Nevertheless, we currently expect the soft seismic market to continue
and our fiscal 2016 revenues to be lower than that of fiscal 2015.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;We estimate that we continued to generate free cash flow during the fourth quarter. During
the quarter, we reduced our outstanding indebtedness by $8.3&nbsp;million and subsequent to January&nbsp;31,
2015, reduced debt by another $1.8&nbsp;million giving us more than $33&nbsp;million of additional liquidity
available under our revolving credit agreements. We believe we are comfortably in compliance with
all the provisions of our credit agreements and expect to remain so during fiscal 2016.


<P align="left" style="font-size: 12pt; text-indent: 4%">&#147;We have considerable experience navigating these industry cycles and our strong balance sheet
provides stability and flexibility. We believe we are well positioned to make the most of any
opportunities that may occur in this environment.&#148;


<P align="left" style="font-size: 12pt; text-indent: 4%">These preliminary results could differ materially from the final results that will be reported
on or about April&nbsp;7, 2015 for fourth quarter fiscal 2015. The expected results presented in this
release are preliminary and unaudited, have not been reviewed by our independent registered public
accountants, and are subject to regular closing processes that could result in significant
adjustments.


<P align="left" style="font-size: 12pt"><B>CONFERENCE CALL</B>


<P align="left" style="font-size: 12pt; text-indent: 4%">The Company has scheduled a conference call for Tuesday, March&nbsp;10, 2015 at 8:00 a.m. Central
Time (9:00 a.m. Eastern Time) to discuss the preliminary fiscal 2015 fourth quarter results. To
access the call, please dial (201)&nbsp;689-8349 and ask for the Mitcham Industries call at least
10&nbsp;minutes prior to the start time. Investors may also listen to the conference live on the
Mitcham Industries corporate website, <U>http://www.mitchamindustries.com</U>, by logging onto the
site and clicking &#147;Investor Relations.&#148; A telephonic replay of the conference call will be
available through March&nbsp;24, 2015 and may be accessed by calling (201)&nbsp;612-7415 and using pass code
13603829#. A webcast archive will also be available at <U>http://www.mitchamindustries.com</U>
shortly after the call and will be accessible for approximately 90&nbsp;days. For more information,
please contact Donna Washburn at Dennard ? Lascar Associates (713)&nbsp;529-6600 or email
<U>dwashburn@dennardlascar.com</U>.


<P align="left" style="font-size: 12pt">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; Singapore; Ufa, Bashkortostan, Russia; Budapest,
Hungary; Lima, Peru; Bogota, Colombia and the United Kingdom, Mitcham conducts operations on a
global scale and is the largest independent exploration equipment lessor in the industry. Through
its Seamap business, Mitcham designs, manufactures and sells specialized seismic marine equipment.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 11pt"><I>Certain statements and information in this press release concerning results for the quarter
ended January&nbsp;31, 2015 may constitute &#147;forward-looking statements&#148; within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements in this release that are
&#147;forward-looking&#148; include without limitation Mitcham Industries&#146; preliminary estimates of revenues
and earnings for the fourth quarter of fiscal 2015. The words &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148;
&#147;plan,&#148; &#147;intend,&#148; &#147;should,&#148; &#147;would,&#148; &#147;could&#148; or other similar expressions are intended to identify
forward-looking statements, which are generally not historical in nature. These forward-looking
statements are based on our current expectations and beliefs concerning future developments and
their potential effect on us. While management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future developments affecting us will
be those that we anticipate. All comments concerning our expectations for future revenues and
operating results are based on our forecasts of our existing operations and do not include the
potential impact of any future acquisitions. Our forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and assumptions that could cause
actual results to differ materially from our historical experience and our present expectations or
projections.</I>
<BR>
<I>For additional information regarding known material factors that could cause our actual results to
differ from our projected results, please see our filings with the SEC, including our Annual Report
on </I><I>Form 10-K</I><I>, Quarterly Reports on </I><I>Form 10-Q</I><I> and Current Reports on </I><I>Form 8-K</I><I>.</I>
</FONT>

<P align="left" style="font-size: 11pt"><I>Readers are cautioned not to place undue reliance on forward-looking statements, which speak only
as of the date hereof. We undertake no obligation to publically update or revise any
forward-looking statements after the date they are made, whether as a result of new information,
future events or otherwise.</I></FONT><FONT style="font-size: 10pt"> </FONT><FONT style="font-size: 11pt"><I>Further, we have not yet completed closing procedures for the
fourth quarter of fiscal 2015, and our independent registered public accounting firm has not yet
reviewed the results. Accordingly, these preliminary results are subject to change pending
finalization, and actual results could differ materially as we finalize such results.</I>
</FONT>

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