Mind Blowing Numbers From Seismic Equipment Maker

Mitcham Industries or MIND supplies rental or new seismic equipment to the oil and gas industry, seismic contractors, government agencies and universities. It also manufactures specialized seismic equipment through its Seamap brand.

Have never heard of this company before, but I was just blown away by the results reported after hours today.

MIND reported earnings of $.52 versus and estimate of only $.22. It also reported 40% revenue growth to a record of $28M. Beating estimates by 150% is very impressive. The other impressive number was that leasing revenue jumped 116%.

Not being familiar with this sector I can't provide much in the way of opinion other than the stock is benefitting from the boom in demand for higher resolution 3D imaging in the shale plays and increased utilization in Latin America.

Is this just the start for MIND? Does it have a recently developed competitive advantage? Don't know, but would love to hear from any readers.

Details on the quarter:

• Total revenues for the third quarter increased 40% to a record $28.0 million from $20.0 million in the third quarter of fiscal 2011
• equipment leasing revenues rose 116% to $17.4 million from $8.1 million a year ago.  
• Net income for the third quarter increased to $6.8 million , or $0.52 per diluted share, compared to $727,000 , or $0.07 per diluted share, in the third quarter of fiscal 2011. 
• Bill Mitcham , the Company's President and CEO, stated, "We are extremely pleased with our third quarter results as this is the best quarter in the history of our Company in terms of total revenues, leasing revenues, net income and EBITDA.  These results are even more extraordinary since the third quarter is usually the second weakest quarter of the year.  Our third quarter leasing revenues of $17.4 million actually exceeded those in the first quarter, a first-time occurrence for the Company.  Historically, our first quarter has always produced the strongest leasing revenues of the year.
• "We remain encouraged by the level and quality of the inquiries and order activity as we continue to receive orders for longer-term jobs with higher channel counts.  We also look forward to the upcoming winter seasons in Russia and Canada , which we expect to be strong.  Additionally, we expect to continue to see a positive environment in Latin America and to experience new activity in North America , Europe and North Africa and, therefore, anticipate strong results for the full year." 

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