Mitcham Ind (MIND $16.87 -1.44) reported first quarter earnings of $0.81 per share, excluding approximately $0.18 in non-recurring charges, $0.01 worse than the Capital IQ consensus of $0.82, while revenues rose 30.6% year/year to $34.6 million versus the $37.98 million consensus.
"We are extremely pleased with this strong start to fiscal 2013. This was the second best quarter in the co's history and represents a first quarter record in terms of total revenues, leasing revenues, net income, EPS and EBITDA. This performance was achieved despite the fact that certain expected Seamap deliveries were delayed until the second quarter, due to our customers' requirements, and that our business in Colombia was negatively impacted by delays in expected projects due to heavy rains. Expected revenues from these two items exceeded $4.5 million, and we estimate they negatively impacted our net income for the first quarter of fiscal 2013 by over $2.4 million, or ~$0.18/diluted share."






