Mitcham Industries Earnings: Here’s Why Shares are Down Now

Mitcham Industries Inc. (NASDAQ:MIND) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.03%.

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Mitcham Industries Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 66.23% to $0.26 in the quarter versus EPS of $0.77 in the year-earlier quarter.

Revenue: Decreased 23.31% to $28.4 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Mitcham Industries Inc. reported adjusted EPS income of $0.26 per share. By that measure, the company missed the mean analyst estimate of $0.4. It missed the average revenue estimate of $29.58 million.

Quoting Management: Bill Mitcham, President and CEO, stated, “While fiscal 2013 did not turn out as we had anticipated going into this year, it was the second best year in our history in terms of revenues, earnings and EBITDA, with the best year being fiscal 2012. Our Seamap segment actually had its best year ever, generating record revenues and gross profit for fiscal 2013.

Key Stats (on next page)…