Keep Your Eyes on Stock News: Mitcham Industries (NASDAQ:MIND)

On Wednesday Mitcham Industries (NASDAQ:MIND) traded with change of -3.23% on volume of 187588 shares in the last session as compared to average volume of 24444 shares. During last trade its minimum price was $2.1 and it gained highest price of $2.27. MIND has total market capitalization of $25469638. Its closing value stands at $2.1.

On Dec. 04, 2019, Mitcham Industries (NASDAQ:MIND) declared financial results for its fiscal 2020 third quarter ended October 31, 2019.

Total revenues for the third quarter of fiscal 2020 was $10.7 million, compared to $8.9 million in the second quarter of fiscal 2020 and $14.7 million in the third quarter of fiscal 2019.  The 20% sequential improvement was driven primarily by further growth within the Marine Technology Products segment.  Year-over-year declines in revenue were primarily due to several sizeable system deliveries during the last year’s third quarter, as well as incremental revenue contributions from our former Australian subsidiary, SAP, which has since been sold and is no longer a part of the Company’s operations.

The Company reported a net loss of $2.0 million in the third quarter of fiscal 2020, compared to a net loss of $3.1 million in the second quarter of fiscal 2020, and a net loss of $5.2 million in the third quarter of fiscal 2019.  Third quarter of fiscal 2020 net loss attributable to common shareholders was $2.6 million, or $(0.21) per share, compared to a loss of $3.6 million, or $(0.30) per share, in the second quarter of fiscal 2019, and a loss of $5.6 million, or $(0.47) per share, in the third quarter of fiscal 2019.

Adjusted EBITDA for the third quarter of fiscal 2020 was $198,000, compared to a loss of $1.0 million in the second quarter of fiscal 2020 and Adjusted EBITDA of $3.4 million in the third quarter of fiscal 2019.  Adjusted EBITDA, which is a non-GAAP measure, is defined and reconciled to reported net loss and cash provided by operating activities in the accompanying financial tables.

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