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FINANCIAL
INFORMATION
1) Condensed Financial Statements
CONDENSED FINANCIAL STATEMENTS
Mitcham Industries, Inc.
CONDENSED BALANCE SHEET
(in thousands)
ASSETS
Current Assets: |
April 30, 1997
(unaudited) |
January 31, 1997
(audited) |
 |
Cash |
$12,760 |
$301 |
Accounts receivable, net |
6,044 |
3,598 |
Installment notes receivable, trade |
738 |
1,141 |
Inventories |
436 |
473 |
Prepaid expenses and other current assets |
97 |
100 |
Total Current Assets: |
$20,075 |
$5,613 |
Seismic equipment lease pool, net |
18,240 |
17,963 |
Property plant and equipment, net |
723 |
619 |
Other assets |
57 |
98 |
Total Assets: |
$39,095 |
$24,293 |
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: |
April 30, 1997
(unaudited) |
January 31, 1997
(audited) |
 |
Notes payable to bank |
- |
999 |
Current portion of long-term debt |
- |
938 |
Accounts payable |
631 |
1,941 |
Income taxes payable |
836 |
267 |
Deferred income taxes payable |
1,170 |
902 |
Accrued liabilities and other current liabilities |
733 |
685 |
Total Current Liabilities: |
$3,370 |
$5,732 |
Long-term Debt |
Long-term debt, net of current portion |
48 |
2,674 |
Deferred income taxes |
645 |
645 |
Total Liabilities: |
$4,063 |
$9,051 |
 |
Stockholders' Equity: |
 |
Preferred stock, $1.00 par value; 1,000,000 shares authorized, none
issued and outstanding |
- |
- |
Common stock, $.01 par value; 20,000,000 shares authorized, 7,358,260
and 4,474,880 shares, repectively, issued and outstanding |
74 |
45 |
Additional paid-in capital |
26,860 |
8,819 |
Retained earnings |
8,098 |
6,378 |
Total Stockholders' Equity: |
$35,032 |
$15,242 |
Total Liabilities and Stockholders' Equity: |
$39,095 |
$24,293 |
Mitcham Industries, Inc.
CONDENSED STATEMENTS OF INCOME
(in thousands except per share data)
(unaudited)
|
Three months ended April
30 |
1997 |
1996 |
Revenues: |
Leases of seismic equipment |
$4,116 |
$1,804 |
Sales of seismic equipment |
1,420 |
466 |
Total Revenues: |
$5,536 |
$2,270 |
Costs and Expenses: |
Seismic equipment subleases |
42 |
47 |
Sales of seismic equipment |
981 |
373 |
General and administrative |
586 |
362 |
Provision for bad debt |
289 |
140 |
Depreciation |
1,219 |
530 |
Total Cost and Expenses: |
$3,117 |
$1,452 |
Other Income (expense): |
Interest, net |
155 |
(48) |
Other, net |
46 |
19 |
Total Other Income(expense): |
201 |
(29) |
Income before income taxes |
2,620 |
789 |
Provision for income taxes |
897 |
284 |
Net income: |
$1,723 |
$505 |
Primary earnings per common share
and common equivalent share |
$0.28 |
$0.13 |
Primary shares used in computing earnings per
average common and common equivalent
share outstanding |
6,239,000 |
4,024,000 |
Mitcham Industries, Inc.
CONDENSED STATEMENTS OF CASHFLOW
(in thousands)
Three Months Ended April
30, |
Cash flows from operating activities: |
1997 |
1996 |
Net income |
$1,723 |
$505 |
Adjustments to reconcile net income to net cash flows
from operating activities: |
Receivables, net |
(2,043) |
(702) |
Accounts payable and other current liabilities |
(1,170) |
139 |
Depreciation |
1,161 |
530 |
Deferred income taxes |
268 |
- |
Other, net |
51 |
201 |
Net cash provided by operating activities |
(10) |
673 |
Cash flows from investing activities: |
Purchases of seismic equipment held for lease |
(1,693) |
(1,145) |
Proceeds from sale of lease pool equipment |
778 |
- |
Purchases of property and equipment |
(161) |
(23) |
Net cash used in investing activities |
(1,076) |
(1,168) |
Cash flows from financing activities: |
Payments on short-term borrowings |
(1,937) |
(400) |
Proceeds from long-term debt |
- |
3,126 |
Payments on long-term debt and capitalized lease obligations |
(2,626) |
(377) |
Proceeds from issuance of common stock, net of offering expenses |
18,108 |
1,421 |
Net cash provided (used) by financing activities |
13,545 |
3,770 |
Net increase in cash |
12,459 |
3,275 |
Cash, beginning of period |
301 |
637 |
Cash, end of period |
|
|
|
$12,760 |
$3,912 |
Supplemental cash flow information: |
Cash paid for: |
Interest |
$ 17 |
17 |
Taxes |
- |
35 |
Equipment purchases in accounts payable |
$ 429 |
267 |
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