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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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