Mitcham Industries, Inc. (NASDAQ: MIND) (“Mitcham” or “the Company”) reported its financial results for its fiscal 2k20 3rd-quarter finished October 31, 2k19.
Total revenues for the 3rd-quarter of fiscal 2k20 was $10.70M, compared to $8.90M in the 2nd-quarter of fiscal 2k20 and $14.70M in the 3rd-quarter of fiscal 2k19. The 20.00 percent 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 throughout the last year’s 3rd-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 $2.00M in the 3rd-quarter of fiscal 2k20, compared to a net loss of $3.10M in the 2nd-quarter of fiscal 2k20, and a net loss of $5.20M in the 3rd-quarter of fiscal 2k19. 3rd-quarter of fiscal 2k20 net loss attributable to common shareholders was $2.60M, or $(0.210) for each share, compared to a loss of $3.60M, or $(0.300) for each share, in the 2nd-quarter of fiscal 2k19, and a loss of $5.60M, or $(0.470) for each share, in the 3rd-quarter of fiscal 2k19.
Adjusted EBITDA for the 3rd-quarter of fiscal 2k20 was $198,000.00, compared to a loss of $1.00M in the 2nd-quarter of fiscal 2k20 and Adjusted EBITDA of $3.40M in the 3rd-quarter of fiscal 2k19. 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.
Rob Capps, Mitcham’s Co-Chief Executive Officer, stated, “Our fiscal 2k20 3rd-quarter results came in slightly better than expected. We continue our strategic shift as we expanded our position in marine markets with our new technology and products. Our Marine Technology Products segment has accounted for approximately 70.00 percent of our total revenues so far this year. We saw sequential improvement this quarter not just in revenues, but also in operating income and adjusted EBITDA.