Monday, Mitcham Industries Inc. (MIND), reported a marginal fall in its net income for the second quarter of fiscal 2009, despite a revenue growth of 14% during the period. The Huntsville, Texas-based seismic equipments supplier also reaffirmed its earnings and revenue outlook for the full year.
Mitcham Industries posted second quarter net income of $1.63 million or $0.16 per share, lower than $1.72 million or $0.17 per share in the same period last year.
On average, four analysts polled by First Call/Thomson Financial expected the company to earn $0.23 per share for the quarter.
The company attributed the drop in earnings to higher lease pool depreciation, that rose approximately 50% from the second quarter of last year.
Revenues during the period rose 14% to $17.50 million from $15.40 million in the prior year, boosted by higher equipment sales and leasing, which increased 20 % year-over-year to $7.5 million.
Seamap segment sales however experienced a 41% dip in the quarter to $3.3 million. The company expects to report stronger Seamap sales in the second half of the year.
Additionally, Mitcham Industries has now confirmed its full year outlook. Revenues are expected in the range of $78 million to $82 million, while earnings are expected between $1.35 and $1.40 per share.
Analysts currently expect the company to earn $1.40 per share on revenues of approximately $78.29 million for the full year.
For the first-half, the company recorded a net income of $5.90 million or $0.57 per share, higher than the income of $5.66 million or $0.55 per share last year. Revenues however declined to $36.03 million from $38.41 million in the prior year.
MIND ended Monday trade at $13.59, up 3.50% or $0.46, on a volume of 114,626 shares on the Nasdaq.
In the after-hours session, the stock lost 8.02% or $1.09 reacting to the results, and is now currently trading at $12.50.
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