News Spotlight: Mitcham Industries (NASDAQ:MIND)

Mitcham Industries (NASDAQ:MIND) stock observed trading -25.34% off 52-week high price. On the other end, the stock has been noted 32.00% away from low price over the last 52-weeks. The stock disclosed a move of -15.64% away from 50 day moving average and -13.29% away from 200 day moving average. Moving closer, we can see that shares have been trading -12.12% off 20-day moving average. It has market cap of $40.36M.

 On Sept. 04, 2019,   Mitcham Industries (NASDAQ:MIND) declared financial results for its fiscal 2020 second quarter ended July 31, 2019.

Total revenues for the second quarter of fiscal 2020 increased 7% to $8.9 million, compared to $8.4 million in the second quarter of fiscal 2019.  The improvement was driven primarily by further growth within the Marine Technology Products segment.  Revenues from the Marine Technology Products segment rose 12% to $6.7 million in the second quarter, compared to $6.0 million in the same period last year.  Revenue from the Equipment Leasing segment was $2.2 millionin the second quarter, down 12% from $2.5 million in the same period last year.

The Company reported a net loss of $3.1 million in the second quarter of fiscal 2020 compared to a net loss of $4.6 million in the same period during fiscal 2019.  The net loss attributable to common shareholders of $3.6 million, or $(0.30) per share, in the second quarter of fiscal 2020 improved from a loss of $5.0 million, or $(0.41) per share, in the second quarter of fiscal 2019.

Adjusted EBITDA for the second quarter of fiscal 2020 was a loss of $1.0 million, relatively flat with the loss of approximately $1.1 million in the same period last year.  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 2020 second quarter results came in as expected.We continue to see encouraging order activity for our Marine Technology products segment and saw a 12% year-over-year increase in top-line growth this quarter.  Our revenues were affected mostly by the delay of seismic source controller orders that appear to have been pushed out until later this year.  However, our backlog of firm orders continues to grow and reached approximately $14 million as of July 31, 2019, an increase of 27% from $11.0 million at April 30, 2019 and up from $8.7 million at January 31, 2019.  Orders for our new MA-X sonar technology contributed to our backlog growth. We ramped up our research and development expenses by 60% in the quarter as we continue to expand our technology offerings and respond to specific customer requests.

 The USA based company Mitcham Industries moved with change of 4.10% to $3.3 with the total traded volume of 367219 shares in recent session versus to an average volume of 33.55K. The stock was observed in the 5 days activity at -8.33%. The one month performance of stock was -17.09%. MIND’s shares are at -17.50% for the quarter and driving a -17.50% return over the course of the past year and is now at 28.91% since this point in 2018.  Right now the stock beta is 2.02. The average volatility for the week and month was at 10.23% and 9.21% respectively. There are 12.23M shares outstanding and 11.48M shares are floated in market.

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