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21.04.2020 22:30:00
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Mitcham Industries Reports Fiscal 2020 Fourth Quarter And Year End Results And Announces Addition To Management Team
THE WOODLANDS, Texas, April 21, 2020 /PRNewswire/ -- Mitcham Industries, Inc. (NASDAQ: MIND) ("Mitcham" or "the Company") today announced financial results for its fiscal 2020 fourth quarter and year ended January 31, 2020.
Total revenues for the fourth quarter of fiscal 2020 were $13.3 million, compared to $10.7 million in the third quarter of fiscal 2020 and $12.3 million in the fourth quarter of fiscal 2019. The 24% sequential improvement was driven primarily by a 9% sequential increase in Marine Technology Products segment revenues. Total revenues for fiscal 2020 were $42.7 million compared to $42.9 million for fiscal 2019.
The Company reported a net loss of $3.7 million in the fourth quarter of fiscal 2020, compared to a net loss of $2.0 million in the third quarter of fiscal 2020, and a net loss of $4.2 million in the fourth quarter of fiscal 2019. Fourth quarter of fiscal 2020 net loss attributable to common shareholders was $4.3 million, or a $(0.35) loss per share, compared to a loss of $2.6 million, or a $(0.21) loss per share, in the third quarter of fiscal 2020, and a loss of $4.6 million, or a $(0.38) loss per share, in the fourth quarter of fiscal 2019. On an annual basis, the Company reported a net loss of $13. 3 million attributable to common shareholders in fiscal 2020, or a $(1.10) loss per share, compared to a net loss of $21.6 million, or a $(1.78) loss per share in fiscal 2019. Due to recent changes in the world oil prices and disruptions in the global economy as a result of the COVID-19 pandemic, the Company reevaluated the collectability of accounts receivable. As a result, the Company recorded a provision for doubtful accounts of approximately $2.0 million, as well as a $760,000 impairment charge to intangible assets in the fourth quarter of fiscal 2020. Without the effect of these adjustments, net loss for the fourth quarter of fiscal 2020 was approximately $948,000 and the operating loss was approximately $168,000.
Adjusted EBITDA for the fourth quarter of fiscal 2020 was a $124,000 compared to $198,000 in the third quarter of fiscal 2020 and $111,000 in the fourth quarter of fiscal 2019. For the full year, Adjusted EBITDA was a loss of $568,000 in fiscal 2020 compared to a profit of $928,000 in the prior year. Without the effect of the provision for doubtful accounts discussed above Adjusted EBITDA for the fourth quarter and full year of fiscal 2020 was approximately $2.1 million and $1.4 million, respectively. 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 fourth quarter results came in near expectations when excluding the provision for doubtful accounts and impairment of intangible assets, despite not recognizing two sales that had been scheduled for the fourth quarter. Fiscal 2020 was a year characterized by accelerating momentum in the development of our Marine Technology Products segment, as we made good progress in attracting senior leadership, developing new technologies and attaining new business in the pursuit of our strategic vision of becoming a leading global provider of marine technology products.
"We have meaningfully reduced our dependence on traditional oil and gas activities since undertaking this transformation and we continue to adapt to the challenging conditions and operational disruptions brought on by the COVID-19 pandemic. We continue to work closely with our customers to uphold commitments and assure a high level of service and support while also looking for ways to reduce our expenses and capital outlays due to the heightened economic uncertainty brought on by this global crisis. While unprecedented market disruptions and low commodity prices are difficult to predict or manage, our operational flexibility and debt-free capital structure have enabled us to weather unfavorable fundamentals in the past. We continue to pursue our vision to solidify our foundation in the worldwide marine technology market," concluded Capps.
Additionally, the Company announced that it has made a key addition to its management team. On April 21, Dennis P. Morris was appointed as Chief Operating Officer. Mr. Morris has extensive global experience in the maritime defense technology sector serving in senior executive positions at L3Harris Technologies, the CEO role at both SAFE Boats International and Allen Vanguard Corp., in addition to various executive roles at BAE Systems in both the UK and the US. During his career, Mr. Morris has been recognized for his success in developing complex engineered systems and solutions that drove organic growth and global market share. He is a former U.S. Navy Submarine Officer, serving in active duty from 1983 to 1991 and retiring from the Naval reserves in 1999, and held several government management consulting roles during that time. Mr. Morris received his Bachelor of Science Electrical Engineering degree from the University of Houston in 1983 and his Master of Business Administration degree from Georgetown University in 1997.
Guy Malden, Mitcham's Co-Chief Executive Officer commented, "We are thrilled to have Dennis join us. We believe his background and skill sets fit perfectly with the direction we are taking Mitcham. While his primary initial focus will be in our sonar business, we look forward to his contributions across our business."
CONFERENCE CALL
Management has scheduled a conference call for Wednesday, April 22nd at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) to discuss fiscal 2020 fourth quarter and full year results. To access the call, please dial (412) 902-0030 and ask for the Mitcham Industries call at least 10 minutes prior to the start time. Investors may also listen to the conference live on the Mitcham Industries corporate website, http://www.mitchamindustries.com, by logging onto the site and clicking "Investor Relations." A telephonic replay of the conference call will be available through April 29, 2020 and may be accessed by calling (201) 612-7415 and using passcode 13700750#. A webcast archive will also be available at http://www.mitchamindustries.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Dennard Lascar Investor Relations by email mind@dennardlascar.com.
About Mitcham Industries
Mitcham Industries, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, Mitcham has a global presence with operating locations in the United States, Canada, Singapore, Malaysia, Hungary, Colombia and the United Kingdom. Mitcham's worldwide Marine Technology Products segment, which includes its Seamap and Klein Marine Systems units, designs, manufactures and sells specialized, high performance, marine sonar and seismic equipment. Through its Equipment Leasing segment, Mitcham believes it is the largest independent provider of exploration equipment to the seismic industry.
Contacts: | Rob Capps, Co-CEO |
Mitcham Industries, Inc. | |
936-291-2277 | |
Ken Dennard / Zach Vaughan | |
Dennard Lascar Investor Relations | |
713-529-6600 |
Forward-looking Statements
Certain statements and information in this press release concerning results for the quarter ended January 31, 2020 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Tables to Follow
MITCHAM INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) | |||||||
January 31, 2020 | January 31, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3,090 | $ | 9,389 | |||
Restricted cash | 144 | 160 | |||||
Accounts receivable, net of allowance for doubtful accounts of $4,054 and $2,113 at January 31, 2020 and 2019, respectively | 11,921 | 12,082 | |||||
Inventories, net | 13,261 | 10,774 | |||||
Prepaid expenses and other current assets | 2,211 | 1,735 | |||||
Assets held for sale | — | 2,202 | |||||
Total current assets | 30,627 | 36,342 | |||||
Seismic equipment lease pool and property and equipment, net | 13,777 | 14,155 | |||||
Operating lease right-of-use assets | 2,300 | — | |||||
Intangible assets, net | 8,161 | 10,495 | |||||
Goodwill | 2,531 | 2,531 | |||||
Non-current prepaid income taxes | — | 128 | |||||
Deferred tax asset | — | 68 | |||||
Long-term receivables, net of allowance for doubtful accounts of $- and $- atJanuary 31, 2020 and January 31, 2019, respectively | 403 | 712 | |||||
Other assets | 429 | 584 | |||||
Long-term assets held for sale | — | 286 | |||||
Total assets | $ | 58,228 | $ | 65,301 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,650 | $ | 1,534 | |||
Deferred revenue | 765 | 1,040 | |||||
Accrued expenses and other current liabilities | 3,452 | 3,738 | |||||
Income taxes payable | 242 | 224 | |||||
Operating lease liabilities - current | 1,339 | — | |||||
Liabilities held for sale | — | 892 | |||||
Total current liabilities | 8,448 | 7,428 | |||||
Operating lease liabilities - non-current | 961 | — | |||||
Other non-current liabilities | 967 | 1,195 | |||||
Deferred tax liability | 200 | — | |||||
Total liabilities | 10,576 | 8,623 | |||||
Shareholders' equity: | |||||||
Preferred stock, $1.00 par value; 1,000 shares authorized; 994 and 830 shares issued and outstanding at January 31, 2020 and January 31, 2019, respectively | 22,104 | 18,330 | |||||
Common stock, $0.01 par value; 20,000 shares authorized; 14,097 and 14,049 shares issued at January 31, 2020, and January 31, 2019, respectively | 141 | 140 | |||||
Additional paid-in capital | 123,964 | 123,085 | |||||
Treasury stock, at cost (1,929 shares at January 31, 2020 and 2019) | (16,860) | (16,860) | |||||
Accumulated deficit | (77,310) | (63,973) | |||||
Accumulated other comprehensive loss | (4,387) | (4,044) | |||||
Total shareholders' equity | 47,652 | 56,678 | |||||
Total liabilities and shareholders' equity | $ | 58,228 | $ | 65,301 | |||
MITCHAM INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | ||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues: | ||||||||||||||||
Sale of marine technology products | $ | 8,776 | $ | 6,851 | $ | 29,538 | $ | 25,571 | ||||||||
Equipment leasing | 4,204 | 3,934 | 11,206 | 11,427 | ||||||||||||
Sale of lease pool and other equipment | 277 | 1,543 | 1,931 | 5,944 | ||||||||||||
Total revenues | 13,257 | 12,328 | 42,675 | 42,942 | ||||||||||||
Cost of sales: | ||||||||||||||||
Sale of marine technology products | 4,411 | 4,657 | 16,481 | 14,863 | ||||||||||||
Equipment leasing (including lease pool depreciation) | 2,859 | 3,402 | 8,983 | 13,522 | ||||||||||||
Equipment sales | 40 | 858 | 590 | 2,817 | ||||||||||||
Total cost of sales | 7,310 | 8,917 | 26,054 | 31,202 | ||||||||||||
Gross profit | 5,947 | 3,411 | 16,621 | 11,740 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 4,984 | 4,952 | 19,716 | 20,905 | ||||||||||||
Research and development | 408 | 302 | 1,850 | 1,159 | ||||||||||||
Provision for doubtful accounts | 2,000 | — | 2,000 | 200 | ||||||||||||
Impairment of intangible assets | 760 | — | 760 | — | ||||||||||||
Depreciation and amortization | 723 | 680 | 2,670 | 2,496 | ||||||||||||
Total operating expenses | 8,875 | 5,934 | 26,996 | 24,760 | ||||||||||||
Operating loss | (2,928) | (2,523) | (10,375) | (13,020) | ||||||||||||
Other income (expense): | ||||||||||||||||
Loss on sale (including $5,355 of net cumulative translation loss) | — | (500) | — | (5,405) | ||||||||||||
Reserve against non-current prepaid income taxes | — | (1,211) | — | (1,211) | ||||||||||||
Interest (expense) income, net | (12) | 25 | (46) | 72 | ||||||||||||
Other, net | (53) | 33 | 12 | (24) | ||||||||||||
Total other expense | (65) | (1,653) | (34) | (6,568) | ||||||||||||
Loss before income taxes | (2,993) | (4,176) | (10,409) | (19,588) | ||||||||||||
Benefit (provision) for income taxes | (715) | 21 | (878) | (252) | ||||||||||||
Net loss | $ | (3,708) | $ | (4,155) | $ | (11,287) | $ | (19,840) | ||||||||
Preferred stock dividends | (558) | (463) | (2,050) | (1,708) | ||||||||||||
Net loss attributable to common shareholders | $ | (4,266) | $ | (4,618) | $ | (13,337) | $ | (21,548) | ||||||||
Net loss per common share: | ||||||||||||||||
Basic | $ | (0.35) | $ | (0.38) | $ | (1.10) | $ | (1.78) | ||||||||
Diluted | $ | (0.35) | $ | (0.38) | $ | (1.10) | $ | (1.78) | ||||||||
Shares used in computing loss per common share: | ||||||||||||||||
Basic | 12,167 | 12,119 | 12,143 | 12,105 | ||||||||||||
Diluted | 12,167 | 12,119 | 12,143 | 12,105 | ||||||||||||
MITCHAM INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | ||||||||
For the Twelve Months Ended | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (11,287) | $ | (19,840) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 7,768 | 11,814 | ||||||
Stock-based compensation | 854 | 781 | ||||||
Impairment | 760 | — | ||||||
Provision for doubtful accounts, net of charge offs | 2,000 | 200 | ||||||
Provision for inventory obsolescence | 298 | 140 | ||||||
Gross profit from sale of lease pool equipment | (1,197) | (2,367) | ||||||
Loss on sale of business | — | 5,405 | ||||||
Deferred tax expense | 503 | (376) | ||||||
Non-current prepaid income taxes | 50 | 1,577 | ||||||
Changes in: | ||||||||
Accounts receivable | (1,723) | 1,292 | ||||||
Unbilled revenue | (327) | (340) | ||||||
Inventories | (2,810) | (781) | ||||||
Prepaid expenses and other current assets | (506) | (1,382) | ||||||
Accounts payable, accrued expenses and other current liabilities | (178) | (722) | ||||||
Deferred revenue | (335) | 567 | ||||||
Foreign exchange losses net of gains | 313 | 171 | ||||||
Current assets held for sale | — | (2,202) | ||||||
Current liabilities held for sale | — | 892 | ||||||
Net cash used in operating activities | (5,817) | (5,171) | ||||||
Cash flows from investing activities: | ||||||||
Purchases of seismic equipment held for lease | (2,955) | (1,717) | ||||||
Acquisition of assets | — | (3,000) | ||||||
Purchases of property and equipment | (1,036) | (814) | ||||||
Sales of used lease pool equipment | 1,664 | 5,663 | ||||||
Sale of business, net of cash sold | 239 | (147) | ||||||
Net cash used in investing activities | (2,088) | (15) | ||||||
Cash flows from financing activities: | ||||||||
Net proceeds from preferred stock offering | 3,773 | 6,853 | ||||||
Preferred stock dividends | (2,050) | (1,708) | ||||||
Proceeds from exercise of stock options | 26 | — | ||||||
Net cash provided by financing activities | 1,749 | 5,145 | ||||||
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | (159) | (270) | ||||||
Net increase (decrease) in cash and cash equivalents, including cash classifiedwithin current assets held for sale | — | 458 | ||||||
Less: Net increase (decrease) in cash classified within current assets held for sale | — | (458) | ||||||
Net decrease in cash, cash equivalents and restricted cash | (6,315) | (597) | ||||||
Cash, cash equivalents and restricted cash, beginning of period | 9,549 | 10,146 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 3,234 | $ | 9,549 | ||||
MITCHAM INDUSTRIES, INC. Reconciliation of Net Loss and Net Cash Provided by Operating Activities to EBITDA and Adjusted EBITDA (in thousands) (unaudited) | ||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Reconciliation of Net loss to EBITDA and Adjusted EBITDA | ||||||||||||||||
Net loss | $ | (3,708) | $ | (4,155) | $ | (11,287) | $ | (19,840) | ||||||||
Interest expense (income), net | 12 | (25) | 46 | (72) | ||||||||||||
Depreciation and amortization | 1,962 | 2,630 | 7,768 | 11,814 | ||||||||||||
Provision (benefit) for income taxes | 715 | (21) | 878 | 252 | ||||||||||||
EBITDA (1) | (1,019) | (1,571) | (2,595) | (7,846) | ||||||||||||
Non-cash foreign exchange losses | 102 | 2 | 258 | 5,620 | ||||||||||||
Stock-based compensation | 243 | 206 | 854 | 781 | ||||||||||||
Impairment of intangible assets | 760 | — | 760 | — | ||||||||||||
Reserve against non-current prepaid income taxes | — | 1,211 | — | 1,211 | ||||||||||||
Cost of lease pool sales | 38 | 263 | 155 | 1,162 | ||||||||||||
Adjusted EBITDA (1) | $ | 124 | $ | 111 | $ | (568) | $ | 928 | ||||||||
Reconciliation of Net Cash Provided by Operating Activities to EBITDA | ||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,569) | $ | 2,503 | $ | (5,817) | $ | (5,457) | ||||||||
Stock-based compensation | (243) | (206) | (854) | (781) | ||||||||||||
Provision for doubtful accounts | (2,000) | — | (2,000) | (200) | ||||||||||||
Provision for inventory obsolescence | (275) | — | (298) | (140) | ||||||||||||
Changes in accounts receivable (current and long-term) | 728 | (4,605) | 2,050 | (1,292) | ||||||||||||
Interest paid | 23 | 6 | 63 | 8 | ||||||||||||
Taxes paid, net of refunds | 173 | 208 | 498 | 622 | ||||||||||||
Gross profit from sale of lease pool equipment | 210 | 519 | 1,197 | 2,367 | ||||||||||||
Loss on sale of subsidiaries | — | (500) | — | (5,405) | ||||||||||||
Changes in inventory | (25) | (523) | 2,810 | 781 | ||||||||||||
Changes in accounts payable, accrued expenses and other current liabilities and deferred revenue | 1,765 | 57 | 178 | 155 | ||||||||||||
Impairment of intangible assets | (760) | — | (760) | — | ||||||||||||
Changes in prepaid expenses and other current assets | 746 | 224 | 506 | 1,382 | ||||||||||||
Foreign exchange (losses) gains, net | (83) | 165 | (313) | (171) | ||||||||||||
Reserve against non-current prepaid income taxes | — | (1,211) | — | (1,211) | ||||||||||||
Net assets held for sale | — | 1,596 | — | 1,596 | ||||||||||||
Other | 291 | 196 | 145 | (100) | ||||||||||||
EBITDA (1) | $ | (1,019) | $ | (1,571) | $ | (2,595) | $ | (7,846) | ||||||||
1. | EBITDA is defined as net income before (a) interest income and interest expense, (b) provision for (or benefit from) income taxes and (c) depreciation and amortization. Adjusted EBITDA excludes non-cash foreign exchange gains and losses, non-cash costs of lease pool equipment sales, impairment of intangible assets, stock-based compensation and other non-cash tax related items. We consider EBITDA and Adjusted EBITDA to be important indicators for the performance of our business, but not measures of performance or liquidity calculated in accordance with GAAP. These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with GAAP. Rather, we have included these non-GAAP financial measures because management utilizes this information for assessing our performance and liquidity, and as indicators of our ability to make capital expenditures and finance working capital requirements and. We believe that EBITDA and Adjusted EBITDA are measurements that are commonly used by analysts and some investors in evaluating the performance and liquidity of companies such as us. In particular, we believe that it is useful to our analysts and investors to understand this relationship because it excludes transactions not related to our core cash operating activities. We believe that excluding these transactions allows investors to meaningfully trend and analyze the performance of our core cash operations. EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under GAAP and should not be considered in isolation or as alternatives to cash flow from operating activities or as alternatives to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. In evaluating our performance as measured by EBITDA, management recognizes and considers the limitations of this measurement. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA and Adjusted EBITDA are only two of the measurements that management utilizes. Other companies in our industry may calculate EBITDA or Adjusted EBITDA differently than we do and EBITDA and Adjusted EBITDA may not be comparable with similarly titled measures reported by other companies. |
Mitcham Industries, Inc. Segment Operating Results (in thousands) (unaudited) | ||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues: | ||||||||||||||||
Marine technology products | $ | 8,780 | $ | 6,743 | $ | 29,572 | $ | 25,768 | ||||||||
Equipment leasing | 4,481 | 5,477 | 13,213 | 17,383 | ||||||||||||
Inter-segment sales | (4) | 108 | (110) | (209) | ||||||||||||
Total revenues | 13,257 | 12,328 | 42,675 | 42,942 | ||||||||||||
Cost of sales: | ||||||||||||||||
Marine technology products | 4,415 | 4,530 | 16,591 | 15,027 | ||||||||||||
Equipment leasing | 2,899 | 4,293 | 9,573 | 16,384 | ||||||||||||
Inter-segment costs | (4) | 94 | (110) | (209) | ||||||||||||
Total cost of sales | 7,310 | 8,917 | 26,054 | 31,202 | ||||||||||||
Gross profit | 5,947 | 3,411 | 16,621 | 11,740 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 4,984 | 4,952 | 19,716 | 20,905 | ||||||||||||
Research and development | 408 | 302 | 1,850 | 1,159 | ||||||||||||
Provision for doubtful accounts | 2,000 | — | 2,000 | 200 | ||||||||||||
Impairment of intangible assets | 760 | — | 760 | — | ||||||||||||
Depreciation and amortization | 723 | 680 | 2,670 | 2,496 | ||||||||||||
Total operating expenses | 8,875 | 5,934 | 26,996 | 24,760 | ||||||||||||
Operating loss | $ | (2,928) | $ | (2,523) | $ | (10,375) | $ | (13,020) | ||||||||
Marine Technology Products Segment: | ||||||||||||||||
Revenues: | ||||||||||||||||
Seamap | $ | 7,091 | $ | 4,886 | $ | 22,003 | $ | 15,989 | ||||||||
Klein | 1,689 | 1,279 | 7,472 | 7,474 | ||||||||||||
SAP | — | 902 | 101 | 3,264 | ||||||||||||
Intra-segment sales | — | (324) | (4) | (959) | ||||||||||||
8,780 | 6,743 | 29,572 | 25,768 | |||||||||||||
Cost of sales: | ||||||||||||||||
Seamap | 3,148 | 3,068 | 10,955 | 8,566 | ||||||||||||
Klein | 1,267 | 1,069 | 5,545 | 4,748 | ||||||||||||
SAP | — | 717 | 95 | 2,686 | ||||||||||||
Intra-segment sales | — | (324) | (4) | (973) | ||||||||||||
4,415 | 4,530 | 16,591 | 15,027 | |||||||||||||
Gross profit | $ | 4,365 | $ | 2,213 | $ | 12,981 | $ | 10,741 | ||||||||
Gross profit margin | 50 | % | 33 | % | 44 | % | 42 | % | ||||||||
Equipment Leasing Segment: | ||||||||||||||||
Revenue: | ||||||||||||||||
Equipment leasing | $ | 4,204 | $ | 3,934 | $ | 11,281 | $ | 11,439 | ||||||||
Lease pool equipment sales | 249 | 781 | 1,353 | 3,529 | ||||||||||||
Other equipment sales | 28 | 762 | 579 | 2,415 | ||||||||||||
4,481 | 5,477 | 13,213 | 17,383 | |||||||||||||
Cost of sales: | ||||||||||||||||
Direct costs-equipment leasing | 1,658 | 1,524 | 4,025 | 4,381 | ||||||||||||
Lease pool depreciation | 1,203 | 1,911 | 4,960 | 9,186 | ||||||||||||
Cost of lease pool equipment sales | 37 | 263 | 154 | 1,162 | ||||||||||||
Cost of other equipment sales | 1 | 595 | 434 | 1,655 | ||||||||||||
2,899 | 4,293 | 9,573 | 16,384 | |||||||||||||
Gross profit (loss) | $ | 1,582 | $ | 1,184 | $ | 3,640 | $ | 999 | ||||||||
View original content:http://www.prnewswire.com/news-releases/mitcham-industries-reports-fiscal-2020-fourth-quarter-and-year-end-results-and-announces-addition-to-management-team-301044709.html
SOURCE Mitcham Industries, Inc.
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