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Mitchum Industries warns on FQ4 revenue as energy cutbacks sting

Mar. 10, 2015 8:58 AM ETMIND Technology, Inc. (MIND)By: Carl Surran, SA News Editor
  • Mitcham Industries (NASDAQ:MIND) -14% AH after warning that FQ4 results would fall far short of expectations, due to declining energy prices that have reduced capital spending in the industry, resulting in lower seismic acquisition activity.
  • MIND says it now sees revenue for the three months ended Jan. 31 at $13M-$15M vs. analyst consensus of $23.7M, with a net loss before taxes of $10M-$12M.
  • In its update, MIND cites canceled projects in Canada, the impact of renegotiated Russian contracts, and a delay in a significant European project as primary drags on revenue.

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