Mitchum Industries warns on FQ4 revenue as energy cutbacks sting

• 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.