Mitcham Industries Reports Q4 EPS of $0.23 vs. $0.21

Mitcham Industries, Inc. MIND today announced financial results for its fiscal 2011 fourth quarter ended January 31, 2011. Total revenues for the fourth quarter of fiscal 2011 increased 14% to $19.7 million from $17.4 million in the fourth quarter of fiscal 2010. Net income for the fourth quarter of fiscal 2011 increased threefold to $1.8 million, or $0.17 per diluted share, from $0.6 million, or $0.06 per diluted share, in the fourth quarter of fiscal 2010. Excluding the impact of a $1.0 million charge to provision for doubtful accounts, net income for the fourth quarter was approximately $2.3 million, or $0.23 per diluted share.