Mitcham Industries Reports Fiscal 2011 Q2 Results

Mitcham Industries, Inc. MIND today announced financial results for its fiscal 2011 second quarter ended July 31, 2010. Total revenues for the second quarter of fiscal 2011 were $15.2 million compared to $12.7 million in the second quarter of fiscal 2010. The Company reported a net loss of $0.1 million, or $0.01 per share, for the second quarter of fiscal 2011 compared to net loss of $1.0 million, or $0.10 per share, for the second quarter of fiscal 2010. Fiscal 2011 second quarter results include a charge of $0.8 million to the Company's provision for doubtful accounts. Without this charge, the Company's second quarter 2011 net income would have been approximately $0.4 million, or $0.04 per diluted share.