THE EXPLORATION EQUIPMENT SUPPLIER TM Johnson Rice & Company 2013 Energy Conference October 2, 2013 1
Forward-Looking Statement Certain statement and information in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words believe, expect,…
Company Overview Business: Seismic Equipment Rentals and Sales Largest independent lessor of advanced seismic equipment Designer and manufacturer of marine seismic equipment through Seamap business unit Nine worldwide locations…
Seismic Market Data Seismic M-C Data Data Proc & Equipment Company Leasing Acquisition Crews Library Interp Mfg Mitcham Geokinetics Dawson Tidelands PGS BGP CGG (Sercel) WesternGeco (Schlumberger) Global…
Worlds Largest Equipment Lease Pool Extensive state-of-the-art equipment inventory deployed worldwide addresses market needs quickly and efficiently Land Over 230,000 recording channels Geophones Heli-pickers Other associated…
The Leasing Advantage Why customers lease versus buy Better utilization of capital Lowers prospect of idle equipment between jobs Reduces capital expenditures for new seismic equipment Allows use of capital for equipment that is…
The Mitcham Leasing Model Unique business within seismic industry Leasing seismic equipment provides a cost effective alternative for seismic contractors Volume leverage in the business model at minimal incremental costs…
Leading Manufacturer of Specialized Marine Seismic Equipment Seamap designs, manufactures and sells a variety of industry-leading products for marine seismic market GunLink energy source controllers have become the preferred choice…
Revenue Distribution Other equip FYE 1-31-12 sales Land leasing 13% 52% Leasing 62% Seamap sales 25% Marine leasing 10% Other equip FYE 1-31-13 sales Land leasing 18% 41% Leasing 52% Seamap sales 30% Marine…
Extensive Global Footprint Canada U.K. Russia Hungary United States Colombia Singapore Peru Australia 10
Growing Global Seismic Market Global E&P capital spending continues to be robust Worldwide demand for seismic services, both land and marine Increasing demand for higher resolution surveys Requires higher channel count Increasingly…
Broad Demand for Our Services Exposure to diverse geographic markets North America Latin America Europe North Africa Southeast Asia and Pacific Rim Marine Opportunities Seamap equipment sales Marine rentals Land Activity Periodic…
Positioned to Exploit Opportunities Demonstrated revenue generating capacity Large and diverse lease pool Over 200 million added over last 6 years Global footprint Industry-leading manufacturing operation Business model with…
Financial Highlights 14
Total Revenue 120 110 United States Foreign 100 90 80 in millions 70 60 50 40 30 20 10 0 2006 2007 2008 2009 2010 2011 2012 2013 6 mos 2014 FYE January 31 15
EBITDA 70 65 60 55 50 45 in millions 40 35 30 25 20 15 10 5 0 2006 2007 2008 2009 2010 2011 2012 2013 6 mos 2014 FYE January 31 See reconciliation of EBITDA to reported income in appendix. 16
Core Leasing Revenue 70 60 50 in millions 40 30 20 10 0 2006 2007 2008 2009 2010 2011 2012 2013 6 mos 2014 FYE January 31 17
Seamap Revenue and Gross Profit 35 Revenue Gross Profit 30 25 in millions 20 15 10 5 0 2006 2007 2008 2009 2010 2011 2012 2013 6 mos 2014 Seamap acquired July 2005 FYE January 31 18
Solid Financial Liquidity July 31, 2013 (in thousands) Cash and short-term investments 21,017 Working capital 56,943 Outstanding line of credit 0 Available line of credit - 50 million facility 49,500 1 million share…
Investment Highlights Unique opportunity in seismic space Leasing model provides superior margins compared to other segments of seismic industry Highly profitable manufacturing operation World-wide market presence and global…
Appendix 22
Longstanding Customer Relationships International seismic contractors Indigenous seismic contractors State-owned oil and gas companies International service companies 23
Overview of Seismic Industry Mitcham Industries (MIND) Equipment lessor Manufacture & sale of equipment Original Equipment Data Acquisition Contractors Data Processors/Interpreters/ Manufacturers End-Users OEMs Dawson…
Seismic Surveying The First Step in Energy Step 1 - Seismic Step 2 - Drilling Step 3 - Refining Step 4 End User Energy Source Search Receive Data Record Data Process Data Land Marine 25
EBITDA Reconciliation Fiscal Year Ended January 31, (in thousands) 2006 2007 2008 2009 2010 2011 2012 2013 Q2 2014 Net income 10,855 9,285 11,439 9,065 520 4,729 24,321 17,051 5,614 Interest (422) (836) (479) (350) 415 473…
THE EXPLORATION EQUIPMENT SUPPLIER TM Johnson Rice & Company 2013 Energy Conference October 2, 2013 27
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