THE EXPLORATION EQUIPMENT SUPPLIER GHS 100 Energy Conference June 23, 2015 1
Company Overview Global provider of seismic exploration equipment Founded in 1987 Revenue distribution Nasdaq: MIND FYE 1-31-15 Two business segments Other equipment land leasing sales 14% Largest independent lessor 54% of…
Management Team Billy F. Mitcham, Jr. President and CEO Over 35 years in seismic industry On medical leave of absence Robert P. Capps EVP, CFO, Co-COO Over 35 years financial experience, 9 years with Mitcham Guy Malden EVP…
Seismic Market Data Seismic M-C Data Data Proc & Equipment Company Leasing Acquisition Crews Library Interp Mfg Mitcham Geokinetics Dawson PGS BGP CGG (Sercel) WesternGeco (Schlumberger) Global Geophysical Seitel…
Longstanding Customer Relationships International seismic contractors Indigenous seismic contractors National oil and gas companies International service companies 6
Worlds Largest Equipment Lease Pool Extensive state-of-the-art equipment inventory deployed worldwide addresses market needs quickly and efficiently Land Over 290,000 recording channels Approx. 55,000 stations of 3-component Over…
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 Equipment…
Provider of Hydrographic and Oceanographic Equipment Australian subsidiary, SAP, acts as manufacturer representative for various products. Provides integration, training and support services. Equipment mostly used in numerous…
Leading Manufacturer of Specialized Marine Seismic Equipment Seamap designs, manufactures and sells a variety of industry-leading products for marine seismic market Dominant market position for energy source controllers with over…
Extensive Global Footprint Canada U.K. Russia Hungary United States Colombia Singapore Peru Australia 12
Global Seismic Market Seismic industry is experiencing a dramatic decline in activity due to slow-down in exploration activity by oil and gas companies. Excess capacity currently exists in the market, both marine and land. Most…
Demand for Our Services Despite overall slowdown and reduction in total business, some activity is ongoing, particularly in certain geographic areas. Demand varies geographically. Trend is towards fewer, but larger, land projects.…
Mitcham Near-Term Strategy Response to current environment: Reduce capex. Control costs. Refocus sales activities. Further reduce leverage. Rationalize and reposition investments in equipment. Position for inevitable industry…
Mitcham Advantages Broad geographic footprint. Capabilities in marine market Engineering and support resources. Manufacturing capabilities. Domain knowledge Seismic. Hydrographic Oceanographic. Industry-leading lease pool of…
Total Revenue 120 110 United States Foreign 100 90 80 in millions 70 60 50 40 30 20 10 0 2008 2009 2010 2011 2012 2013 2014 2015 FYE January 31 17
EBITDA 70 65 60 55 50 45 in millions 40 35 30 25 20 15 10 5 0 2008 2009 2010 2011 2012 2013 2014 2015 FYE January 31 See reconciliation of EBITDA to reported income in appendix. 18
Solid Financial Liquidity April 30, 2015 (in thousands) Cash and short-term investments 5,175 Working capital 44,100 Outstanding credit facilities 26,200 Available line of credit 33,000 Tangible net book value per share…
Investment Highlights Unique opportunity in seismic space. Scalable manufacturing operation. Leasing model provides superior margins compared to other segments of seismic industry. World-wide market presence and global…
Appendix 21
EBITDA Reconciliation Fiscal Year Ended January 31, (in thousands) 2008 2009 2010 2011 2012 2013 2014 2015 Net income 11,439 9,065 520 4,729 24,321 17,051 4,768 (9,192) Interest (479) (350) 415 473 396 (11) (10) 673…
THE EXPLORATION EQUIPMENT SUPPLIER GHS 100 Energy Conference June 23, 2015 23
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