THE EXPLORATION EQUIPMENT SUPPLIER TM Pritchard Capital Partners, LLC Energize 2012 San Francisco January 4 - 5, 2012 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 Leasing and Sales Largest independent lessor of latest technological seismic equipment worldwide Designs, manufactures and sells marine seismic equipment through Seamap business unit…
Growing Global Seismic Market Increasing worldwide demand for seismic services, both land and marine Industry trend toward higher resolution surveys requires higher channel count Expanded applications for seismic Exploration…
Seismic Market Data Seismic M-C Data Data Proc & Equipment Company Leasing Acquisition Crews Library Interp Mfg Mitcham Geokinetics Dawson Tidelands PGS BGP CGGVeritas (Sercel) WesternGeco (Schlumberger) Global…
Worlds Largest Lease Pool Extensive state-of-the-art equipment inventory deployed worldwide addresses current market needs quickly and efficiently Land Over 170,000 recording channels Geophones Heli-pickers Associated equipment…
Leading Manufacturer of Targeted Marine 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 with 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 not…
The Mitcham Leasing Model Leasing seismic equipment provides a cost effective and unique alternative for seismic contractors Volume leverage in the business model at minimal incremental costs Targeted payback of approximately 2…
Improving Demand for Our Services Inquiries, bids and contract activity brisk Seismic contractors reporting increased backlog Growing international markets Latin America Eastern Europe Marine Seamap continues strong…
Positioned for Growth Actions in recent years position Mitcham for strong growth Expansion of lease pool 200 million added over last 6 years New products Operating facilities in new geographies Expanded organization Increase in…
Financial Highlights 12
Record FY2012 Nine-month Results 9 Mos FY12 9 Mos FY11 % Change Total Revenues 75,800 51,628 +47% Core Leasing Revenues 46,458 24,133 +93% Operating Income 19,972 3,623 +451% Net Income 14,146 2,975 +375% Diluted EPS 1.21…
Total Revenue 100 90 Full Year First Nine Months 80 70 60 in millions 50 40 30 20 10 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FYE January 31 14
EBITDA 50 45 Full Year 40 First Nine Months 35 in millions 30 25 20 15 10 5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FYE January 31 See reconciliation of EBITDA to reported income in appendix. 15
Core Leasing Revenue 50 45 Full Year First Nine Months 40 35 30 in millions 25 20 15 10 5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FYE January 31 16
Seamap Revenue and Gross Profit 30 Revenue Gross Profit 25 20 in millions 15 10 5 0 2006 2007 2008 2009 2010 2011 9 mos 2012 Seamap acquired July 2005 FYE January 31 17
Capital Expenditures Additions to Lease Pool 200 million investment 80 70 60 in millions 50 40 30 20 10 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Est FYE January 31 18
Financial Utilization of Lease Pool (one way to measure utilization) FYE January 31, ( in millions) 2006 2007 2008 2009 2010 2011 2012 YTD 9 mos Average lease pool investment 74.0 82.0 102.5 121.9 139.5 159.4 192.3 Leasing Revenues…
Solid Financial Liquidity October 31, 2011 (in thousands) Cash and short-term investments 15,906 Working capital 23,922 Outstanding line of credit 3,950 1 Available line of credit 30,050 1 1 Approx. 16.2 million…
Investment Highlights Growing markets Latin America Europe Marine New products Leasing and manufacturing business models provide superior margins compared to other segments of seismic industry Highly profitable manufacturing…
Appendix 22
Broad Global Footprint Canada U.K Russia Hungary United States Colombia Singapore Peru Australia 23
Longstanding Customer Relationships International seismic contractors Indigenous seismic contractors State-owned oil and gas companies International service companies 24
Overview of Seismic Industry Mitcham Industries (MIND) Equipment lessor Manufacture & sale of equipment Sale of experienced equipment Support services Original Equipment Data Acquisition Contractors Data…
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 26
EBITDA Reconciliation Fiscal Year Ended January 31, (in thousands) 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 9 mos. Net income (loss) (10,099) (6,289) 2,129 10,855 9,285 11,439 9,065 520 4,729 14,156 Interest 281 176…
THE EXPLORATION EQUIPMENT SUPPLIER TM Pritchard Capital Partners, LLC Energize 2012 San Francisco January 4 - 5, 2012 28
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