THE EXPLORATION EQUIPMENT SUPPLIER TM The GHS Conference San Francisco July 18, 2011 1
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…
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…
Recent Equity Offering 2,300,000 shares of common stock Net proceeds of 31 million Use of proceeds Acquire additional equipment for rapidly growing markets Latin America Europe Marine Expand lease pool with new product offerings…
Record FY2012 First Quarter Results Q1 - FY12 Q1 - FY11 % Change Total Revenues 26,502 16,500 +61% Core Leasing Revenues 16,775 9,566 +75% Operating Income 8,972 2,477 +262% Net Income 6,093 2,394 +155% Diluted EPS 0.58 0.24…
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 o o Geokinetics o o o o Dawson o o o Tidelands o o PGS o o o o BGP o o o o CGGVeritas (Sercel) o o o o o…
Worlds Largest Lease Pool Extensive state-of-the-art equipment inventory deployed worldwide addresses current market needs quickly and efficiently Land Over 134,000 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 Southeast Asia Seamap continues strong…
Positioned for Seismic Recovery Actions in recent years position Mitcham for strong recovery Expansion of lease pool 160 million added over last 6 years New products Operating facilities in new geographies Expanded organization…
Financial Highlights 15
Total Revenue 80 Full Year 70 First Quarter 60 50 in millions 40 30 20 10 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FYE January 31 16
EBITDA See reconciliation of EBITDA to reported income in appendix. 17
Core Leasing Revenue 40 Full Year 35 First Quarter 30 25 in millions 20 15 10 5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FYE January 31 18
Seamap Revenue and Gross Profit Seamap acquired July 2005 19
Capital Expenditures Additions to Lease Pool 40 161 million investment 35 30 in millions 25 20 15 10 5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 FYE January 31 20
Financial Utilization of Lease Pool (one way to measure utilization) FYE January 31, ( in millions) 2005 2006 2007 2008 2009 2010 2011 Average lease pool investment 77.4 74.0 82.0 102.5 121.9 139.5 159.4 Leasing Revenues 17.1 22.1…
Solid Financial Liquidity April 30, 2011 (pro forma1) (in thousands) Cash and short-term investments 26,100 Working capital 29,800 Outstanding line of credit - Available line of credit 35,000 1Pro forma for June 2011…
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 24
Broad Global Footprint Canada U.K Russia United States Colombia Singapore Peru Australia 25
Longstanding Customer Relationships International seismic contractors Regional seismic contractors State-owned oil and gas companies Governmental institutions International service companies 26
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 28
EBITDA Reconciliation Fiscal Year Ended January 31, (in thousands) 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1 Net income (loss) (10,099) (6,289) 2,129 10,855 9,285 11,439 9,065 520 4,729 6,093 Interest 281 176 71…
THE EXPLORATION EQUIPMENT SUPPLIER TM The GHS Conference San Francisco July 18, 2011 30
Loading...
