THE EXPLORATION EQUIPMENT SUPPLIER TM Johnson Rice Energy Conference October 4, 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…
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…
Global Seismic Market Worldwide demand for seismic services, both land and marine Seismic is critical component for maximizing exploration success and efficiency Industry trend toward higher resolution surveys requires higher…
Worlds Largest Lease Pool Extensive state-of-the-art equipment inventory deployed worldwide addresses current market needs quickly and efficiently Land Over 220,000 recording channels Geophones Heli-pickers Associated equipment…
Broad Global Footprint Canada U.K Russia Hungary United States Colombia Singapore Peru Australia 7
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…
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…
Broad Demand for Our Services Exposure to diverse geographic markets North America Latin America Europe Southeast Asia Marine activity continues to expand Seamap equipment sales Marine rentals Land activity strong 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 13
Record Results 6 mos FY FY 2013 2012 2011 Total revenues 57,711 112,834 71,363 Core leasing revenues 31,890 70,137 36,825 Operating income 13,007 34,544 6,921 Net income 9,5581 24,321 4,729 Diluted EPS 0.721 2.02 0.46…
Total Revenue 120 110 100 90 80 in millions 70 60 50 40 30 20 10 0 2006 2007 2008 2009 2010 2011 2012 1H 2013 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 1H 2013 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 1H 2013 FYE January 31 17
Seamap Revenue and Gross Profit 30 Revenue Gross Profit 25 20 in millions 15 10 5 0 2006 2007 2008 2009 2010 2011 2012 1H 2013 Seamap acquired July 2005 FYE January 31 18
Capital Expenditures Additions to Lease Pool 200 million investment 80 70 60 in millions 50 40 30 20 10 0 2006 2007 2008 2009 2010 2011 2012 1H 2013 FYE January 31 19
Financial Utilization of Lease Pool (one way to measure utilization) FYE January 31, ( in millions) 2006 2007 2008 2009 2010 2011 2012 6 Mos 2013 Average lease pool 74.0 82.0 102.5 121.9 139.5 159.4 195.2 226.7 investment…
Solid Financial Liquidity July 31, 2012 (in thousands) Cash and short-term investments 21,642 Working capital 55,769 Outstanding line of credit 12,400 1 Available line of credit - 50 million 34,600 1 facility 1 Approx.…
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 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) 6 mos 2006 2007 2008 2009 2010 2011 2012 2013 Net income (loss) 10,855 9,285 11,439 9,065 520 4,729 24,321 14,858 Interest (422) (836) (479) (350) 415 473 396…
THE EXPLORATION EQUIPMENT SUPPLIER TM October 4, 2012 28
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