Mitcham Industries Inc. specializes in the short-term leasing of seismic equipment to the
oil and gas industry. Seismic technology provides accurate data for identifying oil and gas deposits, making it an
invaluable tool for exploration companies striving to increase productivity and reduce exploration costs. The cost of acquiring the state-of-the-art seismic equipment can run as high as $4.5 million. Mitcham solves the high cost of seismic equipment acquisition for exploration companies by leasing the equipment and offering maintenance and support to companies on a short-term basis. The Company has sales and services offices in Calgary, Canada, Brisbane, Australia, Singapore and the United Kingdom; and with associates throughout Europe, South America and Asia, Mitcham is among the largest independent exploration equipment lessor in the industry.

For the nine months ended 31 October 2005, Mitcham's revenues increased 26% to $24.5M. Net income from continuing operations totaled $6.2M, up from $622K. Mitcham had a 3-month price growth rate  of 115.4% (vs. the Industry's 19.3% rate), a 6-month rate of 139.5% (vs. the Industry's 28.9% rate), and  a 12-month rate of 246.3% (vs. the Industry's 81.6% rate).  The Company was founded in 1987 and has its corporate offices in Huntsville, Texas. Number of employees: 68.

Sector: Service; Industry: Rental & Leasing; Ticker: MIND;  Exch: NSDQ;  01/13/06 Price: $20.72) 

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