Mitcham Industries (NASDAQ: MIND) reported Q3 EPS of ($0.06). Revenue for the quarter came in at $14.7 million versus the consensus estimate of $12.5 million.

Rob Capps, Mitcham's Co-Chief Executive Officer, stated, "Our third quarter results reflect marked improvement compared to not only the third quarter of last year but also to the entire first half of this fiscal year. This improved performance is slightly better than originally anticipated and reflects the impact from the strategic steps we have taken over the past several years.

"As previously anticipated, our Marine Technology Products segment experienced an increase in activity during the third quarter, resulting in a significant improvement in top-line growth. Our Seamap business delivered a digital source controller system during the quarter; and there has been a healthy increase in demand for spare parts and repairs. The large installed base of Seamap products is providing substantial upside in terms of increased repairs and maintenance, and we expect that business to continue to grow in the fourth quarter and into fiscal 2020. We anticipate the delivery of our first SeaLink system in the fourth quarter, as well as an additional digital source controller system. Increased marine exploration activity, including ocean bottom node surveys, has resulted in increased inquiries for source controller and RGPS positioning systems. We expect SeaLink repair activity to continue to ramp-up in the fourth quarter and beyond.

"For our Klein business, we saw a significant improvement from recent periods. This was driven in part by the delivery of a previously announced order for our flagship 5900 sonar system for the Royal Netherlands Navy. We are experiencing a pick-up in activity at Klein, and we are receiving an increasing level of inquiries from our continued engagement with various navies in addition to hydrographic and oceanographic companies.

"On the Equipment Leasing front, we finalized our exit from the Russian market during the third quarter, resulting in a decrease in overhead costs. The restructuring of our leasing business over the past couple of years is now paying off, and we have started to benefit from our cost reductions efforts. Leasing activity is experiencing increased activity in the United States, Colombia, and Europe. This contributed to a 53% increase in leasing revenues over the prior year quarter.

"On the financial front, our capital structure remains strong, with no debt on our balance sheet and ample liquidity, including cash and cash equivalents of $5.6 million as of October 31, 2018. We are excited to be benefitting from our strategic re-positioning of the company as evidenced by the improved results from both Seamap and Klein this quarter. As we build on our position in the marine technology marketplace, we expect to grow the company by taking advantage of the opportunities afforded us in several new markets. We expect our fourth quarter will continue this trend."

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