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Mitcham Industries says Q2 leasing revenue declined sequentially

Mitcham Industries provided n operational update on its equipment leasing operations for Q2. Preliminary unaudited results indicate that, as expected, leasing revenue did decline sequentially in the Q2 due to normal seasonal factors. Delays in the start-up of various projects, primarily in South America, due to permitting and weather issues that were experienced in Q1 continued into the second quarter, the company said. This has resulted in Q2 leasing revenue that are lower than originally anticipated. Based on preliminary results, it is likely that reported leasing revenue for Q2 will be approximately $10M-$11M, which is below the $12.3M reported for Q2 of last year.