MIND 8-K

Mind Technology, Inc (MIND)

8-K 2020-04-21 For: 2020-04-21

View Original

Added on April 08, 2026

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →



Texas	001-13490	76-0210849
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)

2002 Timberloch Place, Suite 400, The Woodlands, Texas		77380
________________________________ (Address of principal executive offices)		___________ (Zip Code)


Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock - $0.01 par value per share	MIND	The NASDAQ Stock Market LLC
Series A preferred Stock - $1.00 par value per share	MINDP	The NASDAQ Stock Market LLC


Exhibit Number						Description
99.1						Mitcham Industries, Inc. press release dated April 21, 2020.


	January 31, 2020		January 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	3,090	$	9,389
Restricted cash	144		160
Accounts receivable, net of allowance for doubtful accounts of $4,054 and $2,113 at January 31, 2020 and 2019, respectively	11,921		12,082
Inventories, net	13,261		10,774


Prepaid expenses and other current assets	2,211		1,735
Assets held for sale	—		2,202
Total current assets	30,627		36,342
Seismic equipment lease pool and property and equipment, net	13,777		14,155
Operating lease right-of-use assets	2,300		—
Intangible assets, net	8,161		10,495
Goodwill	2,531		2,531
Non-current prepaid income taxes	—		128
Deferred tax asset	—		68
Long-term receivables, net of allowance for doubtful accounts of $- and $- at January 31, 2020 and January 31, 2019, respectively	403		712
Other assets	429		584
Long-term assets held for sale	—		286
Total assets	$	58,228	$	65,301
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,650	$	1,534

Deferred revenue	765		1,040
Accrued expenses and other current liabilities	3,452		3,738
Income taxes payable	242		224
Operating lease liabilities - current	1,339		—
Liabilities held for sale	—		892
Total current liabilities	8,448		7,428
Operating lease liabilities - non-current	961		—
Other non-current liabilities	967		1,195
Deferred tax liability	200		—

Total liabilities	10,576		8,623
Shareholders’ equity:
Preferred stock, $1.00 par value; 1,000 shares authorized; 994 and 830 shares issued and outstanding at January 31, 2020 and January 31, 2019, respectively	22,104		18,330
Common stock, $0.01 par value; 20,000 shares authorized; 14,097 and 14,049 shares issued at January 31, 2020, and January 31, 2019, respectively	141		140
Additional paid-in capital	123,964		123,085
Treasury stock, at cost (1,929 shares at January 31, 2020 and 2019)	(16,860)		(16,860)
Accumulated deficit	(77,310)		(63,973)
Accumulated other comprehensive loss	(4,387)		(4,044)
Total shareholders’ equity	47,652		56,678
Total liabilities and shareholders’ equity	$	58,228	$	65,301


	For the Three Months Ended January 31,						For the Twelve Months Ended January 31,
	2020		2019		2020		2019
Revenues:
Sale of marine technology products	$	8,776	$	6,851	$	29,538	$	25,571
Equipment leasing	4,204		3,934		11,206		11,427
Sale of lease pool and other equipment	277		1,543		1,931		5,944
Total revenues	13,257		12,328		42,675		42,942
Cost of sales:
Sale of marine technology products	4,411		4,657		16,481		14,863
Equipment leasing (including lease pool depreciation)	2,859		3,402		8,983		13,522

Equipment sales	40		858		590		2,817
Total cost of sales	7,310		8,917		26,054		31,202
Gross profit	5,947		3,411		16,621		11,740
Operating expenses:
Selling, general and administrative	4,984		4,952		19,716		20,905
Research and development	408		302		1,850		1,159
Provision for doubtful accounts	2,000		—		2,000		200

Impairment of intangible assets	760		—		760		—
Depreciation and amortization	723		680		2,670		2,496
Total operating expenses	8,875		5,934		26,996		24,760
Operating loss	(2,928)		(2,523)		(10,375)		(13,020)
Other income (expense):
Loss on sale (including $5,355 of net cumulative translation loss)	—		(500)		—		(5,405)
Reserve against non-current prepaid income taxes	—		(1,211)		—		(1,211)
Interest (expense) income, net	(12)		25		(46)		72
Other, net	(53)		33		12		(24)
Total other expense	(65)		(1,653)		(34)		(6,568)
Loss before income taxes	(2,993)		(4,176)		(10,409)		(19,588)
Benefit (provision) for income taxes	(715)		21		(878)		(252)
Net loss	$	(3,708)	$	(4,155)	$	(11,287)	$	(19,840)
Preferred stock dividends	(558)		(463)		(2,050)		(1,708)
Net loss attributable to common shareholders	$	(4,266)	$	(4,618)	$	(13,337)	$	(21,548)
Net loss per common share:
Basic	$	(0.35)	$	(0.38)	$	(1.10)	$	(1.78)
Diluted	$	(0.35)	$	(0.38)	$	(1.10)	$	(1.78)
Shares used in computing loss per common share:
Basic	12,167		12,119		12,143		12,105
Diluted	12,167		12,119		12,143		12,105



Date of Report (Date of Earliest Event Reported):						April 21, 2020



Registrant’s telephone number, including area code:						936-291-2277


Contacts:						Rob Capps, Co-CEO Mitcham Industries, Inc. 936-291-2277
						Ken Dennard / Zach Vaughan Dennard Lascar Investor Relations 713-529-6600


	For the Twelve Months Ended January 31,
	2020		2019
Cash flows from operating activities:
Net loss	$	(11,287)	$	(19,840)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,768		11,814
Stock-based compensation	854		781
Impairment	760		—
Provision for doubtful accounts, net of charge offs	2,000		200
Provision for inventory obsolescence	298		140
Gross profit from sale of lease pool equipment	(1,197)		(2,367)
Loss on sale of business	—		5,405
Deferred tax expense	503		(376)
Non-current prepaid income taxes	50		1,577
Changes in:
Accounts receivable	(1,723)		1,292
Unbilled revenue	(327)		(340)
Inventories	(2,810)		(781)
Prepaid expenses and other current assets	(506)		(1,382)


Accounts payable, accrued expenses and other current liabilities	(178)		(722)

Deferred revenue	(335)		567
Foreign exchange losses net of gains	313		171
Current assets held for sale	—		(2,202)
Current liabilities held for sale	—		892

Net cash used in operating activities	(5,817)		(5,171)
Cash flows from investing activities:
Purchases of seismic equipment held for lease	(2,955)		(1,717)
Acquisition of assets	—		(3,000)
Purchases of property and equipment	(1,036)		(814)
Sales of used lease pool equipment	1,664		5,663
Sale of business, net of cash sold	239		(147)

Net cash used in investing activities	(2,088)		(15)
Cash flows from financing activities:

Net proceeds from preferred stock offering	3,773		6,853
Preferred stock dividends	(2,050)		(1,708)
Proceeds from exercise of stock options	26		—

Net cash provided by financing activities	1,749		5,145
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash	(159)		(270)
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale	—		458
Less: Net increase (decrease) in cash classified within current assets held for sale	—		(458)
Net decrease in cash, cash equivalents and restricted cash	(6,315)		(597)
Cash, cash equivalents and restricted cash, beginning of period	9,549		10,146
Cash, cash equivalents and restricted cash, end of period	$	3,234	$	9,549