SproutNews logo

Corporate News Blog – Mitcham Announces Rental Partnership with INOVA

LONDON, UK / ACCESSWIRE / September 29, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Mitcham Industries, Inc. (NASDAQ: MIND) (“Mitcham”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MIND. The Company announced on September 27, 2017, that it has entered into a rental partnership agreement with INOVA Geophysical, Inc. (“INOVA”), pursuant to which the former will make worldwide use of INOVA’s onshore seismic acquisition products. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MIND. Go directly to your stock of interest and access today’s free coverage at:

http://protraderdaily.com/optin/?symbol=MIND

The rental agreement also includes the new Quantum nodal system, developed in collaboration with Innoseis, G3i HD cable system channels, Hawk multi-channel nodal stations, analog and digital sensors, and Vib Pro HD controllers and vibrators.

Quantum Nodal System

Quantum nodes integrated with iX1 command and control system provides a complete, full-featured nodal acquisition system aimed at meeting the demand for high density, cost-effective onshore seismic survey.
It also provides a solution for traditional surveys as well as the flexibility to meet tomorrow’s exploration challenges.
Quantum is the lightest, longest battery life node currently available, offering reduced transportation and deployment costs and minimizing field battery management.
iX1 is a single Seismic Operational Management System for front-end operations and QC.

G3i HD Cable System Channels

INOVA’s G3i HD and Hawk systems are field proven cable and cable-less solutions that are also integrated with iX1.
Integration with iX1 allows hybrid deployments of mixed equipment types managed from a single iX1 front end, providing seamless operation across a variety of surface conditions.
G3i HD and Hawk systems are used worldwide today.

Vib Pro HD Controllers and Vibrators

INOVA’s vibroseis vehicles, combined with Vib Pro HD, are industry leading source products synonymous with reliability and exceptional broadband performance.
Vibrators are offered in a range of weight class from small, highly-maneuverable vehicles to large, heavy-weight vehicles.
Vibrators provide source solutions for a variety of environments and imaging objectives.

Mitcham Reports Fiscal 2018 Q2 Results

Mitcham announced its financial results on September 07, 2017, for the second quarter of the fiscal year 2018 ended July 31, 2017. During Q2 FY18, the Company’s total revenue increased 25.1% to $10.84 million from $8.66 million in Q2 FY17. For the reported quarter, the Company’s gross profit was $618,000 compared to a gross loss of $2.24 million in Q2 FY17. During Q2 FY18, Mitcham’s operating loss was $4.97 million compared to an operating loss of $8.32 million in Q2 FY17. During Q2 FY18, the Company’s net loss was $5.57 million compared to a net loss of $9.64 million in Q2 FY17.

About Mitcham Industries, Inc.

Founded in 1987, Mitcham is the largest independent lessor of advanced seismic equipment in the world. Through its Seamap business unit, the Company also designs, manufactures, sells, and service specialized equipment for the marine segment of the seismic industry. Mitcham is headquartered in Huntsville, Texas.

About INOVA Geophysical Inc.

Established in 2010, INOVA develops land seismic equipment that meets the demands of acquisition in any operating environment. The Company was formed when BGP and ION Geophysical Corp. each contributed land seismic equipment assets to a new and independent joint venture Company.

Last Close Stock Review

On Thursday, September 28, 2017, the stock closed the trading session at $3.44, slightly up 0.29% from its previous closing price of $3.43. A total volume of 4.66 thousand shares have exchanged hands. Mitcham Industries’ stock price rallied 1.47% in the last one month and 14.67% in the previous twelve months. The stock currently has a market cap of $41.73 million.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 476646

Go Top