Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Broken_Clock who wrote (16743)	3/26/1998 5:18:00 PM
From: Czechsinthemail	Read Replies (1) of 95453

3/26/98 Earnings Warning Sends Oil-Services Firm Mitcham's Stock Falling HUNTSVILLE, Texas -(Dow Jones)- Shares of Mitcham Industries Inc. weakened Thursday after the oil services company said fourth-quarter earnings won't meet analysts' estimates. Mitcham shares (MIND) tumbled $4.125, or 20%, to end at $12.625 on volume of almost 2 million shares on the Nasdaq Stock Market, compared with the daily average of 217,200. The company, which leases and sells three-dimensional seismic equipment to the oil and natural-gas industry, said unexercised purchase options and increases in allowance for accounts receivable will push fourth-quarter and fiscal year results below analysts' expectations. The mean earnings estimates of four analysts surveyed by First Call were 33 cents a share for the fourth quarter and $1 for the fiscal year. Mitcham posted earnings of $1.1 million, or 23 cents a share, on revenue of $7.3 million in the year-ago fourth quarter. Fiscal 1997 earnings totaled $2.7 million, or 60 cents a share, on revenue of $14.7 million. Mitcham said it plans to release financial results before April 30.

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