Mind Technology, Inc. · NASDAQ:MIND
Mind Technology — Mitcham Industries — Investor Presentation (October 2005)
26 slides from Mind Technology's investor presentation, Oct 18, 2005
Slide 1: Exploration Equipment Supplier
EXPLORATION EQUIPMENT SUPPLIER
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking information and statements within the meaning of the Private Securities Litigation Act of 1995, including Mitcham Industries, Inc.'s prospects and development of its operations and its business strategies, all of which are subject
Slide 3: Mitcham - Quick Facts
Headquarters: Huntsville, Texas NASDAQ: MIND Share Price: 52 Week Range: Fully Diluted Shares Outstanding: Average Daily Volume: Market Cap: Long-term Debt: Insider ownership: Fiscal Year End: $ 10.75 $ 5.40 - 11.50 9,694,000 65,000 $ 105,000,000 - 0 - 14.3% January 31st Mitcham - Quick Facts (1) (2
Slide 4: Company Overview
Company Overview Founded 1987 Input/Output Agreement 1993 IPO: 1995 Sercel Agreement 1996 Opened Mitcham Canada: 1996 Acquired Seismic Asia Pacific (SAP): January 2003 Added Marine Seismic Products: 2003 Acquired Seamap: July 1, 2005
Slide 5: The World's Leading Provider of Seismic Lease Equipment
The World's Leading Provider of Seismic Lease Equipment Land Transition Zone Marine S ales of New and "Experienced" Equipment Seismic Oceanographic Hydrographic What We Do:
Slide 6: Where We Are Located
Where We Are Located Huntsville - Texas Singapore Calgary - Canada Somerset - UK Brisbane Indonesia Russia Where We Are Located
Slide 7: Equipment Used For
Equipment Used For: Onshore, Transition Zone and Offshore Domestic and International 2-D, 3-D, and 4-D Seismic Surveys Multi-Component Surveys Oil and Gas Exploration
Slide 8: A Seismic Survey
gy A Seismic Survey
Slide 9: 3-D Cube
gy 3-D Cube
Slide 10: Earth Model
[, Earth Model mircHam
Slide 11: Virtual Formation
[1 Virtual Formation oo kegel - itis ay Tee
Slide 12: Our Customers Are
Our Customers Are: International Seismic Contractors Regional Seismic Contractors State-owned Oil and Gas Companies Governmental & Educational Institutions
Slide 13: Seismic Market Outlook
Seismic Market Outlook Seismic Contractors Are Reporting a Significant Increase in Backlog and Adding Crew Capacity Increasing Complexity of Seismic Surveys Spending by E&P Companies on Seismic Surveys is up 15% Year Over Year New Worldwide Expansion Opportunities into Formerly Restricted Areas (CIS
Slide 14: Mitcham Advantage
Mitcham Advantage Expand Capability of Existing Crews Mobilize New Crews with Minimum Capital Outlay Worldwide Locations Providing Service and Support The Largest Inventory of Seismic Acquisition Equipment in the World Available for Lease Immediate Equipment Availability Reducing Shipping Time and C
Slide 15: Positioned For Growth
Positioned For Growth Increased Utilization Expand Margins New Markets Expand Equipment Pool - - Land - - Marine - - New Technology
Slide 16: Growth Through Acquisitions: Seismic Asia Pacific
Growth Through Acquisitions: SEISMIC ASIA PACIFIC Largest Independent Leasing Company in Pacific Rim Provides Diverse Range of Products to: - - Seismic Industry - - Oceanographic Industry - - Defense Industry Provides Engineering and Support
Slide 17: Growth Through Acquisitions: Seamap
Growth Through Acquisitions: SEAMAP World's Largest Independent Designer and Manufacturer of Products for: - - Seismic Industry - - Oceanographic Industry - - Offshore Industry Provides After-Market Service and Support
Slide 18: Financial Highlights
Financial Highlights
Slide 19: Total Revenue
Total Revenue: FYE January 31 2003 2005 2004 2006(E)
Slide 20: Core Business Growth: Short Term Leasing
Core Business Growth: Short Term Leasing FYE January 31 2003 2005 2004 2006(E)
Slide 21: Revenue: Q-2/6-Months
Q-2 2005 Q-2 2006 6-Months 2005 6-Months 2006 Total Revenue 6400000 7000000 14600000 14600000 Short Term Lease 3300000 4800000 8800000 11000000 Revenue: Q-2/6-Months
Slide 22: EBITDA and Revenue
F2003 F2004 F2005(E) 2006(E) EBITDA 3200 7564 13073 16000 Revenue 14000 22000 27500 32000 EBITDA/Rev Source: Company documents and MS Howells & Co. EBITDA Revenue EBITDA / Revenue EBITDA is a Non-GAAP measurement that is presented as an additional indicator of operating performance and is not a subs
Slide 23: EBITDA Reconciliation
EBITDA Reconciliation Net Income/(Loss) Interest Taxes Depreciation EBITDA 01-31-03 1-31-04 1-31-05 1-31-06(E) 2,129 71 277 10,596 13,073 7,250 (300) 750 8,300 16,000 (6,289) 176 13,677 7,564 - - all numbers in 000's (10,099) 281 (1,647) 14,681 3,216
Slide 24: Undervalued
Undervalued Source: Lehman Brothers as of August 3, 2005. All estimates of EBITDA and earnings are for the twelve months ending December 31, 2005. 2006 Mitcham Industries 3.1 Petroleum Geo 6 Veritas 8 AVERAGE 7.2 Universal Compression 8 Hanover 9 Input/Output 9 EV/EBITDA Mitcham Industries Veritas D
Slide 25: Why Mitcham
Why Mitcham: Compelling Valuation, Trading at Significant Discount to Peers Major Barrier to Entry for Any New Competitors Growing Number of Crews Worldwide Expanding Channel Count Per Crew Rock Solid Balance Sheet Rock Solid Reputation Well Positioned to Capitalize on Worldwide Seismic Growth
Slide 26: Exploration Equipment Supplier
EXPLORATION EQUIPMENT SUPPLIER
Mitcham Industries — Investor Presentation (October 2005) on 6ix