Mitcham Industries Provides Fiscal 2015 Fourth Quarter Update Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Good morning.

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Good morning. My first question I couldn't write down quickly enough, Seamap, you said that an order got delayed?

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Is the order delivered now and how does that work from now on?

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : And when you say very busy, busy like 2014 or busier than 2014? 2015, I'm sorry, FY15? I'm sorry.

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Okay. And in terms of rental marine equipment and some possibilities out there, can you talk a little bit more what kind of equipment you're referring to?

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Okay. Great. And if we look at your results, the results for Q4, you're talking about losing $10 million to $12 million but there are some items that are not repeating probably and not operating. Is there anything that you can give us an approximation of how much these items are? The receivables that you are readjusting and then exchange rate impact, how much is that out of the $10 million to $12 million loss?

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Okay. That's very very helpful. Thank you so much. Appreciate it.

Question: Ross Demont - Midwood Capital - Analyst : Hi, good morning. Just a couple of items. Can you give us a relation of where net debt stands? Not at as of today but as of the end of the quarter.

Question: Ross Demont - Midwood Capital - Analyst : That's a net number?

Question: Ross Demont - Midwood Capital - Analyst : And then I know we've been buying back some shares, where's the share count now?

Question: Ross Demont - Midwood Capital - Analyst : Okay. Sort of over time our EBITDA margin has gone between 35% and 50%, is that still a relevant range, even in this sort of pretty depressed environment?

Question: Ross Demont - Midwood Capital - Analyst : And then given the CapEx guidance for 2016, have you thought at all about how much net debt can come down, assuming we don't buy back shares, how much net debt can come down in this year?

Question: Ross Demont - Midwood Capital - Analyst : Okay. What are your thoughts on continued share buybacks? I know we bought them back higher and I know the environment has probably gotten worse than we hoped. If these levels are where we're going to open today, would you continue to buy back shares?

Question: Ross Demont - Midwood Capital - Analyst : Okay. Excellent. Thanks for taking my questions.

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : My follow-up question is Latin America, what is happening in Latin American (inaudible)?

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Is there any pick up in activity that you see lately, or is it the same thing? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2015 / 1:00PM, MIND.OQ - Mitcham Industries Provides Fiscal 2015 Fourth Quarter Update

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Right. Thank you. And then Russia, there was pressure and you talked about it this season when you tried to save your contracts. How about going forward? What's your take?

Question: Veny Aleksandrov - FIG Partners, LLC - Analyst : Thank you. I appreciate it.

Question: Chris Bannon - Sidoti & Company - Analyst : Good morning gentlemen.

Question: Chris Bannon - Sidoti & Company - Analyst : Just real quick, what did you say the CapEx was going to be for 2016.

Question: Chris Bannon - Sidoti & Company - Analyst : Okay, and just with regard to the provision for doubtful accounts, are you going to try and cover all that with this provision, or do you think that the environment to the point you could see additional provisions for doubtful accounts further down the road?

Question: Chris Bannon - Sidoti & Company - Analyst : Okay. That's it for me. Thank you.