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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.1)
Mitcham Industries, Inc.
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
606501104
(CUSIP Number)
Christopher J. Rupright, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
July 11, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Check the following box if a fee is being paid with the statement / /. (A
fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
SEC 1746 (12-91)
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SCHEDULE 13D
CUSIP No. 606501104 Page 2 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
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14 TYPE OF REPORTING PERSON*
OO and IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 3 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Richard S. Spencer III
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)/X /
(b)/ /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF and PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 4 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
David R. Korus
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 5 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 6 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 7 of 13 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Long/Short, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 8 of 13 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock (the "Stock") of Mitcham
Industries, Inc. ("MII"). The principal executive office of MII is located
at 44000 Highway 75 South, P.O. Box 1175, Huntsville, Texas 77342.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement (the "Reporting Persons") and the persons
enumerated in Instruction C of Schedule 13D and, where applicable, their
respective places of organization, general partners, directors, executive
officers and controlling persons, and the information regarding them, are as
follows:
(a) Westcliff Capital Management, LLC, a California limited liability
company ("WCM"); Westcliff, LLC ("WL"), Westcliff Partners, L.P., a
California limited partnership ("WP"); Westcliff Long/Short, L.P., a
California limited partnership ("WLS"); Richard S. Spencer III
("Spencer"); and David R. Korus ("Korus").
(b) The business address of WCM, WL, WP, WLS and Spencer is 200 Seventh
Avenue, Suite 105, Santa Cruz, California 95062. The business address
of Korus is 152 W. 57th Street, New York, New York 10019.
(c) WCM is the investment adviser to and a general partner of WP and WLS,
which are investment limited partnerships. WL is a general partner of
WP and WLS. Spencer and Korus are the sole managers of WCM and WL.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
(f) Spencer and Korus are citizens of the United States of America.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 9 of 13 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
WCM Funds Under Management(1) $-0-
WP Working Capital $-0-
WLS Working Capital $-0-
(1) Consists of funds of WP, WLS and various other, separately managed,
accounts invested in the Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons have acquired the Stock solely for investment purposes.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
WCM -0- -0- -0- -0- -0- -0-
WP -0- -0- -0- -0- -0- -0-
WLS -0- -0- -0- -0- -0- -0-
WL -0- -0- -0- -0- -0- -0-
Spencer -0- -0- -0- -0- -0- -0-
Korus -0- -0- -0- -0- -0- -0-
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 10 of 13 Pages
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions
in the Stock by the persons filing this statement since June 3, 1997.
Purchase Number Price
Name or Sale Date of Shares Per Share
WCM S 6-10-97 8,000 10.7496
WLS S 6-10-97 3,500 10.7496
WP S 6-10-97 3,500 10.7496
WCM P 6-16-97 9,200 11.8100
WCM S 7-7-97 14,400 14.6370
WP S 7-7-97 10,600 14.6370
WCM S 7-9-97 22,800 14.7495
WLS S 7-9-97 1,100 14.7495
WP S 7-9-97 1,100 14.7495
WP S 7-10-97 5,000 13.9370
WCM S 7-11-97 35,963 14.1690
WCM S 7-11-97 17,500 14.1995
WLS S 7-11-97 5,000 13.9995
WLS S 7-11-97 7,950 14.1895
WP S 7-11-97 12,000 14.1995
WCM S 7-15-97 10,200 14.4787
WLS S 7-15-97 13,150 14.4787
WP S 7-15-97 5,300 14.4787
WCM S 7-16-97 3,300 14.3745
WLS S 7-16-97 10,450 14.3745
WP S 7-16-97 6,250 14.3745
WCM S 7-22-97 26,050 12.9163
WLS S 7-22-97 1,950 12.9163
WP S 7-22-97 3,000 12.9163
WLS S 7-24-97 5,000 13.4896
WP S 7-24-97 5,000 13.4996
WCM S 7-25-97 17,000 14.1245
WLS S 7-25-97 2,800 14.1245
WP S 7-25-97 200 14.1245
(Continued on page 11)<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 11 of 13 Pages
(Continued from page 10)
WCM S 7-28-97 26,900 14.4245
WLS S 7-28-97 11,200 14.4245
WP S 7-28-97 11,900 14.4245
WCM S 7-29-97 10,500 14.7495
WLS S 7-29-97 2,700 14.7495
WP S 7-29-97 1,800 14.7495
WP S 8-6-97 10,000 17.4994
WCM S 9-5-97 3,300 19.3643
WCM P 9-5-97 9,650 19.3850
WLS S 9-5-97 6,350 19.3644
WCM S 9-29-97 2,400 20.9893
WP S 9-29-97 27,550 20.9993
WCM S 10-2-97 2,150 22.1143
WCM P 10-2-97 3,900 22.1350
WLS S 10-2-97 1,750 22.1143
WCM S 10-10-97 15,000 28.3740
WCM S 10-14-97 12,300 25.2492
WCM S 10-14-97 13,800 25.5616
WLS S 10-14-97 6,200 25.5616
WLS S 10-14-97 2,700 25.2482
WCM S 10-15-97 19,000 24.8992
WLS S 10-15-97 6,000 24.8992
WCM S 10-16-97 15,175 24.9982
WLS S 10-16-97 4,825 24.9992
WCM S 10-17-97 16,390 24.2492
WLS S 10-17-97 3,610 24.2492
WCM S 10-20-97 29,800 24.9477
WLS S 10-20-97 9,800 24.9477
WP S 10-20-97 2,900 24.9477
WCM S 10-21-97 71,285 26.7284
WLS S 10-21-97 23,515 26.7284
WP S 10-21-97 23,650 26.7284
All transactions were executed through the Nasdaq National Market System.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 12 of 13 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
WCM and WL are the general partners of WP and WLS pursuant to limited
partnership agreements providing to WCM the authority, among other things, to
invest the funds of WP and WLS in the Stock, to vote and dispose of the Stock
and to file this statement on behalf of WP and WLS. Pursuant to such limited
partnership agreements, the general partners of WP and WLS are entitled to
allocations based on assets under management and realized and unrealized
gains, under certain conditions. Pursuant to investment management
agreements (the "IMAs"), WCM is authorized, among other things, to invest
funds of its various investment advisory clients in securities, and to vote
and dispose of those securities. The IMAs may be terminated by either party
pursuant to the terms of the IMAs and provide for fees payable to WCM, based
on assets under management, and, in certain cases, realized and unrealized
gains and losses if certain conditions are met.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: November ___, 1997
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management, LLC David R. Korus
General Partner
By: /s/ Richard S. Spencer III
Richard S. Spencer III
By: /s/ Richard S. Spencer III Attorney-in-Fact
Richard S. Spencer III
Manager WESTCLIFF CAPITAL MANAGEMENT, LLC
By: /s/ Richard S. Spencer III
Richard S. Spencer III
WESTCLIFF LONG/SHORT, L.P. Manager
WESTCLIFF, LLC
By: Westcliff Capital Management, LLC
General Partner By: /s/ Richard S. Spencer III
Richard S. Spencer
By: /s/ Richard S. Spencer III Manager
Richard S. Spencer III
Manager
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 606501104 Page 13 of 13 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of
the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of Common Stock of Mitcham Industries, Inc. For that
purpose, the undersigned hereby constitute and appoint Westcliff Capital
Management, LLC, a California limited liability company, as their true and
lawful agent and attorney-in-fact, with full power and authority for and on
behalf of the undersigned to prepare or cause to be prepared, sign, file with
the SEC and furnish to any other person all certificates, instruments,
agreements and documents necessary to comply with section 13(d) and
section 16(a) of the Securities Exchange Act of 1934, as amended, in
connection with said purchases, and to do and perform every act necessary and
proper to be done incident to the exercise of the foregoing power, as fully
as the undersigned might or could do if personally present.
DATED: June 3, 1997.
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management, LLC /s/ David R. Korus
General Partner David R. Korus
By: /s/ Richard S. Spencer III
Richard S. Spencer III
Manager WESTCLIFF CAPITAL MANAGEMENT, LLC
By: /s/ Richard S. Spencer III
Richard S. Spencer III
WESTCLIFF LONG/SHORT, L.P. Manager
WESTCLIFF, LLC
By: Westcliff Capital Management, LLC
General Partner By: /s/ Richard S. Spencer III
Richard S. Spencer
By: /s/ Richard S. Spencer III Manager
Richard S. Spencer III
Manager
C:\DMS\3804\008\0237007.WP
