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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 14, 2000
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MITCHAM INDUSTRIES, INC.
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(Exact name of registrant as specified in its Charter)
Texas 000-25142 76-0210849
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(State or other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification Number)
44000 Highway 75 South, Huntsville, Texas 77340
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (409) 291-2277
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N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On February 14, 2000, the Company issued a press release with respect to
its stock repurchase program. The press release is attached hereto as
Exhibit 99 and incorporated herein by reference.
ITEM 7.
FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements. Not Applicable.
(b) Pro Forma Financial Information. Not Applicable.
(c) Exhibits.
Exhibit Number Description
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99 Press Release dated February 14, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MITCHAM INDUSTRIES, INC.
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(Registrant)
DATED: February 15, 2000
By: /s/ P. Blake Dupuis
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P. Blake Dupuis
Vice-President - Finance
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EXHIBIT INDEX
Exhibit Number Description
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99 Press Release dated February 14, 2000
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PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: P. BLAKE DUPUIS
409-291-2277
MITCHAM INDUSTRIES ANNOUNCES STOCK REPURCHASE PROGRAM
HUNTSVILLE, Texas - February 14, 2000 - Mitcham Industries, Inc. (NASDAQ: MIND)
today announced that its Board of Directors has authorized the repurchase of up
to 1.0 million shares of the Company's common stock. The Company expects the
repurchases to take place from time to time in the open market or in privately
negotiated purchase transactions as market and financial conditions warrant.
Billy F. Mitcham, Jr., Mitcham's Chairman, President and Chief Executive
Officer, stated, "We believe that this repurchase program represents an
excellent investment opportunity for the Company and its shareholders and
reflects our confidence in the value of our stock."
Mitcham Industries, Inc. is the leading independent company specializing in the
leasing of 3-D seismic equipment to the oil and gas industry. Mitcham also sells
new and "experienced" seismic equipment.
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than statements of historical facts
included herein, including statements regarding potential future demand for the
company's products and services, the company's future financial position and
results of operations, business strategy and other plans and objectives for
future operations, are forward-looking statements. Although the company believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct, and actual results may differ materially from such forward-looking
statements. Important factors that could cause or contribute to such differences
include uncertainty of the oil and gas industry and demand for services,
dependence upon additional lease contracts; customer concentration and credit
risk; industry consolidation; the risk of technological obsolescence of the
company's lease fleet; vulnerability to weather conditions and seasonality of
results; dependence upon suppliers; risks related to Year 2000 issues; and
other factors which are disclosed in the company's Securities and Exchange
Commission filings, available from the company without charge. Further, all
written and verbal forward-looking statements attributable to the company or
persons acting on its behalf are expressly qualified in their entirety by such
factors.
