Q2 2020 Earnings Call

Greetings and welcome to the Mitcham Industries second quarter 2020 conference call.

At this time all participants are in a listen only mode.

He brief question and answer session will follow the formal presentation.

If anyone should require operator system during the conference. Please press star zero on your telephone keypad.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Ken Dennard Dennard Lascar Investor Relations. Thank you. Sir you may begin. Thank you operator, good morning, everyone and welcome to the Mitcham industries fiscal 2022nd quarter Conference call. We appreciate all of you joining us today.

Your hosts are Rob Capps co Chief Executive Officer, and Chief Financial Officer, Guy Malden, Co Chief Executive Officer, and Executive Vice President of Marine systems.

Before I turn the call over to management I have a few items to cover.

You, if you'd like to listen to a replay of today's call. It will be available for 90 days via webcast by going to the Investor relations sections of the company's website.

Thursday September 5th 2019, and therefore, you are advised that time sensitive information may long may no longer be accurate as of the time of any replay listening or transcript greedy.

And before we begin let me remind you that certain statements made by management. During this call may constitute forward looking statements within the meaning of the private private Securities Litigation Reform Act of 1995.

These forward looking statements are based on management's current expectations and include known and unknown risks uncertainties and other factors many of which the company is unable to predict or control and that may cause the company's actual future results or performance to materially differ from.

Any future results or performance expressed or implied by those statements.

These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC, including its annual report on Form 10-K for the year ended January 31 2019.

Furthermore, as we start this call. Please also refer to the statement regarding forward looking statements incorporated in our press release issued yesterday and please note that the contents of our conference call. This morning are covered by those statements and now I'd like to turn the call over to Guy Malden Guy.

Thanks, Ken and good morning, everyone. We would like to thank you for joining us today for our fiscal 2022nd quarter Conference call.

I will begin by making some general comments about the second quarter, Rob will then discuss our financial results in more detail and briefly address our market outlook.

I will close with a few final comments and we will then open the call for questions.

Let me start by making a few observations.

Examining our financial performance on a year over year basis, we posted improved results over the prior year second quarter for the most part.

With consolidated revenues rising roughly 7% and gains in the marine technology product segment, partially offset by declines in our leasing business.

On a sequential basis revenues contracted from Q1 levels, but the downside impact was driven almost entirely by a sizable drop in leasing activity, which offset revenue gains posted by our marine technology segment.

While seismic leasing conditions remain very challenging there continues to be isolated pockets of opportunity within areas, such as Alaska, Colombia and eastern Europe .