The company, which sells and leases geophysical and other equipment used by seismic data acquisition contractors, said net revenue was $25.7 million for the most recent quarter, compared to $27.3 million for the same period last year.
Net income was $3.7 million, or 29 cents per diluted share, compared to $6.3 million, or 48 cents per diluted share for the 2014 first quarter.
Must Read: Warren Buffett's 25 Favorite Stocks
Shares of Mitcham Industries closed lower -1.09% to $13.16 on Tuesday.
Separately, TheStreet Ratings team rates MITCHAM INDUSTRIES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate MITCHAM INDUSTRIES INC (MIND) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."