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Exhibit 99.2
Mitcham Industries Inc.
EBITDA Calculation
EBITDA Calculation
1/31/2003 | 1/31/2004 | 1/31/2005 | 1/31/2006 | |||||||||||||
Net Income | (10,099 | ) | (6,289 | ) | 2,129 | 7,250 | ||||||||||
Interest | 281 | 176 | 71 | (300 | ) | |||||||||||
Taxes | 1,647 | — | 277 | 750 | ||||||||||||
Depreciation | 14,681 | 13,677 | 10,596 | 8,300 | ||||||||||||
EBITDA | 6,510 | 7,564 | 13,073 | 16,000 | ||||||||||||