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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) April 26, 1999
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MITCHAM INDUSTRIES, INC.
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(Exact name of registrant as specified in its Charter)
Texas 001-13490 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 77342
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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
(a) On April 26, 1999, due to a sharp decline in seismic activity
and overall demand for the Company's services, the Company
entered into a Termination Agreement with Input/Output, Inc.
("I/O") under which the parties terminated the Preferred
Supplier Agreement they entered into effective June 30, 1998.
Under the Preferred Supplier Agreement, the Company had agreed,
among other things, to purchase an estimated $90 to $100 million
(after discounts) of I/O equipment over a five-year term ending
May 31, 2003. I/O had agreed, among other things, to refer to
the Company all rental inquiries from its customers, and not to
lease equipment covered by the I/O Agreement except in limited
circumstances. As a result of the Termination Agreement, I/O is
no longer restricted from competing with the Company in the
short-term equipment leasing business, and may seek to more
aggressively pursue lease and lease/purchase arrangements that
would likely have been prohibited by the Preferred Supplier
Agreement.
(b) On April 28, 1999, the Company issued a press release with
respect to the Termination Agreement. The press release is
attached hereto as Exhibit 99.
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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10 Termination Agreement, dated April 26, 1999,
between the Company and I/O
99 Press Release dated April 28, 1999
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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: May 5, 1999
By: /s/ Billy F. Mitcham, Jr.
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Billy F. Mitcham, Jr.
President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit Number Description
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10 Termination Agreement, dated April 26, 1999, between
the Company and I/O
99 Press Release dated April 28, 1999
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