Mitcham Industries, Inc. (Form: 8-K)  

 

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):   January 2, 2014

Mitcham Industries, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Texas 000-25142 76-0210849
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
8141 SH 75 South, P.O. Box 1175, Huntsville, Texas   77342
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   936-291-2277

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Top of the Form

Item 1.02 Termination of a Material Definitive Agreement.

On November 6, 2012, Mitcham Industries, Inc. (the "Company") entered into an Equipment Purchase Agreement - Unite with Sercel, Inc.(the "Agreement"). The Agreement was amended on June 13, 2013. In the Agreement, the Company agreed to purchase minimum quantities of Sercel's Unite cable-free recording system. In return, the Company was the exclusive authorized third party lessor for the Unite product through September 30, 2014.

In December 2013, the Company notified Sercel that due to market conditions the Company did not anticipate purchasing the minimum quantities specifed in the agreement. On December 27, 2013, Sercel delivered notice to the Company terminating the Agreement due to the failure of the Company to meet the minimum purchase requirements.

The Company does not expect the termination of the Agreement to have a material affect on its business or results of operations.





Top of the Form

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.
          
January 3, 2014   By:   Robert P. Capps
       
        Name: Robert P. Capps
        Title: Executive Vice President and Chief Financial Officer