Mitcham Industries, Inc. (NASDAQ: MIND) posted a third quarter net income of $2.74 million or 27 cents a share, compared to $2.43 million or 24 cents a share in the corresponding quarter in 2007. Analysts on average projected earnings of 34 cents a share for the quarter. Sales decreased 16% to $14.55 million from $17.21 million. Looking ahead, for the fiscal year 2009 the company now expects earnings to be in range of $0.96 to $1.10 per share, down from its earlier estimates of $1.35 to $1.40. Analysts on average currently forecast earnings of $1.33 per share. The company now projects revenues for the fiscal 2009 to be between $67 million and $70 million, compared to its earlier projection of $78 million to $82 million. President and CEO, Bill Mitcham said "We certainly realize that, along with the rest of the industry, we are likely to be affected by the slowdown in economic activity. However, we believe we have adequate liquidity and credit availability to meet the challenges ahead. With the broad range of equipment in our lease pool, our geographic diversity and our focus on customer service, we believe we are well positioned both operationally and financially to deal with the uncertainties that are facing us and the rest of the energy industry."

Learning Tree International, Inc. (NASDAQ: LTRE) announced that its fourth quarter earnings plunged to quarter of $2.8 million or 17 cents a share, from $7.8 million or $0.48 a share in the same period a year ago. There was a sharp  drop in the earnings as provision for income tax for the quarter was $1.24 million, compared to a benefit from income tax of $4.33 million in the fourth quarter of 2007.Analysts on average expected the company to earn 16 a share. Revenue remained relatively unchanged at $44.2 million, and fell short of missed consensus estimates of $45.60 million. For fiscal year 2008, net profit dropped to $13.80 million or 83 cents a share from $16.99 million or $1.03 a share in 2007. Analysts were looking for earnings of 83 cents a share. Revenue for the 2008 rose to $181.28 million from $167.19 million in 2008. Analysts expected revenue of $182.65 million. President and CEO Nicholas R. Schacht stated "We are working to mitigate the impact of the challenging economic climate through our strong balance sheet, additional revenues from our recent growth initiatives and cost savings from ongoing adjustments to our operating model." Shares of the company were down 1.42% in late trading on Monday.

Disclosure: Author does not own any of the stocks discussed here.