<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

================================================================================

(Mark One)
(X)            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended April 30, 2001

( )           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                        COMMISSION FILE NUMBER 000-25142

        =============================================================

                            MITCHAM INDUSTRIES, INC.
                (Name of registrant as specified in its charter)


            TEXAS                                               76-0210849
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

                             44000 HIGHWAY 75 SOUTH
                             HUNTSVILLE, TEXAS 77340
                    (Address of principal executive offices)

                                 (936) 291-2277
              (Registrant's telephone number, including area code)
        =============================================================



      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

      Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 8,949,415 shares of Common
Stock, $0.01 par value, were outstanding as of June 8, 2001.

<PAGE>   2

                            MITCHAM INDUSTRIES, INC.
                                      INDEX


<TABLE>
<S>                                                                                            <C>
                                      PART I. FINANCIAL INFORMATION

Item 1.     Financial Statements

                    Condensed Consolidated Balance Sheets....................................   3
                    Condensed Consolidated Statements of Operations..........................   4
                    Condensed Consolidated Statements of Cash Flows..........................   5
                    Notes to Condensed Consolidated Financial Statements.....................   6

Item 2.     Management's Discussion and Analysis of Financial Condition
            and Results of Operations........................................................   7

Item 3.     Quantitative and Qualitative Disclosures About Market Risk.......................   8

                                       PART II. OTHER INFORMATION

Item 1.     Legal Proceedings................................................................  12

Item 6.     Exhibits and Reports on Form 8-K.................................................  12

            Signatures.......................................................................  13
</TABLE>


                                       2
<PAGE>   3


PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS


                            MITCHAM INDUSTRIES, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                           April 30,    January 31,
                                 ASSETS                                      2001          2001
                                 ------                                    --------     -----------
                                                                          (Unaudited)
<S>                                                                       <C>           <C>
CURRENT ASSETS:
     Cash                                                                  $  4,195      $  4,317
     Marketable securities, at market                                         1,068         7,085
     Accounts receivable, net                                                 5,243         5,742
     Notes receivable                                                         1,372         1,470
     Income tax receivable                                                      707           787
     Deferred tax asset                                                       2,067         2,067
     Prepaid expenses and other current assets                                  448           458
                                                                           --------      --------
        Total current assets                                                 15,100        21,926
 Seismic equipment lease pool, property and equipment                        94,135        91,435
 Accumulated depreciation of seismic equipment lease pool,
       property and equipment                                               (45,833)      (42,380)
 Notes receivable                                                               440           610
 Deferred tax asset                                                             646           646
 Other assets                                                                   323           324
                                                                           --------      --------
          Total assets                                                     $ 64,811      $ 72,561
                                                                           ========      ========

                 LIABILITIES AND SHAREHOLDERS' EQUITY
                 ------------------------------------

 CURRENT LIABILITIES:
     Accounts payable                                                      $  1,002      $  8,259
     Customer deposits                                                           13           503
     Accrued wages                                                              333           236
     Current maturities - long-term debt                                      1,891         1,856
     Deferred revenue                                                           935           947
     Accrued lawsuit settlement liability                                     1,202         1,202
     Accrued expenses and other current liabilities                             192           126
                                                                           --------      --------
          Total current liabilities                                           5,568        13,129
 Long-term debt                                                               6,108         5,444
                                                                           --------      --------
          Total liabilities                                                  11,676        18,573

 SHAREHOLDERS' EQUITY:
     Preferred stock, $1.00 par value; 1,000,000 shares authorized;
         none issued and outstanding                                             --            --
     Common stock, $0.01 par value; 20,000,000 shares authorized;
         9,592,815 and 9,591,112 shares, respectively, issued                    96            96
     Additional paid-in capital                                              61,601        61,601
     Treasury stock, at cost, 702,400 and 240,100 shares, respectively       (3,717)       (3,195)
     Accumulated deficit                                                     (3,073)       (3,566)
     Accumulated other comprehensive loss                                    (1,772)         (948)
                                                                           --------      --------
          Total shareholders' equity                                         53,135        53,988
                                                                           --------      --------
          Total liabilities and shareholders' equity                       $ 64,811      $ 72,561
                                                                           ========      ========
</TABLE>


         THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED
                       CONSOLIDATED FINANCIAL STATEMENTS.

                                       3
<PAGE>   4


                            MITCHAM INDUSTRIES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   THREE MONTHS ENDED
                                                                        APRIL 30,
                                                              ----------------------------
                                                                  2001             2000
                                                              -----------      -----------
<S>                                                           <C>              <C>
REVENUES:
    Short-term leasing                                        $     4,939      $     2,956
    Leasing under lease/purchase agreements                         1,316               26
    Other equipment sales                                             818            1,126
                                                              -----------      -----------
         Total revenues                                             7,073            4,108

COSTS AND EXPENSES:
    Direct costs                                                      878              519
    Cost of other equipment sales                                     530              836
    General and administrative                                      1,073              923
    Provision for doubtful accounts                                    25               50
    Depreciation                                                    3,987            3,060
                                                              -----------      -----------
         Total costs and expenses                                   6,493            5,388
                                                              -----------      -----------

OPERATING INCOME (LOSS)                                               580           (1,280)

Other income (expense) - net                                          (87)             160
                                                              -----------      -----------

INCOME (LOSS) BEFORE INCOME TAXES                                     493           (1,120)
BENEFIT FOR INCOME TAXES                                               --             (327)
                                                              -----------      -----------
NET INCOME (LOSS)                                             $       493      $      (793)
                                                              ===========      ===========

Earnings (loss) per common share
     Basic                                                    $       .06      $      (.08)
     Diluted                                                  $       .05      $      (.08)
                                                              ===========      ===========

Shares used in computing earnings (loss) per common share
     Basic                                                      8,917,000        9,443,000
     Dilutive effect of common stock equivalents                  214,000               --
                                                              -----------      -----------
     Diluted                                                    9,131,000        9,443,000
                                                              ===========      ===========
</TABLE>


         THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED
                       CONSOLIDATED FINANCIAL STATEMENTS.

                                       4
<PAGE>   5


                            MITCHAM INDUSTRIES, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED
                                                                       APRIL 30,
                                                                 --------------------
                                                                  2001         2000
                                                                 -------      -------
<S>                                                              <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                                $   493      $  (793)
Adjustments to reconcile net income (loss) to net cash flows
     used in operating activities:
         Depreciation                                              3,987        3,060
         Provision for doubtful accounts, net of charge offs          25           50
         Accounts receivable                                         743          579
         Federal income taxes                                         79         (292)
         Accounts payable and other current liabilities           (7,596)      (3,871)
         Other assets                                                 11         (269)
                                                                 -------      -------
              Net cash used in operating activities               (2,258)      (1,536)

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of seismic equipment held for lease                (4,380)      (1,371)
     Purchases of property and equipment                             (37)         (63)
     Sale (purchase) of marketable securities, net                 6,017        1,872
     Disposal of lease pool equipment                                359          663
                                                                 -------      -------
         Net cash provided by investing activities                 1,959        1,101

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from long-term debt                                  1,200           --
     Payments on short-term borrowings                              (501)          --
     Purchases of common stock for treasury                         (522)      (1,160)
                                                                 -------      -------
         Net cash provided by (used in) financing activities         177       (1,160)

NET DECREASE IN CASH                                                (122)      (1,595)
CASH, BEGINNING OF PERIOD                                          4,317        3,588
                                                                 -------      -------
CASH, END OF PERIOD                                              $ 4,195      $ 1,993
                                                                 =======      =======

SUPPLEMENTAL CASH FLOW INFORMATION:
     Cash paid for:
         Interest                                                $   129      $    --
         Income taxes                                            $    --      $    --
                                                                 =======      =======
</TABLE>


         THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONDENSED
                       CONSOLIDATED FINANCIAL STATEMENTS.

                                       5
<PAGE>   6

                            MITCHAM INDUSTRIES, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.       BASIS OF PRESENTATION

         The condensed consolidated financial statements of Mitcham Industries,
         Inc. ("the Company") have been prepared by the Company, without audit,
         pursuant to the rules and regulations of the Securities and Exchange
         Commission. Certain information and footnote disclosures normally
         included in financial statements prepared in accordance with generally
         accepted accounting principles have been condensed or omitted pursuant
         to such rules and regulations, although the Company believes that the
         disclosures are adequate to make the information presented not
         misleading. These condensed consolidated financial statements should be
         read in conjunction with the financial statements and the notes thereto
         included in the Company's latest Annual Report to Shareholders and the
         Annual Report on Form 10-K for the year ended January 31, 2001. In the
         opinion of the Company, all adjustments, consisting only of normal
         recurring adjustments, necessary to present fairly the financial
         position as of April 30, 2001; the results of operations for the three
         months ended April 30, 2001 and 2000; and cash flows for the three
         months ended April 30, 2001 and 2000, have been included. The foregoing
         interim results are not necessarily indicative of the results of the
         operations for the full fiscal year ending January 31, 2002.

2.       COMMITMENTS AND CONTINGENCIES

         Legal Proceedings
         On or about April 23, 1998, several purported class action lawsuits
         were filed against the Company and its chief executive officer and then
         chief financial officer in the U.S. District Court for the Southern
         District of Texas, Houston Division. The first-filed complaint, styled
         Stanley Moskowitz ("Plaintiffs") v. Mitcham Industries, Inc., Billy F.
         Mitcham, Jr. and Roberto Rios ("Defendants"), alleged violations of
         Section 10(b), Rule 10b-5 and 20(a) of the Securities Exchange Act of
         1934 and Sections 11 and 12(a)(2) of the Securities Act of 1933. On or
         about September 21, 1998, the complaints were consolidated into one
         action. On November 4, 1998, the Plaintiffs filed a consolidated
         amended complaint ("CAC"), which sought class action status on behalf
         of purchasers of the Company's common stock from June 4, 1997 through
         March 26, 1998, and damages in an unspecified amount plus costs and
         attorney's fees. The CAC alleged that the Defendants made materially
         false and misleading statements and omissions in public filings and
         announcements concerning its business and its allowance for doubtful
         accounts. On September 28, 1999, the Court granted in part and denied
         in part the Defendants' motion to dismiss, and granted Plaintiffs leave
         to amend on certain claims. On December 8, 1999, Plaintiffs filed their
         second consolidated amended complaint ("SCAC"). On October 2, 2000, the
         Court granted in part and denied in part the Defendants' motions to
         dismiss the SCAC. On December 5, 2000, the Defendants answered and
         denied the allegations in the SCAC. On April 17, 2001, facing
         protracted and expensive litigation, Defendants agreed in principle
         with Plaintiffs to a $2,700,000 settlement, to be paid by the Company
         and its insurance carrier, pending execution of a final settlement
         agreement and approval by the Court.

         The Company is also involved in claims and legal actions arising in the
         ordinary course of business. In the opinion of management, the ultimate
         disposition of these matters will not have a material adverse effect on
         the Company's financial position, results of operations or liquidity.

3.       TREASURY STOCK

         In February 2000, the Board of Directors authorized the repurchase of
         up to 1,000,000 shares of the Company's common stock. The Company has
         repurchased 702,400 shares of its common stock at an average price of
         $5.29 per share as of April 30, 2001 and has classified these shares as
         treasury stock in the accompanying financial statements. The Company
         expects it will continue to purchase its shares from time to time in
         the open market or in privately negotiated purchase transactions as
         market and financial conditions warrant.


                                       6
<PAGE>   7


4.       INCOME TAXES

         The Company reflected no tax expense for the quarter ended April 30,
         2001. This estimate of taxes differs from an expected statutory rate
         because the Company was in a tax loss position and increased its
         valuation allowance on its deferred tax assets.

5.       RECLASSIFICATIONS

         Certain 2000 amounts have been reclassified to conform to 2001
         presentation.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

OVERVIEW

         The Company's sales are directly related to the level of worldwide oil
and gas exploration activities and the profitability and cash flows of oil and
gas companies and seismic contractors, which in turn are affected by
expectations regarding the supply and demand for oil and natural gas, energy
prices and finding and development costs. The Company believes that during the
latter half of 1998, the exploration and production companies anticipated an
extended period of low oil and gas prices and began to reduce their intended
levels of expenditures for seismic data. Over the last twelve months, the
seismic industry has begun to recover from the depressed levels of activity in
prior years.

         The Company leases and sells seismic data acquisition equipment
primarily to seismic data acquisition companies and oil and gas companies
conducting land and transition zone seismic surveys worldwide. The Company
provides short-term leasing of seismic equipment to meet a customer's
requirements and offers maintenance and support during the lease term. The
majority of all leases at April 30, 2001 were for a term of one year or less.
Seismic equipment held for lease is carried at cost, net of accumulated
depreciation.

SEASONALITY

         Historically, seismic equipment leasing has been susceptible to weather
patterns in certain geographic regions. There is some seasonality to the
Company's expected lease revenues, especially from customers operating in
Canada, where a significant percentage of seismic survey activity occurs in the
winter months, from October through March. During the months in which the
weather is warmer, certain areas are not accessible to trucks, earth vibrators
and other equipment because of the unstable terrain. This seasonal leasing
activity by the Company's Canadian customers has historically resulted in
increased lease revenues in the Company's first and fourth fiscal quarters.
However, due to the significant decrease in world oil prices in 1998, demand for
the Company's services both in Canada and worldwide declined dramatically in the
fourth quarter of fiscal 1999 and remained at historically low levels throughout
fiscal 2000, but began to improve during fiscal 2001.

RESULTS OF OPERATIONS

For the three months ended April 30, 2001 and 2000

         For the first quarter ended April 30, 2001 total revenues increased 72%
to $7.1 million from $4.1 million in the corresponding period of the prior year.
This increase is attributable to a higher demand for rental equipment as
evidenced by the nearly $3.3 million increase in leasing revenues as compared to
prior year. The prior year revenues for the comparable quarter reflect a
significant decrease in all categories of revenues as compared to historical
levels in the Company's first quarter as a result of decreased capital
expenditure budgets throughout the oil and gas industry, coupled with a decrease
in customers exercising the purchase option of lease/purchase contracts.

         Equipment sales and leasing revenues under lease/purchase agreements
during the quarter ended April 30, 2001 were $1.3 million. The prior year's
amount was not significant, as the Company recorded no revenues from the
exercise of the purchase option of lease/purchase contracts. The current
quarter's other equipment sales


                                       7
<PAGE>   8


generated a gross margin of 35% as compared to 26% for the quarter ended April
30, 2000. Gross margins on equipment sales may vary significantly between
periods due to the mix of new versus older equipment being sold.

         General and administrative expenses increased $150,000 from the
corresponding prior year period primarily due to an increase in customer
relations, compensation expenses and franchise taxes, partially offset by a
decrease in travel and legal expenses. Additionally, during the quarter, the
Company incurred personnel and related costs associated with international
marketing efforts.

         Depreciation expense for the quarter ended April 30, 2001 increased
$927,000, or 30%, to $4.0 million from $3.1 million for the same period last
year. The increase is primarily the result of a larger seismic equipment lease
pool, on a cost basis, as compared to April 30, 2000. Additionally, the Company
has sold older, more fully depreciated seismic equipment during the past year
and replaced it with newer equipment, thus increasing depreciation expense. The
Company's seismic equipment lease pool increased $20.2 million, on a cost basis,
to $92.3 million at April 30, 2001, from $72.1 million at April 30, 2000.

         The Company recorded net income for the first quarter ended April 30,
2001 in the amount of $493,000, compared to a net loss of $793,000 for the same
period of the previous year.

LIQUIDITY AND CAPITAL RESOURCES

         As of April 30, 2001, the Company had net working capital of
approximately $9.5 million as compared to net working capital of $8.8 million at
January 31, 2001. Historically, the Company's principal liquidity requirements
and uses of cash have been for capital expenditures and working capital and our
principal sources of cash have been cash flows from operations and issuances of
equity securities. Net cash used in operating activities for the quarter ended
April 30, 2001 was $2.3 million, as compared to net cash used in operating
activities of $1.5 million for the quarter ended April 30, 2000.

         At April 30, 2001, the Company had trade accounts receivable of $1.1
million that were more than 90 days past due. At April 30, 2001, the Company's
allowance for doubtful accounts was approximately $1.3 million, which management
believes is sufficient to cover any losses in its trade accounts receivable and
notes receivable.

         On November 10, 2000, the Company closed an $8.5 million term loan with
First Victoria National Bank. The loan amortizes over 48 months and bears
interest at the rate of prime plus one percent, adjusted daily. The first three
monthly payments were interest only, with the remaining 45 monthly payments
being interest and principal in the approximate amount of $229,000. As of April
30, 2001, the Company has drawn the entire $8.5 million under this loan
agreement. The loan is collateralized by the lease pool equipment purchased for
the Company's fiscal 2001 winter capital expenditure program.

         Capital expenditures for the quarter ended April 30, 2001 totaled
approximately $4.4 million compared to capital expenditures of $1.4 million for
the corresponding period in the prior year. During the quarter ended April 30,
2001, the Company repurchased 86,100 shares of its common stock for an aggregate
cost of $522,000, or $6.06 per share. At the present time, management believes
that cash on hand and cash provided by future operations will be sufficient to
fund its anticipated capital and liquidity needs over the next twelve months.
However, should demand warrant, the Company may pursue additional borrowings to
fund capital expenditures.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company operates internationally, giving rise to exposure to market
risks from changes in foreign exchange rates to the extent that transactions are
not denominated in U.S. dollars. The Company typically denominates the majority
of its lease and sales contracts in U.S. dollars to mitigate the exposure to
fluctuations in foreign currencies.


                                       8
<PAGE>   9


FORWARD-LOOKING STATEMENTS AND RISK FACTORS

         Certain information contained in this Quarterly Report on Form 10-Q
(including statements contained in Part I, Item 2. "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and in Part II, Item
1. "Legal Proceedings"), as well as other written and oral statements made or
incorporated by reference from time to time by the Company and its
representatives in other reports, filings with the Securities and Exchange
Commission, press releases, conferences, or otherwise, may be deemed to be
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934. This information includes, without limitation, statements
concerning the Company's future financial position and results of operations;
planned capital expenditures; business strategy and other plans for future
operations; the future mix of revenues and business; commitments and contingent
liabilities; and future demand for the Company's services and predicted
improvement in energy industry and seismic service industry conditions. Although
the Company believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to have been correct. When used in this report, the words "anticipate,"
"believe," "estimate," "expect," "may," and similar expressions, as they relate
to the Company and its management, identify forward-looking statements. The
actual results of future events described in such forward-looking statements
could differ materially from the results described in the forward-looking
statements due to the risks and uncertainties set forth below and elsewhere
within this Quarterly Report on Form 10-Q.

RECOVERY OF OIL AND GAS INDUSTRY AND RECENT INCREASED DEMAND FOR SERVICES COULD
BE SHORT-LIVED

         Demand for the Company's services depends on the level of spending by
oil and gas companies for exploration, production and development activities, as
well as on the number of crews conducting land and transition zone seismic data
acquisition worldwide, and especially in North America. Due to the significant
decrease in world oil prices in 1998, demand for the Company's services both in
Canada and worldwide declined dramatically in the fourth quarter of fiscal 1999
and has remained at historically low levels throughout fiscal 2000, but began to
improve during fiscal 2001. Any future fluctuations in the price of oil and gas
in response to relatively minor changes in the supply and demand for oil and gas
will continue to have a major effect on exploration, production and development
activities and thus, on the demand for the Company's services.

LOSS OF SIGNIFICANT CUSTOMERS WILL ADVERSELY AFFECT THE COMPANY

         The Company typically leases and sells significant amounts of seismic
equipment to a relatively small number of customers, the composition of which
changes from year to year as leases are initiated and concluded and as
customers' equipment needs vary. Therefore, at any one time, a large portion of
the Company's revenues may be derived from a limited number of customers. In the
fiscal years ended January 31, 1999, 2000 and 2001, the single largest customer
accounted for approximately 36%, 17% and 21%, respectively, of the Company's
total revenues. Because the Company's customer base is relatively small, the
loss of one or more customers for any reason could adversely affect the
Company's results of operations.

SIGNIFICANT DEFAULTS OF PAST-DUE CUSTOMER ACCOUNTS WOULD ADVERSELY AFFECT THE
COMPANY'S RESULTS OF OPERATIONS

         The Company has approximately $8.3 million of customer accounts and
notes receivable at April 30, 2001, of which $1.1 million is over ninety days
past-due. At April 30, 2001, the Company has an allowance of $1.3 million to
cover losses in its receivable balances. Significant payment defaults by its
customers in excess of the allowance would have a material adverse effect on the
Company's financial position and results of operations.

INTERNATIONAL ECONOMIC AND POLITICAL INSTABILITY COULD ADVERSELY AFFECT THE
COMPANY'S RESULTS OF OPERATIONS

         The Company's results of operations are dependent upon the current
political and economic climate of several international countries in which its
customers either operate or are located. International sources accounted for


                                       9
<PAGE>   10


approximately 93% of the Company's revenues in the fiscal year ended January 31,
2001, and 17% of international revenues were attributable to lease and sales
activities in South America. Since the majority of the Company's lease and sales
contracts with its customers are denominated in U.S. dollars, there is little
risk of loss from fluctuations in foreign currencies. However, the Company's
internationally-sourced revenues are still subject to the risk of currency
exchange controls (in which payment could not be made in U.S. dollars), taxation
policies, and appropriation, as well as to political turmoil, civil
disturbances, armed hostilities, and other hazards. While the Company's results
of operations have not been adversely affected by those risks to date, there is
no assurance its business and results of operations won't be adversely affected
in the future.

THE COMPANY MUST CONTINUALLY OBTAIN ADDITIONAL LEASE CONTRACTS

         The Company's seismic equipment leases typically have a term of three
to nine months and provide gross revenues that recover only a portion of the
Company's capital investment. The Company's ability to generate lease revenues
and profits is dependent on obtaining additional lease contracts after the
termination of an original lease. However, lessees are under no obligation to,
and frequently do not, continue to lease seismic equipment after the expiration
of a lease. Although the Company has been successful in obtaining additional
lease contracts with other lessees after the termination of the original leases,
there can be no assurance that it will continue to do so. The Company's failure
to obtain additional or extended leases beyond the initial term would have a
material adverse effect on its operations and financial condition.

DEPENDENCE ON KEY PERSONNEL

         The Company's success is dependent on, among other things, the services
of certain key personnel, including specifically Billy F. Mitcham, Jr., Chairman
of the Board, President and Chief Executive Officer of the Company. Mr.
Mitcham's employment agreement has an initial term through January 15, 2002, and
is automatically extended on a year-to-year basis until terminated by either
party giving 30 days notice prior to the end of the current term (subject to
earlier termination on certain stated events). The agreement prohibits Mr.
Mitcham from engaging in any business activities that are competitive with the
Company's business and from diverting any of the Company's customers to a
competitor for two years after the termination of his employment. The loss of
the services of Mr. Mitcham could have a material adverse effect on the Company.
In particular, the Exclusive Equipment Lease Agreement with Sercel is terminable
at such time as he is no longer employed by the Company in a senior management
capacity.

THE COMPANY'S SEISMIC LEASE POOL IS SUBJECT TO TECHNOLOGICAL OBSOLESCENCE

         The Company has a substantial capital investment in seismic data
acquisition equipment. The development by manufacturers of seismic equipment of
newer technology systems or component parts that have significant competitive
advantages over seismic systems and component parts now in use could have an
adverse effect on the Company's ability to profitably lease and sell its
existing seismic equipment. Significant improvements in technology may also
require the Company to recognize an asset impairment charge to its lease pool
investment, and to correspondingly invest significant sums to upgrade or replace
its existing lease pool with newer-technology equipment demanded by its
customers.

         During the fiscal year ended January 31, 1999, the Company recorded a
pretax asset impairment charge of $15.1 million. The non-cash asset impairment
charge was recorded in accordance with SFAS No. 121, which requires that
long-lived assets and certain identifiable intangibles held and used by the
Company be reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. The
severity as well as the duration of the recent oil and gas industry downturn was
such an event. The Company's review of its long-lived assets indicated that the
carrying value of certain of the Company's seismic equipment lease pool assets
was more than the estimated undiscounted future net cash flows. As such, under
SFAS No. 121, the Company wrote down those assets to their estimated fair market
value based on discounted cash flows using an effective rate of 8.0%. There can
be no assurance that the Company will not record asset impairment charges under
SFAS No. 121 in the future.


                                       10
<PAGE>   11


WEATHER CONDITIONS CAUSE SEASONAL RESULTS

         The first and fourth quarters of the Company's fiscal year have
historically accounted for a greater portion of the Company's revenues than do
the second and third quarters of its fiscal year. This seasonality in revenues
is primarily due to the increased seismic survey activity in Canada from October
through March, which affects the Company due to its significant Canadian
operations. This seasonal pattern may cause the Company's results of operations
to vary significantly from quarter to quarter. Accordingly, period-to-period
comparisons are not necessarily meaningful and should not be relied on as
indicative of future results.

DISRUPTION IN SUPPLIER RELATIONSHIPS COULD ADVERSELY AFFECT THE COMPANY

         The Company has and continues to rely on purchase agreements with
Sercel. To a lesser extent, the Company also relies on its suppliers for lease
referrals. The termination of these agreements for any reason could materially
adversely affect the Company's business. Any difficulty in obtaining seismic
equipment from suppliers could have a material adverse effect on the Company's
business, financial condition and results of operations.

COMPETITION

         Competition in the leasing of seismic equipment is fragmented, and the
Company is aware of several companies that engage in seismic equipment leasing.
The Company believes that its competitors, in general, do not have as extensive
a seismic equipment lease pool as does the Company. The Company also believes
that its competitors do not have similar exclusive lease referral agreements
with suppliers. Competition exists to a lesser extent from seismic data
acquisition contractors that may lease equipment that is temporarily idle.

         The Company has several competitors engaged in seismic equipment
leasing and sales, including seismic equipment manufacturers, companies
providing seismic surveys and oil and gas exploration companies that use seismic
equipment, many of which have substantially greater financial resources than the
Company. There are also several smaller competitors who, in the aggregate,
generate significant revenue from the sale of seismic survey equipment.
Pressures from existing or new competitors could adversely affect the Company's
business operations.

VOLATILE STOCK PRICES AND NO PAYMENT OF DIVIDENDS

         Due to current energy industry conditions, energy and energy service
company stock prices, including the Company's stock price, have been extremely
volatile. Such stock price volatility could adversely affect the Company's
business operations by, among other things, impeding its ability to attract and
retain qualified personnel and to obtain additional financing if such financing
is ever needed. The Company has historically not paid dividends on its common
stock and does not anticipate paying dividends in the foreseeable future.

POSSIBLE ADVERSE EFFECT OF ANTI-TAKEOVER PROVISIONS; POTENTIAL ISSUANCE OF
PREFERRED STOCK

         Certain provisions of the Company's Articles of Incorporation and the
Texas Business Corporation Act may tend to delay, defer or prevent a potential
unsolicited offer or takeover attempt that is not approved by the Board of
Directors but that the Company's shareholders might consider to be in their best
interest, including an attempt that might result in shareholders receiving a
premium over the market price for their shares. Because the Board of Directors
is authorized to issue preferred stock with such preferences and rights as it
determines, it may afford the holders of any series of preferred stock
preferences, rights or voting powers superior to those of the holders of common
stock. Although the Company has no shares of preferred stock outstanding and no
present intention to issue any shares of its preferred stock, there can be no
assurance that the Company will not do so in the future.

LIMITATION ON DIRECTORS' LIABILITY

         The Company's Articles of Incorporation provide, as permitted by
governing Texas law, that a director of the Company shall not be personally
liable to the Company or its shareholders for monetary damages for breach of
fiduciary duty as a director, with certain exceptions. These provisions may
discourage shareholders from bringing


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suit against a director for breach of fiduciary duty and may reduce the
likelihood of derivative litigation brought by shareholders on behalf of the
Company against a director.


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         On or about April 23, 1998, several purported class action lawsuits
         were filed against the Company and its chief executive officer and then
         chief financial officer in the U.S. District Court for the Southern
         District of Texas, Houston Division. The first-filed complaint, styled
         Stanley Moskowitz ("Plaintiffs") v. Mitcham Industries, Inc., Billy F.
         Mitcham, Jr. and Roberto Rios ("Defendants"), alleged violations of
         Section 10(b), Rule 10b-5 and 20(a) of the Securities Exchange Act of
         1934 and Sections 11 and 12(a)(2) of the Securities Act of 1933. On or
         about September 21, 1998, the complaints were consolidated into one
         action. On November 4, 1998, the Plaintiffs filed a consolidated
         amended complaint ("CAC"), which sought class action status on behalf
         of purchasers of the Company's common stock from June 4, 1997 through
         March 26, 1998, and damages in an unspecified amount plus costs and
         attorney's fees. The CAC alleged that the Defendants made materially
         false and misleading statements and omissions in public filings and
         announcements concerning its business and its allowance for doubtful
         accounts. On September 28, 1999, the Court granted in part and denied
         in part the Defendants' motion to dismiss, and granted Plaintiffs leave
         to amend on certain claims. On December 8, 1999, Plaintiffs filed their
         second consolidated amended complaint ("SCAC"). On October 2, 2000, the
         Court granted in part and denied in part the Defendants' motions to
         dismiss the SCAC. On December 5, 2000, the Defendants answered and
         denied the allegations in the SCAC. On April 17, 2001, facing
         protracted and expensive litigation, Defendants agreed in principle
         with Plaintiffs to a $2,700,000 settlement, to be paid by the Company
         and its insurance carrier, pending execution of a final settlement
         agreement and approval by the Court.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

    (a) REPORTS ON FORM 8-K

        None.

    (b) EXHIBITS

        None.


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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 thereunto duly authorized.


                                   MITCHAM INDUSTRIES, INC.




Date:  June 13, 2001               /s/ CHRISTOPHER C. SIFFERT
                                   ---------------------------------------------
                                   CHRISTOPHER C. SIFFERT
                                   CORPORATE CONTROLLER
                                   (AUTHORIZED OFFICER AND PRINCIPAL
                                   ACCOUNTING OFFICER)


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