UPDATE 1-Mitcham Industries shares fall on surprise Q1 loss

* Q1 loss/shr $0.01 vs EPS $0.41 year-ago

* Q1 revenue down 43 percent

* Cites lack of seasonal demand in Canada & Russia

* Shares down 14 percent June 3 (Reuters) - Shares of geophysical equipment supplier Mitcham Industries Inc (MIND.O) fell as much as 14 percent, a day after it reported a surprise first-quarter loss, citing a lack of seasonal demand in Canada and Russia.

Shares of the company, which leases and sells seismic equipment to the oil and gas industry, touched a low of $5.50 after market opened and were trading down 88 cents at $5.54 Wednesday morning on Nasdaq.

Canada and Russia -- where a great deal of seismic exploration occurs during the winter months -- had seen activity dip on account of the global economic downturn, Mitcham said in a regulatory filing.

For the quarter, the company swung to a net loss of $80,000 or 1 cent a share, compared with a profit of $4.3 million, or 41 cents a share, a year earlier.

Total revenue at Mitcham dropped 43 percent to $10.6 million, on account of falling equipment leasing revenues and lower sales from its Seamap brand of seismic equipment.

Analysts were expecting the Hunstville, Texas-based company to report earnings, before special items, of 8 cents a share, on revenue of $13.40 million.

For the alerts, double-click [ID:nWNAB5834] (Reporting by Shradhha Sharma in Bangalore; Editing by Jarshad Kakkrakandy)