Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Oct. 31, 2013 | Dec. 10, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'MIND | ' |
Entity Registrant Name | 'MITCHAM INDUSTRIES INC | ' |
Entity Central Index Key | '0000926423 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 12,797,576 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $24,209 | $15,150 |
Restricted cash | 710 | 801 |
Accounts receivable, net | 25,012 | 23,131 |
Current portion of contracts and notes receivable | 1,127 | 2,096 |
Inventories, net | 8,490 | 6,188 |
Prepaid income taxes | 1,975 | 5,591 |
Deferred tax asset | 1,976 | 1,842 |
Prepaid expenses and other current assets | 4,232 | 3,079 |
Total current assets | 67,731 | 57,878 |
Seismic equipment lease pool and property and equipment, net | 106,631 | 119,608 |
Intangible assets, net | 3,447 | 3,989 |
Goodwill | 4,320 | 4,320 |
Deferred tax asset | 6,409 | 4,296 |
Other assets | 34 | 316 |
Total assets | 188,572 | 190,407 |
Current liabilities: | ' | ' |
Accounts payable | 8,469 | 6,921 |
Current maturities - long-term debt | 110 | 145 |
Deferred revenue | 497 | 539 |
Accrued expenses and other current liabilities | 2,505 | 1,875 |
Total current liabilities | 11,581 | 9,480 |
Non-current income taxes payable | 376 | 376 |
Long-term debt, net of current maturities | 3,140 | 4,238 |
Total liabilities | 15,097 | 14,094 |
Shareholders' equity: | ' | ' |
Preferred stock, $1.00 par value; 1,000 shares authorized; none issued and outstanding | ' | ' |
Common stock, $0.01 par value; 20,000 shares authorized; 13,872 and 13,763 shares issued at October 31, 2013 and January 31, 2013, respectively | 139 | 138 |
Additional paid-in capital | 117,599 | 116,506 |
Treasury stock, at cost (1,075 and 926 shares at October 31, 2013 and January 31, 2013, respectively) | -7,075 | -4,860 |
Retained earnings | 59,334 | 56,348 |
Accumulated other comprehensive income | 3,478 | 8,181 |
Total shareholders' equity | 173,475 | 176,313 |
Total liabilities and shareholders' equity | $188,572 | $190,407 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, shares issued | 13,872 | 13,763 |
Treasury stock, shares | 1,075 | 926 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Revenues: | ' | ' | ' | ' |
Equipment leasing | $7,900 | $11,062 | $34,435 | $42,952 |
Lease pool equipment sales | 3,169 | 1,873 | 6,188 | 7,409 |
Seamap equipment sales | 5,537 | 4,495 | 16,422 | 22,301 |
Other equipment sales | 3,669 | 1,143 | 11,416 | 3,622 |
Total revenues | 20,275 | 18,573 | 68,461 | 76,284 |
Cost of sales: | ' | ' | ' | ' |
Direct costs - equipment leasing | 1,465 | 1,663 | 3,857 | 6,308 |
Direct costs - lease pool depreciation | 7,216 | 8,308 | 22,021 | 25,139 |
Cost of lease pool equipment sales | 1,119 | 1,341 | 2,080 | 3,752 |
Cost of Seamap and other equipment sales | 5,522 | 2,907 | 16,653 | 12,445 |
Total cost of sales | 15,322 | 14,219 | 44,611 | 47,644 |
Gross profit | 4,953 | 4,354 | 23,850 | 28,640 |
Operating expenses: | ' | ' | ' | ' |
General and administrative | 6,086 | 5,854 | 18,173 | 16,907 |
Provision for (recovery of) doubtful accounts | 1,048 | ' | 1,048 | -443 |
Depreciation and amortization | 371 | 362 | 1,124 | 1,031 |
Total operating expenses | 7,505 | 6,216 | 20,345 | 17,495 |
Operating (loss) income | -2,552 | -1,862 | 3,505 | 11,145 |
Other income (expenses): | ' | ' | ' | ' |
Interest, net | -37 | 79 | 120 | -22 |
Other, net | -517 | -395 | 222 | -964 |
Total other income (expenses) | -554 | -316 | 342 | -986 |
(Loss) income before income taxes | -3,106 | -2,178 | 3,847 | 10,159 |
Benefit (provision) for income taxes | 478 | 956 | -861 | 3,477 |
Net (loss) income | ($2,628) | ($1,222) | $2,986 | $13,636 |
Net (loss) income per common share: | ' | ' | ' | ' |
Basic | ($0.21) | ($0.10) | $0.23 | $1.07 |
Diluted | ($0.21) | ($0.10) | $0.23 | $1.03 |
Shares used in computing net income per common share: | ' | ' | ' | ' |
Basic | 12,767 | 12,771 | 12,766 | 12,687 |
Diluted | 12,767 | 12,771 | 13,180 | 13,264 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($2,628) | ($1,222) | $2,986 | $13,636 |
Change in cumulative translation adjustment | 1,488 | 508 | -4,703 | 363 |
Comprehensive (loss) income | ($1,140) | ($714) | ($1,717) | $13,999 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $2,986 | $13,636 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 23,242 | 26,270 |
Stock-based compensation | 839 | 1,323 |
Provision for doubtful accounts, net of charge offs | 1,048 | -443 |
Provision for inventory obsolescence | 70 | 178 |
Gross profit from sale of lease pool equipment | -4,108 | -3,657 |
Excess tax benefit from exercise of non-qualified stock options and restricted shares | -44 | -441 |
Deferred tax provision | -2,495 | -3,524 |
Changes in non-current income taxes payable | ' | -5,003 |
Changes in working capital items: | ' | ' |
Accounts receivable | -4,569 | 17,662 |
Contracts and notes receivable | 1,277 | -761 |
Inventories | -2,827 | -623 |
Prepaid expenses and other current assets | -1,449 | -1,341 |
Income taxes payable | 3,382 | -7,672 |
Prepaid foreign income tax | ' | 3,519 |
Accounts payable, accrued expenses, other current liabilities and deferred revenue | 1,338 | -2,801 |
Net cash provided by operating activities | 18,690 | 36,129 |
Cash flows from investing activities: | ' | ' |
Purchases of seismic equipment held for lease | -13,308 | -35,531 |
Purchases of property and equipment | -452 | -795 |
Sale of used lease pool equipment | 6,188 | 7,409 |
Net cash used in investing activities | -7,572 | -28,917 |
Cash flows from financing activities: | ' | ' |
Net payments on revolving line of credit | -1,000 | 650 |
Proceeds from equipment notes | ' | 180 |
Payments on borrowings | -105 | -1,528 |
Net purchases of short-term investments | 30 | ' |
Proceeds from issuance of common stock upon exercise of options | 275 | 331 |
Purchase of treasury stock | -2,200 | ' |
Excess tax benefit from exercise of non-qualified stock options and restricted shares | 44 | 441 |
Net cash (used in) provided by financing activities | -2,956 | 74 |
Effect of changes in foreign exchange rates on cash and cash equivalents | 897 | 1,417 |
Net change in cash and cash equivalents | 9,059 | 8,703 |
Cash and cash equivalents, beginning of period | 15,150 | 15,287 |
Cash and cash equivalents, end of period | 24,209 | 23,990 |
Supplemental cash flow information: | ' | ' |
Interest paid | 206 | 447 |
Income taxes (refunded) paid | -74 | 8,222 |
Purchases of seismic equipment held for lease in accounts payable at end of period | $5,208 | $835 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Oct. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The condensed consolidated balance sheet as of January 31, 2013 for Mitcham Industries, Inc. (for purposes of these notes, the “Company”) has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) 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 consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2013. In the opinion of the Company, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of October 31, 2013, the results of operations for the three and nine months ended October 31, 2013 and 2012, and the cash flows for the nine months ended October 31, 2013 and 2012, have been included in these financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2014. |
Organization
Organization | 9 Months Ended | |
Oct. 31, 2013 | ||
Text Block [Abstract] | ' | |
Organization | ' | |
2 | Organization | |
The Company was incorporated in Texas in 1987. The Company, through its wholly-owned Canadian subsidiary, Mitcham Canada, ULC. (“MCL”), its wholly-owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”), its wholly- owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), its wholly-owned Singaporean subsidiary, Mitcham Marine Leasing Pte Ltd. (“MML”), and its branch operations in Colombia and Peru, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly-owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly-owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries, with manufacturing, support and sales facilities based in Singapore and the United Kingdom. All material intercompany transactions and balances have been eliminated in consolidation. |
Restricted_Cash
Restricted Cash | 9 Months Ended | |
Oct. 31, 2013 | ||
Cash And Cash Equivalents [Abstract] | ' | |
Restricted Cash | ' | |
3 | Restricted Cash | |
The Company has pledged approximately $622,000 in short-term deposits as of October 31, 2013 as collateral to secure letters of credit related to import bonds posted with various foreign customs authorities. Also, in connection with certain contracts, SAP has pledged approximately $88,000 in short-term time deposits as of October 31, 2013 to secure performance obligations under those contracts. The amount of security will be released as the contractual obligations are performed over the remaining terms of the contracts, which is estimated to be in the quarter ending January 31, 2014. | ||
As these investments in short-term time deposits relate to financing activities, the securing of contract obligations, these transactions are reflected as financing activities in the accompanying condensed consolidated statements of cash flows. |
Balance_Sheet
Balance Sheet | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Balance Sheet | ' | ||||||||
4 | Balance Sheet | ||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Accounts receivable: | |||||||||
Accounts receivable | $ | 29,028 | $ | 26,505 | |||||
Allowance for doubtful accounts | (4,016 | ) | (3,374 | ) | |||||
Total accounts receivable, net | $ | 25,012 | $ | 23,131 | |||||
Contracts and notes receivable: | |||||||||
Contracts receivable | $ | 858 | $ | 904 | |||||
Notes receivable | 269 | 1,471 | |||||||
Less current portion | (1,127 | ) | (2,096 | ) | |||||
Long-term portion | $ | — | $ | 279 | |||||
Contracts receivable consisted of $858,000 due from two customers as of October 31, 2013 and $904,000 due from two customers as of January 31, 2013. Notes receivable of $269,000 at October 31, 2013 and $1,471,000 at January 31, 2013 relate to promissory notes issued by a customer in settlement of a trade account receivable. As of October 31, 2013, the amounts due pursuant to these agreements bear interest at an average of approximately 8.7% per year and have remaining repayment terms of five to 11 months. These agreements are collateralized by seismic equipment and are considered collectable; thus, no allowances have been established for them. | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Inventories: | |||||||||
Raw materials | $ | 4,354 | $ | 3,103 | |||||
Finished goods | 4,248 | 3,531 | |||||||
Work in progress | 1,056 | 627 | |||||||
9,658 | 7,261 | ||||||||
Less allowance for obsolescence | (1,168 | ) | (1,073 | ) | |||||
Total inventories, net | $ | 8,490 | $ | 6,188 | |||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Seismic equipment lease pool and property and equipment: | |||||||||
Seismic equipment lease pool | $ | 238,164 | $ | 241,395 | |||||
Land and buildings | 366 | 366 | |||||||
Furniture and fixtures | 8,943 | 8,899 | |||||||
Autos and trucks | 799 | 748 | |||||||
248,272 | 251,408 | ||||||||
Accumulated depreciation and amortization | (141,641 | ) | (131,800 | ) | |||||
Total seismic equipment lease pool and property and equipment, net | $ | 106,631 | $ | 119,608 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
5 | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||||
Weighted | October 31, 2013 | January 31, 2013 | |||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||||||
Life at | |||||||||||||||||||||||||||||
10/31/13 | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||
Goodwill | $ | 4,320 | $ | 4,320 | |||||||||||||||||||||||||
Proprietary rights | 6.7 | $ | 3,537 | $ | (1,814 | ) | $ | 1,723 | $ | 3,503 | $ | (1,625 | ) | 1,878 | |||||||||||||||
Customer relationships | 4.3 | 2,302 | (1,055 | ) | 1,247 | 2,402 | (876 | ) | 1,526 | ||||||||||||||||||||
Patents | 4.3 | 693 | (318 | ) | 375 | 724 | (264 | ) | 460 | ||||||||||||||||||||
Trade name | 4.3 | 189 | (87 | ) | 102 | 197 | (72 | ) | 125 | ||||||||||||||||||||
Amortizable intangible assets | $ | 6,721 | $ | (3,274 | ) | $ | 3,447 | $ | 6,826 | $ | (2,837 | ) | $ | 3,989 | |||||||||||||||
As of October 31, 2013, the Company had goodwill of $4,320,000, all of which was allocated to the Seamap segment. No impairment was recorded against the goodwill account during the three months ended October 31, 2013. | |||||||||||||||||||||||||||||
Amortizable intangible assets are amortized over their estimated useful lives of eight to 15 years using the straight-line method. Aggregate amortization expense was $164,000 and $169,000 for the three months ended October 31, 2013 and 2012, respectively, and $493,000 and $506,000 for the nine months ended October 31, 2013 and 2012, respectively. As of October 31, 2013, future estimated amortization expense related to amortizable intangible assets was estimated to be: | |||||||||||||||||||||||||||||
For fiscal years ending January 31 (in thousands): | |||||||||||||||||||||||||||||
2014 | $ | 163 | |||||||||||||||||||||||||||
2015 | 655 | ||||||||||||||||||||||||||||
2016 | 655 | ||||||||||||||||||||||||||||
2017 | 655 | ||||||||||||||||||||||||||||
2018 | 655 | ||||||||||||||||||||||||||||
2019 and thereafter | 664 | ||||||||||||||||||||||||||||
Total | $ | 3,447 | |||||||||||||||||||||||||||
LongTerm_Debt_and_Notes_Payabl
Long-Term Debt and Notes Payable | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Notes Payable | ' | ||||||||
6 | Long-Term Debt and Notes Payable | ||||||||
Long-term debt and notes payable consisted of the following (in thousands): | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Revolving line of credit | $ | 3,000 | $ | 4,000 | |||||
Other equipment notes | 250 | 383 | |||||||
3,250 | 4,383 | ||||||||
Less current portion | (110 | ) | (145 | ) | |||||
Long-term debt | $ | 3,140 | $ | 4,238 | |||||
On August 2, 2013, the Company entered into a $50.0 million, three-year revolving credit facility, as described below (the “Credit Agreement”). The Credit Agreement replaced a predecessor revolving credit facility with First Victoria National Bank. The Credit Agreement is a three-year, secured revolving facility in the maximum principal amount of $50.0 million, among the Company, as borrower, HSBC Bank USA, N.A., as administrative agent and several banks and other financial institutions from time to time as lenders thereunder (initially consisting of HSBC Bank USA, N.A. and First Victoria National Bank) as lenders. | |||||||||
Amounts available for borrowing under the Credit Agreement are determined by a borrowing base. The borrowing base is determined primarily based upon the appraised value of the Company’s domestic lease pool equipment and certain accounts receivable. The Credit Agreement is collateralized by essentially all of the Company’s domestic assets (other than real estate) and 65% of the capital stock of Mitcham Holdings, Ltd., a foreign holding company that holds the capital stock of the Company’s foreign subsidiaries. | |||||||||
The Credit Agreement provides interest at a base rate, or for Eurodollar borrowings, in both cases plus an applicable margin. As of October 31, 2013, the base rate margin was 150 basis points and the Eurodollar margin was 250 basis points. The Company has agreed to pay a commitment fee on the unused portion of the Credit Agreement of 0.375% to 0.5%. Up to $10.0 million of available borrowings under the Credit Agreement may be utilized to secure letters of credit. The Credit Agreement contains certain financial covenants that require, among other things, that the Company maintain a leverage ratio, which is calculated at the end of each quarter, of no greater than 2.00 to 1.00 on a trailing four quarter basis and a fixed charge coverage ratio, which also is calculated at the end of each quarter, of no less than 1.25 to 1.00 on a trailing four quarter basis. In addition, should adjusted EBITDA, as defined in the Credit Agreement, for any trailing four quarter period be less than $22.0 million, the ratio of capital expenditures to adjusted EBITDA for that four quarter period may not be greater than 1.0 to 1.0. The Credit Agreement also includes restrictions on additional indebtedness in excess of $5.0 million. The Company was in compliance with each of these provisions as of and for the nine months ended October 31, 2013. | |||||||||
The Credit Agreement contains customary representations, warranties, conditions precedent to credit extensions, affirmative and negative covenants and events of default. The negative covenants include restrictions on liens, additional indebtedness in excess of $5.0 million, acquisitions, fundamental changes, dispositions of property, restricted payments, transactions with affiliates and lines of business. The events of default include a change in control provision. | |||||||||
The Company’s average borrowings under the Credit Agreement and the predecessor revolving credit facility for the nine months ended October 31, 2013 and 2012 were approximately $3,031,000 and $14,084,000, respectively. | |||||||||
From time to time, certain subsidiaries have entered into notes payable to finance the purchase of certain equipment, which are pledged as security for the notes payable. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Oct. 31, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
7 | Income Taxes | |
Prepaid taxes of approximately $2.0 million at October 31, 2013 consisted of approximately $400,000 of foreign taxes and approximately $1.6 million of domestic federal and state taxes. Prepaid income taxes of approximately $5.6 million at January 31, 2013 consisted of approximately $4.2 million of foreign taxes and approximately $1.4 million of domestic federal and state taxes. | ||
The Company and its subsidiaries file consolidated and separate income tax returns in the United States federal jurisdiction and in foreign jurisdictions. The Company is subject to United States federal income tax examinations for all tax years beginning with its fiscal year ended January 31, 2010. | ||
In September 2013, the Internal Revenue Service (“IRS”) initiated an examination of the Company’s federal income tax return for the fiscal year ended January 31, 2013. As of December 10, 2013, the IRS has not proposed any adjustments as a result of this examination. | ||
The Company is subject to examination by taxing authorities throughout the world, including foreign jurisdictions such as Australia, Canada, Colombia, Hungary, Peru, Russia, Singapore and the United Kingdom. With few exceptions, the Company and its subsidiaries are no longer subject to foreign income tax examinations for tax years before 2008. | ||
In July 2012, the Company reached a settlement with the Canadian Revenue Agency (“CRA”) and the IRS regarding its request for competent authority assistance for matters arising from an audit of the Company’s Canadian income tax returns for the years ended January 31, 2004, 2005 and 2006. The issues related to intercompany repair charges, management fees and the deductibility of depreciation charges and whether those deductions should be taken in Canada or in the United States. Pursuant to the settlement agreement, adjustments have been made or proposed to the Company’s Canadian and United States income tax returns for the years ended January 31, 2004 through January 31, 2012. These changes are estimated to result in a net reduction to consolidated income tax expense of approximately $141,000, which amount was reflected in the Company’s benefit from income taxes for the nine months ended October 31, 2012. | ||
As a result of the settlement, in the nine months ended October 31, 2012, the Company recognized the benefit of certain tax positions amounting to approximately $3.3 million and reversed previous estimates of potential penalties and interest amounting to approximately $1.9 million. | ||
The effective tax rate for the nine months ended October 31, 2013 was approximately 22.4%. Without the effect of the $5.2 million tax benefit noted above, the effective tax rate for the nine months ended October 31, 2012 was 17.9%. These rates are generally less than the federal statutory rate of 34% primarily due to the effect of lower tax rates in certain foreign jurisdictions. The Company has determined that earnings from these jurisdictions have been permanently reinvested outside of the United States. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
8 | Earnings per Share | ||||||||||||||||
Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. | |||||||||||||||||
The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Basic weighted average common shares outstanding | 12,767 | 12,771 | 12,766 | 12,687 | |||||||||||||
Stock options | 359 | 415 | 390 | 558 | |||||||||||||
Unvested restricted stock | 19 | 20 | 24 | 19 | |||||||||||||
Total weighted average common share equivalents | 378 | 435 | 414 | 577 | |||||||||||||
Diluted weighted average common shares outstanding | 13,145 | 13,206 | 13,180 | 13,264 | |||||||||||||
For the three months ended October 31, 2013 and 2012, potentially dilutive common shares, underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for that period. |
Treasury_Stock
Treasury Stock | 9 Months Ended | |
Oct. 31, 2013 | ||
Equity [Abstract] | ' | |
Treasury Stock | ' | |
9 | Treasury Stock | |
In April 2013, the Company’s Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company’s common stock through December 31, 2014. During the nine months ended October 31, 2013, the Company repurchased 147,900 shares of its common stock at an average price of approximately $14.82 per share. These shares are reflected as treasury stock in the accompanying financial statements. The Company expects that 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. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Oct. 31, 2013 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |
Stock-Based Compensation | ' | |
10 | Stock-Based Compensation | |
Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three and nine months ended October 31, 2013 was approximately $287,000 and $839,000, respectively, and, during the three and nine months ended October 31, 2012 was approximately $259,000 and $1.3 million, respectively. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
11 | Segment Reporting | ||||||||||||||||||||||||
The Equipment Leasing segment offers new and “experienced” seismic equipment for lease or sale to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The Equipment Leasing segment is headquartered in Huntsville, Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Ufa, Bashkortostan, Russia; Budapest, Hungary; Singapore; Bogota, Colombia; and Lima, Peru. | |||||||||||||||||||||||||
The Seamap segment is engaged in the design, manufacture and sale of state-of-the-art seismic and offshore telemetry systems. Manufacturing, support and sales facilities are maintained in the United Kingdom and Singapore. | |||||||||||||||||||||||||
Financial information by business segment is set forth below (net of any allocations): | |||||||||||||||||||||||||
As of October 31, 2013 | As of January 31, 2013 | ||||||||||||||||||||||||
Total Assets | Total Assets | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Equipment Leasing | $ | 168,343 | $ | 171,971 | |||||||||||||||||||||
Seamap | 20,236 | 18,578 | |||||||||||||||||||||||
Eliminations | (7 | ) | (142 | ) | |||||||||||||||||||||
Consolidated | $ | 188,572 | $ | 190,407 | |||||||||||||||||||||
Results for the three months ended October 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||||||||
Revenues | Operating (loss) income | (Loss) income before taxes | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Equipment Leasing | $ | 14,738 | $ | 14,078 | $ | (3,398 | ) | $ | (2,760 | ) | $ | (3,733 | ) | $ | (2,714 | ) | |||||||||
Seamap | 5,608 | 4,839 | 804 | 1,232 | 585 | 870 | |||||||||||||||||||
Eliminations | (71 | ) | (344 | ) | 42 | (334 | ) | 42 | (334 | ) | |||||||||||||||
Consolidated | $ | 20,275 | $ | 18,573 | $ | (2,552 | ) | $ | (1,862 | ) | $ | (3,106 | ) | $ | (2,178 | ) | |||||||||
Results for the nine months ended October 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||||||||
Revenues | Operating income | Income before taxes | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Equipment Leasing | $ | 52,039 | $ | 53,983 | $ | 1,332 | $ | 2,954 | $ | 1,598 | $ | 2,378 | |||||||||||||
Seamap | 16,584 | 23,134 | 2,038 | 8,410 | 2,114 | 8,000 | |||||||||||||||||||
Eliminations | (162 | ) | (833 | ) | 135 | (219 | ) | 135 | (219 | ) | |||||||||||||||
Consolidated | $ | 68,461 | $ | 76,284 | $ | 3,505 | $ | 11,145 | $ | 3,847 | $ | 10,159 | |||||||||||||
Sales from the Seamap segment to the Equipment Leasing segment are eliminated in the consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and depreciation expense on the difference between the sales price and the cost to manufacture the equipment. Fixed assets are reduced by the difference between the sales price and the cost to manufacture the equipment, less the accumulated depreciation related to the difference. |
Balance_Sheet_Tables
Balance Sheet (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Accounts Receivable and Contracts Receivable | ' | ||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Accounts receivable: | |||||||||
Accounts receivable | $ | 29,028 | $ | 26,505 | |||||
Allowance for doubtful accounts | (4,016 | ) | (3,374 | ) | |||||
Total accounts receivable, net | $ | 25,012 | $ | 23,131 | |||||
Contracts and notes receivable: | |||||||||
Contracts receivable | $ | 858 | $ | 904 | |||||
Notes receivable | 269 | 1,471 | |||||||
Less current portion | (1,127 | ) | (2,096 | ) | |||||
Long-term portion | $ | — | $ | 279 | |||||
Inventories | ' | ||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Inventories: | |||||||||
Raw materials | $ | 4,354 | $ | 3,103 | |||||
Finished goods | 4,248 | 3,531 | |||||||
Work in progress | 1,056 | 627 | |||||||
9,658 | 7,261 | ||||||||
Less allowance for obsolescence | (1,168 | ) | (1,073 | ) | |||||
Total inventories, net | $ | 8,490 | $ | 6,188 | |||||
Seismic Equipment Lease Pool and Property and Equipment | ' | ||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
(in thousands) | |||||||||
Seismic equipment lease pool and property and equipment: | |||||||||
Seismic equipment lease pool | $ | 238,164 | $ | 241,395 | |||||
Land and buildings | 366 | 366 | |||||||
Furniture and fixtures | 8,943 | 8,899 | |||||||
Autos and trucks | 799 | 748 | |||||||
248,272 | 251,408 | ||||||||
Accumulated depreciation and amortization | (141,641 | ) | (131,800 | ) | |||||
Total seismic equipment lease pool and property and equipment, net | $ | 106,631 | $ | 119,608 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
Weighted | October 31, 2013 | January 31, 2013 | |||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||||||
Life at | |||||||||||||||||||||||||||||
10/31/13 | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||
Goodwill | $ | 4,320 | $ | 4,320 | |||||||||||||||||||||||||
Proprietary rights | 6.7 | $ | 3,537 | $ | (1,814 | ) | $ | 1,723 | $ | 3,503 | $ | (1,625 | ) | 1,878 | |||||||||||||||
Customer relationships | 4.3 | 2,302 | (1,055 | ) | 1,247 | 2,402 | (876 | ) | 1,526 | ||||||||||||||||||||
Patents | 4.3 | 693 | (318 | ) | 375 | 724 | (264 | ) | 460 | ||||||||||||||||||||
Trade name | 4.3 | 189 | (87 | ) | 102 | 197 | (72 | ) | 125 | ||||||||||||||||||||
Amortizable intangible assets | $ | 6,721 | $ | (3,274 | ) | $ | 3,447 | $ | 6,826 | $ | (2,837 | ) | $ | 3,989 | |||||||||||||||
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||||
As of October 31, 2013, future estimated amortization expense related to amortizable intangible assets was estimated to be: | |||||||||||||||||||||||||||||
For fiscal years ending January 31 (in thousands): | |||||||||||||||||||||||||||||
2014 | $ | 163 | |||||||||||||||||||||||||||
2015 | 655 | ||||||||||||||||||||||||||||
2016 | 655 | ||||||||||||||||||||||||||||
2017 | 655 | ||||||||||||||||||||||||||||
2018 | 655 | ||||||||||||||||||||||||||||
2019 and thereafter | 664 | ||||||||||||||||||||||||||||
Total | $ | 3,447 | |||||||||||||||||||||||||||
LongTerm_Debt_and_Notes_Payabl1
Long-Term Debt and Notes Payable (Tables) | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Notes Payable | ' | ||||||||
Long-term debt and notes payable consisted of the following (in thousands): | |||||||||
October 31, | January 31, | ||||||||
2013 | 2013 | ||||||||
Revolving line of credit | $ | 3,000 | $ | 4,000 | |||||
Other equipment notes | 250 | 383 | |||||||
3,250 | 4,383 | ||||||||
Less current portion | (110 | ) | (145 | ) | |||||
Long-term debt | $ | 3,140 | $ | 4,238 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation | ' | ||||||||||||||||
The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 31, | October 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Basic weighted average common shares outstanding | 12,767 | 12,771 | 12,766 | 12,687 | |||||||||||||
Stock options | 359 | 415 | 390 | 558 | |||||||||||||
Unvested restricted stock | 19 | 20 | 24 | 19 | |||||||||||||
Total weighted average common share equivalents | 378 | 435 | 414 | 577 | |||||||||||||
Diluted weighted average common shares outstanding | 13,145 | 13,206 | 13,180 | 13,264 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Assets [Member] | ' | ||||||||||||||||||||||||
Financial Information by Business Segment | ' | ||||||||||||||||||||||||
Financial information by business segment is set forth below (net of any allocations): | |||||||||||||||||||||||||
As of October 31, 2013 | As of January 31, 2013 | ||||||||||||||||||||||||
Total Assets | Total Assets | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Equipment Leasing | $ | 168,343 | $ | 171,971 | |||||||||||||||||||||
Seamap | 20,236 | 18,578 | |||||||||||||||||||||||
Eliminations | (7 | ) | (142 | ) | |||||||||||||||||||||
Consolidated | $ | 188,572 | $ | 190,407 | |||||||||||||||||||||
Revenue [Member] | ' | ||||||||||||||||||||||||
Financial Information by Business Segment | ' | ||||||||||||||||||||||||
Results for the three months ended October 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||||||||
Revenues | Operating (loss) income | (Loss) income before taxes | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Equipment Leasing | $ | 14,738 | $ | 14,078 | $ | (3,398 | ) | $ | (2,760 | ) | $ | (3,733 | ) | $ | (2,714 | ) | |||||||||
Seamap | 5,608 | 4,839 | 804 | 1,232 | 585 | 870 | |||||||||||||||||||
Eliminations | (71 | ) | (344 | ) | 42 | (334 | ) | 42 | (334 | ) | |||||||||||||||
Consolidated | $ | 20,275 | $ | 18,573 | $ | (2,552 | ) | $ | (1,862 | ) | $ | (3,106 | ) | $ | (2,178 | ) | |||||||||
Results for the nine months ended October 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||||||||
Revenues | Operating income | Income before taxes | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Equipment Leasing | $ | 52,039 | $ | 53,983 | $ | 1,332 | $ | 2,954 | $ | 1,598 | $ | 2,378 | |||||||||||||
Seamap | 16,584 | 23,134 | 2,038 | 8,410 | 2,114 | 8,000 | |||||||||||||||||||
Eliminations | (162 | ) | (833 | ) | 135 | (219 | ) | 135 | (219 | ) | |||||||||||||||
Consolidated | $ | 68,461 | $ | 76,284 | $ | 3,505 | $ | 11,145 | $ | 3,847 | $ | 10,159 | |||||||||||||
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) (USD $) | 9 Months Ended |
Oct. 31, 2013 | |
Subsidiary or Equity Method Investee [Line Items] | ' |
Contractual obligations term | '3 months |
MSE [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Short-term time deposits | 622,000 |
SAP [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Short-term time deposits | 88,000 |
Balance_Sheet_Accounts_Receiva
Balance Sheet - Accounts Receivable and Contracts Receivable (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable: | ' | ' |
Accounts receivable | $29,028 | $26,505 |
Allowance for doubtful accounts | -4,016 | -3,374 |
Total accounts receivable, net | 25,012 | 23,131 |
Contracts and notes receivable: | ' | ' |
Contracts receivable | 858 | 904 |
Notes receivable | 269 | 1,471 |
Less current portion | -1,127 | -2,096 |
Long-term portion | ' | $279 |
Balance_Sheet_Additional_Infor
Balance Sheet - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jan. 31, 2013 |
Customer | ||
Balance Sheet [Line Items] | ' | ' |
Contracts receivable | $858 | $904 |
Contracts receivable, Interest rate | 8.70% | ' |
Notes receivable relate to promissory notes | $269 | $1,471 |
Number of customers | 2 | ' |
Maximum [Member] | ' | ' |
Balance Sheet [Line Items] | ' | ' |
Contracts receivable repayment term | '11 months | ' |
Minimum [Member] | ' | ' |
Balance Sheet [Line Items] | ' | ' |
Contracts receivable repayment term | '5 months | ' |
Balance_Sheet_Inventories_Deta
Balance Sheet - Inventories (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories: | ' | ' |
Raw materials | $4,354 | $3,103 |
Finished goods | 4,248 | 3,531 |
Work in progress | 1,056 | 627 |
Total inventories, gross | 9,658 | 7,261 |
Less allowance for obsolescence | -1,168 | -1,073 |
Total inventories, net | $8,490 | $6,188 |
Balance_Sheet_Seismic_Equipmen
Balance Sheet - Seismic Equipment Lease Pool and Property and Equipment (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Seismic equipment lease pool and property and equipment: | ' | ' |
Seismic equipment lease pool and property and equipment, gross | $248,272 | $251,408 |
Accumulated depreciation and amortization | -141,641 | -131,800 |
Total seismic equipment lease pool and property and equipment, net | 106,631 | 119,608 |
Seismic Equipment Lease Pool [Member] | ' | ' |
Seismic equipment lease pool and property and equipment: | ' | ' |
Seismic equipment lease pool | 238,164 | 241,395 |
Land and Buildings [Member] | ' | ' |
Seismic equipment lease pool and property and equipment: | ' | ' |
Seismic equipment lease pool and property and equipment, gross | 366 | 366 |
Furniture and Fixtures [Member] | ' | ' |
Seismic equipment lease pool and property and equipment: | ' | ' |
Seismic equipment lease pool and property and equipment, gross | 8,943 | 8,899 |
Autos and Trucks [Member] | ' | ' |
Seismic equipment lease pool and property and equipment: | ' | ' |
Seismic equipment lease pool and property and equipment, gross | $799 | $748 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Jan. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill | $4,320 | $4,320 |
Gross Carrying Amount | 6,721 | 6,826 |
Accumulated Amortization | -3,274 | -2,837 |
Net Carrying Amount | 3,447 | 3,989 |
Proprietary Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life | '6 years 8 months 12 days | ' |
Gross Carrying Amount | 3,537 | 3,503 |
Accumulated Amortization | -1,814 | -1,625 |
Net Carrying Amount | 1,723 | 1,878 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life | '4 years 3 months 18 days | ' |
Gross Carrying Amount | 2,302 | 2,402 |
Accumulated Amortization | -1,055 | -876 |
Net Carrying Amount | 1,247 | 1,526 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life | '4 years 3 months 18 days | ' |
Gross Carrying Amount | 693 | 724 |
Accumulated Amortization | -318 | -264 |
Net Carrying Amount | 375 | 460 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life | '4 years 3 months 18 days | ' |
Gross Carrying Amount | 189 | 197 |
Accumulated Amortization | -87 | -72 |
Net Carrying Amount | $102 | $125 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $4,320,000 | ' | $4,320,000 | ' | $4,320,000 |
Goodwill impairment | 0 | ' | ' | ' | ' |
Aggregate amortization expense | $164,000 | $169,000 | $493,000 | $506,000 | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | '15 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Useful life of intangible assets | ' | ' | '8 years | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' | ' |
2014 | $163 | ' |
2015 | 655 | ' |
2016 | 655 | ' |
2017 | 655 | ' |
2018 | 655 | ' |
2019 and thereafter | 664 | ' |
Net Carrying Amount | $3,447 | $3,989 |
LongTerm_Debt_and_Notes_Payabl2
Long-Term Debt and Notes Payable - Long-Term Debt and Notes Payable (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt gross | $3,250 | $4,383 |
Less current portion | -110 | -145 |
Long-term debt | 3,140 | 4,238 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt gross | 3,000 | 4,000 |
Other Equipment Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt gross | $250 | $383 |
LongTerm_Debt_and_Notes_Payabl3
Long-Term Debt and Notes Payable - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||
Oct. 31, 2012 | Oct. 31, 2013 | Aug. 02, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Predecessor [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | |
Revolving Credit Facility [Member] | Maximum [Member] | Minimum [Member] | Predecessor [Member] | Base Rate [Member] | Eurodollar [Member] | |||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing amount on a revolving basis | ' | ' | $50,000,000 | ' | ' | ' | ' | ' |
Revolving credit facility expiration period | ' | ' | '3 years | ' | ' | ' | ' | ' |
Line of credit agreement collateralized by percentage of own capital stock | ' | ' | 65.00% | ' | ' | ' | ' | ' |
Credit Agreement basis points | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% |
Commitment fee on the unused portion of the Credit Agreement | ' | ' | ' | 0.50% | 0.38% | ' | ' | ' |
Available borrowings under the revolving credit facility to secure letters of credit | ' | ' | ' | 10,000,000 | ' | ' | ' | ' |
Leverage Ratio | ' | 2 | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | ' | 1.25 | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | 22,000,000 | ' | ' | ' | ' | ' | ' |
Capital Expenditures to Adjusted EBITDA | ' | 1 | ' | ' | ' | ' | ' | ' |
Additional indebtedness | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Average borrowings under the revolving credit facility | $14,084,000 | ' | ' | ' | ' | $3,031,000 | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Jan. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Prepaid income taxes | $1,975,000 | ' | $5,591,000 |
Prepaid foreign taxes | 400,000 | ' | 4,200,000 |
Prepaid domestic federal and state taxes | 1,600,000 | ' | 1,400,000 |
Net reduction in consolidated income tax expenses | ' | 141,000 | ' |
Recognized tax benefit | ' | 3,300,000 | ' |
Reversed estimates of potential penalties and interest | ' | $1,900,000 | ' |
Effective tax rate without impact | 22.40% | 17.90% | ' |
Federal statutory rate | 34.00% | ' | ' |
Earnings_per_Share_Basic_and_D
Earnings per Share - Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic weighted average common shares outstanding | 12,767 | 12,771 | 12,766 | 12,687 |
Stock options | 359 | 415 | 390 | 558 |
Unvested restricted stock | 19 | 20 | 24 | 19 |
Total weighted average common share equivalents | 378 | 435 | 414 | 577 |
Diluted weighted average common shares outstanding | 12,767 | 12,771 | 13,180 | 13,264 |
Treasury_Stock_Additional_Info
Treasury Stock - Additional Information (Detail) (USD $) | 9 Months Ended | |
Oct. 31, 2013 | Apr. 30, 2013 | |
Equity [Abstract] | ' | ' |
Number of shares authorized to repurchase | ' | 1,000,000 |
Number of shares of common stock repurchased | 147,900 | ' |
Average price of shares repurchased | $14.82 | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Compensation expenses recognized for stock-based awards granted | $287 | $259 | $839 | $1,323 |
Segment_Reporting_Financial_In
Segment Reporting - Financial Information by Business Segment (Assets) (Detail) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | $188,572 | $190,407 |
Equipment Leasing [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 168,343 | 171,971 |
Seamap [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | 20,236 | 18,578 |
Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total Assets | ($7) | ($142) |
Segment_Reporting_Financial_In1
Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $20,275 | $18,573 | $68,461 | $76,284 |
Operating (loss) income | -2,552 | -1,862 | 3,505 | 11,145 |
(Loss) Income before taxes | -3,106 | -2,178 | 3,847 | 10,159 |
Equipment Leasing [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 14,738 | 14,078 | 52,039 | 53,983 |
Operating (loss) income | -3,398 | -2,760 | 1,332 | 2,954 |
(Loss) Income before taxes | -3,733 | -2,714 | 1,598 | 2,378 |
Seamap [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 5,608 | 4,839 | 16,584 | 23,134 |
Operating (loss) income | 804 | 1,232 | 2,038 | 8,410 |
(Loss) Income before taxes | 585 | 870 | 2,114 | 8,000 |
Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | -71 | -344 | -162 | -833 |
Operating (loss) income | 42 | -334 | 135 | -219 |
(Loss) Income before taxes | $42 | ($334) | $135 | ($219) |