MIND Technology (MIND) 10-Q 11 Dec 13 2014 Q3 Quarterly report Financial data

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)