Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2014 | Apr. 03, 2014 | Jul. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Jan-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'MIND | ' | ' |
Entity Registrant Name | 'MITCHAM INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000926423 | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,832,776 | ' |
Entity Public Float | ' | ' | $201,737,254 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $15,162 | $15,150 |
Restricted cash | 81 | 801 |
Accounts receivable, net of allowance for doubtful accounts of $3,833 and $3,374 at January 31, 2014 and 2013, respectively | 29,514 | 23,131 |
Contracts and notes receivable | 1,005 | 2,096 |
Inventories, net | 8,338 | 6,188 |
Prepaid income taxes | 2,177 | 5,591 |
Deferred tax asset | 1,968 | 1,842 |
Prepaid expenses and other current assets | 3,915 | 3,079 |
Total current assets | 62,160 | 57,878 |
Seismic equipment lease pool and property and equipment, net | 129,573 | 119,608 |
Intangible assets, net | 3,201 | 3,989 |
Goodwill | 4,320 | 4,320 |
Deferred tax asset | 6,133 | 4,296 |
Other assets | 32 | 316 |
Total assets | 205,419 | 190,407 |
Current liabilities: | ' | ' |
Accounts payable | 10,745 | 6,921 |
Current maturities-long-term debt | 75 | 145 |
Deferred revenue | 35 | 539 |
Accrued expenses and other current liabilities | 1,583 | 1,875 |
Total current liabilities | 12,438 | 9,480 |
Non-current income taxes payable | 408 | 376 |
Long-term debt, net of current maturities | 22,125 | 4,238 |
Total liabilities | 34,971 | 14,094 |
Commitments and contingencies (Note 12, 16 and 17) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, $1.00 par value; 1,000 shares authorized; none issued and outstanding | ' | ' |
Common stock $.01 par value; 20,000 shares authorized;13,907 and 13,763 shares issued at January 31, 2014 and January 31, 2013, respectively | 139 | 138 |
Additional paid-in capital | 118,156 | 116,506 |
Treasury stock, at cost (1,075 and 926 shares at January 31, 2014 and 2013, respectively) | -7,075 | -4,860 |
Retained earnings | 61,116 | 56,348 |
Accumulated other comprehensive (loss) income | -1,888 | 8,181 |
Total shareholders' equity | 170,448 | 176,313 |
Total liabilities and shareholders' equity | $205,419 | $190,407 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | $3,833 | $3,374 |
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 | 13,907 | 13,763 |
Treasury stock, shares | 1,075 | 926 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Revenues: | ' | ' | ' |
Equipment leasing | $46,756 | $54,592 | $70,137 |
Lease pool equipment sales | 6,851 | 11,412 | 6,503 |
Seamap equipment sales | 25,086 | 31,169 | 28,406 |
Other equipment sales | 13,415 | 7,512 | 7,788 |
Total revenues | 92,108 | 104,685 | 112,834 |
Cost of sales: | ' | ' | ' |
Direct costs-equipment leasing | 5,517 | 7,963 | 8,059 |
Direct costs-lease pool depreciation | 29,412 | 33,405 | 27,400 |
Cost of lease pool equipment sales | 2,295 | 6,043 | 1,580 |
Cost of Seamap and other equipment sales | 22,869 | 19,861 | 18,043 |
Total cost of sales | 60,093 | 67,272 | 55,082 |
Gross profit | 32,015 | 37,413 | 57,752 |
Operating expenses: | ' | ' | ' |
General and administrative | 23,669 | 22,539 | 21,354 |
Provision for (recovery of) doubtful accounts | 1,048 | -428 | 615 |
Depreciation and amortization | 1,493 | 1,400 | 1,239 |
Total operating expenses | 26,210 | 23,511 | 23,208 |
Operating income | 5,805 | 13,902 | 34,544 |
Other income (expense): | ' | ' | ' |
Interest income | 304 | 544 | 344 |
Interest expense | -314 | -533 | -740 |
Other, net | 231 | -389 | 182 |
Total other income (expense) | 221 | -378 | -214 |
Income before income taxes | 6,026 | 13,524 | 34,330 |
(Provision for) benefit from income taxes | -1,258 | 3,527 | -10,009 |
Net income | $4,768 | $17,051 | $24,321 |
Net income per common share: | ' | ' | ' |
Basic | $0.37 | $1.34 | $2.13 |
Diluted | $0.36 | $1.29 | $2.02 |
Shares used in computing income per common share: | ' | ' | ' |
Basic | 12,763 | 12,715 | 11,432 |
Diluted | 13,177 | 13,242 | 12,069 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $4,768 | $17,051 | $24,321 |
Change in cumulative translation adjustment | -10,069 | 977 | 150 |
Comprehensive (loss) income | ($5,301) | $18,028 | $24,471 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||||
Beginning balances at Jan. 31, 2011 | $94,715 | $109 | $77,419 | ($4,843) | $14,976 | $7,054 |
Beginning balances, shares at Jan. 31, 2011 | ' | 10,872 | ' | ' | ' | ' |
Net income | 24,321 | ' | ' | ' | 24,321 | ' |
Foreign currency translation | 150 | ' | ' | ' | ' | 150 |
Issuance of common stock upon exercise of options | 2,822 | 3 | 2,819 | ' | ' | ' |
Issuance of common stock upon exercise of options, shares | ' | 344 | ' | ' | ' | ' |
Stock offering | 31,028 | 23 | 31,005 | ' | ' | ' |
Stock offering, shares | ' | 2,300 | ' | ' | ' | ' |
Restricted stock issued | 303 | 1 | 302 | ' | ' | ' |
Restricted stock issued, shares | ' | 40 | ' | ' | ' | ' |
Restricted stock forfeited for taxes | -14 | ' | ' | -14 | ' | ' |
Tax expense (benefit) from exercise of stock options and vesting of restricted stock | 778 | ' | 778 | ' | ' | ' |
Stock-based compensation | 1,331 | ' | 1,331 | ' | ' | ' |
Ending balances at Jan. 31, 2012 | 155,434 | 136 | 113,654 | -4,857 | 39,297 | 7,204 |
Ending balances, shares at Jan. 31, 2012 | ' | 13,556 | ' | ' | ' | ' |
Net income | 17,051 | ' | ' | ' | 17,051 | ' |
Foreign currency translation | 977 | ' | ' | ' | ' | 977 |
Issuance of common stock upon exercise of options | 332 | 2 | 330 | ' | ' | ' |
Issuance of common stock upon exercise of options, shares | ' | 158 | ' | ' | ' | ' |
Restricted stock issued | 516 | ' | 516 | ' | ' | ' |
Restricted stock issued, shares | ' | 49 | ' | ' | ' | ' |
Restricted stock forfeited for taxes | -3 | ' | ' | -3 | ' | ' |
Tax expense (benefit) from exercise of stock options and vesting of restricted stock | 420 | ' | 420 | ' | ' | ' |
Stock-based compensation | 1,586 | ' | 1,586 | ' | ' | ' |
Ending balances at Jan. 31, 2013 | 176,313 | 138 | 116,506 | -4,860 | 56,348 | 8,181 |
Ending balances, shares at Jan. 31, 2013 | ' | 13,763 | ' | ' | ' | ' |
Net income | 4,768 | ' | ' | ' | 4,768 | ' |
Foreign currency translation | -10,069 | ' | ' | ' | ' | -10,069 |
Issuance of common stock upon exercise of options | 513 | 1 | 512 | ' | ' | ' |
Issuance of common stock upon exercise of options, shares | 91 | 91 | ' | ' | ' | ' |
Restricted stock issued | ' | ' | ' | ' | ' | ' |
Restricted stock issued, shares | ' | 53 | ' | ' | ' | ' |
Restricted stock forfeited for taxes | -15 | ' | ' | -15 | ' | ' |
Tax expense (benefit) from exercise of stock options and vesting of restricted stock | -5 | ' | -5 | ' | ' | ' |
Purchase of common stock | -2,200 | ' | ' | -2,200 | ' | ' |
Purchase of common stock , shares | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 1,143 | ' | 1,143 | ' | ' | ' |
Ending balances at Jan. 31, 2014 | $170,448 | $139 | $118,156 | ($7,075) | $61,116 | ($1,888) |
Ending balances, shares at Jan. 31, 2014 | ' | 13,907 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $4,768 | $17,051 | $24,321 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 31,037 | 34,939 | 28,774 |
Stock-based compensation | 1,143 | 1,586 | 1,331 |
Provision for doubtful accounts, net of charge offs | 1,048 | -428 | 615 |
Provision for inventory obsolescence | -60 | 163 | 173 |
Gross profit from sale of lease pool equipment | -4,556 | -5,369 | -4,923 |
Excess tax benefit (expense) from exercise of non-qualified stock options and restricted shares | 5 | -420 | -778 |
Deferred tax benefit | -2,204 | -4,450 | -285 |
Changes in non-current income taxes payable | 32 | -5,059 | 597 |
Changes in: | ' | ' | ' |
Trade accounts and contracts receivable | -9,142 | 13,331 | -16,687 |
Inventories | -2,836 | 718 | -2,614 |
Income taxes payable and receivable | 3,215 | -6,718 | 2,532 |
Prepaid foreign income tax | ' | 3,519 | -440 |
Accounts payable, accrued expenses and other current liabilities | 100 | -4,091 | 2,683 |
Prepaids and other current assets, net | -1,335 | -307 | -435 |
Net cash provided by operating activities | 21,215 | 44,257 | 35,958 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of seismic equipment held for lease | -43,509 | -44,694 | -62,142 |
Purchases of property and equipment | -549 | -965 | -1,525 |
Sales of used lease pool equipment | 6,851 | 11,412 | 6,503 |
Payment for earn-out provision | ' | -450 | -148 |
Net cash used in investing activities | -37,207 | -34,697 | -57,312 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds from (payments on) revolving line of credit | 18,000 | -8,550 | -9,100 |
Proceeds from equipment notes | ' | 147 | 37 |
Payments on borrowings | -136 | -1,532 | -3,308 |
Net proceeds from (purchases of) short-term investment | 652 | -689 | -101 |
Proceeds from issuance of common stock upon exercise of options | 498 | 329 | 2,809 |
Purchase of treasury stock | -2,200 | ' | ' |
Net proceeds from public offering of common stock | ' | ' | 31,028 |
Excess tax benefit from exercise of non-qualified stock options | -5 | 420 | 778 |
Net cash provided by (used in) financing activities | 16,809 | -9,875 | 22,143 |
Effect of changes in foreign exchange rates on cash and cash equivalents | -805 | 178 | -149 |
Net increase (decrease) in cash and cash equivalents | 12 | -137 | 640 |
Cash and cash equivalents, beginning of year | 15,150 | 15,287 | 14,647 |
Cash and cash equivalents, end of year | $15,162 | $15,150 | $15,287 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||||||||
1. Organization and Summary of Significant Accounting Policies | |||||||||||||
Organization—Mitcham Industries, Inc., a Texas corporation (the “Company”), was incorporated 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 product sales and support facilities based in Singapore and the United Kingdom. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
Revenue Recognition of Leasing Arrangements—The Company leases various types of seismic equipment to seismic data acquisition companies. All leases at January 31, 2014 and 2013 are for one year or less. Lease revenue is recognized ratably over the term of the lease. The Company does not enter into leases with embedded maintenance obligations. The standard lease provides that the lessee is responsible for maintenance and repairs to the equipment, excluding normal wear and tear. The Company provides technical advice to its customers without additional compensation as part of its customer service practices. Repairs or maintenance performed by the Company is charged to the lessee, generally on a time and materials basis. | |||||||||||||
Revenue Recognition of Equipment Sales—Revenues and cost of goods sold from the sale of equipment is recognized upon acceptance of terms and when delivery has occurred, unless there is a question as to its collectability. In cases where the equipment sold is manufactured by others, the Company reports revenues at gross amounts billed to customers because the Company (a) is the obligor in the sales arrangement; (b) has full latitude in pricing the product for sale; (c) has general inventory risk should there be a problem with the equipment being sold to the customer or if the customer does not complete payment for the items purchased; (d) has discretion in supplier selection if the equipment ordered is not unique to one manufacturer; and (e) assumes credit risk for the equipment sold to its customers. | |||||||||||||
Revenue Recognition of Long-term Projects—From time to time, SAP enters into contracts whereby it assembles and sells certain marine equipment, primarily to governmental entities. Performance under these contracts generally occurs over a period of several months. Revenue and costs related to these contracts are accounted for under the percentage of completion method, based on estimated physical completion. | |||||||||||||
Revenue Recognition of Service Agreements—Seamap provides on-going support services pursuant to contracts that generally have a term of 12 months. The Company recognizes revenue from these contracts over the term of the contract. In some cases, the Company will provide support services on a time and material basis. Revenue from these arrangements is recognized as the services are provided. For certain new systems that Seamap sells, the Company provides support services for up to 12 months at no additional charge. Any amounts attributable to these support obligations are immaterial. | |||||||||||||
Contracts receivable—In connection with the sale of seismic equipment, the Company will, from time to time, accept a contract receivable as partial consideration. These contracts bear interest at a market rate and generally have terms of less than two years and are collateralized by a security interest in the equipment sold. Interest income on contracts receivable is recognized as earned, unless there is a question as to collectability in which case it is recognized when received. | |||||||||||||
Allowance for doubtful accounts—Trade receivables are uncollateralized customer obligations due under normal trade terms. The carrying amount of trade receivables and contracts receivable is reduced by a valuation allowance that reflects management’s estimate of the amounts that will not be collected, based on the age of the receivable, payment history of the customer, general financial condition of the customer and any financial or operational leverage the Company may have in a particular situation. Amounts are written-off when collection is deemed unlikely. Past due amounts are determined based on contractual terms. | |||||||||||||
Cash and Cash Equivalents—The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. | |||||||||||||
Short-term Investments—The Company considers all highly liquid investments with an original maturity greater than three months, but less than twelve months, to be short-term investments. | |||||||||||||
Inventories—Inventories are stated at the lower of average cost (which approximates first-in, first-out) or market. An allowance for obsolescence is maintained to reduce the carrying value of any materials or parts that may become obsolete. Inventories are periodically monitored to ensure that the allowance for obsolescence covers any obsolete items. | |||||||||||||
Seismic Equipment Lease Pool—Seismic equipment held for lease consists primarily of recording channels and peripheral equipment and is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the equipment, which are five to seven years for channel boxes and two to ten years for other peripheral equipment. As this equipment is subject to technological obsolescence and wear and tear, no salvage value is assigned to it. The Company continues to lease seismic equipment after it has been fully depreciated if it remains in acceptable condition and meets acceptable technical standards. This fully depreciated equipment remains in fixed assets on the Company’s books. The Company removes from its books the cost and accumulated depreciation of fully depreciated assets that are not expected to generate future revenues. | |||||||||||||
Property and Equipment—Property and equipment is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over their related estimated useful lives. The estimated useful lives of equipment range from three to seven years. Buildings are depreciated over 30 years and property improvements are amortized over 10 years. Leasehold improvements are amortized over the shorter of the realized estimated useful life or the life of the respective leases. No salvage value is assigned to property and equipment. | |||||||||||||
Intangible Assets—Intangible assets are carried at cost, net of accumulated amortization. Amortization is computed on the straight-line method over the estimated life of the asset. Covenants-not-to-compete are amortized over a three-year period. Proprietary rights are amortized over a 12.5 to 15-year period. | |||||||||||||
Impairment—The Company reviews its long-lived assets, including its amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the long-lived asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived assets involves significant estimates on the part of management. The Company performs an impairment test on goodwill on an annual basis. No impairment charges related to long-lived assets or goodwill were recorded during the fiscal years ended January 31, 2014, 2013 or 2012. | |||||||||||||
Product Warranties—Seamap provides its customers warranties against defects in materials and workmanship generally for a period of three months after delivery of the product. The Company maintains an accrual for potential warranty costs based on historical warranty claims. For the fiscal years ended January 31, 2014, 2013 and 2012, warranty expense amounted to approximately $0, $61,000, and $3,000, respectively. | |||||||||||||
Income Taxes—The Company accounts for income taxes under the liability method, whereby the Company recognizes, on a current and long-term basis, deferred tax assets and liabilities which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidence, the likelihood that the deferred tax assets will be recovered from future taxable income. | |||||||||||||
The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. The preponderance of negative or positive evidence supports a conclusion regarding the need for a valuation allowance for some portion of, or all of, the deferred tax asset. The more significant types of evidence considered include the following: | |||||||||||||
• | taxable income projections in future years; | ||||||||||||
• | whether the carry forward period is so brief that it would limit realization of tax benefits; | ||||||||||||
• | future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; and | ||||||||||||
• | earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition. | ||||||||||||
Use of Estimates—The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Estimates are used for, but not limited to the allowance for doubtful accounts, lease pool valuations, valuation allowance on deferred tax assets, the evaluation of uncertain tax positions, estimated depreciable lives of fixed assets and intangible assets, impairment of fixed assets and intangible assets and the valuation of stock options. Future events and their effects cannot be perceived with certainty. Accordingly, these accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results could differ from these estimates. | |||||||||||||
Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for doubtful accounts because of the extended payment terms the Company often offers to its customers and the limited financial wherewithal of certain of these customers. As a result, the Company’s allowance for doubtful accounts could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make substantial judgments regarding the valuation allowance on deferred tax assets. | |||||||||||||
Fair Value of Financial Instruments—The Company’s financial instruments consist of trade receivables, contracts receivable, accounts payable and amounts outstanding under our line of credit. Due to the short maturities of these financial instruments, the Company believes that their fair value approximates their carrying amounts. | |||||||||||||
Foreign Currency Translation—All balance sheet accounts of the Canadian, Australian, Singaporean, Hungarian, United Kingdom and Russian subsidiaries and our branch operations in Colombia and Peru have been translated at the current exchange rate as of the end of the accounting period. Statements of income items have been translated at average currency exchange rates. The resulting translation adjustment is recorded as a separate component of comprehensive income within shareholders’ equity. | |||||||||||||
Stock-Based Compensation—Stock-based compensation expense is recorded based on the grant date fair value of share-based awards. Restricted stock awards are valued at the closing price on the date of grant. Determining the grant date fair value for options requires management to make estimates regarding the variables used in the calculation of the grant date fair value. Those variables are the future volatility of our common stock price, the length of time an optionee will hold their options until exercising them (the “expected term”), and the number of options that will be forfeited before they are exercised (the “forfeiture rate”). We utilize various mathematical models in calculating the variables. Share-based compensation expense could be different if we used different models to calculate the variables. | |||||||||||||
Earnings Per Share—Net income per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method, from unvested shares of restricted stock using the treasury stock method and from outstanding common stock warrants. For the fiscal years ended January 31, 2014, 2013 and 2012, the following table sets forth the number of dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations. | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Stock options | 389 | 505 | 618 | ||||||||||
Restricted stock | 25 | 22 | 19 | ||||||||||
Total dilutive shares | 414 | 527 | 637 | ||||||||||
Anti-dilutive weighted average shares of potential common stock of 501,000, 296,000 and , 339,000 for the fiscal years ended January 31, 2014, 2013 and 2012, respectively, have been excluded from the effect of dilutive shares. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2014 | |
Text Block [Abstract] | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11,, Income Taxes (Topic 740)-Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists, to provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists. ASU 2013-11 requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward, with certain exceptions. ASU 2013-11 will be effective during the fiscal year ending January 31, 2015. The Company does not believe the adoption will have a material effect on our financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Jan. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
3. Acquisition | |
On March 1, 2010, MCL acquired all of the capital stock of Absolute Equipment Solutions, Inc. (“AES”) for a total purchase price of Cdn $4,194,000 (approximately U.S. $3,984,000). AES manufactured, sold and leased “heli-pickers” and associated equipment that is utilized in the deployment and retrieval of seismic equipment by helicopters. The Company made this acquisition to expand the type of equipment available to its customers and to expand the markets in which it operates. The consideration consisted of cash paid at closing in the amount of Cdn $2,200,000 (approximately U.S. $2,100,000), promissory notes in the amount of Cdn $1,500,000 (approximately U.S. $1,425,000), a post-closing working capital adjustment payment of Cdn $194,000 (approximately U.S. $184,000) and deferred cash payments in the amount of Cdn $300,000. The promissory notes bore interest at 6% annually, payable semi-annually. The principal amount of the notes was repayable in two equal installments on March 1, 2011 and 2012. The deferred cash payments were made in fiscal 2014. In addition, the sellers were entitled to additional cash payments of up to Cdn $750,000 should AES attain certain levels of revenues during the 24-month period following the acquisition, as specified in the agreement. | |
The Company hired an outside consulting firm, The BVA Group L.L.C. (“BVA”), to assess the fair value of the assets and liabilities acquired in the AES acquisition. The fair value of the contingent consideration was determined to be approximately Cdn $200,000. During the fiscal year ended January 31, 2012, the Company recorded a charge of approximately $400,000 in other expense to reflect the amount of the estimated contingent consideration payments in excess of the estimated fair value of the contingent consideration described above. There were no amounts recognized related to other contingencies. The fair value of the assets and liabilities acquired exceeded the total value of consideration paid, resulting in a bargain purchase. | |
The Company paid the sellers approximately $148,000 in April 2011 pursuant to the first stage of the contingent consideration provision of the agreement and in May 2012 approximately $450,000 pursuant to the second and final stage of this provision. |
Supplemental_Statements_of_Cas
Supplemental Statements of Cash Flows Information | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Statements of Cash Flows Information | ' | ||||||||||||
4. Supplemental Statements of Cash Flows Information | |||||||||||||
Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid | $ | 342 | $ | 533 | $ | 704 | |||||||
Income taxes paid, net | 215 | 9,177 | 7,536 | ||||||||||
Seismic equipment purchases included in accounts payable at year-end | 7,707 | 4,268 | 9,900 | ||||||||||
Stock issued for accrued compensation | — | 516 | 303 |
Inventories
Inventories | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
5. Inventories | |||||||||
Inventories consisted of the following (in thousands): | |||||||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 4,599 | $ | 3,103 | |||||
Finished goods | 4,159 | 3,531 | |||||||
Work in progress | 612 | 627 | |||||||
Cost of inventories | 9,370 | 7,261 | |||||||
Less allowance for obsolescence | (1,032 | ) | (1,073 | ) | |||||
Net inventories | $ | 8,338 | $ | 6,188 | |||||
Contracts_and_Notes_Receivable
Contracts and Notes Receivable | 12 Months Ended |
Jan. 31, 2014 | |
Receivables [Abstract] | ' |
Contracts and Notes Receivable | ' |
6. Contracts and Notes Receivable | |
Contracts and notes receivable consisted of $1,005,000, due from three customers as of January 31, 2014 and $2,096,000 due from three customers as of January 31, 2013. The balance of contracts receivable at January 31, 2014 and 2013 consisted of contracts bearing interest at an average of approximately 8.5% and with remaining repayment terms from two to eight months. These contracts are collateralized by the equipment sold and are considered collectable, thus no allowances have been established for them. |
Seismic_Equipment_Lease_Pool_a
Seismic Equipment Lease Pool and Property and Equipment | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Seismic Equipment Lease Pool and Property and Equipment | ' | ||||||||
7. Seismic Equipment Lease Pool and Property and Equipment | |||||||||
Seismic equipment lease pool and property and equipment consisted of the following (in thousands): | |||||||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Recording channels | $ | 148,004 | $ | 126,600 | |||||
Other peripheral equipment | 113,640 | 114,795 | |||||||
Cost of seismic equipment lease pool | 261,644 | 241,395 | |||||||
Land and buildings | 366 | 366 | |||||||
Furniture and fixtures | 8,904 | 8,899 | |||||||
Autos and trucks | 770 | 748 | |||||||
Cost of property and equipment | 10,040 | 10,013 | |||||||
Cost of seismic equipment lease pool and property and equipment | 271,684 | 251,408 | |||||||
Less accumulated depreciation | (142,111 | ) | (131,800 | ) | |||||
Net book value of seismic equipment lease pool and property and equipment | $ | 129,573 | $ | 119,608 | |||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Location of seismic equipment lease pool and property and equipment (in thousands): | |||||||||
United States | $ | 42,087 | $ | 40,908 | |||||
Canada | 35,931 | 22,639 | |||||||
Latin America | 18,128 | 23,109 | |||||||
Australia | 7,198 | 7,973 | |||||||
Russia | 2,134 | 3,708 | |||||||
Singapore | 6,451 | 9,433 | |||||||
United Kingdom | 218 | 329 | |||||||
Europe | 17,426 | 11,509 | |||||||
Net book value of seismic equipment lease pool and property and equipment | $ | 129,573 | $ | 119,608 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
8. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||
Weighted | January 31, 2014 | January 31, 2013 | |||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Life at | |||||||||||||||||||||||||||||
1/31/14 | 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 | 6.4 | $ | 3,577 | $ | (1,900 | ) | 1,677 | $ | 3,503 | $ | (1,625 | ) | 1,878 | ||||||||||||||||
Customer relationships | 4.1 | 2,159 | (1,057 | ) | 1,102 | 2,402 | (876 | ) | 1,526 | ||||||||||||||||||||
Patents | 4.1 | 650 | (318 | ) | 332 | 724 | (264 | ) | 460 | ||||||||||||||||||||
Trade name | 4.1 | 177 | (87 | ) | 90 | 197 | (72 | ) | 125 | ||||||||||||||||||||
Amortizable intangible assets | $ | 6,563 | $ | (3,362 | ) | $ | 3,201 | $ | 6,826 | $ | (2,837 | ) | $ | 3,989 | |||||||||||||||
Aggregate amortization expense was $660,000, $673,000 and $671,000 for the fiscal years ended January 31, 2014, 2013 and 2012, respectively. As of January 31, 2014, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): | |||||||||||||||||||||||||||||
For fiscal years ending January 31: | |||||||||||||||||||||||||||||
2015 | $ | 639 | |||||||||||||||||||||||||||
2016 | 634 | ||||||||||||||||||||||||||||
2017 | 634 | ||||||||||||||||||||||||||||
2018 | 634 | ||||||||||||||||||||||||||||
2019 | 634 | ||||||||||||||||||||||||||||
Thereafter | 26 | ||||||||||||||||||||||||||||
Total | $ | 3,201 | |||||||||||||||||||||||||||
LongTerm_Debt_and_Notes_Payabl
Long-Term Debt and Notes Payable | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Notes Payable | ' | ||||||||
9. Long-Term Debt and Notes Payable | |||||||||
Long-term debt and notes payable consisted of the following (in thousands): | |||||||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Revolving line of credit | $ | 22,000 | $ | 4,000 | |||||
Other equipment notes | 200 | 383 | |||||||
22,200 | 4,383 | ||||||||
Less current portion | (75 | ) | (145 | ) | |||||
Long-term debt | $ | 22,125 | $ | 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. (“HSBC”), as administrative agent and several banks and other financial institutions from time to time as lenders thereunder (initially consisting of HSBC 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 January 31, 2014, the base rate margin was 150 basis points and the Eurodollar margin was 250 basis points. The Company’s average borrowing rate was 2.67% as of January 31, 2014. 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 Company was in compliance with each of these provisions as of and for the year ended January 31, 2014. | |||||||||
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, other than indebtedness to HSBC, 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 year ended January 31, 2014 and 2013 were approximately $4,982,000 and $13,046,000, 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. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2014 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
10. Shareholders’ Equity | |
In June 2011, the company issued 2,300,000 shares of common stock in a follow-on public offering. Net proceeds to the Company after underwriters’ discount and expenses were approximately $31,000,000. | |
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 year ended January 31, 2014, 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. | |
The Company has 1,000,000 shares of preferred stock authorized, none of which were outstanding as of January 31, 2014 and 2013. The preferred stock may be issued in multiple series with various terms, as authorized by the Company’s Board of Directors. The Company has 20,000,000 shares of common stock authorized, of which 13,907,000 and 13,763,000 are issued as of January 31, 2014 and 2013, respectively. | |
During the fiscal years ended January 31, 2014, 2013 and 2012, approximately 994, 290 and 1,000 shares, respectively, were surrendered in exchange for payment of taxes due upon the vesting of restricted shares. The shares had an average fair value of $14.99, $12.60 and $14.10, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
11. Income Taxes | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income (loss) before income taxes is attributable to the following jurisdictions: | |||||||||||||
Domestic | $ | (4,323 | ) | $ | (2,824 | ) | $ | 14,875 | |||||
Foreign | 10,349 | 16,348 | 19,455 | ||||||||||
Total | $ | 6,026 | $ | 13,524 | $ | 34,330 | |||||||
The components of income tax expense (benefit) were as follows: | |||||||||||||
Current: | |||||||||||||
Domestic | $ | 802 | $ | (2,306 | ) | $ | 4,090 | ||||||
Foreign | 2,660 | 3,229 | 6,204 | ||||||||||
3,462 | 923 | 10,294 | |||||||||||
Deferred: | |||||||||||||
Domestic | (3,039 | ) | (4,757 | ) | 1,042 | ||||||||
Foreign | 835 | 307 | (1,327 | ) | |||||||||
(2,204 | ) | (4,450 | ) | (285 | ) | ||||||||
Income tax expense (benefit) | $ | 1,258 | $ | (3,527 | ) | $ | 10,009 | ||||||
The following is a reconciliation of expected to actual income tax expense: | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Federal income tax expense at 34% in 2014 and 2013 and 35% in 2012 | $ | 2,049 | $ | 4,598 | $ | 12,016 | |||||||
Changes in tax rates | 22 | 23 | (7 | ) | |||||||||
Permanent differences | 132 | (741 | ) | 347 | |||||||||
Foreign effective tax rate differential | (1,884 | ) | (3,092 | ) | (2,574 | ) | |||||||
Potential tax, penalties and interest resulting from uncertain tax positions | 32 | (5,059 | ) | 529 | |||||||||
Undistributed earnings of foreign affiliates | — | — | (435 | ) | |||||||||
Foreign withholding taxes | 642 | — | 268 | ||||||||||
Other | 265 | 744 | (135 | ) | |||||||||
$ | 1,258 | $ | (3,527 | ) | $ | 10,009 | |||||||
The components of the Company’s deferred taxes consisted of the following: | |||||||||||||
As of January 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 2,592 | $ | 1,246 | |||||||||
Tax credit carry forwards | 3,470 | 3,449 | |||||||||||
Stock option book expense | 2,689 | 2,605 | |||||||||||
Allowance for doubtful accounts | 1,704 | 1,752 | |||||||||||
Allowance for inventory obsolescence | 94 | 192 | |||||||||||
Accruals not yet deductible for tax purposes | 620 | 692 | |||||||||||
Other | 679 | 675 | |||||||||||
Gross deferred tax assets | 11,848 | 10,611 | |||||||||||
Valuation allowance | — | — | |||||||||||
Deferred tax assets | 11,848 | 10,611 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | (2,172 | ) | (1,841 | ) | |||||||||
Intangible assets | (435 | ) | (595 | ) | |||||||||
Foreign branch taxes | (1,140 | ) | (1,626 | ) | |||||||||
Other | — | (411 | ) | ||||||||||
Deferred tax liabilities | (3,747 | ) | (4,473 | ) | |||||||||
Total deferred tax assets, net | $ | 8,101 | $ | 6,138 | |||||||||
In the fiscal year ended January 31, 2014, the cumulative book expense related to stock-based compensation awards exceeded the tax deduction related to these awards. Accordingly, the deferred tax asset related to these awards was reduced by the tax effect of approximately $5,000, which reduced paid-in capital. In the fiscal years ended January 31, 2013 and 2012, the tax deduction related to stock-based compensation awards exceeded the cumulative book expense related to these awards. The associated excess tax benefit amounting to approximately $420,000 and $778,000 was recognized as additional paid-in capital in the fiscal years ended January 31, 2013 and 2012, respectively. | |||||||||||||
At January 31, 2014, the Company had foreign withholding tax credit carry forwards of approximately $3,500,000 million, which amounts can be carried forward through at least 2024. | |||||||||||||
In July 2012, the Company reached a settlement with the Canadian Revenue Agency (“CRA”) and the Internal Revenue Service (“IRS”) regarding its request for competent authority assistance for matters arising from an audit of the Company’s Canadian income tax returns for the fiscal years ended January 31, 2004, 2005 and 2006. The issues involved 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, or will be, made to the Company’s Canadian and United States income tax returns for the fiscal 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 is reflected in the Company’s benefit from income taxes for the fiscal year ended January 31, 2013. | |||||||||||||
As a result of the settlement, in the fiscal year ended January 31, 2013, the Company recognized the benefit of certain tax positions amounting to approximately $3,300,000 and reversed previous estimates of potential penalties and interest amounting to approximately $1,900,000. | |||||||||||||
As of January 31, 2014 and 2013, the Company had unrecognized tax benefits amounting to approximately $408,000 and $376,000, respectively, attributable to uncertain tax positions. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. The unrecognized tax benefits attributable to uncertain tax positions include accrued interest and penalties of approximately $154,000 and $376,000 as of January 31, 2014 and January 31, 2013, respectively. Included in income tax expense for the fiscal year ended January 31, 2014 is a benefit related to a reduction in estimated potential penalties and interest. Included in income tax expense for the fiscal years ended January 31, 2013 and 2012 are expenses of $93,000 and $578,000, respectively, related to potential penalties and interest. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding potential penalties and interest, is as follows: | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Unrecognized tax benefits as beginning of year | $ | — | $ | (3,300 | ) | $ | (3,350 | ) | |||||
Increases (decreases) as a result of tax positions taken in prior years | 254 | — | 50 | ||||||||||
Increases as a result of tax positions taken in current year | — | — | — | ||||||||||
Settlements | — | 3,300 | — | ||||||||||
Lapse of statute of limitations | — | — | — | ||||||||||
Unrecognized tax benefits as of end of year | $ | 254 | $ | — | $ | (3,300 | ) | ||||||
The Company files U.S. federal income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company’s U.S. federal tax returns are subject to examination by the IRS for fiscal years ended January 31, 2011 through 2014. The Company’s U.S. federal tax return for the year ended January 31, 2012 is currently under examination by the IRS. As of April 1, 2014, no adjustments have been proposed by the IRS. The Company’s tax returns may also be subject to examination by state and local revenue authorities for fiscal years ended January 31, 2009 through 2014.The Company’s Canadian income tax returns are subject to examination by the Canadian tax authorities for fiscal years ended January 31, 2010 through 2014. The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2009 through January 31, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
12. Commitments and Contingencies | |
Purchase Obligations—At January 31, 2014, the Company had approximately $2,074,000 in purchase orders outstanding. The purchase orders were issued in the normal course of business, and are expected to be fulfilled within 180 days of January 31, 2014. | |
Customs and Performance Guarantees—As of January 31, 2014, the Company had provided customs and performance guarantees totaling approximately $3.0 million. These were secured by letters of credit totaling approximately $2.2 million and bank guarantees. |
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Option Plans | ' | ||||||||||||||||
13. Stock Option Plans | |||||||||||||||||
At January 31, 2014, the Company had stock-based compensation plans as described in more detail below. The total compensation expense related to stock-based awards granted under these plans during the fiscal years ended January 31, 2014, 2013 and 2012 was approximately $1,143,000, $1,586,000 and $1,331,000, respectively. The Company recognizes stock-based compensation costs net of a forfeiture rate for only those awards expected to vest over the requisite service period of the award. The Company estimates the forfeiture rate based on its historical experience regarding employee terminations and forfeitures. | |||||||||||||||||
The fair value of each option award is estimated as of the date of grant using a Black-Scholes-Merton option pricing formula. Expected volatility is based on historical volatility of the Company’s stock over a preceding period commensurate with the expected term of the option. The expected term is based upon historical exercise patterns. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield was not considered in the option pricing formula since the Company does not pay dividends and has no plans to do so in the future. The weighted average grant-date fair value of options granted during the fiscal years ended January 31, 2014, 2013 and 2012 was $14.63, $8.10 and $6.44, respectively. The assumptions for the periods indicated are noted in the following table. | |||||||||||||||||
Weighted average Black-Scholes-Merton fair value assumptions | |||||||||||||||||
Years Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk free interest rate | 0.83% | 0.58 - 0.78% | 1.52 - 2.00% | ||||||||||||||
Expected life | 5.62 yrs | 3.28 - 6.60 yrs | 2.85 - 4.89 yrs | ||||||||||||||
Expected volatility | 60% | 59 - 60% | 54 - 55% | ||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
Cash flows resulting from tax benefits attributable to tax deductions in excess of the compensation expense recognized for those options (excess tax benefits) are classified as financing in-flows and operating out-flows. The Company had an excess tax benefit of approximately $5,000 during the fiscal year ended January 31, 2014. The Company had excess tax expenses of approximately $420,000 and $778,000 during the fiscal years ended January 31, 2013 and 2012, respectively. | |||||||||||||||||
The Company has share-based awards outstanding under five different plans: the 1994 Stock Option Plan (“1994 Plan”), the 1998 Amended and Restated Stock Awards Plan (“1998 Plan”), the 2000 Stock Option Plan (“2000 Plan”), the Mitcham Industries, Inc. Stock Awards Plan (“2006 Plan”) and the 1994 Non-Employee Director Plan (“Director Plan”), (collectively, the “Plans”). Stock options granted and outstanding under each of the plans generally vest evenly over three years (except for the Director Plan, under which options generally vest after one year) and have a 10-year contractual term. The exercise price of a stock option generally is equal to the fair market value of the Company’s common stock on the option grant date. All Plans except for the 2006 Plan have been closed for future grants. All shares available but not granted under the 1998 Plan and the 2000 Plan as of the date of the approval of the 2006 Plan were transferred to the 2006 Plan. As of January 31, 2014, there were approximately 871,000 shares were available for grant under the 2006 Plan. The 2006 Plan provides for awards of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units and phantom stock. New shares are issued for restricted stock and upon the exercise of options. | |||||||||||||||||
Stock Based Compensation Activity | |||||||||||||||||
The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares (in | Average | Average | Intrinsic | ||||||||||||||
thousands) | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in | |||||||||||||||
Term | thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding, January 31, 2013 | 1,427 | $ | 11.37 | ||||||||||||||
Granted | 100 | 14.63 | |||||||||||||||
Exercised | (91 | ) | 5.61 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding, January 31, 2014 | 1,436 | $ | 12.04 | 4.74 | $ | 5,630 | |||||||||||
Exercisable at January 31, 2014 | 1,304 | $ | 11.65 | 4.27 | $ | 5,583 | |||||||||||
Vested and expected to vest at January 31, 2014 | 1,429 | $ | 12.03 | 4.72 | $ | 5,628 | |||||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the fourth quarter of fiscal 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on January 31, 2014. This amount changes based upon the market value of the Company’s common stock. Total intrinsic value of options exercised for the fiscal years ended January 31, 2014 and 2013 was $1,053,000 and $2,529,000, respectively. The fair value of options that vested during the fiscal years ended January 31, 2014, 2013 and 2012 was approximately $601,000, $1,268,000 and $1,195,000, respectively. For the fiscal year ended January 31, 2014, approximately 79,000 options vested. | |||||||||||||||||
As of January 31, 2014, there was approximately $542,000 of total unrecognized compensation expense related to unvested stock options granted under the Company’s share-based compensation plans. That expense is expected to be recognized over a weighted average period of 1.1 years. | |||||||||||||||||
During the fiscal year ended January 31, 2014, $498,000 was received from the exercise of options. | |||||||||||||||||
Restricted stock as of January 31, 2014 and changes during the fiscal year ended January 31, 2014 were as follows: | |||||||||||||||||
Year Ended January 31, 2014 | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares (in | Grant Date Fair | ||||||||||||||||
thousands) | Value | ||||||||||||||||
Unvested, beginning of period | 36 | 17.59 | |||||||||||||||
Granted | 53 | 15.1 | |||||||||||||||
Vested | (23 | ) | 16.76 | ||||||||||||||
Canceled | — | — | |||||||||||||||
Unvested, end of period | 66 | 15.89 | |||||||||||||||
As of January 31, 2014, there was approximately $573,000 of unrecognized stock-based compensation expense related to unvested restricted stock awards. That expense is expected to be recognized over a weighted average period of 0.9 years. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||||||||||
14. Segment Reporting | |||||||||||||||||||||||||||||||||||||
The Equipment Leasing segment offers for lease or sale, new and “experienced” seismic equipment 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. | |||||||||||||||||||||||||||||||||||||
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 UK and Singapore with a sales office in Huntsville, Texas. | |||||||||||||||||||||||||||||||||||||
Financial information by business segment is set forth below net of any allocations (in thousands): | |||||||||||||||||||||||||||||||||||||
As of January 31, 2014 | As of January 31, 2013 | As of January 31, 2012 | |||||||||||||||||||||||||||||||||||
Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | |||||||||||||||||||||||||||||
Leasing | Leasing | Leasing | |||||||||||||||||||||||||||||||||||
Fixed assets, net | $ | 128,847 | $ | 726 | $ | 129,573 | $ | 118,801 | $ | 807 | $ | 119,608 | $ | 119,824 | $ | 553 | $ | 120,377 | |||||||||||||||||||
Intangible assets, net | 1,529 | 1,672 | 3,201 | 2,111 | 1,878 | 3,989 | 2,511 | 2,185 | 4,696 | ||||||||||||||||||||||||||||
Goodwill | — | 4,320 | 4,320 | — | 4,320 | 4,320 | — | 4,320 | 4,320 | ||||||||||||||||||||||||||||
Total Assets | 183,911 | 21,814 | 205,419 | 171,971 | 18,578 | 190,407 | 175,930 | 22,630 | 198,229 | ||||||||||||||||||||||||||||
Years Ended January 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | |||||||||||||||||||||||||||||
Leasing | Leasing | Leasing | |||||||||||||||||||||||||||||||||||
Revenues | $ | 67,022 | $ | 25,252 | $ | 92,108 | $ | 73,516 | $ | 32,210 | $ | 104,685 | $ | 84,428 | $ | 28,703 | $ | 112,834 | |||||||||||||||||||
Interest income (expense), net | (12 | ) | 2 | (10 | ) | 11 | — | 11 | (397 | ) | 1 | (396 | ) | ||||||||||||||||||||||||
Income before taxes | 1,087 | 4,720 | 6,026 | 2,865 | 10,835 | 13,524 | 24,081 | 10,195 | 34,330 | ||||||||||||||||||||||||||||
Capital expenditures | 43,663 | 395 | 44,058 | 45,181 | 478 | 45,659 | 63,198 | 469 | 63,667 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | 30,353 | 684 | 31,037 | 34,320 | 619 | 34,939 | 28,215 | 559 | 28,774 | ||||||||||||||||||||||||||||
Approximately $166,000, $1,041,000 and $297,000 related to sales from Seamap to the Equipment Leasing segment is eliminated in the consolidated revenues for the fiscal years ended January 31, 2014, 2013 and 2012, respectively. Capital expenditures and fixed assets are reduced by approximately $32,000, $349,000 and $272,000 for the fiscal years ended January 31, 2014, 2013 and 2012, respectively, which represents the difference between the sales price and the cost to manufacture the equipment. | |||||||||||||||||||||||||||||||||||||
A reconciliation of income before taxes is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
Years Ended January 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | $ | 1,087 | $ | 2,865 | $ | 24,081 | |||||||||||||||||||||||||||||||
Seamap | 4,720 | 10,835 | 10,195 | ||||||||||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||||
Elimination of (profit) loss from inter-company sales | 219 | (176 | ) | 54 | |||||||||||||||||||||||||||||||||
Consolidated income before taxes | $ | 6,026 | $ | 13,524 | $ | 34,330 | |||||||||||||||||||||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
15. Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||
Fiscal Year | April 30 | July 31 | October 31 | January 31 | |||||||||||||||||
Net revenues: | 2014 | $ | 27,291 | $ | 20,895 | $ | 20,275 | $ | 23,647 | ||||||||||||
2013 | $ | 34,630 | $ | 23,080 | $ | 18,574 | $ | 28,401 | |||||||||||||
Gross profit: | 2014 | $ | 14,597 | $ | 4,300 | $ | 4,953 | $ | 8,165 | ||||||||||||
2013 | $ | 16,887 | $ | 7,400 | $ | 4,353 | $ | 8,773 | |||||||||||||
Income (loss) before income taxes: | 2014 | $ | 7,919 | $ | (966 | ) | $ | (3,106 | ) | $ | 2,179 | ||||||||||
2013 | $ | 11,063 | $ | 1,274 | $ | (2,178 | ) | $ | 3,365 | ||||||||||||
Incomes taxes (benefit): | 2014 | $ | 1,612 | $ | (273 | ) | $ | (478 | ) | $ | 397 | ||||||||||
2013 | $ | 2,607 | $ | (5,128 | ) | $ | (956 | ) | $ | (50 | ) | ||||||||||
Net income (loss): | 2014 | $ | 6,307 | $ | (693 | ) | $ | (2,628 | ) | $ | 1,782 | ||||||||||
2013 | $ | 8,456 | $ | 6,402 | $ | (1,222 | ) | $ | 3,415 | ||||||||||||
Income per common share—basic: | 2014 | $ | 0.49 | $ | (0.05 | ) | $ | (0.21 | ) | $ | 0.14 | ||||||||||
2013 | $ | 0.67 | $ | 0.5 | $ | (0.10 | ) | $ | 0.27 | ||||||||||||
Income per common share—diluted: | 2014 | $ | 0.48 | $ | (0.05 | ) | $ | (0.21 | ) | $ | 0.14 | ||||||||||
2013 | $ | 0.63 | $ | 0.48 | $ | (0.10 | ) | $ | 0.26 | ||||||||||||
Leases
Leases | 12 Months Ended | ||||
Jan. 31, 2014 | |||||
Text Block [Abstract] | ' | ||||
Leases | ' | ||||
16. Leases | |||||
The Company leases seismic equipment to customers under operating leases with non-cancelable terms of one year or less. These leases are generally renewable on a month-to-month basis. All taxes (other than income taxes) and assessments are the contractual responsibility of the lessee. To the extent that foreign taxes are not paid by the lessee, the relevant foreign taxing authorities might seek to collect such taxes from the Company. Under the terms of its lease agreements, any amounts paid by the Company to such foreign taxing authorities may be billed and collected from the lessee. If the Company is unable to collect the foreign taxes it paid on behalf of its lessees, the Company may have foreign tax credits in the amounts paid, which could be applied against its U.S. income tax liability subject to certain limitations. The Company is not aware of any foreign tax obligations as of January 31, 2014 and 2013 that are not reflected in the accompanying consolidated financial statements. | |||||
The Company leases seismic equipment, as well as other equipment from others under operating leases. Lease expense incurred by the Company in connection with such leases amounted to approximately $621,000, $1,798,000 and $1,634,000 for the fiscal years ended January 31, 2014, 2013 and 2012, respectively. | |||||
The Company leases its office and warehouse facilities in Canada, Australia, Singapore, United Kingdom, Hungary, Colombia and Russia under operating leases. Office rental expense for the fiscal years ended January 31, 2014, 2013 and 2012 was approximately $1,387,000, $1,528,000 and $1,199,000, respectively. | |||||
Aggregate minimum lease payments for non-cancelable operating leases are as follows (in thousands): | |||||
For fiscal years ending: | |||||
2015 | $ | 1,513 | |||
2016 | 636 | ||||
2017 | 414 | ||||
2018 | 404 | ||||
2019 | 186 | ||||
Thereafter | — | ||||
Concentrations
Concentrations | 12 Months Ended |
Jan. 31, 2014 | |
Risks And Uncertainties [Abstract] | ' |
Concentrations | ' |
17. Concentrations | |
Credit Risk—As of January 31, 2014 and 2013, amounts due from customers that exceeded 10% of consolidated accounts receivable amounted to an aggregate of approximately $3,102,000 from one customer and $9,591,000 from three customers, respectively. | |
The Company maintains deposits and certificates of deposit with banks which may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and money market accounts which are not FDIC insured. In addition, deposits aggregating approximately $14,074,000 at January 31, 2014 are held in foreign banks. Management believes the risk of loss in connection with these accounts is minimal. | |
Industry Concentration—The Company’s revenues are derived from seismic equipment leased and sold to companies providing seismic acquisition services. The seismic industry has historically been subject to cyclical activity and is dependent, in large part, on the expected future prices of oil and natural gas. Should the industry experience a decline in the price of oil and natural gas, the Company could be subject to significantly greater credit risk and declining demand for its products and services. | |
Supplier Concentration—The Company purchases the majority of its seismic equipment for its lease pool from a small number of suppliers, each being an industry leader for its product. The Company believes that two of its suppliers manufacture most of the land-based seismic systems and equipment in use. The Company has satisfactory relationships with its suppliers. However, should those relationships deteriorate, the Company may have difficulty in obtaining new technology requested by its customers and maintaining the existing equipment in accordance with manufacturers’ specifications. |
Sales_and_Major_Customers
Sales and Major Customers | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Sales and Major Customers | ' | ||||||||||||
18. Sales and Major Customers | |||||||||||||
A summary of the Company’s revenues from customers by geographic region, outside the U.S., is as follows (in thousands): | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Canada | $ | 13,113 | $ | 13,744 | $ | 13,243 | |||||||
UK/Europe | 23,456 | 27,174 | 21,403 | ||||||||||
Latin America | 7,529 | 15,575 | 17,786 | ||||||||||
Asia/South Pacific | 25,256 | 14,173 | 17,810 | ||||||||||
Eurasia | 6,810 | 4,052 | 3,528 | ||||||||||
Other | 4,258 | 6,599 | 12,906 | ||||||||||
Total | $ | 80,422 | $ | 81,317 | $ | 86,676 | |||||||
During each of the fiscal years ended January 31, 2014, 2013 and 2012, one customer exceeded 10% of total revenues. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
MITCHAM INDUSTRIES, INC. | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Col. A | Col. B | Col. C(1) | Col. C(2) | Col. D | Col. E | ||||||||||||||||
Description | Balance at | Charged to | Charged | Deductions | Balance at End | ||||||||||||||||
Beginning | Costs and | to Other | Describe | of Period | |||||||||||||||||
of Period | Expenses | Accounts | |||||||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||||||
January 31, 2014 | $ | 3,374 | 1,048 | -139 | (a) | -450 | (b) | $ | 3,833 | ||||||||||||
January 31, 2013 | $ | 4,391 | (361 | ) | 20 | (a) | -676 | (b) | $ | 3,374 | |||||||||||
January 31, 2012 | $ | 2,666 | 1,768 | 1 | (a) | -44 | (b) | $ | 4,391 | ||||||||||||
Allowance for obsolete equipment and inventory | |||||||||||||||||||||
January 31, 2014 | $ | 1,073 | 164 | -15 | (a) | -190 | (c) | $ | 1,032 | ||||||||||||
January 31, 2013 | $ | 901 | 164 | 8 | (a) | — | (c) | $ | 1,073 | ||||||||||||
January 31, 2012 | $ | 730 | 175 | -4 | (a) | — | (c) | $ | 901 | ||||||||||||
(a) | Represents translation differences. | ||||||||||||||||||||
(b) | Represents recoveries and uncollectible accounts written off. | ||||||||||||||||||||
(c) | Represents sale or scrap of inventory and obsolete equipment. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Organization | ' | ||||||||||||
Organization—Mitcham Industries, Inc., a Texas corporation (the “Company”), was incorporated 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 product sales and support facilities based in Singapore and the United Kingdom. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
Revenue Recognition of Leasing Arrangements | ' | ||||||||||||
Revenue Recognition of Leasing Arrangements—The Company leases various types of seismic equipment to seismic data acquisition companies. All leases at January 31, 2014 and 2013 are for one year or less. Lease revenue is recognized ratably over the term of the lease. The Company does not enter into leases with embedded maintenance obligations. The standard lease provides that the lessee is responsible for maintenance and repairs to the equipment, excluding normal wear and tear. The Company provides technical advice to its customers without additional compensation as part of its customer service practices. Repairs or maintenance performed by the Company is charged to the lessee, generally on a time and materials basis. | |||||||||||||
Revenue Recognition of Equipment Sales | ' | ||||||||||||
Revenue Recognition of Equipment Sales—Revenues and cost of goods sold from the sale of equipment is recognized upon acceptance of terms and when delivery has occurred, unless there is a question as to its collectability. In cases where the equipment sold is manufactured by others, the Company reports revenues at gross amounts billed to customers because the Company (a) is the obligor in the sales arrangement; (b) has full latitude in pricing the product for sale; (c) has general inventory risk should there be a problem with the equipment being sold to the customer or if the customer does not complete payment for the items purchased; (d) has discretion in supplier selection if the equipment ordered is not unique to one manufacturer; and (e) assumes credit risk for the equipment sold to its customers. | |||||||||||||
Revenue Recognition of Long-term Projects | ' | ||||||||||||
Revenue Recognition of Long-term Projects—From time to time, SAP enters into contracts whereby it assembles and sells certain marine equipment, primarily to governmental entities. Performance under these contracts generally occurs over a period of several months. Revenue and costs related to these contracts are accounted for under the percentage of completion method, based on estimated physical completion. | |||||||||||||
Revenue Recognition of Service Agreements | ' | ||||||||||||
Revenue Recognition of Service Agreements—Seamap provides on-going support services pursuant to contracts that generally have a term of 12 months. The Company recognizes revenue from these contracts over the term of the contract. In some cases, the Company will provide support services on a time and material basis. Revenue from these arrangements is recognized as the services are provided. For certain new systems that Seamap sells, the Company provides support services for up to 12 months at no additional charge. Any amounts attributable to these support obligations are immaterial. | |||||||||||||
Contracts receivable | ' | ||||||||||||
Contracts receivable—In connection with the sale of seismic equipment, the Company will, from time to time, accept a contract receivable as partial consideration. These contracts bear interest at a market rate and generally have terms of less than two years and are collateralized by a security interest in the equipment sold. Interest income on contracts receivable is recognized as earned, unless there is a question as to collectability in which case it is recognized when received. | |||||||||||||
Allowance for doubtful accounts | ' | ||||||||||||
Allowance for doubtful accounts—Trade receivables are uncollateralized customer obligations due under normal trade terms. The carrying amount of trade receivables and contracts receivable is reduced by a valuation allowance that reflects management’s estimate of the amounts that will not be collected, based on the age of the receivable, payment history of the customer, general financial condition of the customer and any financial or operational leverage the Company may have in a particular situation. Amounts are written-off when collection is deemed unlikely. Past due amounts are determined based on contractual terms. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents—The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. | |||||||||||||
Short-term Investments | ' | ||||||||||||
Short-term Investments—The Company considers all highly liquid investments with an original maturity greater than three months, but less than twelve months, to be short-term investments. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories—Inventories are stated at the lower of average cost (which approximates first-in, first-out) or market. An allowance for obsolescence is maintained to reduce the carrying value of any materials or parts that may become obsolete. Inventories are periodically monitored to ensure that the allowance for obsolescence covers any obsolete items. | |||||||||||||
Seismic Equipment Lease Pool | ' | ||||||||||||
Seismic Equipment Lease Pool—Seismic equipment held for lease consists primarily of recording channels and peripheral equipment and is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the equipment, which are five to seven years for channel boxes and two to ten years for other peripheral equipment. As this equipment is subject to technological obsolescence and wear and tear, no salvage value is assigned to it. The Company continues to lease seismic equipment after it has been fully depreciated if it remains in acceptable condition and meets acceptable technical standards. This fully depreciated equipment remains in fixed assets on the Company’s books. The Company removes from its books the cost and accumulated depreciation of fully depreciated assets that are not expected to generate future revenues. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment—Property and equipment is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over their related estimated useful lives. The estimated useful lives of equipment range from three to seven years. Buildings are depreciated over 30 years and property improvements are amortized over 10 years. Leasehold improvements are amortized over the shorter of the realized estimated useful life or the life of the respective leases. No salvage value is assigned to property and equipment. | |||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets—Intangible assets are carried at cost, net of accumulated amortization. Amortization is computed on the straight-line method over the estimated life of the asset. Covenants-not-to-compete are amortized over a three-year period. Proprietary rights are amortized over a 12.5 to 15-year period. | |||||||||||||
Impairment | ' | ||||||||||||
Impairment—The Company reviews its long-lived assets, including its amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In reviewing for impairment, the carrying value of such assets is compared to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. If such cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying value of the long-lived asset to its estimated fair value. The determination of future cash flows as well as the estimated fair value of long-lived assets involves significant estimates on the part of management. The Company performs an impairment test on goodwill on an annual basis. No impairment charges related to long-lived assets or goodwill were recorded during the fiscal years ended January 31, 2014, 2013 or 2012. | |||||||||||||
Product Warranties | ' | ||||||||||||
Product Warranties—Seamap provides its customers warranties against defects in materials and workmanship generally for a period of three months after delivery of the product. The Company maintains an accrual for potential warranty costs based on historical warranty claims. For the fiscal years ended January 31, 2014, 2013 and 2012, warranty expense amounted to approximately $0, $61,000, and $3,000, respectively. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes—The Company accounts for income taxes under the liability method, whereby the Company recognizes, on a current and long-term basis, deferred tax assets and liabilities which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidence, the likelihood that the deferred tax assets will be recovered from future taxable income. | |||||||||||||
The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. The preponderance of negative or positive evidence supports a conclusion regarding the need for a valuation allowance for some portion of, or all of, the deferred tax asset. The more significant types of evidence considered include the following: | |||||||||||||
• | taxable income projections in future years; | ||||||||||||
• | whether the carry forward period is so brief that it would limit realization of tax benefits; | ||||||||||||
• | future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; and | ||||||||||||
• | earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition. | ||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates—The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Estimates are used for, but not limited to the allowance for doubtful accounts, lease pool valuations, valuation allowance on deferred tax assets, the evaluation of uncertain tax positions, estimated depreciable lives of fixed assets and intangible assets, impairment of fixed assets and intangible assets and the valuation of stock options. Future events and their effects cannot be perceived with certainty. Accordingly, these accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results could differ from these estimates. | |||||||||||||
Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for doubtful accounts because of the extended payment terms the Company often offers to its customers and the limited financial wherewithal of certain of these customers. As a result, the Company’s allowance for doubtful accounts could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make substantial judgments regarding the valuation allowance on deferred tax assets. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments—The Company’s financial instruments consist of trade receivables, contracts receivable, accounts payable and amounts outstanding under our line of credit. Due to the short maturities of these financial instruments, the Company believes that their fair value approximates their carrying amounts. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation—All balance sheet accounts of the Canadian, Australian, Singaporean, Hungarian, United Kingdom and Russian subsidiaries and our branch operations in Colombia and Peru have been translated at the current exchange rate as of the end of the accounting period. Statements of income items have been translated at average currency exchange rates. The resulting translation adjustment is recorded as a separate component of comprehensive income within shareholders’ equity. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation—Stock-based compensation expense is recorded based on the grant date fair value of share-based awards. Restricted stock awards are valued at the closing price on the date of grant. Determining the grant date fair value for options requires management to make estimates regarding the variables used in the calculation of the grant date fair value. Those variables are the future volatility of our common stock price, the length of time an optionee will hold their options until exercising them (the “expected term”), and the number of options that will be forfeited before they are exercised (the “forfeiture rate”). We utilize various mathematical models in calculating the variables. Share-based compensation expense could be different if we used different models to calculate the variables. | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share—Net income per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method, from unvested shares of restricted stock using the treasury stock method and from outstanding common stock warrants. For the fiscal years ended January 31, 2014, 2013 and 2012, the following table sets forth the number of dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations. | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Stock options | 389 | 505 | 618 | ||||||||||
Restricted stock | 25 | 22 | 19 | ||||||||||
Total dilutive shares | 414 | 527 | 637 | ||||||||||
Anti-dilutive weighted average shares of potential common stock of 501,000, 296,000 and , 339,000 for the fiscal years ended January 31, 2014, 2013 and 2012, respectively, have been excluded from the effect of dilutive shares. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Restricted Stock and Options Outstanding Used in Per Share Calculations | ' | ||||||||||||
For the fiscal years ended January 31, 2014, 2013 and 2012, the following table sets forth the number of dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations. | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Stock options | 389 | 505 | 618 | ||||||||||
Restricted stock | 25 | 22 | 19 | ||||||||||
Total dilutive shares | 414 | 527 | 637 | ||||||||||
Supplemental_Statements_of_Cas1
Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Disclosures of Cash Flows Information | ' | ||||||||||||
Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest paid | $ | 342 | $ | 533 | $ | 704 | |||||||
Income taxes paid, net | 215 | 9,177 | 7,536 | ||||||||||
Seismic equipment purchases included in accounts payable at year-end | 7,707 | 4,268 | 9,900 | ||||||||||
Stock issued for accrued compensation | — | 516 | 303 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consisted of the following (in thousands): | |||||||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 4,599 | $ | 3,103 | |||||
Finished goods | 4,159 | 3,531 | |||||||
Work in progress | 612 | 627 | |||||||
Cost of inventories | 9,370 | 7,261 | |||||||
Less allowance for obsolescence | (1,032 | ) | (1,073 | ) | |||||
Net inventories | $ | 8,338 | $ | 6,188 | |||||
Seismic_Equipment_Lease_Pool_a1
Seismic Equipment Lease Pool and Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Seismic Equipment Lease Pool and Property and Equipment | ' | ||||||||
Seismic equipment lease pool and property and equipment consisted of the following (in thousands): | |||||||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Recording channels | $ | 148,004 | $ | 126,600 | |||||
Other peripheral equipment | 113,640 | 114,795 | |||||||
Cost of seismic equipment lease pool | 261,644 | 241,395 | |||||||
Land and buildings | 366 | 366 | |||||||
Furniture and fixtures | 8,904 | 8,899 | |||||||
Autos and trucks | 770 | 748 | |||||||
Cost of property and equipment | 10,040 | 10,013 | |||||||
Cost of seismic equipment lease pool and property and equipment | 271,684 | 251,408 | |||||||
Less accumulated depreciation | (142,111 | ) | (131,800 | ) | |||||
Net book value of seismic equipment lease pool and property and equipment | $ | 129,573 | $ | 119,608 | |||||
Location of Seismic Equipment Lease Pool and Property and Equipment | ' | ||||||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Location of seismic equipment lease pool and property and equipment (in thousands): | |||||||||
United States | $ | 42,087 | $ | 40,908 | |||||
Canada | 35,931 | 22,639 | |||||||
Latin America | 18,128 | 23,109 | |||||||
Australia | 7,198 | 7,973 | |||||||
Russia | 2,134 | 3,708 | |||||||
Singapore | 6,451 | 9,433 | |||||||
United Kingdom | 218 | 329 | |||||||
Europe | 17,426 | 11,509 | |||||||
Net book value of seismic equipment lease pool and property and equipment | $ | 129,573 | $ | 119,608 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
Weighted | January 31, 2014 | January 31, 2013 | |||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||
Life at | |||||||||||||||||||||||||||||
1/31/14 | 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 | 6.4 | $ | 3,577 | $ | (1,900 | ) | 1,677 | $ | 3,503 | $ | (1,625 | ) | 1,878 | ||||||||||||||||
Customer relationships | 4.1 | 2,159 | (1,057 | ) | 1,102 | 2,402 | (876 | ) | 1,526 | ||||||||||||||||||||
Patents | 4.1 | 650 | (318 | ) | 332 | 724 | (264 | ) | 460 | ||||||||||||||||||||
Trade name | 4.1 | 177 | (87 | ) | 90 | 197 | (72 | ) | 125 | ||||||||||||||||||||
Amortizable intangible assets | $ | 6,563 | $ | (3,362 | ) | $ | 3,201 | $ | 6,826 | $ | (2,837 | ) | $ | 3,989 | |||||||||||||||
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||||
As of January 31, 2014, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): | |||||||||||||||||||||||||||||
For fiscal years ending January 31: | |||||||||||||||||||||||||||||
2015 | $ | 639 | |||||||||||||||||||||||||||
2016 | 634 | ||||||||||||||||||||||||||||
2017 | 634 | ||||||||||||||||||||||||||||
2018 | 634 | ||||||||||||||||||||||||||||
2019 | 634 | ||||||||||||||||||||||||||||
Thereafter | 26 | ||||||||||||||||||||||||||||
Total | $ | 3,201 | |||||||||||||||||||||||||||
LongTerm_Debt_and_Notes_Payabl1
Long-Term Debt and Notes Payable (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Notes Payable | ' | ||||||||
Long-term debt and notes payable consisted of the following (in thousands): | |||||||||
As of January 31, | |||||||||
2014 | 2013 | ||||||||
Revolving line of credit | $ | 22,000 | $ | 4,000 | |||||
Other equipment notes | 200 | 383 | |||||||
22,200 | 4,383 | ||||||||
Less current portion | (75 | ) | (145 | ) | |||||
Long-term debt | $ | 22,125 | $ | 4,238 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Income Taxes by Jurisdiction | ' | ||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income (loss) before income taxes is attributable to the following jurisdictions: | |||||||||||||
Domestic | $ | (4,323 | ) | $ | (2,824 | ) | $ | 14,875 | |||||
Foreign | 10,349 | 16,348 | 19,455 | ||||||||||
Total | $ | 6,026 | $ | 13,524 | $ | 34,330 | |||||||
The components of income tax expense (benefit) were as follows: | |||||||||||||
Current: | |||||||||||||
Domestic | $ | 802 | $ | (2,306 | ) | $ | 4,090 | ||||||
Foreign | 2,660 | 3,229 | 6,204 | ||||||||||
3,462 | 923 | 10,294 | |||||||||||
Deferred: | |||||||||||||
Domestic | (3,039 | ) | (4,757 | ) | 1,042 | ||||||||
Foreign | 835 | 307 | (1,327 | ) | |||||||||
(2,204 | ) | (4,450 | ) | (285 | ) | ||||||||
Income tax expense (benefit) | $ | 1,258 | $ | (3,527 | ) | $ | 10,009 | ||||||
Reconciliation of Expected to Actual Income Tax Expense | ' | ||||||||||||
The following is a reconciliation of expected to actual income tax expense: | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Federal income tax expense at 34% in 2014 and 2013 and 35% in 2012 | $ | 2,049 | $ | 4,598 | $ | 12,016 | |||||||
Changes in tax rates | 22 | 23 | (7 | ) | |||||||||
Permanent differences | 132 | (741 | ) | 347 | |||||||||
Foreign effective tax rate differential | (1,884 | ) | (3,092 | ) | (2,574 | ) | |||||||
Potential tax, penalties and interest resulting from uncertain tax positions | 32 | (5,059 | ) | 529 | |||||||||
Undistributed earnings of foreign affiliates | — | — | (435 | ) | |||||||||
Foreign withholding taxes | 642 | — | 268 | ||||||||||
Other | 265 | 744 | (135 | ) | |||||||||
$ | 1,258 | $ | (3,527 | ) | $ | 10,009 | |||||||
Company's Deferred Taxes | ' | ||||||||||||
The components of the Company’s deferred taxes consisted of the following: | |||||||||||||
As of January 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 2,592 | $ | 1,246 | |||||||||
Tax credit carry forwards | 3,470 | 3,449 | |||||||||||
Stock option book expense | 2,689 | 2,605 | |||||||||||
Allowance for doubtful accounts | 1,704 | 1,752 | |||||||||||
Allowance for inventory obsolescence | 94 | 192 | |||||||||||
Accruals not yet deductible for tax purposes | 620 | 692 | |||||||||||
Other | 679 | 675 | |||||||||||
Gross deferred tax assets | 11,848 | 10,611 | |||||||||||
Valuation allowance | — | — | |||||||||||
Deferred tax assets | 11,848 | 10,611 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | (2,172 | ) | (1,841 | ) | |||||||||
Intangible assets | (435 | ) | (595 | ) | |||||||||
Foreign branch taxes | (1,140 | ) | (1,626 | ) | |||||||||
Other | — | (411 | ) | ||||||||||
Deferred tax liabilities | (3,747 | ) | (4,473 | ) | |||||||||
Total deferred tax assets, net | $ | 8,101 | $ | 6,138 | |||||||||
Unrecognized Tax Benefits Excluding Potential Penalties and Interest | ' | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding potential penalties and interest, is as follows: | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Unrecognized tax benefits as beginning of year | $ | — | $ | (3,300 | ) | $ | (3,350 | ) | |||||
Increases (decreases) as a result of tax positions taken in prior years | 254 | — | 50 | ||||||||||
Increases as a result of tax positions taken in current year | — | — | — | ||||||||||
Settlements | — | 3,300 | — | ||||||||||
Lapse of statute of limitations | — | — | — | ||||||||||
Unrecognized tax benefits as of end of year | $ | 254 | $ | — | $ | (3,300 | ) | ||||||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value Option Award | ' | ||||||||||||||||
The assumptions for the periods indicated are noted in the following table. | |||||||||||||||||
Weighted average Black-Scholes-Merton fair value assumptions | |||||||||||||||||
Years Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk free interest rate | 0.83% | 0.58 - 0.78% | 1.52 - 2.00% | ||||||||||||||
Expected life | 5.62 yrs | 3.28 - 6.60 yrs | 2.85 - 4.89 yrs | ||||||||||||||
Expected volatility | 60% | 59 - 60% | 54 - 55% | ||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
Summary of Company's Stock Option Activity | ' | ||||||||||||||||
The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares (in | Average | Average | Intrinsic | ||||||||||||||
thousands) | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | (in | |||||||||||||||
Term | thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding, January 31, 2013 | 1,427 | $ | 11.37 | ||||||||||||||
Granted | 100 | 14.63 | |||||||||||||||
Exercised | (91 | ) | 5.61 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding, January 31, 2014 | 1,436 | $ | 12.04 | 4.74 | $ | 5,630 | |||||||||||
Exercisable at January 31, 2014 | 1,304 | $ | 11.65 | 4.27 | $ | 5,583 | |||||||||||
Vested and expected to vest at January 31, 2014 | 1,429 | $ | 12.03 | 4.72 | $ | 5,628 | |||||||||||
Restricted Stock and Changes During Period | ' | ||||||||||||||||
Restricted stock as of January 31, 2014 and changes during the fiscal year ended January 31, 2014 were as follows: | |||||||||||||||||
Year Ended January 31, 2014 | |||||||||||||||||
Number of | Weighted Average | ||||||||||||||||
Shares (in | Grant Date Fair | ||||||||||||||||
thousands) | Value | ||||||||||||||||
Unvested, beginning of period | 36 | 17.59 | |||||||||||||||
Granted | 53 | 15.1 | |||||||||||||||
Vested | (23 | ) | 16.76 | ||||||||||||||
Canceled | — | — | |||||||||||||||
Unvested, end of period | 66 | 15.89 | |||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Reconciliation of Income (Loss) Before Taxes | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of income before taxes is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
Years Ended January 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Equipment Leasing | $ | 1,087 | $ | 2,865 | $ | 24,081 | |||||||||||||||||||||||||||||||
Seamap | 4,720 | 10,835 | 10,195 | ||||||||||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||||
Elimination of (profit) loss from inter-company sales | 219 | (176 | ) | 54 | |||||||||||||||||||||||||||||||||
Consolidated income before taxes | $ | 6,026 | $ | 13,524 | $ | 34,330 | |||||||||||||||||||||||||||||||
Assets [Member] | ' | ||||||||||||||||||||||||||||||||||||
Financial Information by Business Segment | ' | ||||||||||||||||||||||||||||||||||||
Financial information by business segment is set forth below net of any allocations (in thousands): | |||||||||||||||||||||||||||||||||||||
As of January 31, 2014 | As of January 31, 2013 | As of January 31, 2012 | |||||||||||||||||||||||||||||||||||
Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | |||||||||||||||||||||||||||||
Leasing | Leasing | Leasing | |||||||||||||||||||||||||||||||||||
Fixed assets, net | $ | 128,847 | $ | 726 | $ | 129,573 | $ | 118,801 | $ | 807 | $ | 119,608 | $ | 119,824 | $ | 553 | $ | 120,377 | |||||||||||||||||||
Intangible assets, net | 1,529 | 1,672 | 3,201 | 2,111 | 1,878 | 3,989 | 2,511 | 2,185 | 4,696 | ||||||||||||||||||||||||||||
Goodwill | — | 4,320 | 4,320 | — | 4,320 | 4,320 | — | 4,320 | 4,320 | ||||||||||||||||||||||||||||
Total Assets | 183,911 | 21,814 | 205,419 | 171,971 | 18,578 | 190,407 | 175,930 | 22,630 | 198,229 | ||||||||||||||||||||||||||||
Revenue [Member] | ' | ||||||||||||||||||||||||||||||||||||
Financial Information by Business Segment | ' | ||||||||||||||||||||||||||||||||||||
Years Ended January 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | Equipment | Seamap | Consolidated | |||||||||||||||||||||||||||||
Leasing | Leasing | Leasing | |||||||||||||||||||||||||||||||||||
Revenues | $ | 67,022 | $ | 25,252 | $ | 92,108 | $ | 73,516 | $ | 32,210 | $ | 104,685 | $ | 84,428 | $ | 28,703 | $ | 112,834 | |||||||||||||||||||
Interest income (expense), net | (12 | ) | 2 | (10 | ) | 11 | — | 11 | (397 | ) | 1 | (396 | ) | ||||||||||||||||||||||||
Income before taxes | 1,087 | 4,720 | 6,026 | 2,865 | 10,835 | 13,524 | 24,081 | 10,195 | 34,330 | ||||||||||||||||||||||||||||
Capital expenditures | 43,663 | 395 | 44,058 | 45,181 | 478 | 45,659 | 63,198 | 469 | 63,667 | ||||||||||||||||||||||||||||
Depreciation and amortization expense | 30,353 | 684 | 31,037 | 34,320 | 619 | 34,939 | 28,215 | 559 | 28,774 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||
Fiscal Year | April 30 | July 31 | October 31 | January 31 | |||||||||||||||||
Net revenues: | 2014 | $ | 27,291 | $ | 20,895 | $ | 20,275 | $ | 23,647 | ||||||||||||
2013 | $ | 34,630 | $ | 23,080 | $ | 18,574 | $ | 28,401 | |||||||||||||
Gross profit: | 2014 | $ | 14,597 | $ | 4,300 | $ | 4,953 | $ | 8,165 | ||||||||||||
2013 | $ | 16,887 | $ | 7,400 | $ | 4,353 | $ | 8,773 | |||||||||||||
Income (loss) before income taxes: | 2014 | $ | 7,919 | $ | (966 | ) | $ | (3,106 | ) | $ | 2,179 | ||||||||||
2013 | $ | 11,063 | $ | 1,274 | $ | (2,178 | ) | $ | 3,365 | ||||||||||||
Incomes taxes (benefit): | 2014 | $ | 1,612 | $ | (273 | ) | $ | (478 | ) | $ | 397 | ||||||||||
2013 | $ | 2,607 | $ | (5,128 | ) | $ | (956 | ) | $ | (50 | ) | ||||||||||
Net income (loss): | 2014 | $ | 6,307 | $ | (693 | ) | $ | (2,628 | ) | $ | 1,782 | ||||||||||
2013 | $ | 8,456 | $ | 6,402 | $ | (1,222 | ) | $ | 3,415 | ||||||||||||
Income per common share—basic: | 2014 | $ | 0.49 | $ | (0.05 | ) | $ | (0.21 | ) | $ | 0.14 | ||||||||||
2013 | $ | 0.67 | $ | 0.5 | $ | (0.10 | ) | $ | 0.27 | ||||||||||||
Income per common share—diluted: | 2014 | $ | 0.48 | $ | (0.05 | ) | $ | (0.21 | ) | $ | 0.14 | ||||||||||
2013 | $ | 0.63 | $ | 0.48 | $ | (0.10 | ) | $ | 0.26 | ||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Jan. 31, 2014 | |||||
Text Block [Abstract] | ' | ||||
Aggregate Minimum Lease Payments for Non-Cancelable Operating Leases | ' | ||||
Aggregate minimum lease payments for non-cancelable operating leases are as follows (in thousands): | |||||
For fiscal years ending: | |||||
2015 | $ | 1,513 | |||
2016 | 636 | ||||
2017 | 414 | ||||
2018 | 404 | ||||
2019 | 186 | ||||
Thereafter | — |
Sales_and_Major_Customers_Tabl
Sales and Major Customers (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Company's Revenues from Customers by Geographic Region, Outside the U.S. | ' | ||||||||||||
A summary of the Company’s revenues from customers by geographic region, outside the U.S., is as follows (in thousands): | |||||||||||||
Years Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Canada | $ | 13,113 | $ | 13,744 | $ | 13,243 | |||||||
UK/Europe | 23,456 | 27,174 | 21,403 | ||||||||||
Latin America | 7,529 | 15,575 | 17,786 | ||||||||||
Asia/South Pacific | 25,256 | 14,173 | 17,810 | ||||||||||
Eurasia | 6,810 | 4,052 | 3,528 | ||||||||||
Other | 4,258 | 6,599 | 12,906 | ||||||||||
Total | $ | 80,422 | $ | 81,317 | $ | 86,676 | |||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Lease period | 'One year or less | ' | ' |
Services pursuant to contracts term | '12 months | ' | ' |
Support services term | '12 months | ' | ' |
Additional charges | $0 | ' | ' |
Contracts receivable term | 'Less than two years | ' | ' |
Liquid investments maturity period | 'Three months or less | ' | ' |
Salvage value assigned to property and equipment | 0 | ' | ' |
Impairment charges related to long-lived assets | 0 | 0 | 0 |
Customers warranty against defects | '3 years | ' | ' |
Warranty expense amounted to approximately | $0 | $61,000 | $3,000 |
Anti-dilutive weighted shares of potential common stock | 501,000 | 296,000 | 339,000 |
Covenants Not To Compete [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Intangible Assets Amortization Period | '3 years | ' | ' |
Building [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Estimated useful lives | '30 years | ' | ' |
Property Improvements [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Short-term investments maturity period | 'Three months | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Minimum [Member] | Proprietary Rights [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Intangible Assets Amortization Period | '12 years 6 months | ' | ' |
Minimum [Member] | Channel Boxes [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Estimated useful lives | '5 years | ' | ' |
Minimum [Member] | Peripheral Equipment [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Estimated useful lives | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Short-term investments maturity period | 'Twelve months | ' | ' |
Estimated useful lives | '7 years | ' | ' |
Maximum [Member] | Proprietary Rights [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Intangible Assets Amortization Period | '15 years | ' | ' |
Maximum [Member] | Channel Boxes [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Estimated useful lives | '7 years | ' | ' |
Maximum [Member] | Peripheral Equipment [Member] | ' | ' | ' |
Partnership Organization And Basis Of Presentation [Line Items] | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Restricted Stock and Options Outstanding Used in Per Share Calculations (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Earnings Per Share Basic And Diluted [Abstract] | ' | ' | ' |
Stock options | 389 | 505 | 618 |
Restricted stock | 25 | 22 | 19 |
Total dilutive shares | 414 | 527 | 637 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 12 Months Ended | ||||
Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2011 | 31-May-12 | Apr. 30, 2011 | |
USD ($) | USD ($) | CAD | USD ($) | USD ($) | |
Installment | |||||
Business Combinations [Abstract] | ' | ' | ' | ' | ' |
Total purchase price | ' | $3,984,000 | 4,194,000 | ' | ' |
Consideration of cash paid at closing amount | ' | 2,100,000 | 2,200,000 | ' | ' |
Promissory notes | ' | 1,425,000 | 1,500,000 | ' | ' |
Working capital adjustment payment | ' | 184,000 | 194,000 | ' | ' |
Deferred cash payments | ' | ' | 300,000 | ' | ' |
Promissory notes interest | ' | 6.00% | 6.00% | ' | ' |
Number of installments | ' | 2 | 2 | ' | ' |
Additional contingent cash payments | ' | ' | 750,000 | ' | ' |
Revenues Agreements | ' | '24 months | '24 months | ' | ' |
Contingent consideration | ' | 200,000 | ' | ' | ' |
Charges to other expenses | 400,000 | ' | ' | ' | ' |
First stage of the contingent consideration | ' | ' | ' | ' | 148,000 |
Second and final stage of the contingent consideration | ' | ' | ' | $450,000 | ' |
Supplemental_Statements_of_Cas2
Supplemental Statements of Cash Flows Information - Supplemental Disclosures of Cash Flows Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest paid | $342 | $533 | $704 |
Income taxes paid, net | 215 | 9,177 | 7,536 |
Seismic equipment purchases included in accounts payable at year-end | 7,707 | 4,268 | 9,900 |
Stock issued for accrued compensation | ' | $516 | $303 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $4,599 | $3,103 |
Finished goods | 4,159 | 3,531 |
Work in progress | 612 | 627 |
Cost of inventories | 9,370 | 7,261 |
Less allowance for obsolescence | -1,032 | -1,073 |
Net inventories | $8,338 | $6,188 |
Contracts_and_Notes_Receivable1
Contracts and Notes Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2014 | Jan. 31, 2013 | |
Customer | Customer | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | ' |
Contracts receivable | $1,005,000 | $2,096,000 |
Contracts receivable bearing interest rate | 8.50% | 8.50% |
Number of customers due | 3 | 3 |
Allowance for contract receivable | $0 | ' |
Minimum [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | ' |
Contracts receivable repayment term | '2 months | ' |
Maximum [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' | ' |
Contracts receivable repayment term | '8 months | ' |
Seismic_Equipment_Lease_Pool_a2
Seismic Equipment Lease Pool and Property and Equipment - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of property and equipment | $10,040 | $10,013 | ' |
Cost of seismic equipment lease pool and property and equipment | 271,684 | 251,408 | ' |
Less accumulated depreciation | -142,111 | -131,800 | ' |
Seismic equipment lease pool and property and equipment, net | 129,573 | 119,608 | 120,377 |
Channel Boxes [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of property and equipment | 148,004 | 126,600 | ' |
Peripheral Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of property and equipment | 113,640 | 114,795 | ' |
Seismic Equipment Lease Pool [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of property and equipment | 261,644 | 241,395 | ' |
Land and Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of property and equipment | 366 | 366 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of property and equipment | 8,904 | 8,899 | ' |
Autos and Trucks [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost of property and equipment | $770 | $748 | ' |
Seismic_Equipment_Lease_Pool_a3
Seismic Equipment Lease Pool and Property and Equipment - Location of Seismic Equipment Lease Pool and Property and Equipment (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | |||
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | $129,573 | $119,608 | $120,377 |
United States [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | 42,087 | 40,908 | ' |
Canada [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | 35,931 | 22,639 | ' |
Latin America [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | 18,128 | 23,109 | ' |
Australia [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | 7,198 | 7,973 | ' |
Russia [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | 2,134 | 3,708 | ' |
Singapore [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | 6,451 | 9,433 | ' |
United Kingdom [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | 218 | 329 | ' |
Europe [Member] | ' | ' | ' |
Geographic Information For Property Plant And Equipment [Line Items] | ' | ' | ' |
Seismic equipment lease pool and property and equipment, net | $17,426 | $11,509 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | Proprietary Rights [Member] | Proprietary Rights [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Patents [Member] | Patents [Member] | Trade Name [Member] | Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Life | ' | ' | ' | '6 years 4 months 24 days | ' | '4 years 1 month 6 days | ' | '4 years 1 month 6 days | ' | '4 years 1 month 6 days | ' |
Goodwill | $4,320 | $4,320 | $4,320 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 6,563 | 6,826 | ' | 3,577 | 3,503 | 2,159 | 2,402 | 650 | 724 | 177 | 197 |
Accumulated Amortization | -3,362 | -2,837 | ' | -1,900 | -1,625 | -1,057 | -876 | -318 | -264 | -87 | -72 |
Net Carrying Amount | $3,201 | $3,989 | $4,696 | $1,677 | $1,878 | $1,102 | $1,526 | $332 | $460 | $90 | $125 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Aggregate amortization expense | $660 | $673 | $671 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | |||
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' | ' | ' |
2015 | $639 | ' | ' |
2016 | 634 | ' | ' |
2017 | 634 | ' | ' |
2018 | 634 | ' | ' |
2019 | 634 | ' | ' |
Thereafter | 26 | ' | ' |
Net Carrying Amount | $3,201 | $3,989 | $4,696 |
LongTerm_Debt_and_Notes_Payabl2
Long-Term Debt and Notes Payable - Long-Term Debt and Notes Payable (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt gross | $22,200 | $4,383 |
Less current portion | -75 | -145 |
Long-term debt | 22,125 | 4,238 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt gross | 22,000 | 4,000 |
Other Equipment Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt gross | $200 | $383 |
LongTerm_Debt_and_Notes_Payabl3
Long-Term Debt and Notes Payable - Additional Information (Detail) (Credit Agreement [Member], USD $) | 0 Months Ended | |||||||
Jan. 31, 2014 | Aug. 02, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | |
Maximum [Member] | Minimum [Member] | Base Rate [Member] | Eurodollar [Member] | Predecessor [Member] | Predecessor [Member] | |||
Revolving Credit Facility [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 borrowing rate on credit agreement | 2.67% | ' | ' | ' | ' | ' | ' | ' |
Average borrowings under the revolving credit facility | ' | ' | ' | ' | ' | ' | $4,982,000 | $13,046,000 |
Shareholders_Equity_Additional
Shareholders Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2011 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Apr. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Common stock issued in follow-on public offering | 2,300,000 | ' | ' | ' | ' |
Net proceeds to company | $31,000 | ' | ' | $31,028 | ' |
Number of shares authorized to repurchase | ' | ' | ' | ' | 1,000,000 |
Repurchase of common stock during period | ' | 147,900 | ' | ' | ' |
Average price of shares repurchased | ' | $14.82 | ' | ' | ' |
Preferred stock, shares authorized | ' | 1,000,000 | 1,000,000 | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 20,000,000 | 20,000,000 | ' | ' |
Common stock, shares issued | ' | 13,907,000 | 13,763,000 | ' | ' |
Shares surrendered in exchange for payment of taxes | ' | 994 | 290 | 1,000 | ' |
Average fair value of shares | ' | $14.99 | $12.60 | $14.10 | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Taxes by Jurisdiction (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Income (loss) before income taxes is attributable to the following jurisdictions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ($4,323) | ($2,824) | $14,875 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 10,349 | 16,348 | 19,455 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 6,026 | 13,524 | 34,330 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | 802 | -2,306 | 4,090 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 2,660 | 3,229 | 6,204 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 3,462 | 923 | 10,294 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | -3,039 | -4,757 | 1,042 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 835 | 307 | -1,327 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -2,204 | -4,450 | -285 |
Income tax expense (benefit) | $397 | ($478) | ($273) | $1,612 | ($50) | ($956) | ($5,128) | $2,607 | $1,258 | ($3,527) | $10,009 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Reconciliation of expected to actual income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax expense at 34% in 2014 and 2013 and 35% in 2012 | ' | ' | ' | ' | ' | ' | ' | ' | $2,049 | $4,598 | $12,016 |
Changes in tax rates | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 23 | -7 |
Permanent differences | ' | ' | ' | ' | ' | ' | ' | ' | 132 | -741 | 347 |
Foreign effective tax rate differential | ' | ' | ' | ' | ' | ' | ' | ' | -1,884 | -3,092 | -2,574 |
Potential tax, penalties and interest resulting from uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | 32 | -5,059 | 529 |
Undistributed earnings of foreign affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -435 |
Foreign withholding taxes | ' | ' | ' | ' | ' | ' | ' | ' | 642 | ' | 268 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 265 | 744 | -135 |
Income tax expense (benefit) | $397 | ($478) | ($273) | $1,612 | ($50) | ($956) | ($5,128) | $2,607 | $1,258 | ($3,527) | $10,009 |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income tax expense | 34.00% | 34.00% | 35.00% |
Income_Taxes_Companys_Deferred
Income Taxes - Company's Deferred Taxes (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating losses | $2,592 | $1,246 |
Tax credit carry forwards | 3,470 | 3,449 |
Stock option book expense | 2,689 | 2,605 |
Allowance for doubtful accounts | 1,704 | 1,752 |
Allowance for inventory obsolescence | 94 | 192 |
Accruals not yet deductible for tax purposes | 620 | 692 |
Other | 679 | 675 |
Gross deferred tax assets | 11,848 | 10,611 |
Valuation allowance | ' | ' |
Deferred tax assets | 11,848 | 10,611 |
Deferred tax liabilities: | ' | ' |
Fixed assets | -2,172 | -1,841 |
Intangible assets | -435 | -595 |
Foreign branch taxes | -1,140 | -1,626 |
Other | ' | -411 |
Deferred tax liabilities | -3,747 | -4,473 |
Total deferred tax assets, net | $8,101 | $6,138 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Jan. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Deferred tax asset | $5,000 | ' | ' | ' |
Associated excess tax benefit | -5,000 | 420,000 | 420,000 | 778,000 |
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 | ' |
Unrecognized Tax Benefit | 408,000 | ' | 376,000 | ' |
Accrued interest and penalties | 154,000 | ' | 376,000 | ' |
Potential penalties and interest | ' | ' | 93,000 | 578,000 |
Foreign Country [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Tax credit carry forwards | $3,500,000 | ' | ' | ' |
Tax credit carry forwards expiration year | '2024 | ' | ' | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits Excluding Potential Penalties and Interest (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits as beginning of year | ' | ($3,300) | ($3,350) |
Increases (decreases) as a result of tax positions taken in prior years | 254 | ' | 50 |
Increases as a result of tax positions taken in current year | ' | ' | ' |
Settlements | ' | 3,300 | ' |
Lapse of statute of limitations | ' | ' | ' |
Unrecognized tax benefits as of end of year | $254 | ' | ($3,300) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
Jan. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Purchase orders outstanding | $2,074,000 |
Purchase orders to be fulfilled | '180 days |
Customs and performance guarantees | 3,000,000 |
Letter of credit outstanding | $2,200,000 |
Stock_Option_Plans_Additional_
Stock Option Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Compensation expense related to stock-based awards granted | $1,143,000 | ' | $1,586,000 | $1,331,000 |
Weighted average grant-date fair value of options granted | $14.63 | ' | $8.10 | $6.44 |
Associated excess tax benefit | -5,000 | 420,000 | 420,000 | 778,000 |
Contractual term of stock options granted and outstanding | '5 years 7 months 13 days | ' | ' | ' |
Intrinsic value of options exercised | 1,053,000 | ' | 2,529,000 | ' |
Fair value of options vested | 601,000 | ' | 1,268,000 | 1,195,000 |
Options vested | 79 | ' | ' | ' |
Total unrecognized compensation expense related to unvested stock options | 542,000 | ' | ' | ' |
Expense expected to be recognized over weighted average period | '1 year 1 month 6 days | ' | ' | ' |
Exercise of options | 498,000 | ' | 329,000 | 2,809,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Expense expected to be recognized over weighted average period | '10 months 24 days | ' | ' | ' |
Total unrecognized compensation expense related to unvested restricted stock awards | $573,000 | ' | ' | ' |
2006 Plan [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Vesting period of stock options granted and outstanding | '3 years | ' | ' | ' |
Contractual term of stock options granted and outstanding | '10 years | ' | ' | ' |
Shares available for grant | 871 | ' | ' | ' |
1994 Plan [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Vesting period of stock options granted and outstanding | '3 years | ' | ' | ' |
Contractual term of stock options granted and outstanding | '10 years | ' | ' | ' |
1998 Plan [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Vesting period of stock options granted and outstanding | '3 years | ' | ' | ' |
Contractual term of stock options granted and outstanding | '10 years | ' | ' | ' |
2000 Plan [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Vesting period of stock options granted and outstanding | '3 years | ' | ' | ' |
Contractual term of stock options granted and outstanding | '10 years | ' | ' | ' |
Director Plan [Member] | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Vesting period of stock options granted and outstanding | '1 year | ' | ' | ' |
Contractual term of stock options granted and outstanding | '10 years | ' | ' | ' |
Stock_Option_Plans_Schedule_of
Stock Option Plans - Schedule of Fair Value Option Award (Detail) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk free interest rate | 0.83% | ' | ' |
Expected life | '5 years 7 months 13 days | ' | ' |
Expected volatility | 60.00% | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk free interest rate | ' | 0.58% | 1.52% |
Expected life | ' | '3 years 3 months 11 days | '2 years 10 months 6 days |
Expected volatility | ' | 59.00% | 54.00% |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk free interest rate | ' | 0.78% | 2.00% |
Expected life | ' | '6 years 7 months 6 days | '4 years 10 months 21 days |
Expected volatility | ' | 60.00% | 55.00% |
Stock_Option_Plans_Summary_of_
Stock Option Plans - Summary of Company's Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Outstanding, beginning shares | 1,427 | ' | ' |
Granted, shares | 100 | ' | ' |
Exercised, shares | -91 | ' | ' |
Forfeited, shares | ' | ' | ' |
Expired, shares | ' | ' | ' |
Outstanding, ending shares | 1,436 | 1,427 | ' |
Exercisable, shares | 1,304 | ' | ' |
Vested and expected to vest, shares | 1,429 | ' | ' |
Weighted Average Exercise Price, Outstanding beginning | $11.37 | ' | ' |
Weighted Average Exercise Price, Granted | $14.63 | $8.10 | $6.44 |
Weighted Average Exercise Price, Exercised | $5.61 | ' | ' |
Weighted Average Exercise Price, Forfeited | ' | ' | ' |
Weighted Average Exercise Price, Expired | ' | ' | ' |
Weighted Average Exercise Price, Outstanding ending | $12.04 | $11.37 | ' |
Weighted Average Exercise Price, Exercisable | $11.65 | ' | ' |
Weighted Average Exercise Price, Vested and expected to vest | $12.03 | ' | ' |
Weighted Average Remaining Contractual Term, outstanding | '4 years 8 months 27 days | ' | ' |
Weighted Average Remaining Contractual Term, exercisable | '4 years 3 months 7 days | ' | ' |
Weighted Average Remaining Contractual Term, Vested and expected to vest | '4 years 8 months 19 days | ' | ' |
Aggregate Intrinsic Value, Outstanding | $5,630 | ' | ' |
Aggregate Intrinsic Value, Exercisable | 5,583 | ' | ' |
Aggregate Intrinsic Value, Vested and expected to vest | $5,628 | ' | ' |
Stock_Option_Plans_Restricted_
Stock Option Plans - Restricted Stock and Changes During Period (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Unvested, beginning of period | 36 |
Number of Shares, Granted | 53 |
Number of Shares, Vested | -23 |
Number of Shares, Canceled | ' |
Number of Shares, Unvested, end of period | 66 |
Weighted Average Grant Date Fair Value, Unvested, beginning of period | $17.59 |
Weighted Average Grant Date Fair Value, Granted | $15.10 |
Weighted Average Grant Date Fair Value, Vested | $16.76 |
Weighted Average Grant Date Fair Value, Canceled | ' |
Weighted Average Grant Date Fair Value, Unvested, end of period | $15.89 |
Segment_Reporting_Financial_In
Segment Reporting - Financial Information by Business Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets, net | $129,573 | ' | ' | ' | $119,608 | ' | ' | ' | $129,573 | $119,608 | $120,377 |
Intangible assets, net | 3,201 | ' | ' | ' | 3,989 | ' | ' | ' | 3,201 | 3,989 | 4,696 |
Goodwill | 4,320 | ' | ' | ' | 4,320 | ' | ' | ' | 4,320 | 4,320 | 4,320 |
Total Assets | 205,419 | ' | ' | ' | 190,407 | ' | ' | ' | 205,419 | 190,407 | 198,229 |
Revenues | 23,647 | 20,275 | 20,895 | 27,291 | 28,401 | 18,574 | 23,080 | 34,630 | 92,108 | 104,685 | 112,834 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 11 | -396 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,026 | 13,524 | 34,330 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 44,058 | 45,659 | 63,667 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,037 | 34,939 | 28,774 |
Equipment Leasing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets, net | 128,847 | ' | ' | ' | 118,801 | ' | ' | ' | 128,847 | 118,801 | 119,824 |
Intangible assets, net | 1,529 | ' | ' | ' | 2,111 | ' | ' | ' | 1,529 | 2,111 | 2,511 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 183,911 | ' | ' | ' | 171,971 | ' | ' | ' | 183,911 | 171,971 | 175,930 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 67,022 | 73,516 | 84,428 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -12 | 11 | -397 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,087 | 2,865 | 24,081 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 43,663 | 45,181 | 63,198 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 30,353 | 34,320 | 28,215 |
Seamap [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets, net | 726 | ' | ' | ' | 807 | ' | ' | ' | 726 | 807 | 553 |
Intangible assets, net | 1,672 | ' | ' | ' | 1,878 | ' | ' | ' | 1,672 | 1,878 | 2,185 |
Goodwill | 4,320 | ' | ' | ' | 4,320 | ' | ' | ' | 4,320 | 4,320 | 4,320 |
Total Assets | 21,814 | ' | ' | ' | 18,578 | ' | ' | ' | 21,814 | 18,578 | 22,630 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 25,252 | 32,210 | 28,703 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 1 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,720 | 10,835 | 10,195 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 395 | 478 | 469 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | $684 | $619 | $559 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Schedule Of Sales Revenue By Business Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in capital expenditures and fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | $32 | $349 | $272 |
Revenues | 23,647 | 20,275 | 20,895 | 27,291 | 28,401 | 18,574 | 23,080 | 34,630 | 92,108 | 104,685 | 112,834 |
Intersegment Sales Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Sales Revenue By Business Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $166 | $1,041 | $297 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Income (Loss) Before Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | $6,026 | $13,524 | $34,330 |
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated income before taxes | 2,179 | -3,106 | -966 | 7,919 | 3,365 | -2,178 | 1,274 | 11,063 | 6,026 | 13,524 | 34,330 |
Equipment Leasing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,087 | 2,865 | 24,081 |
Seamap [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,720 | 10,835 | 10,195 |
Intersegment Sales Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciling items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | $219 | ($176) | $54 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues: | $23,647 | $20,275 | $20,895 | $27,291 | $28,401 | $18,574 | $23,080 | $34,630 | $92,108 | $104,685 | $112,834 |
Gross profit: | 8,165 | 4,953 | 4,300 | 14,597 | 8,773 | 4,353 | 7,400 | 16,887 | 32,015 | 37,413 | 57,752 |
Income (loss) before income taxes: | 2,179 | -3,106 | -966 | 7,919 | 3,365 | -2,178 | 1,274 | 11,063 | 6,026 | 13,524 | 34,330 |
Incomes taxes (benefit): | 397 | -478 | -273 | 1,612 | -50 | -956 | -5,128 | 2,607 | 1,258 | -3,527 | 10,009 |
Net income (loss): | $1,782 | ($2,628) | ($693) | $6,307 | $3,415 | ($1,222) | $6,402 | $8,456 | $4,768 | $17,051 | $24,321 |
Income per common share-basic: | $0.14 | ($0.21) | ($0.05) | $0.49 | $0.27 | ($0.10) | $0.50 | $0.67 | $0.37 | $1.34 | $2.13 |
Income per common share-diluted: | $0.14 | ($0.21) | ($0.05) | $0.48 | $0.26 | ($0.10) | $0.48 | $0.63 | $0.36 | $1.29 | $2.02 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Foreign Country [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Office rental expense | $1,387 | $1,528 | $1,199 |
Seismic Equipment Lease Pool [Member] | Domestic Tax Authority [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Lease expense incurred by the Company | $621 | $1,798 | $1,634 |
Leases_Aggregate_Minimum_Lease
Leases - Aggregate Minimum Lease Payments for Non-Cancelable Operating Leases (Detail) (USD $) | Jan. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2015 | $1,513 |
2016 | 636 |
2017 | 414 |
2018 | 404 |
2019 | 186 |
Thereafter | ' |
Concentrations_Additional_Info
Concentrations - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Customer | Customer | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ' | ' |
Minimum rate of consolidated accounts receivable | 10.00% | 10.00% |
Foreign bank deposits | 14,074 | ' |
Number of suppliers manufacture land based seismic systems and equipment in use | 2 | ' |
Credit Risk [Member] | ' | ' |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ' | ' |
Concentration risk number Of customer | 1 | 3 |
One Major Customer [Member] | Credit Risk [Member] | ' | ' |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ' | ' |
Aggregate amount of accounts receivable from customers | 3,102 | ' |
Three Major Customer [Member] | Credit Risk [Member] | ' | ' |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ' | ' |
Aggregate amount of accounts receivable from customers | ' | 9,591 |
Sales_and_Major_Customers_Summ
Sales and Major Customers - Summary of Company's Revenues from Customers by Geographic Region, Outside the U.S. (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Sales Information [Line Items] | ' | ' | ' |
Total revenues from customers | $80,422 | $81,317 | $86,676 |
Canada [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Total revenues from customers | 13,113 | 13,744 | 13,243 |
UK and Europe [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Total revenues from customers | 23,456 | 27,174 | 21,403 |
Latin America [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Total revenues from customers | 7,529 | 15,575 | 17,786 |
Asia/South Pacific [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Total revenues from customers | 25,256 | 14,173 | 17,810 |
Eurasia [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Total revenues from customers | 6,810 | 4,052 | 3,528 |
Other [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Total revenues from customers | $4,258 | $6,599 | $12,906 |
Sales_and_Major_Customers_Addi
Sales and Major Customers - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2012 | |
Person | Person | Person | |
Segment Reporting [Abstract] | ' | ' | ' |
Percentage change in total revenues by one customer | 10.00% | 10.00% | 10.00% |
Number of customers with revenue exceeding 10% of total Company revenue | 1 | 1 | 1 |
Recovered_Sheet1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Allowance for doubtful accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $3,374 | $4,391 | $2,666 |
Charged to Costs and Expenses | 1,048 | -361 | 1,768 |
Charged to Other Accounts | -139 | 20 | 1 |
Deductions Describe | -450 | -676 | -44 |
Balance at End of Period | 3,833 | 3,374 | 4,391 |
Allowance for obsolete equipment and inventory [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 1,073 | 901 | 730 |
Charged to Costs and Expenses | 164 | 164 | 175 |
Charged to Other Accounts | -15 | 8 | -4 |
Deductions Describe | -190 | ' | ' |
Balance at End of Period | $1,032 | $1,073 | $901 |