Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2015 | Sep. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MIND | |
Entity Registrant Name | MITCHAM INDUSTRIES INC | |
Entity Central Index Key | 926,423 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,084,056 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 2,800 | $ 5,175 |
Restricted cash | 71 | 184 |
Accounts receivable, net | 18,093 | 23,693 |
Contracts and notes receivable | 3,201 | 3,639 |
Inventories, net | 14,477 | 11,451 |
Prepaid income taxes | 1,691 | 1,018 |
Deferred tax asset | 2,453 | 2,427 |
Prepaid expenses and other current assets | 2,787 | 6,562 |
Total current assets | 45,573 | 54,149 |
Seismic equipment lease pool and property and equipment, net | 86,542 | 100,087 |
Intangible assets, net | 9,975 | 10,831 |
Goodwill | 5,579 | 5,594 |
Deferred tax asset | 12,014 | 8,922 |
Other assets | 27 | 28 |
Total assets | 159,710 | 179,611 |
Current liabilities: | ||
Accounts payable | 1,761 | 2,399 |
Current maturities - long-term debt | 3,117 | 3,218 |
Deferred revenue | 481 | 710 |
Accrued expenses and other current liabilities | 4,004 | 3,673 |
Total current liabilities | 9,363 | 10,000 |
Long-term debt, net of current maturities | 11,157 | 23,137 |
Total liabilities | $ 20,520 | $ 33,137 |
Shareholders' equity: | ||
Preferred stock, $1.00 par value; 1,000 shares authorized; none issued and outstanding | ||
Common stock, $0.01 par value; 20,000 shares authorized; 14,012 shares issued at July 31, 2015 and January 31, 2015 | $ 140 | $ 140 |
Additional paid-in capital | 120,234 | 119,787 |
Treasury stock, at cost (1,928 shares at July 31, 2015 and January 31, 2015, respectively) | (16,851) | (16,851) |
Retained earnings | 45,839 | 51,924 |
Accumulated other comprehensive loss | (10,172) | (8,526) |
Total shareholders' equity | 139,190 | 146,474 |
Total liabilities and shareholders' equity | $ 159,710 | $ 179,611 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jul. 31, 2015 | Jan. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 14,012,000 | 14,012,000 |
Treasury stock, shares | 1,928,000 | 1,928,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Revenues: | ||||
Equipment leasing | $ 4,517 | $ 8,226 | $ 15,703 | $ 24,387 |
Lease pool equipment sales | 172 | 1,285 | 399 | 2,386 |
Seamap equipment sales | 2,233 | 7,709 | 7,299 | 13,769 |
Other equipment sales | 632 | 2,325 | 1,295 | 4,735 |
Total revenues | 7,554 | 19,545 | 24,696 | 45,277 |
Cost of sales: | ||||
Direct costs - equipment leasing | 1,052 | 1,131 | 2,419 | 2,357 |
Direct costs - lease pool depreciation | 7,580 | 8,866 | 15,218 | 17,561 |
Cost of lease pool equipment sales | 85 | 429 | 182 | 823 |
Cost of Seamap and other equipment sales | 1,446 | 5,882 | 4,910 | 10,056 |
Total cost of sales | 10,163 | 16,308 | 22,729 | 30,797 |
Gross (loss) profit | (2,609) | 3,237 | 1,967 | 14,480 |
Operating expenses: | ||||
General and administrative | 4,964 | 6,673 | 9,860 | 12,792 |
Provision for doubtful accounts | 600 | 600 | ||
Depreciation and amortization | 631 | 560 | 1,268 | 912 |
Total operating expenses | 6,195 | 7,233 | 11,728 | 13,704 |
Operating (loss) income | (8,804) | (3,996) | (9,761) | 776 |
Other income (expense): | ||||
Interest, net | (166) | (85) | (387) | (200) |
Other, net | 325 | 58 | 1,111 | 247 |
Total other income (expense) | 159 | (27) | 724 | 47 |
(Loss) income before income taxes | (8,645) | (4,023) | (9,037) | 823 |
Benefit (provision) for income taxes | 2,797 | 676 | 2,952 | (433) |
Net (loss) income | $ (5,848) | $ (3,347) | $ (6,085) | $ 390 |
Net (loss) income per common share: | ||||
Basic | $ (0.49) | $ (0.26) | $ (0.51) | $ 0.03 |
Diluted | $ (0.49) | $ (0.26) | $ (0.51) | $ 0.03 |
Shares used in computing net income per common share: | ||||
Basic | 12,037 | 12,671 | 12,028 | 12,710 |
Diluted | 12,037 | 12,671 | 12,028 | 13,044 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (5,848) | $ (3,347) | $ (6,085) | $ 390 |
Change in cumulative translation adjustment | (4,393) | 277 | (1,646) | 1,547 |
Comprehensive (loss) income | $ (10,241) | $ (3,070) | $ (7,731) | $ 1,937 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (6,085) | $ 390 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,555 | 18,545 |
Stock-based compensation | 519 | 696 |
Provision for inventory obsolescence | 90 | 44 |
Provision for doubtful accounts, net of charge offs | 600 | |
Gross profit from sale of lease pool equipment | (216) | (1,563) |
Excess tax benefit from exercise of non-qualified stock options and restricted shares | (72) | (123) |
Deferred tax benefit | (3,301) | (2,009) |
Changes in working capital items: | ||
Accounts receivable | 5,338 | 637 |
Contracts and notes receivable | 122 | |
Inventories | (3,349) | 416 |
Prepaid expenses and other current assets | 3,892 | (2,239) |
Income taxes payable | (640) | 850 |
Accounts payable, accrued expenses, other current liabilities and deferred revenue | (661) | 3,384 |
Foreign exchange gains/losses | (1,020) | |
Net cash provided by operating activities | 11,650 | 19,150 |
Cash flows from investing activities: | ||
Purchases of seismic equipment held for lease | (1,874) | (13,716) |
Acquisition of business | (14,500) | |
Purchases of property and equipment | (171) | (218) |
Sale of used lease pool equipment | 399 | 2,386 |
Net cash used in investing activities | (1,646) | (26,048) |
Cash flows from financing activities: | ||
Net (payments on) proceeds from revolving line of credit | (10,500) | 3,000 |
Payments on term loan and other borrowings | (1,609) | (67) |
Net proceeds from short-term investments | 113 | 85 |
Proceeds from issuance of common stock upon exercise of options | 37 | |
Purchase of treasury stock | (2,187) | |
Excess tax benefit from exercise of non-qualified stock options and restricted shares | 72 | 123 |
Net cash (used in) provided by financing activities | (11,924) | 991 |
Effect of changes in foreign exchange rates on cash and cash equivalents | (455) | 172 |
Net change in cash and cash equivalents | (2,375) | (5,735) |
Cash and cash equivalents, beginning of period | 5,175 | 15,162 |
Cash and cash equivalents, end of period | 2,800 | 9,427 |
Supplemental cash flow information: | ||
Interest paid | 397 | 392 |
Income taxes paid | 1,203 | 1,376 |
Purchases of seismic equipment held for lease in accounts payable at end of period | $ 234 | $ 3,426 |
Organization
Organization | 6 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987. The Company, through its wholly-owned Canadian subsidiary, Mitcham Canada, ULC. (“MCL”), its wholly-owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”), its wholly- owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), its wholly-owned Singaporean subsidiary, Mitcham Marine Leasing Pte Ltd. (“MML”), and its branch operations in Colombia and Peru, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly-owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly-owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries, with manufacturing, support and sales facilities based in Singapore and the United Kingdom. All material intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The condensed consolidated balance sheet as of January 31, 2015 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015. In the opinion of the Company, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of July 31, 2015, the results of operations for the three and six months ended July 31, 2015 and 2014, and the cash flows for the six months ended July 31, 2015 and 2014, have been included in these financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2016. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jul. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers: (Topic 606) |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jul. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | 4. Restricted Cash As of July 31, 2015 and January 31, 2015, the Company had pledged approximately $71,000 and $184,000, respectively, in short-term time deposits to secure performance obligations in connection with certain contracts. As these investments in short-term time deposits relate to financing activities, the securing of contract obligations, these transactions are reflected as financing activities in the accompanying condensed consolidated statements of cash flows. |
Balance Sheet
Balance Sheet | 6 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet | 5. Balance Sheet July 31, January 31, 2015 (in thousands) Accounts receivable: Accounts receivable $ 25,029 $ 30,032 Allowance for doubtful accounts (6,936 ) (6,339 ) Total accounts receivable, net $ 18,093 $ 23,693 Contracts and notes receivable consisted of $3.2 million, due from three customers as of July 31, 2015 and $3.6 million due from three customers as of January 31, 2015. Notes receivable of $2,370,000 at July 31, 2015 relate to promissory notes issued by a customer in settlement of a trade account receivable. The balance of contracts receivable at July 31, 2015 and January 31, 2015 consisted of contracts bearing interest at an average of approximately 2.2% and 1.9% respectively and with remaining repayment terms from one to ten months at July 31, 2015 . July 31, 2015 January 31, 2015 (in thousands) Inventories: Raw materials $ 6,348 $ 6,718 Finished goods 8,217 4,466 Work in progress 765 1,017 15,330 12,201 Less allowance for obsolescence (853 ) (750 ) Total inventories, net $ 14,477 $ 11,451 July 31, 2015 January 31, 2014 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 243,744 $ 243,211 Land and buildings 366 366 Furniture and fixtures 9,460 9,399 Autos and trucks 709 722 254,279 253,698 Accumulated depreciation and amortization (167,737 ) (153,611 ) Total seismic equipment lease pool and property and equipment, net $ 86,542 $ 100,087 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets Weighted July 31, 2015 January 31, 2015 Gross Carrying Accumulated Net Gross Accumulated Net Carrying (in thousands) (in thousands) Goodwill $ 5,579 $ 5,594 Proprietary rights 7.3 $ 6,232 $ (2,520 ) $ 3,712 $ 6,121 $ (2,240 ) 3,881 Customer relationships 5.3 6,512 (1,978 ) 4,534 6,613 (1,583 ) 5,030 Patents 6.1 2,209 (644 ) 1,565 2,243 (505 ) 1,738 Trade name 6.4 279 (115 ) 164 284 (102 ) 182 Amortizable intangible assets $ 15,232 $ (5,257 ) $ 9,975 $ 15,261 $ (4,430 ) $ 10,831 As of July 31, 2015, the Company had goodwill of $5.6 million, all of which was allocated to the Seamap segment. No impairment was recorded against the goodwill account during the six months ended July 31, 2015. Amortizable intangible assets are amortized over their estimated useful lives of eight to 15 years using the straight-line method. Aggregate amortization expense was $430,000 and $364,000 for the three months ended July 31, 2015 and 2014, respectively, and $853,000 and $524,000 for the six months ended July 31, 2015 and 2014, respectively. As of July 31, 2015, future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2016 $ 838 2017 1,637 2018 1,644 2019 1,299 2020 1,299 2021 and thereafter 3,258 Total $ 9,975 |
Long-Term Debt and Notes Payabl
Long-Term Debt and Notes Payable | 6 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Notes Payable | 7. Long-Term Debt and Notes Payable Long-term debt and notes payable consisted of the following (in thousands): July 31, January 31, Revolving line of credit $ 6,500 $ 17,000 Term credit facility 7,600 9,200 Other equipment notes 174 155 14,274 26,355 Less current portion (3,117 ) (3,218 ) Long-term debt $ 11,157 $ 23,137 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). 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 July 31, 2015, the base rate margin was 175 basis points and the Eurodollar margin was 275 basis points. The Company has agreed to pay a commitment fee on the unused portion of the Credit Agreement of 0.375% to 0.5%. Up to $10.0 million of available borrowings under the Credit Agreement may be utilized to secure letters of credit. The Credit Agreement contains certain financial covenants that require, among other things, that the Company maintain a leverage ratio, which is calculated at the end of each quarter, of no greater than 2.00 to 1.00 on a trailing four quarter basis and a fixed charge coverage ratio, which also is calculated at the end of each quarter, of no less than 1.25 to 1.00 on a trailing four quarter basis. In addition, should Adjusted EBITDA, as defined in the Credit Agreement, for any trailing four quarter period be less than $22.0 million, the ratio of capital expenditures to Adjusted EBITDA for that four quarter period may not be greater than 1.0 to 1.0. The Credit Agreement also includes restrictions on additional indebtedness in excess of $5.0 million. The Company was in compliance with each of these provisions as of and for the six months ended July 31, 2015. The Credit Agreement contains customary representations, warranties, conditions precedent to credit extensions, affirmative and negative covenants and events of default. The negative covenants include restrictions on liens, additional indebtedness in excess of $5.0 million, acquisitions, fundamental changes, dispositions of property, restricted payments, and transactions with affiliates and lines of business. The events of default include a change in control provision. On August 22, 2014, the Company’s wholly-owned subsidiary, Seamap Pte Ltd. (“Seamap Singapore”), entered into a $15.0 million credit facility (the “Seamap Credit Facility”) with The Hongkong and Shanghai Banking Corporation Limited (“HSBC-Singapore”). The facility consists of a $10.0 million term loan, a $3.0 million revolving credit facility, and a $2.0 million banker’s guarantee facility. The term loan portion of the Seamap Credit Facility provides for eleven quarterly principal payments of $800,000 and a final payment of the remaining $1.2 million on or before August 22, 2017. Interest on the term facility is payable quarterly at LIBOR plus 2.75%. Under the Seamap Credit Facility, Seamap may borrow up to $3.0 million for a period of one to three months to be utilized for working capital and other general corporate purposes. Borrowings under the revolving credit facility bear interest at LIBOR plus 3.00%. Borrowings under this arrangement are secured by essentially all of the assets of Seamap Singapore and the Company’s guarantee. The Seamap Credit Facility contains financial covenants that require Seamap to maintain a minimum shareholder’s equity of S$15 million and a minimum ratio of EBITDA to debt of not less than 125% for each fiscal year. The Company was in compliance with each of these provisions as of July 31, 2015. The Seamap Credit Facility contains customary representations and warranties, conditions precedent to credit extensions, affirmative and negative covenants and events of default. The negative covenants include restrictions on liens, additional indebtedness, acquisitions, fundamental changes, dispositions of property, restricted payments, and transactions with affiliates. The Seamap Credit Facility also requires the Company, as guarantor, to comply with financial covenants contained in the Credit Agreement. The Company’s average borrowings under the Credit Agreement, the predecessor revolving credit facility and the Seamap Credit Facility for the six months ended July 31, 2015 and 2014 were approximately $20.5 million and $21.4 million, respectively. From time to time, certain subsidiaries have entered into notes payable to finance the purchase of certain equipment, which are pledged as security for the notes payable. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Prepaid taxes of approximately $1.7 million at July 31, 2015 consisted of approximately $1.6 million of foreign taxes and approximately $100,000 of domestic federal and state taxes. Prepaid income taxes of approximately $1.0 million at January 31, 2015 consisted of approximately $900,000 of foreign taxes and approximately $100,000 of domestic federal and state taxes. The Company and its subsidiaries file consolidated and separate income tax returns in the United States federal jurisdiction and in foreign jurisdictions. The Company is subject to United States federal income tax examinations for all tax years beginning with its fiscal year ended January 31, 2012. The Company is subject to examination by taxing authorities throughout the world, including foreign jurisdictions such as Australia, Canada, Colombia, Hungary, Peru, Russia, Singapore and the United Kingdom. With few exceptions, the Company and its subsidiaries are no longer subject to foreign income tax examinations for tax years before 2010. The provision for income taxes for the three and six months ended July 31, 2015 includes certain foreign withholding taxes. These taxes can distort the relationship between income or loss before income taxes and the provision for income taxes. Also, a valuation against the deferred tax assets of the Company for approximately $110,000 and $235,000 has been recorded for the three and six months ended July 31, 2015, respectively. This valuation is the result of net operating losses in the United Kingdom which are not expected to be utilized within the carryover period. Accordingly, the effective tax rates for these periods differ significantly from the federal statutory rate of 34%. The Company has determined that earnings from certain foreign jurisdictions have been permanently reinvested outside of the United States. In the three months ended July 31, 2015, the Company recognized tax benefits of approximately $92,000 related to the resolution of uncertain tax positions and reversed approximately $144,000 of penalties and interest related to these matters. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jul. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 9. Earnings per Share Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) (in thousands) Basic weighted average common shares outstanding 12,037 12,671 12,028 12,710 Stock options — 293 25 305 Unvested restricted stock 39 22 36 29 Total weighted average common share equivalents 39 315 61 334 Diluted weighted average common shares outstanding 12,076 12,986 12,089 13,044 For the three months ended July 31, 2015 and 2014 and the six months ended July 31, 2015, potentially dilutive common shares, underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for that period. |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Treasury Stock | 10. Treasury Stock In April 2013, the Company’s Board of Directors authorized the repurchase of up to 1.0 million shares of the Company’s common stock through December 31, 2014. These shares are reflected as treasury stock in the accompanying financial statements. As of January 31, 2015, the Company has purchased a total of 1.0 million shares under this program, representing the total amount of shares authorized for repurchase. In the fourth quarter of our fiscal year ended January 31, 2015 (“fiscal 2015”), the Company’s Board of Directors authorized the repurchase of up to an additional 1.0 million shares of our common stock. As of September 3, 2015, we had not purchased any shares pursuant to this additional authorization. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three and six months ended July 31, 2015 was approximately $238,000 and $519,000, respectively, and, during the three and six months ended July 31, 2014 was approximately $297,000 and $696,000, respectively. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting The Equipment Leasing segment offers new and “experienced” seismic equipment for lease or sale to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The Equipment Leasing segment is headquartered in Huntsville, Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Ufa, Bashkortostan, Russia; Budapest, Hungary; Singapore; Bogota, Colombia; and Lima, Peru. The Seamap segment is engaged in the design, manufacture and sale of state-of-the-art seismic and offshore telemetry systems. Manufacturing, support and sales facilities are maintained in the United Kingdom and Singapore. Financial information by business segment is set forth below (net of any allocations): As of July 31, 2015 As of January 31, 2015 Total Assets Total Assets (in thousands) Equipment Leasing $ 129,435 $ 148,985 Seamap 30,566 30,982 Eliminations (291 ) (356 ) Consolidated $ 159,710 $ 179,611 Results for the three months ended July 31, 2015 and 2014 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2015 2014 2015 2014 2015 2014 Equipment Leasing $ 5,321 $ 11,836 $ (7,988 ) $ (4,827 ) $ (7,940 ) $ (4,755 ) Seamap 2,273 8,008 (853 ) 990 (742 ) 891 Eliminations (40 ) (299 ) 37 (159 ) 37 (159 ) Consolidated $ 7,554 $ 19,545 $ (8,804 ) $ (3,996 ) $ (8,645 ) $ (4,023 ) Results for the six months ended July 31, 2015 and 2014 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2015 2014 2015 2014 2015 2014 Equipment Leasing $ 17,397 $ 31,508 $ (8,869 ) $ (1,549 ) $ (8,119 ) $ (1,232 ) Seamap 7,388 14,205 (962 ) 2,490 (988 ) 2,220 Eliminations (89 ) (436 ) 70 (165 ) 70 (165 ) Consolidated $ 24,696 $ 45,277 $ (9,761 ) $ 776 $ (9,037 ) $ 823 Sales from the Seamap segment to the Equipment Leasing segment are eliminated in the consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and depreciation expense on the difference between the sales price and the cost to manufacture the equipment. Fixed assets are reduced by the difference between the sales price and the cost to manufacture the equipment, less the accumulated depreciation related to the difference. |
Organization (Policies)
Organization (Policies) | 6 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987. The Company, through its wholly-owned Canadian subsidiary, Mitcham Canada, ULC. (“MCL”), its wholly-owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”), its wholly- owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), its wholly-owned Singaporean subsidiary, Mitcham Marine Leasing Pte Ltd. (“MML”), and its branch operations in Colombia and Peru, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly-owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly-owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries, with manufacturing, support and sales facilities based in Singapore and the United Kingdom. All material intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation | Basis of Presentation The condensed consolidated balance sheet as of January 31, 2015 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2015. In the opinion of the Company, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of July 31, 2015, the results of operations for the three and six months ended July 31, 2015 and 2014, and the cash flows for the six months ended July 31, 2015 and 2014, have been included in these financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2016. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers: (Topic 606) |
Balance Sheet (Tables)
Balance Sheet (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts Receivable | July 31, January 31, 2015 (in thousands) Accounts receivable: Accounts receivable $ 25,029 $ 30,032 Allowance for doubtful accounts (6,936 ) (6,339 ) Total accounts receivable, net $ 18,093 $ 23,693 |
Schedule of Inventories | July 31, 2015 January 31, 2015 (in thousands) Inventories: Raw materials $ 6,348 $ 6,718 Finished goods 8,217 4,466 Work in progress 765 1,017 15,330 12,201 Less allowance for obsolescence (853 ) (750 ) Total inventories, net $ 14,477 $ 11,451 |
Schedule of Seismic Equipment Lease Pool and Property and Equipment | July 31, 2015 January 31, 2014 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 243,744 $ 243,211 Land and buildings 366 366 Furniture and fixtures 9,460 9,399 Autos and trucks 709 722 254,279 253,698 Accumulated depreciation and amortization (167,737 ) (153,611 ) Total seismic equipment lease pool and property and equipment, net $ 86,542 $ 100,087 |
Goodwill and Other Intangible21
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Weighted July 31, 2015 January 31, 2015 Gross Carrying Accumulated Net Gross Accumulated Net Carrying (in thousands) (in thousands) Goodwill $ 5,579 $ 5,594 Proprietary rights 7.3 $ 6,232 $ (2,520 ) $ 3,712 $ 6,121 $ (2,240 ) 3,881 Customer relationships 5.3 6,512 (1,978 ) 4,534 6,613 (1,583 ) 5,030 Patents 6.1 2,209 (644 ) 1,565 2,243 (505 ) 1,738 Trade name 6.4 279 (115 ) 164 284 (102 ) 182 Amortizable intangible assets $ 15,232 $ (5,257 ) $ 9,975 $ 15,261 $ (4,430 ) $ 10,831 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of July 31, 2015, future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2016 $ 838 2017 1,637 2018 1,644 2019 1,299 2020 1,299 2021 and thereafter 3,258 Total $ 9,975 |
Long-Term Debt and Notes Paya22
Long-Term Debt and Notes Payable (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Notes Payable | Long-term debt and notes payable consisted of the following (in thousands): July 31, January 31, Revolving line of credit $ 6,500 $ 17,000 Term credit facility 7,600 9,200 Other equipment notes 174 155 14,274 26,355 Less current portion (3,117 ) (3,218 ) Long-term debt $ 11,157 $ 23,137 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation | The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) (in thousands) Basic weighted average common shares outstanding 12,037 12,671 12,028 12,710 Stock options — 293 25 305 Unvested restricted stock 39 22 36 29 Total weighted average common share equivalents 39 315 61 334 Diluted weighted average common shares outstanding 12,076 12,986 12,089 13,044 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Financial information by business segment is set forth below (net of any allocations): As of July 31, 2015 As of January 31, 2015 Total Assets Total Assets (in thousands) Equipment Leasing $ 129,435 $ 148,985 Seamap 30,566 30,982 Eliminations (291 ) (356 ) Consolidated $ 159,710 $ 179,611 Results for the three months ended July 31, 2015 and 2014 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2015 2014 2015 2014 2015 2014 Equipment Leasing $ 5,321 $ 11,836 $ (7,988 ) $ (4,827 ) $ (7,940 ) $ (4,755 ) Seamap 2,273 8,008 (853 ) 990 (742 ) 891 Eliminations (40 ) (299 ) 37 (159 ) 37 (159 ) Consolidated $ 7,554 $ 19,545 $ (8,804 ) $ (3,996 ) $ (8,645 ) $ (4,023 ) Results for the six months ended July 31, 2015 and 2014 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2015 2014 2015 2014 2015 2014 Equipment Leasing $ 17,397 $ 31,508 $ (8,869 ) $ (1,549 ) $ (8,119 ) $ (1,232 ) Seamap 7,388 14,205 (962 ) 2,490 (988 ) 2,220 Eliminations (89 ) (436 ) 70 (165 ) 70 (165 ) Consolidated $ 24,696 $ 45,277 $ (9,761 ) $ 776 $ (9,037 ) $ 823 |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Short-term time deposits | $ 71 | $ 184 |
Balance Sheet - Accounts Receiv
Balance Sheet - Accounts Receivable (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Accounts receivable: | ||
Accounts receivable | $ 25,029 | $ 30,032 |
Allowance for doubtful accounts | (6,936) | (6,339) |
Total accounts receivable, net | $ 18,093 | $ 23,693 |
Balance Sheet - Additional Info
Balance Sheet - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Jul. 31, 2015USD ($)Customer | Jan. 31, 2015USD ($)Customer | |
Balance Sheet [Line Items] | ||
Contracts and notes receivable | $ 3,201,000 | $ 3,639,000 |
Contracts and notes receivable, Interest rate | 2.20% | 1.90% |
Number of customers due | Customer | 3 | 3 |
Allowance for contract and notes receivable | $ 0 | |
Amount of contracts receivable past stated term | $ 830,000 | |
Minimum [Member] | ||
Balance Sheet [Line Items] | ||
Contracts and notes receivable repayment term | 1 month | |
Maximum [Member] | ||
Balance Sheet [Line Items] | ||
Contracts and notes receivable repayment term | 10 months | |
Promissory Note [Member] | ||
Balance Sheet [Line Items] | ||
Contracts and notes receivable | $ 2,370,000 |
Balance Sheet - Schedule of Inv
Balance Sheet - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Inventories: | ||
Raw materials | $ 6,348 | $ 6,718 |
Finished goods | 8,217 | 4,466 |
Work in progress | 765 | 1,017 |
Cost of inventories | 15,330 | 12,201 |
Less allowance for obsolescence | (853) | (750) |
Total inventories, net | $ 14,477 | $ 11,451 |
Balance Sheet - Schedule of Sei
Balance Sheet - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 |
Seismic equipment lease pool and property and equipment: | |||
Cost of property and equipment | $ 254,279 | $ 253,698 | |
Accumulated depreciation and amortization | (167,737) | (153,611) | |
Total seismic equipment lease pool and property and equipment, net | 86,542 | $ 100,087 | 100,087 |
Seismic Equipment Lease Pool [Member] | |||
Seismic equipment lease pool and property and equipment: | |||
Cost of property and equipment | 243,744 | 243,211 | |
Land and Buildings [Member] | |||
Seismic equipment lease pool and property and equipment: | |||
Cost of property and equipment | 366 | 366 | |
Furniture and Fixtures [Member] | |||
Seismic equipment lease pool and property and equipment: | |||
Cost of property and equipment | 9,460 | 9,399 | |
Autos and Trucks [Member] | |||
Seismic equipment lease pool and property and equipment: | |||
Cost of property and equipment | $ 709 | $ 722 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2015 | Jan. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 5,579 | $ 5,594 |
Gross Carrying Amount | 15,232 | 15,261 |
Accumulated Amortization | (5,257) | (4,430) |
Net Carrying Amount | $ 9,975 | 10,831 |
Proprietary Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 7 years 3 months 18 days | |
Gross Carrying Amount | $ 6,232 | 6,121 |
Accumulated Amortization | (2,520) | (2,240) |
Net Carrying Amount | $ 3,712 | 3,881 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 5 years 3 months 18 days | |
Gross Carrying Amount | $ 6,512 | 6,613 |
Accumulated Amortization | (1,978) | (1,583) |
Net Carrying Amount | $ 4,534 | 5,030 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 6 years 1 month 6 days | |
Gross Carrying Amount | $ 2,209 | 2,243 |
Accumulated Amortization | (644) | (505) |
Net Carrying Amount | $ 1,565 | 1,738 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 6 years 4 months 24 days | |
Gross Carrying Amount | $ 279 | 284 |
Accumulated Amortization | (115) | (102) |
Net Carrying Amount | $ 164 | $ 182 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | Jan. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 5,579,000 | $ 5,579,000 | $ 5,594,000 | ||
Goodwill impairment | 0 | ||||
Aggregate amortization expense | $ 430,000 | $ 364,000 | $ 853,000 | $ 524,000 | |
Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life of intangible assets | 15 years | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life of intangible assets | 8 years |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 838 | |
2,017 | 1,637 | |
2,018 | 1,644 | |
2,019 | 1,299 | |
2,020 | 1,299 | |
2021 and thereafter | 3,258 | |
Net Carrying Amount | $ 9,975 | $ 10,831 |
Long-Term Debt and Notes Paya33
Long-Term Debt and Notes Payable - Long-Term Debt and Notes Payable (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt | $ 14,274 | $ 26,355 |
Debt | 14,274 | 26,355 |
Less current portion | (3,117) | (3,218) |
Long-term debt | 11,157 | 23,137 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 6,500 | 17,000 |
Debt | 6,500 | 17,000 |
Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 7,600 | 9,200 |
Debt | 7,600 | 9,200 |
Other Equipment Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 174 | 155 |
Debt | $ 174 | $ 155 |
Long-Term Debt and Notes Paya34
Long-Term Debt and Notes Payable - Additional Information (Detail) | Aug. 02, 2013USD ($) | Jul. 31, 2015USD ($) | Jul. 31, 2014USD ($) | Aug. 22, 2014USD ($) |
Line of Credit Facility [Line Items] | ||||
Line of credit agreement collateralized by percentage of own capital stock | 65.00% | |||
Leverage Ratio | 2 | |||
Fixed charge coverage ratio | 125.00% | |||
Adjusted EBITDA | $ 22,000,000 | |||
Capital expenditures to adjusted EBITDA | 1 | |||
Additional indebtedness | $ 5,000,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate of borrowings | 3.00% | |||
Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings under the revolving credit facility | $ 50,000,000 | |||
Revolving credit facility expiration period | 3 years | |||
Credit Agreement [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement basis points | 1.75% | |||
Credit Agreement [Member] | Eurodollar [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement basis points | 2.75% | |||
Credit Agreement [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment fee on the unused portion of the Credit Agreement | 0.375% | |||
Credit Agreement [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment fee on the unused portion of the Credit Agreement | 0.50% | |||
Available borrowings under the revolving credit facility to secure letters of credit | $ 10,000,000 | |||
Seamap Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings under the revolving credit facility | $ 15,000,000 | |||
Minimum shareholder's equity | $ 15,000,000 | |||
Seamap Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Minimum ratio of debt to EBITDA | 125.00% | |||
Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Carrying value of debt | 10,000,000 | |||
Frequency of periodic payments | The term loan portion of the Seamap Credit Facility provides for eleven quarterly principal payments of $800,000 and a final payment of the remaining $1.2 million on or before August 22, 2017. | |||
Maturity period | Aug. 22, 2017 | |||
Principal payment of term loan portion | $ 800,000 | |||
Final payment of term portion | 1,200,000 | |||
Term Loan [Member] | Seamap Singapore [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings under the revolving credit facility | $ 3,000,000 | |||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit Agreement basis points | 2.75% | |||
Singapore Credit Facility Bankers Guarantees [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Carrying value of debt | 2,000,000 | |||
Revolving Credit Facility [Member] | Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings under the revolving credit facility | $ 3,000,000 | |||
Revolving Credit Facility And Seamap Credit Facility [Member] | Credit Agreement [Member] | Predecessor [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Average borrowings under the revolving credit facility | $ 20,500,000 | $ 21,400,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2015 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Prepaid income taxes | $ 1,691,000 | $ 1,691,000 | $ 1,018,000 |
Prepaid foreign taxes | 1,600,000 | 1,600,000 | 900,000 |
Prepaid domestic federal and state taxes | 100,000 | 100,000 | $ 100,000 |
Deferred tax asset | $ 110,000 | $ 235,000 | |
Federal statutory rate | 34.00% | 34.00% | |
Recognized tax benefits | $ 92,000 | $ 92,000 | |
Reversed potential penalties and interest | $ 144,000 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 12,037 | 12,671 | 12,028 | 12,710 |
Stock options | 293 | 25 | 305 | |
Unvested restricted stock | 39 | 22 | 36 | 29 |
Total weighted average common share equivalents | 39 | 315 | 61 | 334 |
Diluted weighted average common shares outstanding | 12,076 | 12,986 | 12,089 | 13,044 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - shares | 12 Months Ended | |
Jan. 31, 2015 | Apr. 30, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ||
Shares purchased under repurchase program | 1,000,000 | |
Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares authorized to repurchase | 1,000,000 | 1,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation | $ 238 | $ 297 | $ 519 | $ 696 |
Segment Reporting - Financial I
Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Jan. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 159,710 | $ 179,611 |
Operating Segments [Member] | Equipment Leasing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 129,435 | 148,985 |
Operating Segments [Member] | Seamap [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 30,566 | 30,982 |
Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ (291) | $ (356) |
Segment Reporting - Financial40
Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 7,554 | $ 19,545 | $ 24,696 | $ 45,277 |
Operating (loss) income | (8,804) | (3,996) | (9,761) | 776 |
(Loss) income before taxes | (8,645) | (4,023) | (9,037) | 823 |
Operating Segments [Member] | Equipment Leasing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,321 | 11,836 | 17,397 | 31,508 |
Operating (loss) income | (7,988) | (4,827) | (8,869) | (1,549) |
(Loss) income before taxes | (7,940) | (4,755) | (8,119) | (1,232) |
Operating Segments [Member] | Seamap [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,273 | 8,008 | 7,388 | 14,205 |
Operating (loss) income | (853) | 990 | (962) | 2,490 |
(Loss) income before taxes | (742) | 891 | (988) | 2,220 |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (40) | (299) | (89) | (436) |
Operating (loss) income | 37 | (159) | 70 | (165) |
(Loss) income before taxes | $ 37 | $ (159) | $ 70 | $ (165) |