Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Apr. 07, 2016 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MIND | ||
Entity Registrant Name | MITCHAM INDUSTRIES INC | ||
Entity Central Index Key | 926,423 | ||
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 | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 12,090,476 | ||
Entity Public Float | $ 45,456,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 3,769 | $ 5,175 |
Restricted cash | 184 | |
Accounts and contracts receivable, net of allowance for doubtful accounts of $5,821 and $6,339 at January 31, 2016 and January 31, 2015, respectively | 19,775 | 27,332 |
Inventories, net | 12,944 | 11,451 |
Prepaid income taxes | 2,523 | 1,018 |
Deferred tax asset | 2,427 | |
Prepaid expenses and other current assets | 1,685 | 6,562 |
Total current assets | 40,696 | 54,149 |
Seismic equipment lease pool and property and equipment, net | 73,516 | 100,087 |
Intangible assets, net | 10,466 | 10,831 |
Goodwill | 4,155 | 5,594 |
Deferred tax asset | 586 | 8,922 |
Long-term receivables | 4,972 | |
Other assets | 368 | 28 |
Total assets | 134,759 | 179,611 |
Current liabilities: | ||
Accounts payable | 3,543 | 2,399 |
Current maturities-long-term debt | 3,218 | 3,218 |
Deferred revenue | 326 | 710 |
Accrued expenses and other current liabilities | 5,369 | 3,673 |
Total current liabilities | 12,456 | 10,000 |
Long-term debt, net of current maturities | 17,266 | 23,137 |
Total liabilities | $ 29,722 | $ 33,137 |
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; 14,019 and 14,012 shares issued at January 31, 2016 and January 31, 2015, respectively | $ 140 | $ 140 |
Additional paid-in capital | 120,664 | 119,787 |
Treasury stock, at cost (1,928 and 1,928 shares at January 31, 2016 and 2015, respectively) | (16,854) | (16,851) |
Retained earnings | 13,188 | 51,924 |
Accumulated other comprehensive loss | (12,101) | (8,526) |
Total shareholders' equity | 105,037 | 146,474 |
Total liabilities and shareholders' equity | $ 134,759 | $ 179,611 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 5,821 | $ 6,339 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 14,019,000 | 14,012,000 |
Treasury stock, shares | 1,928,000 | 1,928,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Revenues: | |||
Equipment leasing | $ 23,710 | $ 48,298 | $ 46,756 |
Lease pool and other equipment sales | 2,946 | 4,538 | 8,793 |
Equipment manufacturing and sales | 25,163 | 30,310 | 36,559 |
Total revenues | 51,819 | 83,146 | 92,108 |
Cost of sales: | |||
Direct costs-equipment leasing | 4,658 | 6,689 | 5,517 |
Direct costs-lease pool depreciation | 29,462 | 34,399 | 29,412 |
Cost of lease pool and other equipment sales | 1,654 | 1,891 | 3,591 |
Cost of equipment manufacturing and sales | 13,376 | 16,913 | 21,573 |
Total cost of sales | 49,150 | 59,892 | 60,093 |
Gross profit | 2,669 | 23,254 | 32,015 |
Operating expenses: | |||
General and administrative | 18,966 | 24,958 | 23,669 |
Provision for doubtful accounts | 2,201 | 2,850 | 1,048 |
Contract settlement | 2,142 | ||
Impairment of intangible assets | 3,609 | ||
Depreciation and amortization | 2,511 | 2,191 | 1,493 |
Total operating expenses | 29,429 | 29,999 | 26,210 |
Operating (loss) income | (26,760) | (6,745) | 5,805 |
Other income (expense): | |||
Interest income | 14 | 229 | 304 |
Interest expense | (739) | (902) | (314) |
Other, net | (274) | (2,768) | 231 |
Total other income (expense) | (999) | (3,441) | 221 |
(Loss) income before income taxes | (27,759) | (10,186) | 6,026 |
(Provision for) benefit from income taxes | (10,977) | 994 | (1,258) |
Net (loss) income | $ (38,736) | $ (9,192) | $ 4,768 |
Net (loss) income per common share: | |||
Basic | $ (3.22) | $ (0.74) | $ 0.37 |
Diluted | $ (3.22) | $ (0.74) | $ 0.36 |
Shares used in computing (loss) income per common share: | |||
Basic | 12,041 | 12,479 | 12,763 |
Diluted | 12,041 | 12,479 | 13,177 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (38,736) | $ (9,192) | $ 4,768 |
Change in cumulative translation adjustment | (3,575) | (6,638) | (10,069) |
Comprehensive loss | $ (42,311) | $ (15,830) | $ (5,301) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balances at Jan. 31, 2013 | $ 176,313 | $ 138 | $ 116,506 | $ (4,860) | $ 56,348 | $ 8,181 |
Beginning balances, shares at Jan. 31, 2013 | 13,763,000 | |||||
Net (loss) 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 | 91,000 | |||||
Restricted stock issued | 0 | $ 0 | 0 | 0 | 0 | 0 |
Restricted stock issued, shares | 53,000 | |||||
Restricted stock forfeited for taxes | (15) | (15) | ||||
Tax 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 | 147,900,000 | |||||
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 | 13,907,000 | |||||
Net (loss) income | (9,192) | (9,192) | ||||
Foreign currency translation | (6,638) | (6,638) | ||||
Issuance of common stock upon exercise of options | 334 | $ 1 | 333 | |||
Issuance of common stock upon exercise of options, shares | 65,000 | |||||
Restricted stock issued | 0 | $ 0 | 0 | 0 | 0 | 0 |
Restricted stock issued, shares | 40,000 | |||||
Restricted stock forfeited for taxes | (14) | (14) | ||||
Purchase of common stock | $ (9,762) | (9,762) | ||||
Purchase of common stock, shares | 852,100,000 | |||||
Stock-based compensation | $ 1,298 | 1,298 | ||||
Ending balances at Jan. 31, 2015 | 146,474 | $ 140 | 119,787 | (16,851) | 51,924 | (8,526) |
Ending balances, shares at Jan. 31, 2015 | 14,012,000 | |||||
Net (loss) income | (38,736) | (38,736) | ||||
Foreign currency translation | $ (3,575) | (3,575) | ||||
Issuance of common stock upon exercise of options, shares | 0 | |||||
Restricted stock issued | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Restricted stock issued, shares | 7,000 | |||||
Restricted stock forfeited for taxes | (3) | (3) | ||||
Tax benefit from exercise of stock options and vesting of restricted stock | (416) | (416) | ||||
Stock-based compensation | 1,293 | 1,293 | ||||
Ending balances at Jan. 31, 2016 | $ 105,037 | $ 140 | $ 120,664 | $ (16,854) | $ 13,188 | $ (12,101) |
Ending balances, shares at Jan. 31, 2016 | 14,019,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (38,736) | $ (9,192) | $ 4,768 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 32,111 | 36,986 | 31,037 |
Stock-based compensation | 1,293 | 1,298 | 1,143 |
Impairment of intangible assets | 3,609 | ||
Provision for doubtful accounts, net of charge offs | 2,201 | 2,835 | 1,048 |
Provision for inventory obsolescence | 407 | 8 | (60) |
Gross profit from sale of lease pool equipment | (1,384) | (2,061) | (4,556) |
Excess tax benefit from exercise of non-qualified stock options and restricted shares | 5 | ||
Deferred tax expense (benefit) | 10,309 | (3,237) | (2,204) |
Changes in non-current income taxes payable | 32 | ||
Foreign exchange losses net of gains | 466 | 3,258 | |
Changes in: | |||
Trade accounts and contracts receivable | (238) | 605 | (9,142) |
Inventories | 677 | (279) | (2,836) |
Income taxes receivable and payable | (1,716) | 1,701 | 3,215 |
Accounts payable, accrued expenses and other current liabilities | 1,241 | (2,303) | 100 |
Prepaids and other current assets, net | 4,807 | (4,414) | (1,335) |
Net cash provided by operating activities | 15,047 | 25,205 | 21,215 |
Cash flows from investing activities: | |||
Purchases of seismic equipment held for lease | (2,173) | (19,449) | (43,509) |
Acquisition of businesses | (10,000) | (14,500) | |
Purchases of property and equipment | (336) | (451) | (549) |
Sales of used lease pool equipment | 2,240 | 3,158 | 6,851 |
Net cash used in investing activities | (10,269) | (31,242) | (37,207) |
Cash flows from financing activities: | |||
Net (payments on) proceeds from revolving line of credit | (2,600) | (5,000) | 18,000 |
Payments on borrowings | (3,217) | (893) | (136) |
Proceeds from term loan | 10,000 | ||
Net proceeds from (purchases of) short-term investment | 182 | (99) | 652 |
Proceeds from issuance of common stock upon exercise of options | 320 | 498 | |
Purchase of treasury stock | (3) | (9,762) | (2,200) |
Excess tax benefit from exercise of non-qualified stock options | 0 | 0 | (5) |
Net cash (used in) provided by financing activities | (5,638) | (5,434) | 16,809 |
Effect of changes in foreign exchange rates on cash and cash equivalents | (546) | 1,484 | (805) |
Net (decrease) increase in cash and cash equivalents | (1,406) | (9,987) | 12 |
Cash and cash equivalents, beginning of year | 5,175 | 15,162 | 15,150 |
Cash and cash equivalents, end of year | $ 3,769 | $ 5,175 | $ 15,162 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Revenue Recognition of Leasing Arrangements Revenue Recognition of Equipment Sales Revenue Recognition of Long-term Projects Revenue Recognition of Service Agreements Contracts Receivable Allowance for Doubtful Accounts Cash and Cash Equivalents Short-term Investments— Inventories Seismic Equipment Lease Pool Property and Equipment Intangible Assets Impairment . Product Warranties Income Taxes The weight given to the potential effect of positive and negative 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; • our history of taxable income within a particular jurisdiction; • any history of the expiration of deferred tax assets without realization; • whether the carry forward period is so brief that it would limit realization of tax benefits; • other limitations on the utilization 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; • our 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; and • tax planning strategies that will create additional taxable income. Use of 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 Financial Accounting Standards Board (FASB) has issued guidance on the definition of fair value, the framework for using fair value to measure assets hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current and contractual prices for the underlying instruments, as well as other relevant economic measures. • Level 3: Defined as pricing inputs that are unobservable form objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company measures the fair values of goodwill, intangibles and other long-lived assets on a recurring basis if required by impairment tests applicable to these assets. The Company utilized Level 3 inputs to value goodwill, intangibles and other long-lived assets as of January 31, 2016. See Notes 7 and 8 to our consolidated financial statements. Foreign Currency Translation Change in Functional Currency • The majority of customer contracts and cash receipts would be from that point forward denominated in U.S. dollars • The majority of costs from that point forward would consist primarily of purchases and the sub-lease of equipment from related entities. All such inter-company transactions are denominated in U.S. dollars. • Financing of these entities would be provided through inter-company borrowing arrangements that are denominated in U.S. dollars. Stock-Based Compensation Earnings Per Share Years Ended 2016 2015 2014 (in thousands) Stock options 13 223 389 Restricted stock 46 26 25 Total dilutive shares 59 249 414 Anti-dilutive weighted average shares of potential common stock of 501,000 for the fiscal year ended January 31, 2014 have been excluded from the effect of dilutive shares. For the fiscal years ended January 31, 2016 and 2015, respectively, 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 those periods. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-9, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-2, Leases: (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: (Topic 740) In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: (Topic 805) In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest: (Subtopic 835-30) In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: (Topic 606) |
Acquisition
Acquisition | 12 Months Ended |
Jan. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition | 3. Acquisition In December 2015, the Company purchased Klein, a designer, manufacturer and worldwide distributor of sonar and waterside security systems to military and commercial customers, for $10 million in cash. Klein’s product lines consist of single and multi-beam side scan sonar systems. The Company made this acquisition to expand the product offerings available to customers, gain access to additional technology, expand the markets in which it operates and to reduce the Company’s dependence on the cyclical energy industry. The Company estimated fair values for assets acquired utilizing management estimates with the assistance of an independent appraisal firm. The value of tangible property was estimated using a combination of cost and sales comparison approaches. The value of identifiable intangible assets was estimated generally using an income approach. This approach utilized inputs that are not observable in the market and thus represents a Level 3 fair value measurement. Key assumptions include management’s estimates of revenue and costs associated with various intangible assets and the discount rate applied to those revenues and costs. The following is a summary of the amounts recognized for assets acquired and liabilities assumed at the date of acquisition (in thousands): Working capital $ 2,572 Property, plant and equipment 3,416 Intangible assets 2,350 Goodwill 1,662 Intangible assets include trade names of approximately $760,000, which have an indefinite useful life and are not amortizable. The weighted average useful life of other acquired intangibles is 9.5 years. The goodwill associated with this acquisition is deductible for tax purposes. Revenue and net income for Klein were $533,000 and $5,000, respectively, for the month ended January 31, 2016. The operations of Klein are included in our Equipment Manufacturing and Sales segment. Pro Forma Results of Operations The following consolidated pro forma results of operations for the years ended January 31, 2016 and 2015 assumes the acquisition of Klein occurred as of the beginning of those periods and reflects the full results of operations for the periods presented. The consolidated pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations that would actually have occurred had the combinations been in effect on the dates indicated, or that may occur in the future. Years Ended January 31, (In thousands, except per share amounts) 2016 2015 (unaudited) Revenues $ 59,702 $ 91,347 Net loss $ (38,987 ) $ (9,675 ) Loss per share: Basic $ (3.24 ) $ (0.78 ) Diluted $ (3.24 ) $ (0.78 ) In May 2014, the Company’s wholly-owned subsidiary, Seamap Pte Ltd (“Seamap Singapore”), purchased two product lines from ION Geophysical Corporation (“ION”) for $14.5 million in cash and a credit of $2.0 million against future sales or rentals. These product lines consist of the Digishot ® |
Supplemental Statements of Cash
Supplemental Statements of Cash Flows Information | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016, 2015 and 2014 were as follows (in thousands): Years Ended January 31, 2016 2015 2014 Interest paid $ 694 $ 860 $ 342 Income taxes paid, net 1,520 268 215 Seismic equipment purchases included in accounts payable at year-end 325 72 7,707 |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories consisted of the following (in thousands): As of January 31, 2016 2015 Raw materials $ 7,314 $ 6,718 Finished goods 4,967 4,466 Work in progress 1,563 1,017 Cost of inventories 13,844 12,201 Less allowance for obsolescence (900 ) (750 ) Net inventories $ 12,944 $ 11,451 In December of 2015, the Company acquired $3.3 million of inventory in connection with the purchase of Klein. See Note 3 to our consolidated financial statements. |
Accounts and Contracts Receivab
Accounts and Contracts Receivables | 12 Months Ended |
Jan. 31, 2016 | |
Receivables [Abstract] | |
Accounts and Contracts Receivables | 6. Accounts and Contracts Receivables Accounts and contracts receivables consisted of the following (in thousands): As of January 31, 2016 2015 Accounts receivable $ 27,691 $ 30,032 Contracts receivable 2,877 3,639 30,568 33,671 Less long-term portion (4,972 ) — Current accounts and contracts receivable 25,596 33,671 Less allowance for doubtful accounts (5,821 ) (6,339 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 19,775 $ 27,332 Contracts receivable consisted of $2.9 million and $3.6 million, due from three customers as of January 31, 2016 and 2015, respectively. The balance of contracts receivable at January 31, 2016 and 2015 consisted of contracts bearing interest at an average rate of approximately 4.1% and 1.9% respectively and with remaining repayment terms from one to 17 months and one to ten months, respectively . |
Seismic Equipment Lease Pool an
Seismic Equipment Lease Pool and Property and Equipment | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 2015 Recording channels $ 127,202 $ 137,627 Other peripheral equipment 103,721 105,584 Cost of seismic equipment lease pool 230,923 243,211 Land and buildings 3,375 366 Furniture and fixtures 9,405 9,399 Autos and trucks 694 722 Cost of property and equipment 13,474 10,487 Cost of seismic equipment lease pool and property and equipment 244,397 253,698 Less accumulated depreciation (170,881 ) (153,611 ) Net book value of seismic equipment lease pool and property and equipment $ 73,516 $ 100,087 As of January 31, 2016, the Company completed an annual review of long-lived assets by using Level 3 inputs by comparing undiscounted future cash flows to be generated by our lease pool assets to the carrying value of our lease pool assets noting that the undiscounted cash flows exceeded their carrying value and no impairment has been recorded. Location of seismic equipment lease pool and property and equipment (in thousands): As of January 31, 2016 2015 United States $ 26,913 $ 43,541 Canada 13,985 22,451 Latin America 3,074 7,519 Australia 2,611 4,600 Russia 2,026 2,698 Singapore 6,408 6,627 United Kingdom 96 125 Europe 18,403 12,526 Net book value of seismic equipment lease pool and property and equipment $ 73,516 $ 100,087 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets Weighted January 31, 2016 January 31, 2015 Gross Accumulated Net Gross Accumulated Net (in thousands) (in thousands) Goodwill $ 4,155 $ 5,594 Proprietary rights 6.8 $ 5,959 $ (2,645 ) 3,314 $ 6,121 $ (2,240 ) 3,881 Customer relationships 5.8 4,633 (1,006 ) 3,627 6,613 (1,583 ) 5,030 Patents 6.8 1,592 (369 ) 1,223 2,243 (505 ) 1,738 Trade name 10.3 883 (17 ) 866 284 (102 ) 182 Customer backlog 0.9 20 (2 ) 18 — — — Developed technology 9.9 1,430 (12 ) 1,418 — — — Amortizable intangible assets $ 14,517 $ (4,051 ) $ 10,466 $ 15,261 $ (4,430 ) $ 10,831 In December of 2015, the Company acquired $1.7 million in goodwill and $2.4 million in other intangible assets in connection with the purchase of Klein. See note 3 to our consolidated financial statements. On January 31, 2016 the Company completed the annual review of goodwill and other intangible assets. Based on a review of qualitative factors it was determined it was more likely than not that the carrying value of our reporting units was greater than their fair value. Therefore a quantitative assessment was conducted using Level 3 inputs including projections of earnings and comparable multiples of earnings. The review indicated that the carrying value of the Seamap reporting unit, including goodwill, exceeded its fair value. This required the Company to perform step 2 of the impairment test on the Seamap reporting unit, which indicated that the goodwill associated with the Seamap reporting unit was impaired. Accordingly, the Company recorded an impairment of the goodwill associated with this reporting unit in the amount of $3.0 million. Also at January 31, 2016, the Company recorded impairment of approximately $600,000 related to certain identifiable intangible assets related to its leasing reporting unit. Aggregate amortization expense was $1.7 million, $1.4 million and $660,000 for the fiscal years ended January 31, 2016, 2015 and 2014, respectively. As of January 31, 2016, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal years ending January 31: 2017 $ 1,457 2018 1,418 2019 1,418 2020 1,418 2021 1,267 Thereafter 3,488 Total $ 10,466 |
Long-Term Debt and Notes Payabl
Long-Term Debt and Notes Payable | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 2015 Revolving line of credit $ 14,400 $ 17,000 Term credit facility 6,000 9,200 Other equipment notes 84 155 20,484 26,355 Less current portion (3,218 ) (3,218 ) Long-term debt $ 17,266 $ 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., as administrative agent and several banks and other financial institutions from time to time as lenders thereunder (initially consisting of HSBC Bank USA, N.A. and First Victoria National Bank). In December 2015, the Credit Agreement was amended to (a) extend the maturity date to August 31, 2017, (b) reduce the amount of the commitment to $40.0 million from $50.0 million and (c) amend the definition of Adjusted EBITDA to exclude certain non-recurring contract settlement costs. In February 2015, the Company elected to further reduce the commitment to $30.0 million, as provided for in the Credit Agreement. In December 2015, the Credit Agreement was amended to: (a) extend the maturity date to August 31, 2017; (b) reduce the amount of the commitment to $40.0 million from $50.0 million; and (c) amend the definition of Adjusted EBITDA to exclude certain non-recurring contract settlement costs. In February 2016, the Company elected to further reduce the commitment to $30.0 million, as provided for in the Credit Agreement. 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 and wholly owned subsidiary of the 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, 2016, the base rate margin was 250 basis points and the Eurodollar margin was 350 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 fiscal year ended January 31, 2016. 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, 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 Singapore 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 Singapore to maintain a minimum shareholder’s equity of S$15 million and a minimum ratio of debt to EBITDA of not less than 125% for each fiscal year. The Company was in compliance with each of these provisions as of and for the fiscal years ended January 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 and the Seamap Credit Facility for the fiscal years ended January 31, 2016 and 2015 were approximately $17.6 million and $26.3 million, respectively. From time to time, certain subsidiaries have entered into notes payable to finance the purchase of certain equipment, which is pledged as security for the notes payable. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | 10. Shareholders’ Equity 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, 2015, the Company repurchased 852,100 shares of its common stock at an average price of approximately $11.41 per share. 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. In January 2015, the Company’s Board of Directors authorized an additional repurchase of up to 1,000,000 shares of the Company’s common stock through December 31, 2015. As of December 31, 2015, we had not purchased any shares pursuant to this additional authorization. The Company has 1,000,000 shares of preferred stock authorized, none of which were outstanding as of January 31, 2016 and 2015. 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 14,019,000 and 14,012,000 are issued as of January 31, 2016 and 2015, respectively. During the fiscal years ended January 31, 2016, 2015 and 2014, approximately 580, 1,020 and 994 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 $4.86, $13.49 and $14.99, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Years Ended January 31, 2016 2015 2014 (in thousands) (Loss) income before income taxes is attributable to the following jurisdictions: Domestic $ (11,900 ) $ (6,766 ) $ (4,323 ) Foreign (15,859 ) (3,420 ) 10,349 Total $ (27,759 ) $ (10,186 ) $ 6,026 The components of income tax expense (benefit) were as follows: Current: Domestic $ (16 ) $ 387 $ 802 Foreign 684 1,687 2,660 668 2,074 3,462 Deferred: Domestic 10,762 (4,230 ) (3,039 ) Foreign (453 ) 1,162 835 10,309 (3,068 ) (2,204 ) Income tax expense (benefit) $ 10,977 $ (994 ) $ 1,258 The following is a reconciliation of expected to actual income tax expense: Years Ended January 31, 2016 2015 2014 (in thousands) Federal income tax (benefit) expense at 34% $ (9,436 ) $ (3,463 ) $ 2,049 Changes in tax rates (82 ) — 22 Permanent differences 509 (224 ) 132 Foreign effective tax rate differential 1,609 540 (1,884 ) Potential tax, penalties and interest resulting from uncertain tax positions (236 ) (172 ) 32 Foreign withholding taxes 717 920 642 Election to deduct foreign taxes in prior years U.S. income tax returns 2,610 — — Valuation allowance on deferred tax assets 15,477 1,379 — Other (191 ) 26 265 $ 10,977 $ (994 ) $ 1,258 The components of the Company’s deferred taxes consisted of the following: As of January 31, 2016 2015 (in thousands) Deferred tax assets: Net operating losses $ 10,127 $ 4,053 Tax credit carry forwards 823 4,472 Stock option book expense 2,716 2,837 Allowance for doubtful accounts 2,121 1,798 Allowance for inventory obsolescence 116 68 Accruals not yet deductible for tax purposes 636 421 Fixed assets 299 — Other 627 620 Gross deferred tax assets 17,465 14,269 Valuation allowance (16,647 ) (1,379 ) Deferred tax assets 818 12,890 Deferred tax liabilities: Fixed assets — (636 ) Intangible assets (215 ) (390 ) Foreign branch taxes — (274 ) Other (17 ) (4 ) Deferred tax liabilities (232 ) (1,304 ) Unrecognized tax benefits — (237 ) Total deferred tax assets, net $ 586 $ 11,349 The Company has determined that the undistributed earnings of foreign subsidiaries, other than branch operations in Colombia and Peru, as of January 31, 2016, have been permanently reinvested outside of the United States. These permanent investments include the purchase of lease pool equipment by those subsidiaries and other investments. Accordingly, no deferred tax liability has been recognized related to these undistributed earnings. As of January 31, 2016, the unrecognized deferred tax liability related to these items amounts to approximately $4.2 million. Effective January 31, 2016 the Company has adopted the provisions of ASU 2015-17 on a prospective basis. Accordingly, all net deferred tax assets are classified as long-term assets as of January 31, 2016 in the accompanying Consolidated Balance Sheets. Amounts for prior periods have not been restated. The provisions of this pronouncement have been adopted in order to simplify the presentation of deferred income taxes. Included in deferred tax assets is approximately $2.7 million related to stock based compensation, including non-qualified stock options. Recent prices for the Company’s common stock are below the exercise price for a significant number of these stock options. Should the price of the Company’s common stock remain below the exercise price of the options, these stock options will expire without exercise. In accordance with the provisions of ASC 718-740-10, a valuation allowance has not been computed based on the decline in stock price. As of January 31, 2016, the Company has recorded valuation allowances of approximately $16.7 million related to deferred tax assets. These deferred tax assets relate primarily to net operating loss carryforwards in the United States and other jurisdictions. The valuation allowances were determined based on management’s judgment as to the likelihood that these deferred tax assets would be realized. The judgment was based on an evaluation of available evidence, both positive and negative. In the fiscal year ended January 31, 2016, 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 $416,000, which amount reduced paid-in capital. In the fiscal year ended January 31, 2015, the tax deduction related to stock-based compensation awards exceeded the cumulative book expense related to these awards. The associated tax benefit, which amounted to approximately $123,000, will be recognized as additional paid-in capital upon the realization of this benefit. 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. At January 31, 2016, the Company had foreign withholding tax credit carry forwards of approximately $823,000, which amounts can be carried forward through at least 2021. As of January 31, 2015, the Company had unrecognized tax benefits amounting to approximately $237,000 attributable to uncertain tax positions. There were no such amounts as of January 31, 2016. 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 $145,000 as of January 31, 2015. Included in income tax expense for the fiscal years ended January 31, 2016, 2015 and 2014 are benefits related to a reduction in estimated potential penalties and interest of approximately $145,000, $10,000 and $222,000, respectively. A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding potential penalties and interest, is as follows: Years Ended January 31, 2016 2015 2014 (in thousands) Unrecognized tax benefits as of beginning of year $ 92 $ 254 $ — Increases as a result of tax positions taken in prior years — — 254 Increases as a result of tax positions taken in current year — — — Settlements (44 ) (162 ) — Lapse of statute of limitations (48 ) — — Unrecognized tax benefits as of end of year $ — $ 92 $ 254 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, 2013 through 2016. The Company’s tax returns may also be subject to examination by state and local revenue authorities for fiscal years ended January 31, 2011 through 2016. The Company’s Canadian income tax returns are subject to examination by the Canadian tax authorities for fiscal years ended January 31, 2012 through 2016. The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2011 through January 31, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Purchase Obligations Customs and Performance Guarantees |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Jan. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plans | 13. Stock Option Plans At January 31, 2016, 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, 2016, 2015 and 2014 was approximately $1.3 million, $1.3 million and $1.1 million, 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 not paid any dividends since its incorporation. The weighted average grant-date fair value of options granted during the fiscal years ended January 31, 2016, 2015 and 2014 was $1.64, $6.23 and $14.63, 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, 2016 2015 2014 Risk free interest rate 1.34 - 1.55% 1.63% 0.83% Expected life 4.87 - 6.87 yrs 4.70 - 6.70 yrs 5.62 yrs Expected volatility 50 - 52% 47% 60% Expected dividend yield 0.0% 0.0% 0.0% 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 out-flows and operating in-flows. The Company had excess tax benefits of approximately $416,000 and $5,000 during the fiscal years ended January 31, 2016 and 2014, 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, 2016, there were approximately 138,000 shares 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, 2016: Number of (in thousands) Weighted Weighted (in years) Aggregate (in thousands) Outstanding, January 31, 2015 1,406 $ 12.85 4.32 $ 200 Granted 828 4.03 Exercised — — Forfeited (15 ) 5.00 Expired (261 ) 10.19 Outstanding, January 31, 2016 1,958 $ 9.54 6.31 $ — Exercisable at January 31, 2016 1,196 $ 10.03 4.36 $ — Vested and expected to vest at January 31, 2016 1,900 $ 8.14 6.26 $ — 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 2016 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, 2016. This amount changes based upon the market value of the Company’s common stock. No options were exercised during the fiscal year ended January 31, 2016. Total intrinsic value of options exercised for the fiscal year ended January 31, 2015 was $509,000. The fair value of options that vested during the fiscal years ended January 31, 2016, 2015 and 2014 was approximately $1.5 million, $1.2 million and $601,000, respectively. For the fiscal year ended January 31, 2016, approximately 272,000 options vested. As of January 31, 2016, there was approximately $1.0 million 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 1.6 years. Restricted stock as of January 31, 2016 and changes during the fiscal year ended January 31, 2016 were as follows: Year Ended January 31, 2016 Number of Weighted Average Unvested, beginning of period 66 $ 14.19 Granted 7 4.07 Vested (41 ) 14.22 Canceled — — Unvested, end of period 32 $ 11.89 As of January 31, 2016, there was approximately $104,000 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 0.8 years. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. Segment Reporting As of January 31, 2016, in connection with the acquisition of Klein, the company has restructured the composition of its segments to combine the previous Seamap segment, with the newly acquired Klein, and equipment sales operations of SAP into the Equipment Manufacturing and Sales segment. In accordance with ASC 280-10-50, the Company has restated prior year’s financial information to reflect the change in reporting segments. 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; Singapore; Brisbane, Australia; and Ufa, Bashkortostan, Russia. The Equipment Manufacturing and Sales 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, Singapore and New Hampshire, with sales offices in Huntsville, Texas and Brisbane, Australia. Financial information by business segment is set forth below net of any allocations (in thousands): As of January 31, 2016 As of January 31, 2015 As of January 31, 2014 Equipment Leasing Equipment Consolidated Equipment Leasing Equipment and Sales Consolidated Equipment Equipment and Sales Consolidated Fixed assets, $ 69,238 $ 4,278 $ 73,516 $ 98,964 $ 1,123 $ 100,087 $ 128,847 $ 726 $ 129,573 Intangible assets, net — 10,466 10,466 1,006 9,825 10,831 1,529 1,672 3,201 Goodwill — 4,155 4,155 — 5,594 5,594 — 4,320 4,320 Total Assets 95,932 39,059 134,759 148,985 30,982 179,611 183,911 21,814 205,419 Years Ended January 31, 2016 2015 2014 Equipment Leasing Equipment Consolidated Equipment Leasing Equipment Consolidated Equipment Equipment Consolidated Revenues $ 26,665 $ 25,350 $ 51,819 $ 52,836 $ 30,872 $ 83,146 $ 55,549 $ 36,893 $ 92,108 Interest income (expense), (486 ) (239 ) (725 ) (548 ) (125 ) (673 ) (6 ) (4 ) (10 ) Operating (loss) income (27,156 ) 279 (26,760 ) (8,766 ) 2,178 (6,745 ) 699 5,055 5,805 Capital expenditures 2,283 226 2,509 15,874 4,026 19,900 43,663 395 44,058 Depreciation and amortization expense 30,370 1,741 32,111 35,472 1,514 36,986 30,353 684 31,037 Approximately $196,000, $562,000 and $334,000 related to sales from Equipment Manufacturing and Sales to the Equipment Leasing segment is eliminated in the consolidated revenues for the fiscal years ended January 31, 2016, 2015 and 2014, respectively. Capital expenditures and fixed assets are reduced by approximately $6,000, $192,000 and $32,000 for the fiscal years ended January 31, 2016, 2015 and 2014, respectively, which represents the difference between the sales price and the cost to manufacture the equipment. A reconciliation of operating income is as follows (in thousands): Years Ended January 31, 2016 2015 2014 Equipment Leasing $ (27,156 ) $ (8,766 ) $ 699 Equipment Manufacturing and Sales 279 2,178 5,055 Reconciling items: Elimination of loss (profit) from inter-company sales 117 (157 ) 51 Consolidated operating income $ (26,760 ) $ (6,745 ) $ 5,805 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 31, 2016 | |
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: 2016 $ 17,142 $ 7,554 $ 15,681 $ 11,442 2015 $ 25,732 $ 19,545 $ 22,906 $ 14,963 Gross profit (loss): 2016 $ 4,576 $ (2,609 ) $ 1,723 $ (1,021 ) 2015 $ 11,243 $ 3,237 $ 7,007 $ 1,767 (Loss) income before income taxes: 2016 $ (392 ) $ (8,645 ) $ (6,559 ) $ (12,163 ) 2015 $ 4,846 $ (4,023 ) $ (340 ) $ (10,669 ) Incomes taxes (benefit): 2016 $ (155 ) $ (2,797 ) $ (746 ) $ 14,675 2015 $ 1,109 $ (676 ) $ 57 $ (1,484 ) Net (loss) income: 2016 $ (237 ) $ (5,848 ) $ (5,813 ) $ (26,838 ) 2015 $ 3,737 $ (3,347 ) $ (397 ) $ (9,185 ) (Loss) income per common share—basic: 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) 2015 $ 0.29 $ (0.26 ) $ (0.03 ) $ (0.76 ) Income per common share—diluted: 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) 2015 $ 0.29 $ (0.26 ) $ (0.03 ) $ (0.76 ) |
Leases
Leases | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 and 2015 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 $831,000, $1.4 million and $621,000 for the fiscal years ended January 31, 2016, 2015 and 2014, 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, 2016, 2015 and 2014 was approximately $1.2 million, $1.4 million and $1.4 million, respectively. Aggregate minimum lease payments for non-cancelable operating leases are as follows (in thousands): For fiscal years ending January 31 2017 $ 1,427 2018 1,190 2019 490 2020 229 2021 106 |
Concentrations
Concentrations | 12 Months Ended |
Jan. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 17. Concentrations Credit Risk 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 $3.1 million at January 31, 2016 are held in foreign banks. Management believes the risk of loss in connection with these accounts is minimal. Industry Concentration Supplier Concentration |
Sales and Major Customers
Sales and Major Customers | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 2015 2014 Canada $ 1,354 $ 7,376 $ 13,113 UK/Europe 16,437 17,427 23,456 Latin America 3,283 12,706 7,529 Asia/South Pacific 16,623 18,407 25,256 Eurasia 3,659 5,853 6,810 Other 3,147 8,822 4,258 Total $ 44,503 $ 70,591 $ 80,422 During the fiscal year ended January 31, 2016 one customer exceeded 10% of total revenue. During the fiscal year ended January 31, 2015, no individual customer exceeded 10% of total revenues. During the fiscal year ended January 31, 2014, one customer exceeded 10% of total revenues. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | 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 Describe Balance at End Allowance for doubtful accounts January 31, 2016 $ 6,339 2,069 404 (a) (2,991 )(b) $ 5,821 January 31, 2015 $ 3,833 2,834 (332 )(a) 4 (b) $ 6,339 January 31, 2014 $ 3,374 1,048 (139 )(a) (450 )(b) $ 3,833 Allowance for obsolete equipment and inventory January 31, 2016 $ 750 — (58 )(a) 208 (c) $ 900 January 31, 2015 $ 1,032 (60 ) (151 )(a) (71 )(c) $ 750 January 31, 2014 $ 1,073 164 (15 )(a) (190 )(c) $ 1,032 (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 S27
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
Revenue Recognition of Leasing Arrangements | Revenue Recognition of Leasing Arrangements |
Revenue Recognition of Equipment Sales | Revenue Recognition of Equipment Sales |
Revenue Recognition of Long-term Projects | Revenue Recognition of Long-term Projects |
Revenue Recognition of Service Agreements | Revenue Recognition of Service Agreements |
Contracts Receivable | Contracts Receivable |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term Investments | Short-term Investments— |
Inventories | Inventories |
Seismic Equipment Lease Pool | Seismic Equipment Lease Pool |
Property and Equipment | Property and Equipment |
Intangible Assets | Intangible Assets |
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. |
Product Warranties | Product Warranties |
Income Taxes | Income Taxes The weight given to the potential effect of positive and negative 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; • our history of taxable income within a particular jurisdiction; • any history of the expiration of deferred tax assets without realization; • whether the carry forward period is so brief that it would limit realization of tax benefits; • other limitations on the utilization 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; • our 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; and • tax planning strategies that will create additional taxable income. |
Use of Estimates | Use of 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 Financial Accounting Standards Board (FASB) has issued guidance on the definition of fair value, the framework for using fair value to measure assets hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current and contractual prices for the underlying instruments, as well as other relevant economic measures. • Level 3: Defined as pricing inputs that are unobservable form objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company measures the fair values of goodwill, intangibles and other long-lived assets on a recurring basis if required by impairment tests applicable to these assets. The Company utilized Level 3 inputs to value goodwill, intangibles and other long-lived assets as of January 31, 2016. See Notes 7 and 8 to our consolidated financial statements. |
Foreign Currency Translation | Foreign Currency Translation |
Change in Functional Currency | Change in Functional Currency • The majority of customer contracts and cash receipts would be from that point forward denominated in U.S. dollars • The majority of costs from that point forward would consist primarily of purchases and the sub-lease of equipment from related entities. All such inter-company transactions are denominated in U.S. dollars. • Financing of these entities would be provided through inter-company borrowing arrangements that are denominated in U.S. dollars. |
Stock-Based Compensation | Stock-Based Compensation |
Earnings Per Share | Earnings Per Share Years Ended 2016 2015 2014 (in thousands) Stock options 13 223 389 Restricted stock 46 26 25 Total dilutive shares 59 249 414 Anti-dilutive weighted average shares of potential common stock of 501,000 for the fiscal year ended January 31, 2014 have been excluded from the effect of dilutive shares. For the fiscal years ended January 31, 2016 and 2015, respectively, 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 those periods. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-9, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-2, Leases: (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: (Topic 740) In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: (Topic 805) In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest: (Subtopic 835-30) In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: (Topic 606) |
Organization and Summary of S28
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restricted Stock and Options Outstanding Used in Per Share Calculations | For the fiscal years ended January 31, 2016, 2015 and 2014, the following table sets forth the number of potentially dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations. Years Ended 2016 2015 2014 (in thousands) Stock options 13 223 389 Restricted stock 46 26 25 Total dilutive shares 59 249 414 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Amounts Recognized for Assets Acquired and Liabilities Assumed | The following is a summary of the amounts recognized for assets acquired and liabilities assumed at the date of acquisition (in thousands): Working capital $ 2,572 Property, plant and equipment 3,416 Intangible assets 2,350 Goodwill 1,662 |
Pro Forma Results of Operations | The following consolidated pro forma results of operations for the years ended January 31, 2016 and 2015 assumes the acquisition of Klein occurred as of the beginning of those periods and reflects the full results of operations for the periods presented. The consolidated pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations that would actually have occurred had the combinations been in effect on the dates indicated, or that may occur in the future. Years Ended January 31, (In thousands, except per share amounts) 2016 2015 (unaudited) Revenues $ 59,702 $ 91,347 Net loss $ (38,987 ) $ (9,675 ) Loss per share: Basic $ (3.24 ) $ (0.78 ) Diluted $ (3.24 ) $ (0.78 ) |
Supplemental Statements of Ca30
Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flows Information | Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2016, 2015 and 2014 were as follows (in thousands): Years Ended January 31, 2016 2015 2014 Interest paid $ 694 $ 860 $ 342 Income taxes paid, net 1,520 268 215 Seismic equipment purchases included in accounts payable at year-end 325 72 7,707 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): As of January 31, 2016 2015 Raw materials $ 7,314 $ 6,718 Finished goods 4,967 4,466 Work in progress 1,563 1,017 Cost of inventories 13,844 12,201 Less allowance for obsolescence (900 ) (750 ) Net inventories $ 12,944 $ 11,451 |
Accounts and Contracts Receiv32
Accounts and Contracts Receivables (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Receivables [Abstract] | |
Accounts and Contracts Receivables | Accounts and contracts receivables consisted of the following (in thousands): As of January 31, 2016 2015 Accounts receivable $ 27,691 $ 30,032 Contracts receivable 2,877 3,639 30,568 33,671 Less long-term portion (4,972 ) — Current accounts and contracts receivable 25,596 33,671 Less allowance for doubtful accounts (5,821 ) (6,339 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 19,775 $ 27,332 |
Seismic Equipment Lease Pool 33
Seismic Equipment Lease Pool and Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 2015 Recording channels $ 127,202 $ 137,627 Other peripheral equipment 103,721 105,584 Cost of seismic equipment lease pool 230,923 243,211 Land and buildings 3,375 366 Furniture and fixtures 9,405 9,399 Autos and trucks 694 722 Cost of property and equipment 13,474 10,487 Cost of seismic equipment lease pool and property and equipment 244,397 253,698 Less accumulated depreciation (170,881 ) (153,611 ) Net book value of seismic equipment lease pool and property and equipment $ 73,516 $ 100,087 |
Location of Seismic Equipment Lease Pool and Property and Equipment | Location of seismic equipment lease pool and property and equipment (in thousands): As of January 31, 2016 2015 United States $ 26,913 $ 43,541 Canada 13,985 22,451 Latin America 3,074 7,519 Australia 2,611 4,600 Russia 2,026 2,698 Singapore 6,408 6,627 United Kingdom 96 125 Europe 18,403 12,526 Net book value of seismic equipment lease pool and property and equipment $ 73,516 $ 100,087 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Weighted January 31, 2016 January 31, 2015 Gross Accumulated Net Gross Accumulated Net (in thousands) (in thousands) Goodwill $ 4,155 $ 5,594 Proprietary rights 6.8 $ 5,959 $ (2,645 ) 3,314 $ 6,121 $ (2,240 ) 3,881 Customer relationships 5.8 4,633 (1,006 ) 3,627 6,613 (1,583 ) 5,030 Patents 6.8 1,592 (369 ) 1,223 2,243 (505 ) 1,738 Trade name 10.3 883 (17 ) 866 284 (102 ) 182 Customer backlog 0.9 20 (2 ) 18 — — — Developed technology 9.9 1,430 (12 ) 1,418 — — — Amortizable intangible assets $ 14,517 $ (4,051 ) $ 10,466 $ 15,261 $ (4,430 ) $ 10,831 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of January 31, 2016, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal years ending January 31: 2017 $ 1,457 2018 1,418 2019 1,418 2020 1,418 2021 1,267 Thereafter 3,488 Total $ 10,466 |
Long-Term Debt and Notes Paya35
Long-Term Debt and Notes Payable (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 2015 Revolving line of credit $ 14,400 $ 17,000 Term credit facility 6,000 9,200 Other equipment notes 84 155 20,484 26,355 Less current portion (3,218 ) (3,218 ) Long-term debt $ 17,266 $ 23,137 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes by Jurisdiction | Years Ended January 31, 2016 2015 2014 (in thousands) (Loss) income before income taxes is attributable to the following jurisdictions: Domestic $ (11,900 ) $ (6,766 ) $ (4,323 ) Foreign (15,859 ) (3,420 ) 10,349 Total $ (27,759 ) $ (10,186 ) $ 6,026 The components of income tax expense (benefit) were as follows: Current: Domestic $ (16 ) $ 387 $ 802 Foreign 684 1,687 2,660 668 2,074 3,462 Deferred: Domestic 10,762 (4,230 ) (3,039 ) Foreign (453 ) 1,162 835 10,309 (3,068 ) (2,204 ) Income tax expense (benefit) $ 10,977 $ (994 ) $ 1,258 |
Reconciliation of Expected to Actual Income Tax Expense | The following is a reconciliation of expected to actual income tax expense: Years Ended January 31, 2016 2015 2014 (in thousands) Federal income tax (benefit) expense at 34% $ (9,436 ) $ (3,463 ) $ 2,049 Changes in tax rates (82 ) — 22 Permanent differences 509 (224 ) 132 Foreign effective tax rate differential 1,609 540 (1,884 ) Potential tax, penalties and interest resulting from uncertain tax positions (236 ) (172 ) 32 Foreign withholding taxes 717 920 642 Election to deduct foreign taxes in prior years U.S. income tax returns 2,610 — — Valuation allowance on deferred tax assets 15,477 1,379 — Other (191 ) 26 265 $ 10,977 $ (994 ) $ 1,258 |
Company's Deferred Taxes | The components of the Company’s deferred taxes consisted of the following: As of January 31, 2016 2015 (in thousands) Deferred tax assets: Net operating losses $ 10,127 $ 4,053 Tax credit carry forwards 823 4,472 Stock option book expense 2,716 2,837 Allowance for doubtful accounts 2,121 1,798 Allowance for inventory obsolescence 116 68 Accruals not yet deductible for tax purposes 636 421 Fixed assets 299 — Other 627 620 Gross deferred tax assets 17,465 14,269 Valuation allowance (16,647 ) (1,379 ) Deferred tax assets 818 12,890 Deferred tax liabilities: Fixed assets — (636 ) Intangible assets (215 ) (390 ) Foreign branch taxes — (274 ) Other (17 ) (4 ) Deferred tax liabilities (232 ) (1,304 ) Unrecognized tax benefits — (237 ) Total deferred tax assets, net $ 586 $ 11,349 |
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, 2016 2015 2014 (in thousands) Unrecognized tax benefits as of beginning of year $ 92 $ 254 $ — Increases as a result of tax positions taken in prior years — — 254 Increases as a result of tax positions taken in current year — — — Settlements (44 ) (162 ) — Lapse of statute of limitations (48 ) — — Unrecognized tax benefits as of end of year $ — $ 92 $ 254 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based 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, 2016 2015 2014 Risk free interest rate 1.34 - 1.55% 1.63% 0.83% Expected life 4.87 - 6.87 yrs 4.70 - 6.70 yrs 5.62 yrs Expected volatility 50 - 52% 47% 60% Expected dividend yield 0.0% 0.0% 0.0% |
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, 2016: Number of (in thousands) Weighted Weighted (in years) Aggregate (in thousands) Outstanding, January 31, 2015 1,406 $ 12.85 4.32 $ 200 Granted 828 4.03 Exercised — — Forfeited (15 ) 5.00 Expired (261 ) 10.19 Outstanding, January 31, 2016 1,958 $ 9.54 6.31 $ — Exercisable at January 31, 2016 1,196 $ 10.03 4.36 $ — Vested and expected to vest at January 31, 2016 1,900 $ 8.14 6.26 $ — |
Restricted Stock and Changes During Period | Restricted stock as of January 31, 2016 and changes during the fiscal year ended January 31, 2016 were as follows: Year Ended January 31, 2016 Number of Weighted Average Unvested, beginning of period 66 $ 14.19 Granted 7 4.07 Vested (41 ) 14.22 Canceled — — Unvested, end of period 32 $ 11.89 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Reconciliation of Operating Income (Loss) | A reconciliation of operating income is as follows (in thousands): Years Ended January 31, 2016 2015 2014 Equipment Leasing $ (27,156 ) $ (8,766 ) $ 699 Equipment Manufacturing and Sales 279 2,178 5,055 Reconciling items: Elimination of loss (profit) from inter-company sales 117 (157 ) 51 Consolidated operating income $ (26,760 ) $ (6,745 ) $ 5,805 |
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, 2016 As of January 31, 2015 As of January 31, 2014 Equipment Leasing Equipment Consolidated Equipment Leasing Equipment and Sales Consolidated Equipment Equipment and Sales Consolidated Fixed assets, net $ 69,238 $ 4,278 $ 73,516 $ 98,964 $ 1,123 $ 100,087 $ 128,847 $ 726 $ 129,573 Intangible assets, net — 10,466 10,466 1,006 9,825 10,831 1,529 1,672 3,201 Goodwill — 4,155 4,155 — 5,594 5,594 — 4,320 4,320 Total Assets 95,932 39,059 134,759 148,985 30,982 179,611 183,911 21,814 205,419 |
Revenue [Member] | |
Financial Information by Business Segment | Years Ended January 31, 2016 2015 2014 Equipment Leasing Equipment Consolidated Equipment Leasing Equipment Consolidated Equipment Equipment Consolidated Revenues $ 26,665 $ 25,350 $ 51,819 $ 52,836 $ 30,872 $ 83,146 $ 55,549 $ 36,893 $ 92,108 Interest income (expense), (486 ) (239 ) (725 ) (548 ) (125 ) (673 ) (6 ) (4 ) (10 ) Operating (loss) income (27,156 ) 279 (26,760 ) (8,766 ) 2,178 (6,745 ) 699 5,055 5,805 Capital expenditures 2,283 226 2,509 15,874 4,026 19,900 43,663 395 44,058 Depreciation and amortization expense 30,370 1,741 32,111 35,472 1,514 36,986 30,353 684 31,037 |
Quarterly Financial Data (Una39
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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: 2016 $ 17,142 $ 7,554 $ 15,681 $ 11,442 2015 $ 25,732 $ 19,545 $ 22,906 $ 14,963 Gross profit (loss): 2016 $ 4,576 $ (2,609 ) $ 1,723 $ (1,021 ) 2015 $ 11,243 $ 3,237 $ 7,007 $ 1,767 (Loss) income before income taxes: 2016 $ (392 ) $ (8,645 ) $ (6,559 ) $ (12,163 ) 2015 $ 4,846 $ (4,023 ) $ (340 ) $ (10,669 ) Incomes taxes (benefit): 2016 $ (155 ) $ (2,797 ) $ (746 ) $ 14,675 2015 $ 1,109 $ (676 ) $ 57 $ (1,484 ) Net (loss) income: 2016 $ (237 ) $ (5,848 ) $ (5,813 ) $ (26,838 ) 2015 $ 3,737 $ (3,347 ) $ (397 ) $ (9,185 ) (Loss) income per common share—basic: 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) 2015 $ 0.29 $ (0.26 ) $ (0.03 ) $ (0.76 ) Income per common share—diluted: 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) 2015 $ 0.29 $ (0.26 ) $ (0.03 ) $ (0.76 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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 January 31 2017 $ 1,427 2018 1,190 2019 490 2020 229 2021 106 |
Sales and Major Customers (Tabl
Sales and Major Customers (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
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, 2016 2015 2014 Canada $ 1,354 $ 7,376 $ 13,113 UK/Europe 16,437 17,427 23,456 Latin America 3,283 12,706 7,529 Asia/South Pacific 16,623 18,407 25,256 Eurasia 3,659 5,853 6,810 Other 3,147 8,822 4,258 Total $ 44,503 $ 70,591 $ 80,422 |
Organization and Summary of S42
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2014 | |
Partnership Organization And Basis Of Presentation [Line Items] | ||
Services pursuant to contracts term | 12 months | |
Support services term | 12 months | |
Additional charges | $ 0 | |
Salvage value assigned to property and equipment | $ 0 | |
Customers warranty against defects | 3 months | |
Anti-dilutive weighted shares of potential common stock | 501,000 | |
Customer Relationships [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Intangible Assets Amortization Period | 8 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 | |
Maximum [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Lease period | 1 year | |
Contracts receivable term | 2 years | |
Liquid investments maturity period | 3 months | |
Short-term investments maturity period | 12 months | |
Estimated useful lives | 7 years | |
Maximum [Member] | Proprietary Rights Developed Technology and Amortizable Trade Names [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Intangible Assets Amortization Period | 15 years | |
Maximum [Member] | Patents [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Intangible Assets Amortization Period | 9 years | |
Maximum [Member] | Recording Channels [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Estimated useful lives | 7 years | |
Maximum [Member] | Other Peripheral Equipment [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 | 3 months | |
Estimated useful lives | 3 years | |
Minimum [Member] | Proprietary Rights Developed Technology and Amortizable Trade Names [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Intangible Assets Amortization Period | 10 years | |
Minimum [Member] | Patents [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Intangible Assets Amortization Period | 8 years | |
Minimum [Member] | Recording Channels [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Estimated useful lives | 5 years | |
Minimum [Member] | Other Peripheral Equipment [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Estimated useful lives | 2 years |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies - Restricted Stock and Options Outstanding Used in Per Share Calculations (Detail) - shares shares in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Stock options | 13 | 223 | 389 |
Restricted stock | 46 | 26 | 25 |
Total dilutive shares | 59 | 249 | 414 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) | May. 31, 2014USD ($)Product_Lines | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | Jan. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, cash paid | $ 10,000,000 | $ 14,500,000 | ||||||||||||
Revenue | $ 11,442,000 | $ 15,681,000 | $ 7,554,000 | $ 17,142,000 | $ 14,963,000 | $ 22,906,000 | $ 19,545,000 | $ 25,732,000 | 51,819,000 | 83,146,000 | $ 92,108,000 | |||
Net income | $ (26,838,000) | $ (5,813,000) | $ (5,848,000) | $ (237,000) | $ (9,185,000) | $ (397,000) | $ (3,347,000) | $ 3,737,000 | $ (38,736,000) | (9,192,000) | 4,768,000 | |||
Other Intangible Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Weighted Average Remaining Life | 9 years 6 months | |||||||||||||
Customer Relationships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Weighted Average Remaining Life | 59 months 18 days | |||||||||||||
Patents [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Weighted Average Remaining Life | 6 years 9 months 18 days | |||||||||||||
Trade Name [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible assets amount | $ 760,000 | |||||||||||||
Equipment Manufacturing and Sales [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenue | $ 25,350,000 | $ 30,872,000 | $ 36,893,000 | |||||||||||
Klein Associates Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenue | $ 533,000 | |||||||||||||
Net income | $ 5,000 | |||||||||||||
Klein Associates Inc. [Member] | Inventory [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | $ 3,300,000 | |||||||||||||
Klein Associates Inc. [Member] | Equipment Manufacturing and Sales [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, cash paid | $ 10,000,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, cash paid | $ 14,500,000 | |||||||||||||
Business acquisition, credit | $ 2,000,000 | |||||||||||||
Number of product lines | Product_Lines | 2 | |||||||||||||
Business acquisition, fair value consideration | $ 15,600,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | Furniture and Fixtures [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | 600,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | Amortizable Intangible Assets [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | 10,000,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | Amortizable Intangible Assets [Member] | Customer Relationships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | 5,100,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | Amortizable Intangible Assets [Member] | Property Rights [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | 2,900,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | Amortizable Intangible Assets [Member] | Patents [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | 2,000,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | Inventory [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | 3,600,000 | |||||||||||||
Seamap Singapore [Member] | ION Geophysical Corporation [Member] | Goodwill [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, fair value consideration | $ 1,400,000 |
Acquisition - Summary of Amount
Acquisition - Summary of Amounts Recognized for Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2015 | Jan. 31, 2014 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,155 | $ 5,594 | $ 4,320 | |
Klein Associates Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Working capital | $ 2,572 | |||
Property, plant and equipment | 3,416 | |||
Intangible assets | 2,350 | |||
Goodwill | $ 1,662 |
Acquisition - Pro Forma Results
Acquisition - Pro Forma Results of Operations (Detail) - Klein Associates Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Business Acquisitions Pro Forma Information [Line Items] | ||
Revenues | $ 59,702 | $ 91,347 |
Net loss | $ (38,987) | $ (9,675) |
Basic | $ (3.24) | $ (0.78) |
Diluted | $ (3.24) | $ (0.78) |
Supplemental Statements of Ca47
Supplemental Statements of Cash Flows Information - Supplemental Disclosures of Cash Flows Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 694 | $ 860 | $ 342 |
Income taxes paid, net | 1,520 | 268 | 215 |
Seismic equipment purchases included in accounts payable at year-end | $ 325 | $ 72 | $ 7,707 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Inventory, Net [Abstract] | ||
Raw materials | $ 7,314 | $ 6,718 |
Finished goods | 4,967 | 4,466 |
Work in progress | 1,563 | 1,017 |
Cost of inventories | 13,844 | 12,201 |
Less allowance for obsolescence | (900) | (750) |
Net inventories | $ 12,944 | $ 11,451 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Millions | 1 Months Ended |
Dec. 31, 2015USD ($) | |
Inventory [Member] | Klein Associates Inc. [Member] | |
Inventory [Line Items] | |
Business acquisition, fair value consideration | $ 3.3 |
Accounts and Contracts Receiv50
Accounts and Contracts Receivables - Accounts and Contracts Receivables (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Accounts Receivable, Net, Current [Abstract] | ||
Accounts receivable | $ 27,691 | $ 30,032 |
Contracts receivable | 2,877 | 3,639 |
Accounts and contracts receivable | 30,568 | 33,671 |
Less long-term portion | (4,972) | |
Current accounts and contracts receivable | 25,596 | 33,671 |
Less allowance for doubtful accounts | (5,821) | (6,339) |
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts | $ 19,775 | $ 27,332 |
Accounts and Contracts Receiv51
Accounts and Contracts Receivables - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Jan. 31, 2016USD ($)Customer | Jan. 31, 2015USD ($)Customer | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contracts receivable | $ | $ 2,877 | $ 3,639 |
Number of customers due | 3 | 3 |
Contracts receivable, interest rate | 4.10% | 1.90% |
Number of customers entered into structured payment arrangements | 4 | |
Long-term accounts receivable with two customers | $ | $ 3,700 | |
Number of customers with long-term accounts receivable | 2 | |
Long-term contracts receivable with two customers | $ | $ 1,300 | |
Number of customers with long-term contracts receivable | 2 | |
Minimum [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contracts receivable repayment term | 1 month | 1 month |
Maximum [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contracts receivable repayment term | 17 months | 10 months |
Seismic Equipment Lease Pool 52
Seismic Equipment Lease Pool and Property and Equipment - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | $ 13,474 | $ 10,487 | |
Cost of seismic equipment lease pool and property and equipment | 244,397 | 253,698 | |
Less accumulated depreciation | (170,881) | (153,611) | |
Seismic equipment lease pool and property and equipment, net | 73,516 | 100,087 | $ 129,573 |
Recording Channels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 127,202 | 137,627 | |
Other Peripheral Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 103,721 | 105,584 | |
Seismic Equipment Lease Pool [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 230,923 | 243,211 | |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 3,375 | 366 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 9,405 | 9,399 | |
Autos and Trucks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | $ 694 | $ 722 |
Seismic Equipment Lease Pool 53
Seismic Equipment Lease Pool and Property and Equipment - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |
Impairment charges related to long-lived assets | $ 0 |
Seismic Equipment Lease Pool 54
Seismic Equipment Lease Pool and Property and Equipment - Location of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | $ 73,516 | $ 100,087 | $ 129,573 |
United States [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 26,913 | 43,541 | |
Canada [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 13,985 | 22,451 | |
Latin America [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 3,074 | 7,519 | |
Australia [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 2,611 | 4,600 | |
Russia [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 2,026 | 2,698 | |
Singapore [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 6,408 | 6,627 | |
United Kingdom [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 96 | 125 | |
Europe [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | $ 18,403 | $ 12,526 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 4,155 | $ 5,594 | $ 4,320 |
Gross Carrying Amount | 14,517 | 15,261 | |
Accumulated Amortization | (4,051) | (4,430) | |
Net Carrying Amount | $ 10,466 | 10,831 | $ 3,201 |
Proprietary Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 6 years 9 months 18 days | ||
Gross Carrying Amount | $ 5,959 | 6,121 | |
Accumulated Amortization | (2,645) | (2,240) | |
Net Carrying Amount | $ 3,314 | 3,881 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 59 months 18 days | ||
Gross Carrying Amount | $ 4,633 | 6,613 | |
Accumulated Amortization | (1,006) | (1,583) | |
Net Carrying Amount | $ 3,627 | 5,030 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 6 years 9 months 18 days | ||
Gross Carrying Amount | $ 1,592 | 2,243 | |
Accumulated Amortization | (369) | (505) | |
Net Carrying Amount | $ 1,223 | 1,738 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 10 years 3 months 18 days | ||
Gross Carrying Amount | $ 883 | 284 | |
Accumulated Amortization | (17) | (102) | |
Net Carrying Amount | $ 866 | $ 182 | |
Customer Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 10 months 24 days | ||
Gross Carrying Amount | $ 20 | ||
Accumulated Amortization | (2) | ||
Net Carrying Amount | $ 18 | ||
Developed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 9 years 10 months 24 days | ||
Gross Carrying Amount | $ 1,430 | ||
Accumulated Amortization | (12) | ||
Net Carrying Amount | $ 1,418 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 4,155,000 | $ 5,594,000 | $ 4,320,000 | |
Goodwill impairment | 3,000,000 | |||
Impairment of intangible assets | 3,609,000 | |||
Aggregate amortization expense | 1,700,000 | $ 1,400,000 | $ 660,000 | |
Equipment Leasing [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 600,000 | |||
Klein Associates Inc. [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 1,662,000 | |||
Other intangible assets | $ 2,400,000 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,017 | $ 1,457 | ||
2,018 | 1,418 | ||
2,019 | 1,418 | ||
2,020 | 1,418 | ||
2,021 | 1,267 | ||
Thereafter | 3,488 | ||
Net Carrying Amount | $ 10,466 | $ 10,831 | $ 3,201 |
Long-Term Debt and Notes Paya58
Long-Term Debt and Notes Payable - Long-Term Debt and Notes Payable (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt | $ 20,484 | $ 26,355 |
Debt | 20,484 | 26,355 |
Less current portion | (3,218) | (3,218) |
Long-term debt | 17,266 | 23,137 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 14,400 | 17,000 |
Debt | 14,400 | 17,000 |
Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 6,000 | 9,200 |
Debt | 6,000 | 9,200 |
Other Equipment Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 84 | 155 |
Debt | $ 84 | $ 155 |
Long-Term Debt and Notes Paya59
Long-Term Debt and Notes Payable - Additional Information (Detail) | Aug. 02, 2013USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | Feb. 29, 2016USD ($) | Nov. 30, 2015USD ($) | 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 | 1.25% | ||||||
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 | $ 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 | 2.50% | ||||||
Credit Agreement [Member] | Eurodollar [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Agreement basis points | 3.50% | ||||||
Credit Agreement [Member] | Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowings under the revolving credit facility | $ 30,000,000 | ||||||
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] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Agreement basis points | 2.75% | ||||||
Term Loan [Member] | Seamap Singapore [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowings under the revolving credit facility | $ 3,000,000 | ||||||
Term Loan [Member] | Minimum [Member] | Seamap Singapore [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing period | 1 month | ||||||
Term Loan [Member] | Maximum [Member] | Seamap Singapore [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing period | 3 months | ||||||
Singapore Credit Facility Bankers Guarantees [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Carrying value of debt | 2,000,000 | ||||||
Third Amendment [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowings under the revolving credit facility | $ 40,000,000 | ||||||
Maturity of the credit agreement | Aug. 31, 2017 | ||||||
Revolving Credit Facility [Member] | Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowings under the revolving credit facility | $ 3,000,000 | ||||||
Seamap Credit Facility [Member] | Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Average borrowings under the revolving credit facility | $ 17,600,000 | $ 26,300,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2013 |
Equity [Abstract] | |||||
Number of shares authorized to repurchase | 1,000,000 | 1,000,000 | |||
Number of shares of common stock repurchased | 0 | 852,100,000 | 147,900,000 | ||
Average price of shares repurchased | $ 11.41 | $ 14.82 | |||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||
Common stock, shares issued | 14,019,000 | 14,012,000 | |||
Shares surrendered in exchange for payment of taxes | 580 | 1,020 | 994 | ||
Average fair value of shares | $ 4.86 | $ 13.49 | $ 14.99 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes by Jurisdiction (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
(Loss) income before income taxes is attributable to the following jurisdictions: | |||||||||||
Domestic | $ (11,900) | $ (6,766) | $ (4,323) | ||||||||
Foreign | (15,859) | (3,420) | 10,349 | ||||||||
(Loss) income before income taxes | $ (12,163) | $ (6,559) | $ (8,645) | $ (392) | $ (10,669) | $ (340) | $ (4,023) | $ 4,846 | (27,759) | (10,186) | 6,026 |
Current: | |||||||||||
Domestic | (16) | 387 | 802 | ||||||||
Foreign | 684 | 1,687 | 2,660 | ||||||||
Total | 668 | 2,074 | 3,462 | ||||||||
Deferred: | |||||||||||
Domestic | 10,762 | (4,230) | (3,039) | ||||||||
Foreign | (453) | 1,162 | 835 | ||||||||
Total | 10,309 | (3,068) | (2,204) | ||||||||
Income tax expense (benefit) | $ 14,675 | $ (746) | $ (2,797) | $ (155) | $ (1,484) | $ 57 | $ (676) | $ 1,109 | $ 10,977 | $ (994) | $ 1,258 |
Income Taxes - Reconciliation62
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Reconciliation of expected to actual income tax expense | |||||||||||
Federal income tax (benefit) expense at 34% | $ (9,436) | $ (3,463) | $ 2,049 | ||||||||
Changes in tax rates | (82) | 22 | |||||||||
Permanent differences | 509 | (224) | 132 | ||||||||
Foreign effective tax rate differential | 1,609 | 540 | (1,884) | ||||||||
Potential tax, penalties and interest resulting from uncertain tax positions | (236) | (172) | 32 | ||||||||
Foreign withholding taxes | 717 | 920 | 642 | ||||||||
Election to deduct foreign taxes in prior years U.S. income tax returns | 2,610 | ||||||||||
Valuation allowance on deferred tax assets | 15,477 | 1,379 | |||||||||
Other | (191) | 26 | 265 | ||||||||
Income tax expense (benefit) | $ 14,675 | $ (746) | $ (2,797) | $ (155) | $ (1,484) | $ 57 | $ (676) | $ 1,109 | $ 10,977 | $ (994) | $ 1,258 |
Income Taxes - Reconciliation63
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense | 34.00% | 34.00% | 34.00% |
Income Taxes - Company's Deferr
Income Taxes - Company's Deferred Taxes (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 |
Deferred tax assets: | ||
Net operating losses | $ 10,127 | $ 4,053 |
Tax credit carry forwards | 823 | 4,472 |
Stock option book expense | 2,716 | 2,837 |
Allowance for doubtful accounts | 2,121 | 1,798 |
Allowance for inventory obsolescence | 116 | 68 |
Accruals not yet deductible for tax purposes | 636 | 421 |
Fixed assets | 299 | |
Other | 627 | 620 |
Gross deferred tax assets | 17,465 | 14,269 |
Valuation allowance | (16,647) | (1,379) |
Deferred tax assets | 818 | 12,890 |
Deferred tax liabilities: | ||
Fixed assets | (636) | |
Intangible assets | (215) | (390) |
Foreign branch taxes | (274) | |
Other | (17) | (4) |
Deferred tax liabilities | (232) | (1,304) |
Unrecognized tax benefits | (237) | |
Total deferred tax assets, net | $ 586 | $ 11,349 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 31, 2016 | Jan. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2014 | |
Income Taxes [Line Items] | ||||
Recognized deferred tax liability related to undistributed earnings | $ 0 | |||
Unrecognized deferred tax liability related to undistributed earnings | 4,200,000 | |||
Deferred tax assets | 2,716,000 | $ 2,837,000 | ||
Valuation allowance, deferred tax assets | (16,647,000) | (1,379,000) | ||
Deferred tax asset | 416,000 | 123,000 | $ 5,000 | |
Unrecognized Tax Benefit | 0 | 237,000 | ||
Accrued interest and penalties | 145,000 | |||
Potential penalties and interest | 145,000 | $ 10,000 | $ 222,000 | |
Foreign Country [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carry forwards | $ 823,000 | |||
Tax credit carry forwards expiration year | 2,021 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits Excluding Potential Penalties and Interest (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits as of beginning of year | $ 92 | $ 254 | |
Increases as a result of tax positions taken in prior years | $ 254 | ||
Increases as a result of tax positions taken in current year | 0 | 0 | 0 |
Settlements | (44) | (162) | |
Lapse of statute of limitations | $ (48) | ||
Unrecognized tax benefits as of end of year | $ 92 | $ 254 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase orders outstanding | $ 3,900,000 |
Purchase orders to be fulfilled | 180 days |
Customs and performance guarantees | $ 612,000 |
Letter of credit outstanding | 844,000 |
Bank guarantees outstanding | $ 118,000 |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Stock Based Compensation [Line Items] | |||
Compensation expense related to stock-based awards granted | $ 1,293 | $ 1,298 | $ 1,143 |
Weighted average grant-date fair value of options granted | $ 1.64 | $ 6.23 | $ 14.63 |
Associated excess tax (benefits) losses | $ (416) | $ (5) | |
Contractual term of stock options granted and outstanding | 5 years 7 months 13 days | ||
Intrinsic value of options exercised | $ 509 | ||
Fair value of options vested | $ 1,500 | $ 1,200 | $ 601 |
Options vested | 272,000 | ||
Number of options exercised | 0 | ||
Total unrecognized compensation expense related to unvested stock options | $ 1,000 | ||
Expense expected to be recognized over weighted average period | 1 year 7 months 6 days | ||
Restricted Stock [Member] | |||
Stock Based Compensation [Line Items] | |||
Expense expected to be recognized over weighted average period | 9 months 18 days | ||
Total unrecognized compensation expense related to unvested restricted stock awards | $ 104,000 | ||
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 | 138,000 | ||
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 o
Stock Option Plans - Schedule of Fair Value Option Award (Detail) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate, minimum | 1.34% | ||
Risk free interest rate | 1.63% | 0.83% | |
Risk free interest rate, maximum | 1.55% | ||
Expected life | 5 years 7 months 13 days | ||
Expected volatility, minimum | 50.00% | ||
Expected volatility | 47.00% | 60.00% | |
Expected volatility, maximum | 52.00% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 4 years 10 months 13 days | 4 years 8 months 12 days | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 6 years 10 months 13 days | 6 years 8 months 12 days |
Stock Option Plans - Summary of
Stock Option Plans - Summary of Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 01, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding, beginning shares | 1,406 | ||
Granted, shares | 828 | ||
Exercised, shares | 0 | ||
Forfeited, shares | (15) | ||
Expired, shares | (261) | ||
Outstanding, ending shares | 1,958 | 1,406 | |
Exercisable, shares | 1,196 | ||
Vested and expected to vest, shares | 1,900 | ||
Weighted Average Exercise Price, Outstanding beginning | $ 12.85 | ||
Weighted Average Exercise Price, Granted | 4.03 | ||
Weighted Average Exercise Price, Exercised | 0 | ||
Weighted Average Exercise Price, Forfeited | 5 | ||
Weighted Average Exercise Price, Expired | 10.19 | ||
Weighted Average Exercise Price, Outstanding ending | 9.54 | $ 12.85 | |
Weighted Average Exercise Price, Exercisable | 10.03 | ||
Weighted Average Exercise Price, Vested and expected to vest | $ 8.14 | ||
Weighted Average Remaining Contractual Term, outstanding | 6 years 3 months 22 days | 4 years 3 months 26 days | |
Weighted Average Remaining Contractual Term, exercisable | 4 years 4 months 10 days | ||
Weighted Average Remaining Contractual Term, Vested and expected to vest | 6 years 3 months 4 days | ||
Aggregate Intrinsic Value, Outstanding | $ 200 | ||
Aggregate Intrinsic Value, Exercisable | $ 0 | ||
Aggregate Intrinsic Value, Vested and expected to vest | $ 0 |
Stock Option Plans - Restricted
Stock Option Plans - Restricted Stock and Changes During Period (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Jan. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Unvested, beginning of period | shares | 66 |
Number of Shares, Granted | shares | 7 |
Number of Shares, Vested | shares | (41) |
Number of Shares, Canceled | shares | 0 |
Number of Shares, Unvested, end of period | shares | 32 |
Weighted Average Grant Date Fair Value, Unvested, beginning of period | $ / shares | $ 14.19 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 4.07 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 14.22 |
Weighted Average Grant Date Fair Value, Canceled | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Unvested, end of period | $ / shares | $ 11.89 |
Segment Reporting - Financial I
Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Fixed assets, net | $ 73,516 | $ 100,087 | $ 129,573 |
Intangible assets, net | 10,466 | 10,831 | 3,201 |
Goodwill | 4,155 | 5,594 | 4,320 |
Total Assets | 134,759 | 179,611 | 205,419 |
Equipment Leasing [Member] | |||
Segment Reporting Information [Line Items] | |||
Fixed assets, net | 69,238 | 98,964 | 128,847 |
Intangible assets, net | 1,006 | 1,529 | |
Total Assets | 95,932 | 148,985 | 183,911 |
Equipment Manufacturing and Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Fixed assets, net | 4,278 | 1,123 | 726 |
Intangible assets, net | 10,466 | 9,825 | 1,672 |
Goodwill | 4,155 | 5,594 | 4,320 |
Total Assets | $ 39,059 | $ 30,982 | $ 21,814 |
Segment Reporting - Financial73
Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 11,442 | $ 15,681 | $ 7,554 | $ 17,142 | $ 14,963 | $ 22,906 | $ 19,545 | $ 25,732 | $ 51,819 | $ 83,146 | $ 92,108 |
Interest income (expense), net | (725) | (673) | (10) | ||||||||
Operating (loss) income | (26,760) | (6,745) | 5,805 | ||||||||
Capital expenditures | 2,509 | 19,900 | 44,058 | ||||||||
Depreciation and amortization expense | 32,111 | 36,986 | 31,037 | ||||||||
Equipment Leasing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 26,665 | 52,836 | 55,549 | ||||||||
Interest income (expense), net | (486) | (548) | (6) | ||||||||
Operating (loss) income | (27,156) | (8,766) | 699 | ||||||||
Capital expenditures | 2,283 | 15,874 | 43,663 | ||||||||
Depreciation and amortization expense | 30,370 | 35,472 | 30,353 | ||||||||
Equipment Manufacturing and Sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 25,350 | 30,872 | 36,893 | ||||||||
Interest income (expense), net | (239) | (125) | (4) | ||||||||
Operating (loss) income | 279 | 2,178 | 5,055 | ||||||||
Capital expenditures | 226 | 4,026 | 395 | ||||||||
Depreciation and amortization expense | $ 1,741 | $ 1,514 | $ 684 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Revenues | $ 11,442,000 | $ 15,681,000 | $ 7,554,000 | $ 17,142,000 | $ 14,963,000 | $ 22,906,000 | $ 19,545,000 | $ 25,732,000 | $ 51,819,000 | $ 83,146,000 | $ 92,108,000 |
Reduction in capital expenditures and fixed assets | 6,000 | 192,000 | 32,000 | ||||||||
Intersegment Sales Elimination [Member] | |||||||||||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Revenues | $ 196,000 | $ 562,000 | $ 334,000 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Operating Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Consolidated operating income | $ (26,760) | $ (6,745) | $ 5,805 |
Equipment Leasing [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | (27,156) | (8,766) | 699 |
Equipment Manufacturing and Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | 279 | 2,178 | 5,055 |
Operating Segments [Member] | Equipment Leasing [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | (27,156) | (8,766) | 699 |
Operating Segments [Member] | Equipment Manufacturing and Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | 279 | 2,178 | 5,055 |
Intersegment Sales Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | $ 117 | $ (157) | $ 51 |
Quarterly Financial Data (Una76
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues: | $ 11,442 | $ 15,681 | $ 7,554 | $ 17,142 | $ 14,963 | $ 22,906 | $ 19,545 | $ 25,732 | $ 51,819 | $ 83,146 | $ 92,108 |
Gross profit (loss): | (1,021) | 1,723 | (2,609) | 4,576 | 1,767 | 7,007 | 3,237 | 11,243 | 2,669 | 23,254 | 32,015 |
(Loss) income before income taxes: | (12,163) | (6,559) | (8,645) | (392) | (10,669) | (340) | (4,023) | 4,846 | (27,759) | (10,186) | 6,026 |
Incomes taxes (benefit): | 14,675 | (746) | (2,797) | (155) | (1,484) | 57 | (676) | 1,109 | 10,977 | (994) | 1,258 |
Net (loss) income: | $ (26,838) | $ (5,813) | $ (5,848) | $ (237) | $ (9,185) | $ (397) | $ (3,347) | $ 3,737 | $ (38,736) | $ (9,192) | $ 4,768 |
(Loss) income per common share - basic: | $ (2.23) | $ (0.48) | $ (0.49) | $ (0.02) | $ (0.76) | $ (0.03) | $ (0.26) | $ 0.29 | $ (3.22) | $ (0.74) | $ 0.37 |
Income per common share - diluted: | $ (2.23) | $ (0.48) | $ (0.49) | $ (0.02) | $ (0.76) | $ (0.03) | $ (0.26) | $ 0.29 | $ (3.22) | $ (0.74) | $ 0.36 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases, non-cancelable term | 1 year | ||
Foreign Country [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Office rental expense | $ 1,200,000 | $ 1,400,000 | $ 1,400,000 |
Seismic Equipment Lease Pool [Member] | Domestic Tax Authority [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expense incurred by the Company | $ 831,000 | $ 1,400,000 | $ 621,000 |
Leases - Aggregate Minimum Leas
Leases - Aggregate Minimum Lease Payments for Non-Cancelable Operating Leases (Detail) $ in Thousands | Jan. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 1,427 |
2,018 | 1,190 |
2,019 | 490 |
2,020 | 229 |
2,021 | $ 106 |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Jan. 31, 2016USD ($)CustomerSupplier | Jan. 31, 2015USD ($)Customer | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Minimum rate of consolidated accounts receivable | 10.00% | 10.00% |
Foreign bank deposits | $ 3.1 | |
Number of suppliers manufacture land based seismic systems and equipment in use | Supplier | 2 | |
Credit Risk [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Concentration risk number of customer | Customer | 4 | 3 |
Aggregate amount of accounts receivable from customers | $ 11.6 | $ 11.3 |
Sales and Major Customers - Sum
Sales and Major Customers - Summary of Company's Revenues from Customers by Geographic Region, Outside the U.S. (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | $ 44,503 | $ 70,591 | $ 80,422 |
Canada [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 1,354 | 7,376 | 13,113 |
UK and Europe [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 16,437 | 17,427 | 23,456 |
Latin America [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 3,283 | 12,706 | 7,529 |
Asia/South Pacific [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 16,623 | 18,407 | 25,256 |
Eurasia [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 3,659 | 5,853 | 6,810 |
Other [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | $ 3,147 | $ 8,822 | $ 4,258 |
Sales and Major Customers - Add
Sales and Major Customers - Additional Information (Detail) - Person | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
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 | 0 | 1 |
Schedule II - Valuation and Q82
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 6,339 | $ 3,833 | $ 3,374 |
Charged to Costs and Expenses | 2,069 | 2,834 | 1,048 |
Charged to Other Accounts | 404 | (332) | (139) |
Deductions Describe | (2,991) | 4 | (450) |
Balance at End of Period | 5,821 | 6,339 | 3,833 |
Allowance for Obsolete Equipment and Inventory [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 750 | 1,032 | 1,073 |
Charged to Costs and Expenses | (60) | 164 | |
Charged to Other Accounts | (58) | (151) | (15) |
Deductions Describe | 208 | (71) | (190) |
Balance at End of Period | $ 900 | $ 750 | $ 1,032 |