Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2016 | Jun. 07, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MIND | |
Entity Registrant Name | MITCHAM INDUSTRIES INC | |
Entity Central Index Key | 926,423 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,090,476 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,360 | $ 3,769 |
Accounts and contracts receivable, net of allowance for doubtful accounts of $5,824 and $5,821at April 30, 2016 and January 31, 2016, respectively | 18,138 | 19,775 |
Inventories, net | 13,016 | 12,944 |
Prepaid income taxes | 1,409 | 2,523 |
Prepaid expenses and other current assets | 2,105 | 1,685 |
Total current assets | 37,028 | 40,696 |
Seismic equipment lease pool and property and equipment, net | 68,594 | 73,516 |
Intangible assets, net | 10,501 | 10,466 |
Goodwill | 4,226 | 4,155 |
Deferred tax asset | 908 | 586 |
Long-term receivables | 4,968 | 4,972 |
Other assets | 275 | 368 |
Total assets | 126,500 | 134,759 |
Current liabilities: | ||
Accounts payable | 2,102 | 3,543 |
Current maturities - long-term debt | 3,219 | 3,218 |
Deferred revenue | 486 | 326 |
Accrued expenses and other current liabilities | 4,910 | 5,369 |
Total current liabilities | 10,717 | 12,456 |
Long-term debt, net of current maturities | 14,516 | 17,266 |
Total liabilities | $ 25,233 | $ 29,722 |
Shareholders' equity: | ||
Preferred stock, $1.00 par value; 1,000 shares authorized; none issued and outstanding | ||
Common stock, $0.01 par value; 20,000 shares authorized; 14,019 shares issued at April 30, 2016 and January 31, 2016 | $ 140 | $ 140 |
Additional paid-in capital | 120,676 | 120,664 |
Treasury stock, at cost (1,928 shares at April 30, 2016 and January 31, 2016) | (16,854) | (16,854) |
Retained earnings | 6,745 | 13,188 |
Accumulated other comprehensive loss | (9,440) | (12,101) |
Total shareholders' equity | 101,267 | 105,037 |
Total liabilities and shareholders' equity | $ 126,500 | $ 134,759 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 5,824 | $ 5,821 |
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 | 14,019,000 |
Treasury stock, shares | 1,928,000 | 1,928,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Revenues: | ||
Equipment leasing | $ 3,608 | $ 11,179 |
Lease pool and other equipment sales | 935 | 357 |
Equipment manufacturing and sales | 7,188 | 5,606 |
Total revenues | 11,731 | 17,142 |
Cost of sales: | ||
Direct costs - equipment leasing | 752 | 1,367 |
Direct costs - lease pool depreciation | 6,873 | 7,638 |
Cost of lease pool and other equipment sales | 451 | 214 |
Cost of equipment manufacturing and sales | 4,021 | 3,347 |
Total cost of sales | 12,097 | 12,566 |
Gross (loss) profit | (366) | 4,576 |
Operating expenses: | ||
General and administrative | 5,313 | 4,896 |
Depreciation and amortization | 652 | 637 |
Total operating expenses | 5,965 | 5,533 |
Operating loss | (6,331) | (957) |
Other (expenses) income: | ||
Interest, net | (264) | (221) |
Other, net | 451 | 786 |
Total other income | 187 | 565 |
Loss before income taxes | (6,144) | (392) |
(Provision) benefit for income taxes | (299) | 155 |
Net loss | $ (6,443) | $ (237) |
Net loss per common share: | ||
Basic | $ (0.53) | $ (0.02) |
Diluted | $ (0.53) | $ (0.02) |
Shares used in computing net loss per common share: | ||
Basic | 12,059 | 12,018 |
Diluted | 12,059 | 12,018 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (6,443) | $ (237) |
Change in cumulative translation adjustment | 2,661 | 2,747 |
Comprehensive (loss) income | $ (3,782) | $ 2,510 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (6,443) | $ (237) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 7,558 | 8,307 |
Stock-based compensation | 247 | 281 |
Provision for inventory obsolescence | 43 | 45 |
Gross profit from sale of lease pool equipment | (491) | (129) |
Excess tax benefit from exercise of non-qualified stock options and restricted shares | (12) | |
Deferred tax benefit | (497) | (347) |
Changes in working capital items: | ||
Trade accounts and contracts receivable | 2,809 | (2,839) |
Inventories | 297 | (850) |
Prepaid expenses and other current assets | (250) | 3,277 |
Income taxes payable | 640 | (533) |
Accounts payable, accrued expenses, other current liabilities and deferred revenue | (2,044) | 253 |
Foreign exchange gains net of losses | (119) | (778) |
Net cash provided by operating activities | 1,750 | 6,438 |
Cash flows from investing activities: | ||
Purchases of seismic equipment held for lease | (522) | (73) |
Purchases of property and equipment | (82) | (88) |
Sale of used lease pool equipment | 906 | 227 |
Net cash provided by investing activities | 302 | 66 |
Cash flows from financing activities: | ||
Net payments on revolving line of credit | (1,950) | (5,000) |
Payments on term loan and other borrowings | (804) | (952) |
Net proceeds from short-term investments | 184 | |
Excess tax benefit from exercise of non-qualified stock options and restricted shares | 12 | |
Net cash used in financing activities | (2,754) | (5,756) |
Effect of changes in foreign exchange rates on cash and cash equivalents | (707) | 304 |
Net change in cash and cash equivalents | (1,409) | 1,052 |
Cash and cash equivalents, beginning of period | 3,769 | 5,175 |
Cash and cash equivalents, end of period | 2,360 | 6,227 |
Supplemental cash flow information: | ||
Interest paid | 338 | 228 |
Income taxes paid | 151 | 796 |
Purchases of seismic equipment held for lease in accounts payable at end of period | $ 161 | $ 1,331 |
Organization
Organization | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987. The Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), its wholly owned Singaporean subsidiary, Mitcham Marine Leasing Pte. Ltd. (“MML”), and its branch operations in Colombia and Peru, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly owned subsidiaries, Seamap International Holdings Pte, Ltd. (“Seamap”) and Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore and the United Kingdom. All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The condensed consolidated balance sheet as of January 31, 2016 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2016. In the opinion of the Company, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2016, the results of operations for the three months ended April 30, 2016 and 2015, and the cash flows for the three months ended April 30, 2016 and 2015, have been included in these financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2017. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 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) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 4. Subsequent Events In June 2016, the Company completed a public offering of 320,000 shares of its 9.00% Series A Cumulative Preferred Stock, par value $1.00 per share (the “Series A Preferred Stock”). In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 48,000 shares of Series A Preferred Stock. Net proceeds from the offering were approximately $7.0 million and were used to partially repay amounts outstanding under the Credit Agreement (as defined below). See Note 8. |
Acquisition
Acquisition | 3 Months Ended |
Apr. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | 5. 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 $10.0 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. Pro Forma Results of Operations The following consolidated pro forma results of operations for the three months ended April 30, 2015 assumes the acquisition of Klein occurred as of the beginning of the period and reflects the full results of operations for the period 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. Three Months Ended April 30, 2015 (In thousands, except per share amounts) (unaudited) Revenues $ 19,700 Net loss $ (671 ) Loss per share: Basic $ (0.06 ) Diluted $ (0.06 ) |
Balance Sheet
Balance Sheet | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet | 6. Balance Sheet April 30, 2016 January 31, 2016 (in thousands) Accounts receivable $ 26,177 $ 27,691 Contracts receivable 2,753 2,877 28,930 30,568 Less long-term portion (4,968 ) (4,972 ) Current accounts and contracts receivable 23,962 25,596 Less allowance for doubtful accounts (5,824 ) (5,821 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 18,138 $ 19,775 Contracts receivable consisted of $2.8 million and $2.9 million due from three customers as of April 30, 2016 and January 31, 2016, respectively. The balance of contracts receivable at April 30, 2016 and January 31, 2016 consisted of contracts bearing interest at an average rate of approximately 2.2% and 2.4%, respectively, and with remaining repayment terms from one to 14 months and one to 17 months, respectively . April 30, 2016 January 31, 2016 (in thousands) Inventories: Raw materials 7,289 $ 7,314 Finished goods 4,957 4,967 Work in progress 1,764 1,563 14,010 13,844 Less allowance for obsolescence (994 ) (900 ) Total inventories, net $ 13,016 $ 12,944 In December of 2015, the Company acquired $3.3 million of inventory in connection with the purchase of Klein. See Note 5 to our consolidated financial statements. April 30, 2016 January 31, 2016 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 235,404 $ 230,923 Land and buildings 3,375 3,375 Furniture and fixtures 9,835 9,405 Autos and trucks 698 694 249,312 244,397 Accumulated depreciation and amortization (180,718 ) (170,881 ) Total seismic equipment lease pool and property and equipment, net $ 68,594 $ 73,516 As of January 31, 2016, the Company completed an annual review of long-lived assets noting that the undiscounted future cash flows exceeded their carrying value and no impairment has been recorded. There have been no negative significant changes to the environment since January 31, 2016 that would indicate additional impairment analysis is necessary as of April 30, 2016. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Apr. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets Weighted Average Life at 4/30/16 April 30, 2016 January 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Gross Carrying Amount Accumulated Amortization Net Carrying (in thousands) (in thousands) Goodwill $ 4,226 $ 4,155 Proprietary rights 6.6 $ 6,156 $ (2,818 ) 3,338 $ 5,959 $ (2,645 ) 3,314 Customer relationships 5.6 4,896 (1,233 ) 3,663 4,633 (1,006 ) 3,627 Patents 6.6 1,684 (449 ) 1,235 1,592 (369 ) 1,223 Trade name 10.1 890 (20 ) 870 883 (17 ) 866 Customer backlog 0.7 20 (7 ) 13 20 (2 ) 18 Developed technology 9.7 1,430 (48 ) 1,382 1,430 (12 ) 1,418 Amortizable intangible assets $ 15,076 $ (4,575 ) $ 10,501 $ 14,517 $ (4,051 ) $ 10,466 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 5 to our consolidated financial statements. The remaining $2.6 million of goodwill is allocated to Seamap. On January 31, 2016 the Company completed the annual review of goodwill and other intangible assets. Based on a review of qualitative factors, the Company recorded an impairment of the goodwill associated with its Seamap 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. There have been no significant changes to the environment to indicate additional impairment is necessary as of April 30, 2016. Amortizable intangible assets are amortized over their estimated useful lives of three to 15 years using the straight-line method (for customer relationships, the straight-line method is not materially different from other methods that estimate run off of the underlying customer base). Aggregate amortization expense was $401,000 and $423,000 for the three months ended April 30, 2016 and 2015, respectively. As of April 30, 2016, future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2017 $ 1,178 2018 1,480 2019 1,480 2020 1,480 2021 1,327 2022 and thereafter 3,556 Total $ 10,501 |
Long-Term Debt and Notes Payabl
Long-Term Debt and Notes Payable | 3 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Notes Payable | 8. Long-Term Debt and Notes Payable Long-term debt and notes payable consisted of the following (in thousands): April 30, 2016 January 31, 2016 Revolving line of credit $ 12,450 $ 14,400 Term credit facility 5,200 6,000 Other equipment notes 85 84 17,735 20,484 Less current portion (3,219 ) (3,218 ) Long-term debt $ 14,516 $ 17,266 The Company has a secured, revolving credit facility, as described below (the “Credit Agreement”). The Credit Agreement is a secured revolving facility in the maximum principal amount of $30.0 million and a maturity of August 31, 2017, 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 June 2016, the Company elected to reduce the commitment to $20.0 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 April 30, 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 three months ended April 30, 2016, with the exception of the leverage ratio. The banks have waived compliance with this provision as of April 30, 2016. Reductions in the Company’s funded debt (as defined in the Credit Agreement) subsequent to April 30, 2016 resulted in the Company regaining compliance with this provision. 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 three months ended April 30, 2016. 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 three months ended April 30, 2016 and 2015 were approximately $19.3 million and $24.4 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes 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 April 30, 2016 and 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. Prepaid taxes of approximately $1.4 million at April 30, 2016 consisted of approximately $1.2 million of foreign taxes and approximately $187,000 of domestic federal and state taxes. Prepaid income taxes of approximately $2.5 million at January 31, 2016 consisted of approximately $2.3 million of foreign taxes and approximately $182,000 of domestic federal and state taxes. The Company and its subsidiaries file consolidated and separate income tax returns in the United States federal jurisdiction and in foreign jurisdictions. The Company is subject to United States federal income tax examinations for all tax years beginning with its fiscal year ended January 31, 2013. The Company is subject to examination by taxing authorities throughout the world, including foreign jurisdictions such as Australia, Canada, Colombia, Hungary, Peru, Russia, Singapore and the United Kingdom. The Company and its subsidiaries are no longer subject to foreign income tax examinations for tax years before the fiscal year ended Jan 31, 2011. The provision for income taxes for the three months ended April 30, 2016 includes certain foreign withholding taxes. These taxes can distort the relationship between income or loss before income taxes and the provision for income taxes. Also, a valuation against the deferred tax assets of the Company for approximately $18.4 million and $16.7 million has been recorded as of April 30, 2016 and January 31, 2016, respectively. 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. Accordingly, the effective tax rates for these periods differ significantly from the federal statutory rate of 34%. The Company has determined that certain earnings from foreign jurisdictions have been permanently reinvested outside of the United States through the three months ended April 30, 2016. For the three months ended April 30, 2016, the Company did not recognize any tax expense or benefit related to uncertain tax positions. For the fiscal year ended January 31, 2016, the Company recognized tax benefits of approximately $92,000 related to the resolution of uncertain tax positions and reversed approximately $144,000 of penalties and interest related to these matters. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 10. Earnings per Share Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended 2016 2015 (in thousands) Basic weighted average common shares outstanding 12,059 12,018 Stock options — 50 Unvested restricted stock 63 33 Total weighted average common share equivalents 63 83 Diluted weighted average common shares outstanding 12,122 12,101 For the three months ended April 30, 2016 and 2015, potentially dilutive common shares underlying stock options and unvested restricted stock were anti-dilutive and were therefore not considered in calculating diluted loss per share for that period. |
Treasury Stock
Treasury Stock | 3 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
Treasury Stock | 11. Treasury Stock In April 2013, the Company’s Board of Directors authorized the repurchase of up to 1.0 million shares of the Company’s common stock through December 31, 2014. The Company purchased a total of 1.0 million shares under this program, representing the total amount of shares authorized for repurchase. These shares are reflected as treasury stock in the accompanying financial statements. In the fourth quarter of our fiscal year ended January 31, 2015 (“fiscal 2015”), the Company’s Board of Directors authorized the repurchase of up to an additional 1.0 million shares of the Company’s common stock through December 31, 2015. The Company did not purchase any shares pursuant to this additional authorization. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 12. Stock-Based Compensation Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three months ended April 30, 2016 and 2015 was approximately $247,000 and $281,000, respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. Segment Reporting The Equipment Leasing segment offers new and “experienced” seismic equipment for lease or sale to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The Equipment Leasing segment is headquartered in Huntsville, Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Ufa, Bashkortostan, Russia; Budapest, Hungary; Singapore; Bogota, Colombia; and Lima, Peru. The 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 New Hampshire, the United Kingdom and Singapore. Financial information by business segment is set forth below (net of any allocations): As of April 30, 2016 As of January 31, 2016 Total Assets Total Assets (in thousands) Equipment Leasing $ 86,806 $ 95,932 Equipment Manufacturing and Sales 39,896 39,059 Eliminations (202 ) (232 ) Consolidated $ 126,500 $ 134,759 Results for the three months ended April 30, 2016 and 2015 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2016 2015 2016 2015 2016 2015 Equipment Leasing $ 4,543 $ 11,536 $ (6,539 ) $ (1,012 ) $ (5,653 ) $ (311 ) Equipment Manufacturing and Sales 7,220 5,675 202 42 (452 ) (94 ) Eliminations (32 ) (69 ) 6 13 (39 ) 13 Consolidated $ 11,731 $ 17,142 $ (6,331 ) $ (957 ) $ (6,144 ) $ (392 ) Sales from the Equipment Manufacturing and Sales segment to the Equipment Leasing segment are eliminated in consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and depreciation expense on the difference between the sales price and the cost to manufacture the equipment. Fixed assets are reduced by the difference between the sales price and the cost to manufacture the equipment, less the accumulated depreciation related to the difference. |
Organization (Policies)
Organization (Policies) | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987 The Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), its wholly owned Singaporean subsidiary, Mitcham Marine Leasing Pte. Ltd. (“MML”), and its branch operations in Colombia and Peru, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore and the United Kingdom. All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation | Basis of Presentation The condensed consolidated balance sheet as of January 31, 2016 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2016. In the opinion of the Company, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2016, the results of operations for the three months ended April 30, 2016 and 2015, and the cash flows for the three months ended April 30, 2016 and 2015, have been included in these financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2017. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 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 (Tables)
Acquisition (Tables) | 3 Months Ended |
Apr. 30, 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 three months ended April 30, 2015 assumes the acquisition of Klein occurred as of the beginning of the period and reflects the full results of operations for the period 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. Three Months Ended April 30, 2015 (In thousands, except per share amounts) (unaudited) Revenues $ 19,700 Net loss $ (671 ) Loss per share: Basic $ (0.06 ) Diluted $ (0.06 ) |
Balance Sheet (Tables)
Balance Sheet (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts and Contracts Receivables | April 30, 2016 January 31, 2016 (in thousands) Accounts receivable $ 26,177 $ 27,691 Contracts receivable 2,753 2,877 28,930 30,568 Less long-term portion (4,968 ) (4,972 ) Current accounts and contracts receivable 23,962 25,596 Less allowance for doubtful accounts (5,824 ) (5,821 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 18,138 $ 19,775 |
Schedule of Inventories | April 30, 2016 January 31, 2016 (in thousands) Inventories: Raw materials 7,289 $ 7,314 Finished goods 4,957 4,967 Work in progress 1,764 1,563 14,010 13,844 Less allowance for obsolescence (994 ) (900 ) Total inventories, net $ 13,016 $ 12,944 |
Schedule of Seismic Equipment Lease Pool and Property and Equipment | April 30, 2016 January 31, 2016 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 235,404 $ 230,923 Land and buildings 3,375 3,375 Furniture and fixtures 9,835 9,405 Autos and trucks 698 694 249,312 244,397 Accumulated depreciation and amortization (180,718 ) (170,881 ) Total seismic equipment lease pool and property and equipment, net $ 68,594 $ 73,516 |
Goodwill and Other Intangible23
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Weighted Average Life at 4/30/16 April 30, 2016 January 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Gross Carrying Amount Accumulated Amortization Net Carrying (in thousands) (in thousands) Goodwill $ 4,226 $ 4,155 Proprietary rights 6.6 $ 6,156 $ (2,818 ) 3,338 $ 5,959 $ (2,645 ) 3,314 Customer relationships 5.6 4,896 (1,233 ) 3,663 4,633 (1,006 ) 3,627 Patents 6.6 1,684 (449 ) 1,235 1,592 (369 ) 1,223 Trade name 10.1 890 (20 ) 870 883 (17 ) 866 Customer backlog 0.7 20 (7 ) 13 20 (2 ) 18 Developed technology 9.7 1,430 (48 ) 1,382 1,430 (12 ) 1,418 Amortizable intangible assets $ 15,076 $ (4,575 ) $ 10,501 $ 14,517 $ (4,051 ) $ 10,466 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of April 30, 2016, future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2017 $ 1,178 2018 1,480 2019 1,480 2020 1,480 2021 1,327 2022 and thereafter 3,556 Total $ 10,501 |
Long-Term Debt and Notes Paya24
Long-Term Debt and Notes Payable (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Notes Payable | Long-term debt and notes payable consisted of the following (in thousands): April 30, 2016 January 31, 2016 Revolving line of credit $ 12,450 $ 14,400 Term credit facility 5,200 6,000 Other equipment notes 85 84 17,735 20,484 Less current portion (3,219 ) (3,218 ) Long-term debt $ 14,516 $ 17,266 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation | The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended 2016 2015 (in thousands) Basic weighted average common shares outstanding 12,059 12,018 Stock options — 50 Unvested restricted stock 63 33 Total weighted average common share equivalents 63 83 Diluted weighted average common shares outstanding 12,122 12,101 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2016 | |
Assets [Member] | |
Financial Information by Business Segment | Financial information by business segment is set forth below (net of any allocations): As of April 30, 2016 As of January 31, 2016 Total Assets Total Assets (in thousands) Equipment Leasing $ 86,806 $ 95,932 Equipment Manufacturing and Sales 39,896 39,059 Eliminations (202 ) (232 ) Consolidated $ 126,500 $ 134,759 |
Revenue [Member] | |
Financial Information by Business Segment | Results for the three months ended April 30, 2016 and 2015 were as follows (in thousands): Revenues Operating (loss) income (Loss) income before taxes 2016 2015 2016 2015 2016 2015 Equipment Leasing $ 4,543 $ 11,536 $ (6,539 ) $ (1,012 ) $ (5,653 ) $ (311 ) Equipment Manufacturing and Sales 7,220 5,675 202 42 (452 ) (94 ) Eliminations (32 ) (69 ) 6 13 (39 ) 13 Consolidated $ 11,731 $ 17,142 $ (6,331 ) $ (957 ) $ (6,144 ) $ (392 ) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jun. 30, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | |
Subsequent Event [Line Items] | |||
Stock issued during period | 0 | 0 | |
Preferred stock, par value | $ 1 | $ 1 | |
Series A Preferred Stock [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock issued during period | 320,000 | ||
Preferred stock dividend rate | 9.00% | ||
Preferred stock, par value | $ 1 | ||
Underwriters option exercise period | 30 days | ||
Additional shares granted to underwriters | 48,000 | ||
Net proceeds from offering | $ 7 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended |
Dec. 31, 2015 | Apr. 30, 2016 | |
Other Intangible Assets [Member] | ||
Business Acquisition [Line Items] | ||
Weighted Average Remaining Life | 9 years 6 months | |
Trade Name [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets amount | $ 760,000 | |
Klein Associates Inc. [Member] | Equipment Manufacturing and Sales [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, cash paid | $ 10,000,000 |
Acquisition - Summary of Amount
Acquisition - Summary of Amounts Recognized for Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,226 | $ 4,155 | $ 2,600 |
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] $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 30, 2015USD ($)$ / shares | |
Business Acquisitions Pro Forma Information [Line Items] | |
Revenues | $ | $ 19,700 |
Net loss | $ | $ (671) |
Basic | $ / shares | $ (0.06) |
Diluted | $ / shares | $ (0.060) |
Balance Sheet - Accounts and Co
Balance Sheet - Accounts and Contracts Receivables (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Accounts Receivable, Net, Current [Abstract] | ||
Accounts receivable | $ 26,177 | $ 27,691 |
Contracts receivable | 2,753 | 2,877 |
Accounts and contracts receivable | 28,930 | 30,568 |
Less long-term portion | (4,968) | (4,972) |
Current accounts and contracts receivable | 23,962 | 25,596 |
Less allowance for doubtful accounts | (5,824) | (5,821) |
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts | $ 18,138 | $ 19,775 |
Balance Sheet - Additional Info
Balance Sheet - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016USD ($)Customer | Jan. 31, 2016USD ($)Customer | Dec. 31, 2015USD ($) | |
Balance Sheet [Line Items] | |||
Contracts receivable | $ 2,753,000 | $ 2,877,000 | |
Number of customers due | Customer | 3 | 3 | |
Contracts receivable, interest rate | 2.20% | 2.40% | |
Number of customers entered into structured payment arrangements | Customer | 4 | ||
Long-term accounts receivable with two customers | $ 3,700,000 | ||
Number of customers with long-term accounts receivable | Customer | 2 | ||
Long-term contracts receivable with two customers | $ 1,300,000 | ||
Number of customers with long-term contracts receivable | Customer | 2 | ||
Impairment charges related to long-lived assets | $ 0 | ||
Klein Associates Inc. [Member] | |||
Balance Sheet [Line Items] | |||
Inventory acquired | $ 3,300,000 | ||
Minimum [Member] | |||
Balance Sheet [Line Items] | |||
Contracts receivable repayment term | 1 month | 1 month | |
Maximum [Member] | |||
Balance Sheet [Line Items] | |||
Contracts receivable repayment term | 14 months | 17 months |
Balance Sheet - Schedule of Inv
Balance Sheet - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Inventory, Net [Abstract] | ||
Raw materials | $ 7,289 | $ 7,314 |
Finished goods | 4,957 | 4,967 |
Work in progress | 1,764 | 1,563 |
Cost of inventories | 14,010 | 13,844 |
Less allowance for obsolescence | (994) | (900) |
Total inventories, net | $ 13,016 | $ 12,944 |
Balance Sheet - Schedule of Sei
Balance Sheet - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Seismic equipment lease pool and property and equipment: | ||
Cost of seismic equipment lease pool and property and equipment | $ 249,312 | $ 244,397 |
Accumulated depreciation and amortization | (180,718) | (170,881) |
Total seismic equipment lease pool and property and equipment, net | 68,594 | 73,516 |
Seismic Equipment Lease Pool [Member] | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | 235,404 | 230,923 |
Land and Buildings [Member] | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | 3,375 | 3,375 |
Furniture and Fixtures [Member] | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | 9,835 | 9,405 |
Autos and Trucks [Member] | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | $ 698 | $ 694 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 4,226 | $ 4,155 | $ 2,600 |
Gross Carrying Amount | 15,076 | 14,517 | |
Accumulated Amortization | (4,575) | (4,051) | |
Net Carrying Amount | $ 10,501 | 10,466 | |
Proprietary Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 6 years 7 months 6 days | ||
Gross Carrying Amount | $ 6,156 | 5,959 | |
Accumulated Amortization | (2,818) | (2,645) | |
Net Carrying Amount | $ 3,338 | 3,314 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 5 years 7 months 6 days | ||
Gross Carrying Amount | $ 4,896 | 4,633 | |
Accumulated Amortization | (1,233) | (1,006) | |
Net Carrying Amount | $ 3,663 | 3,627 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 6 years 7 months 6 days | ||
Gross Carrying Amount | $ 1,684 | 1,592 | |
Accumulated Amortization | (449) | (369) | |
Net Carrying Amount | $ 1,235 | 1,223 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 10 years 1 month 6 days | ||
Gross Carrying Amount | $ 890 | 883 | |
Accumulated Amortization | (20) | (17) | |
Net Carrying Amount | $ 870 | 866 | |
Customer Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 8 months 12 days | ||
Gross Carrying Amount | $ 20 | 20 | |
Accumulated Amortization | (7) | (2) | |
Net Carrying Amount | $ 13 | 18 | |
Developed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 9 years 8 months 12 days | ||
Gross Carrying Amount | $ 1,430 | 1,430 | |
Accumulated Amortization | (48) | (12) | |
Net Carrying Amount | $ 1,382 | $ 1,418 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Jan. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 4,226,000 | $ 4,155,000 | $ 2,600,000 | |
Goodwill impairment | 3,000,000 | |||
Aggregate amortization expense | $ 401,000 | $ 423,000 | ||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 15 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 3 years | |||
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 Intangible37
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 1,178 | |
2,018 | 1,480 | |
2,019 | 1,480 | |
2,020 | 1,480 | |
2,021 | 1,327 | |
2022 and thereafter | 3,556 | |
Net Carrying Amount | $ 10,501 | $ 10,466 |
Long-Term Debt and Notes Paya38
Long-Term Debt and Notes Payable - Long-Term Debt and Notes Payable (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 17,735 | $ 20,484 |
Debt | 17,735 | 20,484 |
Less current portion | (3,219) | (3,218) |
Long-term debt | 14,516 | 17,266 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 12,450 | 14,400 |
Debt | 12,450 | 14,400 |
Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 5,200 | 6,000 |
Debt | 5,200 | 6,000 |
Other Equipment Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 85 | 84 |
Debt | $ 85 | $ 84 |
Long-Term Debt and Notes Paya39
Long-Term Debt and Notes Payable - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Apr. 30, 2016 | Apr. 30, 2015 | Jun. 30, 2016 | Aug. 22, 2014 | |
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 | $ 30,000,000 | |||
Maturity of the credit agreement | Aug. 31, 2017 | |||
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] | 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] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings under the revolving credit facility | $ 20,000,000 | |||
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 | $ 19,300,000 | $ 24,400,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Prepaid income taxes | $ 1,409,000 | $ 2,523,000 |
Prepaid foreign taxes | 1,200,000 | 2,300,000 |
Prepaid domestic federal and state taxes | 187,000 | 182,000 |
Valuation allowance, deferred tax assets | $ 18,400,000 | $ 16,700,000 |
Federal statutory rate | 34.00% | 34.00% |
Unrecognized Tax Benefit | $ 0 | $ 92,000 |
Reversed potential penalties and interest | $ 144,000 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Detail) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Basic weighted average common shares outstanding | 12,059 | 12,018 |
Stock options | 50 | |
Unvested restricted stock | 63 | 33 |
Total weighted average common share equivalents | 63 | 83 |
Diluted weighted average common shares outstanding | 12,122 | 12,101 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - shares | 1 Months Ended | 3 Months Ended |
Apr. 30, 2013 | Jan. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||
Shares purchased under repurchase program | 1,000,000 | |
Number of shares of common stock repurchased | 0 | |
Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares authorized to repurchase | 1,000,000 | 1,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Compensation expense related to stock-based awards granted | $ 247 | $ 281 |
Segment Reporting - Financial I
Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands | Apr. 30, 2016 | Jan. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 126,500 | $ 134,759 |
Operating Segments [Member] | Equipment Leasing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 86,806 | 95,932 |
Operating Segments [Member] | Equipment Manufacturing and Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 39,896 | 39,059 |
Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ (202) | $ (232) |
Segment Reporting - Financial45
Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 11,731 | $ 17,142 |
Operating (loss) income | (6,331) | (957) |
(Loss) income before taxes | (6,144) | (392) |
Operating Segments [Member] | Equipment Leasing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,543 | 11,536 |
Operating (loss) income | (6,539) | (1,012) |
(Loss) income before taxes | (5,653) | (311) |
Operating Segments [Member] | Equipment Manufacturing and Sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 7,220 | 5,675 |
Operating (loss) income | 202 | 42 |
(Loss) income before taxes | (452) | (94) |
Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (32) | (69) |
Operating (loss) income | 6 | 13 |
(Loss) income before taxes | $ (39) | $ 13 |