Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Apr. 05, 2017 | Jul. 31, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 12,089,758 | ||
Entity Public Float | $ 43,106,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,902 | $ 3,769 |
Restricted cash | 609 | |
Accounts and contracts receivable, net of allowance for doubtful accounts of $3,716 and $3,633 at January 31, 2017 and January 31, 2016, respectively | 15,830 | 21,963 |
Inventories, net | 11,960 | 12,944 |
Prepaid income taxes | 1,565 | 2,523 |
Prepaid expenses and other current assets | 2,193 | 1,685 |
Total current assets | 35,059 | 42,884 |
Seismic equipment lease pool and property and equipment, net | 43,838 | 73,516 |
Intangible assets, net | 9,012 | 10,466 |
Goodwill | 3,997 | 4,155 |
Deferred tax asset | 586 | |
Long-term receivables, net of allowance for doubtful accounts of $2,188 at January 31, 2017 and January 31, 2016 | 2,780 | 2,784 |
Other assets | 28 | 368 |
Total assets | 94,714 | 134,759 |
Current liabilities: | ||
Accounts payable | 1,929 | 3,543 |
Current maturities - long-term debt | 6,371 | 3,218 |
Deferred revenue | 651 | 326 |
Accrued expenses and other current liabilities | 4,514 | 5,369 |
Total current liabilities | 13,465 | 12,456 |
Deferred tax liability | 317 | |
Long-term debt, net of current maturities | 17,266 | |
Total liabilities | 13,782 | 29,722 |
Commitments and contingencies (Note 13, 17 and 18) | ||
Shareholders' equity: | ||
Preferred stock, $1.00 par value; 1,000 shares authorized; 343 issued and outstanding | 7,294 | |
Common stock $.01 par value; 20,000 shares authorized; 14,019 shares issued at January 31, 2017 and January 31, 2016 | 140 | 140 |
Additional paid-in capital | 121,401 | 120,664 |
Treasury stock, at cost (1,929 and 1,928 shares at January 31, 2017 and 2016, respectively) | (16,858) | (16,854) |
(Accumulated deficit) retained earnings | (20,451) | 13,188 |
Accumulated other comprehensive loss | (10,594) | (12,101) |
Total shareholders' equity | 80,932 | 105,037 |
Total liabilities and shareholders' equity | $ 94,714 | $ 134,759 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 3,716 | $ 3,633 |
Long-term receivables, net of allowance for doubtful accounts | $ 2,188 | $ 2,188 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 343,000 | 0 |
Preferred stock, shares outstanding | 343,000 | 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 | 1,929,000 | 1,928,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Revenues: | |||
Equipment manufacturing and sales | $ 25,058 | $ 25,163 | $ 30,310 |
Equipment leasing | 10,161 | 23,710 | 48,298 |
Lease pool and other equipment sales | 5,780 | 2,946 | 4,538 |
Total revenues | 40,999 | 51,819 | 83,146 |
Cost of sales: | |||
Cost of equipment manufacturing and sales | 13,571 | 13,376 | 16,913 |
Direct costs - equipment leasing | 3,284 | 4,658 | 6,689 |
Direct costs - lease pool depreciation | 25,753 | 29,462 | 34,399 |
Cost of lease pool and other equipment sales | 5,805 | 1,654 | 1,891 |
Total cost of sales | 48,413 | 49,150 | 59,892 |
Gross (loss) profit | (7,414) | 2,669 | 23,254 |
Operating expenses: | |||
General and administrative | 20,727 | 18,966 | 24,958 |
Provision for doubtful accounts | 750 | 2,201 | 2,850 |
Contract settlement | 2,142 | ||
Impairment of intangible assets | 3,609 | ||
Depreciation and amortization | 2,399 | 2,511 | 2,191 |
Total operating expenses | 23,876 | 29,429 | 29,999 |
Operating loss | (31,290) | (26,760) | (6,745) |
Other income (expense): | |||
Interest income | 10 | 14 | 229 |
Interest expense | (653) | (739) | (902) |
Other, net | 594 | (274) | (2,768) |
Total other expense | (49) | (999) | (3,441) |
Loss before income taxes | (31,339) | (27,759) | (10,186) |
(Provision for) benefit from income taxes | (1,814) | (10,977) | 994 |
Net loss | (33,153) | (38,736) | (9,192) |
Preferred stock dividends | (486) | ||
Net loss attributable to common shareholders | $ (33,639) | $ (38,736) | $ (9,192) |
Net loss per common share: | |||
Basic | $ (2.79) | $ (3.22) | $ (0.74) |
Diluted | $ (2.79) | $ (3.22) | $ (0.74) |
Shares used in computing loss per common share: | |||
Basic | 12,070 | 12,041 | 12,479 |
Diluted | 12,070 | 12,041 | 12,479 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss attributable to common shareholders | $ (33,639) | $ (38,736) | $ (9,192) |
Change in cumulative translation adjustment | 1,507 | (3,575) | (6,638) |
Comprehensive loss | $ (32,132) | $ (42,311) | $ (15,830) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balances at Jan. 31, 2014 | $ 170,448 | $ 139 | $ 118,156 | $ (7,075) | $ 61,116 | $ (1,888) | |
Beginning balances, shares at Jan. 31, 2014 | 13,907,000 | ||||||
Net loss | (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 | 0 |
Restricted stock issued, shares | 40,000 | ||||||
Restricted stock forfeited for taxes | (14) | (14) | |||||
Purchase of common stock | (9,762) | (9,762) | |||||
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 | (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 | 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 | ||||||
Net loss | (33,153) | (33,153) | |||||
Foreign currency translation | $ 1,507 | 1,507 | |||||
Issuance of common stock upon exercise of options, shares | 0 | ||||||
Restricted stock forfeited for taxes | $ (4) | (4) | |||||
Preferred stock offering, value | 7,294 | $ 7,294 | |||||
Preferred stock offering, shares | 343,000 | ||||||
Preferred stock dividends | (486) | (486) | |||||
Stock-based compensation | 737 | 737 | |||||
Ending balances at Jan. 31, 2017 | $ 80,932 | $ 140 | $ 7,294 | $ 121,401 | $ (16,858) | $ (20,451) | $ (10,594) |
Ending balances, shares at Jan. 31, 2017 | 14,019,000 | 343,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (33,153) | $ (38,736) | $ (9,192) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 28,275 | 32,111 | 36,986 |
Stock-based compensation | 737 | 1,293 | 1,298 |
Impairment of intangible assets | 3,609 | ||
Provision for doubtful accounts, net of charge offs | 750 | 2,201 | 2,835 |
Provision for inventory obsolescence | 75 | 407 | 8 |
Gross loss (profit) from sale of lease pool equipment | 298 | (1,384) | (2,061) |
Deferred tax expense (benefit) | 934 | 10,309 | (3,237) |
Changes in: | |||
Trade accounts and contracts receivable | 7,345 | (238) | 605 |
Inventories | 850 | 677 | (279) |
Income taxes receivable and payable | 475 | (1,716) | 1,701 |
Accounts payable, accrued expenses and other current liabilities | (2,189) | 1,241 | (2,303) |
Prepaids and other current assets, net | (1,327) | 4,807 | (4,414) |
Foreign exchange losses net of gains | 84 | 466 | 3,258 |
Net cash provided by operating activities | 3,154 | 15,047 | 25,205 |
Cash flows from investing activities: | |||
Purchases of seismic equipment held for lease | (636) | (2,173) | (19,449) |
Acquisition of businesses | (10,000) | (14,500) | |
Purchases of property and equipment | (283) | (336) | (451) |
Sales of used lease pool equipment | 5,331 | 2,240 | 3,158 |
Net cash provided by (used in) investing activities | 4,412 | (10,269) | (31,242) |
Cash flows from financing activities: | |||
Net payments on revolving line of credit | (10,900) | (2,600) | (5,000) |
(Payments on) proceeds from term loan and other borrowings | (3,217) | (3,217) | 9,107 |
Net (purchases of) proceeds from short-term investment | 182 | (99) | |
Net proceeds from preferred stock offering | 7,294 | ||
Preferred stock dividends | (486) | ||
Proceeds from issuance of common stock upon exercise of options | 320 | ||
Purchase of treasury stock | (4) | (3) | (9,762) |
Net cash used in financing activities | (7,313) | (5,638) | (5,434) |
Effect of changes in foreign exchange rates on cash and cash equivalents | (511) | (546) | 1,484 |
Net decrease in cash and cash equivalents | (258) | (1,406) | (9,987) |
Cash and cash equivalents, beginning of year | 3,769 | 5,175 | 15,162 |
Cash and cash equivalents, end of year | $ 3,511 | $ 3,769 | $ 5,175 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2017 | |
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 on-going Contracts Receivable Allowance for Doubtful Accounts written-off Cash and Cash Equivalents Short-term Investments— Inventories first-in, first-out) Seismic Equipment Lease Pool Property and Equipment Intangible Assets 15-year 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, 2017. 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 • 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 January 31, 2017 2016 2015 (in thousands) Stock options 18 13 223 Restricted stock 44 46 26 Total dilutive shares 62 59 249 For the fiscal years ended January 31, 2017, 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. Reclassifications |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, No. 2016-18 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, beginning-of-period end-of-period No. 2016-18 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments No. 2016-15 No. 2016-15 In March 2016, the FASB issued ASU No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting No. 2016-09 No. 2016-09 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) No. 2016-02 No. 2016-02 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: (Topic 805) 2015-16 2015-16 In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest: (Subtopic 835-30) line-of-credit 2015-15 line-of-credit line-of-credit 2015-15 In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) 2015-11 first-in, first-out 2015-11 In May 2014, the FASB issued ASU No. 2014-09, 2014-09 No. 2016-10, Identifying Performance Obligations and Licensing, No. 2016-12, Narrow-Scope Improvements and Practical Expedients, non-cash 2014-09, 2016-10 2016-12 |
Acquisition
Acquisition | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 | |
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, 2017, 2016 and 2015 were as follows (in thousands): Years Ended January 31, 2017 2016 2015 Interest paid $ 673 $ 694 $ 860 Income taxes paid, net 409 1,520 268 Seismic equipment purchases included in accounts payable at year-end 130 325 72 |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories consisted of the following (in thousands): As of January 31, 2017 2016 Raw materials $ 5,781 $ 7,314 Finished goods 5,985 4,967 Work in progress 1,146 1,563 Cost of inventories 12,912 13,844 Less allowance for obsolescence (952 ) (900 ) Net inventories $ 11,960 $ 12,944 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, 2017 | |
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, 2017 2016 Accounts receivable $ 21,762 $ 27,691 Contracts receivable 2,752 2,877 24,514 30,568 Less long-term portion (4,968 ) (4,972 ) Current accounts and contracts receivable 19,546 25,596 Less current portion of allowance for doubtful accounts (3,716 ) (3,633 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 15,830 $ 21,963 Contracts receivable consisted of $2.8 million and $2.9 million, due from three customers as of January 31, 2017 and 2016, respectively. The balance of contracts receivable at January 31, 2017 and 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 40 months . |
Seismic Equipment Lease Pool an
Seismic Equipment Lease Pool and Property and Equipment | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 2016 Recording channels $ 126,081 $ 127,202 Other peripheral equipment 92,920 103,721 Cost of seismic equipment lease pool 219,001 230,923 Land and buildings 3,379 3,375 Furniture and fixtures 9,462 9,405 Autos and trucks 675 694 Cost of property and equipment 13,516 13,474 Cost of seismic equipment lease pool and property and equipment 232,517 244,397 Less accumulated depreciation (188,679 ) (170,881 ) Net book value of seismic equipment lease pool and property and equipment $ 43,838 $ 73,516 As of January 31, 2017, the Company completed an annual review of long-lived assets 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 future 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, 2017 2016 United States $ 16,510 $ 26,913 Europe 7,730 18,499 Canada 8,525 13,985 Latin America 2,317 3,074 Singapore 5,321 6,408 Australia 1,462 2,611 Russia 1,973 2,026 Net book value of seismic equipment lease pool and property and equipment $ 43,838 $ 73,516 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jan. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets Weighted January 31, 2017 January 31, 2016 Gross Accumulated Net Gross Accumulated Net (in thousands) (in thousands) Goodwill $ 3,997 $ 4,155 Proprietary rights 5.9 $ 5,810 $ (3,003 ) 2,807 $ 5,959 $ (2,645 ) 3,314 Customer relationships 4.8 4,679 (1,656 ) 3,023 4,633 (1,006 ) 3,627 Patents 5.9 1,608 (558 ) 1,050 1,592 (369 ) 1,223 Trade name 9.3 884 (27 ) 857 883 (17 ) 866 Customer backlog 0.0 20 (20 ) — 20 (2 ) 18 Developed technology 8.9 1,430 (155 ) 1,275 1,430 (12 ) 1,418 Amortizable intangible assets $ 14,431 $ (5,419 ) $ 9,012 $ 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 3 to our consolidated financial statements. On January 31, 2017, the Company completed the annual review of goodwill and other intangible assets. Based on a review of qualitative and quantitative factors it was determined it was more likely than not that the fair value of our reporting units was greater than their carrying value. Aggregate amortization expense was $1.5 million, $1.7 million and $1.4 million for the fiscal years ended January 31, 2017, 2016 and 2015, respectively. As of January 31, 2017, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal years ending January 31: 2018 $ 1,417 2019 1,417 2020 1,417 2021 1,273 2022 815 Thereafter 2,673 Total $ 9,012 |
Long-Term Debt and Notes Payabl
Long-Term Debt and Notes Payable | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 2016 Revolving line of credit $ 3,500 $ 14,400 Term credit facility 2,800 6,000 Other equipment notes 71 84 6,371 20,484 Less current portion (6,371 ) (3,218 ) Long-term debt $ — $ 17,266 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 was 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 Amounts available for borrowing under the Credit Agreement were determined by a borrowing base. The borrowing base was determined primarily based upon the appraised value of the Company’s domestic lease pool equipment and certain accounts receivable. The Credit Agreement was 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 provided interest at a base rate or LIBOR, plus an applicable margin. As of January 31, 2017, the base rate margin was 250 basis points and the Eurodollar margin was 350 basis points. The Company had 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 have been utilized to secure letters of credit. The Credit Agreement contained certain financial covenants that required, 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 was 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 included restrictions on additional indebtedness in excess of $5.0 million. The Credit Agreement contained customary representations, warranties, conditions precedent to credit extensions, affirmative and negative covenants and events of default. The negative covenants included 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 included 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 consisted of a $10.0 million term loan, a $3.0 million revolving credit facility, and a $2.0 million banker’s guarantee facility. On April 5, 2017, the Company repaid all amounts outstanding under the Seamap Credit Facility and cancelled that facility. The term loan portion of the Seamap Credit Facility provided 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 was payable quarterly at LIBOR plus 2.75%. Under the Seamap Credit Facility, Seamap Singapore may have borrowed 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 bore interest at LIBOR plus 2.75%. Borrowings under this arrangement were secured by essentially all of the assets of Seamap Singapore and the Company’s guarantee. The Seamap Credit Facility contained financial covenants that required 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 Seamap Credit Facility contained customary representations and warranties, conditions precedent to credit extensions, affirmative and negative covenants and events of default. The negative covenants included restrictions on liens, additional indebtedness, acquisitions, fundamental changes, dispositions of property, restricted payments, and transactions with affiliates. The Seamap Credit Facility also required 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, 2017 and 2016 were approximately $12.2 million and $17.6 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, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | 10. Shareholders’ Equity The Company has 1,000,000 shares of preferred stock authorized. The preferred stock may be issued in multiple series with various terms, as authorized by the Company’s Board of Directors. As of January 31, 2017, approximately 343,000 shares of 9.00% Series A Cumulative Preferred Stock, par value $1.00 per share, (the “Series A Preferred Stock”) were outstanding and no shares were outstanding as of January 31, 2016. Dividends on the Series A Preferred Stock are cumulative from the date of original issue and payable quarterly on or about the last day of January, April, July and October of each year when, as and if declared by the Company’s board of directors. Dividends are payable out of amounts legally available therefor at a rate equal to 9.00% per annum per $25.00 of stated liquidation preference per share, or $2.25 per share of Series A Preferred Stock per year. The Company may not redeem the Series A Preferred Stock before June 8, 2021, except as described below. On or after June 8, 2021, the Company may redeem, at the Company’s option, the Series A Preferred Stock, in whole or in part, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends to, but not including, the redemption date. If at any time a change of control occurs, the Company will have the option to redeem the Series A Preferred Stock, in whole or in part, within 120 days after the date on which the change of control occurred by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or other mandatory redemption, and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into our common stock in connection with a change of control. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series A Preferred Stock are in arrears for six or more consecutive or non-consecutive The Company has 20,000,000 shares of common stock authorized, of which 14,019,000 were issued as of January 31, 2017 and 2016. 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. 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. During the fiscal years ended January 31, 2017, 2016 and 2015, approximately 718, 580 and 1,020 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 $3.76, $4.86 and $13.49, respectively. |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Jan. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 11. Related Party Transaction On June 8, 2016, the Company issued 320,000 shares of the Series A Preferred Stock, pursuant to an underwriting agreement, dated June 2, 2016, by and between the Company and Ladenburg Thalmann & Co. Inc. The Co-Chief Co-President Non-Executive Non-Executive On October 7, 2016 the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Ladenburg Thalmann & Co. Inc. (the “Agent”), pursuant to which the Company may sell up to 500,000 shares of the Series A Preferred Stocked through the Agent through an at the market (“ATM”) offering program. Under the Equity Distribution Agreement, the Agent will be entitled to compensation of up to 2.0% of the gross proceeds from the sale of Series A Preferred Stock under the ATM program. For the twelve months ended January 31, 2017, the Company issued 23,174 shares of Series A Preferred Stock under the ATM offering program. Gross proceeds from these sales were approximately $543,000 and the Agent received compensation of approximately $11,000. For the three months ended January 31, 2017, the Company issued 15,184 shares of Series A Preferred stock under the ATM offering program. Gross proceeds from these sales were approximately $353,000 and the Agent received compensation of approximately $7,000, resulting in net proceeds to the Company of $346,000 for the three months ended January 31, 2017. The Non-Executive |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Years Ended January 31, 2017 2016 2015 (in thousands) Loss before income taxes is attributable to the following jurisdictions: Domestic $ (17,685 ) $ (11,900 ) $ (6,766 ) Foreign (13,654 ) (15,859 ) (3,420 ) Total $ (31,339 ) $ (27,759 ) $ (10,186 ) The components of income tax expense (benefit) were as follows: Current: Domestic $ 34 $ (16 ) $ 387 Foreign 846 684 1,687 880 668 2,074 Deferred: Domestic 40 10,762 (4,230 ) Foreign 894 (453 ) 1,162 934 10,309 (3,068 ) Income tax expense (benefit) $ 1,814 $ 10,977 $ (994 ) The following is a reconciliation of expected to actual income tax expense: Years Ended January 31, 2017 2016 2015 (in thousands) Federal income tax (benefit) expense at 34% $ (10,655 ) $ (9,436 ) $ (3,463 ) Changes in tax rates — (82 ) — Permanent differences 38 509 (224 ) Foreign effective tax rate differential 1,979 1,609 540 Potential tax, penalties and interest resulting from uncertain tax positions — (236 ) (172 ) Foreign withholding taxes 671 717 920 Election to deduct foreign taxes in prior years U.S. income tax returns — 2,610 — Valuation allowance on deferred tax assets 10,056 15,477 1,379 Other (275 ) (191 ) 26 $ 1,814 $ 10,977 $ (994 ) The components of the Company’s deferred taxes consisted of the following: As of January 31, 2017 2016 (in thousands) Deferred tax assets: Net operating losses $ 17,666 $ 10,127 Tax credit carry forwards 894 823 Stock option book expense 2,259 2,716 Allowance for doubtful accounts 2,098 2,121 Allowance for inventory obsolescence 437 116 Accruals not yet deductible for tax purposes 691 636 Fixed assets 1,266 299 Other 1,046 627 Gross deferred tax assets 26,357 17,465 Valuation allowance (26,357 ) (16,647 ) Deferred tax assets — 818 Deferred tax liabilities: Intangible assets (150 ) (215 ) Other (167 ) (17 ) Deferred tax liabilities (317 ) (232 ) Unrecognized tax benefits — — Total deferred tax (liabilities) assets, net (317 ) $ 586 The Company has determined that the undistributed earnings of foreign subsidiaries, other than branch operations in Colombia, as of January 31, 2017, have been indefinitely reinvested outside of the United States. Accordingly, no deferred tax liability has been recognized related to these undistributed earnings. As of January 31, 2017, the unrecognized deferred tax liability related to these items is immaterial. Effective January 31, 2016 the Company has adopted the provisions of ASU 2015-17 Included in deferred tax assets is approximately $2.3 million related to stock based compensation, including non-qualified 718-740-10, As of January 31, 2017, the Company has recorded valuation allowances of approximately $26.4 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 At January 31, 2017, the Company had tax credit carry forwards of approximately $894,000, 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, 2017 or 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 and 2015 are benefits related to a reduction in estimated potential penalties and interest of approximately $145,000 and $10,000, 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, 2017 2016 2015 (in thousands) Unrecognized tax benefits as of beginning of year $ — $ 92 $ 254 Increases as a result of tax positions taken in prior years — — — 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 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 2017. The Company’s tax returns may also be subject to examination by state and local revenue authorities for fiscal years ended January 31, 2012 through 2017. The Company’s Canadian income tax returns are subject to examination by the Canadian tax authorities for fiscal years ended January 31, 2013 through 2017. The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2012 through January 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Purchase Obligations Customs and Performance Guarantees |
Stock Option Plans
Stock Option Plans | 12 Months Ended |
Jan. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plans | 14. Stock Option Plans At January 31, 2017, 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, 2017, 2016 and 2015 was approximately $737,000, $1.3 million and $1.3 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. No options were granted during the fiscal year ended January 31, 2017. The weighted average grant-date fair value of options granted during the fiscal years ended January 31, 2016 and 2015 was $1.64 and $6.23, 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, 2017 2016 2015 Risk free interest rate — 1.34 - 1.55% 1.63% Expected life — 4.87 - 6.87 yrs 4.70 - 6.70 yrs Expected volatility — 50 - 52% 47% Expected dividend yield — 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 in-flows. 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 10-year Stock Based Compensation Activity The following table presents a summary of the Company’s stock option activity for the fiscal year ended January 31, 2017: Number of (in thousands) Weighted Average Weighted Average Contractual (in years) Aggregate Intrinsic (in thousands) Outstanding, January 31, 2016 1,958 $ 9.54 6.31 $ — Granted — — Exercised — — Forfeited — — Expired 177 12.23 Outstanding, January 31, 2017 1,781 $ 9.27 5.90 $ 778 Exercisable at January 31, 2017 1,314 $ 9.29 4.98 $ 283 Vested and expected to vest at January 31, 2017 1,765 $ 8.01 5.91 $ 754 The aggregate intrinsic value in the table above represents the total pre-tax in-the-money As of January 31, 2017, there was approximately $356,000 of total unrecognized compensation expense related to unvested stock options granted under the Company’s share-based compensation plans. That expense is expected to be recognized over a weighted average period of 1.1 years. Restricted stock as of January 31, 2017 and changes during the fiscal year ended January 31, 2017 were as follows: Year Ended January 31, 2017 Number of Shares (in thousands) Weighted Average Unvested, beginning of period 32 $ 11.89 Granted — — Vested (20 ) 13.03 Canceled — — Unvested, end of period 12 $ 9.97 As of January 31, 2017, there was approximately $19,000 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 0.6 years. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. 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 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 Financial information by business segment is set forth below net of any allocations (in thousands): As of January 31, 2017 As of January 31, 2016 As of January 31, 2015 Equipment and Sales Equipment Leasing Consolidated Equipment and Sales Equipment Leasing Consolidated Equipment and Sales Equipment Leasing Consolidated Fixed assets, net $ 4,036 $ 39,926 $ 43,838 $ 4,278 $ 69,238 $ 73,516 $ 1,123 $ 98,964 $ 100,087 Intangible assets, net 9,012 — 9,012 10,466 — 10,466 9,825 1,006 10,831 Goodwill 3,997 — 3,997 4,155 — 4,155 5,594 — 5,594 Total Assets 37,294 57,544 94,714 39,059 95,932 134,759 30,982 148,985 179,611 Year ended January 31, 2017 2016 2015 Equipment Equipment Leasing Corporate Consolidated Equipment Equipment Leasing Corporate Consolidated Equipment Equipment Corporate Consolidated Revenues $ 25,100 $ 15,941 — $ 40,999 $ 25,350 $ 26,665 $ — $ 51,819 $ 30,872 $ 52,836 $ — $ 83,146 Interest expense, net (178 ) (465 ) — (643 ) (239 ) (486 ) — (725 ) (125 ) (548 ) — (673 ) Operating (loss) income (508 ) (27,782 ) (3,001 ) (31,290 ) 279 (23,454 ) (3,702 ) (26,760 ) 2,178 (4,922 ) (3,844 ) (6,745 ) Capital expenditures 263 20 — 283 226 2,283 — 2,509 4,026 15,874 — 19,900 Depreciation and amortization expense 2,054 26,221 — 28,275 1,741 30,370 — 32,111 1,514 35,472 — 36,986 Approximately $62,000, $196,000 and $562,000 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, 2017, 2016 and 2015, respectively. Capital expenditures and fixed assets are reduced by approximately $6,000 and $192,000 for the fiscal years ended January 31, 2016 and 2015, 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, 2017 2016 2015 Equipment Manufacturing and Sales $ (508 ) $ 279 $ 2,178 Equipment Leasing (27,782 ) (23,454 ) (4,922 ) Corporate Expenses (3,001 ) (3,702 ) (3,844 ) Reconciling items: Elimination of loss (profit) from inter-company sales 1 117 (157 ) Consolidated operating income $ (31,290 ) $ (26,760 ) $ (6,745 ) |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 16. Quarterly Financial Data (Unaudited) Quarters Ended Fiscal Year April 30 July 31 October 31 January 31 Net revenues: 2017 $ 11,731 $ 8,663 $ 8,057 $ 12,548 2016 $ 17,142 $ 7,554 $ 15,681 $ 11,442 Gross profit (loss): 2017 $ (366 ) $ (2,242 ) $ (2,137 ) $ (2,669 ) 2016 $ 4,576 $ (2,609 ) $ 1,723 $ (1,021 ) Loss before income taxes: 2017 $ (6,144 ) $ (9,091 ) $ (7,558 ) $ (8,546 ) 2016 $ (392 ) $ (8,645 ) $ (6,559 ) $ (12,163 ) Incomes taxes (benefit): 2017 $ 299 $ 435 $ (228 ) $ 1,308 2016 $ (155 ) $ (2,797 ) $ (746 ) $ 14,675 Net loss: 2017 $ (6,443 ) $ (9,526 ) $ (7,330 ) $ (9,854 ) 2016 $ (237 ) $ (5,848 ) $ (5,813 ) $ (26,838 ) Loss per common share – basic: 2017 $ (0.53 ) $ (0.80 ) $ (0.62 ) $ (0.83 ) 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) Income per common share – diluted: 2017 $ (0.53 ) $ (0.80 ) $ (0.62 ) $ (0.83 ) 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) |
Leases
Leases | 12 Months Ended |
Jan. 31, 2017 | |
Text Block [Abstract] | |
Leases | 17. Leases The Company leases seismic equipment to customers under operating leases with non-cancelable month-to-month 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 $552,000, $831,000 and $1.4 million for the fiscal years ended January 31, 2017, 2016 and 2015, 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, 2017, 2016 and 2015 was approximately $1.2 million, $1.2 million and $1.4 million, respectively. Aggregate minimum lease payments for non-cancelable For fiscal years ending January 31: 2018 $ 1,446 2019 607 2020 248 2021 46 2022 26 |
Concentrations
Concentrations | 12 Months Ended |
Jan. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 18. 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 $3.3 million at January 31, 2017 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, 2017 | |
Text Block [Abstract] | |
Sales and Major Customers | 19. 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, 2017 2016 2015 UK/Europe $ 14,577 $ 16,437 $ 17,427 Canada 1,891 1,354 7,376 Latin America 2,983 3,283 12,706 Asia/South Pacific 10,348 16,623 18,407 Eurasia 3,120 3,659 5,853 Other 1,828 3,147 8,822 Total $ 34,747 $ 44,503 $ 70,591 During the fiscal year ended January 31, 2017 two customers exceeded 10% of total revenue. 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. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II MITCHAM INDUSTRIES, INC. VALUATION AND QUALIFYING ACCOUNTS (in thousands) Col. A Col. B Col. C(1) Col. C(2) Col. D Col. E Description Balance at Charged to Charged Deductions Describe Balance at End Allowance for doubtful accounts January 31, 2017 $ 5,821 737 (31 )(a) (623 )(b) $ 5,904 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 Allowance for obsolete equipment and inventory January 31, 2017 $ 900 116 (41 )(a) (23 )(c) $ 952 January 31, 2016 $ 750 208 (58 )(a) — (c) $ 900 January 31, 2015 $ 1,032 (60 ) (151 )(a) (71 )(c) $ 750 (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 S28
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2017 | |
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 on-going |
Contracts Receivable | Contracts Receivable |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts written-off |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term Investments | Short-term Investments— |
Inventories | Inventories first-in, first-out) |
Seismic Equipment Lease Pool | Seismic Equipment Lease Pool |
Property and Equipment | Property and Equipment |
Intangible Assets | Intangible Assets 15-year |
Impairment | Impairment . |
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, 2017. 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 • 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 January 31, 2017 2016 2015 (in thousands) Stock options 18 13 223 Restricted stock 44 46 26 Total dilutive shares 62 59 249 For the fiscal years ended January 31, 2017, 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. |
Reclassifications | Reclassifications |
New Accounting Pronouncements | New Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, No. 2016-18 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, beginning-of-period end-of-period No. 2016-18 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments No. 2016-15 No. 2016-15 In March 2016, the FASB issued ASU No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting No. 2016-09 No. 2016-09 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) No. 2016-02 No. 2016-02 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: (Topic 805) 2015-16 2015-16 In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest: (Subtopic 835-30) line-of-credit 2015-15 line-of-credit line-of-credit 2015-15 In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) 2015-11 first-in, first-out 2015-11 In May 2014, the FASB issued ASU No. 2014-09, 2014-09 No. 2016-10, Identifying Performance Obligations and Licensing, No. 2016-12, Narrow-Scope Improvements and Practical Expedients, non-cash 2014-09, 2016-10 2016-12 |
Organization and Summary of S29
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017, 2016 and 2015, 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 January 31, 2017 2016 2015 (in thousands) Stock options 18 13 223 Restricted stock 44 46 26 Total dilutive shares 62 59 249 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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 | 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 Ca31
Supplemental Statements of Cash Flows Information (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flows Information | Supplemental disclosures of cash flows information for the fiscal years ended January 31, 2017, 2016 and 2015 were as follows (in thousands): Years Ended January 31, 2017 2016 2015 Interest paid $ 673 $ 694 $ 860 Income taxes paid, net 409 1,520 268 Seismic equipment purchases included in accounts payable at year-end 130 325 72 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following (in thousands): As of January 31, 2017 2016 Raw materials $ 5,781 $ 7,314 Finished goods 5,985 4,967 Work in progress 1,146 1,563 Cost of inventories 12,912 13,844 Less allowance for obsolescence (952 ) (900 ) Net inventories $ 11,960 $ 12,944 |
Accounts and Contracts Receiv33
Accounts and Contracts Receivables (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Receivables [Abstract] | |
Accounts and Contracts Receivables | Accounts and contracts receivables consisted of the following (in thousands): As of January 31, 2017 2016 Accounts receivable $ 21,762 $ 27,691 Contracts receivable 2,752 2,877 24,514 30,568 Less long-term portion (4,968 ) (4,972 ) Current accounts and contracts receivable 19,546 25,596 Less current portion of allowance for doubtful accounts (3,716 ) (3,633 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 15,830 $ 21,963 |
Seismic Equipment Lease Pool 34
Seismic Equipment Lease Pool and Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 2016 Recording channels $ 126,081 $ 127,202 Other peripheral equipment 92,920 103,721 Cost of seismic equipment lease pool 219,001 230,923 Land and buildings 3,379 3,375 Furniture and fixtures 9,462 9,405 Autos and trucks 675 694 Cost of property and equipment 13,516 13,474 Cost of seismic equipment lease pool and property and equipment 232,517 244,397 Less accumulated depreciation (188,679 ) (170,881 ) Net book value of seismic equipment lease pool and property and equipment $ 43,838 $ 73,516 |
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, 2017 2016 United States $ 16,510 $ 26,913 Europe 7,730 18,499 Canada 8,525 13,985 Latin America 2,317 3,074 Singapore 5,321 6,408 Australia 1,462 2,611 Russia 1,973 2,026 Net book value of seismic equipment lease pool and property and equipment $ 43,838 $ 73,516 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Weighted January 31, 2017 January 31, 2016 Gross Accumulated Net Gross Accumulated Net (in thousands) (in thousands) Goodwill $ 3,997 $ 4,155 Proprietary rights 5.9 $ 5,810 $ (3,003 ) 2,807 $ 5,959 $ (2,645 ) 3,314 Customer relationships 4.8 4,679 (1,656 ) 3,023 4,633 (1,006 ) 3,627 Patents 5.9 1,608 (558 ) 1,050 1,592 (369 ) 1,223 Trade name 9.3 884 (27 ) 857 883 (17 ) 866 Customer backlog 0.0 20 (20 ) — 20 (2 ) 18 Developed technology 8.9 1,430 (155 ) 1,275 1,430 (12 ) 1,418 Amortizable intangible assets $ 14,431 $ (5,419 ) $ 9,012 $ 14,517 $ (4,051 ) $ 10,466 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of January 31, 2017, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands): For fiscal years ending January 31: 2018 $ 1,417 2019 1,417 2020 1,417 2021 1,273 2022 815 Thereafter 2,673 Total $ 9,012 |
Long-Term Debt and Notes Paya36
Long-Term Debt and Notes Payable (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 2016 Revolving line of credit $ 3,500 $ 14,400 Term credit facility 2,800 6,000 Other equipment notes 71 84 6,371 20,484 Less current portion (6,371 ) (3,218 ) Long-term debt $ — $ 17,266 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Income Taxes by Jurisdiction | Years Ended January 31, 2017 2016 2015 (in thousands) Loss before income taxes is attributable to the following jurisdictions: Domestic $ (17,685 ) $ (11,900 ) $ (6,766 ) Foreign (13,654 ) (15,859 ) (3,420 ) Total $ (31,339 ) $ (27,759 ) $ (10,186 ) The components of income tax expense (benefit) were as follows: Current: Domestic $ 34 $ (16 ) $ 387 Foreign 846 684 1,687 880 668 2,074 Deferred: Domestic 40 10,762 (4,230 ) Foreign 894 (453 ) 1,162 934 10,309 (3,068 ) Income tax expense (benefit) $ 1,814 $ 10,977 $ (994 ) |
Reconciliation of Expected to Actual Income Tax Expense | The following is a reconciliation of expected to actual income tax expense: Years Ended January 31, 2017 2016 2015 (in thousands) Federal income tax (benefit) expense at 34% $ (10,655 ) $ (9,436 ) $ (3,463 ) Changes in tax rates — (82 ) — Permanent differences 38 509 (224 ) Foreign effective tax rate differential 1,979 1,609 540 Potential tax, penalties and interest resulting from uncertain tax positions — (236 ) (172 ) Foreign withholding taxes 671 717 920 Election to deduct foreign taxes in prior years U.S. income tax returns — 2,610 — Valuation allowance on deferred tax assets 10,056 15,477 1,379 Other (275 ) (191 ) 26 $ 1,814 $ 10,977 $ (994 ) |
Company's Deferred Taxes | The components of the Company’s deferred taxes consisted of the following: As of January 31, 2017 2016 (in thousands) Deferred tax assets: Net operating losses $ 17,666 $ 10,127 Tax credit carry forwards 894 823 Stock option book expense 2,259 2,716 Allowance for doubtful accounts 2,098 2,121 Allowance for inventory obsolescence 437 116 Accruals not yet deductible for tax purposes 691 636 Fixed assets 1,266 299 Other 1,046 627 Gross deferred tax assets 26,357 17,465 Valuation allowance (26,357 ) (16,647 ) Deferred tax assets — 818 Deferred tax liabilities: Intangible assets (150 ) (215 ) Other (167 ) (17 ) Deferred tax liabilities (317 ) (232 ) Unrecognized tax benefits — — Total deferred tax (liabilities) assets, net (317 ) $ 586 |
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, 2017 2016 2015 (in thousands) Unrecognized tax benefits as of beginning of year $ — $ 92 $ 254 Increases as a result of tax positions taken in prior years — — — 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 |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 2016 2015 Risk free interest rate 1.34 - 1.55% 1.34 - 1.55% 1.63% Expected life 4.87 - 6.87 yrs 4.87 - 6.87 yrs 4.70 - 6.70 yrs Expected volatility 50 - 52% 50 - 52% 47% 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, 2017: Number of (in thousands) Weighted Average Weighted Average Contractual (in years) Aggregate Intrinsic (in thousands) Outstanding, January 31, 2016 1,958 $ 9.54 6.31 $ — Granted — — Exercised — — Forfeited — — Expired 177 12.23 Outstanding, January 31, 2017 1,781 $ 9.27 5.90 $ 778 Exercisable at January 31, 2017 1,314 $ 9.29 4.98 $ 283 Vested and expected to vest at January 31, 2017 1,765 $ 8.01 5.91 $ 754 |
Restricted Stock and Changes During Period | Restricted stock as of January 31, 2017 and changes during the fiscal year ended January 31, 2017 were as follows: Year Ended January 31, 2017 Number of Shares (in thousands) Weighted Average Unvested, beginning of period 32 $ 11.89 Granted — — Vested (20 ) 13.03 Canceled — — Unvested, end of period 12 $ 9.97 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Reconciliation of Operating Income (Loss) | A reconciliation of operating income is as follows (in thousands): Years Ended January 31, 2017 2016 2015 Equipment Manufacturing and Sales $ (508 ) $ 279 $ 2,178 Equipment Leasing (27,782 ) (23,454 ) (4,922 ) Corporate Expenses (3,001 ) (3,702 ) (3,844 ) Reconciling items: Elimination of loss (profit) from inter-company sales 1 117 (157 ) Consolidated operating income $ (31,290 ) $ (26,760 ) $ (6,745 ) |
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, 2017 As of January 31, 2016 As of January 31, 2015 Equipment and Sales Equipment Leasing Consolidated Equipment and Sales Equipment Leasing Consolidated Equipment and Sales Equipment Leasing Consolidated Fixed assets, net $ 4,036 $ 39,926 $ 43,838 $ 4,278 $ 69,238 $ 73,516 $ 1,123 $ 98,964 $ 100,087 Intangible assets, net 9,012 — 9,012 10,466 — 10,466 9,825 1,006 10,831 Goodwill 3,997 — 3,997 4,155 — 4,155 5,594 — 5,594 Total Assets 37,294 57,544 94,714 39,059 95,932 134,759 30,982 148,985 179,611 |
Revenue [Member] | |
Financial Information by Business Segment | Year ended January 31, 2017 2016 2015 Equipment Equipment Leasing Corporate Consolidated Equipment Equipment Leasing Corporate Consolidated Equipment Equipment Corporate Consolidated Revenues $ 25,100 $ 15,941 — $ 40,999 $ 25,350 $ 26,665 $ — $ 51,819 $ 30,872 $ 52,836 $ — $ 83,146 Interest expense, net (178 ) (465 ) — (643 ) (239 ) (486 ) — (725 ) (125 ) (548 ) — (673 ) Operating (loss) income (508 ) (27,782 ) (3,001 ) (31,290 ) 279 (23,454 ) (3,702 ) (26,760 ) 2,178 (4,922 ) (3,844 ) (6,745 ) Capital expenditures 263 20 — 283 226 2,283 — 2,509 4,026 15,874 — 19,900 Depreciation and amortization expense 2,054 26,221 — 28,275 1,741 30,370 — 32,111 1,514 35,472 — 36,986 |
Quarterly Financial Data (Una40
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data (Unaudited) | Fiscal Year April 30 July 31 October 31 January 31 Net revenues: 2017 $ 11,731 $ 8,663 $ 8,057 $ 12,548 2016 $ 17,142 $ 7,554 $ 15,681 $ 11,442 Gross profit (loss): 2017 $ (366 ) $ (2,242 ) $ (2,137 ) $ (2,669 ) 2016 $ 4,576 $ (2,609 ) $ 1,723 $ (1,021 ) Loss before income taxes: 2017 $ (6,144 ) $ (9,091 ) $ (7,558 ) $ (8,546 ) 2016 $ (392 ) $ (8,645 ) $ (6,559 ) $ (12,163 ) Incomes taxes (benefit): 2017 $ 299 $ 435 $ (228 ) $ 1,308 2016 $ (155 ) $ (2,797 ) $ (746 ) $ 14,675 Net loss: 2017 $ (6,443 ) $ (9,526 ) $ (7,330 ) $ (9,854 ) 2016 $ (237 ) $ (5,848 ) $ (5,813 ) $ (26,838 ) Loss per common share – basic: 2017 $ (0.53 ) $ (0.80 ) $ (0.62 ) $ (0.83 ) 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) Income per common share – diluted: 2017 $ (0.53 ) $ (0.80 ) $ (0.62 ) $ (0.83 ) 2016 $ (0.02 ) $ (0.49 ) $ (0.48 ) $ (2.23 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Text Block [Abstract] | |
Aggregate Minimum Lease Payments for Non-Cancelable Operating Leases | Aggregate minimum lease payments for non-cancelable For fiscal years ending January 31: 2018 $ 1,446 2019 607 2020 248 2021 46 2022 26 |
Sales and Major Customers (Tabl
Sales and Major Customers (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 2016 2015 UK/Europe $ 14,577 $ 16,437 $ 17,427 Canada 1,891 1,354 7,376 Latin America 2,983 3,283 12,706 Asia/South Pacific 10,348 16,623 18,407 Eurasia 3,120 3,659 5,853 Other 1,828 3,147 8,822 Total $ 34,747 $ 44,503 $ 70,591 |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2017USD ($) | |
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 |
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 S44
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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Stock options | 18 | 13 | 223 |
Restricted stock | 44 | 46 | 26 |
Total dilutive shares | 62 | 59 | 249 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) | May 31, 2014USD ($)Product_Lines | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, cash paid | $ 10,000,000 | $ 14,500,000 | ||||||||||||
Revenue | $ 12,548,000 | $ 8,057,000 | $ 8,663,000 | $ 11,731,000 | $ 11,442,000 | $ 15,681,000 | $ 7,554,000 | $ 17,142,000 | $ 40,999,000 | 51,819,000 | 83,146,000 | |||
Net income | $ (9,854,000) | $ (7,330,000) | $ (9,526,000) | $ (6,443,000) | $ (26,838,000) | $ (5,813,000) | $ (5,848,000) | $ (237,000) | $ (33,153,000) | (38,736,000) | (9,192,000) | |||
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 | 4 years 9 months 18 days | |||||||||||||
Patents [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Weighted Average Remaining Life | 5 years 10 months 24 days | |||||||||||||
Trade Name [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible assets amount | $ 760,000 | |||||||||||||
Equipment Manufacturing and Sales [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenue | $ 25,100,000 | $ 25,350,000 | $ 30,872,000 | |||||||||||
Klein Associates Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenue | $ 533,000 | |||||||||||||
Net income | $ 5,000 | |||||||||||||
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, 2017 | Jan. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,997 | $ 4,155 | $ 5,594 | |
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 Ca48
Supplemental Statements of Cash Flows Information - Supplemental Disclosures of Cash Flows Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 673 | $ 694 | $ 860 |
Income taxes paid, net | 409 | 1,520 | 268 |
Seismic equipment purchases included in accounts payable at year-end | $ 130 | $ 325 | $ 72 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Inventory, Net [Abstract] | ||
Raw materials | $ 5,781 | $ 7,314 |
Finished goods | 5,985 | 4,967 |
Work in progress | 1,146 | 1,563 |
Cost of inventories | 12,912 | 13,844 |
Less allowance for obsolescence | (952) | (900) |
Net inventories | $ 11,960 | $ 12,944 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Klein Associates Inc. [Member] | |
Balance Sheet [Line Items] | |
Inventory acquired | $ 3.3 |
Accounts and Contracts Receiv51
Accounts and Contracts Receivables - Accounts and Contracts Receivables (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Accounts Receivable, Net, Current [Abstract] | ||
Accounts receivable | $ 21,762 | $ 27,691 |
Contracts receivable | 2,752 | 2,877 |
Accounts and contracts receivable | 24,514 | 30,568 |
Less long-term portion | (4,968) | (4,972) |
Current accounts and contracts receivable | 19,546 | 25,596 |
Less current portion of allowance for doubtful accounts | (3,716) | (3,633) |
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts | $ 15,830 | $ 21,963 |
Accounts and Contracts Receiv52
Accounts and Contracts Receivables - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017USD ($)Customer | Jan. 31, 2016USD ($)Customer | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contracts receivable | $ | $ 2,752 | $ 2,877 |
Number of customers due | 3 | 3 |
Contracts receivable, interest rate | 2.20% | 2.40% |
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 | |
Maximum [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contracts receivable repayment term | 40 months |
Seismic Equipment Lease Pool 53
Seismic Equipment Lease Pool and Property and Equipment - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | $ 13,516 | $ 13,474 | |
Cost of seismic equipment lease pool and property and equipment | 232,517 | 244,397 | |
Less accumulated depreciation | (188,679) | (170,881) | |
Seismic equipment lease pool and property and equipment, net | 43,838 | 73,516 | $ 100,087 |
Recording Channels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 126,081 | 127,202 | |
Other Peripheral Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 92,920 | 103,721 | |
Seismic Equipment Lease Pool [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 219,001 | 230,923 | |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 3,379 | 3,375 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | 9,462 | 9,405 | |
Autos and Trucks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost of property and equipment | $ 675 | $ 694 |
Seismic Equipment Lease Pool 54
Seismic Equipment Lease Pool and Property and Equipment - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2017USD ($) | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |
Impairment charges related to long-lived assets | $ 0 |
Seismic Equipment Lease Pool 55
Seismic Equipment Lease Pool and Property and Equipment - Location of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | $ 43,838 | $ 73,516 | $ 100,087 |
United States [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 16,510 | 26,913 | |
Canada [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 8,525 | 13,985 | |
Latin America [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 2,317 | 3,074 | |
Australia [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 1,462 | 2,611 | |
Russia [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 1,973 | 2,026 | |
Singapore [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | 5,321 | 6,408 | |
Europe [Member] | |||
Geographic Information For Property Plant And Equipment [Line Items] | |||
Seismic equipment lease pool and property and equipment, net | $ 7,730 | $ 18,499 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 3,997 | $ 4,155 | $ 5,594 |
Gross Carrying Amount | 14,431 | 14,517 | |
Accumulated Amortization | (5,419) | (4,051) | |
Net Carrying Amount | $ 9,012 | 10,466 | $ 10,831 |
Proprietary Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 5 years 10 months 24 days | ||
Gross Carrying Amount | $ 5,810 | 5,959 | |
Accumulated Amortization | (3,003) | (2,645) | |
Net Carrying Amount | $ 2,807 | 3,314 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 4 years 9 months 18 days | ||
Gross Carrying Amount | $ 4,679 | 4,633 | |
Accumulated Amortization | (1,656) | (1,006) | |
Net Carrying Amount | $ 3,023 | 3,627 | |
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 5 years 10 months 24 days | ||
Gross Carrying Amount | $ 1,608 | 1,592 | |
Accumulated Amortization | (558) | (369) | |
Net Carrying Amount | $ 1,050 | 1,223 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 9 years 3 months 18 days | ||
Gross Carrying Amount | $ 884 | 883 | |
Accumulated Amortization | (27) | (17) | |
Net Carrying Amount | $ 857 | 866 | |
Customer Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 0 years | ||
Gross Carrying Amount | $ 20 | 20 | |
Accumulated Amortization | $ (20) | (2) | |
Net Carrying Amount | 18 | ||
Developed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Life | 8 years 10 months 24 days | ||
Gross Carrying Amount | $ 1,430 | 1,430 | |
Accumulated Amortization | (155) | (12) | |
Net Carrying Amount | $ 1,275 | $ 1,418 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 3,997 | $ 4,155 | $ 5,594 | |
Aggregate amortization expense | $ 1,500 | $ 1,700 | $ 1,400 | |
Klein Associates Inc. [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 1,662 | |||
Other intangible assets | $ 2,400 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,018 | $ 1,417 | ||
2,019 | 1,417 | ||
2,020 | 1,417 | ||
2,021 | 1,273 | ||
2,022 | 815 | ||
Thereafter | 2,673 | ||
Net Carrying Amount | $ 9,012 | $ 10,466 | $ 10,831 |
Long-Term Debt and Notes Paya59
Long-Term Debt and Notes Payable - Long-Term Debt and Notes Payable (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 6,371 | $ 20,484 |
Debt | 6,371 | 20,484 |
Less current portion | (6,371) | (3,218) |
Long-term debt | 17,266 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 3,500 | 14,400 |
Debt | 3,500 | 14,400 |
Term Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,800 | 6,000 |
Debt | 2,800 | 6,000 |
Other Equipment Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 71 | 84 |
Debt | $ 71 | $ 84 |
Long-Term Debt and Notes Paya60
Long-Term Debt and Notes Payable - Additional Information (Detail) | Aug. 02, 2013USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2017SGD | Aug. 22, 2014USD ($) |
Line of Credit Facility [Line Items] | ||||||
Line of credit agreement collateralized by percentage of own capital stock | 65.00% | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate of borrowings | 2.75% | |||||
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 | |||||
Remaining borrowings under the revolving credit facility | $ 10,000,000 | |||||
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% | |||||
Fixed charge coverage ratio | 1.25% | 1.25% | ||||
Adjusted EBITDA | $ 22,000,000 | |||||
Capital expenditures to adjusted EBITDA | 1 | |||||
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 | |||||
Leverage Ratio | 2 | |||||
Fixed charge coverage ratio | 1.25% | 1.25% | ||||
Additional indebtedness | $ 5,000,000 | |||||
Seamap Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings under the revolving credit facility | $ 15,000,000 | |||||
Minimum shareholder's equity | SGD | SGD 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 provided 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 | $ 12,200,000 | $ 17,600,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 2015 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Apr. 30, 2013 |
Statement Of Shareholders Equity [Line Items] | |||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, shares outstanding | 343,000 | 0 | |||
Preferred stock, par value | $ 1 | $ 1 | |||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||
Common stock, shares issued | 14,019,000 | 14,019,000 | |||
Number of shares authorized to repurchase | 1,000,000 | 1,000,000 | |||
Number of shares of common stock repurchased | 0 | 852,100,000 | |||
Average price of shares repurchased | $ 11.41 | ||||
Shares surrendered in exchange for payment of taxes | 718 | 580 | 1,020 | ||
Average fair value of shares | $ 3.76 | $ 4.86 | $ 13.49 | ||
Series A Preferred Stock [Member] | |||||
Statement Of Shareholders Equity [Line Items] | |||||
Preferred stock, shares outstanding | 343,000 | 0 | |||
Preferred stock, par value | $ 1 | ||||
Preferred stock, dividend rate | 9.00% | ||||
Preferred stock, liquidation preference per share | $ 25 | ||||
Preferred stock, dividend rate | 2.25 | ||||
Preferred stock, redemption price per share | $ 25 | ||||
Preferred stock, redemption period | 120 days | ||||
Period of time for listing | 180 days |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) | Oct. 07, 2016 | Jun. 08, 2016 | Jan. 31, 2017 | Jan. 31, 2017 | Jan. 31, 2016 |
Related Party Transaction [Line Items] | |||||
Stock issued during period | 343,000 | 343,000 | 0 | ||
Maximum number of preferred stock to be issued | 1,000,000 | 1,000,000 | 1,000,000 | ||
Net proceeds from preferred stock | $ 346,000 | ||||
Series A Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued during period | 320,000 | ||||
Series A Preferred Stock [Member] | Ladenburg Thalmann & Co. Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Underwriting discounts, commissions and fees | $ 440,000 | ||||
Percentage of structuring fee received | 0.50% | ||||
Structuring fee to underwriter | $ 40,000 | ||||
Maximum number of preferred stock to be issued | 500,000 | ||||
Percentage of compensation fees to be paid | 2.00% | ||||
Stock issued during period | 15,184 | 23,174 | |||
Gross proceeds from preferred stock | $ 353,000 | $ 543,000 | |||
Equity distribution compensation expenses | 7,000 | $ 11,000 | |||
Series A Preferred Stock [Member] | Non-Executive Chairman [Member] | |||||
Related Party Transaction [Line Items] | |||||
Underwriting discounts, commissions and fees | $ 0 | ||||
Equity distribution compensation expenses | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes by Jurisdiction (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Loss before income taxes is attributable to the following jurisdictions: | |||||||||||
Domestic | $ (17,685) | $ (11,900) | $ (6,766) | ||||||||
Foreign | (13,654) | (15,859) | (3,420) | ||||||||
Loss before income taxes | $ (8,546) | $ (7,558) | $ (9,091) | $ (6,144) | $ (12,163) | $ (6,559) | $ (8,645) | $ (392) | (31,339) | (27,759) | (10,186) |
Current: | |||||||||||
Domestic | 34 | (16) | 387 | ||||||||
Foreign | 846 | 684 | 1,687 | ||||||||
Total | 880 | 668 | 2,074 | ||||||||
Deferred: | |||||||||||
Domestic | 40 | 10,762 | (4,230) | ||||||||
Foreign | 894 | (453) | 1,162 | ||||||||
Total | 934 | 10,309 | (3,068) | ||||||||
Income tax expense (benefit) | $ 1,308 | $ (228) | $ 435 | $ 299 | $ 14,675 | $ (746) | $ (2,797) | $ (155) | $ 1,814 | $ 10,977 | $ (994) |
Income Taxes - Reconciliation64
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Reconciliation of expected to actual income tax expense | |||||||||||
Federal income tax (benefit) expense at 34% | $ (10,655) | $ (9,436) | $ (3,463) | ||||||||
Changes in tax rates | (82) | ||||||||||
Permanent differences | 38 | 509 | (224) | ||||||||
Foreign effective tax rate differential | 1,979 | 1,609 | 540 | ||||||||
Potential tax, penalties and interest resulting from uncertain tax positions | (236) | (172) | |||||||||
Foreign withholding taxes | 671 | 717 | 920 | ||||||||
Election to deduct foreign taxes in prior years U.S. income tax returns | 2,610 | ||||||||||
Valuation allowance on deferred tax assets | 10,056 | 15,477 | 1,379 | ||||||||
Other | (275) | (191) | 26 | ||||||||
Income tax expense (benefit) | $ 1,308 | $ (228) | $ 435 | $ 299 | $ 14,675 | $ (746) | $ (2,797) | $ (155) | $ 1,814 | $ 10,977 | $ (994) |
Income Taxes - Reconciliation65
Income Taxes - Reconciliation of Expected to Actual Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
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, 2017 | Jan. 31, 2016 |
Deferred tax assets: | ||
Net operating losses | $ 17,666 | $ 10,127 |
Tax credit carry forwards | 894 | 823 |
Stock option book expense | 2,259 | 2,716 |
Allowance for doubtful accounts | 2,098 | 2,121 |
Allowance for inventory obsolescence | 437 | 116 |
Accruals not yet deductible for tax purposes | 691 | 636 |
Fixed assets | 1,266 | 299 |
Other | 1,046 | 627 |
Gross deferred tax assets | 26,357 | 17,465 |
Valuation allowance | (26,357) | (16,647) |
Deferred tax assets | 818 | |
Deferred tax liabilities: | ||
Intangible assets | (150) | (215) |
Other | (167) | (17) |
Deferred tax liabilities | (317) | (232) |
Unrecognized tax benefits | 0 | 0 |
Total deferred tax assets, net | $ 586 | |
Total deferred tax liabilities, net | $ (317) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Recognized deferred tax liability related to undistributed earnings | $ 0 | ||
Deferred tax assets | 2,259,000 | $ 2,716,000 | |
Valuation allowance, deferred tax assets | 26,357,000 | 16,647,000 | |
Deferred tax asset | 416,000 | ||
Tax credit carry forwards | $ 894,000 | ||
Tax credit carry forwards expiration year | 2,021 | ||
Unrecognized Tax Benefit | $ 0 | 0 | $ 237,000 |
Accrued interest and penalties | 145,000 | ||
Potential penalties and interest | $ 145,000 | $ 10,000 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits Excluding Potential Penalties and Interest (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
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 | $ 0 | 0 | 0 |
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 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase orders outstanding | $ 3,500,000 |
Purchase orders to be fulfilled | 180 days |
Customs and performance guarantees | $ 609,000 |
Restricted cash | $ 609,000 |
Stock Option Plans - Additional
Stock Option Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Stock Based Compensation [Line Items] | |||
Compensation expense related to stock-based awards granted | $ 737,000 | $ 1,300,000 | $ 1,300,000 |
Weighted average grant-date fair value of options granted | $ 1.64 | $ 6.23 | |
Number of options granted | 0 | ||
Associated excess tax (benefits) losses | $ 0 | $ (416,000) | $ 0 |
Intrinsic value of options exercised | 509,000 | ||
Fair value of options vested | $ 1,000,000 | $ 1,500,000 | $ 1,200,000 |
Options vested | 315,000 | ||
Number of options exercised | 0 | 0 | |
Total unrecognized compensation expense related to unvested stock options | $ 356,000 | ||
Expense expected to be recognized over weighted average period | 1 year 1 month 6 days | ||
Restricted Stock [Member] | |||
Stock Based Compensation [Line Items] | |||
Expense expected to be recognized over weighted average period | 7 months 6 days | ||
Total unrecognized compensation expense related to unvested restricted stock awards | $ 19,000 | ||
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 | 602,000 | ||
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 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate, minimum | 1.34% | |
Risk free interest rate | 1.63% | |
Risk free interest rate, maximum | 1.55% | |
Expected volatility, minimum | 50.00% | |
Expected volatility | 47.00% | |
Expected volatility, maximum | 52.00% | |
Expected dividend yield | 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, $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding, beginning shares | 1,958,000 | |
Granted, shares | 0 | |
Exercised, shares | 0 | 0 |
Forfeited, shares | 0 | |
Expired, shares | 177,000 | |
Outstanding, ending shares | 1,781,000 | 1,958,000 |
Exercisable, shares | 1,314,000 | |
Vested and expected to vest, shares | 1,765,000 | |
Weighted Average Exercise Price, Outstanding beginning | $ 9.54 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Forfeited | 0 | |
Weighted Average Exercise Price, Expired | 12.23 | |
Weighted Average Exercise Price, Outstanding ending | 9.27 | $ 9.54 |
Weighted Average Exercise Price, Exercisable | 9.29 | |
Weighted Average Exercise Price, Vested and expected to vest | $ 8.01 | |
Weighted Average Remaining Contractual Term, outstanding | 5 years 10 months 24 days | 6 years 3 months 22 days |
Weighted Average Remaining Contractual Term, exercisable | 4 years 11 months 23 days | |
Weighted Average Remaining Contractual Term, Vested and expected to vest | 5 years 10 months 28 days | |
Aggregate Intrinsic Value, Outstanding | $ 778 | |
Aggregate Intrinsic Value, Exercisable | 283 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 754 |
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, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Unvested, beginning of period | shares | 32 |
Number of Shares, Granted | shares | 0 |
Number of Shares, Vested | shares | (20) |
Number of Shares, Canceled | shares | 0 |
Number of Shares, Unvested, end of period | shares | 12 |
Weighted Average Grant Date Fair Value, Unvested, beginning of period | $ / shares | $ 11.89 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 13.03 |
Weighted Average Grant Date Fair Value, Canceled | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Unvested, end of period | $ / shares | $ 9.97 |
Segment Reporting - Financial I
Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Fixed assets, net | $ 43,838 | $ 73,516 | $ 100,087 |
Intangible assets, net | 9,012 | 10,466 | 10,831 |
Goodwill | 3,997 | 4,155 | 5,594 |
Total Assets | 94,714 | 134,759 | 179,611 |
Equipment Leasing [Member] | |||
Segment Reporting Information [Line Items] | |||
Fixed assets, net | 39,926 | 69,238 | 98,964 |
Intangible assets, net | 1,006 | ||
Total Assets | 57,544 | 95,932 | 148,985 |
Equipment Manufacturing and Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Fixed assets, net | 4,036 | 4,278 | 1,123 |
Intangible assets, net | 9,012 | 10,466 | 9,825 |
Goodwill | 3,997 | 4,155 | 5,594 |
Total Assets | $ 37,294 | $ 39,059 | $ 30,982 |
Segment Reporting - Financial75
Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 12,548 | $ 8,057 | $ 8,663 | $ 11,731 | $ 11,442 | $ 15,681 | $ 7,554 | $ 17,142 | $ 40,999 | $ 51,819 | $ 83,146 |
Interest expense, net | (643) | (725) | (673) | ||||||||
Operating (loss) income | (31,290) | (26,760) | (6,745) | ||||||||
Capital expenditures | 283 | 2,509 | 19,900 | ||||||||
Depreciation and amortization expense | 28,275 | 32,111 | 36,986 | ||||||||
Corporate Expenses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating (loss) income | (3,001) | (3,702) | (3,844) | ||||||||
Equipment Leasing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 15,941 | 26,665 | 52,836 | ||||||||
Interest expense, net | (465) | (486) | (548) | ||||||||
Operating (loss) income | (27,782) | (23,454) | (4,922) | ||||||||
Capital expenditures | 20 | 2,283 | 15,874 | ||||||||
Depreciation and amortization expense | 26,221 | 30,370 | 35,472 | ||||||||
Equipment Manufacturing and Sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 25,100 | 25,350 | 30,872 | ||||||||
Interest expense, net | (178) | (239) | (125) | ||||||||
Operating (loss) income | (508) | 279 | 2,178 | ||||||||
Capital expenditures | 263 | 226 | 4,026 | ||||||||
Depreciation and amortization expense | $ 2,054 | $ 1,741 | $ 1,514 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Revenues | $ 12,548,000 | $ 8,057,000 | $ 8,663,000 | $ 11,731,000 | $ 11,442,000 | $ 15,681,000 | $ 7,554,000 | $ 17,142,000 | $ 40,999,000 | $ 51,819,000 | $ 83,146,000 |
Reduction in capital expenditures and fixed assets | 6,000 | 192,000 | |||||||||
Eliminations [Member] | |||||||||||
Schedule Of Sales Revenue By Business Segment [Line Items] | |||||||||||
Revenues | $ 62,000 | $ 196,000 | $ 562,000 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Operating Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Consolidated operating income | $ (31,290) | $ (26,760) | $ (6,745) |
Equipment Leasing [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | (27,782) | (23,454) | (4,922) |
Equipment Manufacturing and Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | (508) | 279 | 2,178 |
Operating Segments [Member] | Equipment Leasing [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | (27,782) | (23,454) | (4,922) |
Operating Segments [Member] | Equipment Manufacturing and Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | (508) | 279 | 2,178 |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | 1 | 117 | (157) |
Corporate Expenses [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | $ (3,001) | $ (3,702) | $ (3,844) |
Quarterly Financial Data (Una78
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, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues: | $ 12,548 | $ 8,057 | $ 8,663 | $ 11,731 | $ 11,442 | $ 15,681 | $ 7,554 | $ 17,142 | $ 40,999 | $ 51,819 | $ 83,146 |
Gross profit (loss): | (2,669) | (2,137) | (2,242) | (366) | (1,021) | 1,723 | (2,609) | 4,576 | (7,414) | 2,669 | 23,254 |
Loss before income taxes: | (8,546) | (7,558) | (9,091) | (6,144) | (12,163) | (6,559) | (8,645) | (392) | (31,339) | (27,759) | (10,186) |
Incomes taxes (benefit): | 1,308 | (228) | 435 | 299 | 14,675 | (746) | (2,797) | (155) | 1,814 | 10,977 | (994) |
Net loss: | $ (9,854) | $ (7,330) | $ (9,526) | $ (6,443) | $ (26,838) | $ (5,813) | $ (5,848) | $ (237) | $ (33,153) | $ (38,736) | $ (9,192) |
Loss per common share - basic: | $ (0.83) | $ (0.62) | $ (0.80) | $ (0.53) | $ (2.23) | $ (0.48) | $ (0.49) | $ (0.02) | $ (2.79) | $ (3.22) | $ (0.74) |
Income per common share - diluted: | $ (0.83) | $ (0.62) | $ (0.80) | $ (0.53) | $ (2.23) | $ (0.48) | $ (0.49) | $ (0.02) | $ (2.79) | $ (3.22) | $ (0.74) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
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 | $ 1,200,000 | $ 1,400,000 |
Seismic Equipment Lease Pool [Member] | Domestic Tax Authority [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expense incurred by the Company | $ 552,000 | $ 831,000 | $ 1,400,000 |
Leases - Aggregate Minimum Leas
Leases - Aggregate Minimum Lease Payments for Non-Cancelable Operating Leases (Detail) $ in Thousands | Jan. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 1,446 |
2,019 | 607 |
2,020 | 248 |
2,021 | 46 |
2,022 | $ 26 |
Concentrations - Additional Inf
Concentrations - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Jan. 31, 2017USD ($)CustomerSupplier | Jan. 31, 2016USD ($)Customer | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Minimum rate of consolidated accounts receivable | 10.00% | 10.00% |
Foreign bank deposits | $ 3.3 | |
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 | 3 | 4 |
Aggregate amount of accounts receivable from customers | $ 5.1 | $ 11.6 |
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, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | $ 34,747 | $ 44,503 | $ 70,591 |
Canada [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 1,891 | 1,354 | 7,376 |
UK and Europe [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 14,577 | 16,437 | 17,427 |
Latin America [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 2,983 | 3,283 | 12,706 |
Asia/South Pacific [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 10,348 | 16,623 | 18,407 |
Eurasia [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | 3,120 | 3,659 | 5,853 |
Other [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total revenues from customers | $ 1,828 | $ 3,147 | $ 8,822 |
Sales and Major Customers - Add
Sales and Major Customers - Additional Information (Detail) - Person | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
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 | 2 | 1 | 0 |
Schedule II - Valuation and Q84
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 5,821 | $ 6,339 | $ 3,833 |
Charged to Costs and Expenses | 737 | 2,069 | 2,834 |
Charged to Other Accounts | (31) | 404 | (332) |
Deductions Describe | (623) | (2,991) | 4 |
Balance at End of Period | 5,904 | 5,821 | 6,339 |
Allowance for Obsolete Equipment and Inventory [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 900 | 750 | 1,032 |
Charged to Costs and Expenses | 116 | 208 | (60) |
Charged to Other Accounts | (41) | (58) | (151) |
Deductions Describe | (23) | (71) | |
Balance at End of Period | $ 952 | $ 900 | $ 750 |