MIND Technology (MIND) 10-Q 8 Jun 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2017	Jun. 07, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	MIND
Entity Registrant Name	MITCHAM INDUSTRIES INC
Entity Central Index Key	926,423
Current Fiscal Year End Date	--01-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		12,089,339

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Current assets:
Cash and cash equivalents	$ 2,053	$ 2,902
Restricted cash	403	609
Accounts and contracts receivable, net of allowance for doubtful accounts of $3,720 and $3,716 at April 30, 2017 and January 31, 2017, respectively	16,028	15,830
Inventories, net	13,488	11,960
Prepaid income taxes	221	1,565
Prepaid expenses and other current assets	1,752	2,193
Total current assets	33,945	35,059
Seismic equipment lease pool and property and equipment, net	33,380	43,838
Intangible assets, net	8,720	9,012
Goodwill	3,997	3,997
Non-current prepaid income taxes	1,192
Long-term receivables net of allowance for doubtful accounts of $2,188 at April 30, 2017 and January 31, 2017	4,488	2,780
Other assets	28	28
Total assets	85,750	94,714
Current liabilities:
Accounts payable	1,876	1,929
Current maturities - long-term debt		6,371
Deferred revenue	560	651
Accrued expenses and other current liabilities	4,595	4,514
Total current liabilities	7,031	13,465
Deferred tax liability	296	317
Total liabilities	7,327	13,782
Shareholders' equity:
Preferred stock, $1.00 par value; 1,000 shares authorized; 348 and 343 shares issued and outstanding at April 30, 2017 and January 31, 2017, respectively	7,391	7,294
Common stock, $0.01 par value; 20,000 shares authorized; 14,019 shares issued at April 30, 2017 and January 31, 2017	140	140
Additional paid-in capital	121,625	121,401
Treasury stock, at cost (1,929 shares at April 30, 2017 and January 31, 2017)	(16,858)	(16,858)
Accumulated deficit	(23,310)	(20,451)
Accumulated other comprehensive loss	(10,565)	(10,594)
Total shareholders' equity	78,423	80,932
Total liabilities and shareholders' equity	$ 85,750	$ 94,714

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 3,720	$ 3,716
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	348,000	343,000
Preferred stock, shares outstanding	348,000	343,000
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	1,929,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Revenues:
Equipment manufacturing and sales	$ 6,888	$ 7,188
Equipment leasing	2,717	3,608
Lease pool and other equipment sales	8,828	935
Total revenues	18,433	11,731
Cost of sales:
Cost of equipment manufacturing and sales	3,975	4,021
Direct costs - equipment leasing	944	752
Direct costs - lease pool depreciation	4,181	6,873
Cost of lease pool and other equipment sales	6,139	451
Total cost of sales	15,239	12,097
Gross profit (loss)	3,194	(366)
Operating expenses:
General and administrative	4,902	5,313
Depreciation and amortization	581	652
Total operating expenses	5,483	5,965
Operating loss	(2,289)	(6,331)
Other (expense) income:
Interest, net	(46)	(264)
Other, net	(101)	451
Total other (expense) income	(147)	187
Loss before income taxes	(2,436)	(6,144)
Provision for income taxes	(229)	(299)
Net loss	(2,665)	(6,443)
Preferred stock dividends	(194)
Net loss attributable to common shareholders	$ (2,859)	$ (6,443)
Net loss per common share:
Basic	$ (0.24)	$ (0.53)
Diluted	$ (0.24)	$ (0.53)
Shares used in computing net loss per common share:
Basic	12,078	12,059
Diluted	12,078	12,059

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss attributable to common shareholders	$ (2,859)	$ (6,443)
Change in cumulative translation adjustment	29	2,661
Comprehensive loss	$ (2,830)	$ (3,782)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Cash flows from operating activities:
Net loss	$ (2,665)	$ (6,443)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,791	7,558
Stock-based compensation	224	247
Provision for inventory obsolescence	8	43
Gross profit from sale of lease pool equipment	(2,689)	(491)
Deferred tax benefit	(27)	(497)
Changes in working capital items:
Trade accounts and contracts receivable	2,175	2,809
Inventories	(1,403)	297
Prepaid expenses and other current assets	549	(250)
Income taxes receivable and payable	149	640
Accounts payable, accrued expenses, other current liabilities and deferred revenue	48	(2,044)
Foreign exchange gains net of losses	(48)	(119)
Net cash provided by operating activities	1,112	1,750
Cash flows from investing activities:
Purchases of seismic equipment held for lease	(158)	(522)
Purchases of property and equipment	(28)	(82)
Sale of used lease pool equipment	4,496	906
Net cash provided by investing activities	4,310	302
Cash flows from financing activities:
Net payments on revolving line of credit	(3,500)	(1,950)
Payments on term loan and other borrowings	(2,807)	(804)
Net proceeds from preferred stock offering	27
Preferred stock dividends	(194)
Net cash used in financing activities	(6,474)	(2,754)
Effect of changes in foreign exchange rates on cash and cash equivalents	(3)	(707)
Net change in cash and cash equivalents	(1,055)	(1,409)
Cash and cash equivalents, beginning of period	3,511	3,769
Cash and cash equivalents, end of period	2,456	2,360
Supplemental cash flow information:
Interest paid	92	338
Income taxes paid	13	151
Purchases of seismic equipment held for lease in accounts payable at end of period	$ 119	$ 161

Organization

Organization	3 Months Ended
	Apr. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987. The Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), its wholly owned Singaporean subsidiary, Mitcham Marine Leasing Pte. Ltd. (“MML”), and its branch operations in Colombia, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly owned subsidiaries, Seamap International Holdings Pte, Ltd. (“Seamap”) and Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore and the United Kingdom. All intercompany transactions and balances have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	2. Basis of Presentation The condensed consolidated balance sheet as of January 31, 2017 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2017. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2017, the results of operations for the three months ended April 30, 2017 and 2016, and the cash flows for the three months ended April 30, 2017 and 2016, have been included in these condensed consolidated financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2018.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Apr. 30, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	3. New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: (Topic 606), to provide guidance on revenue recognition on contracts with customers to transfer goods or services or on contracts for the transfer of nonfinancial assets. ASU 2014-09 requires that revenue recognition on contracts with customers depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In April 2016, the FASB also issued ASU No. 2016-10, Revenue from Contracts with Customers: (Topic 606) Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients,

Balance Sheet

Balance Sheet	3 Months Ended
	Apr. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet	4. Balance Sheet April 30, 2017 January 31, 2017 Accounts receivable $ 20,159 $ 21,762 Contracts receivable 6,265 2,752 26,424 24,514 Less long-term portion (6,676 ) (4,968 ) Current accounts and contracts receivable 19,748 19,546 Less current portion of allowance for doubtful accounts (3,720 ) (3,716 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 16,028 $ 15,830 Contracts receivable consisted of $6.3 million due from four customers at April 30, 2017 and $2.8 million due from three customers as of January 31, 2017. The balance of contracts receivable at April 30, 2017 and January 31, 2017 consisted of contracts bearing interest at an average rate of approximately 2.9% and 2.2% respectively and with remaining repayment terms from one to 40 months . April 30, 2017 January 31, 2017 (in thousands) Inventories: Raw materials 5,843 $ 5,781 Finished goods 6,467 5,985 Work in progress 2,066 1,146 14,376 12,912 Less allowance for obsolescence (888 ) (952 ) Total inventories, net $ 13,488 $ 11,960 April 30, 2017 January 31, 2017 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 184,263 $ 219,001 Land and buildings 3,379 3,379 Furniture and fixtures 9,515 9,462 Autos and trucks 670 675 197,827 232,517 Accumulated depreciation and amortization (164,447 ) (188,679 ) Total seismic equipment lease pool and property and equipment, net $ 33,380 $ 43,838 As of January 31, 2017, the Company completed an annual review of long-lived assets noting that the undiscounted future cash flows exceeded their carrying value and no impairment has been recorded. Since January 31, 2017 there have been no significant changes to the market, economic or legal environment in which the Company operates that would indicate additional impairment analysis is necessary as of April 30, 2017.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Apr. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	5. Goodwill and Other Intangible Assets Weighted April 30, 2017 January 31, 2017 Gross Accumulated Net Gross Accumulated Net (in thousands) (in thousands) Goodwill $ 3,997 $ 3,997 Proprietary rights 5.6 $ 5,872 $ (3,154 ) 2,718 $ 5,810 $ (3,003 ) 2,807 Customer relationships 4.6 4,720 (1,831 ) 2,889 4,679 (1,656 ) 3,023 Patents 5.6 1,622 (604 ) 1,018 1,608 (558 ) 1,050 Trade name 9.1 885 (29 ) 856 884 (27 ) 857 Developed technology 8.7 1,430 (191 ) 1,239 1,430 (155 ) 1,275 Amortizable intangible assets $ 14,529 $ (5,809 ) $ 8,720 $ 14,411 $ (5,399 ) $ 9,012 On January 31, 2016, based on a review of qualitative factors, the Company recorded an impairment of the goodwill associated with its Seamap reporting unit in the amount of $3.0 million. Also at January 31, 2016, the Company recorded impairment of approximately $600,000 related to certain identifiable intangible assets related to its leasing reporting unit. As of 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. During the three months ended April 30, 2017 there have been no substantive indicators of additional impairment. Amortizable intangible assets are amortized over their estimated useful lives of five to 15 years using the straight-line method. Aggregate amortization expense was $355,000 and $401,000 for the three months ended April 30, 2017 and 2016, respectively. As of April 30, 2017, future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2018 $ 1,072 2019 1,429 2020 1,429 2021 1,283 2022 821 2023 and thereafter 2,686 Total $ 8,720

Long-Term Debt and Notes Payabl

Long-Term Debt and Notes Payable	3 Months Ended
	Apr. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Notes Payable	6. Long-Term Debt and Notes Payable Long-term debt and notes payable consisted of the following (in thousands): April 30, January 31, Revolving line of credit $ — $ 3,500 Term credit facility — 2,800 Other equipment notes — 71 — 6,371 Less current portion — (6,371 ) Long-term debt $ — $ — As of January 31, 2017, the Company had a secured, revolving credit facility, as described below (the “Credit Agreement”). The Credit Agreement was a secured revolving facility in the maximum principal amount of $20.0 million and a maturity of August 31, 2017, among the Company, as borrower, HSBC Bank USA, N.A., as administrative agent and several banks and other financial institutions from time to time as lenders thereunder (initially consisting of HSBC Bank USA, N.A. and First Victoria National Bank). In November 2016, the Company reduced the commitment to $10.0 million from $20.0 million. In March 2017, the Company repaid all outstanding obligations under the Credit Agreement and terminated that agreement. The Credit Agreement provided for Eurodollar loans, which bore interest at the Eurodollar base rate, plus a margin of from 2.50% to 3.50% based on the Company’s leverage ratio and for ABR loans which bore interest at the applicable base rate plus a margin of from 1.50% to 2.50% based on the Company’s leverage ratio. As of January 31, 2017, the margin for ABR loans was 250 basis points and the margin for Eurodollar loans was 350 basis points. The Company 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. 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. In April 2017, the Company prepaid 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 were subject to interest at LIBOR plus 3.00%. The Company’s average borrowings under the Credit Agreement and the Seamap Credit Facility for the three months ended April 30, 2017 and 2016 were approximately $3.3 million and $19.3 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes For the three months ended April 30, 2017 the provision for income taxes was $229,000 on a pre-tax net loss of $2.4 million, or an effective tax rate of -9.4%. For the three months ended April 30, 2016 the provision for income taxes was $299,000 on a pre-tax net loss of $6.1 million, or an effective tax rate of -4.9%. The variance between our effective rate and the U.S. statutory rate is due to the mix of pre-tax profit between the U.S. and international taxing jurisdictions with varying statutory rates, the impact of permanent differences, state income and foreign withholding taxes, other tax adjustments, such as valuation allowances against deferred tax assets, and discrete items, including tax expense or benefit recognized for uncertain tax positions. Prepaid income taxes of approximately $221,000 and $1.6 million at April 30, 2017 and January 31, 2017, respectively, and non-current prepaid income taxes of approximately $1.2 million at April 30, 2017, consist primarily of foreign taxes. The Company and its subsidiaries file consolidated and separate income tax returns in the United States federal and several state jurisdictions. The Company is subject to United States federal income tax examinations for all tax years beginning with its fiscal year ended January 31, 2013. In addition, the Company and its subsidiaries file income tax returns and are subject to examination by taxing authorities throughout the world, including foreign jurisdictions such as Australia, Canada, Colombia, Hungary, Russia, Singapore and the United Kingdom. The Company and its subsidiaries are generally no longer subject to foreign income tax examinations for tax years before the fiscal year ended January 31, 2011. The Company has determined that the undistributed earnings of foreign subsidiaries, other than branch operations in Colombia, have been indefinitely reinvested outside of the United States as of April 30, 2017. For the three months ended April 30, 2017 and April 30, 2016, the Company did not recognize any tax expense or benefit related to uncertain tax positions. The Company adopted the provisions of ASU 2015-17 in fiscal 2017. Accordingly, all net deferred tax assets and liabilities are classified as long-term assets as of April 30, 2017 and January 31, 2017 in the accompanying Consolidated Balance Sheets. The Company also prospectively adopted the provisions of ASU 2016-09 beginning February 1, 2017. Accordingly, all excess tax benefits or deficiencies related to employee share-based payments are recognized as income tax benefits or expense in the accompanying Consolidated Statement of Operations and in the accompanying Consolidated Statements of Cash Flows as operating activities. For the three months ended April 30, 2017 and the fiscal year ended January 31, 2017, the Company did not recognize any tax expense or benefit related to uncertain tax positions.

Earnings per Share

Earnings per Share	3 Months Ended
	Apr. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	8. Earnings per Share Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect and from the assumed vesting of unvested shares of restricted stock. The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended 2017 2016 (in thousands) Basic weighted average common shares outstanding 12,078 12,059 Stock options 126 — Unvested restricted stock 38 63 Total weighted average common share equivalents 164 63 Diluted weighted average common shares outstanding 12,242 12,122 For the three months ended April 30, 2017 and 2016, 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions On June 8, 2016, the Company issued 320,000 shares of 9.00% Series A Cumulative Preferred Stock (the “Preferred Stock”), par value $1.00 per share, pursuant to an underwriting agreement, dated June 2, 2016, by and between the Company and Ladenburg Thalmann & Co. Inc. The Co-Chief Executive Officer and Co-President of Ladenburg Thalmann & Co. Inc is the Non-Executive Chairman of the Company’s board of directors. The underwriter received underwriting discounts and commissions totaling $440,000 in connection with this offering. In addition, the underwriter received a structuring fee equal to 0.50% of the gross proceeds from this offering, or $40,000. The Non-Executive Chairman of the Company received no portion of these commissions, discounts and fees. 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 Preferred Stock 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 Preferred Stock under the ATM program. For the three months ended April 30, 2017, the Company issued 4,349 shares of Preferred Stock under the ATM offering program. Gross proceeds from these sales were approximately $100,000 and the Agent received compensation of approximately $2,000. The Non-Executive Chairman of the Company received no portion of this compensation.

Treasury Stock

Treasury Stock	3 Months Ended
	Apr. 30, 2017
Equity [Abstract]
Treasury Stock	10. Treasury Stock From time to time the Company’s Board of Directors has authorized the repurchase of shares of the Company’s common stock. The Company’s Board of Directors did not authorize the repurchase of shares of the Company’s common stock during the periods ended April 30, 2017 and January 31, 2017.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	3 Months Ended
	Apr. 30, 2017
Equity [Abstract]
Equity and Stock-Based Compensation	11. Equity and Stock-Based Compensation During the three months ended April 30, 2017, the Company’s Board of Directors declared quarterly dividends of $0.5625 per share for our Preferred Stock. See note 9 to our condensed consolidated financial statements. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three months ended April 30, 2017 and 2016 was approximately $224,000 and $247,000, respectively.

Segment Reporting

Segment Reporting	3 Months Ended
	Apr. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	12. Segment Reporting The Equipment Manufacturing and Sales segment is engaged in the design, manufacture and sale of state-of-the-art sonar, seismic and offshore telemetry systems. Manufacturing, support and sales facilities are maintained in New Hampshire, the United Kingdom and Singapore. The Equipment Leasing segment offers new and used seismic equipment for lease or sale to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The Equipment Leasing segment is headquartered in Huntsville, Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Ufa, Bashkortostan, Russia; Budapest, Hungary; Singapore; and Bogota, Colombia. Financial information by business segment is set forth below (net of any allocations): As of April 30, 2017 As of January 31, 2017 Total Assets Total Assets (in thousands) Equipment Manufacturing and Sales $ 37,748 $ 37,294 Equipment Leasing 48,101 57,544 Eliminations (99 ) (124 ) Consolidated $ 85,750 $ 94,714 Results for the three months ended April 30, 2017 and 2016 were as follows (in thousands): Revenues Operating loss Loss before taxes 2017 2016 2017 2016 2017 2016 Equipment Manufacturing and Sales $ 6,911 $ 7,220 $ 385 $ 202 $ 113 $ (452 ) Equipment Leasing 11,545 4,543 (1,656 ) (5,669 ) (1,519 ) (4,783 ) Corporate expenses — — (1,017 ) (870 ) (1,017 ) (870 ) Eliminations (23 ) (32 ) (1 ) 6 (13 ) (39 ) Consolidated $ 18,433 $ 11,731 $ (2,289 ) $ (6,331 ) $ (2,436 ) $ (6,144 ) Inter-segment sales from the Equipment Manufacturing and Sales segment are eliminated in consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and depreciation expense on the difference between the sales price and the cost to manufacture the equipment. Fixed assets are reduced by the difference between the sales price and the cost to manufacture the equipment, less the accumulated depreciation related to the difference.

Organization (Policies)

Organization (Policies)	3 Months Ended
	Apr. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987. The Company, through its wholly owned Canadian subsidiary, Mitcham Canada, ULC (“MCL”), its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”), its wholly owned Hungarian subsidiary, Mitcham Europe Ltd. (“MEL”), its wholly owned Singaporean subsidiary, Mitcham Marine Leasing Pte. Ltd. (“MML”), and its branch operations in Colombia, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly owned subsidiaries, Seamap International Holdings Pte, Ltd. (“Seamap”) and Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore and the United Kingdom. All intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	2. Basis of Presentation The condensed consolidated balance sheet as of January 31, 2017 for the Company has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2017. In the opinion of the Company’s management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of April 30, 2017, the results of operations for the three months ended April 30, 2017 and 2016, and the cash flows for the three months ended April 30, 2017 and 2016, have been included in these condensed consolidated financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2018.
New Accounting Pronouncements	3. New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments In March 2016, the FASB issued ASU No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: (Topic 606), to provide guidance on revenue recognition on contracts with customers to transfer goods or services or on contracts for the transfer of nonfinancial assets. ASU 2014-09 requires that revenue recognition on contracts with customers depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In April 2016, the FASB also issued ASU No. 2016-10, Revenue from Contracts with Customers: (Topic 606) Identifying Performance Obligations and Licensing, Narrow-Scope Improvements and Practical Expedients,

Balance Sheet (Tables)

Balance Sheet (Tables)	3 Months Ended
	Apr. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts and Contracts Receivables	April 30, 2017 January 31, 2017 Accounts receivable $ 20,159 $ 21,762 Contracts receivable 6,265 2,752 26,424 24,514 Less long-term portion (6,676 ) (4,968 ) Current accounts and contracts receivable 19,748 19,546 Less current portion of allowance for doubtful accounts (3,720 ) (3,716 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 16,028 $ 15,830
Schedule of Inventories	April 30, 2017 January 31, 2017 (in thousands) Inventories: Raw materials 5,843 $ 5,781 Finished goods 6,467 5,985 Work in progress 2,066 1,146 14,376 12,912 Less allowance for obsolescence (888 ) (952 ) Total inventories, net $ 13,488 $ 11,960
Schedule of Seismic Equipment Lease Pool and Property and Equipment	April 30, 2017 January 31, 2017 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 184,263 $ 219,001 Land and buildings 3,379 3,379 Furniture and fixtures 9,515 9,462 Autos and trucks 670 675 197,827 232,517 Accumulated depreciation and amortization (164,447 ) (188,679 ) Total seismic equipment lease pool and property and equipment, net $ 33,380 $ 43,838

Goodwill and Other Intangible21

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Apr. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Weighted April 30, 2017 January 31, 2017 Gross Accumulated Net Gross Accumulated Net (in thousands) (in thousands) Goodwill $ 3,997 $ 3,997 Proprietary rights 5.6 $ 5,872 $ (3,154 ) 2,718 $ 5,810 $ (3,003 ) 2,807 Customer relationships 4.6 4,720 (1,831 ) 2,889 4,679 (1,656 ) 3,023 Patents 5.6 1,622 (604 ) 1,018 1,608 (558 ) 1,050 Trade name 9.1 885 (29 ) 856 884 (27 ) 857 Developed technology 8.7 1,430 (191 ) 1,239 1,430 (155 ) 1,275 Amortizable intangible assets $ 14,529 $ (5,809 ) $ 8,720 $ 14,411 $ (5,399 ) $ 9,012
Future Estimated Amortization Expense Related to Amortizable Intangible Assets	As of April 30, 2017, future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2018 $ 1,072 2019 1,429 2020 1,429 2021 1,283 2022 821 2023 and thereafter 2,686 Total $ 8,720

Long-Term Debt and Notes Paya22

Long-Term Debt and Notes Payable (Tables)	3 Months Ended
	Apr. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Notes Payable	Long-term debt and notes payable consisted of the following (in thousands): April 30, January 31, Revolving line of credit $ — $ 3,500 Term credit facility — 2,800 Other equipment notes — 71 — 6,371 Less current portion — (6,371 ) Long-term debt $ — $ —

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Apr. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation	The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation: Three Months Ended 2017 2016 (in thousands) Basic weighted average common shares outstanding 12,078 12,059 Stock options 126 — Unvested restricted stock 38 63 Total weighted average common share equivalents 164 63 Diluted weighted average common shares outstanding 12,242 12,122

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Apr. 30, 2017
Assets [Member]
Financial Information by Business Segment	Financial information by business segment is set forth below (net of any allocations): As of April 30, 2017 As of January 31, 2017 Total Assets Total Assets (in thousands) Equipment Manufacturing and Sales $ 37,748 $ 37,294 Equipment Leasing 48,101 57,544 Eliminations (99 ) (124 ) Consolidated $ 85,750 $ 94,714
Revenue [Member]
Financial Information by Business Segment	Results for the three months ended April 30, 2017 and 2016 were as follows (in thousands): Revenues Operating loss Loss before taxes 2017 2016 2017 2016 2017 2016 Equipment Manufacturing and Sales $ 6,911 $ 7,220 $ 385 $ 202 $ 113 $ (452 ) Equipment Leasing 11,545 4,543 (1,656 ) (5,669 ) (1,519 ) (4,783 ) Corporate expenses — — (1,017 ) (870 ) (1,017 ) (870 ) Eliminations (23 ) (32 ) (1 ) 6 (13 ) (39 ) Consolidated $ 18,433 $ 11,731 $ (2,289 ) $ (6,331 ) $ (2,436 ) $ (6,144 )

Balance Sheet - Accounts and Co

Balance Sheet - Accounts and Contracts Receivables (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Accounts Receivable, Net, Current [Abstract]
Accounts receivable	$ 20,159	$ 21,762
Contracts receivable	6,265	2,752
Accounts and contracts receivable	26,424	24,514
Less long-term portion	(6,676)	(4,968)
Current accounts and contracts receivable	19,748	19,546
Less current portion of allowance for doubtful accounts	(3,720)	(3,716)
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts	$ 16,028	$ 15,830

Balance Sheet - Additional Info

Balance Sheet - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Apr. 30, 2017USD ($)Customer	Jan. 31, 2017USD ($)Customer
Balance Sheet [Line Items]
Contracts receivable	$ 6,265,000	$ 2,752,000
Number of customers due | Customer	4	3
Contracts receivable, interest rate	2.90%	2.20%
Long-term contract receivable for sale of lease pool equipment	$ 3,800,000
Number of installments	24
Impairment charges related to long-lived assets		$ 0
Minimum [Member]
Balance Sheet [Line Items]
Contracts receivable repayment term	1 month
Maximum [Member]
Balance Sheet [Line Items]
Contracts receivable repayment term	40 months

Balance Sheet - Schedule of Inv

Balance Sheet - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Inventory, Net [Abstract]
Raw materials	$ 5,843	$ 5,781
Finished goods	6,467	5,985
Work in progress	2,066	1,146
Cost of inventories	14,376	12,912
Less allowance for obsolescence	(888)	(952)
Total inventories, net	$ 13,488	$ 11,960

Balance Sheet - Schedule of Sei

Balance Sheet - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Seismic equipment lease pool and property and equipment:
Cost of seismic equipment lease pool and property and equipment	$ 197,827	$ 232,517
Accumulated depreciation and amortization	(164,447)	(188,679)
Total seismic equipment lease pool and property and equipment, net	33,380	43,838
Seismic Equipment Lease Pool [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	184,263	219,001
Land and Buildings [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	3,379	3,379
Furniture and Fixtures [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	9,515	9,462
Autos and Trucks [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	$ 670	$ 675

Goodwill and Other Intangible29

Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2017	Jan. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 3,997	$ 3,997
Gross Carrying Amount	14,529	14,411
Accumulated Amortization	(5,809)	(5,399)
Net Carrying Amount	$ 8,720	9,012
Proprietary Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	5 years 7 months 6 days
Gross Carrying Amount	$ 5,872	5,810
Accumulated Amortization	(3,154)	(3,003)
Net Carrying Amount	$ 2,718	2,807
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	4 years 7 months 6 days
Gross Carrying Amount	$ 4,720	4,679
Accumulated Amortization	(1,831)	(1,656)
Net Carrying Amount	$ 2,889	3,023
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	5 years 7 months 6 days
Gross Carrying Amount	$ 1,622	1,608
Accumulated Amortization	(604)	(558)
Net Carrying Amount	$ 1,018	1,050
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	9 years 1 month 6 days
Gross Carrying Amount	$ 885	884
Accumulated Amortization	(29)	(27)
Net Carrying Amount	$ 856	857
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	8 years 8 months 12 days
Gross Carrying Amount	$ 1,430	1,430
Accumulated Amortization	(191)	(155)
Net Carrying Amount	$ 1,239	$ 1,275

Goodwill and Other Intangible30

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	Jan. 31, 2016	Apr. 30, 2017	Apr. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Additional impairment charges		$ 0
Goodwill impairment	$ 3,000,000
Aggregate amortization expense		$ 355,000,000	$ 401,000,000
Equipment Leasing [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 600,000
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets		15 years
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets		5 years

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,018	$ 1,072
2,019	1,429
2,020	1,429
2,021	1,283
2,022	821
2023 and thereafter	2,686
Net Carrying Amount	$ 8,720	$ 9,012

Long-Term Debt and Notes Paya32

Long-Term Debt and Notes Payable - Long-Term Debt and Notes Payable (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Debt Instrument [Line Items]
Debt		$ 6,371
Debt		6,371
Less current portion		(6,371)
Long-term debt	$ 0	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt		3,500
Debt		3,500
Term Credit Facility [Member]
Debt Instrument [Line Items]
Debt		2,800
Debt		2,800
Other Equipment Notes [Member]
Debt Instrument [Line Items]
Debt		71
Debt		$ 71

Long-Term Debt and Notes Paya33

Long-Term Debt and Notes Payable - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)	Jan. 31, 2017USD ($)	Nov. 30, 2016USD ($)	Aug. 22, 2014USD ($)
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Interest rate of borrowings	3.00%
Seamap Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowings under the revolving credit facility					$ 15,000,000
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Borrowings under the revolving credit facility			$ 20,000,000	$ 10,000,000
Maturity of the credit agreement			Aug. 31, 2017
Available borrowings under the revolving credit facility to secure letters of credit			$ 10,000,000
Credit Agreement [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Commitment fee on the unused portion of the Credit Agreement			0.375%
Credit Agreement [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Commitment fee on the unused portion of the Credit Agreement			0.50%
Credit Agreement [Member] | ABR [Member]
Line of Credit Facility [Line Items]
Credit Agreement basis points			2.50%
Credit Agreement [Member] | ABR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Leverage ratio	1.50
Credit Agreement [Member] | ABR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Leverage ratio	2.50
Credit Agreement [Member] | Eurodollar [Member]
Line of Credit Facility [Line Items]
Credit Agreement basis points			3.50%
Credit Agreement [Member] | Eurodollar [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Leverage ratio	2.50
Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Leverage ratio	3.50
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] | 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
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Credit Agreement basis points	2.75%
Singapore Credit Facility Bankers Guarantees [Member]
Line of Credit Facility [Line Items]
Carrying value of debt					2,000,000
Revolving Credit Facility [Member] | Term Loan [Member]
Line of Credit Facility [Line Items]
Borrowings under the revolving credit facility					$ 3,000,000
Seamap Credit Facility [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Average borrowings under the revolving credit facility	$ 3,300,000	$ 19,300,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Jan. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 229,000	$ 299,000
Pre-tax net loss	$ (2,665,000)	$ (6,443,000)
Effective tax rate	(9.40%)	(4.90%)
Prepaid income taxes	$ 221,000		$ 1,565,000
Non-current prepaid income taxes	1,192,000
Unrecognized Tax Benefit	$ 0	$ 0	$ 0

Earnings per Share - Basic and

Earnings per Share - Basic and Diluted Weighted Average Common Shares Used in Earnings Per Share Calculation (Detail) - shares shares in Thousands	3 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	12,078	12,059
Stock options	126
Unvested restricted stock	38	63
Total weighted average common share equivalents	164	63
Diluted weighted average common shares outstanding	12,242	12,122

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Oct. 07, 2016	Jun. 08, 2016	Apr. 30, 2017	Jan. 31, 2017
Related Party Transaction [Line Items]
Stock issued during period			348,000	343,000
Preferred stock, par value			$ 1	$ 1
Maximum number of preferred stock to be issued			1,000,000	1,000,000
Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Stock issued during period		320,000
Preferred stock dividend rate		9.00%
Preferred stock, par value		$ 1
Maximum number of preferred stock to be issued	500,000
Stock issued during period			4,349
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
Percentage of compensation fees to be paid	2.00%
Gross proceeds from preferred stock			$ 100,000
Equity distribution compensation expenses			2,000
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

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - shares	Apr. 30, 2017	Jan. 31, 2017
Equity [Abstract]
Number of shares authorized to repurchase	0	0

Equity and Stock-Based Compen38

Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Equity And Stock Based Compensation [Abstract]
Quarterly dividends declared	$ 0.5625
Compensation expense related to stock-based awards granted	$ 224,000	$ 247,000

Segment Reporting - Financial I

Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands	Apr. 30, 2017	Jan. 31, 2017
Segment Reporting Information [Line Items]
Total Assets	$ 85,750	$ 94,714
Operating Segments [Member] | Equipment Manufacturing and Sales [Member]
Segment Reporting Information [Line Items]
Total Assets	37,748	37,294
Operating Segments [Member] | Equipment Leasing [Member]
Segment Reporting Information [Line Items]
Total Assets	48,101	57,544
Eliminations [Member]
Segment Reporting Information [Line Items]
Total Assets	$ (99)	$ (124)

Segment Reporting - Financial40

Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 18,433	$ 11,731
Operating loss	(2,289)	(6,331)
Loss before taxes	(2,436)	(6,144)
Operating Segments [Member] | Equipment Manufacturing and Sales [Member]
Segment Reporting Information [Line Items]
Revenues	6,911	7,220
Operating loss	385	202
Loss before taxes	113	(452)
Operating Segments [Member] | Equipment Leasing [Member]
Segment Reporting Information [Line Items]
Revenues	11,545	4,543
Operating loss	(1,656)	(5,669)
Loss before taxes	(1,519)	(4,783)
Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(23)	(32)
Operating loss	(1)	6
Loss before taxes	(13)	(39)
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating loss	(1,017)	(870)
Loss before taxes	$ (1,017)	$ (870)