MIND Technology (MIND) 10-Q 7 Dec 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2017	Dec. 06, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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	Oct. 31, 2017	Jan. 31, 2017
Current assets:
Cash and cash equivalents	$ 6,541	$ 2,902
Restricted cash	229	609
Accounts and contracts receivable, net of allowance for doubtful accounts of $2,965 and $3,716 at October 31, 2017 and January 31, 2017, respectively	12,165	15,830
Inventories, net	11,940	11,960
Prepaid income taxes	0	1,565
Prepaid expenses and other current assets	2,135	2,193
Total current assets	33,010	35,059
Seismic equipment lease pool and property and equipment, net	26,372	43,838
Intangible assets, net	8,151	9,012
Goodwill	3,997	3,997
Non-current prepaid income taxes	1,167	0
Long-term receivables, net of allowance for doubtful accounts of $2,188 at October 31, 2017 and January 31, 2017	4,071	2,780
Other assets	29	28
Total assets	76,797	94,714
Current liabilities:
Accounts payable	2,118	1,929
Current maturities – long-term debt	0	6,371
Deferred revenue	236	651
Income taxes payable	329	0
Accrued expenses and other current liabilities	3,669	4,514
Total current liabilities	6,352	13,465
Deferred tax liability	296	317
Total liabilities	6,648	13,782
Shareholders’ equity:
Preferred stock, $1.00 par value; 1,000 shares authorized; 425 and 343 shares issued and outstanding at October 31, 2017 and January 31, 2017, respectively	9,144	7,294
Common stock, $0.01 par value; 20,000 shares authorized; 14,019 shares issued at October 31, 2017 and January 31, 2017	140	140
Additional paid-in capital	122,087	121,401
Treasury stock, at cost (1,929 shares at October 31, 2017 and January 31, 2017)	(16,858)	(16,858)
Accumulated deficit	(34,391)	(20,451)
Accumulated other comprehensive loss	(9,973)	(10,594)
Total shareholders’ equity	70,149	80,932
Total liabilities and shareholders’ equity	$ 76,797	$ 94,714

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2017	Jan. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 2,965	$ 3,716
Long-term receivables, net of allowance for doubtful accounts	$ 2,188	$ 2,188
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	425,000	343,000
Preferred stock, shares outstanding	425,000	343,000
Common stock, par value (in dollars per share)	$ 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		9 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Revenues:
Equipment manufacturing and sales	$ 5,955	$ 5,251	$ 22,429	$ 18,193
Equipment leasing	2,071	2,577	5,765	7,819
Lease pool and other equipment sales	618	229	9,719	2,439
Total revenues	8,644	8,057	37,913	28,451
Cost of sales:
Cost of equipment manufacturing and sales	3,132	2,944	12,975	10,062
Direct costs—equipment leasing	822	739	2,306	2,276
Direct costs—lease pool depreciation	3,578	6,428	11,509	19,976
Cost of lease pool and other equipment sales	211	83	6,410	882
Total cost of sales	7,743	10,194	33,200	33,196
Gross profit (loss)	901	(2,137)	4,713	(4,745)
Operating expenses:
General and administrative	5,178	5,039	15,145	15,778
Depreciation and amortization	516	558	1,622	1,857
Total operating expenses	5,694	5,597	16,767	17,635
Operating loss	(4,793)	(7,734)	(12,054)	(22,380)
Other income (expense):
Interest, net	52	(111)	23	(539)
Other, net	46	287	(107)	126
Total other income (expense)	98	176	(84)	(413)
Loss before income taxes	(4,695)	(7,558)	(12,138)	(22,793)
(Provision) benefit for income taxes	(586)	228	(1,172)	(506)
Net loss	(5,281)	(7,330)	(13,310)	(23,299)
Preferred stock dividends	(229)	(180)	(630)	(294)
Net loss available to common shareholders	$ (5,510)	$ (7,510)	$ (13,940)	$ (23,593)
Net loss per common share:
Basic (in dollars per share)	$ (0.46)	$ (0.62)	$ (1.15)	$ (1.96)
Diluted (in dollars per share)	$ (0.46)	$ (0.62)	$ (1.15)	$ (1.96)
Shares used in computing net loss per common share:
Basic (in shares)	12,087	12,075	12,082	12,068
Diluted (in shares)	12,087	12,075	12,082	12,068

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss available to common shareholders	$ (5,510)	$ (7,510)	$ (13,940)	$ (23,593)
Change in cumulative translation adjustment	(254)	(748)	621	1,676
Comprehensive loss attributable to common shareholders	$ (5,764)	$ (8,258)	$ (13,319)	$ (21,917)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Cash flows from operating activities:
Net loss	$ (13,310)	$ (23,299)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	13,219	21,927
Stock-based compensation	685	587
Provision for inventory obsolescence	58	65
Gross profit from sale of lease pool equipment	(3,080)	(1,420)
Deferred tax benefit	(31)	(582)
Changes in working capital items:
Trade accounts and contracts receivable	5,129	10,308
Inventories	79	471
Prepaid expenses and other current assets	207	(893)
Income taxes payable	714	384
Accounts payable, accrued expenses, other current liabilities and deferred revenue	(1,244)	(4,242)
Foreign exchange gains net of losses	(252)	381
Net cash provided by operating activities	2,174	3,687
Cash flows from investing activities:
Purchases of seismic equipment held for lease	(321)	(604)
Purchases of property and equipment	(276)	(117)
Sale of used lease pool equipment	6,690	2,256
Net cash provided by investing activities	6,093	1,535
Cash flows from financing activities:
Net payments on revolving line of credit	(3,500)	(9,400)
Payments on term loan and other borrowings	(2,807)	(2,414)
Net proceeds from preferred stock offering	1,847	6,975
Preferred stock dividends	(630)	(294)
Purchase of treasury stock	0	(2)
Net cash used in financing activities	(5,090)	(5,135)
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash	82	(624)
Net change in cash, cash equivalents and restricted cash	3,259	(537)
Cash, cash equivalents and restricted cash, beginning of period	3,511	3,769
Cash, cash equivalents and restricted cash, end of period	6,770	3,232
Supplemental cash flow information:
Interest paid	84	610
Income taxes paid	436	705
Purchases of seismic equipment held for lease in accounts payable at end of period	$ 65	$ 160

Organization

Organization	9 Months Ended
	Oct. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987. The Company, through its wholly owned 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. 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 corporate headquarters in the United States, 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. All intercompany transactions and balances have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 October 31, 2017 , the results of operations for the three and nine months ended October 31, 2017 and 2016 , and the cash flows for the nine months ended October 31, 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	9 Months Ended
	Oct. 31, 2017
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	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, to simplify impairment testing of goodwill and other intangible assets by eliminating step two of the impairment test. ASU No. 2017-04 will be effective during the fiscal year ended January 31, 2021. The Company does not believe the adoption will have a material effect on its financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, to require that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company has adopted the provisions of ASU No. 2016-18 as of February 1, 2017. The adoption of ASU No. 2016-18 did not have a material effect on the Company’s condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230 ) : Classification of Certain Cash Receipts and Cash Payments , to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 will be effective during the fiscal year ended January 31, 2019. The Company is evaluating the impact of ASU No. 2016-15 on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , to reduce complexity in accounting standards involving several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted this new standard as of February 1, 2017, utilizing the prospective transition method. As a result, the Company now recognizes all excess tax charges or benefits as income tax expense or benefit in the accompanying Consolidated Statements of Operations and in the accompanying Consolidated Statements of Cash Flows as operating activities. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , to provide guidance on recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements, specifically differentiating between different types of leases. ASU No. 2016-02 will be effective during the fiscal year ended January 31, 2020. The Company is evaluating the impact of ASU No. 2016-02 on its financial statements. In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) , to provide guidance on measurement of inventory. ASU 2015-11 requires that inventories utilizing the first-in, first-out (FIFO) method be measured at lower of cost or net realizable value. The Company has adopted the provisions of ASU 2015-11 as of February 1, 2017. The adoption of ASU 2015-11 did not have an impact on the Company’s consolidated financial statements as the Company’s inventory is determined using the average cost method. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 was later amended by ASU No. 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . ASU 2014-09, as amended, (the “Revenue Standard”) supersedes most industry specific guidance and intends to enhance comparability of revenue recognition practices across entities and industries by providing a principle-based, comprehensive framework for addressing revenue recognition issues. The Revenue Standard will be effective during the fiscal year ended January 31, 2019. The Company will adopt the Revenue Standard in the first quarter of fiscal 2018. The Company is currently analyzing its most significant revenue streams including those most likely to be impacted by the Revenue Standard. The Company anticipates that the adoption of the Revenue Standard will primarily affect the Equipment Manufacturing and Sales segment. Under the new standard, the Company expects that recognition of equipment sales revenues for certain contracts may be accelerated, but not materially different. Revenues for these contracts will be estimated and allocated over the life of the contract rather than recognized when equipment is delivered. The Company is continuing to evaluate the effect that the adoption will have on its financial statements, disclosures, and related internal controls. The Company plans to use the modified retrospective method to adopt the Revenue Standard.

Balance Sheet

Balance Sheet	9 Months Ended
	Oct. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet	Balance Sheet October 31, 2017 January 31, 2017 (in thousands) Accounts receivable $ 16,015 $ 21,762 Contracts receivable 5,374 2,752 21,389 24,514 Less long-term portion (6,259 ) (4,968 ) Current accounts and contracts receivable 15,130 19,546 Less current portion of allowance for doubtful accounts (2,965 ) (3,716 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 12,165 $ 15,830 Contracts receivable consisted of $5.4 million due from four customers at October 31, 2017 and $2.8 million due from three customers as of January 31, 2017 . The balance of contracts receivable at October 31, 2017 and January 31, 2017 consisted of contracts bearing interest at an average rate of approximately 2.8% and 2.2% respectively and with remaining repayment terms from 1 to 40 months . These contracts are related to lease pool equipment sales and are collateralized by the equipment sold. During the quarter ended April 30, 2017 , the Company entered into a long-term contract receivable totaling approximately $3.8 million for the sale of lease pool equipment with the balance due in 24 equal monthly installments through March of 2019. October 31, 2017 January 31, 2017 (in thousands) Inventories: Raw materials $ 5,157 $ 5,781 Finished goods 5,642 5,985 Work in progress 2,003 1,146 12,802 12,912 Less allowance for obsolescence (862 ) (952 ) Total inventories, net $ 11,940 $ 11,960 October 31, 2017 January 31, 2017 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 185,304 $ 219,001 Land and buildings 3,380 3,379 Furniture and fixtures 9,904 9,462 Autos and trucks 701 675 199,289 232,517 Accumulated depreciation and amortization (172,917 ) (188,679 ) Total seismic equipment lease pool and property and equipment, net $ 26,372 $ 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 October 31, 2017 .

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Weighted Average Life at 10/31/2017 October 31, 2017 January 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) (in thousands) Goodwill $ 3,997 $ 3,997 Proprietary rights 5.1 $ 5,973 $ (3,430 ) 2,543 $ 5,810 $ (3,003 ) 2,807 Customer relationships 4.1 4,835 (2,206 ) 2,629 4,679 (1,656 ) 3,023 Patents 5.2 1,663 (705 ) 958 1,608 (558 ) 1,050 Trade name 8.6 889 (36 ) 853 884 (27 ) 857 Developed technology 8.2 1,430 (262 ) 1,168 1,430 (155 ) 1,275 Amortizable intangible assets $ 14,790 $ (6,639 ) $ 8,151 $ 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 . The Seamap reporting unit is included in the Equipment Manufacturing and Sales segment. Also at January 31, 2016 , the Company recorded impairment of approximately $600,000 related to certain identifiable intangible assets related to its Equipment Leasing segment. 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 nine months ended October 31, 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 $1.1 million for the nine months ended October 31, 2017 and 2016 . As of October 31, 2017 , future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2018 $ 364 2019 1,458 2020 1,458 2021 1,310 2022 838 2023 and thereafter 2,723 Total $ 8,151

Long-Term Debt and Notes Payabl

Long-Term Debt and Notes Payable	9 Months Ended
	Oct. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Notes Payable	Long-Term Debt and Notes Payable Long-term debt and notes payable consisted of the following (in thousands): October 31, 2017 January 31, 2017 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 nine months ended October 31, 2017 and 2016 were approximately $1.1 million and $13.9 million , respectively.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the nine months ended October 31, 2017 the provision for income taxes was approximately $1.2 million on a pre-tax net loss of $12.1 million , or an effective tax rate of -9.7% . For the nine months ended October 31, 2016 the provision for income taxes was approximately $506,000 on a pre-tax net loss of $22.8 million , or an effective tax rate of -2.2% . 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. Non-current prepaid income taxes of approximately $1.2 million at October 31, 2017 and prepaid taxes of $1.6 million at January 31, 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 October 31, 2017 . For the nine months ended October 31, 2017 and October 31, 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 October 31, 2017 and January 31, 2017 in the accompanying Condensed 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 as operating activities in the accompanying Consolidated Statements of Cash Flows.

Earnings per Share

Earnings per Share	9 Months Ended
	Oct. 31, 2017
Earnings Per Share [Abstract]
Earnings per Share	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 October 31, Nine Months Ended October 31, 2017 2016 2017 2016 (in thousands) (in thousands) Basic weighted average common shares outstanding 12,087 12,075 12,082 12,068 Stock options 35 8 81 6 Unvested restricted stock 28 37 34 46 Total weighted average common share equivalents 63 45 115 52 Diluted weighted average common shares outstanding 12,150 12,120 12,197 12,120 For the three months ended October 31, 2017 and 2016 and the nine months ended October 31, 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 period.

Related Party Transaction

Related Party Transaction	9 Months Ended
	Oct. 31, 2017
Related Party Transactions [Abstract]
Related Party Transaction	Related Party Transaction 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 direct compensation for 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 and nine months ended October 31, 2017 , the Company issued 44,932 and 81,904 shares of Preferred Stock under the ATM offering program, respectively. Gross proceeds from these sales for the three and nine months ended October 31, 2017 were approximately $1.0 million and $1.9 million respectively and the Agent received compensation of approximately $20,000 and $37,000 , respectively. The Non-Executive Chairman of the Company received no portion of this compensation.

Treasury Stock

Treasury Stock	9 Months Ended
	Oct. 31, 2017
Equity [Abstract]
Treasury Stock	Treasury Stock In April 2013, the Company’s Board of Directors authorized the repurchase of up to 1.0 million shares of the Company’s common stock through December 31, 2014. The Company purchased a total of 1.0 million shares under this program, representing the total amount of shares authorized for repurchase. These shares are reflected as treasury stock in the accompanying financial statements.

Equity and Stock-Based Compensa

Equity and Stock-Based Compensation	9 Months Ended
	Oct. 31, 2017
Equity [Abstract]
Equity and Stock-Based Compensation	Equity and Stock-Based Compensation During the three months ended October 31, 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 and nine months ended October 31, 2017 was approximately $224,000 and $685,000 , respectively, and, during the three and nine months ended October 31, 2016 was approximately $154,000 and $587,000 , respectively.

Segment Reporting

Segment Reporting	9 Months Ended
	Oct. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	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 October 31, 2017 As of January 31, 2017 Total Assets Total Assets (in thousands) Equipment Manufacturing and Sales $ 39,258 $ 37,294 Equipment Leasing 37,602 57,544 Eliminations (63 ) (124 ) Consolidated $ 76,797 $ 94,714 Results for the three months ended October 31, 2017 and 2016 were as follows (in thousands): Revenues Operating loss Income (loss) before taxes 2017 2016 2017 2016 2017 2016 Equipment Manufacturing and Sales $ 5,992 $ 5,251 $ (74 ) $ (647 ) $ 4 $ (513 ) Equipment Leasing 2,730 2,806 (3,927 ) (6,341 ) (3,933 ) (6,292 ) Corporate expenses — — (792 ) (688 ) (792 ) (688 ) Eliminations (78 ) — — (58 ) 26 (65 ) Consolidated $ 8,644 $ 8,057 $ (4,793 ) $ (7,734 ) $ (4,695 ) $ (7,558 ) Results for the nine months ended October 31, 2017 and 2016 were as follows (in thousands): Revenues Operating income (loss) Income (loss) before taxes 2017 2016 2017 2016 2017 2016 Equipment Manufacturing and Sales $ 22,565 $ 18,229 $ 1,160 $ (867 ) $ 999 $ (1,699 ) Equipment Leasing 15,546 10,258 (10,571 ) (19,087 ) (10,494 ) (18,627 ) Corporate expenses — — (2,643 ) (2,390 ) (2,643 ) (2,390 ) Eliminations (198 ) (36 ) — (36 ) — (77 ) Consolidated $ 37,913 $ 28,451 $ (12,054 ) $ (22,380 ) $ (12,138 ) $ (22,793 ) Sales from the Equipment Manufacturing and Sales segment to the Equipment Leasing Segment are eliminated in consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and depreciation expense on the difference between the sales price and the cost to manufacture the equipment. Fixed assets are reduced by the difference between the sales price and the cost to manufacture the equipment, less the accumulated depreciation related to the difference.

Organization (Policies)

Organization (Policies)	9 Months Ended
	Oct. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Mitcham Industries, Inc. (for purposes of these notes, the “Company”) was incorporated in Texas in 1987. The Company, through its wholly owned 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. 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 corporate headquarters in the United States, 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. All intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The condensed consolidated balance sheet as of January 31, 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 October 31, 2017 , the results of operations for the three and nine months ended October 31, 2017 and 2016 , and the cash flows for the nine months ended October 31, 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 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, to simplify impairment testing of goodwill and other intangible assets by eliminating step two of the impairment test. ASU No. 2017-04 will be effective during the fiscal year ended January 31, 2021. The Company does not believe the adoption will have a material effect on its financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, to require that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company has adopted the provisions of ASU No. 2016-18 as of February 1, 2017. The adoption of ASU No. 2016-18 did not have a material effect on the Company’s condensed consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230 ) : Classification of Certain Cash Receipts and Cash Payments , to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 will be effective during the fiscal year ended January 31, 2019. The Company is evaluating the impact of ASU No. 2016-15 on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation -Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , to reduce complexity in accounting standards involving several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted this new standard as of February 1, 2017, utilizing the prospective transition method. As a result, the Company now recognizes all excess tax charges or benefits as income tax expense or benefit in the accompanying Consolidated Statements of Operations and in the accompanying Consolidated Statements of Cash Flows as operating activities. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , to provide guidance on recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements, specifically differentiating between different types of leases. ASU No. 2016-02 will be effective during the fiscal year ended January 31, 2020. The Company is evaluating the impact of ASU No. 2016-02 on its financial statements. In July 2015, the FASB issued ASU No. 2015-11, Inventory: (Topic 330) , to provide guidance on measurement of inventory. ASU 2015-11 requires that inventories utilizing the first-in, first-out (FIFO) method be measured at lower of cost or net realizable value. The Company has adopted the provisions of ASU 2015-11 as of February 1, 2017. The adoption of ASU 2015-11 did not have an impact on the Company’s consolidated financial statements as the Company’s inventory is determined using the average cost method. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 was later amended by ASU No. 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . ASU 2014-09, as amended, (the “Revenue Standard”) supersedes most industry specific guidance and intends to enhance comparability of revenue recognition practices across entities and industries by providing a principle-based, comprehensive framework for addressing revenue recognition issues. The Revenue Standard will be effective during the fiscal year ended January 31, 2019. The Company will adopt the Revenue Standard in the first quarter of fiscal 2018. The Company is currently analyzing its most significant revenue streams including those most likely to be impacted by the Revenue Standard. The Company anticipates that the adoption of the Revenue Standard will primarily affect the Equipment Manufacturing and Sales segment. Under the new standard, the Company expects that recognition of equipment sales revenues for certain contracts may be accelerated, but not materially different. Revenues for these contracts will be estimated and allocated over the life of the contract rather than recognized when equipment is delivered. The Company is continuing to evaluate the effect that the adoption will have on its financial statements, disclosures, and related internal controls. The Company plans to use the modified retrospective method to adopt the Revenue Standard.

Balance Sheet (Tables)

Balance Sheet (Tables)	9 Months Ended
	Oct. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts and Contracts Receivables	October 31, 2017 January 31, 2017 (in thousands) Accounts receivable $ 16,015 $ 21,762 Contracts receivable 5,374 2,752 21,389 24,514 Less long-term portion (6,259 ) (4,968 ) Current accounts and contracts receivable 15,130 19,546 Less current portion of allowance for doubtful accounts (2,965 ) (3,716 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 12,165 $ 15,830
Schedule of Inventories	October 31, 2017 January 31, 2017 (in thousands) Inventories: Raw materials $ 5,157 $ 5,781 Finished goods 5,642 5,985 Work in progress 2,003 1,146 12,802 12,912 Less allowance for obsolescence (862 ) (952 ) Total inventories, net $ 11,940 $ 11,960
Schedule of Seismic Equipment Lease Pool and Property and Equipment	October 31, 2017 January 31, 2017 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 185,304 $ 219,001 Land and buildings 3,380 3,379 Furniture and fixtures 9,904 9,462 Autos and trucks 701 675 199,289 232,517 Accumulated depreciation and amortization (172,917 ) (188,679 ) Total seismic equipment lease pool and property and equipment, net $ 26,372 $ 43,838

Goodwill and Other Intangible21

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Weighted Average Life at 10/31/2017 October 31, 2017 January 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) (in thousands) Goodwill $ 3,997 $ 3,997 Proprietary rights 5.1 $ 5,973 $ (3,430 ) 2,543 $ 5,810 $ (3,003 ) 2,807 Customer relationships 4.1 4,835 (2,206 ) 2,629 4,679 (1,656 ) 3,023 Patents 5.2 1,663 (705 ) 958 1,608 (558 ) 1,050 Trade name 8.6 889 (36 ) 853 884 (27 ) 857 Developed technology 8.2 1,430 (262 ) 1,168 1,430 (155 ) 1,275 Amortizable intangible assets $ 14,790 $ (6,639 ) $ 8,151 $ 14,411 $ (5,399 ) $ 9,012
Future Estimated Amortization Expense Related to Amortizable Intangible Assets	As of October 31, 2017 , future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2018 $ 364 2019 1,458 2020 1,458 2021 1,310 2022 838 2023 and thereafter 2,723 Total $ 8,151

Long-Term Debt and Notes Paya22

Long-Term Debt and Notes Payable (Tables)	9 Months Ended
	Oct. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Notes Payable	Long-term debt and notes payable consisted of the following (in thousands): October 31, 2017 January 31, 2017 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)	9 Months Ended
	Oct. 31, 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 October 31, Nine Months Ended October 31, 2017 2016 2017 2016 (in thousands) (in thousands) Basic weighted average common shares outstanding 12,087 12,075 12,082 12,068 Stock options 35 8 81 6 Unvested restricted stock 28 37 34 46 Total weighted average common share equivalents 63 45 115 52 Diluted weighted average common shares outstanding 12,150 12,120 12,197 12,120

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Oct. 31, 2017
Assets [Member]
Financial Information by Business Segment	Financial information by business segment is set forth below (net of any allocations): As of October 31, 2017 As of January 31, 2017 Total Assets Total Assets (in thousands) Equipment Manufacturing and Sales $ 39,258 $ 37,294 Equipment Leasing 37,602 57,544 Eliminations (63 ) (124 ) Consolidated $ 76,797 $ 94,714
Revenue [Member]
Financial Information by Business Segment	Results for the three months ended October 31, 2017 and 2016 were as follows (in thousands): Revenues Operating loss Income (loss) before taxes 2017 2016 2017 2016 2017 2016 Equipment Manufacturing and Sales $ 5,992 $ 5,251 $ (74 ) $ (647 ) $ 4 $ (513 ) Equipment Leasing 2,730 2,806 (3,927 ) (6,341 ) (3,933 ) (6,292 ) Corporate expenses — — (792 ) (688 ) (792 ) (688 ) Eliminations (78 ) — — (58 ) 26 (65 ) Consolidated $ 8,644 $ 8,057 $ (4,793 ) $ (7,734 ) $ (4,695 ) $ (7,558 ) Results for the nine months ended October 31, 2017 and 2016 were as follows (in thousands): Revenues Operating income (loss) Income (loss) before taxes 2017 2016 2017 2016 2017 2016 Equipment Manufacturing and Sales $ 22,565 $ 18,229 $ 1,160 $ (867 ) $ 999 $ (1,699 ) Equipment Leasing 15,546 10,258 (10,571 ) (19,087 ) (10,494 ) (18,627 ) Corporate expenses — — (2,643 ) (2,390 ) (2,643 ) (2,390 ) Eliminations (198 ) (36 ) — (36 ) — (77 ) Consolidated $ 37,913 $ 28,451 $ (12,054 ) $ (22,380 ) $ (12,138 ) $ (22,793 )

Balance Sheet - Accounts and Co

Balance Sheet - Accounts and Contracts Receivables (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Jan. 31, 2017
Accounts Receivable, Net, Current [Abstract]
Accounts receivable	$ 16,015	$ 21,762
Contracts receivable	5,374	2,752
Accounts and contracts receivable	21,389	24,514
Less long-term portion	(6,259)	(4,968)
Current accounts and contracts receivable	15,130	19,546
Less current portion of allowance for doubtful accounts	(2,965)	(3,716)
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts	$ 12,165	$ 15,830

Balance Sheet - Additional Info

Balance Sheet - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Oct. 31, 2017USD ($)customer	Jan. 31, 2017USD ($)customer	Apr. 30, 2017USD ($)Installment
Balance Sheet [Line Items]
Contracts receivable	$ 5,374,000	$ 2,752,000
Number of customers due | customer	4	3
Contracts receivable, interest rate	2.80%	2.20%
Long-term contract receivable for sale of lease pool equipment			$ 3,800,000
Number of installments | Installment			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	Oct. 31, 2017	Jan. 31, 2017
Inventories:
Raw materials	$ 5,157	$ 5,781
Finished goods	5,642	5,985
Work in progress	2,003	1,146
Cost of inventories	12,802	12,912
Less allowance for obsolescence	(862)	(952)
Total inventories, net	$ 11,940	$ 11,960

Balance Sheet - Schedule of Sei

Balance Sheet - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Jan. 31, 2017
Seismic equipment lease pool and property and equipment:
Cost of seismic equipment lease pool and property and equipment	$ 199,289	$ 232,517
Accumulated depreciation and amortization	(172,917)	(188,679)
Total seismic equipment lease pool and property and equipment, net	26,372	43,838
Seismic Equipment Lease Pool [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	185,304	219,001
Land and Buildings [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	3,380	3,379
Furniture and Fixtures [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	9,904	9,462
Autos and Trucks [Member]
Seismic equipment lease pool and property and equipment:
Cost of property and equipment	$ 701	$ 675

Goodwill and Other Intangible29

Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2017	Jan. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 3,997	$ 3,997
Gross Carrying Amount	14,790	14,411
Accumulated Amortization	(6,639)	(5,399)
Net Carrying Amount	$ 8,151	9,012
Proprietary Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	5 years 1 month 20 days
Gross Carrying Amount	$ 5,973	5,810
Accumulated Amortization	(3,430)	(3,003)
Net Carrying Amount	$ 2,543	2,807
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	4 years 1 month 20 days
Gross Carrying Amount	$ 4,835	4,679
Accumulated Amortization	(2,206)	(1,656)
Net Carrying Amount	$ 2,629	3,023
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	5 years 2 months
Gross Carrying Amount	$ 1,663	1,608
Accumulated Amortization	(705)	(558)
Net Carrying Amount	$ 958	1,050
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	8 years 6 months 20 days
Gross Carrying Amount	$ 889	884
Accumulated Amortization	(36)	(27)
Net Carrying Amount	$ 853	857
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	8 years 2 months
Gross Carrying Amount	$ 1,430	1,430
Accumulated Amortization	(262)	(155)
Net Carrying Amount	$ 1,168	$ 1,275

Goodwill and Other Intangible30

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	Jan. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 3,000,000
Additional impairment charges		$ 0
Aggregate amortization expense		$ 1,100,000	$ 1,100,000
Equipment Leasing [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 600,000
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets		5 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets		15 years

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Jan. 31, 2017
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,018	$ 364
2,019	1,458
2,020	1,458
2,021	1,310
2,022	838
2023 and thereafter	2,723
Net Carrying Amount	$ 8,151	$ 9,012

Long-Term Debt and Notes Paya32

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

Long-Term Debt and Notes Paya33

Long-Term Debt and Notes Payable - Additional Information (Detail)	9 Months Ended		12 Months Ended
	Oct. 31, 2017USD ($)payment	Oct. 31, 2016USD ($)	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%
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] | Eurodollar [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Credit Agreement basis points			2.50%
Leverage ratio	0.025
Credit Agreement [Member] | Eurodollar [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Credit Agreement basis points			3.50%
Leverage ratio	0.035
Credit Agreement [Member] | ABR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Leverage ratio	0.015
Credit Agreement [Member] | ABR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Leverage ratio	0.025
Seamap Credit Facility [Member]
Line of Credit Facility [Line Items]
Borrowings under the revolving credit facility					$ 15,000,000
Term Loan [Member]
Line of Credit Facility [Line Items]
Carrying value of debt					10,000,000
Debt, instrument, number of periodic payments | payment	11
Principal payment of term loan portion	$ 800,000
Final payment of term portion	$ 1,200,000
Maturity period	Aug. 22, 2017
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
Seamap Credit Facility [Member] | Credit Agreement [Member]
Line of Credit Facility [Line Items]
Average borrowings under the revolving credit facility	$ 1,100,000	$ 13,900,000
Revolving Credit Facility [Member] | Term Loan [Member]
Line of Credit Facility [Line Items]
Borrowings under the revolving credit facility					$ 3,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016	Jan. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 586,000	$ (228,000)	$ 1,172,000	$ 506,000
Pre-tax net loss	(4,695,000)	(7,558,000)	$ (12,138,000)	$ (22,793,000)
Effective tax rate			(9.70%)	(2.20%)
Non-current prepaid income taxes	1,167,000		$ 1,167,000		$ 0
Prepaid income taxes	0		0		$ 1,565,000
Unrecognized Tax Benefit	$ 0	$ 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		9 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	12,087	12,075	12,082	12,068
Stock options	35	8	81	6
Unvested restricted stock	28	37	34	46
Total weighted average common share equivalents	63	45	115	52
Diluted weighted average common shares outstanding	12,150	12,120	12,197	12,120

Related Party Transaction - Add

Related Party Transaction - Additional Information (Detail) - USD ($)	Oct. 07, 2016	Jun. 08, 2016	Oct. 31, 2017	Oct. 31, 2017	Jan. 31, 2017
Related Party Transaction [Line Items]
Stock issued during period			425,000	425,000	343,000
Preferred stock, par value (in dollars per share)			$ 1	$ 1	$ 1
Maximum number of preferred stock to be issued			1,000,000	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 (in dollars per share)		$ 1
Maximum number of preferred stock to be issued	500,000
Stock issued during period			44,932	81,904
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			$ 1,000,000	$ 1,900,000
Equity distribution compensation expenses			$ 20,000	37,000
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)	1 Months Ended
	Apr. 30, 2013shares
Equity [Abstract]
Number of shares authorized to repurchase	1,000,000
Shares purchased under repurchase program	1,000,000

Equity and Stock-Based Compen38

Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Equity And Stock Based Compensation [Abstract]
Quarterly dividends declared (in usd per share)	$ 0.5625
Compensation expense related to stock-based awards granted	$ 224	$ 154	$ 685	$ 587

Segment Reporting - Financial I

Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Jan. 31, 2017
Segment Reporting Information [Line Items]
Total Assets	$ 76,797	$ 94,714
Operating Segments [Member] | Equipment Manufacturing and Sales [Member]
Segment Reporting Information [Line Items]
Total Assets	39,258	37,294
Operating Segments [Member] | Equipment Leasing [Member]
Segment Reporting Information [Line Items]
Total Assets	37,602	57,544
Eliminations [Member]
Segment Reporting Information [Line Items]
Total Assets	$ (63)	$ (124)

Segment Reporting - Financial40

Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 8,644	$ 8,057	$ 37,913	$ 28,451
Operating income (loss)	(4,793)	(7,734)	(12,054)	(22,380)
Income (loss) before taxes	(4,695)	(7,558)	(12,138)	(22,793)
Operating Segments [Member] | Equipment Manufacturing and Sales [Member]
Segment Reporting Information [Line Items]
Revenues	5,992	5,251	22,565	18,229
Operating income (loss)	(74)	(647)	1,160	(867)
Income (loss) before taxes	4	(513)	999	(1,699)
Operating Segments [Member] | Equipment Leasing [Member]
Segment Reporting Information [Line Items]
Revenues	2,730	2,806	15,546	10,258
Operating income (loss)	(3,927)	(6,341)	(10,571)	(19,087)
Income (loss) before taxes	(3,933)	(6,292)	(10,494)	(18,627)
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Operating income (loss)	(792)	(688)	(2,643)	(2,390)
Income (loss) before taxes	(792)	(688)	(2,643)	(2,390)
Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	(78)	0	(198)	(36)
Operating income (loss)	0	(58)	0	(36)
Income (loss) before taxes	$ 26	$ (65)	$ 0	$ (77)