Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2018 | Jun. 04, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 12,089,399 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 8,613 | $ 9,902 |
Restricted cash | 233 | 244 |
Accounts and contracts receivable, net of allowance for doubtful accounts of $3,560 and $3,885 at April 30, 2018 and January 31, 2018, respectively | 12,333 | 10,494 |
Inventories, net | 11,432 | 10,856 |
Prepaid expenses and other current assets | 2,132 | 1,550 |
Total current assets | 34,743 | 33,046 |
Seismic equipment lease pool and property and equipment, net | 21,046 | 22,900 |
Intangible assets, net | 11,484 | 8,015 |
Goodwill | 2,531 | 2,531 |
Non-current prepaid income taxes | 1,603 | 1,609 |
Long-term receivables, net of allowance for doubtful accounts of $94 and $2,282 at April 30, 2018 and January 31, 2018, respectively | 706 | 4,652 |
Other assets | 611 | 926 |
Total assets | 72,724 | 73,679 |
Current liabilities: | ||
Accounts payable | 2,889 | 1,271 |
Deferred revenue | 723 | 741 |
Accrued expenses and other current liabilities | 4,895 | 5,253 |
Income taxes payable | 896 | 258 |
Total current liabilities | 9,403 | 7,523 |
Deferred tax liability | 105 | 307 |
Total liabilities | 9,508 | 7,830 |
Shareholders’ equity: | ||
Preferred stock, $1.00 par value; 1,000 shares authorized; 698 and 532 issued and outstanding at April 30, 2018 and January 31, 2018, respectively | 15,312 | 11,544 |
Common stock, $0.01 par value; 20,000 shares authorized; 14,019 shares issued at April 30, 2018 and January 31, 2018 | 140 | 140 |
Additional paid-in capital | 122,430 | 122,304 |
Treasury stock, at cost (1,929 shares at April 30, 2018 and January 31, 2018) | (16,860) | (16,860) |
Accumulated deficit | (48,715) | (42,425) |
Accumulated other comprehensive loss | (9,091) | (8,854) |
Total shareholders’ equity | 63,216 | 65,849 |
Total liabilities and shareholders’ equity | $ 72,724 | $ 73,679 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 3,560 | $ 3,885 |
Long-term receivables, net of allowance for doubtful accounts | $ 94 | $ 2,282 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 698,000 | 532,000 |
Preferred stock, shares outstanding | 698,000 | 532,000 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues: | ||
Sale of marine technology products | $ 3,566 | $ 6,888 |
Equipment leasing | 2,697 | 2,717 |
Sale of lease pool equipment | 1,350 | 8,828 |
Total revenues | 7,613 | 18,433 |
Cost of sales: | ||
Sale of marine technology products | 2,086 | 3,975 |
Equipment leasing (including lease pool depreciation of $2,654, and $4,181 at April 30, 2018, and April 30, 2017 respectively) | 3,582 | 5,125 |
Lease pool equipment sales | 700 | 6,139 |
Total cost of sales | 6,368 | 15,239 |
Gross profit | 1,245 | 3,194 |
Operating expenses: | ||
Selling, general and administrative | 5,630 | 4,804 |
Research and development | 370 | 98 |
Provision for doubtful accounts | 200 | 0 |
Depreciation and amortization | 617 | 581 |
Total operating expenses | 6,817 | 5,483 |
Operating loss | (5,572) | (2,289) |
Other income (expense): | ||
Interest, net | 18 | (46) |
Other, net | 86 | (101) |
Total other income (expense) | 104 | (147) |
Loss before income taxes | (5,468) | (2,436) |
Provision for income taxes | (437) | (229) |
Net loss | (5,905) | (2,665) |
Preferred stock dividends | (385) | (194) |
Net loss available to common shareholders | $ (6,290) | $ (2,859) |
Net loss per common share: | ||
Basic (in dollars per share) | $ (0.52) | $ (0.24) |
Diluted (in dollars per share) | $ (0.52) | $ (0.24) |
Shares used in computing net loss per common share: | ||
Basic (in shares) | 12,087 | 12,078 |
Diluted (in shares) | 12,087 | 12,078 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Statement [Abstract] | ||
Lease pool depreciation | $ 2,654 | $ 4,181 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss available to common shareholders | $ (6,290) | $ (2,859) |
Change in cumulative translation adjustment | (238) | 29 |
Comprehensive loss attributable to common shareholders | $ (6,528) | $ (2,830) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (5,905) | $ (2,665) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 3,303 | 4,791 |
Stock-based compensation | 126 | 224 |
Provision for doubtful accounts, net of charge offs | (200) | 0 |
Provision for inventory obsolescence | 0 | 8 |
Gross profit from sale of lease pool equipment | (536) | (2,689) |
Deferred tax benefit | (202) | (27) |
Changes in working capital items: | ||
Trade accounts and contracts receivable | 2,418 | 2,175 |
Unbilled revenue | (930) | 0 |
Inventories | (844) | (1,403) |
Prepaid expenses and other current assets | (1,520) | 549 |
Income taxes payable | 642 | 149 |
Accounts payable, accrued expenses and other current liabilities | (47) | 48 |
Deferred revenue | 313 | 0 |
Foreign exchange losses net of gains | 16 | (48) |
Net cash (used in) provided by operating activities | (3,366) | 1,112 |
Cash flows from investing activities: | ||
Purchases of seismic equipment held for lease | (190) | (158) |
Acquisition of assets | (3,000) | 0 |
Purchases of property and equipment | (113) | (28) |
Sale of used lease pool equipment | 1,620 | 4,496 |
Net cash (used in) provided by investing activities | (1,683) | 4,310 |
Cash flows from financing activities: | ||
Net payments on revolving line of credit | 0 | (3,500) |
Payments on term loan and other borrowings | 0 | (2,807) |
Net proceeds from preferred stock offering | 3,812 | 27 |
Preferred stock dividends | (385) | (194) |
Net cash provided by (used in) financing activities | 3,427 | (6,474) |
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | 322 | (3) |
Net change in cash, cash equivalents and restricted cash | (1,300) | (1,055) |
Cash, cash equivalents and restricted cash, beginning of period | 10,146 | 3,511 |
Cash, cash equivalents and restricted cash, end of period | 8,846 | 2,456 |
Supplemental cash flow information: | ||
Interest paid | 1 | 92 |
Income taxes paid | 46 | 13 |
Purchases of seismic equipment held for lease in accounts payable at end of period | $ 1,186 | $ 119 |
Organization
Organization | 3 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Mitcham Industries, Inc., a Texas corporation (the “Company”), was incorporated in 1987. The Company, through its wholly owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore and the United Kingdom. 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 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 | 3 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated balance sheet as of January 31, 2018 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, 2018 . 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, 2018 , the results of operations for the three months ended April 30, 2018 and 2017 , and the cash flows for the three months ended April 30, 2018 and 2017 , 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, 2019. As of February 1, 2018 Seamap Pte Ltd., one of the operating entities included in the Seamap group, changed its functional currency to the U.S. dollar. The change was due to recent developments in the Seamap business, including the acquisition of developed technology and introduction of a new product line which expands its markets. This change in functional currency did not have a material effect on the condensed consolidated financial statements. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, to simplify impairment testing of goodwill and other intangible assets by eliminating step two of the impairment test. The Company has adopted the provisions of ASU 2017-04 as of January 31, 2018. The adoption of ASU 2017-04 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. The Company has adopted the provisions of ASU No. 2016-15 as of February 1, 2018. The adoption of ASU No. 2016-15 did not have a material effect on the Company’s condensed consolidated financial statements. 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 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 “New 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 Company adopted the New Revenue Standard as of February 1, 2018 using the modified retrospective method. The adoption of the New Revenue Standard did not have a material impact on the Company’s consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Apr. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Effective February 1, 2018 the Company adopted the New Revenue Standard using the modified retrospective method applied to those contracts which were not completed as of February 1, 2018. Results for reporting periods beginning after January 31, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Under the New Revenue Standard, revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The Company has determined that the New Revenue Standard applies to contracts performed by the businesses in our Marine Technology Products segment, but not to contracts performed by our Equipment Leasing segment which are within the scope of other revenue recognition standards. The impact of adopting the New Revenue Standard was not material, as the analysis of our contracts under the New Revenue Standard supports the recognition of revenue at a point in time for the majority of our contracts, which is consistent with our current revenue recognition model. As a result, the Company did not record an adjustment to opening retained earnings as a result of the adoption of the New Revenue Standard. The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition (in thousands): For the For the Three Months 2018 Revenue recognized at a point in time: (in thousands) Seamap $ 1,510 Klein 1,512 SAP 480 Total revenue recognized at a point in time 3,502 Revenue recognized over time: Seamap 206 Klein — SAP — Total revenue recognized over time 206 Total revenue from contracts with customers 3,708 The revenue from products manufactured and sold by our Seamap and Klein businesses, as well as the revenue from products marketed and sold by our SAP business, is generally recognized at a point in time, or when the customer takes possession of the product, based on the terms and conditions stipulated in our contracts with customers. Our Seamap business also provides Software Maintenance Agreements (“SMA”) to customers who have an active license for software imbedded in Seamap products. The revenue from SMA’s is recognized over time, with the total value of the SMA amortized in equal monthly amounts over the life of the contract. The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers (in thousands): For the For the Three Months 2018 (in thousands) United States $ 129 Europe, Russia & CIS 2,019 Middle East & Africa 514 Asia-Pacific 699 Canada & Latin America 347 Total revenue from contracts with customers 3,708 As of April 30, 2018 contract assets and liabilities consisted of the following (in thousands): April 30, 2018 Contract Assets: (in thousands) Unbilled revenue - current $ 930 Unbilled revenue - non-current — Total unbilled revenue $ 930 Contract Liabilities: Deferred revenue & customer deposits - current 302 Deferred revenue & customer deposits - non-current 10 Total deferred revenue & customer deposits $ 312 |
Acquisition of Assets
Acquisition of Assets | 3 Months Ended |
Apr. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Assets | Acquisition of Assets In February 2018 the Company completed the acquisition of intellectual property and certain other assets from Hydroscience Technologies, Inc. and Solid Seismic LLC (collectively “Hydroscience”). Hydroscience designed, manufactured and sold marine sensors and solid streamer technology products primarily for the hydrographic and seismic industries. In April 2017 Hydroscience filed for bankruptcy protection. Mitcham acquired the assets pursuant to an Asset Purchase Agreement and Sale Order (collectively the “Agreement”) that were approved by the bankruptcy court on January 31, 2018. Under the terms of the Agreement, Mitcham acquired certain specified intangible and tangible assets free and clear of all prior claims and encumbrances, and assumed no liabilities, contracts or prior warranty obligations. Details of the purchase price and the allocation of the purchase price to the assets acquired are as follows (in thousands): Purchase Price: Cash $ 3,000 Release of claims against Hydroscience 1,144 Transaction costs 312 Total purchase price $ 4,456 Allocation of purchase price: Inventory $ 206 Tangible assets (mainly manufacturing equipment) 350 Intangible assets (including patents, designs & software) 3,900 Total purchase price $ 4,456 The cash portion of the purchase price was financed with the sale of 152,290 shares of Preferred Stock (see Note 10) to Mitsubishi Heavy Industries, Inc. for $3.5 million . |
Balance Sheet
Balance Sheet | 3 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet | Balance Sheet April 30, 2018 January 31, 2018 (in thousands) Accounts receivable $ 12,291 $ 16,392 Contracts receivable 4,402 4,921 16,693 21,313 Less long-term portion (800 ) (6,934 ) Current accounts and contracts receivable 15,893 14,379 Less current portion of allowance for doubtful accounts (3,560 ) (3,885 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 12,333 $ 10,494 Contracts receivable consisted of $4.4 million due from four customers at April 30, 2018 and $4.9 million due from four customers as of January 31, 2018 . The balance of contracts receivable at April 30, 2018 and January 31, 2018 consisted of contracts bearing interest at an average rate of approximately 2.7% and 2.8% 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. April 30, 2018 January 31, 2018 (in thousands) Inventories: Raw materials $ 5,363 $ 5,099 Finished goods 6,371 6,185 Work in progress 1,372 1,247 13,106 12,531 Less allowance for obsolescence (1,674 ) (1,675 ) Total inventories, net $ 11,432 $ 10,856 April 30, 2018 January 31, 2018 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 170,654 $ 174,274 Land and buildings 3,381 3,380 Furniture and fixtures 10,504 10,222 Autos and trucks 761 722 185,300 188,598 Accumulated depreciation and amortization (164,254 ) (165,698 ) Total seismic equipment lease pool and property and equipment, net $ 21,046 $ 22,900 As of January 31, 2018 , 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, 2018 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, 2018 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Apr. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Weighted Average Life at 4/30/2018 April 30, 2018 January 31, 2018 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (4,529 ) $ 2,531 $ 7,060 $ — $ (4,529 ) $ 2,531 Proprietary rights 8.1 $ 9,354 $ (3,806 ) $ — 5,548 $ 6,181 $ (3,663 ) $ — 2,518 Customer relationships 3.6 5,024 (2,634 ) — 2,390 5,024 (2,464 ) — 2,560 Patents 6.1 2,441 (841 ) — 1,600 1,730 (778 ) — 952 Trade name 8.1 894 (44 ) — 850 894 (41 ) — 853 Developed technology 7.7 1,430 (334 ) — 1,096 1,430 (298 ) — 1,132 Amortizable intangible assets $ 19,143 $ (7,659 ) $ — $ 11,484 $ 15,259 $ (7,244 ) $ — $ 8,015 On January 31, 2018 , the Company completed an annual review of goodwill and other intangible assets. Based on a review of qualitative factors it was determined it was more likely than not that the fair value of our Seamap reporting unit was greater than its carrying value. Based on a review of qualitative and quantitative factors it was determined it was more likely than not that the fair value of our Klein reporting unit was not greater than its carrying value. Accordingly, we recorded an impairment of approximately $1.5 million related to the Klein reporting unit in fiscal 2018 . On January 31, 2017 , the Company completed an annual review of goodwill and other intangible assets. Based on a review of qualitative factors it was determined it was more likely than not that the fair value was greater than the carrying value of both our Seamap and Klein reporting units. As a result, no impairment charge was recorded in fiscal 2017 . Amortizable intangible assets are amortized over their estimated useful lives of five to 15 years using the straight-line method. Aggregate amortization expense was $447,000 and $355,000 for the three months ended April 30, 2018 and 2017 , respectively. As of April 30, 2018 , future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2019 $ 1,353 2020 1,789 2021 1,638 2022 1,150 2023 964 Thereafter 4,590 Total $ 11,484 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended April 30, 2018 the provision for income taxes was approximately $437,000 on a pre-tax net loss of $5.5 million , or an effective tax rate of -8.0% . For the three months ended April 30, 2017 the provision for income taxes was approximately $229,000 on a pre-tax net loss of $2.4 million , or an effective tax rate of -9.4% . 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 $1.6 million at April 30, 2018 and January 31, 2018 , consist primarily of foreign taxes. The Company files U.S. federal and state income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company's U.S. federal and state income tax returns are subject to examination by the Internal Revenue Service and state tax authorities for fiscal years ended January 31, 2013 through 2018. In addition, the Company's tax returns filed in foreign jurisdictions are generally subject to examination for the fiscal years ended January 31, 2013 through 2018. The Company has determined that the undistributed earnings of foreign subsidiaries are not deemed to be indefinitely reinvested outside of the United States as of April 30, 2018 . Furthermore, the Company has concluded that any deferred taxes with respect to the undistributed foreign earnings would be immaterial, particularly in light of the one-time repatriation of foreign earnings imposed by the Tax Cuts and Jobs Act legislation enacted in December 2017. Therefore, the Company has not recorded a deferred tax liability associated with the undistributed foreign earnings as of April 30, 2018. For the three months ended April 30, 2018 and April 30, 2017 , the Company did not recognize any tax expense or benefit related to uncertain tax positions. The Company 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 | 3 Months Ended |
Apr. 30, 2018 | |
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 April 30, 2018 2017 (in thousands) Basic weighted average common shares outstanding 12,087 12,078 Stock options 41 126 Unvested restricted stock 27 38 Total weighted average common share equivalents 68 164 Diluted weighted average common shares outstanding 12,155 12,242 For the three months ended April 30, 2018 and 2017 , 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 Transaction
Related Party Transaction | 3 Months Ended |
Apr. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Related Party Transaction 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 9.00% Series A Cumulative Preferred Stock (the "Preferred Stock"), par value $1.00 per share through the Agent through an at the market (“ATM”) offering program. 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. 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, 2018 , the Company issued 13,713 shares of Preferred Stock under the ATM offering program. Gross proceeds from these sales were approximately $319,000 and the Agent received compensation of approximately $6,000 . The Non-Executive Chairman of the Company received no portion of this compensation. |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 3 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Equity and Stock-Based Compensation | Equity and Stock-Based Compensation During the three months ended April 30, 2018 , the Company’s Board of Directors declared quarterly dividends of $0.5625 per share for our Preferred Stock. See note 10 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, 2018 and 2017 was approximately $126,000 and $224,000 , respectively |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Marine Technology Products segment is engaged in the design, manufacture and sale of state-of-the-art seismic and offshore telemetry systems. Manufacturing, support and sales facilities are maintained in the UK, Singapore and New Hampshire, with sales offices in Huntsville, Texas and Brisbane, Australia. The Equipment Leasing segment offers for lease or sale, new and “experienced” seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The Equipment Leasing segment is headquartered in Huntsville, Texas, with sales and services offices in Calgary, Canada; Singapore; Brisbane, Australia and Ufa, Bashkortostan, Russia. Financial information by business segment is set forth below (net of any allocations): As of April 30, 2018 As of January 31, 2018 Total Assets Total Assets (in thousands) Marine Technology Products $ 35,872 $ 35,879 Equipment Leasing 36,893 37,850 Eliminations (41 ) (50 ) Consolidated $ 72,724 $ 73,679 Results for the three months ended April 30, 2018 and 2017 were as follows (in thousands): Revenues Operating income (loss) Income (loss) before taxes 2018 2017 2018 2017 2018 2017 Marine Technology Products $ 3,708 $ 6,911 $ (2,374 ) $ 385 $ (2,348 ) $ 113 Equipment Leasing 4,047 11,545 (2,293 ) (1,656 ) (2,215 ) (1,519 ) Corporate expenses — — (905 ) (1,017 ) (905 ) (1,017 ) Eliminations (142 ) (23 ) — (1 ) — (13 ) Consolidated $ 7,613 $ 18,433 $ (5,572 ) $ (2,289 ) $ (5,468 ) $ (2,436 ) Sales from the Marine Technology Products segment to the Equipment Leasing segment are eliminated in consolidated revenues. Consolidated income before taxes reflects the elimination of profit from intercompany sales and depreciation expense on the difference between the sales price and the cost to manufacture the equipment. Fixed assets are reduced by the difference between the sales price and the cost to manufacture the equipment, less the accumulated depreciation related to the difference. |
Organization (Policies)
Organization (Policies) | 3 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Mitcham Industries, Inc., a Texas corporation (the “Company”), was incorporated in 1987. The Company, through its wholly owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), and its wholly owned subsidiary, Klein Marine Systems, Inc. (“Klein”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in New Hampshire, Singapore and the United Kingdom. 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 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, 2018 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, 2018 . 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, 2018 , the results of operations for the three months ended April 30, 2018 and 2017 , and the cash flows for the three months ended April 30, 2018 and 2017 , 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, 2019. As of February 1, 2018 Seamap Pte Ltd., one of the operating entities included in the Seamap group, changed its functional currency to the U.S. dollar. The change was due to recent developments in the Seamap business, including the acquisition of developed technology and introduction of a new product line which expands its markets. This change in functional currency did not have a material effect on the condensed consolidated financial statements. |
New Accounting Pronouncements | New Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, to simplify impairment testing of goodwill and other intangible assets by eliminating step two of the impairment test. The Company has adopted the provisions of ASU 2017-04 as of January 31, 2018. The adoption of ASU 2017-04 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. The Company has adopted the provisions of ASU No. 2016-15 as of February 1, 2018. The adoption of ASU No. 2016-15 did not have a material effect on the Company’s condensed consolidated financial statements. 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 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 “New 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 Company adopted the New Revenue Standard as of February 1, 2018 using the modified retrospective method. The adoption of the New Revenue Standard did not have a material impact on the Company’s consolidated financial statements. |
Revenue from Contracts with C21
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition (in thousands): For the For the Three Months 2018 Revenue recognized at a point in time: (in thousands) Seamap $ 1,510 Klein 1,512 SAP 480 Total revenue recognized at a point in time 3,502 Revenue recognized over time: Seamap 206 Klein — SAP — Total revenue recognized over time 206 Total revenue from contracts with customers 3,708 The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers (in thousands): For the For the Three Months 2018 (in thousands) United States $ 129 Europe, Russia & CIS 2,019 Middle East & Africa 514 Asia-Pacific 699 Canada & Latin America 347 Total revenue from contracts with customers 3,708 |
Contract with Customer, Asset and Liability | As of April 30, 2018 contract assets and liabilities consisted of the following (in thousands): April 30, 2018 Contract Assets: (in thousands) Unbilled revenue - current $ 930 Unbilled revenue - non-current — Total unbilled revenue $ 930 Contract Liabilities: Deferred revenue & customer deposits - current 302 Deferred revenue & customer deposits - non-current 10 Total deferred revenue & customer deposits $ 312 Considering the products manufactured and sold by the businesses in our Marine Technology Products segment and the Company’s standard contract terms and conditions, we expect our contract assets and liabilities to turn over, on average, within a three to six month period. Pursuant to practical expedients and exemptions included in the New Revenue Standard, sales and transaction-based taxes are excluded from revenue. Also, we do not disclose the value of unsatisfied performance obligations for contacts with an original expected duration of one year or less. Additionally, we expense costs incurred to obtain contracts when incurred because the amortization period would have been one year or less. These costs are recorded in sales, general and administrative expenses. |
Acquisition of Assets (Tables)
Acquisition of Assets (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | Details of the purchase price and the allocation of the purchase price to the assets acquired are as follows (in thousands): Purchase Price: Cash $ 3,000 Release of claims against Hydroscience 1,144 Transaction costs 312 Total purchase price $ 4,456 Allocation of purchase price: Inventory $ 206 Tangible assets (mainly manufacturing equipment) 350 Intangible assets (including patents, designs & software) 3,900 Total purchase price $ 4,456 |
Balance Sheet (Tables)
Balance Sheet (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts and Contracts Receivables | April 30, 2018 January 31, 2018 (in thousands) Accounts receivable $ 12,291 $ 16,392 Contracts receivable 4,402 4,921 16,693 21,313 Less long-term portion (800 ) (6,934 ) Current accounts and contracts receivable 15,893 14,379 Less current portion of allowance for doubtful accounts (3,560 ) (3,885 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 12,333 $ 10,494 |
Schedule of Inventories | April 30, 2018 January 31, 2018 (in thousands) Inventories: Raw materials $ 5,363 $ 5,099 Finished goods 6,371 6,185 Work in progress 1,372 1,247 13,106 12,531 Less allowance for obsolescence (1,674 ) (1,675 ) Total inventories, net $ 11,432 $ 10,856 |
Schedule of Seismic Equipment Lease Pool and Property and Equipment | April 30, 2018 January 31, 2018 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 170,654 $ 174,274 Land and buildings 3,381 3,380 Furniture and fixtures 10,504 10,222 Autos and trucks 761 722 185,300 188,598 Accumulated depreciation and amortization (164,254 ) (165,698 ) Total seismic equipment lease pool and property and equipment, net $ 21,046 $ 22,900 |
Goodwill and Other Intangible24
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Weighted Average Life at 4/30/2018 April 30, 2018 January 31, 2018 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (in thousands) (in thousands) Goodwill $ 7,060 $ — $ (4,529 ) $ 2,531 $ 7,060 $ — $ (4,529 ) $ 2,531 Proprietary rights 8.1 $ 9,354 $ (3,806 ) $ — 5,548 $ 6,181 $ (3,663 ) $ — 2,518 Customer relationships 3.6 5,024 (2,634 ) — 2,390 5,024 (2,464 ) — 2,560 Patents 6.1 2,441 (841 ) — 1,600 1,730 (778 ) — 952 Trade name 8.1 894 (44 ) — 850 894 (41 ) — 853 Developed technology 7.7 1,430 (334 ) — 1,096 1,430 (298 ) — 1,132 Amortizable intangible assets $ 19,143 $ (7,659 ) $ — $ 11,484 $ 15,259 $ (7,244 ) $ — $ 8,015 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of April 30, 2018 , future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2019 $ 1,353 2020 1,789 2021 1,638 2022 1,150 2023 964 Thereafter 4,590 Total $ 11,484 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
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 April 30, 2018 2017 (in thousands) Basic weighted average common shares outstanding 12,087 12,078 Stock options 41 126 Unvested restricted stock 27 38 Total weighted average common share equivalents 68 164 Diluted weighted average common shares outstanding 12,155 12,242 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Assets from Segment to Consolidated | Financial information by business segment is set forth below (net of any allocations): As of April 30, 2018 As of January 31, 2018 Total Assets Total Assets (in thousands) Marine Technology Products $ 35,872 $ 35,879 Equipment Leasing 36,893 37,850 Eliminations (41 ) (50 ) Consolidated $ 72,724 $ 73,679 |
Financial Information by Business Segment | Results for the three months ended April 30, 2018 and 2017 were as follows (in thousands): Revenues Operating income (loss) Income (loss) before taxes 2018 2017 2018 2017 2018 2017 Marine Technology Products $ 3,708 $ 6,911 $ (2,374 ) $ 385 $ (2,348 ) $ 113 Equipment Leasing 4,047 11,545 (2,293 ) (1,656 ) (2,215 ) (1,519 ) Corporate expenses — — (905 ) (1,017 ) (905 ) (1,017 ) Eliminations (142 ) (23 ) — (1 ) — (13 ) Consolidated $ 7,613 $ 18,433 $ (5,572 ) $ (2,289 ) $ (5,468 ) $ (2,436 ) |
Revenue from Contracts with C27
Revenue from Contracts with Customers - Revenue Disaggregation (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | $ 3,708 |
Revenue recognized at a point in time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 3,502 |
Revenue recognized over time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 206 |
Seamap | Revenue recognized at a point in time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 1,510 |
Seamap | Revenue recognized over time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 206 |
Klein | Revenue recognized at a point in time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 1,512 |
Klein | Revenue recognized over time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 0 |
SAP | Revenue recognized at a point in time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 480 |
SAP | Revenue recognized over time | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | $ 0 |
Revenue from Contracts with C28
Revenue from Contracts with Customers - Revenue Disaggregated by Geography (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | $ 3,708 |
United States | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 129 |
Europe, Russia & CIS | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 2,019 |
Middle East & Africa | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 514 |
Asia-Pacific | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | 699 |
Canada & Latin America | |
Disaggregation of Revenue [Line Items] | |
Total revenue from contracts with customers | $ 347 |
Revenue from Contracts with C29
Revenue from Contracts with Customers - Contract Assets And Liabilities (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($) | |
Contract Assets: | |
Unbilled revenue - current | $ 930 |
Unbilled revenue - non-current | 0 |
Total unbilled revenue | 930 |
Contract Liabilities: | |
Deferred revenue & customer deposits - current | 302 |
Deferred revenue & customer deposits - non-current | 10 |
Total deferred revenue & customer deposits | $ 312 |
Minimum | |
Contract With Customers [Line Items] | |
Contract with customers, turn over period | 3 months |
Maximum | |
Contract With Customers [Line Items] | |
Contract with customers, turn over period | 6 months |
Acquisition of Assets (Details)
Acquisition of Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | |
Purchase Price: | |||
Cash | $ 3,000 | $ 0 | |
Hydroscience | |||
Purchase Price: | |||
Cash | $ 3,000 | ||
Release of claims against Hydroscience | 1,144 | ||
Transaction costs | 312 | ||
Total purchase price | 4,456 | ||
Allocation of purchase price: | |||
Inventory | 206 | ||
Tangible assets (mainly manufacturing equipment) | 350 | ||
Intangible assets (including patents, designs & software) | 3,900 | ||
Total purchase price | $ 4,456 | ||
Preferred Stock | |||
Allocation of purchase price: | |||
Stock issued during period (in shares) | 152,290 | ||
Value of shares issued | $ 3,500 |
Balance Sheet - Accounts and Co
Balance Sheet - Accounts and Contracts Receivables (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Accounts Receivable, Net, Current [Abstract] | ||
Accounts receivable | $ 12,291 | $ 16,392 |
Contracts receivable | 4,402 | 4,921 |
Accounts and contracts receivable | 16,693 | 21,313 |
Less long-term portion | (800) | (6,934) |
Current accounts and contracts receivable | 15,893 | 14,379 |
Less current portion of allowance for doubtful accounts | (3,560) | (3,885) |
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts | $ 12,333 | $ 10,494 |
Balance Sheet - Additional Info
Balance Sheet - Additional Information (Detail) | Jan. 31, 2018USD ($) | Apr. 30, 2018USD ($)customer | Jan. 31, 2018USD ($)customer | Apr. 30, 2017USD ($)Installment |
Balance Sheet [Line Items] | ||||
Contracts receivable | $ 4,921,000 | $ 4,402,000 | $ 4,921,000 | |
Number of customers due | customer | 4 | 4 | ||
Contracts receivable, interest rate | 2.80% | 2.70% | 2.80% | |
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 | $ 0 | ||
Minimum | ||||
Balance Sheet [Line Items] | ||||
Contracts receivable repayment term | 1 month | |||
Maximum | ||||
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, 2018 | Jan. 31, 2018 |
Inventories: | ||
Raw materials | $ 5,363 | $ 5,099 |
Finished goods | 6,371 | 6,185 |
Work in progress | 1,372 | 1,247 |
Cost of inventories | 13,106 | 12,531 |
Less allowance for obsolescence | (1,674) | (1,675) |
Total inventories, net | $ 11,432 | $ 10,856 |
Balance Sheet - Schedule of Sei
Balance Sheet - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Seismic equipment lease pool and property and equipment: | ||
Cost of seismic equipment lease pool and property and equipment | $ 185,300 | $ 188,598 |
Accumulated depreciation and amortization | (164,254) | (165,698) |
Total seismic equipment lease pool and property and equipment, net | 21,046 | 22,900 |
Seismic equipment lease pool | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | 170,654 | 174,274 |
Land and buildings | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | 3,381 | 3,380 |
Furniture and fixtures | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | 10,504 | 10,222 |
Autos and trucks | ||
Seismic equipment lease pool and property and equipment: | ||
Cost of property and equipment | $ 761 | $ 722 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Jan. 31, 2018 | |
Goodwill | ||
Gross Carrying Amount | $ 7,060 | $ 7,060 |
Impairment | (4,529) | (4,529) |
Net Carrying Amount | 2,531 | 2,531 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,143 | 15,259 |
Accumulated Amortization | (7,659) | (7,244) |
Net Carrying Amount | $ 11,484 | 8,015 |
Proprietary rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 8 years 1 month | |
Gross Carrying Amount | $ 9,354 | 6,181 |
Accumulated Amortization | (3,806) | (3,663) |
Net Carrying Amount | $ 5,548 | 2,518 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 3 years 7 months | |
Gross Carrying Amount | $ 5,024 | 5,024 |
Accumulated Amortization | (2,634) | (2,464) |
Net Carrying Amount | $ 2,390 | 2,560 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 6 years 1 month | |
Gross Carrying Amount | $ 2,441 | 1,730 |
Accumulated Amortization | (841) | (778) |
Net Carrying Amount | $ 1,600 | 952 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 8 years 1 month | |
Gross Carrying Amount | $ 894 | 894 |
Accumulated Amortization | (44) | (41) |
Net Carrying Amount | $ 850 | 853 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 7 years 8 months | |
Gross Carrying Amount | $ 1,430 | 1,430 |
Accumulated Amortization | (334) | (298) |
Net Carrying Amount | $ 1,096 | $ 1,132 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | Jan. 31, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | $ 1,500,000 | $ 0 | ||
Aggregate amortization expense | $ 447,000 | $ 355,000 | ||
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 5 years | |||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life of intangible assets | 15 years |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 1,353 | |
2,020 | 1,789 | |
2,021 | 1,638 | |
2,022 | 1,150 | |
2,023 | 964 | |
Thereafter | 4,590 | |
Net Carrying Amount | $ 11,484 | $ 8,015 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ 437,000 | $ 229,000 | |
Pre-tax net loss | $ 5,468,000 | $ 2,436,000 | |
Effective tax rate | (8.00%) | (9.40%) | |
Non-current prepaid income taxes | $ 1,603,000 | $ 1,609,000 | |
Unrecognized tax expense or benefit | $ 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, 2018 | Apr. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Basic weighted average common shares outstanding | 12,087 | 12,078 |
Stock options | 41 | 126 |
Unvested restricted stock | 27 | 38 |
Total weighted average common share equivalents | 68 | 164 |
Diluted weighted average common shares outstanding | 12,155 | 12,242 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) | Oct. 07, 2016 | Apr. 30, 2018 | Jan. 31, 2018 |
Related Party Transaction [Line Items] | |||
Maximum number of preferred stock to be issued (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Series A Preferred Stock | |||
Related Party Transaction [Line Items] | |||
Preferred stock dividend rate | 9.00% | ||
Preferred stock, par value (in dollars per share) | $ 1 | ||
Series A Preferred Stock | Ladenburg Thalmann & Co. Inc. | |||
Related Party Transaction [Line Items] | |||
Maximum number of preferred stock to be issued (in shares) | 500,000 | ||
Percentage of compensation fees to be paid | 2.00% | ||
Stock issued during period (in shares) | 13,713 | ||
Gross proceeds from preferred stock | $ 319,000 | ||
Equity distribution compensation expenses | 6,000 | ||
Series A Preferred Stock | Non-Executive Chairman | |||
Related Party Transaction [Line Items] | |||
Equity distribution compensation expenses | $ 0 |
Equity and Stock-Based Compen41
Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Equity [Abstract] | ||
Quarterly dividends declared (in usd per share) | $ 0.5625 | |
Compensation expense related to stock-based awards granted | $ 126 | $ 224 |
Segment Reporting - Financial I
Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 72,724 | $ 73,679 |
Operating Segments | Marine Technology Products | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 35,872 | 35,879 |
Operating Segments | Equipment Leasing | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 36,893 | 37,850 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ (41) | $ (50) |
Segment Reporting - Financial43
Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 7,613 | $ 18,433 |
Operating income (loss) | (5,572) | (2,289) |
Income (loss) before taxes | (5,468) | (2,436) |
Operating Segments | Marine Technology Products | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,708 | 6,911 |
Operating income (loss) | (2,374) | 385 |
Income (loss) before taxes | (2,348) | 113 |
Operating Segments | Equipment Leasing | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,047 | 11,545 |
Operating income (loss) | (2,293) | (1,656) |
Income (loss) before taxes | (2,215) | (1,519) |
Corporate Expenses | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Operating income (loss) | (905) | (1,017) |
Income (loss) before taxes | (905) | (1,017) |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (142) | (23) |
Operating income (loss) | 0 | (1) |
Income (loss) before taxes | $ 0 | $ (13) |