Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2018 | Dec. 04, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
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 | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,119,399 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2018 | Jan. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 5,406 | $ 9,902 |
Restricted cash | 213 | 244 |
Accounts and contracts receivable, net of allowance for doubtful accounts of $3,108 and $3,885 at October 31, 2018 and January 31, 2018, respectively | 17,440 | 10,494 |
Inventories, net | 11,679 | 10,856 |
Prepaid expenses and other current assets | 1,603 | 1,550 |
Total current assets | 36,341 | 33,046 |
Seismic equipment lease pool and property and equipment, net | 16,655 | 22,900 |
Intangible assets, net | 10,911 | 8,015 |
Goodwill | 2,531 | 2,531 |
Non-current prepaid income taxes | 1,434 | 1,609 |
Deferred tax asset | 58 | 0 |
Long-term receivables, net of allowance for doubtful accounts of $532 and $2,282 at October 31, 2018 and January 31, 2018, respectively | 0 | 4,652 |
Other assets | 609 | 926 |
Total assets | 68,539 | 73,679 |
Current liabilities: | ||
Accounts payable | 2,096 | 1,271 |
Deferred revenue | 156 | 741 |
Accrued expenses and other current liabilities | 5,477 | 5,253 |
Income taxes payable | 556 | 258 |
Total current liabilities | 8,285 | 7,523 |
Deferred tax liability | 0 | 307 |
Total liabilities | 8,285 | 7,830 |
Shareholders’ equity: | ||
Preferred stock, $1.00 par value; 1,000 shares authorized; 798 and 532 issued and outstanding at October 31, 2018 and January 31, 2018, respectively | 17,612 | 11,544 |
Common stock, $0.01 par value; 20,000 shares authorized; 14,049 and 14,019 shares issued at October 31, 2018 and January 31, 2018, respectively | 140 | 140 |
Additional paid-in capital | 122,879 | 122,304 |
Treasury stock, at cost (1,929 shares at October 31, 2018 and January 31, 2018) | (16,860) | (16,860) |
Accumulated deficit | (59,355) | (42,425) |
Accumulated other comprehensive loss | (4,162) | (8,854) |
Total shareholders’ equity | 60,254 | 65,849 |
Total liabilities and shareholders’ equity | $ 68,539 | $ 73,679 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2018 | Jan. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts, current | $ 3,108 | $ 3,885 |
Allowance for doubtful accounts, non-current | $ 532 | $ 2,282 |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 798,000 | 532,000 |
Preferred stock, shares outstanding (in shares) | 798,000 | 532,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 14,049,000 | 14,019,000 |
Treasury stock, shares (in shares) | 1,929,000 | 1,929,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues: | ||||
Sale of marine technology products | $ 9,277 | $ 5,955 | $ 18,720 | $ 22,429 |
Equipment leasing | 3,166 | 2,071 | 7,493 | 5,765 |
Sale of lease pool equipment and other equipment sales | 2,208 | 618 | 4,401 | 9,719 |
Total revenues | 14,651 | 8,644 | 30,614 | 37,913 |
Cost of sales: | ||||
Sale of marine technology products | 4,904 | 3,132 | 10,206 | 12,975 |
Equipment leasing (including lease pool depreciation of $2,176 and $3,578 for the three months ended October 31, 2018 and 2017 respectively, and $7,275 and $11,509 for the nine months ended October 31, 2018 and 2017 respectively) | 3,296 | 4,400 | 10,120 | 13,815 |
Lease pool equipment and other equipment sales | 1,227 | 211 | 1,959 | 6,410 |
Total cost of sales | 9,427 | 7,743 | 22,285 | 33,200 |
Gross profit | 5,224 | 901 | 8,329 | 4,713 |
Operating expenses: | ||||
Selling, general and administrative | 4,819 | 4,879 | 15,953 | 14,508 |
Research and development | 175 | 299 | 857 | 637 |
Provision for doubtful accounts | 0 | 0 | 200 | 0 |
Depreciation and amortization | 579 | 516 | 1,816 | 1,622 |
Total operating expenses | 5,573 | 5,694 | 18,826 | 16,767 |
Operating loss | (349) | (4,793) | (10,497) | (12,054) |
Other income (expense): | ||||
Loss on sale (including $5,355 of cumulative translation loss) | (4,905) | 0 | (4,905) | 0 |
Interest income, net | 12 | 52 | 47 | 23 |
Other, net | (198) | 46 | (57) | (107) |
Total other (expenses) income | (5,091) | 98 | (4,915) | (84) |
Loss before income taxes | (5,440) | (4,695) | (15,412) | (12,138) |
Benefit (provision) for income taxes | 249 | (586) | (273) | (1,172) |
Net loss | (5,191) | (5,281) | (15,685) | (13,310) |
Preferred stock dividends | (449) | (229) | (1,245) | (630) |
Net loss attributable to common shareholders | $ (5,640) | $ (5,510) | $ (16,930) | $ (13,940) |
Net loss per common share: | ||||
Basic (in usd per share) | $ (0.47) | $ (0.46) | $ (1.40) | $ (1.15) |
Diluted (in usd per share) | $ (0.47) | $ (0.46) | $ (1.40) | $ (1.15) |
Shares used in computing net loss per common share: | ||||
Basic (in shares) | 12,119 | 12,087 | 12,100 | 12,082 |
Diluted (in shares) | 12,119 | 12,087 | 12,100 | 12,082 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income Statement [Abstract] | ||||
Lease pool depreciation | $ 2,176 | $ 7,275 | $ 3,578 | $ 11,509 |
Cumulative translation loss | $ 5,355 | $ 0 | $ 5,355 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss attributable to common shareholders | $ (5,640) | $ (5,510) | $ (16,930) | $ (13,940) |
Change in cumulative translation adjustment for sale of foreign entity | 5,355 | 0 | 5,355 | 0 |
Other changes in cumulative translation adjustment | (284) | (254) | (663) | 621 |
Comprehensive loss attributable to common shareholders | $ (569) | $ (5,764) | $ (12,238) | $ (13,319) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (15,685) | $ (13,310) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 9,184 | 13,219 |
Stock-based compensation | 575 | 685 |
Provision for inventory obsolescence | 140 | 58 |
Provision for doubtful accounts, net of charge offs | 200 | 0 |
Gross profit from sale of lease pool equipment | (1,848) | (3,080) |
Loss on sale of business | 4,905 | 0 |
Deferred tax expense | (365) | (31) |
Non-Current prepaid tax | 472 | 0 |
Changes in: | ||
Trade accounts and contracts receivable | (878) | 5,129 |
Unbilled revenue | (2,435) | 0 |
Inventories | (1,304) | 79 |
Prepaid expenses and other current assets | (1,158) | 207 |
Income taxes receivable and payable | 0 | 714 |
Accounts payable, accrued expenses and other current liabilities | (626) | (1,244) |
Deferred revenue | 527 | 0 |
Foreign exchange losses net of gains | 336 | (252) |
Net cash (used in) provided by operating activities | (7,960) | 2,174 |
Cash flows from investing activities: | ||
Purchases of seismic equipment held for lease | (1,424) | (321) |
Acquisition of assets | (3,000) | 0 |
Purchases of property and equipment | (696) | (276) |
Sale of used lease pool equipment | 4,124 | 6,690 |
Sale of business, net of cash sold | (147) | 0 |
Net cash (used in) provided by investing activities | (1,143) | 6,093 |
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 | 6,135 | 1,847 |
Preferred stock dividends | (1,245) | (630) |
Net cash provided by (used in) financing activities | 4,890 | (5,090) |
Effect of changes in foreign exchange rates on cash, cash equivalents and restricted cash | (314) | 82 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (4,527) | 3,259 |
Cash, cash equivalents and restricted cash, beginning of period | 10,146 | 3,511 |
Cash, cash equivalents and restricted cash, end of period | 5,619 | 6,770 |
Supplemental cash flow information: | ||
Interest paid | 2 | 84 |
Income taxes paid | 414 | 436 |
Purchases of seismic equipment held for lease in accounts payable at end of period | $ 264 | $ 65 |
Organization
Organization | 9 Months Ended |
Oct. 31, 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, Malaysia 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 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. In August 2018 the Company sold its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”). See Note 12. All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 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 October 31, 2018 , the results of operations for the three and nine months ended October 31, 2018 and 2017 , and the cash flows for the nine months ended October 31, 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. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“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. More specifically, the new guidance requires a lessee to recognize assets and liabilities for leases with terms of more than 12 months . ASU No. 2016-02 will be effective during the Company’s fiscal year ended January 31, 2020. Management has not yet completed its assessment of the impact of the new guidance. However, based on a preliminary review, the Company does not expect the adoption of ASU No. 2016-02 to have a material impact on its financial statements. The Company is continuing its assessment, which may identify additional impacts the adoption of ASU No. 2016-02 will have on its consolidated financial statements and disclosures. 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 | 9 Months Ended |
Oct. 31, 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 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: Three Months Ended October 31, 2018 Nine Months Ended October 31, 2018 Revenue recognized at a point in time: (in thousands) Seamap $ 5,356 $ 10,512 Klein 2,683 5,560 SAP 1,085 2,362 Total revenue recognized at a point in time $ 9,124 $ 18,434 Revenue recognized over time: Seamap $ 181 $ 591 Total revenue recognized over time 181 591 Total revenue from contracts with customers $ 9,305 $ 19,025 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: Three Months Ended October 31, 2018 Nine Months Ended October 31, 2018 (in thousands) United States $ 1,104 $ 2,356 Europe, Russia & CIS 5,629 10,395 Middle East & Africa 515 1,151 Asia-Pacific 1,820 4,499 Canada & Latin America 237 624 Total revenue from contracts with customers $ 9,305 $ 19,025 As of October 31, 2018 contract assets and liabilities consisted of the following: October 31, 2018 Contract Assets: (in thousands) Unbilled revenue-current $ 2,435 Unbilled revenue - non-current — Total unbilled revenue $ 2,435 Contract Liabilities: Deferred revenue & customer deposits - current $ 521 Deferred revenue & customer deposits - non-current 6 Total deferred revenue & customer deposits $ 527 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 selling, general and administrative expenses. |
Acquisition of Assets
Acquisition of Assets | 9 Months Ended |
Oct. 31, 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 and other related costs were financed with the sale of 174,046 shares of our 9% Series A Cumulative Preferred Stock to Mitsubishi Heavy Industries, Inc. for $4.0 million . |
Balance Sheet
Balance Sheet | 9 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet | Balance Sheet October 31, 2018 January 31, 2018 (in thousands) Receivables: Accounts receivable $ 16,722 $ 16,392 Contracts receivable 4,358 4,921 21,080 21,313 Less long-term portion (532 ) (6,934 ) Current accounts and contracts receivable 20,548 14,379 Less current portion of allowance for doubtful accounts (3,108 ) (3,885 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 17,440 $ 10,494 Contracts receivable consisted of $4.4 million due from five customers at October 31, 2018 and $4.9 million due from four customers as of January 31, 2018 . The balance of contracts receivable at October 31, 2018 and January 31, 2018 consisted of contracts bearing interest at an average rate of approximately 4.3% 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. October 31, 2018 January 31, 2018 (in thousands) Inventories: Raw materials $ 4,844 $ 5,099 Finished goods 5,916 6,185 Work in progress 1,987 1,247 12,747 12,531 Less allowance for obsolescence (1,068 ) (1,675 ) Total inventories, net $ 11,679 $ 10,856 October 31, 2018 January 31, 2018 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 159,312 $ 174,274 Land and buildings 4,021 3,380 Furniture and fixtures 10,103 10,222 Autos and trucks 762 722 174,198 188,598 Accumulated depreciation and amortization (157,543 ) (165,698 ) Total seismic equipment lease pool and property and equipment, net $ 16,655 $ 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 October 31, 2018 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Oct. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Weighted Average Life at 10/31/2018 October 31, 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 7.6 $ 9,594 $ (4,077 ) $ — $ 5,517 $ 6,181 $ (3,663 ) $ — $ 2,518 Customer relationships 3.1 5,024 (2,976 ) — 2,048 5,024 (2,464 ) — 2,560 Patents 5.7 2,441 (965 ) — 1,476 1,730 (778 ) — 952 Trade name 7.6 894 (49 ) — 845 894 (41 ) — 853 Developed technology 7.2 1,430 (405 ) — 1,025 1,430 (298 ) — 1,132 Amortizable intangible assets $ 19,383 $ (8,472 ) $ — $ 10,911 $ 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 the quarter ended January 31, 2018 . During the nine months ended October 31, 2018 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 $1.3 million and $1.1 million for the nine months ended October 31, 2018 and 2017 , respectively. As of October 31, 2018 , future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2019 $ 472 2020 1,845 2021 1,697 2022 1,212 2023 1,018 2024 and thereafter 4,667 Total $ 10,911 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the nine months ended October 31, 2018 the provision for income taxes was approximately $273,000 on a pre-tax net loss of $15.4 million . 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 . The variance between our actual provision and the expected provision based on the U.S. statutory rate is due to the mix of pre-tax profit between the U.S. and international taxing jurisdictions with varying statutory rates, the impact of permanent differences, state income and foreign withholding taxes, other tax adjustments, such as valuation allowances against deferred tax assets, and discrete items, including tax expense or benefit recognized for uncertain tax positions. Non-current prepaid income taxes of approximately $1.4 million at October 31, 2018 and 1.6 million at 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 October 31, 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 October 31, 2018 . For the nine months ended October 31, 2018 and October 31, 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 | 9 Months Ended |
Oct. 31, 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 October 31, Nine Months Ended October 31, 2018 2017 2018 2017 (in thousands) (in thousands) Basic weighted average common shares outstanding 12,119 12,087 12,100 12,082 Stock options 92 35 73 81 Unvested restricted stock 3 28 10 34 Total weighted average common share equivalents 95 63 83 115 Diluted weighted average common shares outstanding 12,214 12,150 12,183 12,197 For the three and nine month periods ended October 31, 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 | 9 Months Ended |
Oct. 31, 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 an at-the-market ("ATM") offering program administered by the Agent. 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 offering program. For the three and nine month periods ended October 31, 2018 , the Company issued 29,562 and 91,910 shares of Preferred Stock under the ATM offering program, respectively. Gross proceeds from these sales for the three and nine months ended October 31, 2018 were approximately $699,000 and $2.2 million , respectively, and the Agent received compensation of approximately $14,000 and $44,000 , respectively. The Non-Executive Chairman of the Company received no portion of this compensation. |
Equity and Stock-Based Compensa
Equity and Stock-Based Compensation | 9 Months Ended |
Oct. 31, 2018 | |
Equity [Abstract] | |
Equity and Stock-Based Compensation | Equity and Stock-Based Compensation During the three months ended October 31, 2018 , the Company’s Board of Directors declared quarterly dividends of $0.5625 per share for our Preferred Stock. See Note 10. Total compensation expense recognized for stock-based awards granted under the Company’s equity incentive plan during the three and nine month periods ended October 31, 2018 was approximately $207,000 and $575,000 , respectively, and during the three and nine month periods ended October 31, 2017 was approximately $224,000 and $685,000 , respectively. |
Sale of MSE Sale of MSE
Sale of MSE Sale of MSE | 9 Months Ended |
Oct. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of MSE | Sale of MSE In August 2018, the Company completed the sale of its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC for total contractual proceeds of approximately $1.2 million U.S. dollars. The proceeds are due in monthly installments of principal and interest, accruing at a rate of 9% per annum, with the balance due on or before August 31, 2019. As a result of the sale, the company recorded a loss of approximately $4.9 million including recognition of approximately $5.4 million of cumulative translation losses which had been historically recorded in Accumulated Other Comprehensive Loss, a component of equity. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 31, 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, Malaysia and New Hampshire, with sales offices in Huntsville, Texas and Brisbane, Australia. The Equipment Leasing segment offers for lease or sale, new and used 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, prior to the sale of MSE (see Note 12) in August 2018, Ufa, Bashkortostan, Russia. Financial information by business segment is set forth below (net of any allocations): Total Assets As of October 31, 2018 As of January 31, 2018 (in thousands) Marine Technology Products $ 46,331 $ 35,879 Equipment Leasing 22,231 37,850 Eliminations (23 ) (50 ) Consolidated $ 68,539 $ 73,679 Results for the three months ended October 31, 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 $ 9,305 $ 5,992 $ 876 $ (74 ) $ 881 $ 4 Equipment Leasing 5,386 2,730 (347 ) (3,927 ) (5,443 ) (3,933 ) Corporate expenses — — (864 ) (792 ) (864 ) (792 ) Eliminations (40 ) (78 ) (14 ) — (14 ) 26 Consolidated $ 14,651 $ 8,644 $ (349 ) $ (4,793 ) $ (5,440 ) $ (4,695 ) Results for the nine months ended October 31, 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 $ 19,025 $ 22,565 $ (2,515 ) $ 1,160 $ (2,441 ) $ 999 Equipment Leasing 11,906 15,546 (5,369 ) (10,571 ) (10,359 ) (10,494 ) Corporate expenses — — (2,599 ) (2,643 ) (2,599 ) (2,643 ) Eliminations (317 ) (198 ) (14 ) — (13 ) — Consolidated $ 30,614 $ 37,913 $ (10,497 ) $ (12,054 ) $ (15,412 ) $ (12,138 ) 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) | 9 Months Ended |
Oct. 31, 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, Malaysia 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 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. In August 2018 the Company sold its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”). See Note 12. 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 October 31, 2018 , the results of operations for the three and nine months ended October 31, 2018 and 2017 , and the cash flows for the nine months ended October 31, 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. |
New Accounting Pronouncements | New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“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. More specifically, the new guidance requires a lessee to recognize assets and liabilities for leases with terms of more than 12 months . ASU No. 2016-02 will be effective during the Company’s fiscal year ended January 31, 2020. Management has not yet completed its assessment of the impact of the new guidance. However, based on a preliminary review, the Company does not expect the adoption of ASU No. 2016-02 to have a material impact on its financial statements. The Company is continuing its assessment, which may identify additional impacts the adoption of ASU No. 2016-02 will have on its consolidated financial statements and disclosures. 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 C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Oct. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents revenue from contracts with customers disaggregated by geography, based on shipping location of our customers: Three Months Ended October 31, 2018 Nine Months Ended October 31, 2018 (in thousands) United States $ 1,104 $ 2,356 Europe, Russia & CIS 5,629 10,395 Middle East & Africa 515 1,151 Asia-Pacific 1,820 4,499 Canada & Latin America 237 624 Total revenue from contracts with customers $ 9,305 $ 19,025 The following table presents revenue from contracts with customers disaggregated by product line and timing of revenue recognition: Three Months Ended October 31, 2018 Nine Months Ended October 31, 2018 Revenue recognized at a point in time: (in thousands) Seamap $ 5,356 $ 10,512 Klein 2,683 5,560 SAP 1,085 2,362 Total revenue recognized at a point in time $ 9,124 $ 18,434 Revenue recognized over time: Seamap $ 181 $ 591 Total revenue recognized over time 181 591 Total revenue from contracts with customers $ 9,305 $ 19,025 |
Contract with Customer, Asset and Liability | As of October 31, 2018 contract assets and liabilities consisted of the following: October 31, 2018 Contract Assets: (in thousands) Unbilled revenue-current $ 2,435 Unbilled revenue - non-current — Total unbilled revenue $ 2,435 Contract Liabilities: Deferred revenue & customer deposits - current $ 521 Deferred revenue & customer deposits - non-current 6 Total deferred revenue & customer deposits $ 527 |
Acquisition of Assets (Tables)
Acquisition of Assets (Tables) | 9 Months Ended |
Oct. 31, 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) | 9 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts and Contracts Receivables | October 31, 2018 January 31, 2018 (in thousands) Receivables: Accounts receivable $ 16,722 $ 16,392 Contracts receivable 4,358 4,921 21,080 21,313 Less long-term portion (532 ) (6,934 ) Current accounts and contracts receivable 20,548 14,379 Less current portion of allowance for doubtful accounts (3,108 ) (3,885 ) Current portion of accounts and contracts receivable, net of allowance for doubtful accounts $ 17,440 $ 10,494 |
Schedule of Inventories | October 31, 2018 January 31, 2018 (in thousands) Inventories: Raw materials $ 4,844 $ 5,099 Finished goods 5,916 6,185 Work in progress 1,987 1,247 12,747 12,531 Less allowance for obsolescence (1,068 ) (1,675 ) Total inventories, net $ 11,679 $ 10,856 |
Schedule of Seismic Equipment Lease Pool and Property and Equipment | October 31, 2018 January 31, 2018 (in thousands) Seismic equipment lease pool and property and equipment: Seismic equipment lease pool $ 159,312 $ 174,274 Land and buildings 4,021 3,380 Furniture and fixtures 10,103 10,222 Autos and trucks 762 722 174,198 188,598 Accumulated depreciation and amortization (157,543 ) (165,698 ) Total seismic equipment lease pool and property and equipment, net $ 16,655 $ 22,900 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Oct. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Weighted Average Life at 10/31/2018 October 31, 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 7.6 $ 9,594 $ (4,077 ) $ — $ 5,517 $ 6,181 $ (3,663 ) $ — $ 2,518 Customer relationships 3.1 5,024 (2,976 ) — 2,048 5,024 (2,464 ) — 2,560 Patents 5.7 2,441 (965 ) — 1,476 1,730 (778 ) — 952 Trade name 7.6 894 (49 ) — 845 894 (41 ) — 853 Developed technology 7.2 1,430 (405 ) — 1,025 1,430 (298 ) — 1,132 Amortizable intangible assets $ 19,383 $ (8,472 ) $ — $ 10,911 $ 15,259 $ (7,244 ) $ — $ 8,015 |
Future Estimated Amortization Expense Related to Amortizable Intangible Assets | As of October 31, 2018 , future estimated amortization expense related to amortizable intangible assets was estimated to be: For fiscal years ending January 31 (in thousands): 2019 $ 472 2020 1,845 2021 1,697 2022 1,212 2023 1,018 2024 and thereafter 4,667 Total $ 10,911 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Oct. 31, 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 October 31, Nine Months Ended October 31, 2018 2017 2018 2017 (in thousands) (in thousands) Basic weighted average common shares outstanding 12,119 12,087 12,100 12,082 Stock options 92 35 73 81 Unvested restricted stock 3 28 10 34 Total weighted average common share equivalents 95 63 83 115 Diluted weighted average common shares outstanding 12,214 12,150 12,183 12,197 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Assets from Segment to Consolidated | Financial information by business segment is set forth below (net of any allocations): Total Assets As of October 31, 2018 As of January 31, 2018 (in thousands) Marine Technology Products $ 46,331 $ 35,879 Equipment Leasing 22,231 37,850 Eliminations (23 ) (50 ) Consolidated $ 68,539 $ 73,679 |
Reconciliation of Revenue from Segment to Consolidated | Results for the three months ended October 31, 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 $ 9,305 $ 5,992 $ 876 $ (74 ) $ 881 $ 4 Equipment Leasing 5,386 2,730 (347 ) (3,927 ) (5,443 ) (3,933 ) Corporate expenses — — (864 ) (792 ) (864 ) (792 ) Eliminations (40 ) (78 ) (14 ) — (14 ) 26 Consolidated $ 14,651 $ 8,644 $ (349 ) $ (4,793 ) $ (5,440 ) $ (4,695 ) Results for the nine months ended October 31, 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 $ 19,025 $ 22,565 $ (2,515 ) $ 1,160 $ (2,441 ) $ 999 Equipment Leasing 11,906 15,546 (5,369 ) (10,571 ) (10,359 ) (10,494 ) Corporate expenses — — (2,599 ) (2,643 ) (2,599 ) (2,643 ) Eliminations (317 ) (198 ) (14 ) — (13 ) — Consolidated $ 30,614 $ 37,913 $ (10,497 ) $ (12,054 ) $ (15,412 ) $ (12,138 ) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue Disaggregation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2018 | Oct. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 9,305 | $ 19,025 |
Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 9,124 | 18,434 |
Revenue recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 181 | 591 |
Seamap | Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5,356 | 10,512 |
Seamap | Revenue recognized over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 181 | 591 |
Klein | Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 2,683 | 5,560 |
SAP | Revenue recognized at a point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 1,085 | $ 2,362 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Revenue Disaggregated by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2018 | Oct. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 9,305 | $ 19,025 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,104 | 2,356 |
Europe, Russia & CIS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 5,629 | 10,395 |
Middle East & Africa | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 515 | 1,151 |
Asia-Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 1,820 | 4,499 |
Canada & Latin America | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 237 | $ 624 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Assets And Liabilities (Detail) $ in Thousands | 9 Months Ended |
Oct. 31, 2018USD ($) | |
Contract Assets: | |
Unbilled revenue-current | $ 2,435 |
Unbilled revenue - non-current | 0 |
Total unbilled revenue | 2,435 |
Contract Liabilities: | |
Deferred revenue & customer deposits - current | 521 |
Deferred revenue & customer deposits - non-current | 6 |
Total deferred revenue & customer deposits | $ 527 |
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 (Detail)
Acquisition of Assets (Detail) $ in Thousands | 1 Months Ended |
Feb. 28, 2018USD ($)shares | |
Preferred Stock | |
Allocation of purchase price: | |
Stock issued during period (in shares) | shares | 174,046 |
Preferred stock dividend rate | 9.00% |
Value of shares issued | $ 4,000 |
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 |
Balance Sheet - Accounts and Co
Balance Sheet - Accounts and Contracts Receivables (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jan. 31, 2018 |
Receivables: | ||
Accounts receivable | $ 16,722 | $ 16,392 |
Contracts receivable | 4,358 | 4,921 |
Total receivables | 21,080 | 21,313 |
Less long-term portion | (532) | (6,934) |
Current accounts and contracts receivable | 20,548 | 14,379 |
Less current portion of allowance for doubtful accounts | (3,108) | (3,885) |
Current portion of accounts and contracts receivable, net of allowance for doubtful accounts | $ 17,440 | $ 10,494 |
Balance Sheet - Additional Info
Balance Sheet - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Oct. 31, 2018USD ($)customer | Jan. 31, 2018USD ($)customer | |
Balance Sheet [Line Items] | ||
Contracts receivable | $ 4,358,000 | $ 4,921,000 |
Number of customers due | customer | 5 | 4 |
Contracts receivable, interest rate | 4.30% | 2.20% |
Impairment of long-lived assets | $ 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 | Oct. 31, 2018 | Jan. 31, 2018 |
Inventories: | ||
Raw materials | $ 4,844 | $ 5,099 |
Finished goods | 5,916 | 6,185 |
Work in progress | 1,987 | 1,247 |
Cost of inventories | 12,747 | 12,531 |
Less allowance for obsolescence | (1,068) | (1,675) |
Total inventories, net | $ 11,679 | $ 10,856 |
Balance Sheet - Schedule of Sei
Balance Sheet - Schedule of Seismic Equipment Lease Pool and Property and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jan. 31, 2018 |
Seismic equipment lease pool and property and equipment: | ||
Seismic equipment lease pool and property and equipment | $ 174,198 | $ 188,598 |
Accumulated depreciation and amortization | (157,543) | (165,698) |
Total seismic equipment lease pool and property and equipment, net | 16,655 | 22,900 |
Seismic equipment lease pool | ||
Seismic equipment lease pool and property and equipment: | ||
Seismic equipment lease pool and property and equipment | 159,312 | 174,274 |
Land and buildings | ||
Seismic equipment lease pool and property and equipment: | ||
Seismic equipment lease pool and property and equipment | 4,021 | 3,380 |
Furniture and fixtures | ||
Seismic equipment lease pool and property and equipment: | ||
Seismic equipment lease pool and property and equipment | 10,103 | 10,222 |
Autos and trucks | ||
Seismic equipment lease pool and property and equipment: | ||
Seismic equipment lease pool and property and equipment | $ 762 | $ 722 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Net Carrying Amount (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2018 | Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Gross Carrying Amount | $ 7,060 | $ 7,060 |
Goodwill, Impairment | (4,529) | (4,529) |
Goodwill, Net Carrying Amount | 2,531 | 2,531 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,383 | 15,259 |
Accumulated Amortization | (8,472) | (7,244) |
Net Carrying Amount | $ 10,911 | 8,015 |
Proprietary rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 7 years 7 months 5 days | |
Gross Carrying Amount | $ 9,594 | 6,181 |
Accumulated Amortization | (4,077) | (3,663) |
Net Carrying Amount | $ 5,517 | 2,518 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 3 years 1 month 1 day | |
Gross Carrying Amount | $ 5,024 | 5,024 |
Accumulated Amortization | (2,976) | (2,464) |
Net Carrying Amount | $ 2,048 | 2,560 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 5 years 8 months 24 days | |
Gross Carrying Amount | $ 2,441 | 1,730 |
Accumulated Amortization | (965) | (778) |
Net Carrying Amount | $ 1,476 | 952 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 7 years 7 months 18 days | |
Gross Carrying Amount | $ 894 | 894 |
Accumulated Amortization | (49) | (41) |
Net Carrying Amount | $ 845 | 853 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 7 years 2 months 2 days | |
Gross Carrying Amount | $ 1,430 | 1,430 |
Accumulated Amortization | (405) | (298) |
Net Carrying Amount | $ 1,025 | $ 1,132 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment | $ 1,500,000 | ||
Additional impairment charges | $ 0 | ||
Aggregate amortization expense | $ 1,300,000 | $ 1,100,000 | |
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 Intangible_5
Goodwill and Other Intangible Assets - Future Estimated Amortization Expense Related to Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jan. 31, 2018 |
For fiscal years ending January 31 (in thousands): | ||
2,019 | $ 472 | |
2,020 | 1,845 | |
2,021 | 1,697 | |
2,022 | 1,212 | |
2,023 | 1,018 | |
2024 and thereafter | 4,667 | |
Net Carrying Amount | $ 10,911 | $ 8,015 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ (249,000) | $ 586,000 | $ 273,000 | $ 1,172,000 | |
Pre-tax net loss | 5,440,000 | 4,695,000 | 15,412,000 | 12,138,000 | |
Non-current prepaid income taxes | 1,434,000 | 1,434,000 | $ 1,609,000 | ||
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, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 12,119 | 12,087 | 12,100 | 12,082 |
Stock options | 92 | 35 | 73 | 81 |
Unvested restricted stock | 3 | 28 | 10 | 34 |
Total weighted average common share equivalents | 95 | 63 | 83 | 115 |
Diluted weighted average common shares outstanding | 12,214 | 12,150 | 12,183 | 12,197 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Detail) - USD ($) | Oct. 07, 2016 | Oct. 31, 2018 | Oct. 31, 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 | 1,000,000 | |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 | $ 1 | |
Series A Preferred Stock | ||||
Related Party Transaction [Line Items] | ||||
Maximum number of preferred stock to be issued (in shares) | 500,000 | |||
Preferred stock dividend rate | 9.00% | |||
Preferred stock, par value (in usd per share) | $ 1 | |||
Stock issued during period (in shares) | 29,562 | 91,910 | ||
Series A Preferred Stock | Non-Executive Chairman | ||||
Related Party Transaction [Line Items] | ||||
Equity distribution compensation expenses | $ 0 | |||
Series A Preferred Stock | Ladenburg Thalmann & Co. Inc. | ||||
Related Party Transaction [Line Items] | ||||
Percentage of compensation fees to be paid | 2.00% | |||
Gross proceeds from preferred stock | $ 699,000 | 2,200,000 | ||
Equity distribution compensation expenses | $ 14,000 | $ 44,000 |
Equity and Stock-Based Compen_2
Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Equity [Abstract] | ||||
Quarterly dividends declared (in usd per share) | $ 0.5625 | |||
Compensation expense related to stock-based awards granted | $ 207 | $ 224 | $ 575 | $ 685 |
Sale of MSE Sale of MSE (Detail
Sale of MSE Sale of MSE (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2018 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on sale subsidiary | $ 4,905 | $ 0 | $ 4,905 | $ 0 | |
Cumulative translation loss | $ (5,355) | $ 0 | $ (5,355) | $ 0 | |
Mitcham Seismic Eurasia LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of subsidiaries | $ 1,200 | ||||
Interest rate on payments due from sale of subsidiary | 9.00% | ||||
Loss on sale subsidiary | $ 4,900 | ||||
Cumulative translation loss | $ 5,400 |
Segment Reporting - Financial I
Segment Reporting - Financial Information by Business Segment (Assets) (Detail) - USD ($) $ in Thousands | Oct. 31, 2018 | Jan. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 68,539 | $ 73,679 |
Operating Segments | Marine Technology Products | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 46,331 | 35,879 |
Operating Segments | Equipment Leasing | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 22,231 | 37,850 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ (23) | $ (50) |
Segment Reporting - Financial_2
Segment Reporting - Financial Information by Business Segment (Revenues) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 14,651 | $ 8,644 | $ 30,614 | $ 37,913 |
Operating income (loss) | (349) | (4,793) | (10,497) | (12,054) |
Income (loss) before taxes | (5,440) | (4,695) | (15,412) | (12,138) |
Operating Segments | Marine Technology Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,305 | 5,992 | 19,025 | 22,565 |
Operating income (loss) | 876 | (74) | (2,515) | 1,160 |
Income (loss) before taxes | 881 | 4 | (2,441) | 999 |
Operating Segments | Equipment Leasing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,386 | 2,730 | 11,906 | 15,546 |
Operating income (loss) | (347) | (3,927) | (5,369) | (10,571) |
Income (loss) before taxes | (5,443) | (3,933) | (10,359) | (10,494) |
Corporate expenses | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating income (loss) | (864) | (792) | (2,599) | (2,643) |
Income (loss) before taxes | (864) | (792) | (2,599) | (2,643) |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (40) | (78) | (317) | (198) |
Operating income (loss) | (14) | 0 | (14) | 0 |
Income (loss) before taxes | $ (14) | $ 26 | $ (13) | $ 0 |