Segment Reporting

6 Months Ended

Jul. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

     The Equipment Leasing segment offers new and “experienced” seismic equipment for lease or sale to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities. The Equipment Leasing segment is headquartered in Huntsville, Texas, with sales and services offices in Calgary, Canada; Brisbane, Australia; Ufa, Bashkortostan, Russia; Bogota, Colombia; and Lima, Peru.

     The Seamap 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 United Kingdom and Singapore.

     Financial information by business segment is set forth below (net of any allocations):

	As of July 31, 2011			As of January 31, 2011
	Total Assets			Total Assets
	(in thousands)
Equipment Leasing	$	137,214		$	118,929
Seamap		27,513			19,569
Eliminations		(453	)		(527	)
Consolidated	$	164,274		$	137,971

     Results for the three months ended July 31, 2011 and 2010 were as follows (in thousands):

	Revenues						Operating income (loss)						Income (loss) before taxes
	2011			2010			2011			2010			2011			2010
Equipment Leasing	$	14,744		$	7,955		$	632		$	(3,234	)	$	424		$	(3,000	)
Seamap		6,816			7,253			2,162			2,595			1,939			2,680
Eliminations		(282	)		(53	)		(195	)		39			(195	)		39
Consolidated	$	21,278		$	15,155		$	2,599		$	(600	)	$	2,168		$	(281	)

     Results for the six months ended July 31, 2011 and 2010 were as follows (in thousands):

	Revenues						Operating income						Income (loss) before taxes
	2011			2010			2011			2010			2011			2010
Equipment Leasing	$	32,897		$	18,674		$	5,981		$	(2,196	)	$	5,710		$	(1,066	)
Seamap		15,266			13,083			5,723			3,994			5,052			3,891
Eliminations		(383	)		(102	)		(133	)		79			(133	)		79
Consolidated	$	47,780		$	31,655		$	11,571		$	1,877		$	10,629		$	2,904

     Sales from the Seamap segment to the Equipment Leasing segment are eliminated in the 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.