Segment Reporting

3 Months Ended

Apr. 30, 2012

Segment Reporting [Abstract]

Segment Reporting

12. 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; Budapest, Hungary; Singapore; 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 April 30, 2012			As of January 31, 2012
	Total Assets			Total Assets
	(in thousands)
Equipment Leasing	$	182,136		$	172,238
Seamap		23,431			26,322
Eliminations		(343	)		(331	)
Consolidated	$	205,224		$	198,229

Results for the three months ended April 30, 2012 and 2011 were as follows (in thousands):

	Revenues						Operating income				Income before taxes
	2012			2011			2012		2011		2012		2011
Equipment Leasing	$	24,087		$	18,153		$	7,027	$	5,349	$	6,726	$	5,286
Seamap		10,841			8,450			4,561		3,561		4,259		3,113
Eliminations		(297	)		(101	)		78		62		78		62
Consolidated	$	34,631		$	26,502		$	11,666	$	8,972	$	11,063	$	8,461

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.