Balance Sheet

6 Months Ended

Jul. 31, 2012

Balance Sheet [Abstract]

Balance Sheet

5. Balance Sheet

	July 31, 2012			January 31, 2012
	(in thousands)
Accounts receivable:
Accounts receivable	$	27,947		$	40,179
Allowance for doubtful accounts		(3,931	)		(4,391	)
Total accounts receivable, net	$	24,016		$	35,788
Contracts receivable:
Contracts receivable	$	2,584		$	2,273
Less current portion of contracts receivable		(2,584	)		(2,273	)
Long-term portion of contracts receivable, net	$	—		$	—

Contracts receivable consisted of $2,584,000 due from three customers as of July 31, 2012 and $2,273,000 due from two customers as of January 31, 2012. Contracts receivable at July 31, 2012 consisted of contracts bearing interest at an average of approximately 9% per year and with remaining repayment terms from ten to 23 months. These contracts are collateralized by the equipment sold and are considered collectable; thus, no allowances have been established for them. Subsequent to July 31, 2012, the Company converted approximately $1.7 million in contracts receivable and $700,000 in accounts receivable from one customer into a series of secured notes. The notes are due monthly through July 31, 2013 and are secured by certain equipment.

	July 31, 2012			January 31, 2012
	(in thousands)
Inventories:
Raw materials	$	3,025		$	2,789
Finished goods		3,749			3,711
Work in progress		1,224			1,109
		7,998			7,609
Less allowance for obsolescence		(1,021	)		(901	)
Total inventories, net	$	6,977		$	6,708

	July 31, 2012			January 31, 2012
	(in thousands)
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool	$	229,901		$	223,493
Land and buildings		366			366
Furniture and fixtures		8,547			8,020
Autos and trucks		680			680
		239,494			232,559
Accumulated depreciation and amortization		(120,995	)		(112,182	)
Total seismic equipment lease pool and property and equipment, net	$	118,499		$	120,377