Segment Reporting

6 Months Ended

Jul. 31, 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 July 31, 2012			As of January 31, 2012
	Total Assets			Total Assets
	(in thousands)
Equipment Leasing	$	174,059		$	172,238
Seamap		19,475			26,322
Eliminations		(252	)		(331	)
Consolidated	$	193,282		$	198,229

Results for the three months ended July 31, 2012 and 2011 were as follows (in thousands):

	Revenues						Operating income (loss)						Income before taxes
	2012			2011			2012			2011			2012			2011
Equipment Leasing	$	15,818		$	14,744		$	(1,313	)	$	632		$	(1,634	)	$	424
Seamap		7,454			6,816			2,617			2,162			2,871			1,939
Eliminations		(192	)		(282	)		37			(195	)		37			(195	)
Consolidated	$	23,080		$	21,278		$	1,341		$	2,599		$	1,274		$	2,168

Results for the six months ended July 31, 2012 and 2011 were as follows (in thousands):

	Revenues						Operating income					Income before taxes
	2012			2011			2012		2011			2012		2011
Equipment Leasing	$	39,905		$	32,897		$	5,714	$	5,981		$	5,092	$	5,710
Seamap		18,295			15,266			7,178		5,723			7,130		5,052
Eliminations		(489	)		(383	)		115		(133	)		115		(133	)
Consolidated	$	57,711		$	47,780		$	13,007	$	11,571		$	12,337	$	10,629

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.