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 and New Hampshire, with sales offices in Huntsville, Texas and Brisbane, Australia.

The Equipment Leasing segment offers for lease or sale, new and “experienced” 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 Ufa, Bashkortostan, Russia.

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



	As of January 31, 2018						As of January 31, 2017						As of January 31, 2016
	Marine Technology Products		Equipment Leasing		Consolidated		Marine Technology Products		Equipment Leasing		Consolidated		Marine Technology Products		Equipment Leasing		Consolidated
Fixed assets, net	$	3,790	$	19,161	$	22,900	$	4,036	$	39,926	$	43,838	$	4,278	$	69,238	$	73,516
Intangible assets, net	8,015		—		8,015		9,012		—		9,012		10,466		—		10,466
Goodwill	2,531		—		2,531		3,997		—		3,997		4,155		—		4,155
Total Assets	35,879		37,850		73,679		37,294		57,544		94,714		39,059		95,932		134,759



	Year ended January 31,
	2018											2017												2016
	Marine Technology Products			Equipment Leasing			Corporate expenses		Consolidated			Marine Technology Products			Equipment Leasing			Corporate expenses			Consolidated			Marine Technology Products			Equipment Leasing			Corporate expenses			Consolidated
Revenues	$	27,572		$	20,919		—		$	48,276		$	25,100		$	15,941		$	—		$	40,999		$	25,350		$	26,665		$	—		$	51,819
Interest expense, net	(18		)	65			—		47			(178		)	(465		)	—			(643		)	(239		)	(486		)	—			(725		)
Operating (loss) income	(2,572		)	(13,930		)	(3,211	)	(19,708		)	(508		)	(27,782		)	(3,001		)	(31,290		)	279			(23,454		)	(3,702		)	(26,760		)
Capital expenditures	268			1,049			—		1,317			263			20			—			283			226			2,283			—			2,509
Depreciation and amortization expense	1,991			14,652			—		16,637			2,054			26,221			—			28,275			1,741			30,370			—			32,111

Approximately $216,000, $62,000 and $196,000 related to sales from Marine Technology Products to the Equipment Leasing segment is eliminated in the consolidated revenues for the fiscal years ended January 31, 2018, 2017 and 2016, respectively. Capital expenditures and fixed assets are reduced by approximately $6,000 and $192,000 for the fiscal years ended January 31, 2017 and 2016, respectively, which represents the difference between the sales price and the cost to manufacture the equipment.

A reconciliation of operating income is as follows (in thousands):



	Years Ended January 31,
	2018			2017			2016
Marine Technology Products	$	(2,572	)	$	(508	)	$	279
Equipment Leasing	(13,930		)	(27,782		)	(23,454		)
Corporate Expenses	(3,211		)	(3,001		)	(3,702		)
Reconciling items:
Elimination of loss from inter-company sales	5			1			117
Consolidated operating income	$	(19,708	)	$	(31,290	)	$	(26,760	)