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, Malaysia and New Hampshire, with sales offices in Huntsville, Texas and, prior to the sale of SAP in February 2019, Brisbane, Australia. See Note 13 to our condensed consolidated financial statements.

The Equipment Leasing segment offers for lease or sale, new and used 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; and, prior to the sale of MSE in August 2018, Ufa, Bashkortostan, Russia. See Note 13 to our condensed consolidated financial statements.

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



	Total Assets
	As of July 31, 2019		As of January 31, 2019
	(in thousands)
Marine Technology Products	$	47,057	$	44,832
Equipment Leasing	15,990		20,469
Consolidated	$	63,047	$	65,301

Results for the three months ended July 31, 2019 and 2018 were as follows (in thousands):



	Revenues						Operating loss						Loss before taxes
	2019			2018			2019			2018			2019			2018
Marine Technology Products	$	6,745		$	6,012		$	(718	)	$	(1,016	)	$	(621	)	$	(973	)
Equipment Leasing	2,175			2,473			(1,551		)	(2,655		)	(1,674		)	(2,626		)
Corporate expenses	—			—			(793		)	(905		)	(793		)	(905		)
Eliminations	(22		)	(135		)	—			—			—			—
Consolidated	$	8,898		$	8,350		$	(3,062	)	$	(4,576	)	$	(3,088	)	$	(4,504	)

Results for the six months ended July 31, 2019 and 2018 were as follows (in thousands):



	Revenues						Operating loss						Loss before taxes
	2019			2018			2019			2018			2019			2018
Marine Technology Products	$	12,727		$	9,720		$	(1,879	)	$	(3,391	)	$	(1,782	)	$	(3,322	)
Equipment Leasing	6,110			6,520			(1,940		)	(5,022		)	(1,967		)	(4,916		)
Corporate expenses	—			—			(1,699		)	(1,735		)	(1,699		)	(1,735		)
Eliminations	(82		)	(277		)	—			—			—			1
Consolidated	$	18,755		$	15,963		$	(5,518	)	$	(10,148	)	$	(5,448	)	$	(9,972	)

Sales from the Marine Technology Products segment to the Equipment Leasing segment are eliminated in 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.