Segment Reporting

9 Months Ended

Oct. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

14. 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, 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 October 31, 2011			As of January 31, 2011
	Total Assets			Total Assets
	(in thousands)
Equipment Leasing	$	160,111		$	118,929
Seamap		24,870			19,569
Eliminations		(398	)		(527	)
Consolidated	$	184,583		$	137,971

Results for the three months ended October 31, 2011 and 2010 were as follows (in thousands):

	Revenues						Operating income (loss)					Income (loss) before taxes
	2011			2010			2011			2010		2011			2010
Equipment Leasing	$	21,822		$	15,724		$	5,690		$	823	$	6,007		$	491
Seamap		6,743			4,338			2,811			887		3,149			576
Eliminations		(545	)		(89	)		(100	)		36		(100	)		36
Consolidated	$	28,020		$	19,973		$	8,401		$	1,746	$	9,056		$	1,103

Results for the nine months ended October 31, 2011 and 2010 were as follows (in thousands):

	Revenues						Operating income						Income before taxes
	2011			2010			2011			2010			2011			2010
Equipment Leasing	$	54,719		$	34,398		$	11,671		$	(1,373	)	$	11,717		$	(575	)
Seamap		22,009			17,421			8,534			4,881			8,201			4,467
Eliminations		(928	)		(191	)		(233	)		115			(233	)		115
Consolidated	$	75,800		$	51,628		$	19,972		$	3,623		$	19,685		$	4,007

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.