12. Segment Reporting

The Equipment Manufacturing and Sales segment is engaged in the design, manufacture and sale of state-of-the-art sonar, seismic and offshore telemetry systems. Manufacturing, support and sales facilities are maintained in New Hampshire, the United Kingdom and Singapore.

The Equipment Leasing segment offers new and used 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; and Bogota, Colombia.

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


	As of July 31, 2017			As of January 31, 2017
	Total Assets			Total Assets
	(in thousands)
Equipment Manufacturing and Sales	$	39,327		$	37,294
Equipment Leasing		42,345			57,544
Eliminations		(78	)		(124	)

Consolidated	$	81,594		$	94,714

Results for the three months ended July 31, 2017 and 2016 were as follows (in thousands):


	Revenues						Operating income (loss)						Income (loss) before taxes
	2017			2016			2017			2016			2017			2016
Equipment Manufacturing and Sales	$	9,662		$	5,758		$	850		$	(421	)	$	882		$	(734	)
Equipment Leasing		1,271			2,909			(4,988	)		(7,077	)		(5,041	)		(7,552	)
Corporate expenses		—			—			(834	)		(832	)		(834	)		(832	)
Eliminations		(97	)		(4	)		—			15			(14	)		27

Consolidated	$	10,836		$	8,663		$	(4,972	)	$	(8,315	)	$	(5,007	)	$	(9,091	)

Results for the six months ended July 31, 2017 and 2016 were as follows (in thousands):


	Revenues						Operating income (loss)						Income (loss) before taxes
	2017			2016			2017			2016			2017			2016
Equipment Manufacturing and Sales	$	16,573		$	12,978		$	1,234		$	(219	)	$	995		$	(1,186	)
Equipment Leasing		12,816			7,452			(6,644	)		(12,746	)		(6,561	)		(12,335	)
Corporate expenses		—			—			(1,851	)		(1,702	)		(1,851	)		(1,702	)
Eliminations		(120	)		(36	)		—			21			(26	)		(12	)

Consolidated	$	29,269		$	20,394		$	(7,261	)	$	(14,646	)	$	(7,443	)	$	(15,235	)

Sales from the Equipment Manufacturing and Sales 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.