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Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Jul. 31, 2011	Sep. 06, 2011	Jul. 31, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	MITCHAM INDUSTRIES INC
Entity Central Index Key	0000926423
Document Type	10-Q
Document Period End Date	Jul. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 68,264,499
Entity Common Stock, Shares Outstanding		12,413,909

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2011	Jan. 31, 2011
Current assets:
Cash and cash equivalents	$ 13,897	$ 14,647
Restricted cash	102	0
Accounts receivable, net	21,208	17,832
Current portion of contracts receivable	3,380	3,582
Inventories, net	5,597	4,813
Prepaid income tax	711	325
Deferred tax asset	1,396	1,427
Prepaid expenses and other current assets	3,395	2,128
Total current assets	49,686	44,754
Seismic equipment lease pool and property and equipment, net	101,563	79,095
Intangible assets, net	5,231	5,358
Goodwill	4,320	4,320
Prepaid foreign income tax	3,434	3,053
Long-term portion of contracts receivable, net	0	1,355
Other assets	40	36
Total assets	164,274	137,971
Current liabilities:
Accounts payable	6,961	5,203
Current maturities - long-term debt	2,662	3,177
Income taxes payable	408	1,276
Deferred revenue	1,790	778
Accrued expenses and other current liabilities	8,594	5,165
Total current liabilities	20,415	15,599
Non-current income taxes payable	4,445	3,482
Deferred tax liability	84	832
Long-term debt, net of current maturities	1,084	23,343
Total liabilities	26,028	43,256
Shareholders' equity:
Preferred stock, $1.00 par value; 1,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value; 20,000 shares authorized; 13,339 and 10,872 shares issued at July 31, 2011 and January 31, 2011, respectively	133	109
Additional paid-in capital	110,773	77,419
Treasury stock, at cost (925 shares at July 31, 2011 and January 31, 2011)	(4,857)	(4,843)
Retained earnings	22,369	14,976
Accumulated other comprehensive income	9,828	7,054
Total shareholders' equity	138,246	94,715
Total liabilities and shareholders' equity	$ 164,274	$ 137,971

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 31, 2011	Jan. 31, 2011
Shareholders' equity:
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	1,000	1,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000	20,000
Common stock, shares issued	13,339	10,872
Treasury stock, shares	925	925

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2011	Jul. 31, 2010	Jul. 31, 2011	Jul. 31, 2010
Revenues:
Equipment leasing	$ 12,272	$ 6,493	$ 29,047	$ 16,059
Lease pool equipment sales	326	159	661	522
Seamap equipment sales	6,534	7,200	14,883	12,981
Other equipment sales	2,146	1,303	3,189	2,093
Total revenues	21,278	15,155	47,780	31,655
Cost of sales:
Direct costs - equipment leasing	1,826	846	3,983	1,590
Direct costs - lease pool depreciation	6,703	5,355	12,793	10,267
Cost of lease pool equipment sales	107	100	204	249
Cost of Seamap and other equipment sales	4,429	4,199	8,662	7,951
Total cost of sales	13,065	10,500	25,642	20,057
Gross profit	8,213	4,655	22,138	11,598
Operating expenses:
General and administrative	5,794	4,162	10,442	8,349
Provision for (recovery of) doubtful accounts	(492)	797	(492)	797
Depreciation and amortization	312	296	617	575
Total operating expenses	5,614	5,255	10,567	9,721
Operating income (loss)	2,599	(600)	11,571	1,877
Other (expenses) income:
Gain from bargain purchase in business combination				1,304
Interest, net	(95)	(118)	(270)	(212)
Other, net	(336)	437	(672)	(65)
Total other (expenses) income	(431)	319	(942)	1,027
Income (loss) before income taxes	2,168	(281)	10,629	2,904
(Provision) benefit for income taxes	(868)	135	(3,236)	(656)
Net income (loss)	$ 1,300	$ (146)	$ 7,393	$ 2,248
Net income (loss) per common share:
Basic	$ 0.12	$ (0.01)	$ 0.71	$ 0.23
Diluted	$ 0.11	$ (0.01)	$ 0.67	$ 0.22
Shares used in computing net income per common share:
Basic	10,970	9,838	10,447	9,824
Diluted	11,615	9,838	11,043	10,081

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2011	Jul. 31, 2010
Cash flows from operating activities:
Net income	$ 7,393	$ 2,248
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,479	10,970
Stock-based compensation	937	770
Gain from bargain purchase in business combination		(1,304)
Provisions for doubtful accounts		797
Provision for inventory obsolescence	63	104
Gross profit from sale of lease pool equipment	(457)	(273)
Excess tax benefit from exercise of non-qualified stock options and restricted shares	(394)	(3)
Deferred tax benefit	(109)	(1,258)
Changes in non-current income taxes payable	694	281
Changes in working capital items, net of effects from business combination:
Accounts receivable	(2,753)	1,225
Contracts receivable	1,718	1,363
Inventories	(565)	1,353
Prepaid expenses and other current assets	(1,119)	(196)
Income taxes receivable and payable	(1,272)	550
Accounts payable, accrued expenses, other current liabilities and deferred revenue	2,023	1,516
Net cash provided by operating activities	19,638	18,143
Cash flows from investing activities:
Purchases of seismic equipment held for lease	(30,461)	(6,957)
Purchases of property and equipment	(253)	(80)
Sale of used lease pool equipment	661	522
Payment for earn-out provision (Note 3)	(155)
Acquisition of AES, net of cash acquired		(2,100)
Net cash used in investing activities	(30,208)	(8,615)
Cash flows from financing activities:
Net payments on line of credit	(20,900)	(6,050)
Proceeds from equipment notes	37
Payments on borrowings	(2,000)	(120)
Net purchases of short-term investments	(101)	(52)
Proceeds from issuance of common stock upon exercise of options	739	244
Net proceeds from public offering of common stock (Note 8)	30,994
Excess tax benefit from exercise of non-qualified stock options and restricted shares	394	3
Net cash provided by (used in) financing activities	9,163	(5,975)
Effect of changes in foreign exchange rates on cash and cash equivalents	657	83
Net change in cash and cash equivalents	(750)	3,636
Cash and cash equivalents, beginning of period	14,647	6,130
Cash and cash equivalents, end of period	13,897	9,766
Supplemental cash flow information:
Interest paid	497	314
Income taxes paid	3,529	1,220
Purchases of seismic equipment held for lease in accounts payable at end of period	$ 7,524	$ 10,010

Basis of Presentation	6 Months Ended
Basis of Presentation	Jul. 31, 2011
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The condensed consolidated balance sheet as of January 31, 2011 for Mitcham Industries, Inc. (for purposes of these notes, the “Company”) has been derived from audited consolidated financial statements. The unaudited interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended January 31, 2011. In the opinion of the Company, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of July 31, 2011, the results of operations for the three and six months ended July 31, 2011 and 2010, and the cash flows for the six months ended July 31, 2011 and 2010, have been included in these financial statements. The foregoing interim results are not necessarily indicative of the results of operations to be expected for the full fiscal year ending January 31, 2012.

Organization	6 Months Ended
Organization	Jul. 31, 2011
Organization [Abstract]
Organization	2. Organization The Company was incorporated in Texas in 1987. The Company, through its wholly owned Canadian subsidiaries, Mitcham Canada, Ltd. (“MCL”) and Absolute Equipment Solutions, Inc. (“AES”), its wholly owned Russian subsidiary, Mitcham Seismic Eurasia LLC (“MSE”) and its branch operations in Colombia and Peru, provides full-service equipment leasing, sales and service to the seismic industry worldwide. The Company, through its wholly owned Australian subsidiary, Seismic Asia Pacific Pty Ltd. (“SAP”), provides seismic, oceanographic and hydrographic leasing and sales worldwide, primarily in Southeast Asia and Australia. The Company, through its wholly owned subsidiary, Seamap International Holdings Pte, Ltd. (“Seamap”), designs, manufactures and sells a broad range of proprietary products for the seismic, hydrographic and offshore industries with product sales and support facilities based in Huntsville, Texas, Singapore and the United Kingdom. All material intercompany transactions and balances have been eliminated in consolidation.

Acquisition

6 Months Ended

Jul. 31, 2011

Acquisition [Abstract]

Acquisition

3. Acquisition

On March 1, 2010, MCL acquired all of the capital stock of AES for a total purchase price of Cdn $4,194,000 (approximately U.S. $3,984,000). AES manufactures, sells and leases “heli-pickers” and associated equipment that is utilized in the deployment and retrieval of seismic equipment by helicopters. The Company made this acquisition to expand the type of equipment available to its customers and to expand the markets in which it operates. The consideration consisted of cash paid at closing in the amount of Cdn $2,200,000 (approximately U.S. $2,100,000), promissory notes in the amount of Cdn $1,500,000 (approximately U.S. $1,425,000), a post-closing working capital adjustment payment of Cdn $194,000 (approximately U.S. $184,000) and deferred cash payments in the amount of Cdn $300,000. The promissory notes bear interest at 6% annually, payable semi-annually. Principal payments on the notes totaling Cdn $750,000 were made in March of 2011, with the remaining balance payable due in March 2012. The deferred cash payments will be made upon the expiration of certain indemnity periods. MCL may offset amounts due pursuant to the promissory notes or the deferred cash payment against indemnity claims due from the sellers. In addition, the sellers are entitled to additional cash payments should AES attain certain levels of revenues during the 24-month period following the acquisition, as specified in the agreement. In April 2011, the Company paid Cdn $150,000 pursuant to the earn-out provision. The sellers may be entitled to up to an additional Cdn $450,000 if certain conditions are met.

The Company hired an outside consulting firm, The BVA Group L.L.C. (“BVA”), to assess the fair value of the assets and liabilities acquired in the AES acquisition. The fair value of the contingent consideration was determined to be approximately Cdn $200,000. There were no amounts recognized related to other contingencies. The fair value of the assets and liabilities acquired exceeded the total value of consideration paid, resulting in a bargain purchase.

Upon the initial determination that the transaction had resulted in a bargain purchase, management and BVA reviewed the assets and liabilities acquired and the assumptions utilized in estimating their fair value. Certain revisions were made to these estimates, which resulted in a reduction in, but not the elimination of, the gain from bargain purchase. In this review management noted that the information used in determining the fair value of the assets was the same information used to estimate the fair value of the contingent consideration portion of the purchase price. Further revisions to the estimates were not deemed to be appropriate.

Management then undertook a review to determine what factors might contribute to a bargain purchase and if it were reasonable for a bargain purchase to occur. In this review, management noted that at the time the transaction was negotiated with the owners of AES, the oil services industry had recently experienced a decline and there was uncertainty as to the speed or depth of a recovery. Management believed that this situation was particularly difficult on small companies, such as AES, who had limited access to capital and liquidity. Furthermore, it appeared to management that the owners of AES were motivated to complete a transaction for personal financial reasons. Management also noted that there was a limited market for companies such as AES. Based upon all of these factors, management concluded that the occurrence of bargain purchase was reasonable. Accordingly, a gain of $1,304,000 was recorded as of the date of acquisition and no goodwill resulted from the transaction.

The following is a summary of the amounts recognized for assets acquired and liabilities assumed at the date of acquisition (in thousands):


Working capital	$	327
Seismic equipment lease pool		2,990
Deferred taxes		(1,086	)
Intangible assets		3,154

The pro forma effect on the revenues, net income and earnings per share, assuming the acquisition occurred February 1, 2010, are not material.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Appendix F
-Paragraph F4
-Subparagraph e

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+ Details

Restricted Cash	6 Months Ended
Restricted Cash	Jul. 31, 2011
Restricted Cash [Abstract]
Restricted Cash	4. Restricted Cash In connection with certain contracts, SAP had pledged approximately $102,000 in short-term time deposits as of July 31, 2011 to secure performance obligations under those contracts. The amount of security will be released as the contractual obligations are performed over the remaining terms of the contracts, which is estimated to be approximately 14 months. As the investment in the short-term time deposits relates to a financing activity, the securing of contract obligations, this transaction is reflected as a financing activity in the accompanying condensed consolidated statements of cash flows.

Balance Sheet

6 Months Ended

Jul. 31, 2011

Balance Sheet [Abstract]

Balance Sheet

5. Balance Sheet


	July 31,			January 31,
	2011			2011
	(in thousands)
Accounts receivable:
Accounts receivable	$	23,878		$	20,498
Allowance for doubtful accounts		(2,670	)		(2,666	)

Total accounts receivable, net	$	21,208		$	17,832


Contracts receivable:
Contracts receivable	$	3,380		$	4,937
Less current portion of contracts receivable		(3,380	)		(3,582	)

Long-term portion of contracts receivable, net	$	—		$	1,355

Contracts receivable consisted of $3,380,000 due from two customers as of July 31, 2011 and $4,937,000 due from two customers as of January 31, 2011. Contracts receivable at July 31, 2011 and January 31, 2011 consisted of contracts bearing interest at an average of approximately 9% per year and with remaining repayment terms from nine to 11 months. These contracts are collateralized by the equipment sold and are considered collectable; thus, no allowances have been established for them.


	July 31,			January 31,
	2011			2011
	(in thousands)
Inventories:
Raw materials	$	2,620		$	2,440
Finished goods		2,996			1,888
Work in progress		809			1,215

		6,425			5,543
Less allowance for obsolescence		(828	)		(730	)

Total inventories, net	$	5,597		$	4,813


	July 31,			January 31,
	2011			2011
	(in thousands)
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool	$	204,724		$	166,883
Land and buildings		366			366
Furniture and fixtures		7,195			6,761
Autos and trucks		693			663

		212,978			174,673
Accumulated depreciation and amortization		(111,415	)		(95,578	)

Total seismic equipment lease pool and property and equipment, net	$	101,563		$	79,095

Goodwill and Other Intangible Assets

6 Months Ended

Jul. 31, 2011

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

6. Goodwill and Other Intangible Assets


	Weighted
	Average		July 31, 2011							January 31, 2011
	Remaining		Gross					Net		Gross					Net
	Life at		Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	07/31/11		Amount		Amortization			Amount		Amount		Amortization			Amount
					(in thousands)							(in thousands)
Goodwill			$	4,320						$	4,320


Proprietary rights		8.9	$	3,607	$	(1,239	)	$	2,368	$	3,523	$	(1,101	)	$	2,422
Customer relationships		6.6		2,516		(446	)		2,070		2,396		(274	)		2,122
Patents		6.6		758		(134	)		624		721		(82	)		639
Trade name		6.6		206		(37	)		169		197		(22	)		175

Amortizable intangible assets			$	7,087	$	(1,856	)	$	5,231	$	6,837	$	(1,479	)	$	5,358

As of July 31, 2011, the Company had goodwill of $4,320,000, all of which was allocated to the Seamap segment. No impairment has been recorded against the goodwill account.

Amortizable intangible assets are amortized over their estimated useful lives of eight to 15 years using the straight-line method. Aggregate amortization expense was $167,000 and $164,000 for the three months ended July 31, 2011 and 2010, respectively and $339,000 and $295,000 for the six months ended July 31, 2011 and 2010, respectively. As of July 31, 2011, future estimated amortization expense related to amortizable intangible assets was estimated to be:


For fiscal years ending January 31 (in thousands):
2012	$	349
2013		699
2014		699
2015		699
2016		699
2017 and thereafter		2,086

Total	$	5,231

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt and Notes Payable

6 Months Ended

Jul. 31, 2011

Long-Term Debt and Notes Payable [Abstract]

Long-Term Debt and Notes Payable

7. Long-Term Debt and Notes Payable

Long-term debt and notes payable consist of the following (in thousands):


	July 31, 2011			January 31, 2011
Revolving line of credit	$	750		$	21,650
Equipment note		1,875			3,066
MCL notes		835			1,550
SAP equipment notes		286			254

		3,746			26,520
Less current portion		(2,662	)		(3,177	)

Long-term debt	$	1,084		$	23,343

On July 27, 2010, the Company entered into an amended credit agreement with First Victoria Bank (the “Bank”) that provides for borrowings of up to $35,000,000 on a revolving basis through May 31, 2012. In July 2011, the agreement was amended to extend the maturity date to May 31, 2013. The Company may, at its option, convert any or all balances outstanding under the revolving credit facility into a series of term notes with monthly amortization over 48 months.

Amounts available for borrowing are determined by a borrowing base. The borrowing base is computed based upon certain outstanding accounts receivable, certain portions of the Company’s lease pool and any lease pool assets that are to be purchased with proceeds from the facility. The revolving credit facility and any term loan are collateralized by essentially all of the Company’s domestic assets. Interest is payable monthly at the prime rate plus 50 basis points, which was 3.75% at July 31, 2011. Up to $7,000,000 of available borrowings under the revolving facility may be utilized to secure letters of credit. The credit agreement contains certain financial covenants that require, among other things, for the Company to maintain a debt to shareholders’ equity ratio of no more than 0.7 to 1.0, maintain a current assets to current liabilities ratio of not less than 1.25 to 1.0; have quarterly earnings before interest, taxes, depreciation and amortization (“EBITDA”) of not less than $2,000,000; all with which the Company complied as of July 31, 2011. The credit agreement also provides that the Company may not incur or maintain indebtedness in excess of $1,000,000 without the prior written consent of the Bank, except for borrowings related to the credit agreement. The Company was in compliance with each of these provisions as of and for the quarter ended July 31, 2011. The Company’s average borrowings under the revolving credit agreement for the six months ended July 31, 2011 and 2010 were approximately $17,628,000 and $17,578,000, respectively.

In October 2010, the Company entered into a $3.6 million secured promissory note with a supplier in connection with the purchase of certain lease pool equipment. The note is repayable in 18 monthly installments, bears interest at 8% annually and is secured by the equipment purchased. The Company received the consent of the Bank for this transaction, as required by the terms of the revolving line of credit.

In March of 2010, MCL entered into two promissory notes related to the purchase of AES (See Note 3). The notes bear interest at 6.0% per year with the first of two equal installments paid in March of 2011 and the balance due in March of 2012.

During the year ended January 31, 2010, SAP entered into two notes payable to finance the purchase of certain equipment, which are secured by the equipment purchased. One of these notes bears interest at 7.4% and is due in 2014. The other note bears interest at 8.35% and is due in March 2013.

Public Offering of Common Stock	6 Months Ended
Public Offering of Common Stock	Jul. 31, 2011
Public Offering of Common Stock/Comprehensive Income [Abstract]
Public Offering of Common Stock	8. Public Offering of Common Stock In June 2011, the Company completed a public offering of 2,300,000 shares of its common stock, par value $0.01. After deducting underwriting discounts and commissions and expenses of the offering, net proceeds to the Company were approximately $31.0 million.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 2
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 11
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 5
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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Reference 23: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Comprehensive Income

6 Months Ended

Jul. 31, 2011

Public Offering of Common Stock/Comprehensive Income [Abstract]

Comprehensive Income

9. Comprehensive Income

Comprehensive income generally represents all changes in shareholders’ equity during the period, except those resulting from investments by, or distributions to, shareholders. The Company has comprehensive income related to changes in foreign currency to United States dollar exchange rates, which is recorded as follows:


	Three Months Ended					Six Months Ended
	July 31,					July 31,
	2011		2010			2011		2010
	(in thousands)					(in thousands)
Net income (loss)	$	1,300	$	(146	)	$	7,393	$	2,248
Gain (loss) from foreign currency translation adjustment		65		(884	)		2,774		998

Comprehensive income (loss)	$	1,365	$	(1,030	)		10,167	$	3,246

The gain from foreign currency translation adjustment for the three and six months ended July 31, 2011 resulted primarily from the increases in the value of the Canadian, Australian and Singapore dollars compared to the United States dollar.

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jul. 31, 2011
Income Taxes [Abstract]
Income Taxes	10. Income Taxes Current income taxes payable of $408,000 and $1,276,000 at July 31, 2011 and January 31, 2011, respectively, consists entirely of foreign taxes. The Company and its subsidiaries file consolidated and separate income tax returns in the United States federal jurisdiction and in foreign jurisdictions. The Company is subject to United States federal income tax examinations for all tax years beginning with its fiscal year ended January 31, 2008. In connection with the refund request resulting from a net operating loss carryback, the Company’s United States federal income tax returns for the years ended January 31, 2009 and 2010 were reviewed by the IRS. The result of this review was a decrease in taxable income of approximately $370,000, which resulted in an additional refund of $66,000 and an alternative minimum tax credit carryforward of $54,000. The Company is subject to examination by taxing authorities throughout the world, including foreign jurisdictions such as Australia, Canada, Colombia, Peru, Russia, Singapore, and the United Kingdom. With few exceptions, the Company and its subsidiaries are no longer subject to foreign income tax examinations for tax years before 2003. With respect to ongoing audits, the Company’s Canadian income tax returns for the years ended January 31, 2004, 2005 and 2006 have been examined by Canadian tax authorities. Assessments for those years and for the effect of certain matters in subsequent years totaling approximately $8,600,000 including penalties and interest, have been issued. The issues involved relate primarily to the deductibility of depreciation charges and whether those deductions should be taken in Canada or in the United States. Accordingly, the Company has filed requests for competent authority assistance with the Canadian Revenue Agency (“CRA”) and with the IRS seeking to avoid potential double taxation. In addition, the Company has filed a protest with the CRA and the Province of Alberta. In connection with this protest, the Company has been required to make prepayments totaling approximately $3,400,000 against the assessment. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as reductions in income tax expense. The effect of any uncertain tax positions for which resolution is reasonably possible within the next twelve months is not material.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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+ Details

Earnings per Share

6 Months Ended

Jul. 31, 2011

Earnings Per Share [Abstract]

Earnings per Share

11. Earnings per Share

Net income per basic common share is computed using the weighted average number of common shares outstanding during the period, excluding unvested restricted stock. Net income per diluted common share is computed using the weighted average number of common shares and dilutive potential common shares outstanding during the period using the treasury stock method. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect, and from the assumed vesting of unvested shares of restricted stock. The following table presents the calculation of basic and diluted weighted average common shares used in the earnings per share calculation for the three and six months ended July 31, 2011 and 2010:


	Three Months Ended				For the Six Months
	July 31,				Ended July 31,
	2011		2010		2011		2010
	(in thousands)				(in thousands)
Basic weighted average common shares outstanding		10,970		9,838		10,447		9,824

Stock options		629		239		578		256
Unvested restricted stock		16		3		18		1

Total weighted average common share equivalents		645		242		596		257

Diluted weighted average common shares outstanding		11,615		10,080		11,043		10,081

For the three months ended July 31, 2010, diluted weighted average common shares were anti-dilutive and were therefore not considered in calculating diluted loss per share for that period.

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jul. 31, 2011
Stock-Based Compensation [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation Total compensation expense recognized for stock-based awards granted under the Company’s various equity incentive plans during the three and six months ended July 31, 2011 was approximately $721,000 and $937,000, respectively, and, during the three and six months ended July 31, 2010 was approximately $497,000 and $770,000, respectively. Additionally, during the three months ended July 31, 2011, accrued compensation expense applicable to the year ended January 31, 2011 totaling approximately $302,000 was paid by issuing fully vested common stock and options to purchase common stock. During the three months ended July 31, 2011, options to purchase 70,000 shares of common stock were granted to non-employee members of the Company’s Board of Directors.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Name Accounting Standards Codification
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-SubTopic 10
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Segment Reporting

6 Months Ended

Jul. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

13. 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; 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, 2011			As of January 31, 2011
	Total Assets			Total Assets
	(in thousands)
Equipment Leasing	$	137,214		$	118,929
Seamap		27,513			19,569
Eliminations		(453	)		(527	)

Consolidated	$	164,274		$	137,971

Results for the three months ended July 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	$	14,744		$	7,955		$	632		$	(3,234	)	$	424		$	(3,000	)
Seamap		6,816			7,253			2,162			2,595			1,939			2,680
Eliminations		(282	)		(53	)		(195	)		39			(195	)		39

Consolidated	$	21,278		$	15,155		$	2,599		$	(600	)	$	2,168		$	(281	)

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


	Revenues						Operating income						Income (loss) before taxes
	2011			2010			2011			2010			2011			2010
Equipment Leasing	$	32,897		$	18,674		$	5,981		$	(2,196	)	$	5,710		$	(1,066	)
Seamap		15,266			13,083			5,723			3,994			5,052			3,891
Eliminations		(383	)		(102	)		(133	)		79			(133	)		79

Consolidated	$	47,780		$	31,655		$	11,571		$	1,877		$	10,629		$	2,904

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details