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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jan. 31, 2012	Mar. 30, 2012	Jul. 31, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	MITCHAM INDUSTRIES INC
Entity Central Index Key	0000926423
Document Type	10-K
Document Period End Date	Jan. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
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	Accelerated Filer
Entity Public Float			$ 211,953,720
Entity Common Stock, Shares Outstanding		12,680,959

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2012	Jan. 31, 2011
Current assets:
Cash and cash equivalents	$ 15,287	$ 14,647
Restricted cash	98	0
Accounts receivable, net of allowance for doubtful accounts of $4,391 and $2,666 at January 31, 2012 and 2011, respectively	35,788	17,832
Current portion of contracts receivable	2,273	3,582
Inventories, net	6,708	4,813
Income taxes receivable	0	325
Deferred tax asset	2,594	1,427
Prepaid expenses and other current assets	2,530	2,128
Total current assets	65,278	44,754
Seismic equipment lease pool and property and equipment, net	120,377	79,095
Intangible assets, net	4,696	5,358
Goodwill	4,320	4,320
Prepaid foreign income tax	3,519	3,053
Long-term portion of contracts receivable	0	1,355
Other assets	39	36
Total assets	198,229	137,971
Current liabilities:
Accounts payable	13,037	5,203
Current maturities--long-term debt	1,399	3,177
Income taxes payable	2,419	1,276
Deferred revenue	543	778
Accrued expenses and other current liabilities	6,583	5,165
Total current liabilities	23,981	15,599
Non-current income taxes payable	5,435	3,482
Deferred tax liability	595	832
Long-term debt	12,784	23,343
Total liabilities	42,795	43,256
Commitments and contingencies (Note 12, 16 and 17)
Shareholders' equity:
Preferred stock, $1.00 par value; 1,000 shares authorized; none issued and outstanding
Common stock $.01 par value; 20,000 shares authorized; 13,556 and 10,872 shares issued at January 31, 2012 and January 31, 2011, respectively	136	109
Additional paid-in capital	113,654	77,419
Treasury stock, at cost (925 shares at January 31, 2012 and 2011)	(4,857)	(4,843)
Retained earnings	39,297	14,976
Accumulated other comprehensive income	7,204	7,054
Total shareholders' equity	155,434	94,715
Total liabilities and shareholders' equity	$ 198,229	$ 137,971

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2012	Jan. 31, 2011
Consolidated Balance Sheets [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 4,391	$ 2,666
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	$ .01	$ .01
Common stock, shares authorized	20,000	20,000
Common stock, shares issued	13,556	10,872
Treasury stock, shares	925	925

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2012	Jan. 31, 2011	Jan. 31, 2010
Revenues:
Equipment leasing	$ 70,137	$ 36,825	$ 27,702
Lease pool equipment sales	6,503	2,470	3,321
Seamap equipment sales	28,406	21,345	20,567
Other equipment sales	7,788	10,723	3,582
Total revenues	112,834	71,363	55,172
Cost of sales:
Direct costs-equipment leasing	8,059	3,739	3,760
Direct costs-lease pool depreciation	27,400	21,354	17,712
Cost of lease pool equipment sales	1,580	1,130	2,566
Cost of Seamap and other equipment sales	18,043	18,498	13,009
Total cost of sales	55,082	44,721	37,047
Gross profit	57,752	26,642	18,125
Operating expenses:
General and administrative	21,354	16,755	14,977
Provision for doubtful accounts	615	1,795	1,378
Depreciation and amortization	1,239	1,171	899
Total operating expenses	23,208	19,721	17,254
Operating income	34,544	6,921	871
Other income (expense):
Gain from bargain purchase in business combination		1,304
Interest income	344	283	214
Interest expense	(740)	(756)	(629)
Other, net	182	(958)	183
Total other expense	(214)	(127)	(232)
Income before income taxes	34,330	6,794	639
Provision for income taxes	10,009	2,065	119
Net income	$ 24,321	$ 4,729	$ 520
Net income per common share:
Basic	$ 2.13	$ 0.48	$ 0.05
Diluted	$ 2.02	$ 0.46	$ 0.05
Shares used in computing income per common share:
Basic	11,432	9,870	9,799
Diluted	12,069	10,181	9,963

Consolidated Statements of Changes in Shareholders' Equity and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at Jan. 31, 2009	$ 77,123	$ 107	$ 74,396	$ (4,826)	$ 9,727	$ (2,281)
Balance, shares at Jan. 31, 2009		10,725
Comprehensive income, net of tax:
Net income	520				520
Foreign currency translation	5,979					5,979
Comprehensive income	6,499
Restricted stock issued	250		250
Restricted stock issued, shares		12
Shares surrendered for payment of taxes upon vesting of restricted stock	(17)			(17)
Stock-based compensation in excess of tax benefit	(346)		(346)
Tax benefit/expense from exercise of stock options and vesting of restricted stock	45		45
Stock-based compensation	1,401		1,401
Balance at Jan. 31, 2010	84,955	$ 107	75,746	(4,843)	10,247	3,698
Balance, shares at Jan. 31, 2010		10,737
Comprehensive income, net of tax:
Net income	4,729				4,729
Foreign currency translation	3,356					3,356
Comprehensive income	8,085
Issuance of common stock upon exercise of options	396	$ 1	395
Issuance of common stock upon exercise of options, shares		77
Restricted stock issued	185	$ 1	184
Restricted stock issued, shares		58
Tax benefit/expense from exercise of stock options and vesting of restricted stock	(5)		(5)
Stock-based compensation	1,099		1,099
Balance at Jan. 31, 2011	94,715	$ 109	77,419	(4,843)	14,976	7,054
Balance, shares at Jan. 31, 2011		10,872
Comprehensive income, net of tax:
Net income	24,321				24,321
Foreign currency translation	150					150
Comprehensive income	24,471
Issuance of common stock upon exercise of options	2,822	$ 3	2,819
Issuance of common stock upon exercise of options, shares		344
Stock offering	31,028	$ 23	31,005
Stock offering, shares		2,300
Restricted stock issued	303	$ 1	302
Restricted stock issued, shares		40
Restricted stock forfeited for taxes	(14)			(14)
Tax benefit/expense from exercise of stock options and vesting of restricted stock	778		778
Stock-based compensation	1,331		1,331
Balance at Jan. 31, 2012	$ 155,434	$ 136	$ 113,654	$ (4,857)	$ 39,297	$ 7,204
Balance, shares at Jan. 31, 2012		13,556

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2012	Jan. 31, 2011	Jan. 31, 2010
Cash flows from operating activities:
Net income	$ 24,321	$ 4,729	$ 520
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,774	22,717	18,740
Stock-based compensation	1,331	1,099	1,401
Provision for doubtful accounts	1,709	1,795	1,378
Gain from bargain purchase in business combination		(1,304)
Provision for inventory obsolescence	173	94	(48)
Gross profit from sale of lease pool equipment	(4,923)	(1,340)	(755)
Excess tax expense (benefit) from exercise of non-qualified stock options	(778)	5	(45)
Benefit for deferred income taxes	(285)	(230)	(120)
Non-current income taxes payable	597	224	270
Changes in:
Trade accounts and contracts receivable	(16,687)	(2,019)	(4,995)
Inventories	(2,614)	727	(754)
Income taxes payable and receivable	2,532	1,001	715
Contract revenues in excess of billings		573	1,704
Prepaid foreign income tax	(440)	(318)	(2,620)
Accounts payable, accrued expenses and other current liabilities	2,683	1,964	(836)
Prepaids and other, net	(435)	420	(470)
Net cash provided by operating activities	35,958	30,137	14,085
Cash flows from investing activities:
Purchases of seismic equipment held for lease	(62,142)	(32,736)	(26,684)
Purchases of property and equipment	(1,525)	(383)	(502)
Sales of used lease pool equipment	6,503	2,470	3,321
Acquisition of AES, net of cash acquired		(2,100)
Payment for earn-out provision (Note 3)	(148)
Net cash used in investing activities	(57,312)	(32,749)	(23,865)
Cash flows from financing activities:
Net (payments) proceeds from revolving line of credit	(9,100)	6,300	9,400
Proceeds from equipment notes	37	3,672	414
Payments on borrowings	(3,308)	(719)
Redemption (purchase) of short-term investment	(101)	684	744
Proceeds from issuance of common stock upon exercise of options, net of shares surrendered during exercises	2,809	396	(17)
Net proceeds from public offering of common stock	31,028
Excess tax (expense) benefit from exercise of non-qualified stock options	778	(5)	45
Net cash provided by financing activities	22,143	10,328	10,586
Effect of changes in foreign exchange rates on cash and cash equivalents	(149)	801	261
Net increase in cash and cash equivalents	640	8,517	1,067
Cash and cash equivalents, beginning of year	14,647	6,130	5,063
Cash and cash equivalents, end of year	$ 15,287	$ 14,647	$ 6,130

Organization and Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2012

Organization and Summary of Significant Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization—Mitcham Industries, Inc., a Texas corporation (the “Company”), was incorporated 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 intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition of Leasing Arrangements—The Company leases various types of seismic equipment to seismic data acquisition companies. The majority of leases at January 31, 2012 and 2011 are for one year or less. Lease revenue is recognized ratably over the term of the lease. The Company does not enter into leases with embedded maintenance obligations. The standard lease provides that the lessee is responsible for maintenance and repairs to the equipment, excluding normal wear and tear. The Company provides technical advice to its customers without additional compensation as part of its customer service practices. Repairs or maintenance performed by the Company is charged to the lessee, generally on a time and materials basis.

Revenue Recognition of Equipment Sales—Revenues and cost of goods sold from the sale of equipment is recognized upon acceptance of terms and when delivery has occurred, unless there is a question as to its collectability. In cases where the equipment sold is manufactured by others, the Company reports revenues at gross because the Company (a) is the obligor in the sales arrangement; (b) has full latitude in pricing the product for sale; (c) has general inventory risk should there be a problem with the equipment being sold to the customer or if the customer does not complete payment for the items purchased; (d) has discretion in supplier selection if the equipment ordered is not unique to one manufacturer; and (e) assumes credit risk for the equipment sold to its customers.

Revenue Recognition of Long-term Projects—From time to time, SAP enters into contracts whereby it assembles and sells certain marine equipment, primarily to governmental entities. Performance under these contracts generally occurs over a period of several months. Revenue and costs related to these contracts are accounted for under the percentage of completion method, based on estimated physical completion.

Service agreements—Seamap provides on-going support services pursuant to contracts that generally have a term of 12 months. The Company recognizes revenue from these contracts over the term of the contract. In some cases the Company will provide support services on a time and material basis. Revenue from these arrangements is recognized as the services are provided. For certain new systems that Seamap sells, the Company provides support services for up to 12 months at no additional charge. Any amounts attributable to these support obligations are immaterial.

Contracts receivable—In connection with the sale of seismic equipment, the Company will from time to time accept a contract receivable as partial consideration. These contracts bear interest at a market rate and generally have terms of less than two years and are collateralized by a security interest in the equipment sold. Interest income on contracts receivable is recognized as earned, unless there is a question as to collectability in which case it is recognized when received.

Allowance for doubtful accounts—Trade receivables are uncollateralized customer obligations due under normal trade terms. The carrying amount of trade receivables and contracts receivable is reduced by a valuation allowance that reflects management’s estimate of the amounts that will not be collected, based on the age of the receivable, payment history of the customer, general financial condition of the customer and any financial or operational leverage the Company may have in a particular situation. Amounts are written-off when collection is deemed unlikely. Past due amounts are determined based on contractual terms.

Cash and Cash Equivalents—The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents.

Short-term Investments—The Company considers all highly liquid investments with an original maturity greater than three months, but less than twelve months, to be short-term investments.

Inventories—Inventories are stated at the lower of average cost (which approximates first-in, first-out) or market. An allowance for obsolescence is maintained to reduce the carrying value of any materials or parts that may become obsolete. Inventories are periodically monitored to ensure that the reserve for obsolescence covers any obsolete items.

Seismic Equipment Lease Pool—Seismic equipment held for lease consists primarily of recording channels and peripheral equipment and is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the equipment, which are five to seven years for channel boxes and two to ten years for other peripheral equipment. As this equipment is subject to technological obsolescence and wear and tear, no salvage value is assigned to it. The Company continues to lease seismic equipment after it has been fully depreciated if it remains in acceptable condition and meets acceptable technical standards. This fully depreciated equipment remains in fixed assets on the Company’s books. The Company removes from its books the cost and accumulated depreciation of fully depreciated assets that are not expected to generate future revenues.

Property and Equipment—Property and equipment is carried at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over their related estimated useful lives. The estimated useful lives of equipment range from three to seven years. Buildings are depreciated over 30 years and property improvements are amortized over 10 years. Leasehold improvements are amortized over the shorter of useful life or the life of the respective leases. No salvage value is assigned to property and equipment.

Intangible Assets—Intangible assets are carried at cost, net of accumulated amortization. Amortization is computed on the straight-line method over the estimated life of the asset. Covenants-not-to-compete are amortized over a three-year period. Proprietary rights are amortized over a 12.5 to 15-year period.

Impairment—The Company applies Accounting Standards Codification (“ASC”) 360-10, Impairment or Disposal of Long-Lived Assets (“ASC 360-10”), to its long-lived assets, including its amortizable intangible assets. ASC 360-10 requires that long-lived assets be measured at the lower of carrying amount or fair value less cost to sell. The Company, under the guidance of ASC 350, Intangibles-Goodwill and Other, performs an impairment test on goodwill on an annual basis. No impairment charges related to long-lived assets or goodwill were recorded during fiscal 2012, 2011 or 2010.

Product Warranties—Seamap provides its customers warranty against defects in materials and workmanship generally for a period of three months after delivery of the product. The Company maintains an accrual for potential warranty costs based on historical warranty claims. For the years ended January 31, 2012, 2011 and 2010, warranty expense amounted to approximately $3,000, $ 70,000, and $281,000, respectively.

Income Taxes—The Company accounts for income taxes under the liability method, whereby the Company recognizes, on a current and long-term basis, deferred tax assets and liabilities which represent differences between the financial and income tax reporting bases of its assets and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between income and expenses reported for financial reporting and tax reporting. The Company has assessed, using all available positive and negative evidence, the likelihood that the deferred tax assets will be recovered from future taxable income.

The weight given to the potential effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. The preponderance of negative or positive evidence supports a conclusion regarding the need for a valuation allowance for some portion of, or all of, the deferred tax asset. The more significant types of evidence considered include the following:

•

taxable income projections in future years;

•

whether the carry forward period is so brief that it would limit realization of tax benefits;

•

future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; and

•

earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition.

Use of Estimates—The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Estimates are used for, but not limited to the allowance for doubtful accounts, lease pool valuations, valuation allowance on deferred tax assets, the evaluation of uncertain tax positions, estimated depreciable lives of fixed assets and intangible assets, impairment of fixed assets and intangible assets and the valuation of stock options. Future events and their effects cannot be perceived with certainty. Accordingly, these accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results could differ from these estimates.

Substantial judgment is necessary in the determination of the appropriate levels for the Company’s allowance for doubtful accounts because of the extended payment terms the Company often offers to its customers and the limited financial wherewithal of certain of these customers. As a result, the Company’s allowance for doubtful accounts could change in the future, and such change could be material to the financial statements taken as a whole. The Company must also make substantial judgments regarding the valuation allowance on deferred tax assets.

Fair Value of Financial Instruments—The Company’s financial instruments consist of trade receivables, contracts receivable and accounts payable. Due to the short maturities of these financial instruments, the Company believes that their fair value approximates their carrying amounts.

Foreign Currency Translation—All balance sheet accounts of the Canadian, Australian, Singaporean, United Kingdom and Russian subsidiaries have been translated at the current exchange rate as of the end of the accounting period. Statements of operations items have been translated at average currency exchange rates. The resulting translation adjustment is recorded as a separate component of comprehensive income within shareholders’ equity.

Stock-Based Compensation—Effective February 1, 2006, the Company adopted the provisions of authoritative guidance included in ASC 718 Compensation-Stock Compensation (“ASC 718”) using the modified prospective transition method. Under this method, stock-based compensation expense recognized for share-based awards during the fiscal year ended January 31, 2012, 2011 and 2010 includes (a) compensation expense for all stock-based compensation awards granted prior to, but not yet vested as of, February 1, 2006, based on the grant date fair value estimated in accordance with authoritative guidance in effect prior to February of 2006, and (b) compensation expense for all stock-based compensation awards granted subsequent to February 1, 2006, based on the grant date fair value estimated in accordance with the provisions of authoritative guidance included in ASC 718.

Earnings Per Share—Net income per basic common share is computed using the weighted average number of common shares outstanding during the period. Net income per diluted common share is computed using the weighted average number of common shares and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding common stock options having a dilutive effect using the treasury stock method, from unvested shares of restricted stock using the treasury stock method and from outstanding common stock warrants. For the fiscal years ended January 31, 2012, 2011 and 2010, the following table sets forth the number of dilutive shares that may be issued pursuant to options, restricted stock and warrants outstanding used in the per share calculations.


	Years Ended January 31,
	2012		2011		2010
	(in thousands)
Stock options		618		299		155
Restricted stock		19		12		6
Phantom stock		—		—		3

Total dilutive shares		637		311		164

Anti-dilutive weighted shares of potential common stock of 339,000, 726,000 and 1,019,000 for the fiscal years ended January 31, 2012, 2011 and 2010, respectively, have been excluded from the effect of dilutive shares.

Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on the results of operations or comprehensive income.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

New Accounting Pronouncements

12 Months Ended

Jan. 31, 2012

New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

2. New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, Fair Value Measurement-Topic 820: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards, to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles and enhances disclosure requirements, particularly for Level 3 fair value measurements. ASU 2011-04 will be effective in the three months ending April 30, 2012 and will be applied prospectively. The Company is currently evaluating the impact of ASU 2011-04 and believes the adoption will not have a material effect on our financial statements.

In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income-Topic 220: Presentation of Comprehensive Income, to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of equity. This update does not change what items are reported in other comprehensive income or the requirement to report reclassification of items from other comprehensive income to net income. ASU 2011-05 will be effective in the three months ending April 30, 2012, though earlier adoption is permitted. The update will be applied retrospectively upon adoption. The Company does not believe the adoption will not have a material effect on its financial statements.

In September 2011, the FASB issued ASU 2011-08, Intangibles-Goodwill and Other-Topic 350: Testing for Impairment. ASU 2011-08 amends the guidance in FASB Accounting Standards Codification Topic (“ASC”) 350-20, Intangibles-Goodwill and Other-Goodwill. The intent of this ASU is to simplify how entities test goodwill for impairment by allowing an entity to use a qualitative approach to test goodwill for impairment. The amendments in the ASU permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC 350-20. The amendments do not change the current guidance for testing other indefinite-lived assets for impairment. ASU 2011-08 is effective for goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early application is permitted. The Company elected to adopt this standard early and effective as of January 31, 2012 in its year-end goodwill impairment analysis. The adoption of this standard did not have a material effect on the Company’s financial statements.

Acquisition

12 Months Ended

Jan. 31, 2012

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. The principal amount of the notes is repayable in two equal installments on March 1, 2011 and 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 may be entitled to additional cash payments of up to Cdn $750,000 should AES attain certain levels of revenues during the 24-month period following the acquisition, as specified in the agreement.

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 in accordance with ASC 805. 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.

In April 2012, the Company paid the seller approximately $148,000 pursuant to the first stage of the contingent consideration provision of the agreement. The Company expects to pay approximately $450,000 subsequent to January 31, 2012 pursuant to the second and final stage of this provision. During the year ended January 31, 2012, the Company recorded a charge of approximately $400,000 in other expense to reflect the amount of the estimated contingent consideration payments in excess of the estimated fair value of the contingent consideration described above.

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 under took 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

Revenue and net income for AES were $2,855,000 and $489,000, respectively, for the eleven months ended January 31, 2011. The operations of AES are included in our Equipment Leasing segment.

Pro Forma Results of Operations

The following consolidated pro forma results of operations for the years ended January 31, 2011 and 2010 assumes the acquisition of AES occurred as of the beginning of those periods and reflects the full results of operations for the periods presented. The consolidated pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations that would actually have occurred had the combinations been in effect on the dates indicated, or that may occur in the future.


	Years Ended January 31,
(In thousands, except per share amounts)	2011		2010
(In thousands, except per share amounts)	(unaudited)
Revenues	$	71,524	$	58,320
Net income	$	4,636	$	948
Earnings per share:
Basic	$	0.47	$	0.10
Diluted	$	0.46	$	0.10

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-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.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-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 Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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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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-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1497-128463

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1383-128463

+ Details

Supplemental Statements of Cash Flows Information

12 Months Ended

Jan. 31, 2012

Supplemental Statements of Cash Flows Information [Abstract]

Supplemental Statements of Cash Flows Information

4. Supplemental Statements of Cash Flows Information

Supplemental disclosures of cash flows information for the years ended January 31, 2012, 2011 and 2010 are as follows (in thousands):


	Years Ended January 31,
	2012		2011		2010
Interest paid	$	704	$	728	$	627
Income taxes paid, net		7,536		508		1,269
Seismic equipment purchases included in accounts payable at year-end		9,900		3,229		4,879
Stock issued for accrued compensation		302		185		250

Inventories

12 Months Ended

Jan. 31, 2012

Inventories [Abstract]

Inventories

5. Inventories

Inventories consisted of the following (in thousands):


	As of January 31,
	2012			2011
Raw materials	$	2,789		$	2,440
Finished goods		3,711			1,888
Work in progress		1,109			1,215

Cost of inventories		7,609			5,543
Less allowance for obsolescence		(901	)		(730	)

Net inventories	$	6,708		$	4,813

Contracts Receivable

12 Months Ended

Jan. 31, 2012

Contracts Receivable [Abstract]

Contracts Receivable

6. Contracts Receivable

Contracts receivable consisted of $2,273,000, due from two customers as of January 31, 2012 and $4,937,000 due from two customers as of January 31, 2011. The balance of contracts receivable at January 31, 2012 and 2011 consists of contracts bearing interest at an average of approximately 9% and with remaining repayment terms from 3 to 5 months. These contracts are collateralized by the equipment sold and are considered collectable, thus no allowances have been established for them.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

Seismic Equipment Lease Pool and Property and Equipment

12 Months Ended

Jan. 31, 2012

Seismic Equipment Lease Pool and Property and Equipment [Abstract]

Seismic Equipment Lease Pool and Property and Equipment

7. Seismic Equipment Lease Pool and Property and Equipment

Seismic equipment lease pool and property and equipment consisted of the following (in thousands):


	As of January 31,
	2012			2011
Recording channels	$	110,730		$	72,786
Other peripheral equipment		112,763			94,097

Cost of seismic equipment lease pool		223,493			166,883

Land and buildings		366			366
Furniture and fixtures		8,020			6,761
Autos and trucks		680			663

Cost of property and equipment		9,066			7,790

Cost of seismic equipment lease pool and property and equipment		232,559			174,673
Less accumulated depreciation		(112,182	)		(95,578	)

Net book value of seismic equipment lease pool and property and equipment	$	120,377		$	79,095


	As of January 31,
	2012		2011
Location of seismic equipment lease pool and property and equipment (in thousands):
United States	$	65,922	$	56,206
Canada		23,856		11,544
South America		21,963		4,384
Australia		2,553		3,443
Russia		2,323		3,009
Singapore		3,352		354
United Kingdom		232		155
Europe		176		—

Net book value of seismic equipment lease pool and property and equipment	$	120,377	$	79,095

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Goodwill and Other Intangible Assets

12 Months Ended

Jan. 31, 2012

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets


	Weighted Average Life at 1/31/12		January 31, 2012							January 31, 2011
	Weighted Average Life at 1/31/12		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
			(in thousands)									(in thousands)
Goodwill			$	4,320						$	4,320

Proprietary rights		8.4	$	3,532	$	(1,347	)	$	2,185	$	3,523	$	(1,101	)	$	2,422
Customer relationships		6.1		2,387		(572	)		1,815		2,396		(274	)		2,122
Patents		6.1		719		(172	)		547		721		(82	)		639
Trade name		6.1		196		(47	)		149		197		(22	)		175

Amortizable intangible assets			$	6,834	$	(2,138	)	$	4,696	$	6,837	$	(1,479	)	$	5,358

In December 2007, the Company acquired all intellectual proprietary rights related to the source controller software utilized in the Seamap GunLink product line from Tanglesolve Instrumentation Ltd. (Tanglesolve) for £1,400,000 (approximately $2,784,000). This software had been developed by Tanglesolve under a cooperation agreement with Seamap. The acquired proprietary rights were assigned a life of 12.5 years, which equates to the remaining life of the GunLink design, as the software is an integral part of the design.

Aggregate amortization expense was $671,000, $637,000 and $253,000 for the years ended January 31, 2012, 2011 and 2010, respectively. As of January 31, 2012, future estimated amortization expense related to amortizable intangible assets is estimated to be (in thousands):


For fiscal years ending January 31,:
2013	$	671
2014		671
2015		671
2016		671
2017		671
Thereafter		1,341

Total	$	4,696

As of January 31, 2012, the Company had goodwill of $4,320,000. No impairment has been recorded against the goodwill account.

- 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

12 Months Ended

Jan. 31, 2012

Long-Term Debt and Notes Payable [Abstract]

Long-Term Debt and Notes Payable

9. Long-Term Debt and Notes Payable

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


	As of January 31,
	2012			2011
Revolving line of credit	$	12,550		$	21,650
Equipment note		638			3,066
MCL notes		785			1,550
SAP equipment notes		210			254

		14,183			26,520
Less current portion		(1,399	)		(3,177	)

Long-term debt	$	12,784		$	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. 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 January 31, 2012. Up to $7,000,000 of available borrowings under the revolving facility may be utilized to secure letters of credit. At January 31, 2012 letters of credit totaling $3.0 million were outstanding. 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, and have quarterly earnings before interest, taxes, depreciation and amortization (“EBITDA”) of not less than $2,000,000. 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 year ended January 31, 2012. The Company’s average borrowing levels under the revolving credit agreement for each of the years ended January 31, 2012, 2011 and 2010 were $12,200,000, $15,700,000 and $9,833,000, respectively.

In October 2010, the Company entered into a 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.

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 and are repayable in two equal installments on March 1, 2011 and 2012.

SAP has outstanding two notes payable related to the purchase of certain equipment. The notes, which are secured by the equipment purchased, bear interest at 7.4% and, 8.4% and are due through July 2014 and February 2013, respectively.

Shareholders' Equity

12 Months Ended

Jan. 31, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

10. Shareholders’ Equity

In June 2011, the Company issued 2,300,000 shares of common stock in a follow-on public offering. Net proceeds to the Company after underwriters’ discount and expenses were approximately $31,000,000.

The Company has 1,000,000 shares of preferred stock authorized, none of which were outstanding as of January 31, 2012 and 2011. The preferred stock may be issued in multiple series with various terms, as authorized by the Company’s Board of Directors. The Company has 20,000,000 shares of common stock authorized, of which 13,556,000 and 10,872,000 are issued as of January 31, 2012 and 2011, respectively.

During the years ended January 31, 2012 and 2010, approximately 1,000 and 2,000 shares, respectively, were surrendered in exchange for payment of taxes due upon the vesting of restricted shares. The shares had an average fair value of $14.10 and $7.40, respectively. No shares were surrendered in exchange for payment of taxes during 2011.

- 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
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

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
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Income Taxes

12 Months Ended

Jan. 31, 2012

Income Taxes [Abstract]

Income Taxes

11. Income Taxes


	Years Ended January 31,
	2012			2011			2010
	(in thousands)
Income (loss) before income taxes is attributable to the following jurisdictions:
Domestic	$	14,875		$	(522	)	$	(3,342	)
Foreign		19,455			7,316			3,981

Total	$	34,330		$	6,794		$	639

The components of income tax expense (benefit) were as follows:
Current:
Domestic	$	4,090		$	(171	)	$	(821	)
Foreign		6,204			2,466			1,060

		10,294			2,295			239
Deferred:
Domestic		1,042			(183	)		74
Foreign		(1,327	)		(47	)		(194	)

		(285	)		(230	)		(120	)

Income tax expense	$	10,009		$	2,065		$	119

The following is a reconciliation of expected to actual income tax expense:


	Years Ended January 31,
	2012			2011			2010
	(in thousands)
Federal income tax expense at 35% in 2012, 34% in 2011 and 2010	$	12,016		$	2,310		$	217
Changes in tax rates		(7	)		131			69
Permanent differences		347			(300	)		(14	)
Foreign effective tax rate differential		(2,574	)		(1,149	)		(565	)
Potential tax, penalties and interest resulting from uncertain tax positions		529			279			270
Undistributed earnings of foreign affiliates		(435	)		646			174
Foreign withholding taxes		268			122			—
Other		(135	)		26			(32	)

	$	10,009		$	2,065		$	119

The components of the Company’s deferred taxes consisted of the following as of:


	As of January 31,
	2012			2011
	(in thousands)
Deferred tax assets:
Net operating losses	$	146		$	1,424
Tax credit carry forwards		803			2,937
Stock option book expense		2,533			2,589
Allowance for doubtful accounts		1,645			900
Allowance for inventory obsolescence		192			188
Accruals not yet deductible for tax purposes		1,115			413
Other		1,531			389

Gross deferred tax assets		7,965			8,840
Valuation allowance		—			—

Deferred tax assets		7,965			8,840
Deferred tax liabilities:
Undistributed earnings of controlled foreign corporations not permanently reinvested		—			(2,877	)
Fixed assets		(3,617	)		(2,949	)
Non-deductible intangible assets		(774	)		(921	)
Foreign branch taxes		(1,575	)		(73	)

Deferred tax liabilities		(5,966	)		(6,820	)
Effect of uncertain tax positions		—			(1,425	)

Total deferred tax assets, net	$	1,999		$	595

In the year ended January 31, 2012 the tax deduction related to stock-based compensation awards exceeded the cumulative book expense related to these awards. The associated excess tax benefit amounted to approximately $778,000 and was recognized as additional paid in capital. During the year ended January 31, 2010, certain stock based compensation agreements were settled or expired such that the book expense related to these agreements exceeded the tax deduction received by the Company. Accordingly, the deferred tax asset related to these items was reduced by approximately $346,000, which reduced additional paid-in capital.

At January 31, 2012 the Company has foreign withholding tax carry forwards of $803,000, which amounts can be carried forward through 2022. 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 $8,300,000 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 Internal Revenue Service (“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 was required to make prepayments of approximately $3,519,000 against the assessment. These items are contemplated in the Company’s tax liability for uncertain tax positions.

As of January 31, 2012 and 2011, the Company had unrecognized tax benefits amounting to approximately $5,435,000 and $4,906,000, respectively, attributable to uncertain tax positions. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. The unrecognized tax benefits attributable to uncertain tax positions include accrued interest and penalties of $2,135,000 and $1,556,000 as of January 31, 2012 and January 31, 2011, respectively. Included in income tax expense for the year ended January 31, 2012 is expense of $578,000 related to potential penalties and interest. Included in income tax expense for the year ended January 31, 2011 is expense of $256,000 related to potential penalties and interest. Included in income tax expense for the year ended January 31, 2010 is a benefit of $262,000 from the reduction in the estimated penalties and interest attributable to uncertain tax positions.

The Company expects its request for competent authority assistance to be granted and accordingly for the Canadian tax examination to be resolved during the year ending January 31, 2013. The resolution of these matters could result in the recognition of certain previously unrecognized tax benefits. The Company estimates the amount of such tax benefits to be approximately $5,000,000.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding potential penalties and interest, is as follows:


	Years Ended January 31,
	2012			2011			2010
	(in thousands)
Unrecognized tax benefits as beginning of year	$	(3,350	)	$	(3,327	)	$	(2,795	)
Increases (decreases) as a result of tax positions taken in prior years		50			(23	)		(532	)
Increases as a result of tax positions taken in current year		—			—			—
Settlements		—			—			—
Lapse of statute of limitations		—			—			—

Unrecognized tax benefits as of end of year	$	(3,300	)	$	(3,350	)	$	(3,327	)

Recognition of the unrecognized tax benefits of $3,300,000 would have an effect on the effective tax rate.

The Company files U.S. federal income tax returns as well as separate returns for its foreign subsidiaries within their local jurisdictions. The Company’s U.S. federal tax returns are subject to examination by the IRS for fiscal years ended January 31, 2009 through 2011. However, the years ended January 31, 2004 through January 31, 2008 remain open as they relate to matters that are the subject of the Company’s request for competent authority assistance from the IRS. The Company’s tax returns may also be subject to examination by state and local revenue authorities for fiscal years ended January 31, 2007 through 2011.

The Company’s Canadian income tax returns for the years ended January 31, 2004 through January 31, 2011 remain open to the examination due to the Company’s pending request for competent authority assistance from CRA and the related projects filed with CRA and the Province of Alberta.

The Company’s tax returns in other foreign jurisdictions are generally subject to examination for the years ended January 31, 2006 through January 31, 2011.

- 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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Commitments and Contingencies

12 Months Ended

Jan. 31, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Purchase Obligations—At January 31, 2012, the Company had approximately $4,820,000 in purchase orders outstanding. The purchase orders were issued in the normal course of business, and are expected to be fulfilled within 180 days of January 31, 2012.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-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 5
-Paragraph 9, 10, 11, 12
-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 Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Stock Option Plans

12 Months Ended

Jan. 31, 2012

Stock Option Plans [Abstract]

Stock Option Plans

13. Stock Option Plans

At January 31, 2012, the Company had stock-based compensation plans as described in more detail below. The total compensation expense related to stock-based awards granted under these plans during the years ended January 31, 2012, 2011 and 2010, was approximately $1,331,000, $1,099,000 and $1,401,000, respectively. The Company recognizes stock-based compensation costs net of a forfeiture rate for only those shares expected to vest over the requisite service period of the award. The Company estimates the forfeiture rate based on its historical experience regarding employee terminations and forfeitures.

The fair value of each option award is estimated as of the date of grant using a Black-Scholes-Merton option pricing formula. Expected volatility is based on historical volatility of the Company’s stock over a preceding period commensurate with the expected term of the option. The expected term is based upon historical exercise patterns. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yield was not considered in the option pricing formula since the Company does not pay dividends and has no plans to do so in the future. The weighted average grant-date fair value of options granted during the years ended January 31, 2012, 2011 and 2010 was $6.44, $2.75 and $4.80, respectively. The assumptions for the periods indicated are noted in the following table.


Weighted average Black-Scholes-Merton fair value assumptions
	Years Ended January 31,
	2012	2011	2010
Risk free interest rate	1.52-2.00%	1.82-1.97%	2.21-2.36%
Expected life	2.85 – 4.89 yrs	2.4 – 4.4 yrs	2.9 – 5.5 yrs
Expected volatility	54 - 55%	57 - 58%	60 - 61%
Expected dividend yield	0.0%	0.0%	0.0%

ASC 718 requires that cash flows resulting from tax benefits attributable to tax deductions in excess of the compensation expense recognized for those options (excess tax benefits) be classified as financing in-flows and operating out-flows. The Company had excess tax expenses of approximately $778,000 and $45,000 during the years ended January 31, 2012 and 2010, respectively. The Company had an excess tax benefit of approximately $5,000 during the year ended January 31, 2011.

The Company has share-based awards outstanding under five different plans: the 1994 Stock Option Plan (“1994 Plan”), the 1998 Amended and Restated Stock Awards Plan (“1998 Plan”), the 2000 Stock Option Plan (“2000 Plan”), the Mitcham Industries, Inc. Stock Awards Plan (“2006 Plan”) and the 1994 Non-Employee Director Plan (“Director Plan”), (collectively, the “Plans”). Stock options granted and outstanding under each of the plans generally vest evenly over three years (except for the Director Plan, under which options generally vest after one year) and have a 10-year contractual term. The exercise price of a stock option generally is equal to the fair market value of the Company’s common stock on the option grant date. All Plans except for the 2006 Plan have been closed for future grants. All shares available but not granted under the 1998 Plan and the 2000 Plan as of the date of the approval of the 2006 Plan were transferred to the 2006 Plan. As of January 31, 2012, there were approximately 443,000 shares available for grant under the 2006 Plan. The 2006 Plan provides for awards of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units and phantom stock. New shares are issued for restricted stock and upon the exercise of options.

Stock Based Compensation Activity

The following table presents a summary of the Company’s stock option activity for the year ended January 31, 2012:


	Number of Shares (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 31, 2011		1,592		$	8.68
Granted		165			15.54
Exercised		(344	)		8.16
Forfeited		—			—
Expired		—			—

Outstanding, January 31, 2012		1,413		$	9.60		5.19	$	17,590

Exercisable at January 31, 2012		1,221		$	9.66		4.68	$	15,119
Vested and expected to vest at January 31, 2012		1,410		$	9.60		5.18	$	17,565

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the fourth quarter of fiscal 2012 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on January 31, 2012. This amount changes based upon the market value of the Company’s common stock. Total intrinsic value of options exercised for the years ended January 31, 2012 and 2011 was $4,097,000 and $143,000, respectively. The fair value of options that vested during the years ended January 31, 2012, 2011 and 2010 was approximately $1,195,000, $1,301,000 and $1,981,000, respectively. For the year ended January 31, 2012, approximately 242,000 options vested.

As of January 31, 2012, there was approximately $318,000 of total unrecognized compensation expense related to unvested stock options granted under the Company’s share-based compensation plans. That expense is expected to be recognized over a weighted average period of 0.6 years.

During the year ended January 31, 2012, $2,822,000 was received from the exercise of options.

Restricted stock as of January 31, 2012 and changes during the year ended January 31, 2012 were as follows:


	Year Ended January 31, 2012
	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Unvested, beginning of period		32			6.40
Granted		40			15.11
Vested		(36	)		12.01
Canceled		—			—

Unvested, end of period		36			10.47

As of January 31, 2012, there was approximately $151,000 of unrecognized stock-based compensation expense related to unvested restricted stock awards. That expense is expected to be recognized over a weighted average period of 0.6 years.

- 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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-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

12 Months Ended

Jan. 31, 2012

Segment Reporting/Sales and Major Customers [Abstract]

Segment Reporting

14. Segment Reporting

The following information is disclosed as required by ASC 280, Segment Reporting.

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; Brisbane, Australia; Ufa, Bashkortostan, Russia.

Seamap 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 and Singapore with a sales office in Huntsville, Texas.

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


	As of January 31, 2012						As of January 31, 2011						As of January 31, 2010
	Equipment Leasing		Seamap		Consolidated		Equipment Leasing		Seamap		Consolidated		Equipment Leasing		Seamap		Consolidated
Fixed assets, net	$	116,793	$	3,584	$	120,377	$	78,586	$	509	$	79,095	$	66,214	$	661	$	66,482
Intangible assets, net		2,511		2,185		4,696		2,936		2,422		5,358		—		2,678		2,678
Goodwill		—		4,320		4,320		—		4,320		4,320		—		4,320		4,320


	For the Years Ended
	January 31, 2012								January 31, 2011							January 31, 2010
	Equipment Leasing			Seamap		Consolidated			Equipment Leasing			Seamap			Consolidated		Equipment Leasing			Seamap		Consolidated
Revenues	$	84,428		$	28,703	$	112,834		$	50,018		$	22,462		$71,363		$	34,605		$	20,993	$	55,172
Interest income (expense), net		(397	)		1		(396	)		(470	)		(3	)	(473)			(418	)		3		(415	)
Income (loss) before taxes		24,081			10,195		34,330			1,527			5,402		6,794			(4,293	)		5,832		639
Capital expenditures		63,198			469		63,667			32,876			243		33,119			27,130			56		27,186
Depreciation and amortization expense		28,215			559		28,774			22,120			597		22,717			18,013			727		18,740

Approximately $297,000, $1,117,000 and $426,000 related to sales from Seamap to the Equipment Leasing segment is eliminated in the consolidated revenues for the fiscal years 2012, 2011 and 2010, respectively. Capital expenditures and fixed assets are reduced by approximately $272,000, $292,000 and $37,000 for the fiscal years 2012, 2011 and 2010, respectively, which represents the difference between the sales price and the cost to manufacture the equipment.

A reconciliation of income (loss) before taxes is as follows (in thousands):


	Years ended January 31,
	2012		2011			2010
Equipment Leasing	$	24,081	$	1,527		$	(4,293	)
Seamap		10,195		5,402			5,832
Reconciling items:
Elimination of (profit) loss from inter-company sales		54		(135	)		19
Foreign exchange (gain) loss on inter-company transactions of a long-term investment nature		—		—			(914	)
Other		—		—			(5	)

Consolidated income before taxes	$	34,330	$	6,794		$	639

- 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
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Jan. 31, 2012

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

15. Quarterly Financial Data (Unaudited)


					Quarters Ended:
	Fiscal Year		April 30		July 31			October 31		January 31
Net revenues:		2012	$	26,502	$	21,278		$	28,020	$	37,034
		2011	$	16,500	$	15,155		$	19,973	$	19,735

Gross profit:		2012	$	13,925	$	8,213		$	14,345	$	21,269
		2011	$	6,943	$	4,655		$	5,979	$	9,065

Income (loss) before income taxes:		2012	$	8,461	$	2,168		$	9,056	$	14,645
		2011	$	3,185	$	(281	)	$	1,103	$	2,787

Incomes taxes (benefit):		2012	$	2,368	$	868		$	2,293	$	4,480
		2011	$	791	$	(135	)	$	376	$	1,033

Net income (loss):		2012	$	6,093	$	1,300		$	6,763	$	10,165
		2011	$	2,394	$	(146	)	$	727	$	1,754

Income per common share—basic:		2012	$	0.61	$	0.12		$	0.55	$	0.82
		2011	$	0.24	$	(0.01	)	$	0.07	$	0.18

Income per common share—diluted:		2012	$	0.58	$	0.11		$	0.52	$	0.77
		2011	$	0.24	$	(0.01	)	$	0.07	$	0.17

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Leases

12 Months Ended

Jan. 31, 2012

Leases [Abstract]

Leases

16. Leases

The Company leases seismic equipment to customers under operating leases with non-cancelable terms of one year or less. These leases are generally renewable on a month-to-month basis. All taxes (other than income taxes) and assessments are the contractual responsibility of the lessee. To the extent that foreign taxes are not paid by the lessee, the relevant foreign taxing authorities might seek to collect such taxes from the Company. Under the terms of its lease agreements, any amounts paid by the Company to such foreign taxing authorities may be billed and collected from the lessee. If the Company is unable to collect the foreign taxes it paid on behalf of its lessees, the Company may have foreign tax credits in the amounts paid which could be applied against its U.S. income tax liability subject to certain limitations. The Company is not aware of any foreign tax obligations as of January 31, 2012 and 2011 that are not reflected in the accompanying consolidated financial statements.

The Company leases seismic equipment, as well as other equipment from others under operating leases. Lease expense incurred by the Company in connection with such leases amounted to approximately $1,634,000, $755,000 and $714,000 for the years ended January 31, 2012, 2011 and 2010, respectively.

The Company leases its office and warehouse facilities in Canada, Australia, Singapore, United Kingdom and Russia under operating leases. Office rental expense for the years ended January 31, 2012, 2011 and 2010 was approximately $1,199,000, $1,007,000 and $862,000, respectively.

Aggregate minimum lease payments for non-cancelable operating leases are as follows (in thousands):


For fiscal years ending:
2013	$	1,371
2014		1,091
2015		764
2016		455
2017		396
Thereafter		560

Concentrations

12 Months Ended

Jan. 31, 2012

Concentrations [Abstract]

Concentrations

17. Concentrations

Credit Risk—As of January 31, 2012 and 2011, amounts due from customers that exceeded 10% of consolidated accounts receivable amounted to an aggregate of approximately $8,346,000 from two customers and $6,638,000 from three customers, respectively.

The Company maintains deposits and certificates of deposit with banks which may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and money market accounts which are not FDIC insured. In addition, deposits aggregating approximately $14,773,000 at January 31, 2012 are held in foreign banks. Management believes the risk of loss in connection with these accounts is minimal.

Industry Concentration—The Company’s revenues are derived from seismic equipment leased and sold to companies providing seismic acquisition services. The seismic industry has historically been subject to cyclical activity and is dependant in large part on the expected future prices of oil and natural gas. Should the industry experience a decline in the price of oil and natural gas, the Company could be subject to significantly greater credit risk and declining demand for its products and services.

Supplier Concentration—The Company purchases the majority of its seismic equipment for its lease pool from a small number of suppliers, each being an industry leader for its product. The Company believes that two of its suppliers manufacture most of the land-based seismic systems and equipment in use. The Company has satisfactory relationships with its suppliers. However, should those relationships deteriorate, the Company may have difficulty in obtaining new technology requested by its customers and maintaining the existing equipment in accordance with manufacturers’ specifications.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-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 94-6
-Paragraph 21, 22, 24
-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
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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+ Details

Sales and Major Customers

12 Months Ended

Jan. 31, 2012

Segment Reporting/Sales and Major Customers [Abstract]

Sales and Major Customers

18. Sales and Major Customers

A summary of the Company’s revenues from customers by geographic region, outside the U.S., is as follows (in thousands):


	Years Ended January 31,
	2012		2011		2010
Canada	$	13,243	$	5,294	$	3,608
UK/Europe		21,403		16,765		14,358
South America		17,786		8,042		4,545
Asia/South Pacific		17,810		15,444		12,447
Eurasia		3,528		10,812		1,637
Other		12,906		3,347		3,393

Total	$	86,676	$	59,704	$	39,988

During each of the years ended January 31, 2012 and 2011, one customer exceeded 10% of total revenues. During the year ended January 31, 2010, three customers exceeded 10% total revenues.

Valuation and Qualifying Accounts

12 Months Ended

Jan. 31, 2012

Valuation and Qualifying Accounts [Abstract]

VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

MITCHAM INDUSTRIES, INC.

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


Col. A	Col. B		Col. C(1)		Col. C(2)					Col. D					Col. E
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts					Deductions Describe					Balance at End of Period
Allowance for doubtful accounts
January 31, 2012	$	2,666		1,768		1		(a	)		(44	)	(b	)	$	4,391
January 31, 2011	$	2,420		1,183		22		(a	)		(959	)	(b	)	$	2,666
January 31, 2010	$	2,300		786		50		(a	)		(716	)	(b	)	$	2,420
Allowance for obsolete equipment and inventory
January 31, 2012	$	730		175		(4	)	(a	)		—		(c	)	$	901
January 31, 2011	$	923		216		(195	)	(a	)		(214	)	(c	)	$	730
January 31, 2010	$	1,204		372		133		(a	)		(786	)	(c	)	$	923

(a)	Represents translation differences.

(b)	Represents recoveries and uncollectible accounts written off.

(c)	Represents sale or scrap of inventory and obsolete equipment.