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Balance Sheet

6 Months Ended

Jul. 31, 2013

4. Balance Sheet


	July 31, 2013			January 31, 2013
	(in thousands)
Accounts receivable:
Accounts receivable	$	26,932		$	26,505
Allowance for doubtful accounts		(3,281	)		(3,374	)

Total accounts receivable, net	$	23,651		$	23,131

Contracts and notes receivable:
Contracts receivable	$	858		$	904
Notes receivable		217			1,471
Less current portion		(1,075	)		(2,096	)

Long-term portion	$	—		$	279

Contracts receivable consisted of $858,000 due from two customers as of July 31, 2013 and $904,000 due from two customers as of January 31, 2013. Notes receivable of $217,000 at July 31, 2013 and $1,471,000 at January 31, 2013 relate to promissory notes issued by a customer in settlement of a trade accounts receivable. As of July 31, 2013, these agreements bear interest at an average of approximately 8.5% per year and have remaining repayment terms of one to 11 months. These agreements are collateralized by seismic equipment and are considered collectable; thus, no allowances have been established for them.


	July 31, 2013			January 31, 2013
	(in thousands)
Inventories:
Raw materials	$	3,074		$	3,103
Finished goods		3,676			3,531
Work in progress		904			627

		7,654			7,261
Less allowance for obsolescence		(1,118	)		(1,073	)

Total inventories, net	$	6,536		$	6,188


	July 31, 2013			January 31, 2013
	(in thousands)
Seismic equipment lease pool and property and equipment:
Seismic equipment lease pool	$	233,376		$	241,395
Land and buildings		366			366
Furniture and fixtures		8,861			8,899
Autos and trucks		807			748

		243,410			251,408
Accumulated depreciation and amortization		(137,536	)		(131,800	)

Total seismic equipment lease pool and property and equipment, net	$	105,874		$	119,608