2014 Form 10-K Financial Statement

#000119312514129776 Filed on April 03, 2014

View on sec.gov

Income Statement

Concept 2014 2013 Q1 2013
Revenue $92.11M $28.40M $104.7M
YoY Change -12.01% -23.3% -7.22%
Cost Of Revenue $60.09M $19.63M $67.27M
YoY Change -10.67% 24.48% 22.13%
Gross Profit $32.02M $8.773M $37.41M
YoY Change -14.43% -58.75% -35.22%
Gross Profit Margin 34.76% 30.89% 35.74%
Selling, General & Admin $24.70M $5.650M $22.10M
YoY Change 11.76% -11.44% 0.45%
% of Gross Profit 77.15% 64.4% 59.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.493M $8.670M $1.400M
YoY Change 6.64% 12.16% 12.99%
% of Gross Profit 4.66% 98.83% 3.74%
Operating Expenses $26.21M $6.010M $23.51M
YoY Change 11.48% -10.16% 1.31%
Operating Profit $5.805M $2.763M $13.90M
YoY Change -58.24% -81.05% -59.76%
Interest Expense $314.0K $30.00K $533.0K
YoY Change -41.09% -130.0% -27.97%
% of Operating Profit 5.41% 1.09% 3.83%
Other Income/Expense, Net $221.0K $580.0K -$378.0K
YoY Change -158.47% 241.18% 76.64%
Pretax Income $6.026M $3.365M $13.52M
YoY Change -55.44% -77.03% -60.61%
Income Tax $1.258M -$50.00K -$3.527M
% Of Pretax Income 20.88% -1.49% -26.08%
Net Earnings $4.768M $3.415M $17.05M
YoY Change -72.04% -66.42% -29.89%
Net Earnings / Revenue 5.18% 12.02% 16.29%
Basic Earnings Per Share $0.37 $0.27 $1.34
Diluted Earnings Per Share $0.36 $0.26 $1.29
COMMON SHARES
Basic Shares Outstanding 12.76M shares 12.72M shares
Diluted Shares Outstanding 13.18M shares 13.24M shares

Balance Sheet

Concept 2014 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.20M $15.20M $15.20M
YoY Change 0.0% -0.65% -0.65%
Cash & Equivalents $15.20M $15.15M $15.20M
Short-Term Investments
Other Short-Term Assets $8.100M $11.30M $11.30M
YoY Change -28.32% 117.31% 117.31%
Inventory $8.300M $6.188M $6.200M
Prepaid Expenses
Receivables $29.50M $23.13M $23.10M
Other Receivables $1.000M $2.100M $2.100M
Total Short-Term Assets $62.20M $57.88M $57.90M
YoY Change 7.43% -11.37% -11.33%
LONG-TERM ASSETS
Property, Plant & Equipment $129.6M $119.6M $119.6M
YoY Change 8.36% -0.64% -0.66%
Goodwill $4.320M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.200M $316.0K $4.600M
YoY Change 34.78% -91.22% 27.78%
Total Long-Term Assets $143.2M $132.5M $132.5M
YoY Change 8.08% -0.3% -0.3%
TOTAL ASSETS
Total Short-Term Assets $62.20M $57.88M $57.90M
Total Long-Term Assets $143.2M $132.5M $132.5M
Total Assets $205.4M $190.4M $190.4M
YoY Change 7.88% -3.95% -3.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.70M $6.921M $6.900M
YoY Change 55.07% -46.76% -46.92%
Accrued Expenses $1.600M $1.875M $1.900M
YoY Change -15.79% -71.59% -71.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $145.0K $100.0K
YoY Change 0.0% -89.64% -92.86%
Total Short-Term Liabilities $12.40M $9.480M $9.500M
YoY Change 30.53% -60.5% -60.42%
LONG-TERM LIABILITIES
Long-Term Debt $22.10M $4.238M $4.200M
YoY Change 426.19% -66.89% -67.19%
Other Long-Term Liabilities $400.0K $400.0K $400.0K
YoY Change 0.0% -92.59% -92.59%
Total Long-Term Liabilities $22.50M $4.238M $4.600M
YoY Change 389.13% -76.71% -74.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.40M $9.480M $9.500M
Total Long-Term Liabilities $22.50M $4.238M $4.600M
Total Liabilities $35.00M $14.09M $14.10M
YoY Change 148.23% -67.07% -67.06%
SHAREHOLDERS EQUITY
Retained Earnings $56.35M
YoY Change
Common Stock $138.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.860M
YoY Change
Treasury Stock Shares 926.0K shares
Shareholders Equity $170.4M $176.3M $176.3M
YoY Change
Total Liabilities & Shareholders Equity $205.4M $190.4M $190.4M
YoY Change 7.88% -3.93% -3.94%

Cashflow Statement

Concept 2014 2013 Q1 2013
OPERATING ACTIVITIES
Net Income $4.768M $3.415M $17.05M
YoY Change -72.04% -66.42% -29.89%
Depreciation, Depletion And Amortization $1.493M $8.670M $1.400M
YoY Change 6.64% 12.16% 12.99%
Cash From Operating Activities $21.22M $8.130M $44.26M
YoY Change -52.06% 6.97% 23.08%
INVESTING ACTIVITIES
Capital Expenditures $549.0K -$9.330M $965.0K
YoY Change -43.11% -56.87% -36.72%
Acquisitions
YoY Change
Other Investing Activities $6.850M $3.550M $10.96M
YoY Change -37.5% 4.41% 72.33%
Cash From Investing Activities -$37.21M -$5.780M -$34.70M
YoY Change 7.23% -68.28% -39.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.200M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.81M -9.950M -9.875M
YoY Change -270.22% -196.23% -144.6%
NET CHANGE
Cash From Operating Activities 21.22M 8.130M 44.26M
Cash From Investing Activities -37.21M -5.780M -34.70M
Cash From Financing Activities 16.81M -9.950M -9.875M
Net Change In Cash 817.0K -7.600M -315.0K
YoY Change -359.37% 2614.29% -139.92%
FREE CASH FLOW
Cash From Operating Activities $21.22M $8.130M $44.26M
Capital Expenditures $549.0K -$9.330M $965.0K
Free Cash Flow $20.67M $17.46M $43.29M
YoY Change -52.26% -40.27% 25.73%

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148000
CY2012 us-gaap Operating Leases Income Statement Lease Revenue
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CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2012 us-gaap Amortization Of Intangible Assets
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CY2012 us-gaap Current Income Tax Expense Benefit
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578000
CY2012 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2012 mind Deferred Federal And State Income Tax Expense Benefit
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CY2012 mind Revenue From External Customers
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86676000
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CY2012 mind Income Tax Reconciliation Permanent Differences
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CY2012 mind Income Tax Reconciliation Foreign Withholding Taxes
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CY2012 mind Cost Of Lease Pool Equipment Sales
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1580000
CY2012 mind Cost Of Subsidiary And Other Equipment Sales
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18043000
CY2012 mind Current Domestic Federal And State Taxes
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4090000
CY2012 mind Dilutive Shares
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637000 shares
CY2012 mind Gross Profit From Sale Of Lease Pool Equipment
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4923000
CY2012 mind Income Tax Reconciliation Potential Tax Penalties And Interest Resulting From Uncertain Tax Positions
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529000
CY2012 mind Income Tax Reconciliation Undistributed Earnings Of Foreign Affiliates
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MIND
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MITCHAM INDUSTRIES INC
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2014
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10-K
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2014-01-31
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0000926423
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FY
CY2014 dei Entity Voluntary Filers
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<p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Revenue Recognition of Service Agreements</i>&#x2014;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.</font></p>
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<div> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Use of Estimates</i>&#x2014;The preparation of the Company&#x2019;s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company&#x2019;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&#x2019;s operating environment changes. Actual results could differ from these estimates.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Substantial judgment is necessary in the determination of the appropriate levels for the Company&#x2019;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&#x2019;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.</font></p> </div>
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CY2014 us-gaap Income Taxes Paid
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CY2014 us-gaap Increase Decrease In Receivables
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2836000
CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1143000
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136000
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549000
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3215000
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29412000
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31037000
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15000
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1053000
CY2014 us-gaap Share Based Compensation
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1143000
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1048000
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2200000
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12000
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314000
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32000
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2049000
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0
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498000
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1493000
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18000000
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660000
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2660000
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100000
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5517000
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26210000
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22000
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265000
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25000 shares
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P3Y
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P12M
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44058000
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132000
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642000
CY2014 mind Contracts Receivable Term
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2295000
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22869000
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802000
CY2014 mind Dilutive Shares
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4556000
CY2014 mind Income Tax Reconciliation Potential Tax Penalties And Interest Resulting From Uncertain Tax Positions
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32000
CY2014 mind Income Tax Reconciliation Undistributed Earnings Of Foreign Affiliates
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CY2014 mind Period To Fulfill Purchase Obligations
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P180D
CY2014 mind Number Of Suppliers Manufacture Land Based Seismic Systems And Equipment In Use
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2 Supplier
CY2014 mind Payments For Repurchase Of Restricted Stock For Treasury
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2200000
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CY2014 mind Proceeds From Equipment Notes
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CY2014 mind Support Services Term
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1268000
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13524000
CY2014 mind Stock Issued During Period Value Accrued Share Based Compensation
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25086000
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0
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16348000
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13902000
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CY2013 us-gaap Interest Paid
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533000
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13524000
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977000
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516000
CY2013 us-gaap Net Income Loss
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1586000
CY2012 mind Entity Wide Revenue Major Customer Number
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1 Person
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0.10 pure
CY2013 us-gaap Earnings Per Share Diluted
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1.29
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13242000 shares
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34 pure
CY2013 us-gaap Earnings Per Share Basic
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1.34
CY2013 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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505000 shares
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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44257000
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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12715000 shares
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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296000 shares
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2013 us-gaap Revenues
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104685000
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3300000
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11000
CY2013 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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307000
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2013 us-gaap Comprehensive Income Net Of Tax
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18028000
CY2013 us-gaap Gross Profit
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37413000
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332000
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9177000
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420000
CY2013 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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54592000
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420000
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1532000
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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965000
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450000
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0
CY2013 us-gaap Cost Of Goods And Services Sold Depreciation
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33405000
CY2013 us-gaap General And Administrative Expense
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22539000
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CY2013 us-gaap Cost Of Goods And Services Sold
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67272000
CY2013 us-gaap Inventory Write Down
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163000
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34939000
CY2013 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2013 us-gaap Deferred Income Tax Expense Benefit
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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2529000
CY2013 us-gaap Share Based Compensation
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1586000
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533000
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CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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4598000
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61000
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329000
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1400000
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3519000
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420000
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673000
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923000
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3229000
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307000
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93000
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7963000
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23511000
CY2013 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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23000
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744000
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-3527000
CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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178000
CY2013 mind Incremental Common Shares Attributable To Restricted Stock
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22000 shares
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CY2013 mind Revenue From External Customers
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81317000
CY2013 mind Number Of Customers
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1900000
CY2013 mind Proceeds From Equipment Notes
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147000
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349000
CY2013 mind Stock Issued During Period Value Accrued Share Based Compensation
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516000
CY2013 mind Subsidiary Equipment Sales
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31169000
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7919000
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6307000
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1612000
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18574000
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45659000
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CY2013 mind Income Tax Reconciliation Foreign Withholding Taxes
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CY2013 mind Cost Of Lease Pool Equipment Sales
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6043000
CY2013 mind Cost Of Subsidiary And Other Equipment Sales
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19861000
CY2013 mind Current Domestic Federal And State Taxes
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CY2013 mind Dilutive Shares
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527000 shares
CY2013 mind Disclosure Threshold For Major Customers
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0.10 pure
CY2013 mind Gross Profit From Sale Of Lease Pool Equipment
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5369000
CY2013 mind Income Tax Reconciliation Potential Tax Penalties And Interest Resulting From Uncertain Tax Positions
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-5059000
CY2013 mind Income Tax Reconciliation Undistributed Earnings Of Foreign Affiliates
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CY2013 mind Lease Pool Equipment Sales
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-11412000
CY2013 mind Payments To Acquire Seismic Equipment Held For Lease
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44694000
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0.67
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34630000
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CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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11063000
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8456000
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2607000
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0.48
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0.50
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23080000
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7400000
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1274000
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6402000
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4353000
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20895000
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4300000
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20275000
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GrossProfit
4953000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3106000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-2628000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-478000
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2013Q1 us-gaap Revenues
Revenues
28401000
CY2013Q1 us-gaap Gross Profit
GrossProfit
8773000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3365000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
3415000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-50000
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2014Q1 us-gaap Revenues
Revenues
23647000
CY2014Q1 us-gaap Gross Profit
GrossProfit
8165000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2179000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
1782000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
397000

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