FINANCIAL INFORMATION
1) Condensed Financial Statements
CONDENSED FINANCIAL STATEMENTS
| Current Assets: | April 30, 1997
(unaudited) |
January 31, 1997
(audited) |
|
||
| Cash | $12,760 | $301 |
| Accounts receivable, net | 6,044 | 3,598 |
| Installment notes receivable, trade | 738 | 1,141 |
| Inventories | 436 | 473 |
| Prepaid expenses and other current assets | 97 | 100 |
| Total Current Assets: | $20,075 | $5,613 |
| Seismic equipment lease pool, net | 18,240 | 17,963 |
| Property plant and equipment, net | 723 | 619 |
| Other assets | 57 | 98 |
| Total Assets: | $39,095 | $24,293 |
| Current Liabilities: | April 30, 1997
(unaudited) |
January 31, 1997
(audited) |
|
||
| Notes payable to bank | - | 999 |
| Current portion of long-term debt | - | 938 |
| Accounts payable | 631 | 1,941 |
| Income taxes payable | 836 | 267 |
| Deferred income taxes payable | 1,170 | 902 |
| Accrued liabilities and other current liabilities | 733 | 685 |
| Total Current Liabilities: | $3,370 | $5,732 |
| Long-term Debt | ||
| Long-term debt, net of current portion | 48 | 2,674 |
| Deferred income taxes | 645 | 645 |
| Total Liabilities: | $4,063 | $9,051 |
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| Stockholders' Equity: | ||
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| Preferred stock, $1.00 par value; 1,000,000 shares authorized, none issued and outstanding | - | - |
| Common stock, $.01 par value; 20,000,000 shares authorized, 7,358,260 and 4,474,880 shares, repectively, issued and outstanding | 74 | 45 |
| Additional paid-in capital | 26,860 | 8,819 |
| Retained earnings | 8,098 | 6,378 |
| Total Stockholders' Equity: | $35,032 | $15,242 |
| Total Liabilities and Stockholders' Equity: | $39,095 | $24,293 |
| Three months ended April 30 | ||||
| 1997 | 1996 | |||
| Revenues: | ||||
| Leases of seismic equipment | $4,116 | $1,804 | ||
| Sales of seismic equipment | 1,420 | 466 | ||
| Total Revenues: | $5,536 | $2,270 | ||
| Costs and Expenses: | ||||
| Seismic equipment subleases | 42 | 47 | ||
| Sales of seismic equipment | 981 | 373 | ||
| General and administrative | 586 | 362 | ||
| Provision for bad debt | 289 | 140 | ||
| Depreciation | 1,219 | 530 | ||
| Total Cost and Expenses: | $3,117 | $1,452 | ||
| Other Income (expense): | ||||
| Interest, net | 155 | (48) | ||
| Other, net | 46 | 19 | ||
| Total Other Income(expense): | 201 | (29) | ||
| Income before income taxes | 2,620 | 789 | ||
| Provision for income taxes | 897 | 284 | ||
| Net income: | $1,723 | $505 | ||
| Primary earnings per common share
and common equivalent share |
$0.28 | $0.13 | ||
| Primary shares used in computing earnings per
average common and common equivalent share outstanding |
6,239,000 | 4,024,000 | ||
| Three Months Ended April 30, | ||
| Cash flows from operating activities: | 1997 | 1996 |
| Net income | $1,723 | $505 |
| Adjustments to reconcile net income to net cash flows from operating activities: | ||
| Receivables, net | (2,043) | (702) |
| Accounts payable and other current liabilities | (1,170) | 139 |
| Depreciation | 1,161 | 530 |
| Deferred income taxes | 268 | - |
| Other, net | 51 | 201 |
| Net cash provided by operating activities | (10) | 673 |
| Cash flows from investing activities: | ||
| Purchases of seismic equipment held for lease | (1,693) | (1,145) |
| Proceeds from sale of lease pool equipment | 778 | - |
| Purchases of property and equipment | (161) | (23) |
| Net cash used in investing activities | (1,076) | (1,168) |
| Cash flows from financing activities: | ||
| Payments on short-term borrowings | (1,937) | (400) |
| Proceeds from long-term debt | - | 3,126 |
| Payments on long-term debt and capitalized lease obligations | (2,626) | (377) |
| Proceeds from issuance of common stock, net of offering expenses | 18,108 | 1,421 |
| Net cash provided (used) by financing activities | 13,545 | 3,770 |
| Net increase in cash | 12,459 | 3,275 |
| Cash, beginning of period | 301 | 637 |
| Cash, end of period | ||
| $12,760 | $3,912 | |
| Supplemental cash flow information: | ||
| Cash paid for: | ||
| Interest | $ 17 | 17 |
| Taxes | - | 35 |
| Equipment purchases in accounts payable | $ 429 | 267 |