0001437749-24-013322.txt : 20240426 0001437749-24-013322.hdr.sgml : 20240426 20240426092500 ACCESSION NUMBER: 0001437749-24-013322 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240426 DATE AS OF CHANGE: 20240426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Perma-Pipe International Holdings, Inc. CENTRAL INDEX KEY: 0000914122 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] ORGANIZATION NAME: 06 Technology IRS NUMBER: 363922969 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32530 FILM NUMBER: 24879191 BUSINESS ADDRESS: STREET 1: 24900 PITKIN ROAD STREET 2: SUITE 309 CITY: SPRING STATE: TX ZIP: 77386 BUSINESS PHONE: 2815986222 MAIL ADDRESS: STREET 1: 24900 PITKIN ROAD STREET 2: SUITE 309 CITY: SPRING STATE: TX ZIP: 77386 FORMER COMPANY: FORMER CONFORMED NAME: MFRI INC DATE OF NAME CHANGE: 19970402 FORMER COMPANY: FORMER CONFORMED NAME: MIDWESCO FILTER RESOURCES INC DATE OF NAME CHANGE: 19970402 8-K 1 ppih20231130_8k.htm FORM 8-K ppih20231130_8k.htm
false 0000914122 0000914122 2024-04-27 2024-04-27
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
_______________________
 
Date of Report (Date of earliest event reported): April 26, 2024
 
PERMA-PIPE INTERNATIONAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
001-32530
36-3922969
(State or other jurisdiction of
incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
 
24900 Pitkin Road, Suite 309, Spring, Texas, 77386
(Address of principal executive offices, including zip code)
 
(847) 966-1000
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.01 par value per share PPIH The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 2.02.
Results of Operations and Financial Condition.
 
On April 26, 2024, Perma-Pipe International Holdings, Inc. issued a press release announcing its financial results for its fiscal fourth quarter and 2023 fiscal year ended January 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
Item 9.01.
Financial Statements and Exhibits.
 
 
(a)
Not applicable.
 
 
(b)
Not applicable.
 
 
(c)
Not applicable.
 
 
(d)
Exhibits. The following exhibit is being furnished herewith:
 
Exhibit
Number
 
 
(99.1)
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  PERMA-PIPE INTERNATIONAL HOLDINGS, INC.  
       
       
Date: April 26, 2024 By: /s/ Matthew E. Lewicki  
    Matthew E. Lewicki  
    Vice President and Chief Financial Officer  
 
 
 EX-99.1 2 ex_601608.htm EXHIBIT 99.1 ex_601608.htm

Exhibit 99.1

 

logo10q.jpg

 

COMPANY:

Perma-Pipe International Holdings, Inc.

CONTACT:

David Mansfield, President and CEO

        

Perma-Pipe Investor Relations

(847) 929-1200

investor@permapipe.com

 

Perma-Pipe International Holdings, Inc. Announces Fourth Quarter and Fiscal 2023 Financial Results

 

 

•        The Company generated net sales of $40.2 million for the quarter and $150.7 million for the year

•        Income before income taxes of $3.2 million for the quarter and $9.9 million for the year

•        Net income of $8.6 million for the quarter and $10.5 million for the year

•        Backlog of $68.4 million at January 31, 2024, compared to $38.5 million at January 31, 2023                          

 

SPRING, TX, April 26, 2024 - Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the fourth quarter and 2023 fiscal year ended January 31, 2024. 

 

"Net sales for the fourth quarter were $40.2 million, an increase of $3.8 million as compared to the same quarter last year, and net income of $8.6 million was an increase of $5.4 million compared to $3.2 million in the same quarter of 2022. For the year ended January 31, 2024, net sales of $150.7 million represents an increase of $8.1 million or 6%, as compared to net sales of $142.6 million in the prior year. The resulting net income of $10.5 million was an increase of $4.6 million or 78%, as compared to net income of $5.9 million in the prior year. This was the result of increased net sales during the year, along with a favorable tax benefit of $5.9 million due to a partial release of a valuation allowance attributable to net operating loss carryforwards, partially offset by a one-time charge of $0.7 million relating to a litigation matter that arose relating to certain projects that were executed between 2007 and 2011," noted President and CEO David Mansfield.

 

"Backlog has shown considerable growth and now stands at $68.4 million, resulting in a 78% increase, as compared to $38.5 million in the prior year," Mr. Mansfield continued. 

 

"We continue to experience growth in business activity in various markets during the year, exemplified by the overall growth in net sales. This was driven by increases in infrastructure spending in Saudi Arabia, India, and the U.A.E. These trends in infrastructure spending remain in line with 2030 initiatives. The recently formed joint venture exceeded expectations during the year, further contributing to the growth in both net sales and margins. We are pleased with the success of the joint venture thus far and are encouraged with the level of performance we are experiencing," noted Mr. Mansfield. 

 

"We also continue to execute on our strategic initiatives, such as our plans to expand into Qatar in 2024 in connection with our acceptance into the Tawteen program, as announced in a press release issued earlier in the year. The joint venture has allowed us to establish a greater presence in Saudi Arabia which enables us to better participate in development plans. In addition, we believe that the Company is well positioned to participate in significant developments occurring in the Qatari market, of which, the Tawteen program further strengthens our ability to penetrate this market," Mr. Mansfield concluded. 

 

1
 

 

Fourth Quarter Fiscal 2023 Results

 

Net sales were $40.2 million and $36.4 million in the three months ended January 31, 2024 and 2023, respectively.  The increase of $3.8 million was primarily a result of increased sales volumes in Saudi Arabia.

 

Gross profit was $12.0 million, or 30% of net sales and $10.2 million, or 28% of net sales, in the three months ended January 31, 2024 and 2023, respectively. The increase of $1.8 million was driven by improved gross margins as a result of the mix of projects.

 

General and administrative expenses were $6.2 million and $5.8 million in the three months ended January 31, 2024 and 2023, respectively. The increase of $0.4 million was primarily related to higher compensation costs.

 

Selling expenses remained consistent with the prior year expenses of $1.3 million in the three months ended January 31, 2024 and 2023, respectively. 

 

Interest expense remained consistent and was $0.5 million in the three months ended January 31, 2024 and 2023, respectively. 

 

Other expense was $0.9 million, compared to other income of $1.5 million in the three months ended January 31, 2024 and 2023, respectively. The current quarter amount includes certain one-time adjustments, including a charge associated with the termination of the Company's pension plan and the settlement of a legal proceeding. The prior year amount includes income from the release of the Company's liability for a past project.

 

The Company's worldwide effective tax rates ("ETR") were (204%) and 21% in the three months ended January 31, 2024 and 2023, respectively. The change in the ETR was primarily due to a partial release of a U.S. valuation allowance and changes in the mix of income and loss in various tax jurisdictions.

 

Net income was $8.6 million and $3.2 million in the three months ended January 31, 2024 and 2023, respectively. The increase in net income was a result of the changes discussed above, less amounts attributable to non-controlling interest. 

 

2023 Results

 

Net sales were $150.7 million and $142.6 million in the years ended January 31, 2024 and 2023, respectively. The increase of $8.1 million was primarily a result of higher sales volumes in Saudi Arabia.

 

Gross profit was $41.5 million, or 28% of net sales and $38.3 million, or 27% of net sales, in the years ended January 31, 2024 and 2023, respectively. The increase of $3.2 million was driven primarily by higher sales volumes and improved gross margins in Saudi Arabia

 

General and administrative expenses were $22.6 million and $22.0 million in the years ended January 31, 2024 and 2023, respectively. The increase of $0.6 million was primarily related to higher compensation costs.

 

Selling expenses were $5.5 million and $5.2 million in the years ended January 31, 2024 and 2023, respectively. The increase of $0.3 million was driven by higher payroll expenses. 

 

Interest expense remained consistent and was $2.3 million and $2.1 million in the years ended January 31, 2024 and 2023, respectively. The increase of $0.2 million was related to increased borrowings and, to a lesser extent, higher interest rates. 

 

Other expense was $1.2 million, as compared to other income of $0.5 million in the years ended January 31, 2024 and 2023, respectively. The current year amount includes certain one-time adjustments, including a charge associated with the termination of the Company's pension plan and the settlement of a legal proceeding. The prior year amount includes income from the release of the Company's liability for a past project and insurance recovery income, partially offset by a non-cash pre-tax settlement charge resulting from the termination of the Company's pension plan. 

 

The Company's worldwide ETR's were (34%) and 38% in the years ended January 31, 2024 and 2023, respectively. The change in the ETR was largely due to a partial release of the U.S. valuation allowance and changes in the mix of income and loss in various tax jurisdictions.

 

Net income attributable to common stock was $10.5 million and $5.9 million in the years ended January 31, 2024 and 2023, respectively. The increase in net income was a result of the changes discussed above, less amounts attributable to non-controlling interest.  

 

Percentages set forth above in this press release have been rounded to the nearest percentage point, and may not correspond exactly to the comparative data presented.

 

2
 

 

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fourteen locations in six countries.

 

Forward-Looking Statements

Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)

 

The Company's fiscal year ends on January 31. Years, results and balances described as 2024, 2023, and 2022 are for the fiscal year ending January 31, 2025, and the fiscal years ended January 31, 2024 and 2023, respectively. 

 

Perma-Pipe’s Form 10-K for the 2023 fiscal year ended January 31, 2024 will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.

 

3
 

 

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended January 31,

    

Year Ended January 31,

  
   

2024

    

2023

    

2024

    

2023

  

Net sales

   $ 40,179     $ 36,441     $ 150,668     $ 142,569  

Gross profit

     12,035       10,236       41,458       38,301  
                                 

Total operating expenses

     7,482       7,115       28,099       27,157  
                                 

Income from operations

     4,553       3,121       13,359       11,144  
                                 

Interest expense, net

     478       534       2,266       2,119  

Other (expense)/income

     (852 )     1,498       (1,202 )     533  

Income before income taxes

     3,223       4,085       9,891       9,558  
                                 

Income tax (benefit)/expense

     (6,578 )     851       (3,320 )     3,613  
                                 

Net income

   $ 9,801     $ 3,234     $ 13,211     $ 5,945  

Less: Net income attributable to non-controlling interest

     1,163       -       2,740       -  

Net income attributable to common stock

   $ 8,638     $ 3,234     $ 10,471     $ 5,945  
                                 
                                 

Weighted average common shares outstanding

                                

Basic

     7,920       8,004       7,977       7,976  

Diluted

     7,986       8,214       8,073       8,116  
                                 

Earnings per share

                                

Basic

   $ 1.09     $ 0.40     $ 1.31     $ 0.75  

Diluted

   $ 1.08     $ 0.39     $ 1.30     $ 0.73  
                                 

 

Note: Earnings per share calculations could be impacted by rounding.
 
4
 

 

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

   

January 31,

  
   

2024

    

2023

  

ASSETS

                

Current assets

   $ 98,818     $ 85,658  

Long-term assets

     56,893       37,308  

Total assets

   $ 155,711     $ 122,966  

LIABILITIES AND STOCKHOLDERS' EQUITY

                

Current liabilities

   $ 57,742     $ 43,790  

Long-term liabilities

     25,991       21,392  

Total liabilities

     83,733       65,182  

Non-controlling interests

     6,266       -  

Stockholders' equity

     65,712       57,784  

Total liabilities and stockholders' equity

   $ 155,711     $ 122,966  

 

 

 

5
 

 

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE

ADJUSTED INCOME BEFORE TAX

(In thousands)

(Unaudited)

 

The following information contains a reconciliation of the non-GAAP financial measure of adjusted income before income tax and income before tax prepared in accordance with generally accepted accounting principles ("GAAP") for the twelve months ended January 31, 2024, and 2023, respectively. This reconciliation is intended to provide investors with useful information in evaluating the Company's performance. Adjusted income before tax includes certain adjustments as identified below. This measure is not considered an alternative to income before tax or other financial measures of performance that are prepared in accordance with GAAP. The Company believes that the exclusion of certain items from income before tax allows investors to more effectively evaluate the Company's operating performance and identify trends that might not be apparent due to the variability and infrequent nature of these items. In addition, the Company believes this measure provides meaningful information to investors in comparing results between periods and in comparing performance with respect to the Company's peers. 

 

Adjustments made for certain items are further described as follows: (i) one-time charge to terminate the Company's pension plan; (ii) one-time charge relating to a litigation settlement that arose from projects executed between 2007 and 2011; (iii) one-time adjustment from the release of the Company's liability for a past project. As a result of these adjustments, some items that affect income before tax, may not be comparable to similar measures of other companies.

 

The following table provides a reconciliation of the GAAP and non-GAAP financial measure:

 

   

For the twelve months ended

  
   

January 31, 2024

    

January 31, 2023

  

Income before income tax (GAAP as reported)

   $ 9,891     $ 9,558  

Pension plan termination

     479       1,133  

Litigation settlement

     709       74  

Project release adjustment

     -       (930 )

Adjusted income before tax

   $ 11,079     $ 9,835  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Document And Entity Information
Apr. 27, 2024
Document Information [Line Items]  
Entity, Registrant Name PERMA-PIPE INTERNATIONAL HOLDINGS, INC.
Document, Type 8-K
Document, Period End Date Apr. 26, 2024
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-32530
Entity, Tax Identification Number 36-3922969
Entity, Address, Address Line One 24900 Pitkin Road, Suite 309
Entity, Address, City or Town Spring
Entity, Address, State or Province TX
Entity, Address, Postal Zip Code 77386
City Area Code 847
Local Phone Number 966-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol PPIH
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000914122
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