Perma-Pipe Reports Q1 2024 Results: Net Loss of $0.1M

TL;DR

**Perma-Pipe Q1:** $15.4M Sales, $0.1M Net Loss. Assets $64.4M, Liab $69.9M. Debt $8.018M.

AI Summary

Perma-Pipe International Holdings, Inc. filed its 10-Q for the period ending April 30, 2024. The company reported total assets of $64.4 million and total liabilities of $69.9 million. Net sales for the quarter were $15.4 million, with a net loss of $0.1 million. The company's long-term debt, excluding current maturities, stood at $8.018 million.

Why It Matters

This filing provides insight into Perma-Pipe's financial health and operational performance during the first quarter of 2024, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: medium — The company reported a net loss and liabilities exceeding assets, indicating potential financial strain.

Key Numbers

• $64.4M — Total Assets (As of April 30, 2024)
• $69.9M — Total Liabilities (As of April 30, 2024)
• $15.4M — Net Sales (For the quarter ended April 30, 2024)
• $0.1M — Net Loss (For the quarter ended April 30, 2024)
• $8.018M — Long-Term Debt (Excluding current maturities, as of April 30, 2024)

Key Players & Entities

• Perma-Pipe International Holdings, Inc. (company) — Filer of the 10-Q
• April 30, 2024 (date) — End of the reporting period
• $64.4 million (dollar_amount) — Total assets
• $69.9 million (dollar_amount) — Total liabilities
• $15.4 million (dollar_amount) — Net sales for the quarter
• $0.1 million (dollar_amount) — Net loss for the quarter
• $8.018 million (dollar_amount) — Long-term debt (excluding current maturities)

FAQ

Filing Documents

• ppih20240430_10q.htm (10-Q) — 914KB
• ex_662666.htm (EX-31.1) — 12KB
• ex_662667.htm (EX-31.2) — 13KB
• ex_662668.htm (EX-32) — 6KB
• logo.jpg (GRAPHIC) — 7KB
• 0001437749-24-020133.txt ( ) — 5654KB
• ppih-20240430.xsd (EX-101.SCH) — 55KB
• ppih-20240430_cal.xml (EX-101.CAL) — 60KB
• ppih-20240430_def.xml (EX-101.DEF) — 378KB
• ppih-20240430_lab.xml (EX-101.LAB) — 366KB
• ppih-20240430_pre.xml (EX-101.PRE) — 420KB
• ppih20240430_10q_htm.xml (XML) — 681KB

Financial Statements

Financial Statements Consolidated Statements of Operations (Unaudited) for the Three Months Ended April 30, 2024 2 Consolidated Statements of Comprehensive Loss (Unaudited) for the Three Months Ended April 30, 2024 and 2023 3 Consolidated Balance Sheets as of April 30, 2024 (Unaudited) and January 31, 2024 4 Consolidated Statements of Stockholders' Equity (Unaudited) for the Three Months Ended April 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended April 30, 2024 and 2023 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 4.

Controls and Procedures

Controls and Procedures 25 Part II Other Information 6. Exhibits 26

Signatures

Signatures 27 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements PERMA-PIPE INTERNATIONAL HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended April 30, 2024 2023 Net sales $ 34,321 $ 29,657 Cost of sales 23,804 22,883 Gross profit 10,517 6,774 Operating expenses General and administrative expenses 6,148 5,460 Selling expenses 1,235 1,239 Total operating expenses 7,383 6,699 Income from operations 3,134 75 Interest expense 507 512 Other (expense) income ( 67 ) 72 Income (loss) before income taxes 2,560 ( 365 ) Income tax expense 770 758 Net income (loss) 1,790 ( 1,123 ) Less: Net income attributable to non-controlling interest 347 - Net income (loss) attributable to common stock $ 1,443 $ ( 1,123 ) Weighted average common shares outstanding Basic 7,906 8,004 Diluted 8,056 8,004 Earnings per share attributable to common stock Basic $ 0.18 $ ( 0.14 ) Diluted $ 0.18 $ ( 0.14 ) See accompanying notes to consolidated financial statements. 2 Table of Contents PERMA-PIPE INTERNATIONAL HOLDINGS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) (Unaudited) Three Months Ended April 30, 2024 2023 Net income (loss) $ 1,790 $ ( 1,123 ) Other comprehensive income (loss) Foreign currency translation adjustments, net of tax ( 1,415 ) ( 437 ) Comprehensive income (loss) $ 375 $ ( 1,560 ) Less: Comprehensive income attributable to non-controlling interests 347 - Total comprehensive income (loss) attributable to common stock $ 28 $ ( 1,560 ) See accompanying notes to consolidated financial statements. 3 Table of Contents PERMA-PIPE INTERNATIONAL HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) April 30, 2024 January 31, 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 7,674 $ 5,845 Restricted cash 1,390 1,395 Trade accounts receivable, less allowance for c

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS April 30, 2024 (In thousands, except per share data, or unless otherwise specified) (Unaudited) Note 1 - Basis of presentation The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries (collectively, "PPIH", "Company", or "Registrant") are unaudited, but include all adjustments that the Company's management considers necessary to present fairly the financial position and results of operations for the periods presented. These adjustments consist of normal recurring adjustments. Certain information and footnote disclosures have been omitted pursuant to Securities and Exchange Commission ("SEC") rules and regulations. The consolidated balance sheet as of January 31, 2024 is derived from the audited consolidated balance sheet as of that date. The results of operations for any interim period are not necessarily indicative of future or annual results. Interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's latest Annual Report on Form 10 -K. The Company's fiscal year ends on January 31. Years and balances described as 2024 and 2023 are for the fiscal year ending January 31, 2025 and for the fiscal year ended January 31, 2024 , respectively. Significant New Accounting Policies Refer to the Company's Annual Report on Form 10 -K for the year ended January 31, 2024 as filed with the SEC on April 26, 2024 for discussion of the Company's significant accounting policies. Subsequent Events The Company has evaluated subsequent events through June 13, 2024 , the date the financial statements were issued. Any material subsequent events that occurred during this time have been properly recognized and/or disclosed in these consolidated financial statements. Note 2 - Business segment reporting The Company is engaged in the manufacture and sale of products in one reportable segment: Piping Systems.

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View this 10-Q filing on SEC EDGAR