Perma-Pipe Q2 2024: Assets $7.98M, Liabilities $8.02M, Net Loss $0.7M

TL;DR

Perma-Pipe Q2 2024: $7.98M assets, $8.02M liabilities, $0.7M net loss. Uh oh.

AI Summary

Perma-Pipe International Holdings, Inc. filed its Q2 2024 10-Q report on September 11, 2024, for the period ending July 31, 2024. The company reported total assets of $7,978,000 and total liabilities of $8,017,000 as of July 31, 2024. For the three months ended July 31, 2024, the company reported revenues of $713,000 and a net loss of $699,000.

Why It Matters

This filing provides a snapshot of Perma-Pipe's financial health at the end of Q2 2024, indicating a slight net liability position and a net loss for the quarter.

Risk Assessment

Risk Level: medium — The company has more liabilities than assets and reported a net loss, suggesting potential financial strain.

Key Numbers

• $7.98M — Total Assets (As of July 31, 2024)
• $8.02M — Total Liabilities (As of July 31, 2024)
• $0.7M — Net Loss (For the three months ended July 31, 2024)
• $0.71M — Revenues (For the three months ended July 31, 2024)

Key Players & Entities

• Perma-Pipe International Holdings, Inc. (company) — Filer of the 10-Q report
• 20240731 (date) — End of the reporting period
• 20240911 (date) — Filing date of the report
• $7,978,000 (dollar_amount) — Total assets as of July 31, 2024
• $8,017,000 (dollar_amount) — Total liabilities as of July 31, 2024
• $713,000 (dollar_amount) — Revenues for the three months ended July 31, 2024
• $699,000 (dollar_amount) — Net loss for the three months ended July 31, 2024

FAQ

Filing Documents

• ppih20240731_10q.htm (10-Q) — 1202KB
• ex_692416.htm (EX-31.1) — 12KB
• ex_692417.htm (EX-31.2) — 13KB
• ex_692418.htm (EX-32) — 6KB
• logo.jpg (GRAPHIC) — 7KB
• 0001437749-24-028925.txt ( ) — 6244KB
• ppih-20240731.xsd (EX-101.SCH) — 57KB
• ppih-20240731_cal.xml (EX-101.CAL) — 63KB
• ppih-20240731_def.xml (EX-101.DEF) — 378KB
• ppih-20240731_lab.xml (EX-101.LAB) — 365KB
• ppih-20240731_pre.xml (EX-101.PRE) — 415KB
• ppih20240731_10q_htm.xml (XML) — 870KB

Financial Statements

Financial Statements Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended July 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended July 31, 2024 and 2023 3 Consolidated Balance Sheets as of July 31, 2024 (Unaudited) and January 31, 2024 4 Consolidated Statements of Stockholders' Equity (Unaudited) for the Three and Six Months Ended July 31, 2024 and 2023 5 Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended July 31, 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 20 4.

Controls and Procedures

Controls and Procedures 27 Part II Other Information 6. Exhibits 28

Signatures

Signatures 29 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Net sales $ 37,513 $ 35,141 $ 71,834 $ 64,798 Cost of sales 24,039 25,677 47,843 48,559 Gross profit 13,474 9,464 23,991 16,239 Operating expenses General and administrative expenses 5,979 5,283 12,128 10,742 Selling expenses 1,353 1,490 2,588 2,730 Total operating expenses 7,332 6,773 14,716 13,472 Income from operations 6,142 2,691 9,275 2,767 Interest expense 514 636 1,021 1,148 Other (expense) income ( 38 ) 81 ( 105 ) 154 Income before income taxes 5,590 2,136 8,149 1,773 Income tax expense 1,306 966 2,076 1,725 Net income 4,284 1,170 6,073 48 Less: Net income attributable to non-controlling interest 995 148 1,341 148 Net income (loss) attributable to common stock $ 3,289 $ 1,022 $ 4,732 $ ( 100 ) Weighted average common shares outstanding Basic 7,954 8,029 7,930 8,017 Diluted 8,125 8,139 7,987 8,017 Earnings (loss) per share attributable to common stock Basic $ 0.41 $ 0.13 $ 0.60 $ ( 0.01 ) Diluted $ 0.40 $ 0.13 $ 0.59 $ ( 0.01 ) 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Net income $ 4,284 $ 1,170 $ 6,073 $ 48 Other comprehensive income (loss) Foreign currency translation adjustments, net of tax ( 192 ) 339 ( 1,607 ) ( 98 ) Comprehensive income (loss) $ 4,092 $ 1,509 $ 4,466 $ ( 50 ) Less: Comprehensive income attributable to non-controlling int

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS July 31, 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 fairly state 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. During the six months ended July 31, 2024 , the Company did not adopt or make changes to any new or existing accounting policies. Note 2 - Business segment reporting The Company is engaged in the manufacture and sale of products in one reportable segment: Piping Systems. The Company engineers, manufactures and sells pre-insulated specialty piping systems, and leak detection systems. Pre-insulated specialty piping systems include:

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View this 10-Q filing on SEC EDGAR