ppih20181031

0001437749-18-021863.txt : 20181211 0001437749-18-021863.hdr.sgml : 20181211 20181211081606 ACCESSION NUMBER: 0001437749-18-021863 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20181031 FILED AS OF DATE: 20181211 DATE AS OF CHANGE: 20181211 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] IRS NUMBER: 363922969 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32530 FILM NUMBER: 181227831 BUSINESS ADDRESS: STREET 1: 6410 WEST HOWARD STREET CITY: NILES STATE: IL ZIP: 60714 BUSINESS PHONE: 8479661000 MAIL ADDRESS: STREET 1: 6410 WEST HOWARD STREET CITY: NILES STATE: IL ZIP: 60714 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 10-Q 1 ppih20181031_10q.htm FORM 10-Q ppih20181031_10q.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2018

Commission File No. 0-18370

Perma-Pipe International Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware	36-3922969
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6410 W. Howard Street, Niles, Illinois	60714
(Address of principal executive offices)	(Zip Code)

(847) 966-1000

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☒ 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On December 6, 2018, there were 7,885,374 shares of the registrant's common stock outstanding.

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Perma-Pipe International Holdings, Inc.

FORM 10-Q

For the fiscal quarter ended October 31, 2018

TABLE OF CONTENTS

Item		Page

Part I	Financial Information

1.	Financial Statements
	Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended October 31, 2018 and 2017	2
	Consolidated Statements of Comprehensive Loss (Unaudited) for the Three and Nine Months Ended October 31, 2018 and 2017	3
	Consolidated Balance Sheets as of October 31, 2018 (Unaudited) and January 31, 2018	4
	Consolidated Statements of Stockholders' Equity as of October 31, 2018 (Unaudited), July 31, 2018 (Unaudited), April 30, 2018 (Unaudited), and January 31, 2018	5
	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended October 31, 2018 and 2017	6
	Notes to Consolidated Financial Statements (Unaudited)	7

2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	18

4.	Controls and Procedures	23

Part II	Other Information

6.	Exhibits	24

Signatures		25

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PART I FINANCIAL INFORMATION

Item 1.

Financial Statements

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three Months Ended October 31,						Nine Months Ended October 31,
		2018			2017			2018			2017
Net sales	$	32,806		$	27,498		$	94,020		$	77,851
Cost of sales		25,923			24,178			77,019			69,688
Gross profit		6,883			3,320			17,001			8,163

Operating expenses
General and administrative expenses		4,247			4,314			12,153			12,456
Selling expenses		1,554			1,297			4,017			3,920
Total operating expenses		5,801			5,611			16,170			16,376

Income/(loss) from operations		1,082			(2,291	)		831			(8,213	)

Interest expense, net		280			193			830			507
Income/(loss) from operations before income taxes		802			(2,484	)		1			(8,720	)

Income tax expense/(benefit)		934			808			1,525			(241	)

Net loss	$	(132	)	$	(3,292	)	$	(1,524	)	$	(8,479	)

Weighted average common shares outstanding
Basic and diluted		7,877			7,714			7,806			7,668

Loss per share
Basic and diluted		(0.02	)		(0.43	)		(0.20	)		(1.11	)

See accompanying notes to consolidated financial statements.

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

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

(In thousands)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2018			2017			2018			2017
Net loss	$	(132	)	$	(3,292	)	$	(1,524	)	$	(8,479	)

Other comprehensive (loss) income
Foreign currency translation adjustments, net of tax		(551	)		(250	)		(1,538	)		822
Unrealized gain on marketable security, net of tax		-			-			-			(92	)
Other comprehensive (loss) income		(551	)		(250	)		(1,538	)		730

Comprehensive loss	$	(683	)	$	(3,542	)	$	(3,062	)	$	(7,749	)

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands except per share data)	October 31, 2018			January 31, 2018
ASSETS	Unaudited
Current assets
Cash and cash equivalents	$	9,582		$	7,084
Restricted cash		2,536			1,237
Trade accounts receivable, less allowance for doubtful accounts of $480 at October 31, 2018 and $469 at January 31, 2018		32,280			32,936
Inventories, net		14,330			16,856
Prepaid expenses and other current assets		3,345			2,703
Contract assets		2,357			1,502
Total current assets		64,430			62,318
Property, plant and equipment, net of accumulated depreciation		31,020			34,509
Other assets
Deferred tax assets - long-term		45			391
Goodwill		2,269			2,423
Other assets		5,966			4,943
Total other assets		8,280			7,757
Total assets	$	103,730		$	104,584
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	9,788		$	14,186
Accrued compensation and payroll taxes		1,893			1,580
Commissions and incentives payable		1,789			787
Revolving line of credit		13,662			7,273
Current maturities of long-term debt		1,046			753
Customers' deposits		4,028			5,236
Outside commissions payable		2,194			1,800
Contract liability		1,599			1,967
Other accrued liabilities		3,491			4,259
Income taxes payable		1,348			1,339
Total current liabilities		40,838			39,180
Long-term liabilities
Long-term debt, less current maturities		6,892			7,728
Deferred compensation liabilities		3,504			4,098
Deferred tax liabilities - long-term		1,149			1,242
Other long-term liabilities		534			524
Total long-term liabilities		12,079			13,592
Stockholders' equity
Common stock, $.01 par value, authorized 50,000 shares; 7,877 issued and outstanding at October 31, 2018 and 7,717 issued and outstanding at January 31, 2018		79			77
Additional paid-in capital		58,365			56,304
Accumulated deficit		(4,627	)		(3,103	)
Accumulated other comprehensive loss		(3,004	)		(1,466	)
Total stockholders' equity		50,813			51,812
Total liabilities and stockholders' equity	$	103,730		$	104,584

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(unaudited)

(In thousands, except share data)

	Common Stock		Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Total Stockholders' Equity
Total stockholders' equity at January 31, 2018	$	77	$	56,304		$	(3,103	)	$	(1,466	)	$	51,812

Net loss							(1,117	)					(1,117	)
Common stock issued under stock plans, net of shares used for tax withholding				25									25
Stock-based compensation expense				249									249
Foreign currency translation adjustment										(665	)		(665	)
Total stockholders' equity at April 30, 2018	$	77	$	56,578		$	(4,220	)	$	(2,131	)	$	50,304

Net loss							(275	)					(275	)
Common stock issued under stock plans, net of shares used for tax withholding		2		1,040									1,042
Stock-based compensation expense				462									462
Foreign currency translation adjustment										(322	)		(322	)
Total stockholders' equity at July 31, 2018	$	79	$	58,080		$	(4,495	)	$	(2,453	)	$	51,211

Net loss							(132	)					(132	)
Common stock issued under stock plans, net of shares used for tax withholding				(3	)								(3	)
Stock-based compensation expense				288									288
Foreign currency translation adjustment										(551	)		(551	)
Total stockholders' equity at October 31, 2018	$	79	$	58,365		$	(4,627	)	$	(3,004	)	$	50,813

Shares	2018		2017
Balances at beginning of year		7,716,542		7,595,509
Treasury stock released		—		26,753
Shares issued		161,332		94,280
Balances at period end		7,877,874		7,716,542

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)	Nine Months Ended October 31,
	2018			2017
Operating activities
Net loss	$	(1,524	)	$	(8,479	)
Adjustments to reconcile net loss to net cash flows used in operating activities
Depreciation and amortization		3,482			3,772
Deferred tax expense (benefit)		346			(544	)
Equity-based compensation expense		999			795
Loss on disposal of fixed assets		46			8
Provision on doubtful accounts		14			(324	)
Gain from sale of marketable securities		-			(142	)
Changes in operating assets and liabilities
Accounts receivable		(165	)		2,989
Inventories		2,269			(375	)
Change in contract assets and contract liabilities		(1,221	)		513
Accounts payable		(5,460	)		(1,627	)
Accrued compensation and payroll taxes		1,468			(1,633	)
Customers' deposits		(1,194	)		1,566
Income taxes receivable and payable		54			(621	)
Prepaid expenses and other current assets		(801	)		(196	)
Other assets and liabilities		1,061			105
Net cash used in operating activities		(626	)		(4,193	)
Investing activities
Capital expenditures		(885	)		(2,082	)
Proceeds from sales of marketable securities		-			142
Proceeds from sales of property and equipment		-			1
Net cash used in investing activities		(885	)		(1,939	)
Financing activities
Proceeds from revolving lines		42,201			31,652
Payments of debt on revolving lines of credit		(35,152	)		(26,055	)
Debt issuance costs		(930	)		-
Payments of other debt		(266	)		(161	)
Decrease in drafts payable		(20	)		(4	)
(Payments)/borrowings on capitalized lease obligations		(205	)		632
Release of treasury stock		-			170
Stock options exercised and taxes paid related to restricted shares vested		249			(216	)
Net cash provided by financing activities		5,877			6,018
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(569	)		684
Net increase in cash, cash equivalents and restricted cash		3,797			570
Cash, cash equivalents and restricted cash - beginning of period		8,321			8,701
Cash, cash equivalents and restricted cash - end of period	$	12,118		$	9,271
Supplemental cash flow information
Interest paid	$	917		$	584
Income taxes paid		1,118			786
Fixed assets acquired under capital leases		-			841
Funds held in escrow related to the sale of Filtration assets		-			250

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

October 31, 2018

(Tabular amounts presented in thousands, except per share amounts)

Note 1 - Basis of presentation

The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries ("PPIH", "Company", or "Registrant", or "we", or "us") 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. 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, 2018 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 2018 and 2017 are for the three and nine months ended October 31, 2018 and 2017, respectively.

Note 2 - Business segment reporting

PPIH is engaged in the manufacture and sale of products in one segment: Piping Systems. Piping Systems engineers, designs, manufactures and sells specialty piping, leak detection and location systems. Specialty piping systems include (i) industrial and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (ii) insulated and jacketed piping systems for district heating and cooling, municipal freeze protection, oil & gas, mining and industrial applications, and (iii) the coating and/or insulation of oil and gas gathering flow and long lines for oil and mineral transportation. The Company's leak detection and location systems are sold with its piping systems and on a stand-alone basis, to monitor areas where fluid intrusion may contaminate the environment, endanger personal safety, cause a fire hazard, impair essential services or damage equipment or property.

Note 3 - Accounts receivable

The majority of the Company's accounts receivable are due from geographically dispersed contractors and manufacturing companies. Credit is extended based on an evaluation of a customer's financial condition, including the availability of credit insurance. In the U.S., collateral is not generally required. In the U.A.E. and Saudi Arabia, letters of credit are usually obtained for significant orders. Accounts receivable are due within various time periods specified in the terms applicable to the specific customer and are stated at amounts due from customers net of an allowance for claims and doubtful accounts. The allowance for doubtful accounts is based on specifically identified amounts in customers' accounts, where future collectability is deemed uncertain. Management may exercise its judgment in adjusting the provision as a consequence of known items, such as current economic factors and credit trends. Past due trade accounts receivable balances are written off when the Company's collection efforts have been unsuccessful in collecting the amount due and the amount is deemed uncollectable. The write-off is recorded against the allowance for doubtful accounts.

One of the Company’s accounts receivable in the total amount of $5.4 million as of January 31, 2018 (inclusive of a retention receivable amount of $3.7 million, of which $3.2 million was included in the balance of other long-term assets as of October 31, 2018 and January 31, 2018, due to the long-term nature of the receivables) has been outstanding for several years as of October 31, 2018. The Company completed all of its deliverables in 2015, and has been engaged in ongoing active efforts to collect this amount. Since January 31, 2018, the Company has received payments of approximately $0.5 million, which reduced the balance of this receivable. As a result, the Company did not reserve any allowance against this receivable as of October 31, 2018. The Company continues to engage with the customer to ensure full payment of open balances. However, if the Company’s efforts to collect on this account are not successful in fiscal 2018, then the Company may recognize an allowance for all, or substantially all, of any such then uncollected amounts. As of October 31, 2018, this receivable balance, inclusive of a retention receivable amount, was $4.9 million. During November 2018, the Company received approximately $0.1 million, thus reducing this receivable balance to $4.8 million.

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For the three and nine month months ended October 31, 2018 and 2017, no individual customer accounted for 10% or more of the Company's consolidated net sales.

At October 31, 2018, one customer accounted for 18% of the Company's accounts receivable. At January 31, 2018, three customers collectively accounted for 35% of the Company's accounts receivable.

Note 4 - Revenue recognition

On February 1, 2018, the Company adopted Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers," ("Topic 606"), using the modified retrospective method applied to contracts that were not completed as of that date. Under this methodology the effect, if any, of initially applying the new revenue standard was to be recorded as an adjustment to the opening balance of retained earnings, while periods prior to the adoption date were not to be adjusted and continue to be reported in accordance with the accounting policies in effect for those periods.

The Company conducted a complete and thorough analysis of each single element of the five-step model of Topic 606 and concluded that there was no material impact to the Company as a result of the adoption of the new standard. As such, the Company was not required to make a cumulative adjustment to the opening balances of retained earnings, contract assets or contract liabilities upon its initial application of the new revenue standard.

Revenue from contracts with customers:

The Company defines a contract as an agreement that has approval and commitment from both parties, defined rights and identifiable payment terms, which ensures the contract has commercial substance and that collectability is reasonably assured.

The Company’s standard revenue transactions are classified in to two main categories:

Systems - which include all bundled products in which Perma-Pipe designs, engineers, and manufactures pre-insulated piping systems, insulates subsea flowline pipe or subsea oil production equipment. Additionally, this systems classification also includes coating applied to pipes and structures which are provided by the customer.

Products - which include cables, leak detection products, heat trace products sold under the PermAlert brand name, material/goods not bundled with piping or flowline systems, and field services not bundled into a project contract.

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The Systems revenue class has generally accounted for more than 90% of the Company’s total revenue and is recognized over time. The remaining revenue (Product class) is recognized when goods are shipped or services are performed. A breakdown of the Company's revenues by revenue class for the three and nine months ended October 31, 2018 and 2017 are as follows:

	Three Months Ended October 31,										Nine Months Ended October 31,
	2018					2017					2018					2017
	Sales		% to Total			Sales		% to Total			Sales		% to Total			Sales		% to Total
Products	$	4,440		14	%	$	2,504		9	%	$	9,447		10	%	$	5,830		7	%

Specialty Piping Systems and Coating
Revenue recognized under input method		11,869		36	%		10,986		40	%		32,778		35	%		34,240		44	%
Revenue recognized under output method		16,497		50	%		14,008		51	%		51,795		55	%		37,781		49	%
Total	$	32,806		100	%	$	27,498		100	%	$	94,020		100	%	$	77,851		100	%

Most of the Company’s revenue is recognized over time as the manufacturing process progresses because one of the following conditions exist:

the customer owns the material that is being insulated or coated, so the customer controls the asset and thus the work-in-process; or

the customer controls the work-in-process due to the custom nature of the pre-insulated, fabricated system being manufactured as evidenced by the Company’s right to payment for work performed to date plus seller’s profit margin for products that have no alternative use for the Company.

The U.S. operating entities measure revenue by the costs incurred to date relative to the estimated costs to satisfy the contract using the percentage-of-completion method (an input method). Generally, these contracts are considered a single performance obligation satisfied over time and due to the custom nature of the goods and services, the percentage-of-completion method is the most faithful depiction of the Company’s performance as it measures the value of the goods and services transferred to the customer. Costs include all material, labor, and direct costs incurred to satisfy the performance obligations of the contract. Revenue recognition begins when projects costs are incurred.

All other operating entities measure revenue by the direct measurement of the outputs produced relative to the remaining goods promised under the contract (output method). Due to the types of end customers, generally these contracts require formal inspection protocols or specific export documentation for units produced or produced and shipped, therefore, the output method is the most faithful depiction of the Company’s performance. Depending on the conditions of the contract, revenue may be recognized based on units produced, inspected and held by the Company prior to shipment or on units produced, inspected and shipped.

Contract modifications that occur prior to the start of the manufacturing process will supersede the original contract and revenue is recognized using the modified contract value. Contract modifications that occur during the manufacturing process (changes in scope of work, job performance, material costs, and/or final contract settlements) are recognized in the period in which the revisions are known. Provisions for losses on uncompleted contracts are made in contract liabilities account in the period such losses are identified.

Contract assets and liabilities:

Contract assets represent revenue recognized in excess of amounts billed (unbilled receivables) for contract work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Contract liabilities represent billings in excess of costs (unearned revenue) for contract work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Both customer billings and the satisfaction (or partial satisfaction) of the performance obligation(s) occur throughout the manufacturing process and impacts the period end balances in these accounts.

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The Company anticipates that substantially all costs incurred for uncompleted contracts as of October 31, 2018 will be billed and collected within one year.

The following tables set forth the changes in the Company's contract assets and liabilities for the periods indicated. The Company expects to recognize the remaining balances as of October 31, 2018 within one year.

	Contract Assets
Balance January 31, 2018	$	1,502
Costs and gross profit recognized during the period for uncompleted contracts from the prior period		(1,085	)
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period		1,417
Closing Balance at April 30, 2018	$	1,834
Costs and gross profit recognized during the period for uncompleted contracts from the prior period		(1,395	)
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period		1,575
Closing Balance at July 31, 2018	$	2,014
Costs and gross profit recognized during the period for uncompleted contracts from the prior period		(1,917	)
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period		2,260
Closing Balance at October 31, 2018	$	2,357

	Contract Liabilities
Balance January 31, 2018	$	1,967
Revenue recognized during the period for uncompleted contracts from the prior period		(1,810	)
New contracts entered into that are uncompleted at the end of the current period		413
Closing Balance at April 30, 2018	$	570
Revenue recognized during the period for uncompleted contracts from the prior period		(422	)
New contracts entered into that are uncompleted at the end of the current period		398
Closing Balance at July 31, 2018	$	546
Revenue recognized during the period for uncompleted contracts from the prior period		(497	)
New contracts entered into that are uncompleted at the end of the current period		1,550
Closing Balance at October 31, 2018	$	1,599

Practical expedients:

Costs to obtain a contract are not considered project costs as they are not usually incremental, nor does job duration span more than one year. The Company applies practical expedient for these types of costs and as such are expensed in the period incurred.

As the Company's contracts are less than one year, the Company has applied the practical expedient regarding disclosure of the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period.

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Note 5 - Income taxes

The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of deferred tax assets. Income earned in the United Arab Emirates is not subject to local country income tax. Additionally, the relative proportion of taxable income earned domestically versus internationally can fluctuate significantly from period to period. Changes in the estimated level of annual pre-tax income, tax laws and the results of tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income. Judgments and estimates related to the Company's projections and assumptions are inherently uncertain; therefore, actual results could differ materially from projections.

The Company's effective tax rate ("ETR") from operations for the current third quarter and year-to-date was 116% and 122,166%, compared to 32.5% and 2.8% during the respective prior year periods. The change in the ETR from the prior year-to-date to the current year-to-date was in large part due to changes in the Company's net income by jurisdiction. Additional factors include the tax impact of a Canadian business combination which occurred in the prior year, the valuation allowance against the domestic deferred tax asset, and the fact that the Company's operating performance is close to break-even for the current year-to-date. Since the Company is near break-even, relatively small changes to ordinary income will have a large impact to the effective tax rate, which has occurred for PPIH this quarter resulting in the high ETR reflected above. The year-to-date tax expense is $1.5 million and the ordinary income before tax is less than $0.1 million which has produced an ETR of 122,166%. While consolidated ordinary income before tax is near break-even, the Company accrues taxes in various countries where they are generating income while applying a valuation allowance in the U.S. which attributes to the unusually large ETR.

The amount of unrecognized tax benefits, including interest and penalties, at October 31, 2018, recorded in other long-term liabilities was $0.1 million, all of which would impact the Company’s ETR if recognized.

The U.S. Tax Cuts and Jobs Act ("Tax Act") was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law. The Tax Act reduced the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018 and created new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion anti-abuse tax, respectively. In addition, in 2017 the Company was subject to the one-time transition tax on accumulated foreign subsidiary earnings not previously subject to U.S. income tax.

Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company has made reasonable estimates of the effects and recorded provisional amounts in its financial statements as of January 31, 2018 and October 31, 2018. As the Company collects and prepares necessary data, and interprets the Tax Act and any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, the Company may make future adjustments to its provisional amounts. Furthermore, the Company considered the impact of the global intangible low-taxed income ("GILTI") provision during the third quarter and determined that there was an inclusion of $0.1 million based on year-to-date figures. The Company has elected to account for the impact of GILTI as a current period expense when incurred, however due to the net operating losses ("NOLs") available to the Company, along with the valuation allowance in the U.S. this had no impact on the current quarter tax expense, and no additional expense was recorded for this. The accounting for the tax effects of the Tax Act will be completed within the measurement period.

Provisional amounts for the foregoing income tax effects of the Tax Act have been recorded as of October 31, 2018 and are subject to change during the measurement period.

Note 6 - Impairment of long-lived assets

The Company's assessment of long-lived assets, and other identifiable intangibles is based upon factors that market participants would use in accordance with the accounting guidance for the fair value measurement of assets. The Company will continue testing for potential impairment at least annually or as otherwise required by applicable accounting standards. There was no impairment of long-lived assets for the three and nine months ended October 31, 2018 and 2017.

Goodwill. The purchase price of an acquired company is allocated between intangible assets and the net tangible assets of the acquired business with the residual of the purchase price recorded as goodwill. All identifiable goodwill as of October 31, 2018 and January 31, 2018 was attributable to the purchase of Perma-Pipe Canada, Ltd.

		January 31, 2018				Foreign exchange change effect				October 31, 2018
Goodwill		$	2,423			$	(154	)		$	2,269

The Company performs an impairment assessment of goodwill annually as of January 31, or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. There was no impairment of goodwill for the three and nine months ended October 31, 2018 and 2017.

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Note 7 - Stock-based compensation

At October 31, 2018, the Company had one incentive stock plan under which new equity incentive awards may be granted:

•

2017 Omnibus Stock Incentive Plan dated June 13, 2017, as amended, which stockholders approved in June 2017 ("2017 Plan")

The Company has prior incentive plans under which previously granted awards remain outstanding, but under which no new awards may be granted. At October 31, 2018, the Company had reserved a total of 921,314 shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards, and shares for new grants or issuances pursuant to the 2017 Plan.

While the 2017 Plan provides for the grant of deferred shares, non-qualified stock options, incentive stock options, restricted shares, restricted stock units, and performance-based restricted stock units intended to qualify under section 422 of the Internal Revenue Code, to date the Company has issued only restricted shares and restricted stock units under the 2017 Plan and currently intends to continue this practice. The 2017 Plan authorizes awards to officers, employees, consultants, and directors.

The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. The following is the stock-based compensation expense:

	Three Months Ended October 31,				Nine Months Ended October 31,
	2018		2017		2018		2017
Stock-based compensation expense	$	5	$	21	$	28	$	80
Restricted stock-based compensation expense		283		294		971		938
Total stock-based compensation expense	$	288	$	315	$	999	$	1,018

Stock Options

The following tables summarize the Company's stock option activity:

Option activity	No. of Shares Underlying Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 31, 2018		358			9.44		4.0	$	482
Exercised		(37	)		6.88				86
Expired or forfeited		(54	)		17.08
Outstanding end of period		267			8.42		3.6		408

Exercisable end of period		257		$	8.49		3.5	$	384

Unvested option activity	No. of Shares Underlying Options			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding at January 31, 2018		31		$	8.24	$	50
Vested		(14	)
Expired or forfeited		(7	)
Outstanding end of period		10		$	7.00	$	23

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As of October 31, 2018, there was less than $0.1 million of total unrecognized compensation expense related to unvested stock options. The expense is expected to be recognized over a weighted average period of 1.4 years.

Restricted stock

The following table summarizes the Company's restricted stock activity for the year:

Restricted stock activity	Restricted Shares			Weighted Average Grant Price Per Share		Aggregate Intrinsic Value
Outstanding (unvested) at January 31, 2018		360		$	9.05	$	3,254
Granted		148			9.76
Vested and issued		(89	)
Forfeited		(69	)		7.27
Outstanding (unvested) end of period		350			9.14	$	3,199

As of October 31, 2018, there was $1.3 million of unrecognized compensation expense related to unvested restricted stock granted under the plans. The expense is expected to be recognized over a weighted average period of 2.4 years.

As a result of certain events that occurred during second quarter of fiscal 2018, including a settlement of stock-based award previously granted to a retiring member of the Company's Board of Directors, the Company changed its method of accounting for deferred stock compensation arrangements granted to the Company's directors from liability accounting treatment to equity accounting treatment and, as such, reclassified $0.7 million from a liability to additional paid in capital.

Note 8 - Earnings per share

	Three Months Ended October 31,				Nine Months Ended October 31,
	2018		2017		2018		2017
Basic weighted average common shares outstanding		7,877		7,714		7,806		7,668
Dilutive effect of equity compensation plans		—		—		—		—
Weighted average common shares outstanding assuming full dilution		7,877		7,714		7,806		7,668

Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares		176		143		176		143
Stock options with an exercise price below the average market price		91		226		91		226

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Note 9 - Debt

Debt totaled $21.6 million at October 31, 2018, a net increase of $5.8 million since January 31, 2018.

Revolving lines North America. On September 20, 2018, the Company and certain of its U.S. and Canadian subsidiaries (collectively, together with the Company, the “North American Loan Parties”) entered into a new Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender (“PNC”), providing for a new three-year $18 million Senior Secured Revolving Credit Facility, subject to a borrowing base including various reserves (the “Senior Credit Facility”). The Senior Credit Facility replaced the Company’s then existing $15 million Credit and Security Agreement, dated September 24, 2014, among various subsidiaries of the Company and Bank of Montreal, as successor by assignment to BMO Harris Bank N.A., as amended (the “Prior Credit Agreement”).

The Company initially used borrowings under the new Senior Credit Facility to pay off outstanding amounts under the Prior Credit Agreement (which totaled approximately USD $3,773,823 plus CAD 4,794,528) and cash collateralize a letter of credit (USD $154,500). The Company expects to use additional borrowings under the new Senior Credit Agreement to fund future capital expenditures and on-going working capital needs, and for other corporate purposes. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate or London Interbank Offered Rate ("LIBOR"), plus, in each case, an applicable margin. The applicable margin is based on average quarterly undrawn availability with respect to the Senior Credit Facility. Interest on alternate base rate borrowings are generally payable monthly in arrears and interest on LIBOR borrowings are generally be payable in arrears on the last day of each interest period. Additionally, the Company is required to pay a 0.375% per annum facility fee on the unused portion of the Senior Credit Facility. The facility fee is payable quarterly in arrears.

Subject to certain exceptions, borrowings under the Senior Credit Facility are secured by substantially all of the assets of the Company and certain of its North American subsidiaries. The North American Loan Parties’ obligations under the Senior Credit Facility are guaranteed by Perma-Pipe Canada, Inc. The Senior Credit Facility will mature on September 20, 2021. Subject to certain qualifications and exceptions, the Senior Credit Facility contains covenants that, among other things, restrict the North American Loan Parties’ ability to create liens, merge or consolidate, consummate acquisitions, make investments, dispose of assets, incur debt, and pay dividends and other distributions. In addition, the North American Loan Parties cannot allow capital expenditures to exceed $3 million annually (plus a limited carryover of unused amounts).

The Senior Credit Facility also contains financial covenants requiring (i) the North America Loan Parties to achieve consolidated net income (excluding the financial performance of the Company’s foreign subsidiaries not party to the Credit Agreement) before interest, taxes, depreciation, amortization and certain other adjustments (“EBITDA”) of at least $1,807,000 for the period from August 1, 2018 through October 31, 2018; (ii) the North America Loan Parties to achieve EBITDA of at least $2,462,000 for the period from August 1, 2018 through January 31, 2019; (iii) the North America Loan Parties to achieve a ratio of its EBITDA (with certain additional adjustments) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Senior Credit Facility (excluding from the calculation items related to the financial performance of the Company’s foreign subsidiaries not party to the Credit Agreement) to be not less than 1.10 to 1.00 for the nine-month period ending April 30, 2019 and for the quarter ending July 31, 2019 and each quarter end thereafter on a trailing four-quarter basis; and (iv) the Company and its subsidiaries (including the Company’s foreign subsidiaries not party to the Credit Agreement) to achieve a ratio of its EBITDA (with certain additional adjustments) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Senior Credit Facility of not less than 1.10 to 1.00 for the nine-month period ending October 31, 2018 and for the quarter ending January 31, 2019 and each quarter end thereafter on a trailing four-quarter basis. The Company was in compliance with this requirement as of October 31, 2018.

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The Senior Credit Facility contains customary events of default. If an event of default occurs and is continuing, then PNC may terminate all commitments to extend further credit and declare all amounts outstanding under the Senior Credit Facility due and payable immediately. In addition, if any of the North American Loan Parties or certain of their subsidiaries become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Senior Credit Facility will automatically become immediately due and payable. Borrowings under the Senior Credit Facility will bear interest at a rate of 2.00% per annum in excess of the otherwise applicable rate while a bankruptcy event of default exists or, upon the lenders’ request, during the continuance of any other event of default.

As of October 31, 2018, the Company had borrowed an aggregate of $13.7 million at 7.75% and 5.78%, with a weighted average rate of 6.45%, and had $2.9 million available to them under the Senior Credit Facility.

Revolving lines foreign. The Company also has credit arrangements used by its Middle Eastern subsidiaries. These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets (such as accounts receivable and inventory), and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained, including maintaining certain levels of intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On October 31, 2018, the Company was in compliance with the covenants under the credit arrangements. On October 31, 2018, interest rates were based on the Emirates Inter Bank Offered Rate (EIBOR) plus 3.5% per annum, with a minimum interest rate of 4.5% per annum. On October 31, 2018, the Company's interest rates ranged from 6.11% to 6.14%, with a weighted average rate of 6.14%, and the Company could borrow $9.1 million under these credit arrangements. On October 31, 2018, $6.6 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. On October 31, 2018, the Company had borrowed $0.5 million, and had an additional $2.1 million available. The foreign revolving lines balances as of October 31, 2018 and January 31, 2018, were included as current maturities of long-term debt in the Company's consolidated balance sheets.

Mortgages. On July 28, 2016, the Company borrowed 8.0 million CAD (approximately $6.1 million at the prevailing exchange rate on the transaction date) from a bank in Canada under a mortgage note secured by the Company's manufacturing facility located in Alberta, Canada, that matures on December 23, 2042. The interest rate is variable, currently at 6.1%, with monthly payments of 37 thousand CAD (approximately $28 thousand) for interest; and monthly payments of 27 thousand CAD (approximately $20 thousand) for principal. Principal payments began January 2018.

On June 19, 2012, the Company borrowed $1.8 million under a mortgage note secured by its manufacturing facility in Lebanon, Tennessee. The proceeds were used for payment of amounts borrowed. The loan bears interest at 4.5% with monthly payments of $13 thousand for both principal and interest and matures July 1, 2027. On June 19, 2022, and on the same day of each year thereafter, the interest rate shall adjust to the prime rate, provided that the applicable interest rate shall not adjust more than 2.0% per annum and shall be subject to a ceiling of 18.0% and a floor of 4.5%.

Capital Leases. In 2017, the Company obtained three capital leases for 1.1 million CAD (approximately $0.8 million at the prevailing exchange rates on the transaction dates) to finance vehicle equipment. The interest rates for these capital leases were from 4.0% to 7.8% per annum with monthly principal and interest payments of less than $0.1 million. These leases mature from April 30, 2021 to September 29, 2022.

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Note 10 - Restricted cash

Restricted cash held by foreign subsidiaries was $1.0 million as of October 31, 2018 and $1.2 million as of January 31, 2018. Restricted cash held by foreign subsidiaries is related to fixed deposits that also serve as security deposits and guarantees. Restricted cash held in the U.S. on October 31, 2018 was $1.5 million, and is a cash collateral held by PNC Bank in relation to the new credit agreement.

	Nine Months Ended October 31,
	2018		2017
Cash and cash equivalents	$	9,582	$	8,373
Restricted cash		2,536		898
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$	12,118	$	9,271

Note 11 - Fair value

The carrying values of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair value due to their short-term nature. The carrying amount of the Company's short-term debt, revolving line of credit and long-term debt approximate fair value, because the majority of the amounts outstanding accrue interest at variable market rates.

Note 12 - Recent accounting pronouncements

In June 2018, the FASB issued an update to Topic 718, which is intended to reduce costs and complexity, and improve financial reporting for share-based payments issued to non-employees. ASU No. 2018-07 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company has evaluated the effect that this ASU will have on its consolidated financial statements and related disclosures, and has determined that this ASU does not have a material impact on the Company's results of operations or financial position.

In March 2017, the FASB issued authoritative guidance which changes the income statement presentation of the components of net periodic benefit cost related to defined benefit pension and other post-retirement plans. The primary change under the new guidance is that only the service cost component of net periodic benefit cost should be included in operating income and is eligible for capitalization as an asset. The other components of net periodic benefit cost, such as interest cost, the expected return on assets, and amortization of actuarial gains and losses and prior service cost, should be presented below operating income. The guidance was effective for the Company starting February 1, 2018 and has been applied retrospectively to the presentation of net periodic benefit cost and prospectively to the capitalization of service cost. The adoption of this guidance did not have a material impact on the Company's results of operations or financial position.

In October 2016, the FASB issued authoritative guidance requiring the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than when transferred to a third party as required under the current guidance. The new guidance was effective for the Company beginning February 1, 2018. The adoption of this guidance did not have a material impact on the Company's results of operations or financial position.

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In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires entities to recognize assets and liabilities for most leases on their balance sheets. It also requires additional qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers ("Topic 606")", with several clarifying updates issued during 2016. This ASU was effective for the Company beginning February 1, 2018. The adoption of this ASU did not have a material impact on the Company's results of operations or financial position. Refer to Note 4 - Revenue recognition - for more detail.

The Company evaluated other recent accounting pronouncements and does not expect them to have a material impact on its consolidated financial statements or related disclosures.

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Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")

The statements contained under the caption MD&A and other information contained elsewhere in this quarterly report, which can be identified by the use of forward-looking terminology such as "may," "will," "expect," "continue," "remains," "intend," "aim," "should," "prospects," "could," "future," "potential," "believes," "plans," "likely" and "probable" or the negative thereof or other variations thereon or comparable 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. 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 could cause actual results to differ materially from those projected as a result of many factors, including, but not limited to, those under the heading Item 1A. Risk Factors included in the Company's latest Annual Report on Form 10-K.

RESULTS OF OPERATIONS

The Company is engaged in the manufacture and sale of products in one reportable segment. Since the Company focuses on large discrete projects, operating results could be negatively impacted in the future as a result of large variations in the level of project activity in reporting periods.

This discussion should be read in conjunction with the Company's consolidated financial statements, including the notes thereto, contained elsewhere in this report. Percentages set forth below in the MD&A have been rounded to the nearest percentage point, and may not exactly correspond to the comparative data presented.

	Three Months Ended October 31,							Nine Months Ended October 31,
($ in thousands)	2018		2017		% Favorable (Unfavorable)			2018		2017		% Favorable (Unfavorable)
Net sales	$	32,806	$	27,498		19	%	$	94,020	$	77,851		21	%

Gross profit		6,883		3,320		107	%		17,001		8,163		108	%
Percentage of net sales		21%		12%					18%		10%

General and administrative expenses		4,247		4,314		2	%		12,153		12,456		2	%
Percentage of net sales		13%		16%					13%		16%

Selling expense		1,554		1,297		(20)	%		4,017		3,920		(2)	%
Percentage of net sales		5%		5%					4%		5%

Interest expense, net		280		193		(45)	%		830		507		(64)	%

Income/(Loss) from operations before income taxes	$	802	$	(2,484)		N/A		$	1	$	(8,720)		N/A

Three months ended October 31, 2018 ("current quarter") vs. Three months ended October 31, 2017 ("prior year quarter")

Net sales:

Net sales increased 19% to $32.8 million in the current quarter, from $27.5 million in the prior year quarter. Higher revenues resulted from increased sales in North America.

Cost of sales and gross profit:

Gross profit increased to 21%, or $6.9 million of net sales, in the current quarter from 12%, or $3.3 million of net sales, in the prior year quarter. This 107% increase in gross profit was due to higher volumes combined with improved margins, which were a result of strategic initiative improvements.

General and administrative expenses:

General and administrative expenses were slightly lower at $4.2 million in the current quarter, compared to $4.3 million in the prior year quarter. Included in the current quarter expenses is a one-time charge of $0.4 million for the separation agreement between the Company and the prior CFO, who retired on October 31, 2018.

Selling expenses:

Selling expenses were $1.6 million in the current quarter, compared to $1.3 million in the prior year quarter. This increase is due to commission expense related to increased sales.

Interest expense:

Net interest expense increased to $0.3 million in the current quarter from $0.2 million in the prior-year quarter due to higher borrowings, and higher effective interest rates, both domestic and foreign.

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Income from operations before income taxes:

Income from operations before income taxes improved by $3.3 million, to pre-tax income of $0.8 million in the current quarter, from a pre-tax loss of $2.5 million in the prior year quarter. The positive contributing factors were:

•

Increased sales of $5.3 million;

•

Improved gross profit of $3.6 million; and

•

Selling, general and administration expenses remaining flat in amount and as a percentage of sales.

Nine Months Ended October 31, 2018 ("year-to-date") vs. Nine Months Ended October 31, 2017 ("prior year year-to-date")

Net sales:

Net sales increased 21% to $94.0 million in the current year-to-date, from $77.9 million in the prior year year-to-date. Higher revenues resulted from increased sales in all geographic regions.

Cost of sales and gross profit:

Gross profit increased to 18%, or $17.0 million of sales, in the current year-to-date from 10%, or $8.2 million of sales, in the prior year year-to-date. This improvement was due to increased volumes and improved margins, which were a result of strategic initiative improvements.

General and administrative expenses:

General and administrative expenses decreased by 2% to $12.2 million in the current year-to-date, from $12.5 million in the prior year year-to-date. Included in the current year-to-date expenses is a one-time charge of $0.4 million for the separation agreement between the Company and the prior CFO, who retired on October 31, 2018. In the prior year-to-date, the Company recognized foreign exchange losses on the payback of an intercompany loan extended to a foreign subsidiary.

Selling expenses:

Selling expenses increased by 2% to $4.0 million in the current year-to-date from $3.9 million the prior year year-to-date. Current year expenses include commission expense related to increased sales.

Interest expense:

Net interest expense increased to $0.8 million in the current year-to-date from $0.5 million in the prior year year-to-date due to higher borrowings, and higher effective interest rates, both domestic and foreign.

Income from operations before income taxes:

Income from operations before income taxes improved by $8.7 million, to break-even in the current year-to-date, from a pre-tax loss of $8.7 million in the prior year year-to-date. The positive contributing factors were:

•

Increased sales of $16.2 million;

•

Improved gross profit of $8.8 million; and

•

Selling, general and administration expenses remaining flat, in amount and as a percentage of sales.

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Accounts receivable:

In 2013, the Company started a project in the Middle East as a sub-contractor, with billings in the aggregate amount of approximately $41.9 million. The Company completed all of its deliverables in 2015, and has collected approximately $37.0 million, as of October 31, 2018. The remaining balance due as of October 31, 2018 was $4.9 million. Included in this balance is an amount of $3.7 million, which pertains to retention clauses within the agreements of our customer (contractor), and which become payable by the customer when this project is fully tested and commissioned. In the absence of a firm date for the final commissioning of the project, and due to the long-term nature of this receivable, $3.2 million of this retention amount is carried in a long-term receivable account.

The Company has been engaged in ongoing active efforts to collect this outstanding amount, and has received updated acknowledgment of the outstanding balances and assurances of payment from the customer. The Company has received payments of approximately $0.5 million through the third quarter of 2018, and has received an additional $0.1 million in November 2018. As a result, the Company did not reserve any allowance against this amount, however, if the Company’s efforts to collect on the remaining balance on this account are not successful in fiscal 2018, then the Company may recognize an allowance for all, or substantially all, of any such then uncollected amounts.

Income taxes:

The Company's effective tax rate ("ETR") from operations for the current quarter and current year-to-date was 116% and 122,166%, compared to 32.5% and 2.8% during the respective prior year periods. The change in the ETR from the prior year-to-date to the current year-to-date was in large part due to the changes in net income by jurisdiction. Additional factors include the tax impact of Canadian business combination which occurred in the prior year, the valuation allowance against the domestic deferred tax asset, and the fact that the Company is close to break-even year-to-date for the current year. For additional information, see "Notes to Consolidated Financial Statements, Note 5 Income taxes".

Other

The Company has made a bid to provide insulation of pipes to the East Africa Crude Oil Pipeline ("EACOP") project. The EACOP project is a 1,450 Km (900 mile) long heavy crude oil pipeline from the Lake Albert Basin in Uganda to the Tanga port in Tanzania being developed by French oil company Total E&P, China National Offshore Oil Corporation (CNOOC) and London-based Tullow Oil. The proposed pipeline is 24 inches in diameter, and is electrically heat traced. Once completed, it will be the longest insulated and heat traced pipeline in the world. There can be no assurance that the Company will be successful in its bid for this project, or what the final terms of any such potential engagement will be until the bid is awarded; the timing of which is uncertain.

Liquidity and capital resources

Cash, cash equivalents and restricted cash as of October 31, 2018 were $12.1 million compared to $8.3 million on January 31, 2018. On October 31, 2018, $1.9 million was held in the U.S., and $10.2 million was held at the Company's foreign subsidiaries. From time to time, the Company repatriates cash held at certain of its foreign subsidiaries as needed to help fund the Company's working capital needs. The Company's working capital was $23.6 million on October 31, 2018 compared to $23.1 million on January 31, 2018.

Cash used in operating activities during the first nine months of 2018 was $0.6 million, compared to $4.2 million during the same period in 2017. Net cash used in investing activities during the first nine months of 2018 amounted to $0.9 million, compared to $1.9 million during the same period in 2017.

Debt totaled $21.6 million on October 31, 2018, a net increase of $5.8 million compared to the beginning of the current fiscal year. For additional information, see "Notes to Consolidated Financial Statements, Note 9 Debt". Net cash provided by financing activities during the first nine months of 2018 was $5.9 million compared to $6.0 million for the same period in 2017.

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On September 20, 2018, the Company and certain of its U.S. and Canadian subsidiaries (collectively, together with the Company, the “North American Loan Parties”) entered into a new Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender (“PNC”), providing for a new three-year $18 million Senior Secured Revolving Credit Facility, subject to a borrowing base including various reserves (the “Senior Credit Facility”). The Senior Credit Facility replaced the Company’s then existing $15 million Credit and Security Agreement, dated September 24, 2014, among various subsidiaries of the Company and Bank of Montreal, as successor by assignment to BMO Harris Bank N.A., as amended (the “Prior Credit Agreement”).

Subject to certain exceptions, borrowings under the Senior Credit Facility are secured by substantially all of the assets of the Company and certain of its North American subsidiaries. The North American Loan Parties’ obligations under the Senior Credit Facility are guaranteed by Perma-Pipe Canada, Inc. North American Loan Parties’ assets. The Senior Credit Facility will mature on September 20, 2021. Subject to certain qualifications and exceptions, the Senior Credit Facility contains covenants that, among other things, restrict the North American Loan Parties’ ability to create liens, merge or consolidate, consummate acquisitions, make investments, dispose of assets, incur debt, and pay dividends and other distributions. In addition, the North American Loan Parties cannot allow capital expenditures to exceed $3 million annually (plus a limited carryover of unused amounts).

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Mortgages. On July 28, 2016, the Company borrowed 8.0 million CAD (approximately $6.1 million at the prevailing exchange rate on the transaction date) from a bank in Canada under a mortgage note secured by the manufacturing facility located in Alberta, Canada that matures on December 23, 2042. The interest rate is variable, currently at 6.1%, with monthly payments of 37 thousand CAD (approximately $28 thousand) for interest; and monthly payments of 27 thousand CAD (approximately $20 thousand) for principal. Principal payments began January 2018.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical accounting policies are described in Item 7. MD&A and in the Notes to the Consolidated Financial Statements for the year ended January 31, 2018 contained in the Company's most recent Annual Report on Form 10-K. Any new accounting policies or updates to existing accounting policies as a result of new accounting pronouncements have been discussed in the Notes to Consolidated Financial Statements in this Quarterly Report on Form 10-Q. The application of critical accounting policies may require management to make assumptions, judgments and estimates about the amounts reflected in the Consolidated Financial Statements. Management uses historical experience and all available information to make these estimates and judgments, and different amounts could be reported using different assumptions and estimates.

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Item 4.

Controls and Procedures

The Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of October 31, 2018. Based upon the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective and operating to provide reasonable assurance that information required to be disclosed by the Company in the reports the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. The Company's management, including its Chief Executive Officer and Chief Financial Officer, have further concluded that the financial statements included in this Quarterly Report on Form 10-Q present fairly, in all material respects, our financial position, results of operations, and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States.

Changes in Internal Control Over Financial Reporting. Management has previously reported on a material weakness in the Company's internal control over financial reporting that resulted from an accounting error identified by the Company during its preparation and review of the Company's financial statements for the fiscal quarter ended July 31, 2017 related to the Company's accounting for equity-based compensation costs. The Company has implemented the following changes to address the material weakness, which the Company considered fully remediated as of October 31, 2018:

•

Expanded the training of employees in financial technical accounting, reporting and disclosure-related positions;

•

Reinforced the importance of a strong control environment, to emphasize the technical requirements for controls that are designed, implemented and operating effectively and to set the appropriate expectations on internal controls through establishing the related policies and procedures;

•

Implemented a catalog of key accounting rules. In the review of any major journal entries for non-standard operational accounting matters, this catalog is being used as a checklist to validate that the required accounting treatment is applied and disclosures are made accordingly. Management has used, and will continue to use, this catalog to evaluate whether the accounting treatment follows the current rules in the catalog, and will then decide whether outside firm expertise is warranted in such a review;

•

Has validated and updated the catalog quarterly for any changes resulting from changed or newly pronounced accounting rules, and will continue to do so;

•

Reviewed the categories that are underlying the calculations related to stock-based compensation, and has revised procedures for the calculation and review of effects from vested, forfeited and expired options; and

•

Implemented a robust and comprehensive equity compensation management and reporting software in the second quarter of 2018.

Table of Contents

PART II OTHER INFORMATION

Item 6.

Exhibits

10.1	Revolving Credit and Security Agreement, dated September 20, 2018, by and among the North American Loan Parties, PNC and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated September 20, 2018).
10.2	Letter Agreement, dated September 28, 2018, by and between the Company and Karl J. Schmidt (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, dated September 28, 2018).
10.3	Employment Agreement, dated October 1, 2018, by and between the Company and D. Bryan Norwood (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated September 28, 2018).
31.1	Rule 13a - 14(a)/15d - 14(a) Certifications (1) Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Rule 13a - 14(a)/15d - 14(a) Certifications (2) Chief Financial Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Section 1350 Certifications (Chief Executive Officer and Chief Financial Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
101.INS	XBRL Instance
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation
101.DEF	XBRL Taxonomy Extension Definition
101.LAB	XBRL Taxonomy Extension Labels
101.PRE	XBRL Taxonomy Extension Presentation

Table of Contents

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 thereunto duly authorized.

		Perma-Pipe International Holdings, Inc.


Date:	December 11, 2018	/s/ David J. Mansfield
		David J. Mansfield
		President and Chief Executive Officer
		(Principal Executive Officer)

Date:	December 11, 2018	/s/ D. Bryan Norwood
		D. Bryan Norwood
		Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 ex_125068.htm EXHIBIT 31.1 ex_125068.htm

Exhibit 31.1

I, David J. Mansfield, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Perma-Pipe International Holdings, Inc.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with the respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:

December 11, 2018

/s/ David J. Mansfield

David J. Mansfield

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 ex_125069.htm EXHIBIT 31.2 ex_125069.htm

Exhibit 31.2

I, D. Bryan Norwood, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Perma-Pipe International Holdings, Inc.

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:

December 11, 2018

/s/ D. Bryan Norwood

D. Bryan Norwood

Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32 4 ex_125070.htm EXHIBIT 32 ex_125070.htm

Exhibit 32

Certification of Principal Executive Officers

Pursuant to 18 U.S.C. 1350

(Section 906 of the Sarbanes-Oxley Act of 2002)

The undersigned in their capacities as Chief Executive Officer and Chief Financial Officer of Perma-Pipe International Holdings, Inc.. (the “Registrant’), certify that, to the best of their knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended October 31, 2018 of the Registrant, (the “Report”):

(1)

The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ David J. Mansfield

David J. Mansfield

President and Chief Executive Officer

(Principal Executive Officer)

/s/ D. Bryan Norwood

D. Bryan Norwood

Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

December 11, 2018

A signed original of this written statement required by Section 906 has been provided by Perma-Pipe International Holdings, Inc. and will be retained by Perma-Pipe International Holdings, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> - Debt</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Debt totaled $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21.6</div></div> million at <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, a net increase of $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></div> million since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revolving lines North America</div></div><div style="display: inline; font-weight: bold;">. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 20, 2018, </div>the Company and certain of its U.S. and Canadian subsidiaries (collectively, together with the Company, the “North American Loan Parties”) entered into a new Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender (“PNC”), providing for a new <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18</div> million Senior Secured Revolving Credit Facility, subject to a borrowing base including various reserves (the “Senior Credit Facility”). The Senior Credit Facility replaced the Company’s then existing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15</div> million Credit and Security Agreement, dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 24, 2014, </div>among various subsidiaries of the Company and Bank of Montreal, as successor by assignment to BMO Harris Bank N.A., as amended (the “Prior Credit Agreement”).</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company initially used borrowings under the new Senior Credit Facility to pay off outstanding amounts under the Prior Credit Agreement (which totaled approximately USD <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,773,823</div> plus CAD <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,794,528</div>) and cash collateralize a letter of credit (USD <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$154,500</div>). The Company expects to use additional borrowings under the new Senior Credit Agreement to fund future capital expenditures and on-going working capital needs, and for other corporate purposes. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate or London Interbank Offered Rate ("LIBOR"), plus, in each case, an applicable margin.  The applicable margin is based on average quarterly undrawn availability with respect to the Senior Credit Facility.  Interest on alternate base rate borrowings are generally payable monthly in arrears and interest on LIBOR borrowings are generally be payable in arrears on the last day of each interest period.  Additionally, the Company is required to pay a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.375%</div> per annum facility fee on the unused portion of the Senior Credit Facility.  The facility fee is payable quarterly in arrears.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Subject to certain exceptions, borrowings under the Senior Credit Facility are secured by substantially all of the assets of the Company and certain of its North American subsidiaries. The North American Loan Parties’ obligations under the Senior Credit Facility are guaranteed by Perma-Pipe Canada, Inc. The Senior Credit Facility will mature on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 20, 2021. </div>Subject to certain qualifications and exceptions, the Senior Credit Facility contains covenants that, among other things, restrict the North American Loan Parties’ ability to create liens, merge or consolidate, consummate acquisitions, make investments, dispose of assets, incur debt, and pay dividends and other distributions. In addition, the North American Loan Parties cannot allow capital expenditures to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3</div> million annually (plus a limited carryover of unused amounts).</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Senior Credit Facility also contains financial covenants requiring (i) the North America Loan Parties to achieve consolidated net income (excluding the financial performance of the Company’s foreign subsidiaries <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> party to the Credit Agreement) before interest, taxes, depreciation, amortization and certain other adjustments (“EBITDA”) of at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,807,000</div> for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 1, 2018 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018; (</div>ii) the North America Loan Parties to achieve EBITDA of at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,462,000</div> for the period from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 1, 2018 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2019; (</div>iii) the North America Loan Parties to achieve a ratio of its EBITDA (with certain additional adjustments) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Senior Credit Facility (excluding from the calculation items related to the financial performance of the Company’s foreign subsidiaries <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> party to the Credit Agreement) to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.10</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.00</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month period ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </div>and for the quarter ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 31, 2019 </div>and each quarter end thereafter on a trailing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div>-quarter basis; and (iv) the Company and its subsidiaries (including the Company’s foreign subsidiaries <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> party to the Credit Agreement) to achieve a ratio of its EBITDA (with certain additional adjustments) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Senior Credit Facility of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.10</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.00</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month period ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018 </div>and for the quarter ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2019 </div>and each quarter end thereafter on a trailing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div>-quarter basis. The Company was in compliance with this requirement as of  <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">The Senior Credit Facility contains customary events of default. If an event of default occurs and is continuing, then PNC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>terminate all commitments to extend further credit and declare all amounts outstanding under the Senior Credit Facility due and payable immediately. In addition, if any of the North American Loan Parties or certain of their subsidiaries become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Senior Credit Facility will automatically become immediately due and payable. Borrowings under the Senior Credit Facility will bear interest at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.00%</div> per annum in excess of the otherwise applicable rate while a bankruptcy event of default exists or, upon the lenders’ request, during the continuance of any other event of default.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </div> <div style="font-size: 10pt;"> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018, </div>the Company had borrowed an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.7</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.75%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.78%,</div> with a weighted average rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.45%,</div> and had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.9</div> million available to them under the Senior Credit Facility.  </div> <div style=""><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revolving lines foreign</div></div><div style="display: inline; font-weight: bold;">.</div> The Company also has credit arrangements used by its Middle Eastern subsidiaries. These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets (such as accounts receivable and inventory), and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained, including maintaining certain levels of intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, the Company was in compliance with the covenants under the credit arrangements. On <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, interest rates were based on the Emirates Inter Bank Offered Rate (EIBOR) plu<div style="display: inline; background-color:null;">s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5%</div> pe</div>r annum, with a minimum interest ra<div style="display: inline; background-color:null;">te of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5%</div> per</div> annum. On <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, the Company's interest rates ranged from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.11%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.14%,</div> with a weighted average rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.14%,</div> and the Company could borrow<div style="display: inline; background-color:null;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.1</div> million</div> under these credit arrangements. On <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, <div style="display: inline; background-color:null;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.6</div> mi</div>llion of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. On <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, the Company had borrowed<div style="display: inline; background-color:null;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> milli</div>on, and had an addition<div style="display: inline; background-color:null;">al <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> mill</div>ion available. The foreign revolving lines balances as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>were included as current maturities of long-term debt in the Company's consolidated balance sheets. </div> <div style=""><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Mortgages. </div></div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company borrowed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0</div> million CAD (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.1</div> million at the prevailing exchange rate on the transaction date) from a bank in Canada under a mortgage note secured by the Company's manufacturing facility located in Alberta, Canada, that matures on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2042.</div> The interest rate is variable, currently a<div style="display: inline; background-color:null;">t <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1%,</div> with mon</div>thly payments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37</div> thousand CAD (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$28</div> thousand) for interest; and monthly payments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div> thousand CAD (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20</div> thousand) for principal. Principal payments began <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2012,</div> the Company borrowed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.8</div> million under a mortgage note secured by its manufacturing facility in Lebanon, Tennessee. The proceeds were used for payment of amounts borrowed. The loan bears interest at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5%</div> with monthly payments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13</div> thousand for both principal and interest and matures <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2027.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2022,</div> and on the same day of each year thereafter, the interest rate shall adjust to the prime rate, provided that the applicable interest rate shall <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> adjust more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.0%</div> per annum and shall be subject to a ceiling of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.0%</div> and a floor of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5%.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Capital Leases. </div></div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company obtained <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> capital leases for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.1</div> million CAD (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million at the prevailing exchange rates on the transaction dates) to finance vehicle equipment. The interest rates for these capital leases were from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.0%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8%</div> per annum with monthly principal and interest payments of less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million. These leases mature from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2022.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div></div>

0.035

5800000

0.061

0.045

0.04

0.078

2012-06-19

2042-12-23

2027-07-01

2022-09-29

2021-04-30

13000

100000

37000

28000

27000

20000

P3Y

0.0645

0.0614

3504000

4098000

346000

-544000

45000

391000

1149000

1242000

3482000

3772000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 28%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="15" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1611160000000%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div></div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Three Months Ended October 31,</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="15" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1611160000000%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div></div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Nine Months Ended October 31,</div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 28%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 28%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Products </div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,440</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,504</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,447</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,830</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="width: 28%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Specialty Piping Systems and Coating</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Revenue recognized under input method</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,869</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,986</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,778</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,240</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Revenue recognized under output method</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,497</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,008</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,795</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,781</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Total </div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,806</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,498</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,020</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,851</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> - Stock-based compensation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">At <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> incentive stock plan under which new equity incentive awards <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be granted:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">•</div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Omnibus Stock Incentive Plan dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 13, 2017, </div>as amended, which stockholders approved in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017 (</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">"2017</div> Plan")</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company has prior incentive plans under which previously granted awards remain outstanding, but under which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> new awards <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be granted. At <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, the Company had reserved a total of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">921,314</div></div> shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards, and shares for new grants or issuances pursuant to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Plan.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">While the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Plan provides for the grant of deferred shares, non-qualified stock options, incentive stock options, restricted shares, restricted stock units, and performance-based restricted stock units intended to qualify under section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">422</div> of the Internal Revenue Code, to date the Company has issued only restricted shares and restricted stock units under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Plan and currently intends to continue this practice. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Plan authorizes awards to officers, employees, consultants, and directors.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. The following is the stock-based compensation expense:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 40%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 112111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended October 31,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 112111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Nine Months Ended October 31,</div></div></div> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 40%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Stock-based compensation expense</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Restricted stock-based compensation expense</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">283</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">294</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">971</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">938</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;">Total stock-based compensation expense</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">288</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">315</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">999</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; padding-left: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,018</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Stock Options</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The following tables summarize the Company's stock option activity:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 40%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Option activity </div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">No. of Shares Underlying Options</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Weighted Average Exercise Price</div></div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Weighted Average Remaining Contractual Term</div></div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Aggregate Intrinsic Value</div></div></div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">358</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.44</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.0</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">482</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercised</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(37</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.88</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">86</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Expired or forfeited</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(54</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.08</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding end of period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">267</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.42</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.6</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">408</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: center;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercisable end of period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">257</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">384</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:0pt;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 55%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Unvested option activity </div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">No. of Shares Underlying Options</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Weighted Average Grant Date Fair Value</div></div></div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Aggregate Intrinsic Value</div></div></div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.24</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vested</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Expired or forfeited</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding end of period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.00</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, there was less than $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.1</div></div> million of total unrecognized compensation expense related to unvested stock options. The expense is expected to be recognized over a weighted average period of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.4</div></div> years.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Restricted stock</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following table summarizes the Company's restricted stock activity for the year:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 55%;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Restricted stock activity</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Restricted Shares</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted </div></div></div> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average Grant </div></div></div> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Price Per Share</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Aggregate </div></div></div> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Intrinsic Value</div></div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding (unvested) at January 31, 2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.05</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,254</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Granted</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.76</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vested and issued</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(89</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Forfeited</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(69</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.27</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding (unvested) end of period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.14</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,199</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div>, there was $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.3</div></div> million of unrecognized compensation expense related to unvested restricted stock granted under the plans. The expense is expected to be recognized over a weighted average period of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.4</div></div> years.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As a result of certain events that occurred during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> including a settlement of stock-based award previously granted to a retiring member of the Company's Board of Directors, the Company changed its method of accounting for deferred stock compensation arrangements granted to the Company's directors from liability accounting treatment to equity accounting treatment and, as such, reclassified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.7</div> million from a liability to additional paid in capital.</div></div>

-0.02

-0.43

-0.20

-1.11

-569000

684000

1.16

1.22166

0.325

0.028

1893000

1580000

100000

1300000

P1Y146D

P2Y146D

-46000

-8000

4247000

4314000

12153000

12456000

2423000

2269000

-154000

6883000

3320000

17001000

8163000

100000

802000

-2484000

1000

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1525000

934000

808000

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1118000

786000

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165000

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1468000

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54000

-621000

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375000

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801000

196000

90000

226000

90000

226000

-280000

-193000

-830000

-507000

917000

584000

14330000

16856000

6600000

103730000

104584000

40838000

39180000

12079000

13592000

2900000

2021-09-20

0.0775

0.0578

0.0611

0.0614

18000000

15000000

9100000

2100000

0.00375

13700000

500000

13662000

7273000

1046000

753000

6892000

7728000

142000

5877000

6018000

-885000

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-275000

-132000

-1524000

-8479000

-3292000

5801000

5611000

16170000

16376000

1082000

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831000

-8213000

5966000

4943000

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-551000

-250000

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822000

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730000

-92000

534000

524000

930000

841000

885000

2082000

3345000

2703000

8000000

6100000

1800000

42201000

31652000

142000

1000

250000

31020000

34509000

14000

-324000

3773823

4794528

154500

35152000

26055000

266000

161000

1000000

1200000

1500000

2536000

1237000

898000

-4627000

-3103000

32806000

27498000

94020000

77851000

4440000

2504000

9447000

5830000

11869000

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37781000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; background-color:null;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> - Revenue recognition </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2018, </div>the Company adopted Accounting Standards Codification Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> "Revenue from Contracts with Customers," ("Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606"</div>), using the modified retrospective method applied to contracts that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of that date. Under this methodology the effect, if any, of initially applying the new revenue standard was to be recorded as an adjustment to the opening balance of retained earnings, while periods prior to the adoption date were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to be adjusted and continue to be reported in accordance with the accounting policies in effect for those periods.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company conducted a complete and thorough analysis of each single element of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model of Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> and concluded that there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material impact to the Company as a result of the adoption of the new standard. As such, the Company was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> required to make a cumulative adjustment to the opening balances of retained earnings, contract assets or contract liabilities upon its initial application of the new revenue standard. </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revenue from contracts with customers: </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company defines a contract as an agreement that has approval and commitment from both parties, defined rights and identifiable payment terms, which ensures the contract has commercial substance and that collectability is reasonably assured.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company’s standard revenue transactions are classified in to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> main categories:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)</div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Systems - which include all bundled products in which Perma-Pipe designs, engineers, and manufactures pre-insulated piping systems, insulates subsea flowline pipe or subsea oil production equipment. Additionally, this systems classification also includes coating applied to pipes and structures which are provided by the customer.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>)</div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Products - which include cables, leak detection products, heat trace products sold under the PermAlert brand name, material/goods <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> bundled with piping or flowline systems, and field services <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> bundled into a project contract.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Systems revenue class has generally accounted for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of the Company’s total revenue and is recognized over time. The remaining revenue (Product class) is recognized when goods are shipped or services are performed. A breakdown of the Company's revenues by revenue class for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div></div> are as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 28%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="15" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1611160000000%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div></div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Three Months Ended October 31,</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="15" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1611160000000%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div></div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;">Nine Months Ended October 31,</div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 28%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="7" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 16111%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div></div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 28%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sales</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">% to Total</div></div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Products </div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,440</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,504</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,447</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,830</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="width: 28%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Specialty Piping Systems and Coating</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 6%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Revenue recognized under input method</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,869</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,986</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,778</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,240</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Revenue recognized under output method</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,497</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,008</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,795</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,781</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 28%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Total </div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,806</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,498</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94,020</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">77,851</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 6%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">%</div></td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Most of the Company’s revenue is recognized over time as the manufacturing process progresses because <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following conditions exist:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)</div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">the customer owns the material that is being insulated or coated, so the customer controls the asset and thus the work-in-process; or</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>)</div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">the customer controls the work-in-process due to the custom nature of the pre-insulated, fabricated system being manufactured as evidenced by the Company’s right to payment for work performed to date plus seller’s profit margin for products that have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> alternative use for the Company.</div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The U.S. operating entities measure revenue by the costs incurred to date relative to the estimated costs to satisfy the contract using the percentage-of-completion method (an input method). Generally, these contracts are considered a single performance obligation satisfied over time and due to the custom nature of the goods and services, the percentage-of-completion method is the most faithful depiction of the Company’s performance as it measures the value of the goods and services transferred to the customer. Costs include all material, labor, and direct costs incurred to satisfy the performance obligations of the contract. Revenue recognition begins when projects costs are incurred.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">All other operating entities measure revenue by the direct measurement of the outputs produced relative to the remaining goods promised under the contract (output method). Due to the types of end customers, generally these contracts require formal inspection protocols or specific export documentation for units produced or produced and shipped, therefore, the output method is the most faithful depiction of the Company’s performance. Depending on the conditions of the contract, revenue <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recognized based on units produced, inspected and held by the Company prior to shipment or on units produced, inspected and shipped.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Contract modifications that occur prior to the start of the manufacturing process will supersede the original contract and revenue is recognized using the modified contract value. Contract modifications that occur during the manufacturing process (changes in scope of work, job performance, material costs, and/or final contract settlements) are recognized in the period in which the revisions are known. Provisions for losses on uncompleted contracts are made in contract liabilities account in the period such losses are identified.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Contract assets and liabilities: </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Contract assets represent revenue recognized in excess of amounts billed (unbilled receivables) for contract work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Contract liabilities represent billings in excess of costs (unearned revenue) for contract work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Both customer billings and the satisfaction (or partial satisfaction) of the performance obligation(s) occur throughout the manufacturing process and impacts the period end balances in these accounts.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company anticipates that substantially all costs incurred for uncompleted contracts as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div> will be billed and collected within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following tables set forth the changes in the Company's contract assets and liabilities for the periods indicated. The Company expects to recognize the remaining balances as of <div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2018</div></div> within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contract Assets</div></div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance January 31, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,502</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Costs and gross profit recognized during the period for uncompleted contracts from the prior period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,085</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,417</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Closing Balance at April 30, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,834</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Costs and gross profit recognized during the period for uncompleted contracts from the prior period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,395</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,575</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Closing Balance at July 31, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">2,014</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">Costs and gross profit recognized during the period for uncompleted contracts from the prior period</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,917</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,260</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-weight: bold;">Closing Balance at October 31, 2018</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">2,357</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="3" rowspan="1" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contract Liabilities</div></div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance January 31, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,967</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Revenue recognized during the period for uncompleted contracts from the prior period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,810</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">New contracts entered into that are uncompleted at the end of the current period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">413</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Closing Balance at April 30, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">570</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Revenue recognized during the period for uncompleted contracts from the prior period</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(422</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; 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font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">)</div></td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0">New contracts entered into that are uncompleted at the end of the current period</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,550</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-weight: bold;">Closing Balance at October 31, 2018</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,599</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0" nowrap="nowrap"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Practical expedients:</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Costs to obtain a contract are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> considered project costs as they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> usually incremental, nor does job duration span more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year. The Company applies practical expedient for these types of costs and as such are expensed in the period incurred.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As the Company's contracts are less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year, the Company has applied the practical expedient regarding disclosure of the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div></div>

1554000

1297000

4017000

3920000

999000

795000

7.27

148000

9.76

360000

350000

257000

8.49

86000

54000

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408000

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267000

31000

11000

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P3Y182D

9.05

9.14

P4Y

P3Y219D

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9.44

8.42

8.24

7716542

7595509

7877874

7716542

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89000

161332

94280

37000

26753

77000

56304000

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51812000

77000

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50304000

79000

58080000

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51211000

79000

58365000

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50813000

100000

7877000

7714000

7806000

7668000

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Document And Entity Information - shares
9 Months Ended

Oct. 31, 2018

Dec. 06, 2018

Document Information [Line Items]

Entity Registrant Name Perma-Pipe International Holdings, Inc.

Entity Central Index Key 0000914122

Trading Symbol ppih

Current Fiscal Year End Date --01-31

Entity Filer Category Non-accelerated Filer

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Entity Small Business true

Entity Common Stock, Shares Outstanding (in shares) 7,885,374

Document Type 10-Q

Document Period End Date Oct. 31, 2018

Document Fiscal Year Focus 2018

Document Fiscal Period Focus Q3

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands

Oct. 31, 2018

Jan. 31, 2018

Current assets

Cash and cash equivalents $ 9,582 $ 7,084

Restricted cash 2,536 1,237

Trade accounts receivable, less allowance for doubtful accounts of $480 at October 31, 2018 and $469 at January 31, 2018 32,280 32,936

Inventories, net 14,330 16,856

Prepaid expenses and other current assets 3,345 2,703

Contract assets 2,357 1,502

Total current assets 64,430 62,318

Property, plant and equipment, net of accumulated depreciation 31,020 34,509

Other assets

Deferred tax assets - long-term 45 391

Goodwill 2,269 2,423

Other assets 5,966 4,943

Total other assets 8,280 7,757

Total assets 103,730 104,584

Current liabilities

Trade accounts payable 9,788 14,186

Accrued compensation and payroll taxes 1,893 1,580

Commissions and incentives payable 1,789 787

Revolving line of credit 13,662 7,273

Current maturities of long-term debt 1,046 753

Customers' deposits 4,028 5,236

Outside commissions payable 2,194 1,800

Contract liability 1,599 1,967

Other accrued liabilities 3,491 4,259

Income taxes payable 1,348 1,339

Total current liabilities 40,838 39,180

Long-term liabilities

Long-term debt, less current maturities 6,892 7,728

Deferred compensation liabilities 3,504 4,098

Deferred tax liabilities - long-term 1,149 1,242

Other long-term liabilities 534 524

Total long-term liabilities 12,079 13,592

Stockholders' equity

Common stock, $.01 par value, authorized 50,000 shares; 7,877 issued and outstanding at October 31, 2018 and 7,717 issued and outstanding at January 31, 2018 79 77

Additional paid-in capital 58,365 56,304

Accumulated deficit (4,627) (3,103)

Accumulated other comprehensive loss (3,004) (1,466)

Total stockholders' equity 50,813 51,812

Total liabilities and stockholders' equity $ 103,730 $ 104,584

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$ in Thousands

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

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Treasury stock released (in shares)

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Balances at period end (in shares) at Oct. 31, 2018 7,877,874

Total stockholders' equity at Apr. 30, 2018 $ 77 56,578 (4,220) (2,131) 50,304

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Stock-based compensation expense 462 462

Foreign currency translation adjustment (322) (322)

Total stockholders' equity at Jul. 31, 2018 79 58,080 (4,495) (2,453) 51,211

Net loss (132) (132)

Common stock issued under stock plans, net of shares used for tax withholding (3) (3)

Stock-based compensation expense 288 288

Foreign currency translation adjustment (551) (551)

Total stockholders' equity at Oct. 31, 2018 $ 79 $ 58,365 $ (4,627) $ (3,004) $ 50,813

Balances at period end (in shares) at Oct. 31, 2018 7,877,874

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Operating activities

Net loss $ (1,524) $ (8,479)

Adjustments to reconcile net loss to net cash flows used in operating activities

Depreciation and amortization 3,482 3,772

Deferred tax expense (benefit) 346 (544)

Equity-based compensation expense 999 795

Loss on disposal of fixed assets 46 8

Provision on doubtful accounts 14 (324)

Gain from sale of marketable securities (142)

Changes in operating assets and liabilities

Accounts receivable (165) 2,989

Inventories 2,269 (375)

Change in contract assets and contract liabilities (1,221) 513

Accounts payable (5,460) (1,627)

Accrued compensation and payroll taxes 1,468 (1,633)

Customers' deposits (1,194) 1,566

Income taxes receivable and payable 54 (621)

Prepaid expenses and other current assets (801) (196)

Other assets and liabilities 1,061 105

Net cash used in operating activities (626) (4,193)

Investing activities

Capital expenditures (885) (2,082)

Proceeds from sales of marketable securities 142

Proceeds from sales of property and equipment 1

Net cash used in investing activities (885) (1,939)

Financing activities

Proceeds from revolving lines 42,201 31,652

Payments of debt on revolving lines of credit (35,152) (26,055)

Debt issuance costs (930)

Payments of other debt (266) (161)

Decrease in drafts payable (20) (4)

Payments (borrowings) on capitalized lease obligations (205) 632

Release of treasury stock 170

Stock options exercised and taxes related to restricted shares vested 249 (216)

Net cash provided by financing activities 5,877 6,018

Effect of exchange rate changes on cash, cash equivalents and restricted cash (569) 684

Net increase in cash, cash equivalents and restricted cash 3,797 570

Cash, cash equivalents and restricted cash - beginning of period 8,321 8,701

Cash, cash equivalents and restricted cash - end of period 12,118 9,271

Supplemental cash flow information

Interest paid 917 584

Income taxes paid 1,118 786

Fixed assets acquired under capital leases 841

Funds held in escrow related to the sale of Filtration assets $ 250

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Note 1 - Basis of Presentation
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Note
1
- Basis of presentation

The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries ("PPIH", "Company", or "Registrant", or "we", or "us") 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. 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,

2018
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
2018
and
2017
are for the
three
and
nine
months ended
October 31, 2018
and
2017,
respectively.

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Note 2 - Business Segment Reporting
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]
Note
2
- Business segment reporting

PPIH is engaged in the manufacture and sale of products in
one
segment: Piping Systems. Piping Systems engineers, designs, manufactures and sells specialty piping, leak detection and location systems. Specialty piping systems include (i) industrial and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (ii) insulated and jacketed piping systems for district heating and cooling, municipal freeze protection, oil & gas, mining and industrial applications, and (iii) the coating and/or insulation of oil and gas gathering flow and long lines for oil and mineral transportation. The Company's leak detection and location systems are sold with its piping systems and on a stand-alone basis, to monitor areas where fluid intrusion
may
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Note 3 - Accounts Receivable
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
Note
3
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The majority of the Company's accounts receivable are due from geographically dispersed contractors and manufacturing companies. Credit is extended based on an evaluation of a customer's financial condition, including the availability of credit insurance. In the U.S., collateral is
not
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may
exercise its judgment in adjusting the provision as a consequence of known items, such as current economic factors and credit trends. Past due trade accounts receivable balances are written off when the Company's collection efforts have been unsuccessful in collecting the amount due and the amount is deemed uncollectable. The write-off is recorded against the allowance for doubtful accounts.

One of the Company’s accounts receivable in the total amount of $
5.4
million as of
January 31, 2018 (
inclusive of a retention receivable amount of $
3.7
million, of which $
3.2
million was included in the balance of other long-term assets as of
October 31, 2018
and
January
31,

2018
, due to the long-term nature of the receivables) has been outstanding for several years as of
October 31, 2018
. The Company completed all of its deliverables in
2015,
and has been engaged in ongoing active efforts to collect this amount. Since
January 31, 2018,
the Company has received payments of approximately
$0.5
million, which reduced the balance of this receivable. As a result, the Company did
not
reserve any allowance against this receivable as of
October 31, 2018
. The Company continues to engage with the customer to ensure full payment of open balances. However, if the Company’s efforts to collect on this account are
not
successful in fiscal
2018,
then the Company
may
recognize an allowance for all, or substantially all, of any such then uncollected amounts. As of
October 31, 2018
, this receivable balance, inclusive of a retention receivable amount, was $
4.9
million. During
November 2018,
the Company received approximately
$0.1
million, thus reducing this receivable balance to
$4.8
million.

For the
three
and
nine
month months ended
October 31, 2018
and
2017
,
no
individual customer accounted for
10%
or more of the Company's consolidated net sales.

At
October 31, 2018
,
one
customer accounted for
18%
of the Company's accounts receivable. At
January 31,
2018
,
three
customers collectively accounted for
35%
of the Company's accounts receivable.

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The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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Note 4 - Revenue Recognition
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]
Note
4
- Revenue recognition

On
February 1, 2018,
the Company adopted Accounting Standards Codification Topic
606,
"Revenue from Contracts with Customers," ("Topic
606"
), using the modified retrospective method applied to contracts that were
not
completed as of that date. Under this methodology the effect, if any, of initially applying the new revenue standard was to be recorded as an adjustment to the opening balance of retained earnings, while periods prior to the adoption date were
not
to be adjusted and continue to be reported in accordance with the accounting policies in effect for those periods.

The Company conducted a complete and thorough analysis of each single element of the
five
-step model of Topic
606
and concluded that there was
no
material impact to the Company as a result of the adoption of the new standard. As such, the Company was
not
required to make a cumulative adjustment to the opening balances of retained earnings, contract assets or contract liabilities upon its initial application of the new revenue standard.

Revenue from contracts with customers:

The Company defines a contract as an agreement that has approval and commitment from both parties, defined rights and identifiable payment terms, which ensures the contract has commercial substance and that collectability is reasonably assured.

The Company’s standard revenue transactions are classified in to
two
main categories:

1
)

Systems - which include all bundled products in which Perma-Pipe designs, engineers, and manufactures pre-insulated piping systems, insulates subsea flowline pipe or subsea oil production equipment. Additionally, this systems classification also includes coating applied to pipes and structures which are provided by the customer.

2
)

Products - which include cables, leak detection products, heat trace products sold under the PermAlert brand name, material/goods
not
bundled with piping or flowline systems, and field services
not
bundled into a project contract.

The Systems revenue class has generally accounted for more than
90%
of the Company’s total revenue and is recognized over time. The remaining revenue (Product class) is recognized when goods are shipped or services are performed. A breakdown of the Company's revenues by revenue class for the
three
and
nine
months ended
October 31, 2018
and
2017
are as follows:

Three Months Ended October 31,

Nine Months Ended October 31,

2018

2017

2018

2017

Sales

% to Total

Sales

% to Total

Sales

% to Total

Sales

% to Total

Products
$
4,440

14

%
$
2,504

9

%
$
9,447

10

%
$
5,830

7

%

Specialty Piping Systems and Coating

Revenue recognized under input method

11,869

36

%

10,986

40

%

32,778

35

%

34,240

44

%

Revenue recognized under output method

16,497

50

%

14,008

51

%

51,795

55

%

37,781

49

%

Total
$
32,806

100

%
$
27,498

100

%
$
94,020

100

%
$
77,851

100

%

Most of the Company’s revenue is recognized over time as the manufacturing process progresses because
one
of the following conditions exist:

1
)

the customer owns the material that is being insulated or coated, so the customer controls the asset and thus the work-in-process; or

2
)

the customer controls the work-in-process due to the custom nature of the pre-insulated, fabricated system being manufactured as evidenced by the Company’s right to payment for work performed to date plus seller’s profit margin for products that have
no
alternative use for the Company.

The U.S. operating entities measure revenue by the costs incurred to date relative to the estimated costs to satisfy the contract using the percentage-of-completion method (an input method). Generally, these contracts are considered a single performance obligation satisfied over time and due to the custom nature of the goods and services, the percentage-of-completion method is the most faithful depiction of the Company’s performance as it measures the value of the goods and services transferred to the customer. Costs include all material, labor, and direct costs incurred to satisfy the performance obligations of the contract. Revenue recognition begins when projects costs are incurred.

All other operating entities measure revenue by the direct measurement of the outputs produced relative to the remaining goods promised under the contract (output method). Due to the types of end customers, generally these contracts require formal inspection protocols or specific export documentation for units produced or produced and shipped, therefore, the output method is the most faithful depiction of the Company’s performance. Depending on the conditions of the contract, revenue
may
be recognized based on units produced, inspected and held by the Company prior to shipment or on units produced, inspected and shipped.

Contract modifications that occur prior to the start of the manufacturing process will supersede the original contract and revenue is recognized using the modified contract value. Contract modifications that occur during the manufacturing process (changes in scope of work, job performance, material costs, and/or final contract settlements) are recognized in the period in which the revisions are known. Provisions for losses on uncompleted contracts are made in contract liabilities account in the period such losses are identified.

Contract assets and liabilities:

Contract assets represent revenue recognized in excess of amounts billed (unbilled receivables) for contract work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Contract liabilities represent billings in excess of costs (unearned revenue) for contract work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Both customer billings and the satisfaction (or partial satisfaction) of the performance obligation(s) occur throughout the manufacturing process and impacts the period end balances in these accounts.

The Company anticipates that substantially all costs incurred for uncompleted contracts as of
October 31, 2018
will be billed and collected within
one
year.

The following tables set forth the changes in the Company's contract assets and liabilities for the periods indicated. The Company expects to recognize the remaining balances as of
October 31, 2018
within
one
year.

Contract Assets

Balance January 31, 2018

$

1,502

Costs and gross profit recognized during the period for uncompleted contracts from the prior period

(1,085

)

Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period

1,417

Closing Balance at April 30, 2018

$

1,834

Costs and gross profit recognized during the period for uncompleted contracts from the prior period

(1,395

)

Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period

1,575

Closing Balance at July 31, 2018

$

2,014

Costs and gross profit recognized during the period for uncompleted contracts from the prior period
(1,917

)

Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period
2,260

Closing Balance at October 31, 2018

$

2,357

Contract Liabilities

Balance January 31, 2018

$

1,967

Revenue recognized during the period for uncompleted contracts from the prior period

(1,810

)

New contracts entered into that are uncompleted at the end of the current period

413

Closing Balance at April 30, 2018

$

570

Revenue recognized during the period for uncompleted contracts from the prior period

(422

)

New contracts entered into that are uncompleted at the end of the current period

398

Closing Balance at July 31, 2018

$

546

Revenue recognized during the period for uncompleted contracts from the prior period
(497

)

New contracts entered into that are uncompleted at the end of the current period
1,550

Closing Balance at October 31, 2018

$

1,599

Practical expedients:

Costs to obtain a contract are
not
considered project costs as they are
not
usually incremental, nor does job duration span more than
one
year. The Company applies practical expedient for these types of costs and as such are expensed in the period incurred.

As the Company's contracts are less than
one
year, the Company has applied the practical expedient regarding disclosure of the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period.

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Note 5 -Income Taxes
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]
Note
5
- Income taxes

The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of deferred tax assets. Income earned in the United Arab Emirates is
not
subject to local country income tax. Additionally, the relative proportion of taxable income earned domestically versus internationally can fluctuate significantly from period to period. Changes in the estimated level of annual pre-tax income, tax laws and the results of tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income. Judgments and estimates related to the Company's projections and assumptions are inherently uncertain; therefore, actual results could differ materially from projections.

The Company's effective tax rate ("ETR") from operations for the current
third
quarter and year-to-date was
116%
and
122,166%,
compared to
32.5%
and
2.8%
during the respective prior year periods. The change in the ETR from the prior year-to-date to the current year-to-date was in large part due to changes in the Company's net income by jurisdiction. Additional factors include the tax impact of a Canadian business combination which occurred in the prior year, the valuation allowance against the domestic deferred tax asset, and the fact that the Company's operating performance is close to break-even for the current year-to-date. Since the Company is near break-even, relatively small changes to ordinary income will have a large impact to the effective tax rate, which has occurred for PPIH this quarter resulting in the high ETR reflected above. The year-to-date tax expense is
$1.5
million and the ordinary income before tax is less than
$0.1
million which has produced an ETR of
122,166%.
While consolidated ordinary income before tax is near break-even, the Company accrues taxes in various countries where they are generating income while applying a valuation allowance in the U.S. which attributes to the unusually large ETR.

The amount of unrecognized tax benefits, including interest and penalties, at
October
31,

2018,
recorded in other long-term liabilities was
$0.1
million, all of which would impact the Company’s ETR if recognized.

The U.S. Tax Cuts and Jobs Act ("Tax Act") was enacted on
December 22, 2017
and introduced significant changes to U.S. income tax law. The Tax Act reduced the U.S. statutory tax rate from
35%
to
21%,
effective
January 1, 2018
and created new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion anti-abuse tax, respectively. In addition, in
2017
the Company was subject to the
one
-time transition tax on accumulated foreign subsidiary earnings
not
previously subject to U.S. income tax.

Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company has made reasonable estimates of the effects and recorded provisional amounts in its financial statements as of
January
31,

2018
and
October
31,

2018.
As the Company collects and prepares necessary data, and interprets the Tax Act and any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, the Company
may
make future adjustments to its provisional amounts. Furthermore, the Company considered the impact of the global intangible low-taxed income ("GILTI") provision during the
third
quarter and determined that there was an inclusion of
$0.1
million based on year-to-date figures. The Company has elected to account for the impact of GILTI as a current period expense when incurred, however due to the net operating losses ("NOLs") available to the Company, along with the valuation allowance in the U.S. this had
no
impact on the current quarter tax expense, and
no
additional expense was recorded for this. The accounting for the tax effects of the Tax Act will be completed within the measurement period.

Provisional amounts for the foregoing income tax effects of the Tax Act have been recorded as of
October
31,

2018
and are subject to change during the measurement period.

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Note 6 - Impairment of Long-lived Assets
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Asset Impairment Charges [Text Block]
Note
6
- Impairment of long-lived assets

The Company's assessment of long-lived assets, and other identifiable intangibles is based upon factors that market participants would use in accordance with the accounting guidance for the fair value measurement of assets. The Company will continue testing for potential impairment at least annually or as otherwise required by applicable accounting standards. There was
no
impairment of long-lived assets for the
three
and
nine
months ended
October 31, 2018
and
2017
.

Goodwill.
The purchase price of an acquired company is allocated between intangible assets and the net tangible assets of the acquired business with the residual of the purchase price recorded as goodwill. All identifiable goodwill as of
October 31, 2018
and
January
31,

2018
was attributable to the purchase of Perma-Pipe Canada, Ltd.

January 31, 2018

Foreign exchange change effect

October 31, 2018

Goodwill
$
2,423

$
(154

)
$
2,269

The Company performs an impairment assessment of goodwill annually as of
January 31,
or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. There was
no
impairment of goodwill for the
three
and
nine
months ended
October 31, 2018
and
2017
.

X

- Definition
The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.
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Note 7 - Stock-based Compensation
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note
7
- Stock-based compensation

At
October 31, 2018
, the Company had
one
incentive stock plan under which new equity incentive awards
may
be granted:

•

2017
Omnibus Stock Incentive Plan dated
June 13, 2017,
as amended, which stockholders approved in
June 2017 (
"2017
Plan")

The Company has prior incentive plans under which previously granted awards remain outstanding, but under which
no
new awards
may
be granted. At
October 31, 2018
, the Company had reserved a total of
921,314
shares for grants and issuances under these incentive stock plans, which includes a reserve for issuances pursuant to unvested or unexercised prior awards, and shares for new grants or issuances pursuant to the
2017
Plan.

While the
2017
Plan provides for the grant of deferred shares, non-qualified stock options, incentive stock options, restricted shares, restricted stock units, and performance-based restricted stock units intended to qualify under section
422
of the Internal Revenue Code, to date the Company has issued only restricted shares and restricted stock units under the
2017
Plan and currently intends to continue this practice. The
2017
Plan authorizes awards to officers, employees, consultants, and directors.

The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. The following is the stock-based compensation expense:

Three Months Ended October 31,

Nine Months Ended October 31,

2018

2017

2018

2017

Stock-based compensation expense
$
5

$
21

$
28

$
80

Restricted stock-based compensation expense

283

294

971

938

Total stock-based compensation expense $
288

$
315

$
999

$
1,018

Stock Options

The following tables summarize the Company's stock option activity:

Option activity

No. of Shares Underlying Options

Weighted Average Exercise Price

Weighted Average Remaining Contractual Term

Aggregate Intrinsic Value

Outstanding at January 31, 2018

358

9.44

4.0

$
482

Exercised

(37

)

6.88

86

Expired or forfeited

(54

)

17.08

Outstanding end of period

267

8.42

3.6

408

Exercisable end of period

257

$
8.49

3.5

$
384

Unvested option activity

No. of Shares Underlying Options

Weighted Average Grant Date Fair Value

Aggregate Intrinsic Value

Outstanding at January 31, 2018

31

$
8.24

$
50

Vested

(14

)

Expired or forfeited

(6

)

Outstanding end of period

11

$
7.00

$
23

As of
October 31, 2018
, there was less than $
0.1
million of total unrecognized compensation expense related to unvested stock options. The expense is expected to be recognized over a weighted average period of
1.4
years.

Restricted stock

The following table summarizes the Company's restricted stock activity for the year:

Restricted stock activity

Restricted Shares

Weighted

Average Grant

Price Per Share

Aggregate

Intrinsic Value

Outstanding (unvested) at January 31, 2018

360

$
9.05

$
3,254

Granted

148

9.76

Vested and issued

(89

)

Forfeited

(69

)

7.27

Outstanding (unvested) end of period

350

9.14

$
3,199

As of
October 31, 2018
, there was $
1.3
million of unrecognized compensation expense related to unvested restricted stock granted under the plans. The expense is expected to be recognized over a weighted average period of
2.4
years.

As a result of certain events that occurred during
second
quarter of fiscal
2018,
including a settlement of stock-based award previously granted to a retiring member of the Company's Board of Directors, the Company changed its method of accounting for deferred stock compensation arrangements granted to the Company's directors from liability accounting treatment to equity accounting treatment and, as such, reclassified
$0.7
million from a liability to additional paid in capital.

X

- Definition
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Note 8 - Earnings Per Share
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]
Note
8
- Earnings per share

Three Months Ended October 31,

Nine Months Ended October 31,

2018

2017

2018

2017

Basic weighted average common shares outstanding

7,877

7,714

7,806

7,668

Dilutive effect of equity compensation plans

—

—

—

—

Weighted average common shares outstanding assuming full dilution

7,877

7,714

7,806

7,668

Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares

176

143

176

143

Stock options with an exercise price below the average market price

90

226

90

226

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Note 9 - Debt
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]
Note
9
- Debt

Debt totaled $
21.6
million at
October 31, 2018
, a net increase of $
5.8
million since
January
31,

2018.

Revolving lines North America
.
On
September 20, 2018,
the Company and certain of its U.S. and Canadian subsidiaries (collectively, together with the Company, the “North American Loan Parties”) entered into a new Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender (“PNC”), providing for a new
three
-year
$18
million Senior Secured Revolving Credit Facility, subject to a borrowing base including various reserves (the “Senior Credit Facility”). The Senior Credit Facility replaced the Company’s then existing
$15
million Credit and Security Agreement, dated
September 24, 2014,
among various subsidiaries of the Company and Bank of Montreal, as successor by assignment to BMO Harris Bank N.A., as amended (the “Prior Credit Agreement”).

The Company initially used borrowings under the new Senior Credit Facility to pay off outstanding amounts under the Prior Credit Agreement (which totaled approximately USD
$3,773,823
plus CAD
4,794,528
) and cash collateralize a letter of credit (USD
$154,500
). The Company expects to use additional borrowings under the new Senior Credit Agreement to fund future capital expenditures and on-going working capital needs, and for other corporate purposes. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate or London Interbank Offered Rate ("LIBOR"), plus, in each case, an applicable margin. The applicable margin is based on average quarterly undrawn availability with respect to the Senior Credit Facility. Interest on alternate base rate borrowings are generally payable monthly in arrears and interest on LIBOR borrowings are generally be payable in arrears on the last day of each interest period. Additionally, the Company is required to pay a
0.375%
per annum facility fee on the unused portion of the Senior Credit Facility. The facility fee is payable quarterly in arrears.

Subject to certain exceptions, borrowings under the Senior Credit Facility are secured by substantially all of the assets of the Company and certain of its North American subsidiaries. The North American Loan Parties’ obligations under the Senior Credit Facility are guaranteed by Perma-Pipe Canada, Inc. The Senior Credit Facility will mature on
September 20, 2021.
Subject to certain qualifications and exceptions, the Senior Credit Facility contains covenants that, among other things, restrict the North American Loan Parties’ ability to create liens, merge or consolidate, consummate acquisitions, make investments, dispose of assets, incur debt, and pay dividends and other distributions. In addition, the North American Loan Parties cannot allow capital expenditures to exceed
$3
million annually (plus a limited carryover of unused amounts).

The Senior Credit Facility also contains financial covenants requiring (i) the North America Loan Parties to achieve consolidated net income (excluding the financial performance of the Company’s foreign subsidiaries
not
party to the Credit Agreement) before interest, taxes, depreciation, amortization and certain other adjustments (“EBITDA”) of at least
$1,807,000
for the period from
August 1, 2018
through
October 31, 2018; (
ii) the North America Loan Parties to achieve EBITDA of at least
$2,462,000
for the period from
August 1, 2018
through
January 31, 2019; (
iii) the North America Loan Parties to achieve a ratio of its EBITDA (with certain additional adjustments) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Senior Credit Facility (excluding from the calculation items related to the financial performance of the Company’s foreign subsidiaries
not
party to the Credit Agreement) to be
not
less than
1.10
to
1.00
for the
nine
-month period ending
April 30, 2019
and for the quarter ending
July 31, 2019
and each quarter end thereafter on a trailing
four
-quarter basis; and (iv) the Company and its subsidiaries (including the Company’s foreign subsidiaries
not
party to the Credit Agreement) to achieve a ratio of its EBITDA (with certain additional adjustments) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Senior Credit Facility of
not
less than
1.10
to
1.00
for the
nine
-month period ending
October 31, 2018
and for the quarter ending
January 31, 2019
and each quarter end thereafter on a trailing
four
-quarter basis. The Company was in compliance with this requirement as of
October 31, 2018
.

The Senior Credit Facility contains customary events of default. If an event of default occurs and is continuing, then PNC
may
terminate all commitments to extend further credit and declare all amounts outstanding under the Senior Credit Facility due and payable immediately. In addition, if any of the North American Loan Parties or certain of their subsidiaries become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Senior Credit Facility will automatically become immediately due and payable. Borrowings under the Senior Credit Facility will bear interest at a rate of
2.00%
per annum in excess of the otherwise applicable rate while a bankruptcy event of default exists or, upon the lenders’ request, during the continuance of any other event of default.

As of
October 31, 2018,
the Company had borrowed an aggregate of
$13.7
million at
7.75%
and
5.78%,
with a weighted average rate of
6.45%,
and had
$2.9
million available to them under the Senior Credit Facility.

Revolving lines foreign
.
The Company also has credit arrangements used by its Middle Eastern subsidiaries. These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets (such as accounts receivable and inventory), and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained, including maintaining certain levels of intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On
October 31, 2018
, the Company was in compliance with the covenants under the credit arrangements. On
October 31, 2018
, interest rates were based on the Emirates Inter Bank Offered Rate (EIBOR) plu
s
3.5%
pe
r annum, with a minimum interest ra
te of
4.5%
per
annum. On
October 31, 2018
, the Company's interest rates ranged from
6.11%
to
6.14%,
with a weighted average rate of
6.14%,
and the Company could borrow

$9.1
million
under these credit arrangements. On
October 31, 2018
,
$6.6
mi
llion of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. On
October 31, 2018
, the Company had borrowed

$0.5
milli
on, and had an addition
al
$2.1
mill
ion available. The foreign revolving lines balances as of
October 31, 2018
and
January 31, 2018,
were included as current maturities of long-term debt in the Company's consolidated balance sheets.

Mortgages.
On
July
28,

2016,
the Company borrowed
8.0
million CAD (approximately
$6.1
million at the prevailing exchange rate on the transaction date) from a bank in Canada under a mortgage note secured by the Company's manufacturing facility located in Alberta, Canada, that matures on
December
23,

2042.
The interest rate is variable, currently a
t
6.1%,
with mon
thly payments of
37
thousand CAD (approximately
$28
thousand) for interest; and monthly payments of
27
thousand CAD (approximately
$20
thousand) for principal. Principal payments began
January 2018.

On
June
19,

2012,
the Company borrowed
$1.8
million under a mortgage note secured by its manufacturing facility in Lebanon, Tennessee. The proceeds were used for payment of amounts borrowed. The loan bears interest at
4.5%
with monthly payments of
$13
thousand for both principal and interest and matures
July
1,

2027.
On
June
19,

2022,
and on the same day of each year thereafter, the interest rate shall adjust to the prime rate, provided that the applicable interest rate shall
not
adjust more than
2.0%
per annum and shall be subject to a ceiling of
18.0%
and a floor of
4.5%.

Capital Leases.
In
2017,
the Company obtained
three
capital leases for
1.1
million CAD (approximately
$0.8
million at the prevailing exchange rates on the transaction dates) to finance vehicle equipment. The interest rates for these capital leases were from
4.0%
to
7.8%
per annum with monthly principal and interest payments of less than
$0.1
million. These leases mature from
April
30,

2021
to
September
29,

2022.

X

- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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Note 10 - Restricted Cash
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]
Note
10
- Restricted cash

Restricted cash held by foreign subsidiaries was
$
1.0
million as of
October 31, 2018
and
$1.2
million as of
January
31,

2018.
Restricted cash held by foreign subsidiaries is related to fixed deposits that also serve as security deposits and guarantees. Restricted cash held in the U.S. on
October 31, 2018
was
$1.5
million, and is a cash collateral held by PNC Bank in relation to the new credit agreement.

Nine Months Ended October 31,

2018

2017

Cash and cash equivalents
$
9,582

$
8,373

Restricted cash

2,536

898

Cash, cash equivalents and restricted cash shown in the statement of cash flows
$
12,118

$
9,271

X

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The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
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Note 11 - Fair Value
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Fair Value Disclosures [Text Block]
Note
11
- Fair value

The carrying values of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair value due to their short-term nature. The carrying amount of the Company's short-term debt, revolving line of credit and long-term debt approximate fair value, because the majority of the amounts outstanding accrue interest at variable market rates.

X

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Note 12 - Recent Accounting Pronouncements
9 Months Ended

Oct. 31, 2018

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]
Note
12
- Recent accounting pronouncements

In
June 2018,
the FASB issued an update to Topic
718,
which is intended to reduce costs and complexity, and improve financial reporting for share-based payments issued to non-employees. ASU
No.

2018
-
07
is effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2018,
with early adoption permitted. The Company has evaluated the effect that this ASU will have on its consolidated financial statements and related disclosures, and has determined that this ASU does
not
have a material impact on the Company's results of operations or financial position.

In
March 2017,
the FASB issued authoritative guidance which changes the income statement presentation of the components of net periodic benefit cost related to defined benefit pension and other post-retirement plans. The primary change under the new guidance is that only the service cost component of net periodic benefit cost should be included in operating income and is eligible for capitalization as an asset. The other components of net periodic benefit cost, such as interest cost, the expected return on assets, and amortization of actuarial gains and losses and prior service cost, should be presented below operating income. The guidance was effective for the Company starting
February 1, 2018
and has been applied retrospectively to the presentation of net periodic benefit cost and prospectively to the capitalization of service cost. The adoption of this guidance did
not
have a material impact on the Company's results of operations or financial position.

In
October 2016,
the FASB issued authoritative guidance requiring the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than when transferred to a
third
party as required under the current guidance. The new guidance was effective for the Company beginning
February 1, 2018.
The adoption of this guidance did
not
have a material impact on the Company's results of operations or financial position.

In
February 2016,
the FASB issued ASU
2016
-
02,
Leases (Topic
842
). This ASU requires entities to recognize assets and liabilities for most leases on their balance sheets. It also requires additional qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU
No.

2016
-
02
is effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2018,
with early adoption permitted. The Company is currently evaluating the effect that this standard will have on its consolidated financial statements and related disclosures.

In
May 2014,
the FASB issued ASU
No.

2014
-
09,
"Revenue from Contracts with Customers ("Topic
606"
)", with several clarifying updates issued during
2016.
This ASU was effective for the Company beginning
February 1, 2018.
The adoption of this ASU did
not
have a material impact on the Company's results of operations or financial position. Refer to Note
4
- Revenue recognition - for more detail.

The Company evaluated other recent accounting pronouncements and does
not
expect them to have a material impact on its consolidated financial statements or related disclosures.

X

- Definition
The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
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Note 4 - Revenue Recognition (Tables)
9 Months Ended

Oct. 31, 2018

Notes Tables

Disaggregation of Revenue [Table Text Block]

Three Months Ended October 31,

Nine Months Ended October 31,

2018

2017

2018

2017

Sales

% to Total

Sales

% to Total

Sales

% to Total

Sales

% to Total

Products
$
4,440

14

%
$
2,504

9

%
$
9,447

10

%
$
5,830

7

%

Specialty Piping Systems and Coating

Revenue recognized under input method

11,869

36

%

10,986

40

%

32,778

35

%

34,240

44

%

Revenue recognized under output method

16,497

50

%

14,008

51

%

51,795

55

%

37,781

49

%

Total
$
32,806

100

%
$
27,498

100

%
$
94,020

100

%
$
77,851

100

%

Contract with Customer, Asset and Liability [Table Text Block]

Contract Assets

Balance January 31, 2018

$

1,502

Costs and gross profit recognized during the period for uncompleted contracts from the prior period

(1,085

)

Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period

1,417

Closing Balance at April 30, 2018

$

1,834

Costs and gross profit recognized during the period for uncompleted contracts from the prior period

(1,395

)

Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period

1,575

Closing Balance at July 31, 2018

$

2,014

Costs and gross profit recognized during the period for uncompleted contracts from the prior period
(1,917

)

Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period
2,260

Closing Balance at October 31, 2018

$

2,357

Contract Liabilities

Balance January 31, 2018

$

1,967

Revenue recognized during the period for uncompleted contracts from the prior period

(1,810

)

New contracts entered into that are uncompleted at the end of the current period

413

Closing Balance at April 30, 2018

$

570

Revenue recognized during the period for uncompleted contracts from the prior period

(422

)

New contracts entered into that are uncompleted at the end of the current period

398

Closing Balance at July 31, 2018

$

546

Revenue recognized during the period for uncompleted contracts from the prior period
(497

)

New contracts entered into that are uncompleted at the end of the current period
1,550

Closing Balance at October 31, 2018

$

1,599

X

- Definition
Tabular disclosure of contract balances and changes in contract balances.
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Note 6 - Impairment of Long-lived Assets (Tables)
9 Months Ended

Oct. 31, 2018

Notes Tables

Schedule of Goodwill [Table Text Block]

January 31, 2018

Foreign exchange change effect

October 31, 2018

Goodwill
$
2,423

$
(154

)
$
2,269

X

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Note 7 - Stock-based Compensation (Tables)
9 Months Ended

Oct. 31, 2018

Notes Tables

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

Three Months Ended October 31,

Nine Months Ended October 31,

2018

2017

2018

2017

Stock-based compensation expense
$
5

$
21

$
28

$
80

Restricted stock-based compensation expense

283

294

971

938

Total stock-based compensation expense $
288

$
315

$
999

$
1,018

Share-based Compensation, Stock Options, Activity [Table Text Block]

Option activity

No. of Shares Underlying Options

Weighted Average Exercise Price

Weighted Average Remaining Contractual Term

Aggregate Intrinsic Value

Outstanding at January 31, 2018

358

9.44

4.0

$
482

Exercised

(37

)

6.88

86

Expired or forfeited

(54

)

17.08

Outstanding end of period

267

8.42

3.6

408

Exercisable end of period

257

$
8.49

3.5

$
384

Schedule of Nonvested Share Activity [Table Text Block]

Unvested option activity

No. of Shares Underlying Options

Weighted Average Grant Date Fair Value

Aggregate Intrinsic Value

Outstanding at January 31, 2018

31

$
8.24

$
50

Vested

(14

)

Expired or forfeited

(6

)

Outstanding end of period

11

$
7.00

$
23

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

Restricted stock activity

Restricted Shares

Weighted

Average Grant

Price Per Share

Aggregate

Intrinsic Value

Outstanding (unvested) at January 31, 2018

360

$
9.05

$
3,254

Granted

148

9.76

Vested and issued

(89

)

Forfeited

(69

)

7.27

Outstanding (unvested) end of period

350

9.14

$
3,199

X

- Definition
Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.
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Note 8 - Earnings Per Share (Tables)
9 Months Ended

Oct. 31, 2018

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Three Months Ended October 31,

Nine Months Ended October 31,

2018

2017

2018

2017

Basic weighted average common shares outstanding

7,877

7,714

7,806

7,668

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7,806

7,668

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143

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143

Stock options with an exercise price below the average market price

90

226

90

226

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Note 10 - Restricted Cash (Tables)
9 Months Ended

Oct. 31, 2018

Notes Tables

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Nine Months Ended October 31,

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2017

Cash and cash equivalents
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$
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Note 2 - Business Segment Reporting (Details Textual)
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Oct. 31, 2018

Number of Reportable Segments 1

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Note 3 - Accounts Receivable (Details Textual)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended

Nov. 30, 2018

USD ($)

Oct. 31, 2018

USD ($)

Oct. 31, 2017

Oct. 31, 2018

USD ($)

Oct. 31, 2017

Jan. 31, 2018

USD ($)

Accounts Receivable, Outstanding for Several Years $ 4,900 $ 4,900 $ 5,400

Contract Receivable Retainage, Total 3,700 3,700

Proceeds from Collection of Accounts Receivable Outstanding for Several Years 500

Allowance for Doubtful Accounts Receivable Outstanding for Several Years $ 0 $ 0

Sales Revenue, Net [Member] | Customer Concentration Risk [Member]

Number of Major Customers 0 0 0 0

Accounts Receivable [Member] | Customer Concentration Risk [Member]

Number of Major Customers 1 3

Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]

Concentration Risk, Percentage 18.00%

Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member]

Concentration Risk, Percentage 35.00%

Subsequent Event [Member]

Accounts Receivable, Outstanding for Several Years $ 4,800

Proceeds from Collection of Accounts Receivable Outstanding for Several Years $ 100

Other Noncurrent Assets [Member]

Contract Receivable Retainage, Total $ 3,200 $ 3,200

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3 Months Ended 9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Oct. 31, 2018

Oct. 31, 2017

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Costs Incurred for Uncompleted Contracts, Anticipated Collection Period 1 year

Specialty Piping Systems And Coating [Member]

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Note 4 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Oct. 31, 2018

Oct. 31, 2017

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Sales by product (percent of total) 90.00%

Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Input Method [Member]

Sales by product $ 11,869 $ 10,986 $ 32,778 $ 34,240

Sales by product (percent of total) 36.00% 40.00% 35.00% 44.00%

Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Output Method [Member]

Sales by product $ 16,497 $ 14,008 $ 51,795 $ 37,781

Sales by product (percent of total) 50.00% 51.00% 55.00% 49.00%

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Beginning balance 546 570 1,967

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Note 5 -Income Taxes (Details Textual) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Oct. 31, 2018

Oct. 31, 2017

Effective Income Tax Rate Reconciliation, Percent, Total 116.00% 32.50% 122.166% 2.80%

Income Tax Expense (Benefit), Total $ 934 $ 808 $ 1,525 $ (241)

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 802 $ (2,484) 1 $ (8,720)

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Global Intangible Low-taxed Income (GILTI) 100

Maximum [Member]

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total $ 100

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shares

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Oct. 31, 2017

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Jan. 31, 2018

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Exercisable end of period, aggregate intrinsic value $ 384

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Note 7 - Stock-based Compensation - Unvested Option Activity (Details) - Unvested Option [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
9 Months Ended

Oct. 31, 2018

Jan. 31, 2018

Outstanding at beginning of year (in shares) 31

Outstanding, Weighted average grant date fair value (in dollars per share) $ 7 $ 8.24

Outstanding at beginning of year, aggregate intrinsic value $ 23 $ 50

Vested, number (in shares) (14)

Expired or forfeited (in shares) (6)

Outstanding at end of period (in shares) 11

X

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Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
9 Months Ended

Oct. 31, 2018

Jan. 31, 2018

Outstanding (unvested) at beginning of year (in shares) 360

Outstanding (unvested) at beginning of year, weighted average grant price per share (in dollars per share) $ 9.14 $ 9.05

Outstanding (unvested) at beginning of year, aggregate intrinsic value $ 3,199 $ 3,254

Granted (in shares) 148

Granted, weighted average grant price per share (in dollars per share) $ 9.76

Vested and issued (in shares) (89)

Forfeited (in shares) (69)

Forfeited, weighted average grant price per share (in dollars per share) $ 7.27

Outstanding (unvested) at end of period (in shares) 350

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Note 8 - Earnings Per Share - Summary of Earnings Per Share (Details) - shares
shares in Thousands
3 Months Ended 9 Months Ended

Oct. 31, 2018

Oct. 31, 2017

Oct. 31, 2018

Oct. 31, 2017

Basic weighted average common shares outstanding (in shares) 7,877 7,714 7,806 7,668

Dilutive effect of equity compensation plans (in shares)

Weighted average common shares outstanding assuming full dilution (in shares) 7,877 7,714 7,806 7,668

Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares (in shares) 176 143 176 143

Idaho [Member]

Stock options with an exercise price below the average market price (in shares) 90 226 90 226

X

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Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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Note 9 - Debt (Details Textual)
1 Months Ended 9 Months Ended 12 Months Ended

Jul. 28, 2016

USD ($)

Jul. 28, 2016

CAD ($)

Jun. 19, 2012

USD ($)

Oct. 31, 2018

USD ($)

Oct. 31, 2018

CAD ($)

Oct. 31, 2018

USD ($)

Oct. 31, 2017

USD ($)

Jan. 31, 2018

USD ($)

Sep. 19, 2018

USD ($)

Jan. 31, 2018

CAD ($)

Debt and Capital Lease Obligations, Total $ 21,600,000 $ 21,600,000

Debt Instrument, Increase (Decrease), Net, Total 5,800,000

Repayments of Lines of Credit 35,152,000 $ 26,055,000

Line of Credit, Current $ 13,662,000 13,662,000 $ 7,273,000

Canadian Mortgage Note [Member]

Proceeds from Issuance of Debt $ 6,100,000 $ 8,000,000

Debt Instrument, Maturity Date Dec. 23, 2042 Dec. 23, 2042

Debt Instrument, Interest Rate, Effective Percentage 6.10% 6.10%

Debt Instrument, Periodic Payment, Interest $ 28,000 $ 37,000

Debt Instrument, Periodic Payment, Principal $ 20,000 $ 27,000

Mortgage Note Secured by Tennessee Manufacturing Facility [Member]

Debt Instrument, Interest Rate, Stated Percentage 4.50%

Debt Instrument, Maturity Date Jul. 01, 2027

Debt Instrument, Issuance Date Jun. 19, 2012

Proceeds from Issuance of Secured Debt $ 1,800,000

Debt Instrument, Periodic Payment, Total $ 13,000

Debt Instrument, Adjustable Interest Rate Period, Commencement Date Jun. 19, 2022

Debt Instrument, Interest Rate, Maximum Annual Increase 2.00%

Debt Instrument, Adjustable Interest Rate, Ceiling 18.00%

Debt Instrument, Adjustable Interest Rate, Floor 4.50%

Three 2017 Capital Leases [Member]

Debt Instrument, Periodic Payment, Total 100,000

Capital Lease Obligations, Total $ 800,000 $ 1,100,000

Debt Instrument, Maturity Date Range, Start Apr. 30, 2021

Debt Instrument, Maturity Date Range, End Sep. 29, 2022

Maximum [Member] | Three 2017 Capital Leases [Member]

Debt Instrument, Interest Rate, Stated Percentage 7.80% 7.80%

Minimum [Member] | Three 2017 Capital Leases [Member]

Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00%

Revolving Lines, North America [Member]

Debt Instrument, Term 3 years 3 years

Line of Credit Facility, Maximum Borrowing Capacity $ 18,000,000 18,000,000 $ 15,000,000

Repayments of Lines of Credit $ 3,773,823 $ 4,794,528

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.375% 0.375%

Line of Credit Facility, Capital Expenditures Restrictions $ 3,000,000 3,000,000

Line of Credit Facility, Covenant Terms, EBITDA, Term One 1,807,000 1,807,000

Line of Credit Facility, Covenant Terms, EBITDA, Term Two $ 2,462,000 $ 2,462,000

Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term One 1.1 1.1

Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term Two 1.1 1.1

Debt Instrument, Default Rate 2.00% 2.00%

Line of Credit, Current $ 13,700,000 $ 13,700,000

Debt, Weighted Average Interest Rate 6.45% 6.45%

Line of Credit Facility, Current Borrowing Capacity $ 2,900,000 $ 2,900,000

Line of Credit Facility, Expiration Date Sep. 20, 2021 Sep. 20, 2021

Revolving Lines, North America [Member] | Maximum [Member]

Line of Credit Facility, Interest Rate at Period End 7.75% 7.75%

Revolving Lines, North America [Member] | Minimum [Member]

Line of Credit Facility, Interest Rate at Period End 5.78% 5.78%

Letter of Credit [Member]

Repayments of Lines of Credit $ 154,500

Foreign Revolving Lines [Member]

Line of Credit Facility, Maximum Borrowing Capacity 9,100,000 $ 9,100,000

Line of Credit, Current $ 500,000 $ 500,000

Debt, Weighted Average Interest Rate 6.14% 6.14%

Letters of Credit Outstanding, Amount $ 6,600,000 $ 6,600,000

Line of Credit Facility, Remaining Borrowing Capacity $ 2,100,000 $ 2,100,000

Foreign Revolving Lines [Member] | EIBOR [Member]

Debt Instrument, Basis Spread on Variable Rate 3.50%

Foreign Revolving Lines [Member] | Maximum [Member]

Line of Credit Facility, Interest Rate at Period End 6.14% 6.14%

Foreign Revolving Lines [Member] | Minimum [Member]

Line of Credit Facility, Interest Rate at Period End 6.11% 6.11%

Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50%

X

- Definition
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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 31, 2018	Dec. 06, 2018
Document Information [Line Items]
Entity Registrant Name	Perma-Pipe International Holdings, Inc.
Entity Central Index Key	0000914122
Trading Symbol	ppih
Current Fiscal Year End Date	--01-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		7,885,374
Document Type	10-Q
Document Period End Date	Oct. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Net sales	$ 32,806	$ 27,498	$ 94,020	$ 77,851
Cost of sales	25,923	24,178	77,019	69,688
Gross profit	6,883	3,320	17,001	8,163
Operating expenses
General and administrative expenses	4,247	4,314	12,153	12,456
Selling expenses	1,554	1,297	4,017	3,920
Total operating expenses	5,801	5,611	16,170	16,376
Income/(loss) from operations	1,082	(2,291)	831	(8,213)
Interest expense, net	280	193	830	507
Income/(loss) from operations before income taxes	802	(2,484)	1	(8,720)
Income tax expense/(benefit)	934	808	1,525	(241)
Net loss	$ (132)	$ (3,292)	$ (1,524)	$ (8,479)
Weighted average common shares outstanding
Basic and diluted (in shares)	7,877	7,714	7,806	7,668
Loss per share
Basic and diluted (in dollars per share)	$ (0.02)	$ (0.43)	$ (0.20)	$ (1.11)

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Oct. 31, 2018	Jan. 31, 2018
Current assets
Cash and cash equivalents	$ 9,582	$ 7,084
Restricted cash	2,536	1,237
Trade accounts receivable, less allowance for doubtful accounts of $480 at October 31, 2018 and $469 at January 31, 2018	32,280	32,936
Inventories, net	14,330	16,856
Prepaid expenses and other current assets	3,345	2,703
Contract assets	2,357	1,502
Total current assets	64,430	62,318
Property, plant and equipment, net of accumulated depreciation	31,020	34,509
Other assets
Deferred tax assets - long-term	45	391
Goodwill	2,269	2,423
Other assets	5,966	4,943
Total other assets	8,280	7,757
Total assets	103,730	104,584
Current liabilities
Trade accounts payable	9,788	14,186
Accrued compensation and payroll taxes	1,893	1,580
Commissions and incentives payable	1,789	787
Revolving line of credit	13,662	7,273
Current maturities of long-term debt	1,046	753
Customers' deposits	4,028	5,236
Outside commissions payable	2,194	1,800
Contract liability	1,599	1,967
Other accrued liabilities	3,491	4,259
Income taxes payable	1,348	1,339
Total current liabilities	40,838	39,180
Long-term liabilities
Long-term debt, less current maturities	6,892	7,728
Deferred compensation liabilities	3,504	4,098
Deferred tax liabilities - long-term	1,149	1,242
Other long-term liabilities	534	524
Total long-term liabilities	12,079	13,592
Stockholders' equity
Common stock, $.01 par value, authorized 50,000 shares; 7,877 issued and outstanding at October 31, 2018 and 7,717 issued and outstanding at January 31, 2018	79	77
Additional paid-in capital	58,365	56,304
Accumulated deficit	(4,627)	(3,103)
Accumulated other comprehensive loss	(3,004)	(1,466)
Total stockholders' equity	50,813	51,812
Total liabilities and stockholders' equity	$ 103,730	$ 104,584

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2018	Jan. 31, 2018
Allowance for doubtful accounts receivable	$ 480	$ 469
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000	50,000
Common stock, issued (in shares)	7,877	7,717
Common stock, outstanding (in shares)	7,877	7,717

Note 1 - Basis of Presentation	9 Months Ended
Note 1 - Basis of Presentation	Oct. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 - Basis of presentation The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries ("PPIH", "Company", or "Registrant", or "we", or "us") 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. 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, 2018 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 2018 and 2017 are for the three and nine months ended October 31, 2018 and 2017, respectively.

Note 5 -Income Taxes	9 Months Ended
Note 5 -Income Taxes	Oct. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 5 - Income taxes The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of deferred tax assets. Income earned in the United Arab Emirates is not subject to local country income tax. Additionally, the relative proportion of taxable income earned domestically versus internationally can fluctuate significantly from period to period. Changes in the estimated level of annual pre-tax income, tax laws and the results of tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income. Judgments and estimates related to the Company's projections and assumptions are inherently uncertain; therefore, actual results could differ materially from projections. The Company's effective tax rate ("ETR") from operations for the current third quarter and year-to-date was 116% and 122,166%, compared to 32.5% and 2.8% during the respective prior year periods. The change in the ETR from the prior year-to-date to the current year-to-date was in large part due to changes in the Company's net income by jurisdiction. Additional factors include the tax impact of a Canadian business combination which occurred in the prior year, the valuation allowance against the domestic deferred tax asset, and the fact that the Company's operating performance is close to break-even for the current year-to-date. Since the Company is near break-even, relatively small changes to ordinary income will have a large impact to the effective tax rate, which has occurred for PPIH this quarter resulting in the high ETR reflected above. The year-to-date tax expense is $1.5 million and the ordinary income before tax is less than $0.1 million which has produced an ETR of 122,166%. While consolidated ordinary income before tax is near break-even, the Company accrues taxes in various countries where they are generating income while applying a valuation allowance in the U.S. which attributes to the unusually large ETR. The amount of unrecognized tax benefits, including interest and penalties, at October 31, 2018, recorded in other long-term liabilities was $0.1 million, all of which would impact the Company’s ETR if recognized. The U.S. Tax Cuts and Jobs Act ("Tax Act") was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law. The Tax Act reduced the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018 and created new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion anti-abuse tax, respectively. In addition, in 2017 the Company was subject to the one -time transition tax on accumulated foreign subsidiary earnings not previously subject to U.S. income tax. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company has made reasonable estimates of the effects and recorded provisional amounts in its financial statements as of January 31, 2018 and October 31, 2018. As the Company collects and prepares necessary data, and interprets the Tax Act and any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, the Company may make future adjustments to its provisional amounts. Furthermore, the Company considered the impact of the global intangible low-taxed income ("GILTI") provision during the third quarter and determined that there was an inclusion of $0.1 million based on year-to-date figures. The Company has elected to account for the impact of GILTI as a current period expense when incurred, however due to the net operating losses ("NOLs") available to the Company, along with the valuation allowance in the U.S. this had no impact on the current quarter tax expense, and no additional expense was recorded for this. The accounting for the tax effects of the Tax Act will be completed within the measurement period. Provisional amounts for the foregoing income tax effects of the Tax Act have been recorded as of October 31, 2018 and are subject to change during the measurement period.

Note 2 - Business Segment Reporting (Details Textual)	9 Months Ended
Note 2 - Business Segment Reporting (Details Textual)	Oct. 31, 2018
Number of Reportable Segments	1

Note 3 - Accounts Receivable (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2018 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2017	Oct. 31, 2018 USD ($)	Oct. 31, 2017	Jan. 31, 2018 USD ($)
Accounts Receivable, Outstanding for Several Years		$ 4,900		$ 4,900		$ 5,400
Contract Receivable Retainage, Total		3,700		3,700
Proceeds from Collection of Accounts Receivable Outstanding for Several Years				500
Allowance for Doubtful Accounts Receivable Outstanding for Several Years		$ 0		$ 0
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Number of Major Customers		0	0	0	0
Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Number of Major Customers				1		3
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Concentration Risk, Percentage				18.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Concentration Risk, Percentage						35.00%
Subsequent Event [Member]
Accounts Receivable, Outstanding for Several Years	$ 4,800
Proceeds from Collection of Accounts Receivable Outstanding for Several Years	$ 100
Other Noncurrent Assets [Member]
Contract Receivable Retainage, Total		$ 3,200		$ 3,200

Note 4 - Revenue Recognition (Details Textual)	3 Months Ended		9 Months Ended
Note 4 - Revenue Recognition (Details Textual)	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Percent of Revenue from Contract With Customer, Including Assessed Tax	100.00%	100.00%	100.00%	100.00%
Costs Incurred for Uncompleted Contracts, Anticipated Collection Period			1 year
Specialty Piping Systems And Coating [Member]
Percent of Revenue from Contract With Customer, Including Assessed Tax			90.00%

Note 4 - Revenue Recognition - Contract With Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018
Beginning balance	$ 2,014	$ 1,834	$ 1,502
Costs and gross profit recognized during the period for uncompleted contracts from the prior period	(1,917)	(1,395)	(1,085)
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period	2,260	1,575	1,417
Closing balance	2,357	2,014	1,834
Beginning balance	546	570	1,967
Revenue recognized during the period for uncompleted contracts from the prior period	(497)	(422)	(1,810)
New contracts entered into that are uncompleted at the end of the current period	1,550	398	413
Closing balance	$ 1,599	$ 546	$ 570

Note 6 - Impairment of Long-lived Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Oct. 31, 2018 USD ($)
Goodwill	$ 2,423
Goodwill, foreign exchange change effect	(154)
Goodwill	$ 2,269

Note 7 - Stock-based Compensation (Details Textual) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 31, 2018 USD ($)	Oct. 31, 2018 USD ($) shares
Number of Incentive Stock Plans Under Which New Awards May Be Granted		1
Common Stock, Capital Shares Reserved for Future Issuance \| shares		921,314
Director [Member]
Deferred Stock Compensation Arrangements, Classified from a Liability to Additional Paid In Capital	$ 0.7
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 146 days
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 1.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 146 days

Note 7 - Stock-based Compensation - Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Oct. 31, 2018	Jan. 31, 2018
Outstanding at beginning of year (in shares)	358
Outstanding at beginning of year, weighted average exercise price (in dollars per share)	$ 9.44
Outstanding, weighted average remaining contractual term (Year)	3 years 219 days	4 years
Outstanding at beginning of year, aggregate intrinsic value	$ 408	$ 482
Exercised (in shares)	(37)
Exercised, weighted average exercise price (in dollars per share)	$ 6.88
Exercised, aggregate intrinsic value	$ 86
Expired or forfeited (in shares)	(54)
Expired or forfeited, weighted average exercise price (in dollars per share)	$ 17.08
Outstanding at end of period (in shares)	267	358
Outstanding at end of period, weighted average exercise price (in dollars per share)	$ 8.42	$ 9.44
Exercisable end of period (in shares)	257
Exercisable end of period, weighted average exercise price (in dollars per share)	$ 8.49
Exercisable end of period, weighted average remaining contractual term (Year)	3 years 182 days
Exercisable end of period, aggregate intrinsic value	$ 384

Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Oct. 31, 2018	Jan. 31, 2018
Outstanding (unvested) at beginning of year (in shares)	360
Outstanding (unvested) at beginning of year, weighted average grant price per share (in dollars per share)	$ 9.14	$ 9.05
Outstanding (unvested) at beginning of year, aggregate intrinsic value	$ 3,199	$ 3,254
Granted (in shares)	148
Granted, weighted average grant price per share (in dollars per share)	$ 9.76
Vested and issued (in shares)	(89)
Forfeited (in shares)	(69)
Forfeited, weighted average grant price per share (in dollars per share)	$ 7.27
Outstanding (unvested) at end of period (in shares)	350

Note 9 - Debt (Details Textual)				1 Months Ended		9 Months Ended		12 Months Ended
Note 9 - Debt (Details Textual)	Jul. 28, 2016 USD ($)	Jul. 28, 2016 CAD ($)	Jun. 19, 2012 USD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2018 CAD ($)	Oct. 31, 2018 USD ($)	Oct. 31, 2017 USD ($)	Jan. 31, 2018 USD ($)	Sep. 19, 2018 USD ($)	Jan. 31, 2018 CAD ($)
Debt and Capital Lease Obligations, Total				$ 21,600,000		$ 21,600,000
Debt Instrument, Increase (Decrease), Net, Total						5,800,000
Repayments of Lines of Credit						35,152,000	$ 26,055,000
Line of Credit, Current				$ 13,662,000		13,662,000		$ 7,273,000
Canadian Mortgage Note [Member]
Proceeds from Issuance of Debt	$ 6,100,000	$ 8,000,000
Debt Instrument, Maturity Date	Dec. 23, 2042	Dec. 23, 2042
Debt Instrument, Interest Rate, Effective Percentage	6.10%	6.10%
Debt Instrument, Periodic Payment, Interest	$ 28,000	$ 37,000
Debt Instrument, Periodic Payment, Principal	$ 20,000	$ 27,000
Mortgage Note Secured by Tennessee Manufacturing Facility [Member]
Debt Instrument, Interest Rate, Stated Percentage			4.50%
Debt Instrument, Maturity Date			Jul. 01, 2027
Debt Instrument, Issuance Date			Jun. 19, 2012
Proceeds from Issuance of Secured Debt			$ 1,800,000
Debt Instrument, Periodic Payment, Total			$ 13,000
Debt Instrument, Adjustable Interest Rate Period, Commencement Date			Jun. 19, 2022
Debt Instrument, Interest Rate, Maximum Annual Increase			2.00%
Debt Instrument, Adjustable Interest Rate, Ceiling			18.00%
Debt Instrument, Adjustable Interest Rate, Floor			4.50%
Three 2017 Capital Leases [Member]
Debt Instrument, Periodic Payment, Total								100,000
Capital Lease Obligations, Total								$ 800,000		$ 1,100,000
Debt Instrument, Maturity Date Range, Start								Apr. 30, 2021
Debt Instrument, Maturity Date Range, End								Sep. 29, 2022
Maximum [Member] \| Three 2017 Capital Leases [Member]
Debt Instrument, Interest Rate, Stated Percentage								7.80%		7.80%
Minimum [Member] \| Three 2017 Capital Leases [Member]
Debt Instrument, Interest Rate, Stated Percentage								4.00%		4.00%
Revolving Lines, North America [Member]
Debt Instrument, Term				3 years	3 years
Line of Credit Facility, Maximum Borrowing Capacity				$ 18,000,000		18,000,000			$ 15,000,000
Repayments of Lines of Credit				$ 3,773,823	$ 4,794,528
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.375%	0.375%
Line of Credit Facility, Capital Expenditures Restrictions				$ 3,000,000		3,000,000
Line of Credit Facility, Covenant Terms, EBITDA, Term One				1,807,000		1,807,000
Line of Credit Facility, Covenant Terms, EBITDA, Term Two				$ 2,462,000		$ 2,462,000
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term One				1.1		1.1
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term Two				1.1		1.1
Debt Instrument, Default Rate				2.00%		2.00%
Line of Credit, Current				$ 13,700,000		$ 13,700,000
Debt, Weighted Average Interest Rate				6.45%		6.45%
Line of Credit Facility, Current Borrowing Capacity				$ 2,900,000		$ 2,900,000
Line of Credit Facility, Expiration Date				Sep. 20, 2021	Sep. 20, 2021
Revolving Lines, North America [Member] \| Maximum [Member]
Line of Credit Facility, Interest Rate at Period End				7.75%		7.75%
Revolving Lines, North America [Member] \| Minimum [Member]
Line of Credit Facility, Interest Rate at Period End				5.78%		5.78%
Letter of Credit [Member]
Repayments of Lines of Credit				$ 154,500
Foreign Revolving Lines [Member]
Line of Credit Facility, Maximum Borrowing Capacity				9,100,000		$ 9,100,000
Line of Credit, Current				$ 500,000		$ 500,000
Debt, Weighted Average Interest Rate				6.14%		6.14%
Letters of Credit Outstanding, Amount				$ 6,600,000		$ 6,600,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 2,100,000		$ 2,100,000
Foreign Revolving Lines [Member] \| EIBOR [Member]
Debt Instrument, Basis Spread on Variable Rate						3.50%
Foreign Revolving Lines [Member] \| Maximum [Member]
Line of Credit Facility, Interest Rate at Period End				6.14%		6.14%
Foreign Revolving Lines [Member] \| Minimum [Member]
Line of Credit Facility, Interest Rate at Period End				6.11%		6.11%
Debt Instrument, Interest Rate, Stated Percentage				4.50%		4.50%

Note 10 - Restricted Cash (Details Textual) - USD ($) $ in Thousands	Oct. 31, 2018	Jan. 31, 2018	Oct. 31, 2017
Restricted Cash, Current	$ 2,536	$ 1,237	$ 898
Non-US [Member]
Restricted Cash, Current	1,000	$ 1,200
UNITED STATES
Restricted Cash, Current	$ 1,500