ppih20181031

0001437749-19-011764.txt : 20190611 0001437749-19-011764.hdr.sgml : 20190611 20190611090813 ACCESSION NUMBER: 0001437749-19-011764 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20190430 FILED AS OF DATE: 20190611 DATE AS OF CHANGE: 20190611 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: 19889964 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 ppih20190422_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 April 30, 2019.

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.01 par value per share		PPIH		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (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 every Interactive Data File required to be submitted 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 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 June 6, 2019, there were 7,913,122 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 April 30, 2019

TABLE OF CONTENTS

Item		Page

Part I	Financial Information

1.	Financial Statements
	Consolidated Statements of Operations (Unaudited) for the Three Months Ended April 30, 2019 and 2018	2
	Consolidated Statements of Comprehensive Loss (Unaudited) for the Three Months Ended April 30, 2019 and 2018	3
	Consolidated Balance Sheets as of April 30, 2019 (Unaudited) and January 31, 2019	4
	Consolidated Statements of Stockholders' Equity as of April 30, 2019 (Unaudited) and January 31, 2019	5
	Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended April 30, 2019 and 2018	6
	Notes to Consolidated Financial Statements (Unaudited)	7

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

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.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three Months Ended April 30,
	2019			2018
Net sales	$	24,276		$	28,889
Cost of sales		19,554			24,664
Gross profit		4,722			4,225

Operating expenses
General and administrative expenses		4,442			3,982
Selling expenses		1,260			1,142
Total operating expenses		5,702			5,124

Loss from operations		(980	)		(899	)

Interest expense, net		210			266
Loss from operations before income taxes		(1,190	)		(1,165	)

Income tax expense/(benefit)		312			(48	)

Net loss	$	(1,502	)	$	(1,117	)

Weighted average common shares outstanding
Basic and diluted		7,887			7,718

Loss per share
Basic and diluted		(0.19	)		(0.14	)

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.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

(In thousands)

	Three Months Ended April 30,
	2019			2018
Net loss	$	(1,502	)	$	(1,117	)

Other comprehensive loss
Foreign currency translation adjustments, net of tax		(317	)		(665	)
Other comprehensive loss		(317	)		(665	)

Comprehensive loss	$	(1,819	)	$	(1,782	)

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands, except per share data)

	April 30, 2019			January 31, 2019
ASSETS
Current assets
Cash and cash equivalents	$	7,960		$	10,156
Restricted cash		2,602			2,581
Trade accounts receivable, less allowance for doubtful accounts of $503 at April 30, 2019 and $536 at January 31, 2019		24,800			32,508
Inventories, net		16,126			12,289
Prepaid expenses and other current assets		3,682			3,773
Contract assets		1,983			1,653
Total current assets		57,153			62,960
Property, plant and equipment, net of accumulated depreciation		29,568			30,398
Other assets
Operating lease right-of-use asset		10,323			-
Deferred tax assets - long-term		461			458
Goodwill		2,218			2,269
Other assets		6,791			6,120
Total other assets		19,793			8,847
Total assets	$	106,514		$	102,205
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Trade accounts payable	$	11,582		$	12,006
Accrued compensation and payroll taxes		1,476			1,544
Commissions and management incentives payable		1,724			1,866
Revolving line North America		5,642			8,890
Current maturities of long-term debt		1,125			640
Customers' deposits		3,524			3,708
Outside commissions payable		1,453			1,743
Contract liability		1,846			1,569
Operating lease liability short-term		816			-
Other accrued liabilities		4,355			3,856
Income taxes payable		700			1,266
Total current liabilities		34,243			37,088
Long-term liabilities
Long-term debt, less current maturities		6,484			6,751
Deferred compensation liabilities		3,666			3,883
Deferred tax liabilities long-term		1,417			1,435
Operating lease liability long-term		9,493			-
Other long-term liabilities		437			688
Total long-term liabilities		21,497			12,757
Stockholders' equity
Common stock, $.01 par value, authorized 50,000 shares; 7,893 issued and outstanding at April 30, 2019 and 7,854 issued and outstanding at January 31, 2019		79			79
Additional paid-in capital		59,026			58,793
Accumulated deficit		(5,134	)		(3,632	)
Accumulated other comprehensive loss		(3,197	)		(2,880	)
Total stockholders' equity		50,774			52,360
Total liabilities and stockholders' equity	$	106,514		$	102,205

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC.

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, 2019	$	79	$	58,793	$	(3,632	)	$	(2,880	)	$	52,360

Net loss						(1,502	)					(1,502	)
Common stock issued under stock plans, net of shares used for tax withholding				79								79
Stock-based compensation expense				154								154
Foreign currency translation adjustment									(317	)		(317	)
Total stockholders' equity at April 30, 2019	$	79	$	59,026	$	(5,134	)	$	(3,197	)	$	50,774

Shares	2019		2018
Balances at beginning of year		7,854,322		7,716,542
Shares issued		38,800		137,780
Balances at period end		7,893,122		7,854,322

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)	Three Months Ended April 30,
	2019			2018
Operating activities
Net loss	$	(1,502	)	$	(1,117	)
Adjustments to reconcile net loss to net cash flows provided/(used) in operating activities
Depreciation and amortization		1,154			1,183
Deferred tax (benefit)/expense		(4	)		61
Equity-based compensation expense		154			254
Loss on disposal of fixed assets		(3	)		40
Provision on uncollectible accounts		(32	)		(28	)
Changes in operating assets and liabilities
Accounts receivable		6,084			3,219
Inventories		(3,870	)		934
Change in contract assets and contract liabilities		(54	)		(1,728	)
Accounts payable		172			(2,925	)
Accrued compensation and payroll taxes		(405	)		524
Customers' deposits		(187	)		974
Income taxes receivable and payable		(560	)		(706	)
Prepaid expenses and other current assets		1,658			147
Other assets and liabilities		(1,231	)		(835	)
Net cash provided/(used) in operating activities		1,374			(3	)
Investing activities
Capital expenditures		(508	)		(376	)
Proceeds from sales of property and equipment		3			-
Net cash used in investing activities		(505	)		(376	)
Financing activities
Proceeds from revolving lines		21,865			9,990
Payments of debt on revolving lines of credit		(24,622	)		(6,571	)
Payments of other debt		(88	)		(90	)
Decrease in drafts payable		(190	)		(33	)
Payments on finance lease obligations		(50	)		(93	)
Stock options exercised		79			25
Net cash (used)/provided by financing activities		(3,006	)		3,228
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(38	)		(190	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(2,175	)		2,659
Cash, cash equivalents and restricted cash - beginning of period		12,737			8,321
Cash, cash equivalents and restricted cash - end of period	$	10,562		$	10,980
Supplemental cash flow information
Interest paid	$	226		$	242
Income taxes paid		862			568

See accompanying notes to consolidated financial statements.

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PERMA-PIPE INTERNATIONAL HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

April 30, 2019

(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, 2019 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 2019 and 2018 are for the three months ended April 30, 2019 and 2018, respectively.

Note 2 - Business segment reporting

The Company is engaged in the manufacture and sale of products in one segment: Piping Systems. The Company engineers, designs, manufactures and sells specialty piping systems, and leak detection systems. Specialty piping systems include: (i) insulated and jacketed district heating and cooling piping systems for efficient energy distribution from central energy plants to multiple locations, (ii) primary and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, and (iii) the coating and/or insulation of oil and gas gathering and transmission pipelines. The Company's leak detection systems are sold with its piping systems or 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 uncollectible. The write-off is recorded against the allowance for doubtful accounts.

One of the Company’s accounts receivable in the total amount of $4.7 million as of January 31, 2019 has been outstanding for several years. Included in this balance is a retention receivable amount of $3.7 million, of which, $3.5 million was included in the balance of other long-term assets as of April 30, 2019 and January 31, 2019 due to the long-term nature of the receivable. The Company completed all of its deliverables in 2015, and has been engaged in ongoing active efforts to collect this outstanding amount. During fiscal year 2018, the Company received payments of approximately $0.7 million, and in the first quarter of fiscal 2019 the Company received a further $0.3 million, thus reducing this balance to $4.4 million as of April 30, 2019. As a result, the Company did not reserve any allowance against this receivable as of April 30, 2019. The Company continues to engage with the customer to ensure full payment of open balances, and has also received an updated acknowledgment of the outstanding balances and assurances of payment from the customer. However, if the Company’s efforts to collect on this account are not successful in fiscal 2019, then the Company may recognize an allowance for all, or substantially all, of any such then uncollected amounts.

For the three months ended April 30, 2019, no individual customer accounted for 10% or more of the Company's consolidated net sales. For the three months ended April 30, 2018, one individual customer accounted for approximately 13.5% of the Company's consolidated net sales.

At April 30, 2019 and January 31, 2019, three customers collectively accounted for 33.6% and 39.4% of the Company's accounts receivable, respectively.

Note 4 - Revenue recognition

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 specialty piping systems, insulates subsea flowline pipe, subsea oil production equipment, and land-lines. Additionally, this systems classification also includes coating applied to pipes and structures.

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.

In accordance with ASC 606-10-25-27 through 29, the Company recognizes specialty piping and coating systems revenue 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.

Products revenue is recognized when goods are shipped or services are performed (ASC 606-10-25-30).

A breakdown of the Company's revenues by revenue class for the three months ended April 30, 2019 and 2018 are as follows:

	Three Months Ended April 30,
	2019					2018
	Sales		% to Total			Sales		% to Total
Products		4,898		20	%		2,429		8	%

Specialty Piping Systems and Coating
Revenue recognized under input method		8,786		36	%		11,102		38	%
Revenue recognized under output method		10,592		44	%		15,358		53	%
Total		24,276		100	%		28,889		100	%

The input method as noted in ASC 606-10-55-20 is used by the U.S. operating entities to measure revenue by the costs incurred to date relative to the estimated costs to satisfy the contract using the percentage-of-completion 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.

The output method as noted in ASC 606-10-55-17 is used by all other operating entities to measure revenue by the direct measurement of the outputs produced relative to the remaining goods promised under the contract. 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.

Some of the Company’s operating entities invoice and collect milestones or other contractual obligations prior to the transfer of goods and services, but do not recognize revenue until the performance obligations are satisfied under the methods discussed above.

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 April 30, 2019 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 April 30, 2019 within one year.

	Contract Assets
Balance January 31, 2019	$	1,653
Costs and gross profit recognized during the period for uncompleted contracts from the prior period		(1,038	)
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period		1,368
Closing Balance at April 30, 2019		1,983

	Contract Liabilities
Balance January 31, 2019	$	1,569
Revenue recognized during the period for uncompleted contracts from the prior period		(444	)
New contracts entered into that are uncompleted at the end of the current period		721
Closing Balance at April 30, 2019		1,846

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 first quarter of fiscal 2019 was (26.1%) compared to 4.1% during the respective prior year periods. The change in the ETR from the prior year quarter to the current year quarter is largely due to the fact that the Company is in a positive operating income position in certain taxable jurisdictions, and in operating loss positions in certain zero-rate jurisdictions and jurisdictions with a full valuation allowance.

The amount of unrecognized tax benefits, including interest and penalties, at April 30, 2019, 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 ("GILTI") and the base erosion anti-abuse tax, respectively. The Company currently does not project a GILTI inclusion for the year, but even if the Company were to end up with an inclusion, it would have no impact on tax expense due to its offset by loss carryovers with a full valuation allowance applied against it.

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 months ended April 30, 2019, and 2018.

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 April 30, 2019 and January 31, 2019 was attributable to the purchase of Perma-Pipe Canada, Ltd.

		January 31, 2019				Foreign exchange change effect				April 30, 2019
Goodwill		$	2,269			$	(51	)		$	2,218

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 months ended April 30, 2019 and 2018.

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Note 7 - Stock-based compensation

At April 30, 2019, 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 the Company's 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 April 30, 2019 the Company had reserved a total of 835,332 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 April 30,
	2019		2018
Stock-based compensation expense	$	4	$	13
Restricted stock-based compensation expense		149		241
Total stock-based compensation expense	$	154	$	254

Stock Options

The Company did not grant any stock options during the three months ended April 30, 2019. The following tables summarizes 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, 2019		218			8.60		3.8	$	257
Exercised		(9	)		6.87				20
Expired or forfeited		(1	)		7.01
Outstanding at April 30, 2019		208			8.69		3.3		265

Exercisable at April 30, 2019		198		$	8.77		3.1	$	246

The Company received less than $0.1 million during the three months ended April 30, 2019, for stock options exercised.

Unvested option activity	No. of Shares Underlying Options			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding at January 31, 2019		11		$	7.00	$	19
Vested		—
Expired or forfeited		(1	)		7.01
Outstanding at April 30, 2019		10		$	7.00	$	18

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As of April 30, 2019, 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 1.0 years.

Restricted stock

The following table summarizes the Company's restricted stock activity for the first quarter of fiscal 2019:

Restricted stock activity	Restricted Shares			Weighted Average Grant Price Per Share		Aggregate Intrinsic Value
Outstanding (unvested) at January 31, 2019		283			8.74	$	2,476
Granted		—
Vested and issued		—
Forfeited		(4	)		8.60
Outstanding (unvested) end at April 30, 2019		279			8.96	$	2,502

As of April 30, 2019, there was $1.0 million of unrecognized compensation expense related to unvested restricted stock granted under the plans. That cost is expected to be recognized over a weighted average period of 2.0 years.

Note 8 - Earnings per share

	Three Months Ended April 30,
	2019		2018
Basic weighted average common shares outstanding		7,887		7,718
Dilutive effect of equity compensation plans		—		—
Weighted average common shares outstanding assuming full dilution		7,887		7,718

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		126		137
Stock options with an exercise price below the average market price		82		212

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Note 9 - Debt

Debt totaled $13.3 million at April 30, 2019, a net decrease of $3.0 million since January 31, 2019.

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 has used proceeds from the new Senior Credit Facility for on-going working capital needs, and expects to continue using this facility to fund future capital expenditures, working capital needs and 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 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 assets 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 $3.0 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 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 (ii) 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 each quarter end on a trailing four-quarter basis. The Company was in compliance with this requirement as of April 30, 2019.

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.

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As of April 30, 2019, the Company had borrowed an aggregate of $5.6 million; $0.6 million at 8.5% and $5.0 million at 6.49%, at a weighted average rate of 6.72%, and the Company had $2.8 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 April 30, 2019 the Company was in compliance with the covenants under the credit arrangements. On April 30, 2019, 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 April 30, 2019, the Company's interest rates ranged from 6.15% to 6.30%, with a weighted average rate of 6.30%, and the Company could borrow $9.0 million under these credit arrangements. On April 30, 2019, $5.9 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. On April 30, 2019, the Company had borrowed $0.5 million, and had an additional $2.6 million available. The foreign revolving lines balances as of April 30, 2019 and January 31, 2019, 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 6.05%, 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%.

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Note 10 - Leases

Effective February 1, 2019, the Company accounts for its leases under ASC 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the consolidated balance sheet. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities short-term, and operating lease liabilities long-term in the Company's consolidated balance sheets. Finance leases are included in property, plant and equipment, current portion of long-term debt, and long-term debt less current maturities in the Company's consolidated balance sheets.

ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right of use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term.

As most of the Company's leases do not provide an implicit rate, we use the Company's incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment.

In calculating the right of use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election, and recognizes rent expense on a straight-line basis over the lease term.

The Company continues to account for leases in the prior period financial statements under ASC Topic 840.

Finance Leases. In 2017, the Company obtained three finance 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 fiance 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.

On August 5, 2016, the Company obtained a finance lease for 0.6 million Indian Rupees (approximately $8 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this finance lease is 15.6% per annum with monthly principal and interest payments of less than $1 thousand U.S. dollars, and the lease matures on July 5, 2019.

The Company has several significant operating lease agreements, with lease terms of one to 14 years, which consist of real estate, vehicles and office equipment leases. These leases do not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses; renewal options have not been included in the calculation of the lease liabilities and right of use assets as the Company is not reasonably certain to exercise the options. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. The Company does not have any arrangements where it acts as a lessor, other than one sub-lease arrangement.

At April 30, 2019, the Company had operating lease liabilities of $10.3 million and operating right of use assets of $10.3 million, which are reflected in the consolidated balance sheet. At April 30, 2019, the Company also had finance lease liabilities of $0.5 million included in current maturities of long-term debt and long-term debt less current maturities, and finance right of use assets of $0.4 million which were included in property plant and equipment, net of accumulated depreciation in the consolidated balance sheet.

Supplemental balance sheet information related to leases is as follows:

Operating and Finance leases:	April 30, 2019
Finance leases assets:
Property and Equipment - gross	$	836
Accumulated depreciation and amortization		(391	)
Property and Equipment - net		445

Finance lease liabilities:
Finance lease liability short-term	$	208
Finance lease liability long-term		265
Total finance lease liabilities		473

Operating lease assets:
Operating lease ROU assets	$	10,323

Operating lease liabilities:
Operating lease liability short-term	$	816
Operating lease liability long-term		9,493
Total operating lease liabilities		10,309

Total lease costs consist of the following:

Lease costs	Consolidated Statements of Operations Classification		Three Months Ended April 30, 2019
Finance Lease Costs
Amortization of ROU assets	Cost of sales	$	51
Interest on lease liabilities	Interest expense		9
Operating lease costs	Cost of sales, SG&A expenses		551
Short-term lease costs (1)	Cost of sales, SG&A expenses		176
Sub-lease income	SG&A expenses		(20	)
Total Lease costs		$	767

(1) Includes variable lease costs, which are immaterial

Supplemental cash flow information related to leases is as follows:

	Three Months Ended April 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	50
Operating cash flows from finance leases		9
Operating cash flows from operating leases		618

	April 30, 2019
ROU Assets obtained in exchange for new lease obligations:
Finance leases liabilities	$	523
Operating leases liabilities		10,963

Weighted-average lease terms and discount rates are as follows:

	April 30, 2019
Weighted-average remaining lease terms:
Finance leases		2.3	years
Operating leases		10.1	years

Weighted-average discount rates:
Finance leases		7.0	%
Operating leases		9.1	%

Maturities of lease liabilities as of April 30, 2019, are follows:

Year:	Operating Leases			Finance Leases
For the nine months ended January 31, 2020	$	1,373		$	177
For the year ended January 31, 2021		1,804			234
For the year ended January 31, 2022		1,686			81
For the year ended January 31, 2023		1,605			20
For the year ended January 31, 2024		1,454			-
For the year ended January 31, 2025		1,064			-
Thereafter		6,656			-
Total lease payments		15,642			512
Less: amount representing interest		(5,333	)		(39	)
Total lease liabilities at April 30, 2019	$	10,309		$	473

Rent expense on operating leases, which is recorded on straight-line basis, was $0.7 million for both of the three months ended April 30, 2019 and 2018.

Note 11 - Restricted cash

Restricted cash held by foreign subsidiaries was $1.1 million for both April 30, 2019 and January 31, 2019. 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 April 30, 2019 was $1.5 million, all of which is cash collateral held by PNC Bank in relation to the Senior Credit Facility.

	Three Months Ended April 30,
	2019		2018
Cash and cash equivalents	$	7,960	$	9,879
Restricted cash		2,602		1,101
Cash, cash equivalents and restricted cash shown in the statement of cashflows	$	10,562	$	10,980

Note 12 - 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 13 - Recent accounting pronouncements

In February 2016, the FASB issued Accounting Standard Update ("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 adoption of this ASU using the alternative transition approach resulted in the recognition of operating lease right of use assets, net of deferred rent of $10.7 million and lease liability for operating leases of $11.0 million as of February 1, 2019. The Company accounts for existing finance lease assets and liabilities in the same way under the new standard. Adoption of this ASU did not have an effect on retained earnings. The Company availed itself of the practical expedients provided under this ASU and its subsequent amendments regarding identification of leases, lease classification, indirect costs, and the combination of lease and non-lease components. The Company continues to account for leases in the prior period financials statements under ASC Topic 840.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating this standard and the impact to the financial statements of the Company.

In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits entities to reclassify the disproportionate income tax effects of the Tax Act on items within accumulated other comprehensive income/(loss) to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income from continuing operations is not affected by this update. The Company adopted ASU 2018-02 effective February 1, 2019 and has elected to not reclassify any amounts to retained earnings. Under the Company's existing policy, any existing stranded tax effects will be eliminated when the underlying circumstances upon which it was premised cease to exist.

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.

($ in thousands)	Three Months Ended April 30,
	2019						2018						Change favorable/(unfavorable)
	Amount			Percent of Net Sales			Amount			Percent of Net Sales			Amount			Percent
Net sales	$	24,276					$	28,889					$	(4,613	)		(16	)%

Gross profit		4,722			19.5	%		4,225			14.6	%		497			12	%

General and administrative expenses		4,442			18.3	%		3,982			13.8	%		(460	)		(12	)%

Selling expense		1,260			5.2	%		1,142			4.0	%		(118	)		(10	)%

Interest expense, net		210						266						56			21	%

Loss from operations before income taxes		(1,190	)					(1,165	)					(25	)		(2	)%

Three months ended April 30, 2019 ("current quarter") vs. Three months ended April 30, 2018 ("prior year quarter")

Net sales:

Net sales decreased $4.6 million to $24.3 million in the current quarter, from $28.9 million in the prior year quarter. Lower revenues resulted from delayed project timelines in the Middle East.

Cost of sales and gross profit:

Gross profit increased to 19.5%, or $4.7 million of net sales in the current quarter from 14.6%, or $4.2 million of net sales, in the prior year quarter. This 12% increase in gross profit was due to improved margins resulting from operating cost improvement initiatives.

General and administrative expenses:

General and administrative expenses increased to $4.4 million in the current quarter, compared to $4.0 million in the prior year quarter. In the prior year quarter the Company had received a settlement payment of $0.1 million. In the current year quarter there were increases across several cost categories including increased headcount.

Selling expenses:

Selling expenses were $1.3 million in the current quarter, compared to $1.1 million in the prior year quarter. In the current year quarter there were increases across several cost categories.

Interest expense:

Net interest expense decreased to $0.2 million in the current quarter from $0.3 million in the prior-year quarter due to lower borrowings.

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Loss from operations before income taxes:

Loss from operations before income taxes of $1.2 million remained relatively flat in the current quarter compared to the prior year quarter. The contributing factors to the incremental increase were improved margins, and lower interest expense due to lower borrowings.

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 since then collected approximately $37.5 million as of April 30, 2019, with a remaining balance due in the amount of $4.4 million. Included in this balance is an amount of $3.7 million, which pertains to retention clauses within the agreements of the Company's 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, $3.5 million of this retention amount was reclassed to a long-term receivable account.

The Company has been engaged in ongoing active efforts to collect the outstanding amount, and has collected $0.3 million during the three months ended April 30, 2019. The Company has also received an updated acknowledgment of the outstanding balances and assurances of payment from the customer. As a result, the Company did not reserve any allowance against this amount as of April 30, 2019. However, if the Company’s efforts to collect on this account are not successful in fiscal 2019, then the Company may be required to recognize an allowance for all, or substantially all, of any such then uncollected amounts in the future.

Income taxes:

The Company's effective tax rate ("ETR") from operations for the current quarter was (26.1%) compared to 4.1% during the prior year quarter. The change in the ETR from the prior year quarter to the current year quarter is largely due to the fact that the Company is in a positive operating income position in certain taxable jurisdictions, and in operating loss positions in certain zero-rate jurisdictions and jurisdictions with a full valuation allowance. 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 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 April 30, 2019 were $10.6 million compared to $12.7 million on January 31, 2019. On April 30, 2019, $1.8 million was held in the U.S., and $8.8 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 $22.2 million on April 30, 2019 compared to $25.9 million on January 31, 2019.

Cash provided by operating activities during the first three months of fiscal 2019 was $1.4 million, compared to no cash provided during the same period in fiscal 2018. Net cash used in investing activities during the first three months of fiscal 2019 was $0.5 million, compared to $0.4 million during the same period in fiscal 2018.

Debt totaled $13.3 million on April 30, 2019, a net decrease of $3.0 million when compared $16.3 million at January 31, 2019. For additional information, see "Notes to Consolidated Financial Statements, Note 9 Debt". Net cash used in financing activities during the first three months of fiscal 2019 was $3.0 million compared to $3.2 million cash provided for the same period in fiscal 2018.

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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 Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender (“PNC”), providing for a three-year $18 million Senior Secured Revolving Credit Facility, subject to a borrowing base including various reserves (the “Senior Credit Facility”).

The Company has used proceeds from the new Senior Credit Facility to pay outstanding amounts under a prior credit facility, to cash collateralize a letter of credit, and for on-going working capital needs, and expects to continue using this facility to fund future capital expenditures, working capital needs and 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 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 assets 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 $3.0 million annually (plus a limited carryover of unused amounts).

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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 April 30, 2019, the Company was in compliance with all of its covenants. On April 30, 2019, 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 April 30, 2019, the Company's interest rates ranged from 6.15% to 6.30%, with a weighted average rate of 6.30%, and the Company could borrow $9.0 million under these credit arrangements. On April 30, 2019, $5.9 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. On April 30, 2019, the Company had borrowed $0.5 million, and had an additional $2.6 million available. The foreign revolving lines balances as of April 30, 2019 and January 31, 2019, 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 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.

Finance Leases. In 2017, the Company obtained three finance 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 finance 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.

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, 2019 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 April 30, 2019. 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.

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PART II OTHER INFORMATION

Item 6.

Exhibits

3.1	Fifth Amended and Restated By-laws of Perma-Pipe International Holdings, Inc. [Incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on May 6, 2019]
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

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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:	June 11, 2019	/s/ David J. Mansfield
		David J. Mansfield
		President and Chief Executive Officer
		(Principal Executive Officer)

Date:	June 11, 2019	/s/ D. Bryan Norwood
		D. Bryan Norwood
		Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 ex_141423.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:

June 11, 2019

/s/ David J. Mansfield

David J. Mansfield

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 ex_141424.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:

June 11, 2019

/s/ D. Bryan Norwood

D. Bryan Norwood

Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32 4 ex_141425.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 April 30, 2019 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)

June 11, 2019

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.

EX-101.INS 5 ppih-20190430.xml XBRL INSTANCE DOCUMENT false --01-31 Q1 2020 2019-04-30 10-Q 0000914122 7913122 Yes false Non-accelerated Filer Perma-Pipe International Holdings, Inc. true ppih 4700000 4400000 0 19793000 8847000 79000 79000 1368000 721000 P1Y 3524000 3708000 0.18 0.045 2022-06-19 0.02 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 74%;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" 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><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Operating Leases</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 style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" 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><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Finance Leases</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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the nine months ended January 31, 2020</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;">$</td> <td style="width: 10%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,373</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; 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;">177</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2021</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: 10%; 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;">1,804</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">234</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2022</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: 10%; 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;">1,686</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">81</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2023</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: 10%; 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;">1,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2024</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: 10%; 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;">1,454</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2025</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: 10%; 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;">1,064</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Thereafter</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: 10%; 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;">6,656</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </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: 10%; 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;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total lease payments</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: 10%; 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;">15,642</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">512</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Less: amount representing interest</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: 10%; 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;">(5,333</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</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: 10%; 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;">(39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total lease liabilities at April 30, 2019</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; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,309</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> </table></div> 100000 1000 0 -54000 -1728000 -187000 974000 0.04 0.078 0.156 <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;">10</div> - Leases</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;">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2019, </div>the Company accounts for its leases under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> <div style="display: inline; font-style: italic;">Leases</div>.  Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the consolidated balance sheet. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities short-term, and operating lease liabilities long-term in the Company's consolidated balance sheets. Finance leases are included in property, plant and equipment, current portion of long-term debt, and long-term debt less current maturities in the Company's consolidated balance sheets. </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;">ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate.  Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term.  For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term.  For finance leases, interest on the lease liability and the amortization of the right of use asset results in front-loaded expense over the lease term.  Variable lease expenses are recorded when incurred. ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term.</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 most of the Company's leases do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provide an implicit rate, we use the Company's incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment.</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;">In calculating the right of use asset and lease liability, the Company elects to combine lease and non-lease components.  The Company excludes short-term leases having initial terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months or less from the new guidance as an accounting policy election, and recognizes rent expense on a straight-line basis over the lease term. </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 continues to account for leases in the prior period financial statements under ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</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;">Finance 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> finance 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 fiance 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 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;"> August </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company obtained a finance lease for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.6</div> million Indian Rupees (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8</div> thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this finance lease is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.6%</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;">$1</div> thousand U.S. dollars, and the lease matures 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;">5,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</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 Company has several significant operating lease agreements, with lease terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> years, which consist of real estate, vehicles and office equipment leases. These leases do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees.  Certain of the Company’s leases include renewal options and escalation clauses; renewal options have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been included in the calculation of the lease liabilities and right of use assets as the Company is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reasonably certain to exercise the options.  Variable expenses generally represent the Company’s share of the landlord’s operating expenses.  The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any arrangements where it acts as a lessor, other than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> sub-lease arrangement. </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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>the Company had operating lease liabilities of $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.3</div></div> million <div style="display: inline; background-color:null;">a</div>nd operating right of use assets o<div style="display: inline; background-color:null;">f $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.3</div></div> million, wh</div>ich are reflected in the consolidated balance sheet. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>the Company also had finance lease liabilities of $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5</div></div> million included in current maturities of long-term debt and long-term debt less current maturities, and finance right of use assets of $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.4</div></div> millio<div style="display: inline; background-color:null;">n </div>which were included in <div style="display: inline; background-color:null;">property plant and equipment, net of accumulated depreciation </div>in the consolidated balance sheet.</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;">Supplemental balance sheet information related to leases is as follows: </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="padding-left: 0px; margin-left: 0px; width: 87%;">Operating and Finance leases:</td> <td> </td> <td colspan="2" style="padding-left: 0px; margin-left: 0px; vertical-align: middle; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">April 30, 2019</div></td> <td style="border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Finance leases assets:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Property and Equipment - gross</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: 10%; 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;">836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Accumulated depreciation and amortization</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: 10%; 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;">(391</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 0px; margin-left: 0px;">Property and Equipment - net</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; padding-left: 0px; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">445</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Finance lease liabilities:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Finance lease liability short-term</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: 10%; 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;">208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Finance lease liability long-term</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: 10%; 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;">265</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 0px; margin-left: 0px;">Total finance lease liabilities</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; padding-left: 0px; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">473</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Operating lease assets:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Operating lease ROU assets</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; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 10%; 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;">10,323</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Operating lease liabilities:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Operating lease liability short-term</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: 10%; 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;">816</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Operating lease liability long-term</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: 10%; 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;">9,493</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 0px; margin-left: 0px;">Total operating lease liabilities</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; padding-left: 0px; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,309</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </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;">Total lease costs consist of the following: </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 677px;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Lease costs </div></div> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 725px;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Statements of Operations Classification</div></div> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 13px;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 288px;"> <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 April 30, 2019</div></div> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Finance Lease Costs</div> </td> <td style="vertical-align: middle; width: 725px;"> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Amortization of ROU assets</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Cost of sales</div> </td> <td style="vertical-align: bottom; width: 13px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$</div> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">51</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Interest on lease liabilities</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Interest expense</div> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">9</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Operating lease costs</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Cost of sales, SG&A expenses</div> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">551</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Short-term lease costs (1)</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Cost of sales, SG&A expenses</div> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">176</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Sub-lease income</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">SG&A expenses</div> </td> <td style="vertical-align: bottom; width: 13px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; width: 288px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">(20</div> </td> <td style="vertical-align: bottom; width: 17px; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Total Lease costs</div></div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="vertical-align: bottom; width: 13px; border-bottom: 3px double rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$</div> </td> <td style="vertical-align: bottom; width: 288px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">767</div> </td> <td style="vertical-align: bottom; width: 17px; border-bottom: 3px double rgb(0, 0, 0);"> </td> </tr> </table> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; background-color:null;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) Includes variable lease costs, which are immaterial</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </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-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; background-color:null;">Supplemental cash flow information related to leases is as follows:</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <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: 1061px; 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); width: 9px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three Months Ended April 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash paid for amounts included in the measurement of lease liabilities:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 9px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Financing cash flows from finance leases</div> </td> <td style="width: 9px; 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 nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating cash flows from finance leases</div> </td> <td style="width: 9px; 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</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating cash flows from operating leases</div> </td> <td style="width: 9px; 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;">618</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="2" 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><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">April 30, 2019</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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">ROU Assets obtained in exchange for new lease obligations:</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%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Finance leases liabilities</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;">523</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Operating leases liabilities</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;">10,963</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">Weighted-average lease terms and discount rates are as follows: </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <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: 1300px; 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); width: 13px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 207px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">April 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 44px; border-bottom: 1px solid rgb(0, 0, 0);"><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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-average remaining lease terms:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 13px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10px;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 196px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44px;"> </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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Finance leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">2.3</div></td> <td nowrap="nowrap" style="width: 44px; 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;">years</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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">10.1</div></td> <td nowrap="nowrap" style="width: 44px; 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;">years</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="width: 1300px;"> </td> <td style="width: 13px;"> </td> <td style="width: 10px;"> </td> <td style="width: 196px;"> </td> <td style="width: 44px;"> </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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-average discount rates:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 13px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10px;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 196px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44px;"> </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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Finance leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">7.0</div></td> <td nowrap="nowrap" style="width: 44px; 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></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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">9.1</div></td> <td nowrap="nowrap" style="width: 44px; 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></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;">Maturities of lease liabilities as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>are follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 74%;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Year:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" 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><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Operating Leases</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 style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" 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><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Finance Leases</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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the nine months ended January 31, 2020</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: 10%; 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;">1,373</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">177</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2021</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: 10%; 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;">1,804</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">234</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2022</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: 10%; 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;">1,686</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">81</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2023</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: 10%; 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;">1,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2024</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: 10%; 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;">1,454</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">For the year ended January 31, 2025</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: 10%; 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;">1,064</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Thereafter</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: 10%; 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;">6,656</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </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: 10%; 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;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total lease payments</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: 10%; 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;">15,642</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 10%; 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;">512</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Less: amount representing interest</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: 10%; 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;">(5,333</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</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: 10%; 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;">(39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Total lease liabilities at April 30, 2019</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; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,309</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </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; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </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;">Rent expense on operating leases, which is recorded on straight-line basis, was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.7</div> million for both of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </div>and <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> 6656000 1064000 3000000 1.1 1.1 1 0 1 3 3 1453000 1743000 0.2 0.08 0.36 0.38 0.44 0.53 1 1 700000 300000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="padding-left: 0px; margin-left: 0px; width: 87%;">Operating and Finance leases:</td> <td> </td> <td colspan="2" style="padding-left: 0px; margin-left: 0px; vertical-align: middle; text-align: center; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">April 30, 2019</div></td> <td style="border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Finance leases assets:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Property and Equipment - gross</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: 10%; 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;">836</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Accumulated depreciation and amortization</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: 10%; 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;">(391</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 0px; margin-left: 0px;">Property and Equipment - net</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; padding-left: 0px; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">445</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Finance lease liabilities:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Finance lease liability short-term</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: 10%; 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;">208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Finance lease liability long-term</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: 10%; 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;">265</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 0px; margin-left: 0px;">Total finance lease liabilities</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; padding-left: 0px; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">473</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Operating lease assets:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Operating lease ROU assets</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; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 10%; 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;">10,323</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Operating lease liabilities:</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: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Operating lease liability short-term</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: 10%; 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;">816</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Operating lease liability long-term</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: 10%; 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;">9,493</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="padding-left: 0px; margin-left: 0px;">Total operating lease liabilities</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; padding-left: 0px; margin-left: 0px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,309</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <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: 1061px; 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); width: 9px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three Months Ended April 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash paid for amounts included in the measurement of lease liabilities:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 9px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Financing cash flows from finance leases</div> </td> <td style="width: 9px; 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 nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating cash flows from finance leases</div> </td> <td style="width: 9px; 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</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 1061px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating cash flows from operating leases</div> </td> <td style="width: 9px; 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;">618</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 85%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="2" 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><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">April 30, 2019</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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">ROU Assets obtained in exchange for new lease obligations:</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%;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Finance leases liabilities</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;">523</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 85%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">Operating leases liabilities</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;">10,963</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <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: 1300px; 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); width: 13px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; width: 207px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">April 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); width: 44px; border-bottom: 1px solid rgb(0, 0, 0);"><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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-average remaining lease terms:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 13px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10px;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 196px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44px;"> </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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Finance leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">2.3</div></td> <td nowrap="nowrap" style="width: 44px; 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;">years</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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">10.1</div></td> <td nowrap="nowrap" style="width: 44px; 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;">years</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="width: 1300px;"> </td> <td style="width: 13px;"> </td> <td style="width: 10px;"> </td> <td style="width: 196px;"> </td> <td style="width: 44px;"> </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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-average discount rates:</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 13px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10px;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 196px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 44px;"> </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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Finance leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">7.0</div></td> <td nowrap="nowrap" style="width: 44px; 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></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: 1300px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 9pt;">Operating leases</div> </td> <td style="width: 13px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 10px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 196px; 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;">9.1</div></td> <td nowrap="nowrap" style="width: 44px; 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></td> </tr> </table></div>

11582000

12006000

24800000

32508000

700000

1266000

4355000

3856000

1724000

1866000

391000

-3197000

-2880000

59026000

58793000

154000

4000

13000

149000

241000

154000

254000

503000

536000

126000

137000

106514000

102205000

57153000

62960000

7960000

10156000

9879000

10562000

10980000

12737000

8321000

10562000

10980000

-2175000

2659000

835332

0.01

50000000

7893000

7854000

7893000

7854000

79000

-1819000

-1782000

0.135

0.336

0.394

3700000

3500000

1653000

1983000

1653000

1038000

1569000

1846000

1569000

444000

19554000

24664000

13300000

<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;">13.3</div></div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>a net decrease of $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0</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;">2019.</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 has used proceeds from the new Senior Credit Facility for on-going working capital needs, and expects to continue using this facility to fund future capital expenditures, working capital needs and 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 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 assets 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;">$3.0</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 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 (ii) 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 each quarter end 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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019. </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 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: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;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>the Company had borrowed an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.6</div> million; <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.5%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.49%,</div> at a weighted average rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.72%,</div> and the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.8</div> million available to them under the Senior Credit Facility. </div> <div style=" text-align: justify;"><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 dividend<div style="display: inline; background-color:null;">s. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </div>the Company was in compliance with the covenants under the credit arrangements. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>interest rates were based on the Emirates Inter Bank Offered Rate (EIBOR) plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5%</div> per annum, with a minimum interest rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5%</div> per annum. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019</div></div><div style="display: inline; background-color:null;">, the Company's interest rates ranged from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.15%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.30%,</div> with a weighted average rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.30%,</div> an</div>d the Company could borrow<div style="display: inline; background-color:null;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.0</div> million</div> under these credit arrangements. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div><div style="display: inline; background-color:null;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.9</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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </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;">$2.6</div> mill</div>ion available. The foreign revolving lines balances as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2019, </div>were included as current maturities of long-term debt in the Company's consolidated balance sheets. </div> <div style=" text-align: justify;"><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;">6.05%,</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>

0.035

3000000

0.0605

0.02

0.045

2012-06-19

2042-12-23

2027-07-01

13000

37000

28000

27000

20000

P3Y

0.0672

0.063

3666000

3883000

-4000

61000

461000

458000

1417000

1435000

1154000

1183000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> - Recent accounting pronouncements</div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued Accounting Standard Update ("ASU") <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases</div> (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>). 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> is effective for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>with early adoption permitted.  The adoption of this ASU using the alternative transition approach resulted in the recognition of operating lease right of use assets, net of deferred rent of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.7</div> million and lease liability for operating leases of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.0</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2019. </div>The Company accounts for existing finance lease assets and liabilities in the same way under the new standard.  Adoption of this ASU did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an effect on retained earnings.   The Company availed itself of the practical expedients provided under this ASU and its subsequent amendments regarding identification of leases, lease classification, indirect costs, and the combination of lease and non-lease components.  The Company continues to account for leases in the prior period financials statements under ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> <div style="display: inline; font-style: italic;">Financial Instruments-Credit Losses</div> (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>): Measurement of Credit Losses on Financial Instruments. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating this standard and the impact to the financial statements of the Company. </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</div>, which permits entities to reclassify the disproportionate income tax effects of the Tax Act on items within accumulated other comprehensive income/(loss) to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income from continuing operations is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> affected by this update. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2019 </div>and has elected to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reclassify any amounts to retained earnings. Under the Company's existing policy, any existing stranded tax effects will be eliminated when the underlying circumstances upon which it was premised cease to exist.   </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">The Company evaluated other recent accounting pronouncements and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect them to have a material impact on its consolidated financial statements or related disclosures.</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="14" style="text-align: center; font-family: "Times New Roman"; 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-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: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">Three Months Ended April 30,</div></div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman"; 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: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">2019</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman"; 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: rgb(255, 255, 255); font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">Sales</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">% to Total</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">Sales</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">% to Total</div></div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; width: 52%;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,898</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,429</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><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"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Revenue recognized under input method</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,786</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Revenue recognized under output method</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">10,592</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">44</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">15,358</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">53</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">%</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">24,276</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">28,889</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">%</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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </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 border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <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 the Company's 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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </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;">835,332</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 border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <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);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"><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;">Three Months Ended April 30,</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </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);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: right; 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><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;">2019</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); text-align: center;"> </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); text-align: center;"> </td> <td colspan="2" style="text-align: right; 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><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;">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); text-align: center;"> </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: 52%;"> <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;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; 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;">13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">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: 9%; 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;">149</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </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: 9%; 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;">241</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </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;">Total stock-based compensation expense</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; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 9%; 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;">254</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </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 Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> grant any stock options during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019. </div>The following tables summarizes 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 border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <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: 40%;"> <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: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" 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><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;">No. of Shares</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;">Underlying Options</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 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="2" 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><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 Average</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;">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); width: 1%;"> </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="2" 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><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 Average</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;">Remaining</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;">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); width: 1%;"> </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="2" 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><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 Intrinsic</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;">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); 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: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 31, 2019</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;">218</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">8.60</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">3.8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">257</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 40%;"> <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;">(9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</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;">6.87</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><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; width: 1%;"> </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;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 40%;"> <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: 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;">(1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</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;">7.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><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; width: 1%;"> </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%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><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; width: 1%;"> </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: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at April 30, 2019</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;">208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </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;">8.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">3.3</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">265</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 40%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </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: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercisable at April 30, 2019</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;">198</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">8.77</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">3.1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">246</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">The Company received less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>for stock options exercised. </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <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;">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: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" 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><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;">No. of Shares</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;">Underlying Options</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 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="2" 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><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 Average</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;">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 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="2" 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><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 Intrinsic</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;">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> </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, 2019</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;">11</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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 nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">19</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;"> </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;"> </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">Expired or forfeited</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: 0px; margin: 0px; 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; padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0px; margin: 0px; border-bottom: thin solid rgb(0, 0, 0);">)</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;">7.01</div></td> <td nowrap="nowrap" 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: 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;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding: 0; margin: 0"> </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 at April 30, 2019</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;">10</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </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 nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">18</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </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;">1.0</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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <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="2" 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><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 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="2" 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><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 Average</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;">Grant 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 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="2" 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><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 Intrinsic</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;">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> </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, 2019</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;">283</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">8.74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">2,476</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;"> </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;">—</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;"> </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;"> </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;"> </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;">(4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</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;">8.60</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;"> </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 at April 30, 2019</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;">279</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </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;">8.96</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">2,502</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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; background-color:null;">A</div>s of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>there was $<div style="display: inline;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0</div></div> million of unrecognized compensation expense related to unvested restricted stock granted under the plans. That cost 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;">2.0</div></div> years.</div></div>

-0.19

-0.14

-38000

-190000

-0.261

0.041

1476000

1544000

100000

1000000

P1Y

P2Y

9000

473000

208000

265000

512000

20000

81000

234000

177000

39000

50000

93000

1100000

800000

600000

8000

400000

51000

0.07

P2Y109D

3000

-40000

4442000

3982000

2269000

2218000

-51000

4722000

4225000

-1190000

-1165000

312000

-48000

862000

568000

172000

-2925000

-6084000

-3219000

-405000

524000

-560000

-706000

3870000

-934000

1231000

835000

-190000

-33000

-1658000

-147000

82000

212000

-210000

-266000

226000

242000

16126000

12289000

767000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-; min-width: 700px;"> <tr> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 677px;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Lease costs </div></div> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 725px;"> <div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Statements of Operations Classification</div></div> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 13px;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 288px;"> <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 April 30, 2019</div></div> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Finance Lease Costs</div> </td> <td style="vertical-align: middle; width: 725px;"> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Amortization of ROU assets</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Cost of sales</div> </td> <td style="vertical-align: bottom; width: 13px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$</div> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">51</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Interest on lease liabilities</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Interest expense</div> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">9</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Operating lease costs</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Cost of sales, SG&A expenses</div> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">551</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Short-term lease costs (1)</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">Cost of sales, SG&A expenses</div> </td> <td style="vertical-align: bottom; width: 13px;"> </td> <td style="vertical-align: bottom; width: 288px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">176</div> </td> <td style="vertical-align: bottom; width: 17px;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">Sub-lease income</div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">SG&A expenses</div> </td> <td style="vertical-align: bottom; width: 13px; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="vertical-align: bottom; width: 288px; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">(20</div> </td> <td style="vertical-align: bottom; width: 17px; border-bottom: 1px solid rgb(0, 0, 0);">)</td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 677px;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">Total Lease costs</div></div> </td> <td style="vertical-align: bottom; width: 725px;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="vertical-align: bottom; width: 13px; border-bottom: 3px double rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">$</div> </td> <td style="vertical-align: bottom; width: 288px; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">767</div> </td> <td style="vertical-align: bottom; width: 17px; border-bottom: 3px double rgb(0, 0, 0);"> </td> </tr> </table></div>

15642000

1454000

1605000

1686000

1804000

1373000

5333000

P1Y

P14Y

5900000

106514000

102205000

34243000

37088000

21497000

12757000

2800000

0.085

0.0649

0.0615

0.063

18000000

15000000

9000000

2600000

0.00375

5600000

600000

5000000

500000

5642000

8890000

1125000

640000

6484000

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-3006000

3228000

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1374000

-3000

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued Accounting Standard Update ("ASU") <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases</div> (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>). 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> is effective for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>with early adoption permitted.  The adoption of this ASU using the alternative transition approach resulted in the recognition of operating lease right of use assets, net of deferred rent of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.7</div> million and lease liability for operating leases of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.0</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2019. </div>The Company accounts for existing finance lease assets and liabilities in the same way under the new standard.  Adoption of this ASU did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an effect on retained earnings.   The Company availed itself of the practical expedients provided under this ASU and its subsequent amendments regarding identification of leases, lease classification, indirect costs, and the combination of lease and non-lease components.  The Company continues to account for leases in the prior period financials statements under ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840.</div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> <div style="display: inline; font-style: italic;">Financial Instruments-Credit Losses</div> (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>): Measurement of Credit Losses on Financial Instruments. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating this standard and the impact to the financial statements of the Company. </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</div>, which permits entities to reclassify the disproportionate income tax effects of the Tax Act on items within accumulated other comprehensive income/(loss) to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income from continuing operations is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> affected by this update. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2019 </div>and has elected to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reclassify any amounts to retained earnings. Under the Company's existing policy, any existing stranded tax effects will be eliminated when the underlying circumstances upon which it was premised cease to exist.   </div></div></div></div></div></div>

5702000

5124000

-980000

-899000

551000

700000

10309000

11000000

816000

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618000

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10700000

0.091

P10Y36D

6791000

6120000

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-317000

-665000

437000

688000

508000

376000

3682000

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21865000

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3000

100000

79000

25000

836000

29568000

30398000

445000

-32000

-28000

3773823

4794528

154500

24622000

6571000

88000

90000

1100000

1500000

1100000

2602000

2581000

1101000

-5134000

-3632000

24276000

28889000

4898000

2429000

8786000

11102000

10592000

15358000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman"; 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;">4</div> - Revenue recognition </div></div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"><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"; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman"; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top; font-family: "Times New Roman"; font-size: 10pt;"> <td style="width: 18pt; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 18pt; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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 style="font-family: "Times New Roman"; font-size: 10pt;">Systems - which include all bundled products in which Perma-Pipe designs, engineers, and manufactures pre-insulated specialty piping systems, insulates subsea flowline pipe, subsea oil production equipment, and land-lines. Additionally, this systems classification also includes coating applied to pipes and structures. </td> </tr> </table> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman"; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top; font-family: "Times New Roman"; font-size: 10pt;"> <td style="width: 18pt; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 18pt; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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 style="font-family: "Times New Roman"; font-size: 10pt;">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.</td> </tr> </table> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">In accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> the Company recognizes specialty piping and coating systems revenue 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"; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman"; font-size: 10pt; min-width: 700px;"> <tr style="font-family: "Times New Roman"; font-size: 10pt;"> <td style="vertical-align: top; width: 3.3%; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: left;"> </div> </td> <td style="vertical-align: top; width: 3.3%; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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 style="vertical-align: top; width: 93.4%; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman"; font-size: 10pt; min-width: 700px;"> <tr style="font-family: "Times New Roman"; font-size: 10pt;"> <td style="vertical-align: top; width: 3.3%; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: left;"> </div> </td> <td style="vertical-align: top; width: 3.3%; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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 style="vertical-align: top; width: 93.4%; font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify; text-indent: -9pt;"> Products revenue is recognized when goods are shipped or services are performed (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div>).</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">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> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> are as follows:</div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="14" style="text-align: center; font-family: "Times New Roman"; 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-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: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">Three Months Ended April 30,</div></div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman"; 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: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">2019</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman"; 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: rgb(255, 255, 255); font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">Sales</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">% to Total</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">Sales</div></div></div></div> </td> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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;">% to Total</div></div></div></div> </td> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; width: 52%;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,898</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,429</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman"; font-size: 10pt;"><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"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Revenue recognized under input method</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,786</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">%</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Revenue recognized under output method</div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">10,592</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">44</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">15,358</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">53</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">%</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">24,276</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">%</td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">28,889</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman"; 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;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">%</td> </tr> </table> </div> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt; text-align: justify;">The input method as noted in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> is used by the U.S. operating entities to measure revenue by the costs incurred to date relative to the estimated costs to satisfy the contract using the percentage-of-completion 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">The output method as noted in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div> is used by all other operating entities to measure revenue by the direct measurement of the outputs produced relative to the remaining goods promised under the contract. 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;">Some of the Company’s operating entities invoice and collect milestones or other contractual obligations prior to the transfer of goods and services, but do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognize revenue until the performance obligations are satisfied under the methods discussed above. </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; 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=" text-align: justify; font-family: "Times New Roman"; font-size: 10pt;"><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"; 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; 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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; 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; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019 </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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; 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"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman"; 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><div style=" background-color: rgb(255, 255, 255); font-family: "Times New Roman"; 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> <td style="font-family: "Times New Roman"; font-size: 10pt; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt; width: 85%;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance January 31, 2019 </div></div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; 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"; 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;">1,653</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,038</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,368</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: "Times New Roman"; font-size: 10pt;"> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Closing Balance at April 30, 2019 </div></div> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman"; 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;">1,983</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <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="2" 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><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> <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> </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, 2019 </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;">1,569</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">(444</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</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;">721</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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, 2019</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;">1,846</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family: "Times New Roman"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman"; 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"; font-size: 10pt; margin: 0pt; text-align: justify;"> </div></div>

523000

10963000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <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: 40%;"> <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: 1px solid rgb(0, 0, 0); width: 1%;"> </td> <td colspan="2" 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><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;">No. of Shares</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;">Underlying Options</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 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="2" 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><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 Average</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;">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); width: 1%;"> </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="2" 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><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 Average</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;">Remaining</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;">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); width: 1%;"> </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="2" 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><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 Intrinsic</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;">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); 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: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 31, 2019</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;">218</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">8.60</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">3.8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">257</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 40%;"> <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;">(9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</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;">6.87</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><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; width: 1%;"> </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;">20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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: 40%;"> <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: 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;">(1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</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;">7.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><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; width: 1%;"> </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%;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 12%;"><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; width: 1%;"> </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: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at April 30, 2019</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;">208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> </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;">8.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">3.3</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">265</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="width: 40%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </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: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Exercisable at April 30, 2019</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;">198</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">8.77</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">3.1</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </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;">246</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

1260000

1142000

154000

254000

8.60

283000

279000

198000

8.77

20000

1000

7.01

257000

265000

19000

18000

218000

208000

11000

10000

6.87

2476000

2502000

246000

P3Y36D

8.74

8.96

P3Y292D

P3Y109D

8.60

8.69

7854322

7716542

7893122

7854322

176000

4000

38800

137780

9000

79000

58793000

-3632000

-2880000

52360000

79000

59026000

-5134000

-3197000

50774000

20000

100000

7887000

7718000

7887000

7718000

7887000

7718000

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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
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Apr. 30, 2018

Net sales $ 24,276 $ 28,889

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Loss from operations before income taxes (1,190) (1,165)

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Net loss $ (1,502) $ (1,117)

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Apr. 30, 2018

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Inventories, net 16,126 12,289

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Contract assets 1,983 1,653

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Deferred tax assets - long-term 461 458

Goodwill 2,218 2,269

Other assets 6,791 6,120

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Commissions and management incentives payable 1,724 1,866

Revolving line North America 5,642 8,890

Current maturities of long-term debt 1,125 640

Customers' deposits 3,524 3,708

Outside commissions payable 1,453 1,743

Contract liability 1,846 1,569

Operating lease liability short-term 816

Other accrued liabilities 4,355 3,856

Income taxes payable 700 1,266

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Deferred compensation liabilities 3,666 3,883

Deferred tax liabilities long-term 1,417 1,435

Operating lease liability long-term 9,493

Other long-term liabilities 437 688

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Stockholders' equity

Common stock, $.01 par value, authorized 50,000 shares; 7,893 issued and outstanding at April 30, 2019 and 7,854 issued and outstanding at January 31, 2019 79 79

Additional paid-in capital 59,026 58,793

Accumulated deficit (5,134) (3,632)

Accumulated other comprehensive loss (3,197) (2,880)

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Apr. 30, 2018

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Inventories (3,870) 934

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Customers' deposits (187) 974

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Proceeds from sales of property and equipment 3

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Payments of debt on revolving lines of credit (24,622) (6,571)

Payments of other debt (88) (90)

Decrease in drafts payable (190) (33)

Payments on finance lease obligations (50) (93)

Stock options exercised 79 25

Net cash (used)/provided by financing activities (3,006) 3,228

Effect of exchange rate changes on cash, cash equivalents and restricted cash (38) (190)

Net (decrease) increase in cash, cash equivalents and restricted cash (2,175) 2,659

Cash, cash equivalents and restricted cash - beginning of period 12,737 8,321

Cash, cash equivalents and restricted cash - end of period 10,562 10,980

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The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.
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Note 1 - Basis of Presentation
3 Months Ended

Apr. 30, 2019

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,

2019
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
2019
and
2018
are for the
three
months ended
April 30, 2019
and
2018,
respectively.

X

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Note 2 - Business Segment Reporting
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

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

The Company is engaged in the manufacture and sale of products in
one
segment: Piping Systems. The Company engineers, designs, manufactures and sells specialty piping systems, and leak detection systems. Specialty piping systems include: (i) insulated and jacketed district heating and cooling piping systems for efficient energy distribution from central energy plants to multiple locations, (ii) primary and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, and (iii) the coating and/or insulation of oil and gas gathering and transmission pipelines. The Company's leak detection systems are sold with its piping systems or 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.

X

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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Note 3 - Accounts Receivable
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
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 uncollectible. The write-off is recorded against the allowance for doubtful accounts.

One of the Company’s accounts receivable in the total amount of
$4.7
million as of
January 31, 2019
has been outstanding for several years. Included in this balance is a retention receivable amount of
$3.7
million, of which,
$
3.5
million was included in the balance of other long-term assets as of
April 30, 2019
and
January 31, 2019
due to the long-term nature of the receivable. The Company completed all of its deliverables in
2015,
and has been engaged in ongoing active efforts to collect this outstanding amount. During fiscal year
2018,
the Company received payments of approximately
$0.7
million, and in the
first
quarter of fiscal
2019
the Company received a further
$0.3
million, thus reducing this balance to
$4.4
million as of
April 30, 2019.
As a result, the Company did
not
reserve any allowance against this receivable as of
April 30, 2019.
The Company continues to engage with the customer to ensure full payment of open balances, and has also received an updated acknowledgment of the outstanding balances and assurances of payment from the customer. However, if the Company’s efforts to collect on this account are
not
successful in fiscal
2019,
then the Company
may
recognize an allowance for all, or substantially all, of any such then uncollected amounts.

For the
three
months ended
April 30, 2019,
no
individual customer accounted for
10%
or more of the Company's consolidated net sales. For the
three
months ended
April 30, 2018,
one
individual customer accounted for approximately
13.5%
of the Company's consolidated net sales.

At
April 30, 2019
and
January 31, 2019,
three
customers collectively accounted for
33.6%
and
39.4%
of the Company's accounts receivable, respectively.

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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
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

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

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 specialty piping systems, insulates subsea flowline pipe, subsea oil production equipment, and land-lines. Additionally, this systems classification also includes coating applied to pipes and structures.

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.

In accordance with ASC
606
-
10
-
25
-
27
through
29,
the Company recognizes specialty piping and coating systems revenue 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.

Products revenue is recognized when goods are shipped or services are performed (ASC
606
-
10
-
25
-
30
).

A breakdown of the Company's revenues by revenue class for the
three
months ended
April 30, 2019
and
2018
are as follows:

Three Months Ended April 30,

2019

2018

Sales

% to Total

Sales

% to Total

Products

4,898

20
%
2,429

8
%

Specialty Piping Systems and Coating

Revenue recognized under input method

8,786

36
%
11,102

38
%

Revenue recognized under output method

10,592

44
%
15,358

53
%

Total

24,276

100
%
28,889

100
%

The input method as noted in ASC
606
-
10
-
55
-
20
is used by the U.S. operating entities to measure revenue by the costs incurred to date relative to the estimated costs to satisfy the contract using the percentage-of-completion 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.

The output method as noted in ASC
606
-
10
-
55
-
17
is used by all other operating entities to measure revenue by the direct measurement of the outputs produced relative to the remaining goods promised under the contract. 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.

Some of the Company’s operating entities invoice and collect milestones or other contractual obligations prior to the transfer of goods and services, but do
not
recognize revenue until the performance obligations are satisfied under the methods discussed above.

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
April 30, 2019
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
April 30, 2019
within
one
year.

Contract Assets

Balance January 31, 2019

$

1,653

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

(1,038
)

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

1,368

Closing Balance at April 30, 2019

1,983

Contract Liabilities

Balance January 31, 2019

$

1,569

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

(444
)

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

721

Closing Balance at April 30, 2019

1,846

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
3 Months Ended

Apr. 30, 2019

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
first
quarter of fiscal
2019
was (
26.1%
) compared to
4.1%
during the respective prior year periods. The change in the ETR from the prior year quarter to the current year quarter is largely due to the fact that the Company is in a positive operating income position in certain taxable jurisdictions, and in operating loss positions in certain
zero
-rate jurisdictions and jurisdictions with a full valuation allowance.

The amount of unrecognized tax benefits, including interest and penalties, at
April 30, 2019,
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 ("GILTI") and the base erosion anti-abuse tax, respectively. The Company currently does
not
project a GILTI inclusion for the year, but even if the Company were to end up with an inclusion, it would have
no
impact on tax expense due to its offset by loss carryovers with a full valuation allowance applied against it.

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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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Note 6 - Impairment of Long-lived Assets
3 Months Ended

Apr. 30, 2019

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
months ended
April 30, 2019,
and
2018.

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
April 30, 2019
and
January
31,

2019
was attributable to the purchase of Perma-Pipe Canada, Ltd.

January 31, 2019

Foreign exchange change effect

April 30, 2019

Goodwill
$
2,269
$
(51
) $
2,218

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
months ended
April 30, 2019
and
2018.

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
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]
Note
7
- Stock-based compensation

At
April 30, 2019,
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 the Company's 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
April 30, 2019
the Company had reserved a total of
835,332
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 April 30,

2019

2018

Stock-based compensation expense
$
4
$
13

Restricted stock-based compensation expense

149

241

Total stock-based compensation expense $
154
$
254

Stock Options

The Company did
not
grant any stock options during the
three
months ended
April 30, 2019.
The following tables summarizes 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, 2019

218

8.60

3.8
$
257

Exercised

(9
)
6.87

20

Expired or forfeited

(1
)
7.01

Outstanding at April 30, 2019

208

8.69

3.3

265

Exercisable at April 30, 2019

198
$
8.77

3.1
$
246

The Company received less than
$0.1
million during the
three
months ended
April 30, 2019,
for stock options exercised.

Unvested option activity

No. of Shares

Underlying Options

Weighted Average

Grant Date Fair Value

Aggregate Intrinsic

Value

Outstanding at January 31, 2019

11
$
7.00
$
19

Vested

—

Expired or forfeited
(1
)
7.01

Outstanding at April 30, 2019

10
$
7.00
$
18

As of
April 30, 2019,
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
1.0
years.

Restricted stock

The following table summarizes the Company's restricted stock activity for the
first
quarter of fiscal
2019:

Restricted stock activity

Restricted Shares

Weighted Average

Grant Price Per Share

Aggregate Intrinsic

Value

Outstanding (unvested) at January 31, 2019

283

8.74
$
2,476

Granted

—

Vested and issued

—

Forfeited

(4
)
8.60

Outstanding (unvested) end at April 30, 2019

279

8.96
$
2,502

A
s of
April 30, 2019,
there was $
1.0
million of unrecognized compensation expense related to unvested restricted stock granted under the plans. That cost is expected to be recognized over a weighted average period of
2.0
years.

X

- Definition
The entire disclosure for share-based payment arrangement.
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Note 8 - Earnings Per Share
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

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

Three Months Ended April 30,

2019

2018

Basic weighted average common shares outstanding

7,887

7,718

Dilutive effect of equity compensation plans

—

—

Weighted average common shares outstanding assuming full dilution

7,887

7,718

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

126

137

Stock options with an exercise price below the average market price

82

212

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Note 9 - Debt
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]
Note
9
- Debt

Debt totaled $
13.3
million at
April 30, 2019,
a net decrease of $
3.0
million since
January
31,

2019.

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 has used proceeds from the new Senior Credit Facility for on-going working capital needs, and expects to continue using this facility to fund future capital expenditures, working capital needs and 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 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 assets 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
$3.0
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 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 (ii) 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 each quarter end on a trailing
four
-quarter basis. The Company was in compliance with this requirement as of
April 30, 2019.

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
April 30, 2019,
the Company had borrowed an aggregate of
$5.6
million;
$0.6
million at
8.5%
and
$5.0
million at
6.49%,
at a weighted average rate of
6.72%,
and the Company had
$2.8
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 dividend
s. On
April 30, 2019
the Company was in compliance with the covenants under the credit arrangements. On
April 30, 2019,
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
April 30, 2019
, the Company's interest rates ranged from
6.15%
to
6.30%,
with a weighted average rate of
6.30%,
an
d the Company could borrow

$9.0
million
under these credit arrangements. On
April 30, 2019,
$5.9
mi
llion of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. On
April 30, 2019,
the Company had borrowed

$0.5
milli
on, and had an addition
al
$2.6
mill
ion available. The foreign revolving lines balances as of
April 30, 2019
and
January 31, 2019,
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
6.05%,
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%.

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 - Leases
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]
Note
10
- Leases

Effective
February 1, 2019,
the Company accounts for its leases under ASC
842,

Leases
. Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases, and are recorded on the consolidated balance sheet. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities short-term, and operating lease liabilities long-term in the Company's consolidated balance sheets. Finance leases are included in property, plant and equipment, current portion of long-term debt, and long-term debt less current maturities in the Company's consolidated balance sheets.

ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right of use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right of use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right of use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term.

As most of the Company's leases do
not
provide an implicit rate, we use the Company's incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment.

In calculating the right of use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of
12
months or less from the new guidance as an accounting policy election, and recognizes rent expense on a straight-line basis over the lease term.

The Company continues to account for leases in the prior period financial statements under ASC Topic
840.

Finance Leases.
In
2017,
the Company obtained
three
finance 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 fiance 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.

On
August
5,

2016,
the Company obtained a finance lease for
0.6
million Indian Rupees (approximately
$8
thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this finance lease is
15.6%
per annum with monthly principal and interest payments of less than
$1
thousand U.S. dollars, and the lease matures on
July
5,

2019.

The Company has several significant operating lease agreements, with lease terms of
one
to
14
years, which consist of real estate, vehicles and office equipment leases. These leases do
not
require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses; renewal options have
not
been included in the calculation of the lease liabilities and right of use assets as the Company is
not
reasonably certain to exercise the options. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. The Company does
not
have any arrangements where it acts as a lessor, other than
one
sub-lease arrangement.

At
April 30, 2019,
the Company had operating lease liabilities of $
10.3
million
a
nd operating right of use assets o
f $
10.3
million, wh
ich are reflected in the consolidated balance sheet. At
April 30, 2019,
the Company also had finance lease liabilities of $
0.5
million included in current maturities of long-term debt and long-term debt less current maturities, and finance right of use assets of $
0.4
millio
n
which were included in
property plant and equipment, net of accumulated depreciation
in the consolidated balance sheet.

Supplemental balance sheet information related to leases is as follows:

Operating and Finance leases:
April 30, 2019

Finance leases assets:

Property and Equipment - gross
$
836

Accumulated depreciation and amortization

(391
)

Property and Equipment - net
445

Finance lease liabilities:

Finance lease liability short-term
$
208

Finance lease liability long-term

265

Total finance lease liabilities
473

Operating lease assets:

Operating lease ROU assets
$
10,323

Operating lease liabilities:

Operating lease liability short-term
$
816

Operating lease liability long-term

9,493

Total operating lease liabilities
10,309

Total lease costs consist of the following:

Lease costs

Consolidated Statements of Operations Classification

Three Months Ended April 30, 2019

Finance Lease Costs

Amortization of ROU assets

Cost of sales

$

51

Interest on lease liabilities

Interest expense

9

Operating lease costs

Cost of sales, SG&A expenses

551

Short-term lease costs (1)

Cost of sales, SG&A expenses

176

Sub-lease income

SG&A expenses

(20
)

Total Lease costs

$

767

(
1
) Includes variable lease costs, which are immaterial

Supplemental cash flow information related to leases is as follows:

Three Months Ended April 30, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Financing cash flows from finance leases
$
50

Operating cash flows from finance leases

9

Operating cash flows from operating leases

618

April 30, 2019

ROU Assets obtained in exchange for new lease obligations:

Finance leases liabilities
$
523

Operating leases liabilities

10,963

Weighted-average lease terms and discount rates are as follows:

April 30, 2019

Weighted-average remaining lease terms:

Finance leases

2.3

years

Operating leases

10.1

years

Weighted-average discount rates:

Finance leases

7.0

%

Operating leases

9.1

%

Maturities of lease liabilities as of
April 30, 2019,
are follows:

Year:

Operating Leases

Finance Leases

For the nine months ended January 31, 2020
$
1,373
$
177

For the year ended January 31, 2021

1,804

234

For the year ended January 31, 2022

1,686

81

For the year ended January 31, 2023

1,605

20

For the year ended January 31, 2024

1,454

-

For the year ended January 31, 2025

1,064

-

Thereafter

6,656

-

Total lease payments

15,642

512

Less: amount representing interest

(5,333
)
(39
)

Total lease liabilities at April 30, 2019
$
10,309
$
473

Rent expense on operating leases, which is recorded on straight-line basis, was
$0.7
million for both of the
three
months ended
April 30, 2019
and
2018.

X

- Definition
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Note 11 - Restricted Cash
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]
Note
11
- Restricted cash

Restricted cash held by foreign subsidiaries was
$
1.1
million for both
April 30, 2019
and
January
31,

2019.
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
April 30, 2019
was
$1.5
million, all of which is cash collateral held by PNC Bank in relation to the Senior Credit Facility.

Three Months Ended April 30,

2019

2018

Cash and cash equivalents
$
7,960
$
9,879

Restricted cash

2,602

1,101

Cash, cash equivalents and restricted cash shown in the statement of cashflows
$
10,562
$
10,980

X

- Definition
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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-Paragraph 1
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Note 12 - Fair Value
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]
Note
12
- 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 13 - Recent Accounting Pronouncements
3 Months Ended

Apr. 30, 2019

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]
Note
13
- Recent accounting pronouncements

In
February 2016,
the FASB issued Accounting Standard Update ("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 adoption of this ASU using the alternative transition approach resulted in the recognition of operating lease right of use assets, net of deferred rent of
$10.7
million and lease liability for operating leases of
$11.0
million as of
February 1, 2019.
The Company accounts for existing finance lease assets and liabilities in the same way under the new standard. Adoption of this ASU did
not
have an effect on retained earnings. The Company availed itself of the practical expedients provided under this ASU and its subsequent amendments regarding identification of leases, lease classification, indirect costs, and the combination of lease and non-lease components. The Company continues to account for leases in the prior period financials statements under ASC Topic
840.

In
June 2016,
the FASB issued ASU
No.

2016
-
13,

Financial Instruments-Credit Losses
(Topic
326
): Measurement of Credit Losses on Financial Instruments. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets
not
excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating this standard and the impact to the financial statements of the Company.

In
February 2018,
the FASB issued ASU
2018
-
02,

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
, which permits entities to reclassify the disproportionate income tax effects of the Tax Act on items within accumulated other comprehensive income/(loss) to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income from continuing operations is
not
affected by this update. The Company adopted ASU
2018
-
02
effective
February 1, 2019
and has elected to
not
reclassify any amounts to retained earnings. Under the Company's existing policy, any existing stranded tax effects will be eliminated when the underlying circumstances upon which it was premised cease to exist.

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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Significant Accounting Policies (Policies)
3 Months Ended

Apr. 30, 2019

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]
In
February 2016,
the FASB issued Accounting Standard Update ("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 adoption of this ASU using the alternative transition approach resulted in the recognition of operating lease right of use assets, net of deferred rent of
$10.7
million and lease liability for operating leases of
$11.0
million as of
February 1, 2019.
The Company accounts for existing finance lease assets and liabilities in the same way under the new standard. Adoption of this ASU did
not
have an effect on retained earnings. The Company availed itself of the practical expedients provided under this ASU and its subsequent amendments regarding identification of leases, lease classification, indirect costs, and the combination of lease and non-lease components. The Company continues to account for leases in the prior period financials statements under ASC Topic
840.

In
June 2016,
the FASB issued ASU
No.

2016
-
13,

Financial Instruments-Credit Losses
(Topic
326
): Measurement of Credit Losses on Financial Instruments. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets
not
excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating this standard and the impact to the financial statements of the Company.

In
February 2018,
the FASB issued ASU
2018
-
02,

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
, which permits entities to reclassify the disproportionate income tax effects of the Tax Act on items within accumulated other comprehensive income/(loss) to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income from continuing operations is
not
affected by this update. The Company adopted ASU
2018
-
02
effective
February 1, 2019
and has elected to
not
reclassify any amounts to retained earnings. Under the Company's existing policy, any existing stranded tax effects will be eliminated when the underlying circumstances upon which it was premised cease to exist.

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Note 4 - Revenue Recognition (Tables)
3 Months Ended

Apr. 30, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

Three Months Ended April 30,

2019

2018

Sales

% to Total

Sales

% to Total

Products

4,898

20
%
2,429

8
%

Specialty Piping Systems and Coating

Revenue recognized under input method

8,786

36
%
11,102

38
%

Revenue recognized under output method

10,592

44
%
15,358

53
%

Total

24,276

100
%
28,889

100
%

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

Contract Assets

Balance January 31, 2019

$

1,653

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

(1,038
)

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

1,368

Closing Balance at April 30, 2019

1,983

Contract Liabilities

Balance January 31, 2019

$

1,569

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

(444
)

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

721

Closing Balance at April 30, 2019

1,846

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Note 6 - Impairment of Long-lived Assets (Tables)
3 Months Ended

Apr. 30, 2019

Notes Tables

Schedule of Goodwill [Table Text Block]

January 31, 2019

Foreign exchange change effect

April 30, 2019

Goodwill
$
2,269
$
(51
) $
2,218

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

Apr. 30, 2019

Notes Tables

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

Three Months Ended April 30,

2019

2018

Stock-based compensation expense
$
4
$
13

Restricted stock-based compensation expense

149

241

Total stock-based compensation expense $
154
$
254

Share-based Payment Arrangement, Option, 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, 2019

218

8.60

3.8
$
257

Exercised

(9
)
6.87

20

Expired or forfeited

(1
)
7.01

Outstanding at April 30, 2019

208

8.69

3.3

265

Exercisable at April 30, 2019

198
$
8.77

3.1
$
246

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, 2019

11
$
7.00
$
19

Vested

—

Expired or forfeited
(1
)
7.01

Outstanding at April 30, 2019

10
$
7.00
$
18

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

Restricted stock activity

Restricted Shares

Weighted Average

Grant Price Per Share

Aggregate Intrinsic

Value

Outstanding (unvested) at January 31, 2019

283

8.74
$
2,476

Granted

—

Vested and issued

—

Forfeited

(4
)
8.60

Outstanding (unvested) end at April 30, 2019

279

8.96
$
2,502

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Note 8 - Earnings Per Share (Tables)
3 Months Ended

Apr. 30, 2019

Notes Tables

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

Three Months Ended April 30,

2019

2018

Basic weighted average common shares outstanding

7,887

7,718

Dilutive effect of equity compensation plans

—

—

Weighted average common shares outstanding assuming full dilution

7,887

7,718

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

126

137

Stock options with an exercise price below the average market price

82

212

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Note 10 - Leases (Tables)
3 Months Ended

Apr. 30, 2019

Notes Tables

Supplemental Balance Sheet Information Related to Leases [Table Text Block]

Operating and Finance leases:
April 30, 2019

Finance leases assets:

Property and Equipment - gross
$
836

Accumulated depreciation and amortization

(391
)

Property and Equipment - net
445

Finance lease liabilities:

Finance lease liability short-term
$
208

Finance lease liability long-term

265

Total finance lease liabilities
473

Operating lease assets:

Operating lease ROU assets
$
10,323

Operating lease liabilities:

Operating lease liability short-term
$
816

Operating lease liability long-term

9,493

Total operating lease liabilities
10,309

Lease, Cost [Table Text Block]

Lease costs

Consolidated Statements of Operations Classification

Three Months Ended April 30, 2019

Finance Lease Costs

Amortization of ROU assets

Cost of sales

$

51

Interest on lease liabilities

Interest expense

9

Operating lease costs

Cost of sales, SG&A expenses

551

Short-term lease costs (1)

Cost of sales, SG&A expenses

176

Sub-lease income

SG&A expenses

(20
)

Total Lease costs

$

767

Supplemental Cash Flow Information Related Leases [Table Text Block]

Three Months Ended April 30, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Financing cash flows from finance leases
$
50

Operating cash flows from finance leases

9

Operating cash flows from operating leases

618

April 30, 2019

ROU Assets obtained in exchange for new lease obligations:

Finance leases liabilities
$
523

Operating leases liabilities

10,963

Weighted-average Lease Terms and Discount Rates [Table Text Block]

April 30, 2019

Weighted-average remaining lease terms:

Finance leases

2.3

years

Operating leases

10.1

years

Weighted-average discount rates:

Finance leases

7.0

%

Operating leases

9.1

%

Finance and Operating Lease, Liability, Maturity [Table Text Block]

Year:

Operating Leases

Finance Leases

For the nine months ended January 31, 2020
$
1,373
$
177

For the year ended January 31, 2021

1,804

234

For the year ended January 31, 2022

1,686

81

For the year ended January 31, 2023

1,605

20

For the year ended January 31, 2024

1,454

-

For the year ended January 31, 2025

1,064

-

Thereafter

6,656

-

Total lease payments

15,642

512

Less: amount representing interest

(5,333
)
(39
)

Total lease liabilities at April 30, 2019
$
10,309
$
473

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Note 11 - Restricted Cash (Tables)
3 Months Ended

Apr. 30, 2019

Notes Tables

Restrictions on Cash and Cash Equivalents [Table Text Block]

Three Months Ended April 30,

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2018

Cash and cash equivalents
$
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$
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Restricted cash

2,602

1,101

Cash, cash equivalents and restricted cash shown in the statement of cashflows
$
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$
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Note 2 - Business Segment Reporting (Details Textual)
3 Months Ended

Apr. 30, 2019

Number of Reportable Segments 1

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

Apr. 30, 2019

USD ($)

Apr. 30, 2018

Jan. 31, 2019

USD ($)

Accounts Receivable, Outstanding for Several Years $ 4,400 $ 4,700

Contract Receivable Retainage, Total 3,700

Proceeds from Collection of Accounts Receivable Outstanding for Several Years 300 $ 700

Allowance for Doubtful Accounts Receivable Outstanding for Several Years $ 0

Revenue Benchmark [Member] | Customer Concentration Risk [Member]

Number of Major Customers 0 1

Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member]

Concentration Risk, Percentage 13.50%

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

Number of Major Customers 3 3

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

Concentration Risk, Percentage 33.60% 39.40%

Other Noncurrent Assets [Member]

Contract Receivable Retainage, Total $ 3,500 $ 3,500

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Note 4 - Revenue Recognition (Details Textual)
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Note 4 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($)
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Apr. 30, 2019

USD ($)

Beginning balance $ 1,653

Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,038)

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Note 5 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended

Apr. 30, 2019

Apr. 30, 2018

Jan. 31, 2020

Effective Income Tax Rate Reconciliation, Percent, Total (26.10%) 4.10%

Unrecognized Tax Benefits, Ending Balance $ 100

Forecast [Member]

Global Intangible Low-taxed Income (GILTI) $ 0

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Note 6 - Impairment of Long-lived Assets (Details Textual) - USD ($)
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3 Months Ended

Apr. 30, 2019

Apr. 30, 2018

Impairment of Long-Lived Assets Held-for-use $ 0 $ 0

Goodwill, Impairment Loss $ 0 $ 0

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Note 6 - Impairment of Long-lived Assets - Goodwill (Details)
$ in Thousands
3 Months Ended

Apr. 30, 2019

USD ($)

Goodwill $ 2,269

Goodwill, foreign exchange change effect (51)

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Note 7 - Stock-based Compensation (Details Textual)
$ in Thousands
3 Months Ended

Apr. 30, 2019

USD ($)

shares

Apr. 30, 2018

USD ($)

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Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 2 years

Maximum [Member]

Proceeds from Stock Options Exercised $ 100

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Note 7 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)
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Apr. 30, 2018

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Stock-based compensation expense 4 13

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Note 7 - Stock-based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended

Apr. 30, 2019

Jan. 31, 2019

Outstanding at beginning of period, aggregate intrinsic value $ 18

Outstanding at end of period (in shares) 10

Outstanding at end of period, weighted average exercise price (in dollars per share) $ 7

Outstanding at end of period, aggregate intrinsic value $ 18

Share-based Payment Arrangement, Option [Member]

Outstanding at beginning of period (in shares) 218

Outstanding at beginning of period, weighted average exercise price (in dollars per share) $ 8.60

Outstanding weighted average remaining contractual term (Year) 3 years 109 days 3 years 292 days

Outstanding at beginning of period, aggregate intrinsic value $ 265 $ 257

Exercised (in shares) (9)

Exercised, weighted average exercise price (in dollars per share) $ 6.87

Exercised, aggregate intrinsic value $ 20

Expired or forfeited (in shares) (1)

Expired or forfeited, weighted average exercise price (in dollars per share) $ 7.01

Outstanding at end of period (in shares) 208 218

Outstanding at end of period, weighted average exercise price (in dollars per share) $ 8.69 $ 8.60

Outstanding at end of period, aggregate intrinsic value $ 265 $ 257

Exercisable at end of period (in shares) 198

Exercisable at end of period, weighted average exercise price (in dollars per share) $ 8.77

Exercisable at end of period, weighted average remaining contractual term (Year) 3 years 36 days

Exercisable at end of period, aggregate intrinsic value $ 246

X

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

Apr. 30, 2019

Jan. 31, 2019

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

Outstanding at beginning of period, aggregate intrinsic value $ 18

Outstanding at end of period (in shares) 10

Unvested Option [Member]

Outstanding at beginning of period (in shares) 11

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

Outstanding at beginning of period, aggregate intrinsic value $ 19

Vested, number (in shares)

Expired or forfeited (in shares) (1)

X

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

Apr. 30, 2019

Jan. 31, 2019

Outstanding (unvested) at beginning of period, weighted average grant price per share (in dollars per share) $ 8.96

Outstanding (unvested) at beginning of period, aggregate intrinsic value $ 2,502

Outstanding (unvested) at endof period (in shares) 279

Restricted Stock [Member]

Outstanding (unvested) at beginning of period (in shares) 283

Outstanding (unvested) at beginning of period, weighted average grant price per share (in dollars per share) $ 8.74

Outstanding (unvested) at beginning of period, aggregate intrinsic value $ 2,476

Granted (in shares)

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

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Forfeited (in shares) (4)

Forfeited, weighted average grant price per share (in dollars per share) $ 8.60

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shares in Thousands
3 Months Ended

Apr. 30, 2019

Apr. 30, 2018

Basic weighted average common shares outstanding (in shares) 7,887 7,718

Dilutive effect of equity compensation plans (in shares)

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Stock options with an exercise price below the average market price (in shares) 82 212

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XML 53 R42.htm IDEA: XBRL DOCUMENT v3.19.2

Note 9 - Debt (Details Textual)
1 Months Ended 3 Months Ended 7 Months Ended 15 Months Ended

Jul. 28, 2016

USD ($)

Jul. 28, 2016

CAD ($)

Jun. 19, 2012

USD ($)

Oct. 31, 2018

Apr. 30, 2019

USD ($)

Apr. 30, 2018

USD ($)

Apr. 30, 2019

USD ($)

Apr. 30, 2019

CAD ($)

Apr. 30, 2019

USD ($)

Jan. 31, 2019

USD ($)

Sep. 20, 2018

USD ($)

Sep. 19, 2018

USD ($)

Debt and Lease Obligation, Total $ 13,300,000 $ 13,300,000 $ 13,300,000

Debt Instrument, Increase (Decrease), Net, Total 3,000,000

Repayments of Lines of Credit 24,622,000 $ 6,571,000

Line of Credit, Current 5,642,000 5,642,000 5,642,000 $ 8,890,000

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 6.05% 6.05%

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%

Revolving Lines, North America [Member]

Debt Instrument, Term 3 years

Line of Credit Facility, Maximum Borrowing Capacity $ 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 $ 3,000,000

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

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

Debt Instrument, Interest Rate, Stated Percentage 2.00%

Line of Credit, Current $ 5,600,000 $ 5,600,000 $ 5,600,000

Debt, Weighted Average Interest Rate 6.72% 6.72% 6.72%

Line of Credit Facility, Current Borrowing Capacity $ 2,800,000 $ 2,800,000 $ 2,800,000

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

Line of Credit Facility, Interest Rate at Period End 8.50% 8.50% 8.50%

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

Line of Credit Facility, Interest Rate at Period End 6.49% 6.49% 6.49%

Revolving Lines, North America [Member] | Senior Credit Facility, Interest Rate 8.5 Percent [Member]

Line of Credit, Current $ 600,000 $ 600,000 $ 600,000

Revolving Lines, North America [Member] | Senior Credit Facility, Interest Rate 6.49 Percent [Member]

Line of Credit, Current 5,000,000 5,000,000 5,000,000

Letter of Credit [Member]

Repayments of Lines of Credit 154,500

Foreign Revolving Lines [Member]

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

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

Debt, Weighted Average Interest Rate 6.30% 6.30% 6.30%

Letters of Credit Outstanding, Amount $ 5,900,000 $ 5,900,000 $ 5,900,000

Line of Credit Facility, Remaining Borrowing Capacity $ 2,600,000 $ 2,600,000 $ 2,600,000

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 6.30% 6.30% 6.30%

Foreign Revolving Lines [Member] | Minimum [Member]

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

Line of Credit Facility, Interest Rate at Period End 6.15% 6.15% 6.15%

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Note 10 - Leases (Details Textual)
$ in Thousands, ₨ in Millions, $ in Millions
3 Months Ended 12 Months Ended

Aug. 05, 2016

USD ($)

Apr. 30, 2019

USD ($)

Apr. 30, 2018

USD ($)

Jan. 31, 2017

USD ($)

Jan. 31, 2019

USD ($)

Jan. 31, 2017

CAD ($)

Aug. 05, 2016

INR (₨)

Finance Lease, Right-of-Use Asset $ 400

Operating Lease, Liability, Total 10,309

Operating Lease, Right-of-Use Asset 10,323

Finance Lease, Liability, Total 473

Operating Lease, Expense $ 700 $ 700

Minimum [Member]

Lessee, Operating Lease, Term of Contract 1 year

Maximum [Member]

Lessee, Operating Lease, Term of Contract 14 years

Finance Vehicle Equipment, One [Member]

Finance Lease, Right-of-Use Asset $ 800 $ 1.1

Finance Vehicle Equipment, One [Member] | Minimum [Member]

Interest Rate for Finance Lease 4.00%

Finance Vehicle Equipment, One [Member] | Maximum [Member]

Interest Rate for Finance Lease 7.80%

Finance Lease, Principal Payments and Interest Payment on Liability $ 100

Finance Vehicle Equipment, Two [Member]

Finance Lease, Right-of-Use Asset $ 8 ₨ 0.6

Interest Rate for Finance Lease 15.60%

Finance Vehicle Equipment, Two [Member] | Maximum [Member]

Finance Lease, Principal Payments and Interest Payment on Liability $ 1

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Note 10 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands

Apr. 30, 2019

Jan. 31, 2019

Property and Equipment - net $ 29,568 $ 30,398

Finance lease liability short-term 208

Finance lease liability long-term 265

Total finance lease liabilities 473

Operating lease right-of-use asset 10,323

Operating lease liability short-term 816

Operating lease liability long-term 9,493

Total operating lease liabilities 10,309

Finance Leases Assets [Member]

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Accumulated depreciation and amortization (391)

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Note 10 - Leases - Lease Costs (Details)
$ in Thousands
3 Months Ended

Apr. 30, 2019

USD ($)

Amortization of ROU assets $ 51

Interest on lease liabilities 9

Operating lease costs 551

Short-term lease costs (1) 176 ^[1]

Sub-lease income (20)

Total Lease costs $ 767

[1] Includes variable lease costs, which are immaterial

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Note 10 - Leases - Supplemental Cash Flow Information Related Leases (Details) - USD ($)
$ in Thousands
3 Months Ended

Apr. 30, 2019

Apr. 30, 2018

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Operating cash flows from finance leases 9

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Note 10 - Leases - Weighted-average Lease Terms and Discount Rates (Details)

Apr. 30, 2019

Finance leases (Year) 2 years 109 days

Operating leases (Year) 10 years 36 days

Finance leases 7.00%

Operating leases 9.10%

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Note 10 - Leases - Maturities of Lease Liabilities (Details)
$ in Thousands

Apr. 30, 2019

USD ($)

For the nine months ended January 31, 2020, operating leases $ 1,373

For the nine months ended January 31, 2020, finance leases 177

For the year ended January 31, 2021, operating leases 1,804

For the year ended January 31, 2021, finance leases 234

For the year ended January 31, 2022, operating leases 1,686

For the year ended January 31, 2022, finance leases 81

For the year ended January 31, 2023, operating leases 1,605

For the year ended January 31, 2023, finance leases 20

For the year ended January 31, 2024, operating leases 1,454

For the year ended January 31, 2024, finance leases

For the year ended January 31, 2025, operating leases 1,064

For the year ended January 31, 2025, finance leases

Thereafter, operating leases 6,656

Thereafter, finance leases

Total lease payments, operating leases 15,642

Total lease payments, finance leases 512

Less: amount representing interest, operating leases (5,333)

Less: amount representing interest, finance leases (39)

Total lease liabilities, operating leases 10,309

Total lease liabilities, finance leases $ 473

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Note 11 - Restricted Cash (Details Textual) - USD ($)
$ in Thousands

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Jan. 31, 2019

Apr. 30, 2018

Restricted Cash, Current $ 2,602 $ 2,581 $ 1,101

Non-US [Member]

Restricted Cash, Current 1,100 $ 1,100

UNITED STATES

Restricted Cash, Current $ 1,500

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Note 11 - Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands

Apr. 30, 2019

Jan. 31, 2019

Apr. 30, 2018

Cash and cash equivalents $ 7,960 $ 10,156 $ 9,879

Restricted Cash, Current 2,602 $ 2,581 1,101

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Note 13 - Recent Accounting Pronouncements (Details Textual) - USD ($)
$ in Thousands

Apr. 30, 2019

Feb. 01, 2019

Jan. 31, 2019

Operating Lease, Right-of-Use Asset $ 10,323

Operating Lease, Liability, Total $ 10,309

Accounting Standards Update 2016-02 [Member]

Operating Lease, Right-of-Use Asset $ 10,700

Operating Lease, Liability, Total $ 11,000

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us-gaap_ContractWithCustomerLiability us-gaap_ContractWithCustomerLiability $ 1,846,000

us-gaap_ContractWithCustomerAssetNet us-gaap_ContractWithCustomerAssetNet $ 1,983,000

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Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time.
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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Apr. 30, 2019	Jun. 06, 2019
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)		7,913,122
Document Type	10-Q
Document Period End Date	Apr. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Net sales	$ 24,276	$ 28,889
Cost of sales	19,554	24,664
Gross profit	4,722	4,225
Operating expenses
General and administrative expenses	4,442	3,982
Selling expenses	1,260	1,142
Total operating expenses	5,702	5,124
Loss from operations	(980)	(899)
Interest expense, net	210	266
Loss from operations before income taxes	(1,190)	(1,165)
Income tax expense/(benefit)	312	(48)
Net loss	$ (1,502)	$ (1,117)
Weighted average common shares outstanding
Basic and diluted (in shares)	7,887	7,718
Loss per share
Basic and diluted (in dollars per share)	$ (0.19)	$ (0.14)

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Apr. 30, 2019	Jan. 31, 2019
Current assets
Cash and cash equivalents	$ 7,960	$ 10,156
Restricted cash	2,602	2,581
Trade accounts receivable, less allowance for doubtful accounts of $503 at April 30, 2019 and $536 at January 31, 2019	24,800	32,508
Inventories, net	16,126	12,289
Prepaid expenses and other current assets	3,682	3,773
Contract assets	1,983	1,653
Total current assets	57,153	62,960
Property, plant and equipment, net of accumulated depreciation	29,568	30,398
Other assets
Operating lease right-of-use asset	10,323
Deferred tax assets - long-term	461	458
Goodwill	2,218	2,269
Other assets	6,791	6,120
Total other assets	19,793	8,847
Total assets	106,514	102,205
Current liabilities
Trade accounts payable	11,582	12,006
Accrued compensation and payroll taxes	1,476	1,544
Commissions and management incentives payable	1,724	1,866
Revolving line North America	5,642	8,890
Current maturities of long-term debt	1,125	640
Customers' deposits	3,524	3,708
Outside commissions payable	1,453	1,743
Contract liability	1,846	1,569
Operating lease liability short-term	816
Other accrued liabilities	4,355	3,856
Income taxes payable	700	1,266
Total current liabilities	34,243	37,088
Long-term liabilities
Long-term debt, less current maturities	6,484	6,751
Deferred compensation liabilities	3,666	3,883
Deferred tax liabilities long-term	1,417	1,435
Operating lease liability long-term	9,493
Other long-term liabilities	437	688
Total long-term liabilities	21,497	12,757
Stockholders' equity
Common stock, $.01 par value, authorized 50,000 shares; 7,893 issued and outstanding at April 30, 2019 and 7,854 issued and outstanding at January 31, 2019	79	79
Additional paid-in capital	59,026	58,793
Accumulated deficit	(5,134)	(3,632)
Accumulated other comprehensive loss	(3,197)	(2,880)
Total stockholders' equity	50,774	52,360
Total liabilities and stockholders' equity	$ 106,514	$ 102,205

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 2019	Jan. 31, 2019
Allowance for doubtful accounts receivable	$ 503	$ 536
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)	7,893	7,854
Common stock, outstanding (in shares)	7,893	7,854

Note 1 - Basis of Presentation	3 Months Ended
Note 1 - Basis of Presentation	Apr. 30, 2019
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, 2019 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 2019 and 2018 are for the three months ended April 30, 2019 and 2018, respectively.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Apr. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	In February 2016, the FASB issued Accounting Standard Update ("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 adoption of this ASU using the alternative transition approach resulted in the recognition of operating lease right of use assets, net of deferred rent of $10.7 million and lease liability for operating leases of $11.0 million as of February 1, 2019. The Company accounts for existing finance lease assets and liabilities in the same way under the new standard. Adoption of this ASU did not have an effect on retained earnings. The Company availed itself of the practical expedients provided under this ASU and its subsequent amendments regarding identification of leases, lease classification, indirect costs, and the combination of lease and non-lease components. The Company continues to account for leases in the prior period financials statements under ASC Topic 840. In June 2016, the FASB issued ASU No. 2016 - 13, Financial Instruments-Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments. The new guidance affects loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating this standard and the impact to the financial statements of the Company. In February 2018, the FASB issued ASU 2018 - 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits entities to reclassify the disproportionate income tax effects of the Tax Act on items within accumulated other comprehensive income/(loss) to reinvested earnings. These disproportionate income tax effect items are referred to as "stranded tax effects." The amendments in this update only relate to the reclassification of the income tax effects of the Tax Reform Act. Other accounting guidance that requires the effect of changes in tax laws or rates to be included in net income from continuing operations is not affected by this update. The Company adopted ASU 2018 - 02 effective February 1, 2019 and has elected to not reclassify any amounts to retained earnings. Under the Company's existing policy, any existing stranded tax effects will be eliminated when the underlying circumstances upon which it was premised cease to exist.

Note 2 - Business Segment Reporting (Details Textual)	3 Months Ended
Note 2 - Business Segment Reporting (Details Textual)	Apr. 30, 2019
Number of Reportable Segments	1

Note 3 - Accounts Receivable (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 30, 2019 USD ($)	Apr. 30, 2018	Jan. 31, 2019 USD ($)
Accounts Receivable, Outstanding for Several Years	$ 4,400		$ 4,700
Contract Receivable Retainage, Total	3,700
Proceeds from Collection of Accounts Receivable Outstanding for Several Years	300		$ 700
Allowance for Doubtful Accounts Receivable Outstanding for Several Years	$ 0
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Number of Major Customers	0	1
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| One Customer [Member]
Concentration Risk, Percentage		13.50%
Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Number of Major Customers	3		3
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Concentration Risk, Percentage	33.60%		39.40%
Other Noncurrent Assets [Member]
Contract Receivable Retainage, Total	$ 3,500		$ 3,500

Note 4 - Revenue Recognition (Details Textual)	3 Months Ended
Note 4 - Revenue Recognition (Details Textual)	Apr. 30, 2019
Costs Incurred for Uncompleted Contracts, Anticipated Collection Period	1 year

Note 4 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Sales by product	$ 24,276	$ 28,889
Sales by product (percent of total)	100.00%	100.00%
Product [Member] \| Transferred at Point in Time [Member]
Sales by product	$ 4,898	$ 2,429
Sales by product (percent of total)	20.00%	8.00%
Specialty Piping Systems And Coating [Member] \| Transferred at Point in Time Using Input Method [Member]
Sales by product	$ 8,786	$ 11,102
Sales by product (percent of total)	36.00%	38.00%
Specialty Piping Systems And Coating [Member] \| Transferred at Point in Time Using Output Method [Member]
Sales by product	$ 10,592	$ 15,358
Sales by product (percent of total)	44.00%	53.00%

Note 4 - Revenue Recognition - Contract With Customer, Asset and Liability (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2019 USD ($)
Beginning balance	$ 1,653
Costs and gross profit recognized during the period for uncompleted contracts from the prior period	(1,038)
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period	1,368
Beginning balance	1,569
Revenue recognized during the period for uncompleted contracts from the prior period	(444)
New contracts entered into that are uncompleted at the end of the current period	$ 721

Note 5 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Jan. 31, 2020
Effective Income Tax Rate Reconciliation, Percent, Total	(26.10%)	4.10%
Unrecognized Tax Benefits, Ending Balance	$ 100
Forecast [Member]
Global Intangible Low-taxed Income (GILTI)			$ 0

Note 6 - Impairment of Long-lived Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Impairment of Long-Lived Assets Held-for-use	$ 0	$ 0
Goodwill, Impairment Loss	$ 0	$ 0

Note 6 - Impairment of Long-lived Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2019 USD ($)
Goodwill	$ 2,269
Goodwill, foreign exchange change effect	(51)
Goodwill	$ 2,218

Note 7 - Stock-based Compensation (Details Textual) $ in Thousands	3 Months Ended
	Apr. 30, 2019 USD ($) shares	Apr. 30, 2018 USD ($)
Number of Incentive Stock Plans Under Which New Awards May Be Granted	1
Common Stock, Capital Shares Reserved for Future Issuance \| shares	835,332
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total \| shares	0
Proceeds from Stock Options Exercised	$ 79	$ 25
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 100
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Maximum [Member]
Proceeds from Stock Options Exercised	$ 100

Note 7 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2019	Jan. 31, 2019
Outstanding at beginning of period, aggregate intrinsic value	$ 18
Outstanding at end of period (in shares)	10
Outstanding at end of period, weighted average exercise price (in dollars per share)	$ 7
Outstanding at end of period, aggregate intrinsic value	$ 18
Share-based Payment Arrangement, Option [Member]
Outstanding at beginning of period (in shares)	218
Outstanding at beginning of period, weighted average exercise price (in dollars per share)	$ 8.60
Outstanding weighted average remaining contractual term (Year)	3 years 109 days	3 years 292 days
Outstanding at beginning of period, aggregate intrinsic value	$ 265	$ 257
Exercised (in shares)	(9)
Exercised, weighted average exercise price (in dollars per share)	$ 6.87
Exercised, aggregate intrinsic value	$ 20
Expired or forfeited (in shares)	(1)
Expired or forfeited, weighted average exercise price (in dollars per share)	$ 7.01
Outstanding at end of period (in shares)	208	218
Outstanding at end of period, weighted average exercise price (in dollars per share)	$ 8.69	$ 8.60
Outstanding at end of period, aggregate intrinsic value	$ 265	$ 257
Exercisable at end of period (in shares)	198
Exercisable at end of period, weighted average exercise price (in dollars per share)	$ 8.77
Exercisable at end of period, weighted average remaining contractual term (Year)	3 years 36 days
Exercisable at end of period, aggregate intrinsic value	$ 246

Note 7 - Stock-based Compensation - Unvested Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2019	Jan. 31, 2019
Outstanding, weighted average grant date fair value (in dollars per share)	$ 7
Outstanding at beginning of period, aggregate intrinsic value	$ 18
Outstanding at end of period (in shares)	10
Unvested Option [Member]
Outstanding at beginning of period (in shares)	11
Outstanding, weighted average grant date fair value (in dollars per share)		$ 7
Outstanding at beginning of period, aggregate intrinsic value		$ 19
Vested, number (in shares)
Expired or forfeited (in shares)	(1)

Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2019	Jan. 31, 2019
Outstanding (unvested) at beginning of period, weighted average grant price per share (in dollars per share)	$ 8.96
Outstanding (unvested) at beginning of period, aggregate intrinsic value	$ 2,502
Outstanding (unvested) at endof period (in shares)	279
Restricted Stock [Member]
Outstanding (unvested) at beginning of period (in shares)	283
Outstanding (unvested) at beginning of period, weighted average grant price per share (in dollars per share)		$ 8.74
Outstanding (unvested) at beginning of period, aggregate intrinsic value		$ 2,476
Granted (in shares)
Granted, weighted average grant price per share (in dollars per share)
Vested and issued (in shares)
Forfeited (in shares)	(4)
Forfeited, weighted average grant price per share (in dollars per share)	$ 8.60

Note 9 - Debt (Details Textual)				1 Months Ended	3 Months Ended		7 Months Ended		15 Months Ended
Note 9 - Debt (Details Textual)	Jul. 28, 2016 USD ($)	Jul. 28, 2016 CAD ($)	Jun. 19, 2012 USD ($)	Oct. 31, 2018	Apr. 30, 2019 USD ($)	Apr. 30, 2018 USD ($)	Apr. 30, 2019 USD ($)	Apr. 30, 2019 CAD ($)	Apr. 30, 2019 USD ($)	Jan. 31, 2019 USD ($)	Sep. 20, 2018 USD ($)	Sep. 19, 2018 USD ($)
Debt and Lease Obligation, Total					$ 13,300,000		$ 13,300,000		$ 13,300,000
Debt Instrument, Increase (Decrease), Net, Total					3,000,000
Repayments of Lines of Credit					24,622,000	$ 6,571,000
Line of Credit, Current					5,642,000		5,642,000		5,642,000	$ 8,890,000
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	6.05%	6.05%
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%
Revolving Lines, North America [Member]
Debt Instrument, Term				3 years
Line of Credit Facility, Maximum Borrowing Capacity											$ 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		$ 3,000,000
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term One					1.1		1.1		1.1
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term Two										1.1
Debt Instrument, Interest Rate, Stated Percentage											2.00%
Line of Credit, Current					$ 5,600,000		$ 5,600,000		$ 5,600,000
Debt, Weighted Average Interest Rate					6.72%		6.72%		6.72%
Line of Credit Facility, Current Borrowing Capacity					$ 2,800,000		$ 2,800,000		$ 2,800,000
Revolving Lines, North America [Member] \| Maximum [Member]
Line of Credit Facility, Interest Rate at Period End					8.50%		8.50%		8.50%
Revolving Lines, North America [Member] \| Minimum [Member]
Line of Credit Facility, Interest Rate at Period End					6.49%		6.49%		6.49%
Revolving Lines, North America [Member] \| Senior Credit Facility, Interest Rate 8.5 Percent [Member]
Line of Credit, Current					$ 600,000		$ 600,000		$ 600,000
Revolving Lines, North America [Member] \| Senior Credit Facility, Interest Rate 6.49 Percent [Member]
Line of Credit, Current					5,000,000		5,000,000		5,000,000
Letter of Credit [Member]
Repayments of Lines of Credit							154,500
Foreign Revolving Lines [Member]
Line of Credit Facility, Maximum Borrowing Capacity					9,000,000		9,000,000		9,000,000
Line of Credit, Current					$ 500,000		$ 500,000		$ 500,000
Debt, Weighted Average Interest Rate					6.30%		6.30%		6.30%
Letters of Credit Outstanding, Amount					$ 5,900,000		$ 5,900,000		$ 5,900,000
Line of Credit Facility, Remaining Borrowing Capacity					$ 2,600,000		$ 2,600,000		$ 2,600,000
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					6.30%		6.30%		6.30%
Foreign Revolving Lines [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage					4.50%		4.50%		4.50%
Line of Credit Facility, Interest Rate at Period End					6.15%		6.15%		6.15%

Note 10 - Leases (Details Textual) $ in Thousands, ₨ in Millions, $ in Millions		3 Months Ended		12 Months Ended
	Aug. 05, 2016 USD ($)	Apr. 30, 2019 USD ($)	Apr. 30, 2018 USD ($)	Jan. 31, 2017 USD ($)	Jan. 31, 2019 USD ($)	Jan. 31, 2017 CAD ($)	Aug. 05, 2016 INR (₨)
Finance Lease, Right-of-Use Asset		$ 400
Operating Lease, Liability, Total		10,309
Operating Lease, Right-of-Use Asset		10,323
Finance Lease, Liability, Total		473
Operating Lease, Expense		$ 700	$ 700
Minimum [Member]
Lessee, Operating Lease, Term of Contract		1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract		14 years
Finance Vehicle Equipment, One [Member]
Finance Lease, Right-of-Use Asset				$ 800		$ 1.1
Finance Vehicle Equipment, One [Member] \| Minimum [Member]
Interest Rate for Finance Lease				4.00%
Finance Vehicle Equipment, One [Member] \| Maximum [Member]
Interest Rate for Finance Lease				7.80%
Finance Lease, Principal Payments and Interest Payment on Liability				$ 100
Finance Vehicle Equipment, Two [Member]
Finance Lease, Right-of-Use Asset	$ 8						₨ 0.6
Interest Rate for Finance Lease	15.60%
Finance Vehicle Equipment, Two [Member] \| Maximum [Member]
Finance Lease, Principal Payments and Interest Payment on Liability	$ 1

Note 10 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Jan. 31, 2019
Property and Equipment - net	$ 29,568	$ 30,398
Finance lease liability short-term	208
Finance lease liability long-term	265
Total finance lease liabilities	473
Operating lease right-of-use asset	10,323
Operating lease liability short-term	816
Operating lease liability long-term	9,493
Total operating lease liabilities	10,309
Finance Leases Assets [Member]
Property and Equipment - gross	836
Accumulated depreciation and amortization	(391)
Property and Equipment - net	$ 445

Note 10 - Leases - Weighted-average Lease Terms and Discount Rates (Details)	Apr. 30, 2019
Finance leases (Year)	2 years 109 days
Operating leases (Year)	10 years 36 days
Finance leases	7.00%
Operating leases	9.10%

Note 10 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Apr. 30, 2019 USD ($)
For the nine months ended January 31, 2020, operating leases	$ 1,373
For the nine months ended January 31, 2020, finance leases	177
For the year ended January 31, 2021, operating leases	1,804
For the year ended January 31, 2021, finance leases	234
For the year ended January 31, 2022, operating leases	1,686
For the year ended January 31, 2022, finance leases	81
For the year ended January 31, 2023, operating leases	1,605
For the year ended January 31, 2023, finance leases	20
For the year ended January 31, 2024, operating leases	1,454
For the year ended January 31, 2024, finance leases
For the year ended January 31, 2025, operating leases	1,064
For the year ended January 31, 2025, finance leases
Thereafter, operating leases	6,656
Thereafter, finance leases
Total lease payments, operating leases	15,642
Total lease payments, finance leases	512
Less: amount representing interest, operating leases	(5,333)
Less: amount representing interest, finance leases	(39)
Total lease liabilities, operating leases	10,309
Total lease liabilities, finance leases	$ 473

Note 11 - Restricted Cash (Details Textual) - USD ($) $ in Thousands	Apr. 30, 2019	Jan. 31, 2019	Apr. 30, 2018
Restricted Cash, Current	$ 2,602	$ 2,581	$ 1,101
Non-US [Member]
Restricted Cash, Current	1,100	$ 1,100
UNITED STATES
Restricted Cash, Current	$ 1,500

Note 13 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands	Apr. 30, 2019	Feb. 01, 2019
Operating Lease, Right-of-Use Asset	$ 10,323
Operating Lease, Liability, Total	$ 10,309
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 10,700
Operating Lease, Liability, Total		$ 11,000

Label	Element	Value
us-gaap_ContractWithCustomerLiability	us-gaap_ContractWithCustomerLiability	$ 1,846,000
us-gaap_ContractWithCustomerAssetNet	us-gaap_ContractWithCustomerAssetNet	$ 1,983,000