0001437749-19-018107.txt : 20190910 0001437749-19-018107.hdr.sgml : 20190910 20190910090547 ACCESSION NUMBER: 0001437749-19-018107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190910 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190910 DATE AS OF CHANGE: 20190910 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32530 FILM NUMBER: 191084365 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 8-K 1 ppih20190826_8k.htm FORM 8-K ppih20181004_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

_______________________

 

Date of Report (Date of earliest event reported): September 10, 2019

 

PERMA-PIPE INTERNATIONAL HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

0-18370

36-3922969

(State or other jurisdiction of

incorporation)

(Commission File

Number)

(IRS Employer

Identification No.)

 

6410 West Howard Street, Niles, Illinois 60714

(Address of principal executive offices, including zip code)

 

(847) 966-1000

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[  ]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value per share

 

PPIH

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

 

 

 

 

 

Item 2.02.

Results of Operations and Financial Condition.

 

On September 10, 2019, Perma-Pipe International Holdings, Inc. issued a press release announcing its financial results for its second quarter ended July 31, 2019. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01.

Financial Statements and Exhibits.

 

 

(a)

Not applicable.

 

 

(b)

Not applicable.

 

 

(c)

Not applicable.

 

 

(d)

Exhibits. The following exhibit is being furnished herewith:

 

Exhibit

Number

 

  (99.1) Press Release of Perma-Pipe International Holdings, Inc., dated September 10, 2019, regarding its financial results for its second quarter ended July 31, 2019 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

PERMA-PIPE INTERNATIONAL HOLDINGS, INC.

 

 

 

 

 

 

 

 

 

Date: September 10, 2019

By:

/s/ D. Bryan Norwood

 

 

 

D. Bryan Norwood

 

 

 

Vice President and Chief Financial Officer

 

 

EX-99.1 2 ex_156491.htm EXHIBIT 99.1 ex_125085.htm

Exhibit 99.1

 

 

COMPANY:

Perma-Pipe International Holdings, Inc.

CONTACT:

David Mansfield, President and CEO

        

Perma-Pipe Investor Relations

(847) 929-1200

investor@permapipe.com

 

Perma-Pipe International Holdings, Inc. Announces its Second Quarter and Year-to-Date Financial Results

 

 

•        The Company generated net sales of $36.7 million for the second quarter, a 13.4% improvement over the prior year quarter, and net sales of $60.9 million year-to-date  

•        Income from operations before income taxes of $3.5 million in the second quarter and $2.3 million year-to-date 

•        Backlog stood at $63.9 million on July 31, 2019 compared to $63.2 million on April 31, 2019.

 

NILES, IL, September 10, 2019 - Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter and six months ended July 31, 2019. 

 

President and CEO David Mansfield commented, "The second quarter rebounded from the seasonally weak first quarter.  Revenue was $12.4 million better than the first quarter of 2019 and income from operations before income taxes improved $4.7 million to $3.5 million."

 

"Despite flat revenues for the first six months of 2019 compared to the same period last year, notable improvements in our margins led to an increase of $3.1 million in income from operations before income taxes, from a loss of $0.8 million last year to $2.3 million for the year to date." 

 

"Our backlog stands at $63.9 million, continuing at the strong levels previously achieved at the end of the same period in the prior year", continued Mr. Mansfield. 

 

“It is encouraging to see the improving trend continuing to confirm our progress in returning the company to profitability” concluded Mr. Mansfield.

 

 

 

 

Second Quarter Fiscal 2019 Results 

 

Net sales increased $4.3 million to $36.7 million in the current quarter, from $32.3 million in the prior year quarter. Higher revenues resulted from our North American region for both traditional insulation and leak detection products partially offset by lower revenue in the Middle East. 

 

Gross profit increased to $9.7 million or 26.3% of net sales in the current quarter from $5.9 million, or 18.2% of net sales, in the prior year quarter. This 64% increase in gross profit was driven by improved pricing, product mix and cost reduction initiatives. The cost reduction initiatives include sourcing raw material at favorable prices and focusing efforts on quality improvements. 

 

General and administrative expenses increased to $4.6 million in the current quarter, compared to $3.9 million in the prior year quarter. This was due primarily to increased compensation expenses. Selling expenses remained relatively flat at $1.4 million in the current quarter, compared to $1.3 million in the prior year quarter. 

 

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. 

 

Income from operations before income taxes increased by $3.1 million to $3.5 million in the current quarter from $0.4 million in the prior year quarter. This increase was due to increased revenue and improved margins.

 

Year-to-Date July 31, 2019 Results

 

Net sales decreased $0.3 million to $60.9 million in the current year-to-date, from $61.2 million in the prior year year-to-date. The slight decrease resulted from lower revenue in the Middle East offset by increased revenue from our leak detection systems.    

 

Gross profit increased to $14.4 million or 23.6% of net sales in the current year-to-date from $10.1 million or 16.5% of net sales, in the prior year year-to-date. This 42% increase in gross profit was driven by improved pricing, product mix and cost reduction initiatives. The cost reduction initiatives include sourcing raw material at favorable prices, and focusing efforts on quality improvements and safety education. 

 

General and administrative expenses increased to $9.0 million in the current year-to-date, compared to $7.9 million in the prior year year-to-date. This was due to increased compensation expenses and loss on disposal of an asset, partially offset by collection of a previously reserved bad debt. Selling expenses remained relatively flat at $2.7 million in the current year-to-date, compared to $2.5 million in the prior year year-to-date.

 

Net interest expense decreased to $0.4 million in the current year-to-date from $0.6 million in the prior-year year-to-date due to lower borrowings. 

 

Income from operations before income taxes increased $3.1 million to $2.3 million in the current year-to-date from a loss of $0.8 million in the prior year year-to-date. This increase was due primarily to increased sales of our leak detection systems.

 

 

 

 

Perma-Pipe International Holdings, Inc.

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

 

Forward-Looking Statements

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

 

The Company's Form 10-Q for the quarter ended July 31, 2019 will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.

 

 

 

 

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

 

   

Three Months Ended July 31,

   

Six Months Ended July 31,

 
   

2019

   

2018

   

2019

   

2018

 

Net sales

  $ 36,667     $ 32,325     $ 60,943     $ 61,214  

Cost of sales

    27,014       26,432       46,568       51,096  

Gross profit

    9,653       5,893       14,375       10,118  
                                 

Operating expenses

                               

General and administrative expenses

    4,573       3,924       9,015       7,906  

Selling expenses

    1,416       1,321       2,676       2,463  

Total operating expenses

    5,989       5,245       11,691       10,369  
                                 

Income/(loss) from operations

    3,664       648       2,684       (251 )
                                 

Interest expense, net

    209       284       419       550  

Income/(loss) from operations before income taxes

    3,455       364       2,265       (801 )
                                 

Income tax (benefit)/expense

    (265 )     639       47       591  
                                 

Net income/(loss)

  $ 3,720     $ (275 )   $ 2,218     $ (1,392 )
                                 

Weighted average common shares outstanding

                               

Basic

    7,987       7,820       7,937       7,769  

Diluted

    8,075       7,820       8,024       7,769  
                                 

Income/(loss) per share

                               

Basic

    0.47       (0.04 )     0.28       (0.18 )

Diluted

    0.46       (0.04 )     0.28       (0.18 )

 

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

 

 

 

 

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

   

July 31, 2019

   

January 31, 2019

 

ASSETS

               

Current assets

               

Cash and cash equivalents

  $ 8,052     $ 10,156  

Restricted cash

    1,167       2,581  

Trade accounts receivable, less allowance for doubtful accounts of $227 at July 31, 2019 and $536 at January 31, 2019

    30,384       32,508  

Inventories, net

    16,555       12,289  

Prepaid expenses and other current assets

    4,475       3,773  

Contract assets

    3,474       1,653  

Total current assets

    64,107       62,960  

Property, plant and equipment, net of accumulated depreciation

    29,125       30,398  

Other assets

               

Operating lease right-of-use asset

    11,453       -  

Deferred tax assets - long-term

    404       458  

Goodwill

    2,266       2,269  

Other assets

    7,146       6,120  

Total other assets

    21,269       8,847  

Total assets

  $ 114,501     $ 102,205  

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Current liabilities

               

Trade accounts payable

  $ 11,084     $ 12,006  

Accrued compensation and payroll taxes

    1,605       1,544  

Commissions and management incentives payable

    1,373       1,866  

Revolving line North America

    6,776       8,890  

Current maturities of long-term debt

    1,480       640  

Customers' deposits

    3,601       3,708  

Outside commissions payable

    2,138       1,743  

Contract liability

    1,141       1,569  

Operating lease liability short-term

    1,056       -  

Other accrued liabilities

    4,959       3,856  

Income taxes payable

    338       1,266  

Total current liabilities

    35,551       37,088  

Long-term liabilities

               

Long-term debt, less current maturities

    6,460       6,751  

Deferred compensation liabilities

    3,667       3,883  

Deferred tax liabilities long-term

    1,445       1,435  

Operating lease liability long-term

    10,446       -  

Other long-term liabilities

    1,630       688  

Total long-term liabilities

    23,648       12,757  

Stockholders' equity

               

Common stock, $.01 par value, authorized 50,000 shares; 8,026 issued and outstanding at July 31, 2019 and 7,854 issued and outstanding at January 31, 2019

    80       79  

Additional paid-in capital

    59,475       58,793  

Accumulated deficit

    (1,414 )     (3,632 )

Accumulated other comprehensive loss

    (2,839 )     (2,880 )

Total stockholders' equity

    55,302       52,360  

Total liabilities and stockholders' equity

  $ 114,501     $ 102,205  

 

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