Perma-Pipe International Holdings, Inc. Announces its Third Quarter and Year-to-Date Fiscal 2022 Financial Results
06 Dezembro 2022 - 11:54AM
Business Wire
- The Company generated net sales of $37.9 million as compared
to $35.2 million in the third quarter of 2021
- Income before income taxes of $2.9 million versus $1.5
million in the third quarter of 2021
- Fully funded pension plan was terminated and a related
non-cash pre-tax charge of $0.9 million was recorded
- Backlog of $47.0 million at October 31, 2022 compared to
$39.3 million at January 31, 2022
Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced
today financial results for the third quarter ended October 31,
2022.
“Revenues for the third quarter were $37.9 million, an increase
of $2.7 million versus the same quarter last year. The resulting
income from operations of $2.9 million was also an increase from
the $1.5 million earned in the same quarter of 2021, despite a $0.9
million non-cash pre-tax charge in the current quarter resulting
from a pension plan termination," noted President and CEO David
Mansfield.
“While maintaining overhead cost management, pre-tax earnings
for the year to date increased versus last year with revenues
remaining stable throughout the year. We continue to see strong oil
and gas demand in Canada and our other North American operations
also improved substantially due to increased activity in the
district heating and cooling market. Despite revenues at similar
levels, the returns from our operations in Egypt have improved as
we venture into new products and services.
"Backlog has grown $7.7 million largely because of contracts in
Saudi Arabia, where activity levels there and elsewhere in the
Middle East have increased.
“Year to date versus prior year both revenue and income from
operations increased despite recognizing a non-cash pre-tax charge
of $0.9 million for the termination of a pension plan, and after
the cessation of government subsidies for COVID-19 received in the
prior year. Excluding these non-recurring items year over year,
pre-tax earnings increased by 45%,” concluded Mr. Mansfield.
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 thirteen 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 impact of the coronavirus ("COVID-19") on the
Company's results of operations, financial condition and cash
flows; (ii) fluctuations in the price of oil and natural gas and
its impact on the customer order volume for the Company's products;
(iii) the impact of global economic weakness and volatility; (iv)
fluctuations in steel prices and the Company’s ability to offset
increases in steel prices through price increases in its products;
(v) decreases in 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 repay its debt and renew expiring
international credit facilities; (vii) the Company’s ability to
effectively execute its strategic plan and achieve sustained
profitability and positive cash flows; (viii) the Company's ability
to collect a long-term account receivable related to a project in
the Middle East; (ix) the Company’s ability to interpret changes in
tax regulations and legislation; (x) the Company's ability to use
its net operating loss carryforwards; (xi) reversals of previously
recorded revenue and profits resulting from inaccurate estimates
made in connection with the Company’s over-time revenue
recognition; (xii) the Company’s failure to establish and maintain
effective internal control over financial reporting; (xiii) the
timing of order receipt, execution, delivery and acceptance for the
Company’s products; (xiv) the Company’s ability to successfully
negotiate progress-billing arrangements for its large contracts;
(xv) aggressive pricing by existing competitors and the entrance of
new competitors in the markets in which the Company operates; (xvi)
the Company’s ability to purchase raw materials at favorable prices
and to maintain beneficial relationships with its suppliers; (xvii)
the Company’s ability to manufacture products free of latent
defects and to recover from suppliers who may provide defective
materials to the Company; (xviii) reductions or cancellations of
orders included in the Company’s backlog; (xix) risks and
uncertainties specific to the Company's international business
operations; (xx) the Company’s ability to attract and retain senior
management and key personnel; (xxi) the Company’s ability to
achieve the expected benefits of its growth initiatives; and (xxii)
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.)
Additional information regarding the Company's financial results
for the three and nine months ended October 31, 2022, including
management's discussion and analysis of the Company's financial
condition and results of operations, is contained in the Company's
Quarterly Report on Form 10-Q for the quarterly period ended
October 31, 2022, which will be filed with the Securities and
Exchange Commission on or about the date hereof and 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
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share
data)
Three Months Ended October
31,
Nine Months Ended October
31,
2022
2021
2022
2021
Net sales
$
37,903
$
35,199
$
106,128
$
99,426
Gross profit
11,130
7,629
28,065
22,877
Total operating expenses
6,594
5,938
20,043
18,040
Income from operations
4,536
1,691
8,022
4,837
Interest expense, net
717
270
1,585
717
Other (expense)/income
(948
)
98
(963
)
997
Income before income taxes
2,871
1,519
5,474
5,117
Income tax expense
1,143
1,024
2,763
2,049
Net income
$
1,728
$
495
$
2,711
$
3,068
Earnings per share
Basic
$
0.22
$
0.06
$
0.33
$
0.38
Diluted
$
0.21
$
0.06
$
0.33
$
0.36
Note: Earnings per share calculations
could be impacted by rounding.
PERMA-PIPE INTERNATIONAL
HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
October 31, 2022
January 31, 2022
(Unaudited)
ASSETS
Current assets
$
89,392
$
78,389
Long-term assets
36,417
45,012
Total assets
$
125,809
$
123,401
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
$
47,456
$
38,397
Long-term liabilities
23,562
30,547
Total liabilities
71,018
68,944
Stockholders' equity
54,791
54,457
Total liabilities and stockholders'
equity
$
125,809
$
123,401
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221206005736/en/
Perma-Pipe International Holdings, Inc. David
Mansfield, President and CEO
Perma-Pipe Investor Relations (847) 929-1200
investor@permapipe.com
Perma Pipe (NASDAQ:PPIH)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Perma Pipe (NASDAQ:PPIH)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024