Document and entity information
Document and entity information Document - USD ($) shares in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Apr. 07, 2017 | Jul. 31, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Perma-Pipe International Holdings, Inc. | ||
Entity Central Index Key | 914,122 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 31, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 7,616 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 49,044,548 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS Statement - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Net sales | $ 98,845 | $ 122,696 |
Cost of sales | 87,129 | 95,955 |
Gross profit | 11,716 | 26,741 |
Operating expenses: | ||
General and administrative expense | 16,783 | 18,869 |
Selling expense | 5,721 | 4,994 |
Total operating expenses | 22,504 | 23,863 |
(Loss) income from operations | (10,788) | 2,878 |
Income from joint venture | 0 | 602 |
Loss on consolidation of joint venture | (1,620) | 0 |
Interest expense, net | 569 | 470 |
(Loss) income from continuing operations before income taxes | (12,977) | 3,010 |
Income tax (benefit) expense | (611) | 1,375 |
(Loss) income from continuing operations | (12,366) | 1,635 |
Income (loss) from discontinued operations, net of tax | 688 | (6,044) |
Net loss | $ (11,678) | $ (4,409) |
Weighted average common shares outstanding | ||
Basic | 7,488 | 7,280 |
Diluted | 7,488 | 7,371 |
(Loss) earnings per share from continuing operations | ||
Basic and diluted | $ (1.65) | $ 0.22 |
Earnings (loss) per share from discontinued operations | ||
Basic and diluted | 0.09 | (0.83) |
Loss per share | ||
Basic and diluted | $ (1.56) | $ (0.61) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Statement - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Net loss | $ (11,678) | $ (4,409) |
Other comprehensive income (loss) | ||
Currency translation adjustments, net of tax | 818 | (481) |
Minimum pension liability adjustment, net of tax | 423 | 863 |
Unrealized gain on marketable security, net of tax | 15 | 77 |
Interest rate swap, net of tax | 0 | 91 |
Other comprehensive income | 1,256 | 550 |
Comprehensive loss | $ (10,422) | $ (3,859) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 7,603 | $ 16,631 |
Restricted cash | 1,097 | 2,324 |
Trade accounts receivable, less allowance for doubtful accounts of $305 at January 31, 2017 and $33 at January 31, 2016 | 31,271 | 36,090 |
Inventories | 13,565 | 15,625 |
Assets of discontinued operations | 25 | 14,241 |
Assets held-for-sale | 0 | 3,062 |
Cash surrender value on life insurance policies | 0 | 3,049 |
Prepaid expenses and other current assets | 2,172 | 2,397 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,091 | 2,463 |
Total current assets | 57,824 | 95,882 |
Property, plant and equipment, net of accumulated depreciation | 36,275 | 25,400 |
Goodwill | 2,279 | 0 |
Other assets | ||
Note receivable from joint venture | 0 | 1,905 |
Investment in joint venture | 0 | 9,112 |
Other assets | 5,233 | 5,799 |
Total other assets | 7,512 | 16,816 |
Total assets | 101,611 | 138,098 |
Current liabilities | ||
Trade accounts payable | 10,901 | 11,026 |
Commissions and management incentives payable | 1,845 | 2,874 |
Deferred compensation liability, current | 0 | 6,167 |
Accrued compensation and payroll taxes | 4,236 | 4,274 |
Revolving line North America | 3,813 | 5,237 |
Current maturities of long-term debt | 658 | 8,767 |
Customers' deposits | 2,640 | 3,690 |
Liabilities of discontinued operations | 199 | 12,836 |
Liabilities held for sale | 0 | 3,439 |
Outside commission liability | 1,612 | 1,295 |
Other accrued liabilities | 2,360 | 965 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,100 | 1,176 |
Income tax payable | 684 | 2,339 |
Total current liabilities | 30,048 | 64,085 |
Long-term liabilities | ||
Long-term debt, less current maturities | 7,258 | 1,470 |
Deferred compensation liabilities | 2,523 | 3,124 |
Deferred tax liabilities - long-term | 1,829 | 160 |
Other long-term liabilities | 540 | 231 |
Total long-term liabilities | 12,150 | 4,985 |
Stockholders' equity | ||
Common stock, $.01 par value, authorized 50,000 shares; 7,596 issued and outstanding at January 31, 2017 and 7,306 issued and outstanding at January 31, 2016 | 76 | 74 |
Additional paid-in capital | 53,716 | 53,031 |
Treasury Stock 27 shares on January 31, 2017 and 45 shares on January 31, 2016 | (170) | (290) |
Retained earnings | 8,515 | 20,193 |
Accumulated other comprehensive loss | (2,724) | (3,980) |
Total stockholders' equity | 59,413 | 69,028 |
Total liabilities and stockholders' equity | $ 101,611 | $ 138,098 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Allowance for doubtful accounts | $ 305 | $ 33 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 7,622,000 | 7,351,000 |
Common stock, shares outstanding | 7,596,000 | 7,306,000 |
Treasury stock, shares | 27,000 | 44,570 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock [Member] | Accumulated other comprehensive income (loss) |
Total stockholders' equity at Jan. 31, 2015 | $ 72,800 | $ 73 | $ 52,655 | $ 24,602 | $ 0 | $ (4,530) |
Net loss | (4,409) | (4,409) | ||||
Common stock issued under stock plans, net of shares used for tax withholding | 99 | 1 | 98 | |||
Repurchase of common stock | (290) | (290) | ||||
Stock-based compensation expense | 278 | 278 | ||||
Interest rate swap | 119 | 119 | ||||
Pension liability adjustment | 821 | 821 | ||||
Marketable security | 118 | 118 | ||||
Foreign currency translation adjustment | (486) | (486) | ||||
Tax expense on above items | (22) | (22) | ||||
Total stockholders' equity at Jan. 31, 2016 | 69,028 | $ 74 | 53,031 | 20,193 | (290) | (3,980) |
Balance, Shares at Jan. 31, 2015 | 7,290,576 | |||||
Shares issued | 59,915 | |||||
Treasury stock released (purchased) | (44,566) | |||||
Balance, Shares at Jan. 31, 2016 | 7,305,925 | |||||
Net loss | (11,678) | (11,678) | ||||
Common stock issued under stock plans, net of shares used for tax withholding | 418 | $ 2 | 296 | 120 | ||
Stock-based compensation expense | 389 | 389 | ||||
Pension liability adjustment | 831 | 831 | ||||
Marketable security | 24 | 24 | ||||
Foreign currency translation adjustment | 799 | 799 | ||||
Tax expense on above items | (398) | (398) | ||||
Total stockholders' equity at Jan. 31, 2017 | $ 59,413 | $ 76 | $ 53,716 | $ 8,515 | $ (170) | $ (2,724) |
Shares issued | 271,771 | |||||
Treasury stock released (purchased) | 17,813 | |||||
Balance, Shares at Jan. 31, 2017 | 7,595,509 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Operating activities | ||
Net loss | $ (11,678) | $ (4,409) |
Adjustments to reconcile net loss to net cash flows used in operating activities | ||
Depreciation and amortization | 5,521 | 5,929 |
Loss on consolidation of joint venture | 1,620 | 0 |
Gain on disposal of discontinued operations | (127) | (8,099) |
Impairment expense on discontinued operations | 0 | 6,480 |
Deferred tax benefit | (33) | (249) |
Income in joint venture | 0 | (602) |
Stock-based compensation expense | 389 | 278 |
Cash surrender value on life insurance policies | (135) | 206 |
Provision on uncollectible accounts | 657 | (59) |
(Gain) loss on disposal of fixed assets | (292) | 101 |
Changes in operating assets and liabilities | ||
Accounts payable | (1,917) | 5,819 |
Accrued compensation and payroll taxes | (9,227) | 299 |
Inventories | 5,452 | 4,027 |
Customers' deposits | (2,303) | (2,400) |
Income taxes receivable and payable | (128) | 620 |
Prepaid expenses and other current assets | (997) | 1,914 |
Accounts receivable | 13,698 | (2,809) |
Costs and estimated earnings in excess of billings on uncompleted contracts | 296 | (1,268) |
Other assets and liabilities | (5,027) | (8,675) |
Net cash used in operating activities | (4,231) | (2,897) |
Investing activities | ||
Net proceeds from sale of discontinued operations | 9,606 | 16,373 |
Capital expenditures | (2,257) | (6,457) |
Proceeds from surrender of corporate-owned life insurance policies | 3,185 | 0 |
Acquisition of interest in subsidiary, net of cash acquired | (4,672) | 0 |
Receipts on loan from joint venture | 0 | 1,890 |
Proceeds from sales of property and equipment | 4,356 | 2,059 |
Net cash provided by investing activities | 10,218 | 13,865 |
Financing activities | ||
Proceeds from revolving lines | 40,033 | 105,636 |
Proceeds from debt | 6,059 | 918 |
Proceeds from borrowing against life insurance policies | 0 | 1,916 |
Payments of debt on revolving lines | (49,303) | (105,378) |
Payments of other debt | (10,151) | (2,544) |
Payments from borrowing against life insurance policies | 0 | (1,916) |
Decrease in drafts payable | (323) | (467) |
Payments on capitalized lease obligations | (1,677) | (998) |
Release (repurchase) of Common Stock | 120 | (290) |
Stock options exercised and restricted shares issued | 297 | 98 |
Net cash used in financing activities | (14,945) | (3,025) |
Effect of exchange rate changes on cash and cash equivalents | (70) | (1,212) |
Net (decrease) increase in cash and cash equivalents | (9,028) | 6,731 |
Cash and cash equivalents - beginning of period | 16,631 | 9,900 |
Cash and cash equivalents - end of period | 7,603 | 16,631 |
Supplemental cash flow information | ||
Interest paid | 773 | 749 |
Income taxes paid | 1,381 | 970 |
Fixed assets acquired under capital leases | 8 | 0 |
Funds held in escrow related to the sale of Filtration assets | $ 502 | $ 1,905 |
Business and segment informatio
Business and segment information | 12 Months Ended |
Jan. 31, 2017 | |
Business and segment information [Abstract] | |
Business and segment information [Text Block] | Note 1 - Business and segment information Perma-Pipe International Holdings, Inc. ("PPIH", the "Company", or the "Registrant") was incorporated in Delaware on October 12, 1993 . As of January 31, 2016, PPIH is engaged in the manufacture and sale of products in one distinct segment: Piping Systems. As described below, prior to January 29, 2016, the Company was also engaged in the manufacture and sale of products in the Filtration Products segment. In February 2017, the Company announced that the board of directors had authorized Company management to move forward with the re-naming and re-branding of MFRI, Inc. under the Perma-Pipe name now that the Company operates in a single business segment under the Perma-Pipe brand, and the Company believes this decision will better serve its strategy, position it well in the industry and global market, and better reflect the Company’s mission and strategy, and positions it to leverage the strong reputation Perma-Pipe has established since beginning operations. The name change to Perma-Pipe International Holdings, Inc. was effective March 20, 2017. The Company's common stock has been and will continue to be reported under its new ticker symbol “PPIH” since March 21, 2017. Fiscal year. The Company's fiscal year ends on January 31. Years and balances described as 2016 and 2015 are the fiscal years ended January 31, 2017 and 2016 , respectively. Nature of business. Piping Systems engineers, designs, manufactures and sells specialty piping and leak detection and location systems. This segment's specialty piping systems include (i) industrial and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (ii) insulated and jacketed piping systems for district heating and cooling, Municipal Freeze Protection, Oil & Gas, Mining and Industrial applications, (iii) insulation for subsea oil and gas gathering flowlines and equipment, (iv) above and below ground long lines for oil and mineral transportation and (v) anti-corrosion coatings for oil and gas distribution and gathering pipelines. The leak detection and location systems are sold with some of its piping systems and also 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. Prior to January 29, 2016, the Company had a Filtration Products segment. This business is reported as discontinued operations in the consolidated financial statements, and the notes to consolidated financial statements have been restated to conform to the current year reporting of this business. For further information, see Note 4 - Discontinued operations, in the Notes to Consolidated Financial Statements . Segment information was as follows: 2016 2015 Net sales Piping Systems $98,845 $122,696 Gross profit Piping Systems $11,716 $26,741 Income (loss) from operations Piping Systems $(2,435) $10,537 Corporate (8,353) (7,659) Total (loss) income from operations $(10,788) $2,878 Segment assets Piping Systems $98,855 $112,161 Corporate 2,731 10,229 Total segment assets $101,586 $122,390 Capital expenditures Piping Systems $1,925 $4,762 Corporate 332 289 Total capital expenditures $2,257 $5,051 Depreciation and amortization Piping Systems $5,009 $3,735 Corporate 327 469 Total depreciation and amortization $5,336 $4,204 Geographic information. Net sales are attributed to a geographic area based on the destination of the product shipment. Sales to foreign customers was 57% in 2016 compared to 50% in 2015 . Long-lived assets are based on the physical location of the assets and consist of property, plant and equipment used in the generation of revenues in the geographic area. 2016 2015 Net sales United States $42,048 $58,707 Middle East 28,009 60,749 Canada 25,915 2,581 India 2,360 372 Other 513 287 Total net sales $98,845 $122,696 Property, plant and equipment, net of accumulated depreciation United States $11,747 $13,822 Canada 13,276 — Middle East 10,987 11,211 India 265 367 Total $36,275 $25,400 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Jan. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | Note 2 - Significant accounting policies Use of estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue recognition. The Company recognizes revenues including shipping and handling charges billed to customers, when all the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable, and (iv) collectability is reasonably assured. All subsidiaries of the Company, except as noted below, recognize revenues upon shipment or delivery of goods or services when title and risk of loss pass to customers. Percentage of completion revenue recognition. All divisions recognize revenues under the above stated revenue recognition policy except for domestic complex contracts that require periodic recognition of income. For these contracts, the Company uses the "percentage of completion" accounting method. Under this approach, income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete. The choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project. The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract. Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income. Such revisions are recognized in the period in which they are determined. Claims for additional compensation due the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated. Shipping and handling. Shipping and handling costs are included in cost of sales, and the amounts invoiced to customers relating to shipping and handling are included in net sales. Sales tax. Sales tax is reported on a net basis in the consolidated financial statements. Operating cycle. The length of Piping Systems contracts vary, but are typically less than one year. The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion unless completion of such contracts extends significantly beyond one year. Consolidation. The consolidated financial statements include the accounts of the Company and its domestic and foreign subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated. The Company accounted for the former investment in joint venture using the equity method. Translation of foreign currency. Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year-end. Revenues and expenses are translated at average weighted exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders' equity as part of accumulated other comprehensive income (loss). Contingencies. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those involving environmental, tax, product liability and general liability claims. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based on developments to date, the Company's estimates of the outcomes of these matters, and its experience in contesting, litigating and settling other similar matters. The Company does not currently anticipate the amount of any ultimate liability with respect to these matters will materially affect the Company's financial position, liquidity or future operations. Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. Cash and cash equivalents were $7.6 million and $16.6 million as of January 31, 2017 and 2016 , respectively. On January 31, 2017 , $0.2 million was held in the U.S. and $7.4 million was held in the foreign subsidiaries. On January 31, 2016 , $0.2 million was held in the U.S. and $16.4 million was held in the foreign subsidiaries. Accounts payable included drafts payable of $21 thousand and $290 thousand as of January 31, 2017 and 2016 , respectively. Restricted cash. Restricted cash held by foreign subsidiaries were $1.1 million and $2.3 million as of January 31, 2017 and 2016 , respectively. 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 obtained for material 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 calculated using a percentage of sales method based upon collection history and an estimate of uncollectible accounts. 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. Accounts receivable adjustments are recorded against the allowance for doubtful accounts. Concentration of credit risk. The Company maintains its U.S. cash in bank deposit accounts at financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC"). Cash balances are below FDIC limits. The Company has not experienced any losses in such accounts. The Company has a broad customer base doing business in all regions of the U.S. as well as other areas in the world. On January 31, 2017 , no customer accounted for more than 10% of the Company's net sales. On January 31, 2016 , one customer accounted for 10.3% of the Company's net sales. Two customers accounted for 33.2% of accounts receivable on January 31, 2017 , and two customers accounted for 46.5% of accounts receivable on January 31, 2016 . As of April 1, 2017, these customers have paid 35.4% of their receivables outstanding on January 31, 2017 . Accumulated other comprehensive loss. Represents the change in equity from non-owner transactions and consisted of foreign currency translation, minimum pension liability and marketable securities. 2016 2015 Equity adjustment foreign currency, gross ($1,409 ) ($2,208 ) Minimum pension liability, gross (1,472) (2,303) Marketable security, gross 142 118 Subtotal excluding tax effect (2,739) (4,393) Tax effect of foreign exchange currency (50) (69) Tax effect of minimum pension liability 115 523 Tax effect of marketable security (50) (41) Total other comprehensive loss ($2,724) ($3,980) Inventories. Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method for all inventories. 2016 2015 Raw materials $13,648 $15,291 Work in process 1,105 1,168 Finished goods 836 722 Subtotal 15,589 17,181 Less allowance 2,024 1,556 Inventories $13,565 $15,625 Long-lived assets. Property, plant and equipment are stated at cost. Interest is capitalized in connection with the construction of facilities and amortized over the asset's estimated useful life. Long-lived assets are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable. If such a review indicates impairment, the carrying amount of such assets is reduced to an estimated fair value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three to 30 years. Leasehold improvements are depreciated over the remaining life of the lease or its useful life, whichever is shorter. Amortization of assets under capital leases is included in depreciation and amortization. Depreciation expense was approximately $5.3 million in 2016 and $4.2 million in 2015 . 2016 2015 Land, buildings and improvements $22,330 $14,758 Machinery and equipment 44,538 41,534 Furniture, office equipment and computer systems 4,704 5,632 Transportation equipment 3,690 40 Subtotal 75,262 61,964 Less accumulated depreciation and amortization 38,987 36,564 Property, plant and equipment, net $36,275 $25,400 Impairment of long-lived assets. The Company evaluates long-lived assets (including intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. A factor considered important that could trigger an impairment review includes a year-to-date loss from operations. An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flow the asset is expected to generate. Piping Systems has a year-to-date loss. Based on the Company's review there was no impairment of long-lived assets as of January 31, 2017 and 2016. 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 January 31, 2017, is attributable to the purchase of PPC. The Company does not amortize goodwill. January 31, 2016 Acquired January 31, 2017 Goodwill $— $2,279 $2,279 In January 2017, the Financial Accounting Standards Board ("FASB") issued authoritative guidance that simplifies the assessment of goodwill for impairment when the estimated fair value of a reporting unit is less than its carrying value by eliminating the requirement to determine the fair value of goodwill. Under the new guidance, the amount of goodwill impairment will be determined by the amount the carrying value of the reporting unit exceeds its fair value. The new guidance is effective for the Company beginning January 1, 2020, with early adoption permitted. The Company adopted this new guidance in the fourth quarter of 2016. 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 to goodwill in 2016. Other intangible assets with definite lives. The Company owns several patents including those covering features of its piping and electronic leak detection systems. Patents are capitalized and amortized on a straight-line basis over a period not to exceed the legal lives of the patents. The Company expenses costs incurred to renew or extend the term of intangible assets. Gross patents were $2.63 million and $2.59 million as of January 31, 2017 and 2016 , respectively. Accumulated amortization was approximately $2.4 million and $2.3 million as of January 31, 2017 and 2016 , respectively. Future amortizations over the next five years ending January 31 will be $44,400 in 2017 , $35,400 in 2018 , $32,400 in 2019 , $26,000 in 2020 , $17,200 in 2021 , and $91,161 thereafter. Research and development . Research and development expenses consist of materials, salaries and related expenses of engineering personnel and outside services for product development projects. Research and development costs are expensed as incurred. Research and development expense was approximately $0.2 million in 2016 and $1.1 million in 2015 . Income taxes. Deferred income taxes have been provided for temporary differences arising from differences in the basis of assets and liabilities for tax and financial reporting purposes. Deferred income taxes on temporary differences have been recorded at the current tax rate. The Company assesses its deferred tax assets and liabilities for realizability at each reporting period. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For further information, see Note 9 - Income taxes in the Notes to Consolidated Financial Statements . Net loss per common share. Earnings per share ("EPS") are computed by dividing net loss by the weighted average number of common shares outstanding (basic). The years 2015 and 2016 had net losses; therefore, the diluted loss per share was identical to the basic loss per share rather than assuming conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The year 2016 had a loss from continuing operations. The year 2015 had earnings from continuing operations. The EPS from continuing operations in 2015 are computed by dividing income by the weighted average number of common shares outstanding (basic). The dilutive shares are in the following table: Basic weighted average number of common shares outstanding 2016 2015 Basic weighted average number of common shares outstanding 7,488 7,280 Dilutive effect of stock options, deferred stock and restricted stock units — 91 Weighted average number of common shares outstanding assuming full dilution 7,488 7,371 Weighted average number of stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 306 710 Canceled options during the year (159 ) (77 ) Stock options with an exercise price below the average stock price 218 10 Equity-based compensation. The Company issues various types of stock-based awards to employees and directors: restricted stock, deferred stock and stock options. Compensation expense associated with restricted and deferred stock is based on the fair value of the common stock on the date of grant. Stock compensation expense for stock options is recognized ratably over the requisite service period of the award. The Black-Scholes option-pricing model is utilized to estimate the fair value of option awards. Determining the fair value of stock options using the Black-Scholes model requires judgment, including estimates for (1) risk-free interest rate - an estimate based on the yield of zero-coupon treasury securities with a maturity equal to the expected life of the option; (2) expected volatility - an estimate based on the historical volatility of the Company's common stock; and (3) expected life of the option - an estimate based on historical experience including the effect of employee terminations. Fair value of financial instruments . 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. The Company holds a marketable equity security of approximately $0.1 million on January 31, 2017 , which it classifies as available-for-sale and recorded in other non-current assets on the Consolidated Balance Sheet. This security is carried at estimated fair value with unrealized gains and losses reflected in Accumulated Other Comprehensive Income and classified as Level 1 in the fair value hierarchy. The assessment for impairment of marketable equity securities as available-for sale is based on established financial methodologies, including quoted market prices for publicly traded securities. If the Company determines that a loss in the value of the investment is other than temporary, any such losses are recorded in other expense (income), net. Reclassifications. Reclassifications were made to prior-year balance sheet to conform to the current-year presentations. The Company reclassified debt issuance costs and the assets and liabilities related to the defined benefit plan that covered Filtration employees from discontinued to continuing operations. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2017 | |
New accounting pronouncements. [Abstract] | |
New Accounting Pronouncements | Recent accounting pronouncements . In January 2017, the FASB issued authoritative guidance that simplifies the assessment of goodwill for impairment when the estimated fair value of a reporting unit is less than its carrying value by eliminating the requirement to determine the fair value of goodwill. Under the new guidance, the amount of goodwill impairment will be determined by the amount the carrying value of the reporting unit exceeds its fair value. The new guidance is effective for the Company beginning January 1, 2020, with early adoption permitted. The Company performs its annual goodwill impairment assessment process annually as of January 31, or more frequently if triggering events occur. The Company adopted this new guidance in the fourth quarter of 2016, and it did not have a material impact on the Company's operating results, financial position or cash flows. In October 2016, the FASB issued authoritative guidance requiring the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than when transferred to a third party as required under the current guidance. The new guidance is effective for the Company beginning February 1, 2018, with early adoption permitted. The Company is currently assessing the potential impact the guidance will have upon adoption. In August 2016, the FASB issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. The new standard provides guidance on eight targeted areas and how they are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the effect that this standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued guidance relating to the accounting for share-based payment transactions. This guidance involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classifications of awards as either equity or liabilities and classification on the statement of cash flows. The standard is effective for the Company beginning in its fiscal year 2017, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the effect that this standard will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires entities to recognize assets and liabilities for most leases on their balance sheets. It also requires additional qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect that this standard will have on the consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016. The adoption of ASU 2014-15 did not have a material impact on the Company’s consolidated financial statements. In May 2014, FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers ("Topic 606")", with several clarifying updates issued during 2016. This new standard will replace all current GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition guidance provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The mandatory adoption will require new qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, information about contract balances and performance obligations, and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for the Company beginning February 1, 2018, with early adoption permitted. The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company has not yet selected the transition method The Company currently expects to adopt the new revenue standards in its first quarter of 2018. The Company is currently evaluating the impact of adopting the standard on the Company’s financial position, results of operations, cash flows and related disclosures and has not concluded on its adoption methodology. Although it is early in the evaluation process, the Company does not expect Topic 606 to have a material impact on the financial statements, though internal processes, record keeping and disclosures may be significantly impacted. As a portion of the Company’s sales are generated from the sale of finished products to customers, these sales predominantly contain a single delivery element and revenue is recognized at a single point in time when ownership, risks, and rewards transfer. These are largely un-affected by the new standard. The remaining sales is not believed to be material because Topic 606 generally supports the recognition of revenue over time under the cost-to-cost method for the majority of the contracts, which is consistent with the current percentage of completion revenue recognition model. The Company evaluated other recent accounting pronouncements and does not expect them to have a material impact on the consolidated financial statements. |
Acquisition (Notes)
Acquisition (Notes) | 12 Months Ended |
Jan. 31, 2017 | |
Business Acquisition [Line Items] | |
Acquisitions disclosures [Text Block] | Note 3 - Acquisition PPIH entered into a purchase agreement with its joint venture partner Aegion Corporation to acquire the remaining 51% ownership of Perma-Pipe Canada, Ltd . ("PPC"), a coating and insulation company in Camrose, Alberta , which acquisition closed on February 4, 2016 . PPIH had owned a 49% interest in PPC since 2009, when the joint venture was formed with Aegion to serve the oil and gas industry in Western Canada. The purchase price was $13.1 million CAD ( $9.6 million USD) in cash and debt at closing and is subject to certain post-closing adjustments. The accounting for this acquisition has been completed. The following table represents the allocation of the total consideration in the acquisition of PPC: Total purchase consideration: Cash $7,587 Loan payable 2,000 Purchase consideration to third party 9,587 Fair value of 49% previously held equity interest 7,492 Total purchase consideration $17,079 Fair value of net assets acquired: Cash and cash equivalents $2,915 Property and equipment 13,124 Goodwill 2,279 Net working capital 406 Other assets (liabilities) net (1,645 ) Net assets acquired $17,079 The acquisition resulted in $2.3 million of goodwill. Goodwill is not deductible for income tax purposes. The Company incurred legal, professional and other costs related to this acquisition. These one-time costs of $0.2 million were recognized as general and administrative expenses. In the first quarter of 2016, the Company recognized a non-cash loss of $1.6 million , which represents the difference between the pre-existing book value interest in PPC immediately prior to the acquisition remeasured to its fair value upon the acquisition date. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Jan. 31, 2017 | |
Discontinued operations [Abstract] | |
Discontinued operations | Note 4 - Discontinued operations In January, 2016, the Company sold certain assets and liabilities of its TDC Filter business based in Bolingbrook, Illinois to the Industrial Air division of CLARCOR, Inc.. On January 29, 2016, the Company also sold its Nordic Air Filtration, Denmark and Nordic Air Filtration, Middle East businesses to Hengst Holding GmbH. The aggregated sales price of these filtration businesses was $22.0 million , including cash proceeds of $18.4 million , of which $0.5 million is held in escrow until July, 2017. In May, 2016, the Company completed the sale of its Bolingbrook Filtration manufacturing facility to a third party at a price of $7.1 million . The sale generated approximately $1.9 million in cash after expenses and mortgage payoffs. In September, 2016, the Company completed the sale of its Cicero Filtration facility to a third party at a price of $0.5 million . The sale generated approximately $0.4 million in cash after expenses. In October, 2016, the Company completed the sale of its Virginia Filtration facility to a third party at a price of $1.5 million . The sale generated approximately $1.4 million in cash after expenses. The Filtration business segment is reported as discontinued operations in the consolidated financial statements, and the notes to consolidated financial statements have been revised to conform to the current year reporting. There was tax expense of $1.0 million and $0.1 million for the years ended January 31, 2017 and 2016 , respectively. Income from discontinued operations net of tax was $0.7 million in 2016 and a loss of $6.0 million in 2015. Impairment. The Company evaluates assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flow the asset is expected to generate. In the fourth quarter of 2015, Filtration Products recorded a $6.5 million impairment expense relating to the Virginia facility. Results of the discontinued operations were as follows: 2016 2015 Net sales $10,467 $64,975 Gain on disposal of discontinued operations $209 $8,099 Impairment expense on discontinued operations — (6,480 ) Income (loss) from discontinued operations 1,522 (7,569 ) Income (loss) from discontinued operations before income taxes 1,731 (5,950 ) Income tax expense 1,043 94 Income (loss) from discontinued operations, net of tax $688 ($6,044 ) Components of assets and liabilities from discontinued operations consist of the following: January 31, 2017 2016 Current assets Cash and cash equivalents $— $5 Trade accounts receivable, net 25 5,720 Inventories, net — 2,000 Other assets — 60 Property, plant and equipment, net of accumulated depreciation — 6,456 Total assets from discontinued operations $25 $14,241 Current liabilities Trade accounts payable, accrued expenses and other $199 $7,514 Current maturities of long-term debt — 5,322 Total liabilities from discontinued operations 199 12,836 Cashflows from discontinued operations: January 31, 2017 2016 Net cash provided by (used in) discontinued operating activities $1,133 ($7,113 ) Net cash provided by discontinued investing activities 9,606 17,026 Net cash used in discontinued financing activities (10,739 ) (3,025 ) |
Retention
Retention | 12 Months Ended |
Jan. 31, 2017 | |
Retention [Abstract] | |
Retention | Note 5 - Retention A retention receivable is the amount withheld by a customer until a contract is completed. Retention receivables of $2.7 million and $2.8 million were included in the balance of trade accounts receivable as of January 31, 2017 and 2016 , respectively. A retention receivable of $3.2 million was included in the balance of other long-term assets as of January 31, 2017 and 2016 due to the long-term nature of the receivables. |
Costs and estimated earnings on
Costs and estimated earnings on uncompleted contracts | 12 Months Ended |
Jan. 31, 2017 | |
Costs and estimated earnings on uncompleted contracts [Abstract] | |
Costs and estimated earnings on uncompleted contracts | Note 6 - Costs and estimated earnings on uncompleted contracts 2016 2015 Costs incurred on uncompleted contracts $82,280 $78,843 Estimated earnings 51,546 46,359 Earned revenue 133,826 125,202 Less billings to date 132,835 123,915 Costs in excess of billings, net $991 $1,287 Balance sheet classification Costs and estimated earnings in excess of billings on uncompleted contracts $2,091 $2,463 Billings in excess of costs and estimated earnings on uncompleted contracts (1,100) (1,176) Costs in excess of billings, net $991 $1,287 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2017 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | Note 7 - Debt 2016 2015 Revolving line North America $3,813 $5,237 Mortgage notes 7,463 1,443 Revolving lines foreign 301 8,131 Term loans 80 246 Capitalized lease obligations 283 442 Total debt 11,940 15,499 Unamortized debt issuance costs (165 ) (23 ) Less current maturities 4,517 14,006 Total long-term debt $7,258 $1,470 Current portion of long-term debt $4,517 $14,006 Unamortized debt issuance costs (46 ) (2 ) Total short-term debt $4,471 $14,004 The following table summarizes the Company's scheduled maturities on January 31: Total 2018 2019 2020 2021 2022 Thereafter Revolving line North America $3,813 $3,813 $— $— $— $— $— Mortgages 7,463 121 355 357 362 367 5,901 Revolving line foreign 301 301 — — — — — Term loans 80 62 18 — — — — Capitalized lease obligations 283 220 62 1 — — — Total $11,940 $4,517 $435 $358 $362 $367 $5,901 Revolving line North America . On September 24, 2014, the Company entered into a Credit and Security agreement with a financial institution (as amended, "Credit Agreement"). Under the terms of the Credit Agreement, which matures on September 24, 2018 , the Company can borrow up to a combined $15.0 million in the U.S. and Canada, subject to borrowing base availability from secured domestic and certain Canadian assets, such as accounts receivable and inventory, and other requirements, under a revolving line of credit. The Credit Agreement covenants restrict debt, liens, and investments, and require attainment of specific levels of profitability and cash flows . On January 31, 2017 , the Company was in compliance with all covenants under the Credit Agreement. The domestic revolving line balances as of January 31, 2017 and 2016 were included as current liabilities in the consolidated balance sheets, because the Credit Agreement has a subjective acceleration clause. Interest rates vary based on the average availability in the preceding fiscal quarter and are: (a) a margin in effect plus a base rate, if below certain availability limits; or (b) a margin in effect plus the Eurodollar rate for the corresponding interest period. On January 31, 2017 , the Company had borrowed $3.8 million at 5% , 3.77% and 3.95% and had $5.8 million available to it under the revolving line of credit. In addition, $0.2 million of availability was used under the Credit Agreement primarily to support letters of credit to guarantee amounts committed for inventory purchases. Cash required for operations is provided by draw-downs on the line of credit. 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 requires a minimum tangible net worth to be maintained including intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On January 31, 2017 , the Company was in compliance with the covenant under the credit arrangement. Interest rates are 4.0% per annum below National Bank of Fujairah Base Rate, minimum 3.5% per annum, and Emirates Inter Bank Offered Rate (EIBOR) plus 3.5% per annum. The Company's interest rates range from 3.5% to 6.0% on January 31, 2017 . On January 31, 2017 , the Company can borrow $26.0 million under these credit arrangements. The Company borrowed $0.3 million and had $20.8 million available under these credit arrangements as of January 31, 2017 . In addition, $4.9 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases. The Company has a revolving line for 50 million Saudi Riyal (approximately $13.3 million U.S. dollars at the prevailing exchange rate on the transaction date) from a Saudi Arabian bank. The loan has an interest rate of approximately 6% and matures September 2017 . The Company has a revolving line for 15 million Dirhams (approximately $4.2 million U.S. dollars at the prevailing exchange rate on the transaction date) from a bank in the U.A.E. The loan has an interest rate of approximately 6% and matures June 2017 . The Company has a revolving line for 31 million Dirhams (approximately $8.5 million U.S. dollars at the prevailing exchange rate on the transaction date) from a bank in the U.A.E. The loan has an interest rate of approximately 6% and matures November 2017 . The Company guarantees the subsidiaries' debt including all foreign debt. Mortgages. On July 28, 2016 , the Company borrowed $8.0 million CAD (approximately $6.1 million USD 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 4.7% , with monthly payments of $31 thousand CAD (approximately $24 thousand USD) for interest; and monthly payments of $27 thousand CAD (approximately $20 thousand USD) for principal. Principal payments begin January 2018. On June 19, 2012 , Perma-Pipe, Inc. 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% . Term loans. Between March 2015 and September 2015, the Company obtained loans in the aggregate amount of 1.3 million Dirhams (approximately $341 thousand U.S. dollars at the exchange rate prevailing on the transaction dates). The loans bear interest at 5.0% and 6.0% with monthly payments of $17 thousand for both principal and interest and mature between April 1, 2017 and October 31, 2017 . Capital leases. On May 1, 2012 , Piping Systems borrowed $0.4 million under an equipment loan secured by equipment. The loan bears interest at 6.5% with monthly payments of $8 thousand for both principal and interest and matures June 2017 . On August 5, 2016 , Piping Systems obtained a capital 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 capital lease is 15.6% per annum with monthly principal and interest payments of $270 , and the lease matures in July 5, 2019 . On February 1, 2013 , Piping Systems obtained a capital lease for 41,000 CAD (approximately $41 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this capital lease is 4% per annum with monthly principal and interest payments of $1 thousand , and the lease matures in November 30, 2017 . On March 12, 2013 , Piping Systems obtained two capital leases for 710,000 CAD (approximately $728 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 4% per annum with monthly principal and interest payments of $12 thousand , and these leases mature on March 11, 2017 . On June 26, 2014 , Piping Systems obtained two capital leases for 880,000 CAD (approximately $942 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 3.25% per annum with monthly principal and interest payments of $14 thousand , and these leases mature on June 25, 2018 . On July 1, 2014 , Piping Systems obtained a capital lease for 49,000 CAD (approximately $52 thousand U.S. dollars at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for this capital lease is 3.25% per annum with monthly principal and interest payments of $1 thousand , and the lease matures in June 30, 2018 . |
Lease information
Lease information | 12 Months Ended |
Jan. 31, 2017 | |
Lease information [Abstract] | |
Lease information [Text Block] | Note 8 - Lease information Property under capitalized leases 2016 2015 Machinery and equipment $1,308 $1,747 Transportation equipment 22 22 Subtotal 1,330 1,769 Less accumulated amortization 646 726 Total $684 $1,043 The Company has several significant operating lease agreements as follows: • Office Space of approximately 31,650 square feet in Niles, IL is leased until October, 2023. • Nine acres of land in the Kingdom of Saudi Arabia is leased through 2030. • Production facilities in the U.A.E. of approximately 80,200 square feet on approximately 107,600 square feet of land is leased until June, 2030. • Office space of approximately 21,500 square feet and open land for production facilities of approximately 423,000 square feet in the U.A.E. is leased until July, 2032. • Production facilities in the U.A.E. of approximately 78,100 square feet is leased until December, 2032. The Company leases its administrative offices in the U.A.E. from a partnership in which a Company employee is a partner. Total rent paid to the partnership was $0.3 million in 2016 and 2015 , respectively. Lease payments are based on prevailing market rates. On January 31, 2017 , future minimum annual rental commitments under non-cancelable lease obligations were as follows: Operating Leases Capital Leases 2017 $2,199 $231 2018 1,705 63 2019 1,536 1 2020 1,475 — 2021 1,477 — Thereafter 9,707 — Subtotal 18,099 295 Less Amount representing interest 12 Future minimum lease payments $18,099 $283 Rental expense for operating leases was $2.1 million and $0.7 million in 2016 and 2015 , respectively. |
Income taxes
Income taxes | 12 Months Ended |
Jan. 31, 2017 | |
Income tax [Abstract] | |
Income Tax Disclosure [Text Block] | Note 9 - Income taxes (Loss) income from continuing operations 2016 2015 Domestic ($8,465) ($2,066) Foreign (4,512) 5,076 Total ($12,977) $3,010 Components of income tax (benefit) expense 2016 2015 Current Federal ($106) $12 Foreign 837 1,541 State and other (1,309) 71 Subtotal (578) 1,624 Deferred Federal — — Foreign (33) (249) State and other — — Subtotal (33) (249) Total ($611) $1,375 The determination of the consolidated provision for income taxes, deferred tax assets and liabilities, and the related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the Company is required to calculate and provide for estimated income tax expense for each of the tax 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. Changes in the estimated level of annual pre-tax income, in tax laws, and resulting from tax audits can affect the overall effective tax rate ("ETR"), 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. ETR in 2016 has been significantly impacted by the Company reporting a pre-tax loss for the year, a portion of which was generated by the subsidiary in the U.A.E., which receives no tax benefit due to a zero tax rate in that country and due to the impact of the full valuation allowance maintained against domestic deferred tax assets. Other changes in the ETR from the prior year-to-date to the current year-to-date are due to the Canadian acquisition and the allocation of tax expense between continuing operations, other comprehensive income and discontinued operations when applying intraperiod allocation rules. The Company remains in a domestic NOL carryforward position. The Company has not provided U.S. Federal tax on remaining unremitted earnings of its Middle East subsidiaries. The Company does not believe that it will be necessary to repatriate earnings from these subsidiaries. The Company intends and has the ability to reinvest these earnings for the foreseeable future outside the U.S. If these amounts were distributed to the U.S., in the form of dividends or otherwise, the Company could be subject to additional U.S. income taxes. Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable, because such liability, if any, is dependent on circumstances existing if and when remittance occurs. During the fourth quarter of 2014, the Company concluded that not all of the undistributed earnings of Perma-Pipe India Ltd, will remain permanently reinvested outside the U.S. and are available for use in the U.S. or in entities in other foreign countries. As such, the Company recorded a deferred tax liability of $0.1 million and $0.2 million for the periods ending January 31, 2017 and 2016, respectively, related to the U.S. federal and state income taxes and foreign withholding taxes on approximately $0.5 million and $2.8 million of undistributed earnings, respectively. Future earnings related to this subsidiary, and the Canadian and Denmark subsidiaries are not deemed permanently reinvested. No U.S. cash tax payments will be made upon distribution of these foreign earnings as long as the Company has sufficient tax attributes in the U.S. to reduce the cash tax consequences of potential repatriation. The difference between the provision for income taxes and the amount computed by applying the U.S. Federal statutory rate of 34% was as follows: 2016 2015 Tax (benefit) expense at federal statutory rate ($4,412) $1,023 Permanent differences management fee allocation — 619 Domestic valuation allowance 567 804 Permanent differences other 205 214 Valuation allowance for state NOLs 122 88 Differences in foreign tax rate 2,131 (780) Foreign tax credit (1,249) (761) Domestic deferred tax true ups — (346) Research tax credit — (54) Repatriation 1,338 821 Valuation allowance for foreign NOLs (36) 32 Nontaxable loss (income) from the Canadian joint venture 551 (205) Nondeductible interest 242 — State taxes, net of federal benefit (103) (58) All other, net expense 33 (22) Total ($611) $1,375 The Company has a U.S. Federal operating loss carryforward of $28.4 million that will begin to expire in the year ending January 31, 2031 . In addition, there are suspended excess tax benefits of $0.3 million . The deferred tax asset ("DTA") for state NOL carryforwards of $1.9 million relates to amounts that expire at various times from 2017 to 2031 . The Company has a DTA foreign NOL carryforward of $0.1 million for its subsidiary in Saudi Arabia that can be carried forward indefinitely and does not have a valuation allowance recorded against it. The ultimate realization of this tax benefit is dependent upon the generation of sufficient operating income in the foreign tax jurisdictions. The Company periodically reviews the adequacy of its valuation allowance in all of the tax jurisdictions in which it operates, evaluates future sources of taxable income and tax planning strategies and may make further adjustments based on management's outlook for continued profits in each jurisdiction. For the year ending January 31, 2017 , the Company has determined that there is not a greater than 50% likelihood that all of the domestic DTAs will be realized based on the available evidence. The Company recorded a full valuation allowance against the remaining domestic net DTAs on January 31, 2013 net of uncertain tax positions ("UTP"). The Company continues to have a valuation allowance on its domestic DTAs since domestic losses continue to be generated. The Company has a deferred tax asset of $4.7 million for U.S. foreign tax credits attributed to repatriated foreign earnings. The excess foreign tax credits are subject to a ten-year carryforward and will expire in January 31, 2022 . As of January 31, 2017, the Company has not made a provision for U.S. or additional foreign withholding taxes on approximately $36.6 million of undistributed earnings of foreign subsidiaries indefinitely reinvested outside of the U.S., mainly in the Middle East. Components of deferred income tax assets 2016 2015 U.S. Federal NOL carryforward $9,348 $3,044 Deferred compensation 346 2,382 Research tax credit 2,703 2,057 Foreign NOL carryforward 186 231 Foreign tax credit 4,695 2,861 Stock compensation 804 1,061 Other accruals not yet deducted 514 438 State NOL carryforward 1,877 1,419 Accrued commissions and incentives 765 723 Inventory valuation allowance 110 73 Other 4 116 Deferred tax assets, gross 21,352 14,405 Valuation allowance (18,437 ) (13,333 ) Total deferred tax assets, net of valuation allowances $2,915 $1,072 Components of the deferred income tax liability Depreciation ($2,778) ($633) Foreign subsidiaries unremitted earnings (1,750 ) (412 ) Prepaid (69 ) (88 ) Total deferred tax liabilities ($4,597) ($1,133) Deferred tax liability, net ($1,682) ($61) Balance sheet classification Long-term assets $147 $99 Long-term liability (1,829 ) (160 ) Total deferred tax liabilities, net of valuation allowances ($1,682) ($61) The following table summarizes UTP activity, excluding the related accrual for interest and penalties: 2016 2015 Balance at beginning of the year $1,313 $1,288 Increases in positions taken in a prior period 3 11 Increases in positions taken in a current period 19 14 Decreases due to lapse of statute of limitations (4 ) — Balance at end of the year $1,331 $1,313 Included in the total UTP liability on January 31, 2017 were estimated accrued interest of $30 thousand and penalties of $16 thousand and on January 31, 2016 , accrued interest was $28 thousand and penalties were $17 thousand . These non-current income tax liabilities are recorded in other long-term liabilities in the consolidated balance sheets. The Company's policy is to include interest and penalties in income tax expense. On January 31, 2017 , the Company did not anticipate any significant adjustments to its unrecognized tax benefits within the next twelve months. Included in the balance on January 31, 2017 were amounts offset by deferred taxes (i.e., temporary differences) or amounts that could be offset by refunds in other taxing jurisdictions (i.e., corollary adjustments). Thus, $1.3 million of the amount accrued on January 31, 2017 would impact the ETR, if reversed. The Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Internal Revenue Service, ("IRS"), began an audit of the fiscal year ended January 31, 2015 in August 2016 . Subsequent to year-end, in March 2017, the Company received an informal notice from the IRS that it had concluded the tax audit for the year ended January 31, 2015. No changes were made to the reported tax . Tax years related to January 31, 2014 , 2015 and 2016 are open for federal and state tax purposes. In addition, federal and state tax years January 31, 2002 through January 31, 2009 are subject to adjustment on audit, up to the amount of research tax credit generated in those years. The Company's management periodically estimates the probable tax obligations of the Company using historical experience in tax jurisdictions and informed judgments. There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, as well as changes to or further interpretations of regulations. If such changes take place, there is a risk that the tax rate may increase or decrease in any period. Tax accruals for tax liabilities related to potential changes in judgments and estimates for federal, foreign and state tax issues are included in other long-term liabilities on the consolidated balance sheet. |
Retirement plans Retirement pla
Retirement plans Retirement plans (Notes) | 12 Months Ended |
Jan. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 - Retirement plans Pension plan The defined benefit plan that covered Winchester filtration hourly rated employees was frozen on June 30, 2013 per the third Amendment to the Plan dated May 15, 2013. The accrued benefit of each participant was frozen as of the freeze date, and no further benefits shall accrue with respect to any service or hours of service after the freeze date. The benefits are based on fixed amounts multiplied by years of service of participants. The Company engages outside actuaries to calculate its obligations and costs. The funding policy is to contribute such amounts as are necessary to provide for benefits attributed to service to date. The amounts contributed to the plan are sufficient to meet the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974. Asset allocation The plans hold no securities of Perma-Pipe International Holdings, Inc. ; 100% of the assets are held for benefits under the plan. The fair value of the major categories of the pension plans' investments are presented below. The FASB has established a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Level 1 market value of plan assets 2016 2015 Equity securities $3,000 $3,062 U.S. bond market 2,188 2,168 Real estate securities 214 — Subtotal 5,402 5,230 Level 2 significant other observable inputs Money market fund $306 $351 Equity securities 520 302 Subtotal 826 653 Total $6,228 $5,883 On January 31, 2017 , plan assets were held 64% in equity, 33% in debt and 3% in other. The investment policy is to invest all funds not needed to pay benefits and investment expenses for the year, with target asset allocations of 55% equities (with a range of 40% - 65%), 25% fixed income (with a range of 20% - 35%) and 20% Alternative Investments (with a range of 15% - 25%) , diversified across a variety of sub-asset classes and investment styles, following a flexible asset allocation approach that will allow the plan to participate in market opportunities as they become available. The expected long-term rate of return on assets is based on historical long-term rates of equity and fixed income investments and the asset mix objective of the funds. Investment market conditions in 2016 resulted in $0.7 million actual gain on plan assets as presented below, which increased the fair value of plan assets at year end. The Company did not change its 8% expected return on plan assets used in determining cost and benefit obligations, which is the return that the Company has assumed during every profitable and unprofitable investment year since 1991. The plan's investments are intended to earn long-term returns to fund long-term obligations, and investment portfolios with asset allocations similar to those of the plan's investment policy have attained such returns over several decades. Future contributions that may be necessary to maintain funding requirements are not expected to materially affect the Company's liquidity. Reconciliation of benefit obligations, plan assets and funded status of plan 2016 2015 Accumulated benefit obligations Vested benefits $6,500 $6,587 Accumulated benefits $6,500 $7,020 Change in benefit obligation Benefit obligation - beginning of year $7,020 $8,129 Interest cost 278 266 Actuarial gain (493 ) (1,115 ) Benefits paid (305 ) (260 ) Benefit obligation - end of year $6,500 $7,020 Change in plan assets Fair value of plan assets - beginning of year $5,883 $6,168 Actual gain (loss) on plan assets 650 (25 ) Benefits paid (305 ) (260 ) Fair value of plan assets - end of year $6,228 $5,883 Unfunded status $(272) $(1,137) Balance sheet classification Prepaid expenses and other current assets $348 $326 Other assets 1,201 1,166 Deferred compensation liabilities (1,821 ) (2,629 ) Net amount recognized $(272) $(1,137) Amounts recognized in accumulated other comprehensive loss Unrecognized actuarial loss $1,472 $2,303 Net amount recognized $1,472 $2,303 Weighted-average assumptions used to determine net cost and benefit obligations 2016 2015 End of year benefit obligation discount rate 4.00 % 4.05 % Service cost discount rate 4.05 % 3.35 % Expected return on plan assets 8.00 % 8.00 % The discount rate was based on a Citigroup pension discount curve of high quality fixed income investments with cash flows matching the plans' expected benefit payments. The Company determines the expected long-term rate of return on plan assets by performing a detailed analysis of historical and expected returns based on the strategic asset allocation approved by the Board of Directors and the underlying return fundamentals of each asset class. The Company's historical experience with the pension fund asset performance is also considered. Components of net periodic benefit cost 2016 2015 Interest cost $278 $266 Expected return on plan assets (458) (479) Recognized actuarial loss 146 210 Net periodic benefit income ($34) ($3) Amounts recognized in other comprehensive income Actuarial loss on obligation $493 $1,115 Actual loss (gain) on plan assets 338 (294 ) Total in other comprehensive income $831 $821 Other comprehensive income is also affected by the tax effect of the valuation allowance recorded on the domestic deferred tax assets. Cash flows Expected employer contributions for the fiscal year ending January 31, 2018 $— Expected employee contributions for the fiscal year ending January 31, 2018 — Estimated future benefit payments reflecting expected future service for the fiscal year(s) ending January 31,: 2018 348 2019 345 2020 347 2021 342 2022 347 2023 - 2027 $1,733 401(k) plan The domestic employees of the Company participate in the MFRI 401(k) Employee Savings Plan, which is applicable to all employees except employees covered by collective bargaining agreement benefits. The plan allows employee pretax payroll contributions of up to 16% of total compensation. The Company matches 50% of each participant's contribution, up to a maximum of 3.5% of each participant's salary. Contributions to the 401(k) plan were $0.4 million and $0.6 million for the years ended January 31, 2017 and 2016 , respectively. Multi-employer plans The Company contributes to a multi-employer plan for certain collective bargaining U.S. employees. The risks of participating in this multi-employer plan are different from a single employer plan in the following aspects: • Assets contributed to the multi-employer plans by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer ceases contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers. • If the Company chooses to stop participating in the multi-employer plan, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company has assessed and determined that the multi-employer plans to which it contributes are not significant to the Company's consolidated financial statements. The Company does not expect to incur a withdrawal liability or expect to significantly increase its contribution over the remainder of the contract period. The Company made contributions to the bargaining unit supported multi-employer pension plans. Funded Zone Status FIP/RP Status Pending/Implemented Contribution Plan Name EIN Plan # 2016 2015 Surcharge Imposed Collective Bargaining Expiration Date Plumbers & Pipefitters Local 572 Pension Fund 626102837 001 Green No 257 233 No 3/31/2019 |
Stock options
Stock options | 12 Months Ended |
Jan. 31, 2017 | |
Stock options [Abstract] | |
Stock options [Text Block] | Note 11 - Stock-based compensation The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. 2016 2015 Stock-based compensation (benefit) expense ($540 ) $116 Restricted stock based compensation expense $1,243 $470 Stock-based compensation was a benefit year-to-date due to cancellations. A majority of these cancellations related to former employees from the discontinued operations. Stock options On June 20, 2013 , the stockholders approved the 2013 Omnibus Stock Incentive Plan ("Omnibus Plan"). Under the Omnibus Plan, 350,000 shares of common stock are reserved for issuance to employees, officers, and directors of, and other individuals providing bona fide services to or for, the Company and its affiliates. In addition, on January 31, 2014 and each January 31 thereafter until January 31, 2023, the aggregate number of shares that may be issued with respect to Awards pursuant to the terms of this Plan will be increased by the number equal to 2% of the aggregate amount of common stock outstanding as of such date, provided, however, the maximum number of additional shares that may be issued pursuant to this sentence will not exceed 400,000 . The Omnibus Plan permits the granting of stock options (including incentive stock options qualifying under Code section 422 and nonstatutory stock options), stock appreciation rights, restricted or unrestricted stock awards, restricted stock units, performance awards, deferred stock awards, other stock-based awards, or any combination of the foregoing. Awards will be valued at the Company's closing stock price on the date of grant. Options vest ratably over four years and are exercisable for up to ten years from the date of grant. To cover the exercise of vested options, the Company issues new shares from its authorized but unissued share pool. The Company calculates all stock compensation expense based on the grant date fair value of the option and recognizes expense on a straight-line basis over the four-year vesting period of the option. The fair value of each option award was estimated on the date of grant using the Black-Scholes option-pricing model that used the assumptions noted in the following table. The principal variable assumptions utilized in valuing options and the methodology for estimating such model inputs include: 1. R isk-free interest rate - an estimate based on the "Market yield on U.S. Treasury securities at the rate for the period described in assumption 3 below, quoted on investment basis" for the end of week closest to the stock option grant date, from the Federal Reserve website; 2. E xpected volatility - an estimate based on the historical volatility of PPIH common stock's weekly closing stock price for the expected life; and 3. E xpected life of the option - an estimate based on historical experience including the effect of employee terminations. 2016 2015 1. Risk-free interest rate 1.2 % 1.7 % 2. Expected volatility 43.2 % 43.4 % 3. Expected life in years 5.0 5.0 4. Dividend yield — % — % The following summarizes the activity related to options outstanding under all plans for the years ended January 31, 2016 and 2017 : Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding on January 31, 2015 764 $11.45 5.7 $0 Granted 51 6.38 Exercised (18 ) 6.48 3 Expired or forfeited (77 ) 9.93 Outstanding on January 31, 2016 720 11.38 5.1 34 Options exercisable on January 31, 2016 554 $11.94 4.2 30 Granted 22 7.33 Exercised (59 ) 6.70 68 Expired or forfeited (159 ) 11.98 Outstanding on January 31, 2017 524 11.55 4.5 534 Options exercisable on January 31, 2017 450 $11.92 3.9 $465 The weighted average fair value of options granted, net of options surrendered, during 2016 and 2015 are estimated at $2.85 and $2.54 , per share, respectively, on the date of grant. Unvested options outstanding Options Weighted-average grant date fair value Aggregate intrinsic value Outstanding on January 31, 2016 166 $9.51 $3 Granted 22 7.33 Vested (72 ) Expired or forfeited (42 ) 8.98 Outstanding on January 31, 2017 74 $9.31 $69 Based on historical experience the Company expects 85% of these options to vest. As of January 31, 2017 , there was $0.2 million of unrecognized compensation cost related to unvested stock options granted under the plans. That cost is expected to be recognized over the weighted-average period of 2.0 years. |
Deferred and restricted stock (
Deferred and restricted stock (Notes) | 12 Months Ended |
Jan. 31, 2017 | |
Restricted stock [Abstract] | |
Schedule of deferred and restricted Stock [Table Text Block] | Deferred stock In June 2016 under the Omnibus Plan described above, the Company granted deferred stock units to each non-employee director at the time of the annual meeting of stockholders equal to the result of dividing $40,000 by the fair market value of the common stock on the date of grant. The stock will be distributed to the directors upon their separation from service. As of January 31, 2017 , there were approximately 60,495 deferred stock units outstanding included in restricted stock activity below. 2016 2015 Deferred compensation liabilities $529 $495 Restricted stock In June 2016 under the Omnibus Plan described above, the Company granted restricted stock to Tier I and Tier II executive officers. The restricted stock vest ratably over three years . Until restricted stock becomes vested and nonforfeitable, it may not be sold, assigned, transferred, pledged, hypothecated or disposed of in any way (whether by operation of law or otherwise), except by will or the laws of descent and distribution, and shall not be subject to execution, attachment or similar process. The Company issues new shares from its treasury stock or authorized but unissued share pool. The Company calculates restricted stock compensation expense based on the grant date fair value and recognizes expense on a straight-line basis over the vesting period. The following table summarizes restricted stock activity for the years ended January 31, 2017 and 2016 , respectively: Restricted shares Weighted average grant price Aggregate intrinsic value Outstanding on January 31, 2015 86 $14.52 $1,242 Granted 108 6.38 Issued (26 ) Forfeited (5 ) 6.38 Outstanding on January 31, 2016 163 $6.40 $1,040 Granted 254 7.29 Issued (91 ) Forfeited or used to cover payroll taxes (36 ) 7.75 Outstanding on January 31, 2017 290 $8.75 $2,540 As of January 31, 2017 , there was $1.2 million of unrecognized compensation cost related to unvested restricted stock granted under the plans. That cost is expected to be recognized over the weighted-average period of 2.2 years . |
Treasury stock (Notes)
Treasury stock (Notes) | 12 Months Ended |
Jan. 31, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |
Treasury Stock [Text Block] | Note 12 - Treasury stock / share repurchase program On February 5, 2015 , the Company's Board of Directors approved a share repurchase program, which authorizes the Company to use up to $2 million for the purchase of its outstanding shares of common stock. Share repurchases were permitted to be executed through open market or privately negotiated transactions on or prior to December 31, 2015 . The following table sets forth information with respect to repurchases by the Company of its shares of common stock during 2015: Period Total number of shares purchased (in thousands) Average price paid per share February 28 $6.64 March 17 6.27 April to December — — |
Stock rights
Stock rights | 12 Months Ended |
Jan. 31, 2017 | |
Stock rights [Abstract] | |
Stock rights | Note 13 - Stock rights On September 15, 2009, the Company entered into the Amendment ("Amendment") to Rights Agreement dated as of September 15, 1999. Among other things, the Amendment extends the term of the Rights Agreement until September 15, 2019 and amends definitions to include positions in derivative instruments related to the Company's common stock as constituting beneficial ownership of such stock. On September 15, 1999, the Company's Board of Directors declared a dividend of one common stock purchase right (a "Right") for each share of PPIH's common stock outstanding at the close of business on September 22, 1999. The stock issued after September 22, 1999 and before the redemption or expiration of the Rights is also entitled to one Right for each such additional share. Each Right entitles the registered holders, under certain circumstances, to purchase from the Company one share of PPIH's common stock at $25 , subject to adjustment. At no time will the Rights have any voting power. The Rights may not be exercised until 10 days after a person or group acquires 15% or more of the Company's common stock, or announces a tender offer that, if consummated, would result in 15% or more ownership of the Company's common stock. Separate Rights certificates will not be issued, and the Rights will not be traded separately from the stock until then. Should an acquirer become the beneficial owner of 15% or more of the Company's common stock, Rights holders other than the acquirer would have the right to buy common stock in PPIH, or in the surviving enterprise if PPIH is acquired, having a value of two times the exercise price then in effect. Also, the PPIH Board of Directors may exchange the Rights (other than those of the acquirer, which will have become void), in whole or in part, at an exchange ratio of one share of PPIH common stock (and/or other securities, cash or other assets having equal value) per Right subject to adjustment. The Rights described in this paragraph and the preceding paragraph shall not apply to an acquisition, merger or consolidation approved by the Company's Board of Directors. The Rights will expire on September 15, 2019 , unless exchanged or redeemed prior to that date. The redemption price is $0.01 per Right. PPIH's Board of Directors may redeem the Rights by a majority vote at any time prior to the 20th day following public announcement that a person or group has acquired 15% of PPIH common stock. Under certain circumstances, the decision to redeem requires the concurrence of a majority of the independent directors. |
Interest expense, net (Notes)
Interest expense, net (Notes) | 12 Months Ended |
Jan. 31, 2017 | |
Interest expense, net [Abstract] | |
Interest Income and Interest Expense Disclosure [Text Block] | Note 14 - Interest expense, net 2016 2015 Interest expense $746 $950 Interest income (177 ) (480 ) Interest expense, net $569 $470 |
Schedule II
Schedule II | 12 Months Ended |
Jan. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II Perma-Pipe International Holdings, Inc. and Subsidiaries VALUATION AND QUALIFYING ACCOUNTS For the Years Ended January 31, 2017 and 2016 Balance at beginning of period Charged to costs and expenses Deductions from reserves (1) Charged to other accounts (2) Balance at end of period Year Ended January 31, 2017 Allowance for possible losses in collection of trade receivables $33 $246 $1 $27 $305 Year Ended January 31, 2016 Allowance for possible losses in collection of trade receivables $31 $6 $4 $0 $33 (1) Uncollectible accounts charged off (2) Primarily related to recoveries from accounts previously charged off and currency translation |
Significant accounting polici25
Significant accounting policies Significant accounting policies | 12 Months Ended |
Jan. 31, 2017 | |
policies [Abstract] | |
Use of estimates, Policy [Policy Text Block] | Use of estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue recognition, Policy [Policy Text Block] | Revenue recognition. The Company recognizes revenues including shipping and handling charges billed to customers, when all the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable, and (iv) collectability is reasonably assured. All subsidiaries of the Company, except as noted below, recognize revenues upon shipment or delivery of goods or services when title and risk of loss pass to customers. |
Percentage-of-completion revenue recognition [Policy Text Block] | Percentage of completion revenue recognition. All divisions recognize revenues under the above stated revenue recognition policy except for domestic complex contracts that require periodic recognition of income. For these contracts, the Company uses the "percentage of completion" accounting method. Under this approach, income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete. The choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project. The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract. Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income. Such revisions are recognized in the period in which they are determined. Claims for additional compensation due the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated. |
Shipping and handling, Policy [Policy Text Block] | Shipping and handling. Shipping and handling costs are included in cost of sales, and the amounts invoiced to customers relating to shipping and handling are included in net sales. |
Sales tax policy [Policy Text Block] | Sales tax. Sales tax is reported on a net basis in the consolidated financial statements. |
Operating cycle, Policy [Policy Text Block] | Operating cycle. The length of Piping Systems contracts vary, but are typically less than one year. The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion unless completion of such contracts extends significantly beyond one year. |
Consolidation, Policy [Policy Text Block] | Consolidation. The consolidated financial statements include the accounts of the Company and its domestic and foreign subsidiaries, all of which are wholly owned. All intercompany balances and transactions have been eliminated. The Company accounted for the former investment in joint venture using the equity method. |
Translation of foreign currency policy [Policy Text Block] | Translation of foreign currency. Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year-end. Revenues and expenses are translated at average weighted exchange rates prevailing during the year. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders' equity as part of accumulated other comprehensive income (loss). |
Contingencies, Policy [Policy Text Block] | Contingencies. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those involving environmental, tax, product liability and general liability claims. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based on developments to date, the Company's estimates of the outcomes of these matters, and its experience in contesting, litigating and settling other similar matters. The Company does not currently anticipate the amount of any ultimate liability with respect to these matters will materially affect the Company's financial position, liquidity or future operations. |
Cash and cash equivalents, Policy [Policy Text Block] | Cash and cash equivalents. All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. Cash and cash equivalents were $7.6 million and $16.6 million as of January 31, 2017 and 2016 , respectively. On January 31, 2017 , $0.2 million was held in the U.S. and $7.4 million was held in the foreign subsidiaries. On January 31, 2016 , $0.2 million was held in the U.S. and $16.4 million was held in the foreign subsidiaries. Accounts payable included drafts payable of $21 thousand and $290 thousand as of January 31, 2017 and 2016 , respectively. |
Restricted cash, Policy [Policy Text Block] | Restricted cash. Restricted cash held by foreign subsidiaries were $1.1 million and $2.3 million as of January 31, 2017 and 2016 , respectively. |
Accounts receivable, Policy [Policy Text Block] | 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 obtained for material 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 calculated using a percentage of sales method based upon collection history and an estimate of uncollectible accounts. 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. Accounts receivable adjustments are recorded against the allowance for doubtful accounts. |
Concentration of credit risk, Policy [Policy Text Block] | Concentration of credit risk. The Company maintains its U.S. cash in bank deposit accounts at financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC"). Cash balances are below FDIC limits. The Company has not experienced any losses in such accounts. The Company has a broad customer base doing business in all regions of the U.S. as well as other areas in the world. On January 31, 2017 , no customer accounted for more than 10% of the Company's net sales. On January 31, 2016 , one customer accounted for 10.3% of the Company's net sales. Two customers accounted for 33.2% of accounts receivable on January 31, 2017 , and two customers accounted for 46.5% of accounts receivable on January 31, 2016 . As of April 1, 2017, these customers have paid 35.4% of their receivables outstanding on January 31, 2017 . |
Accumulated other comprehensive loss, Policy [Policy Text Block] | Accumulated other comprehensive loss. Represents the change in equity from non-owner transactions and consisted of foreign currency translation, minimum pension liability and marketable securities. 2016 2015 Equity adjustment foreign currency, gross ($1,409 ) ($2,208 ) Minimum pension liability, gross (1,472) (2,303) Marketable security, gross 142 118 Subtotal excluding tax effect (2,739) (4,393) Tax effect of foreign exchange currency (50) (69) Tax effect of minimum pension liability 115 523 Tax effect of marketable security (50) (41) Total other comprehensive loss ($2,724) ($3,980) |
Inventories, Policy [Policy Text Block] | Inventories. Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method for all inventories. 2016 2015 Raw materials $13,648 $15,291 Work in process 1,105 1,168 Finished goods 836 722 Subtotal 15,589 17,181 Less allowance 2,024 1,556 Inventories $13,565 $15,625 |
Long-lived assets, Policy [Policy Text Block] | Long-lived assets. Property, plant and equipment are stated at cost. Interest is capitalized in connection with the construction of facilities and amortized over the asset's estimated useful life. Long-lived assets are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable. If such a review indicates impairment, the carrying amount of such assets is reduced to an estimated fair value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three to 30 years. Leasehold improvements are depreciated over the remaining life of the lease or its useful life, whichever is shorter. Amortization of assets under capital leases is included in depreciation and amortization. Depreciation expense was approximately $5.3 million in 2016 and $4.2 million in 2015 . 2016 2015 Land, buildings and improvements $22,330 $14,758 Machinery and equipment 44,538 41,534 Furniture, office equipment and computer systems 4,704 5,632 Transportation equipment 3,690 40 Subtotal 75,262 61,964 Less accumulated depreciation and amortization 38,987 36,564 Property, plant and equipment, net $36,275 $25,400 |
Impairment of long-lived assets, Policy [Policy Text Block] | Impairment of long-lived assets. The Company evaluates long-lived assets (including intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. A factor considered important that could trigger an impairment review includes a year-to-date loss from operations. An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flow the asset is expected to generate. Piping Systems has a year-to-date loss. Based on the Company's review there was no impairment of long-lived assets as of January 31, 2017 and 2016. |
Goodwill and other intangible assets with definite lives, policy [Policy Text Block] | 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 January 31, 2017, is attributable to the purchase of PPC. The Company does not amortize goodwill. January 31, 2016 Acquired January 31, 2017 Goodwill $— $2,279 $2,279 In January 2017, the Financial Accounting Standards Board ("FASB") issued authoritative guidance that simplifies the assessment of goodwill for impairment when the estimated fair value of a reporting unit is less than its carrying value by eliminating the requirement to determine the fair value of goodwill. Under the new guidance, the amount of goodwill impairment will be determined by the amount the carrying value of the reporting unit exceeds its fair value. The new guidance is effective for the Company beginning January 1, 2020, with early adoption permitted. The Company adopted this new guidance in the fourth quarter of 2016. 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 to goodwill in 2016. Other intangible assets with definite lives. The Company owns several patents including those covering features of its piping and electronic leak detection systems. Patents are capitalized and amortized on a straight-line basis over a period not to exceed the legal lives of the patents. The Company expenses costs incurred to renew or extend the term of intangible assets. Gross patents were $2.63 million and $2.59 million as of January 31, 2017 and 2016 , respectively. Accumulated amortization was approximately $2.4 million and $2.3 million as of January 31, 2017 and 2016 , respectively. Future amortizations over the next five years ending January 31 will be $44,400 in 2017 , $35,400 in 2018 , $32,400 in 2019 , $26,000 in 2020 , $17,200 in 2021 , and $91,161 thereafter. |
Research and development, Policy [Policy Text Block] | Research and development . Research and development expenses consist of materials, salaries and related expenses of engineering personnel and outside services for product development projects. Research and development costs are expensed as incurred. Research and development expense was approximately $0.2 million in 2016 and $1.1 million in 2015 . |
Income taxes, Policy [Policy Text Block] | Income taxes. Deferred income taxes have been provided for temporary differences arising from differences in the basis of assets and liabilities for tax and financial reporting purposes. Deferred income taxes on temporary differences have been recorded at the current tax rate. The Company assesses its deferred tax assets and liabilities for realizability at each reporting period. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. For further information, see Note 9 - Income taxes in the Notes to Consolidated Financial Statements . |
Net loss per common share, Policy [Policy Text Block] | Net loss per common share. Earnings per share ("EPS") are computed by dividing net loss by the weighted average number of common shares outstanding (basic). The years 2015 and 2016 had net losses; therefore, the diluted loss per share was identical to the basic loss per share rather than assuming conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The year 2016 had a loss from continuing operations. The year 2015 had earnings from continuing operations. The EPS from continuing operations in 2015 are computed by dividing income by the weighted average number of common shares outstanding (basic). The dilutive shares are in the following table: Basic weighted average number of common shares outstanding 2016 2015 Basic weighted average number of common shares outstanding 7,488 7,280 Dilutive effect of stock options, deferred stock and restricted stock units — 91 Weighted average number of common shares outstanding assuming full dilution 7,488 7,371 Weighted average number of stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 306 710 Canceled options during the year (159 ) (77 ) Stock options with an exercise price below the average stock price 218 10 |
Equity-based compensation, Policy [Policy Text Block] | Equity-based compensation. The Company issues various types of stock-based awards to employees and directors: restricted stock, deferred stock and stock options. Compensation expense associated with restricted and deferred stock is based on the fair value of the common stock on the date of grant. Stock compensation expense for stock options is recognized ratably over the requisite service period of the award. The Black-Scholes option-pricing model is utilized to estimate the fair value of option awards. Determining the fair value of stock options using the Black-Scholes model requires judgment, including estimates for (1) risk-free interest rate - an estimate based on the yield of zero-coupon treasury securities with a maturity equal to the expected life of the option; (2) expected volatility - an estimate based on the historical volatility of the Company's common stock; and (3) expected life of the option - an estimate based on historical experience including the effect of employee terminations. |
Fair value of financial instruments., Policy [Policy Text Block] | Fair value of financial instruments . 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. The Company holds a marketable equity security of approximately $0.1 million on January 31, 2017 , which it classifies as available-for-sale and recorded in other non-current assets on the Consolidated Balance Sheet. This security is carried at estimated fair value with unrealized gains and losses reflected in Accumulated Other Comprehensive Income and classified as Level 1 in the fair value hierarchy. The assessment for impairment of marketable equity securities as available-for sale is based on established financial methodologies, including quoted market prices for publicly traded securities. If the Company determines that a loss in the value of the investment is other than temporary, any such losses are recorded in other expense (income), net. |
Reclassifications, Policy [Policy Text Block] | Reclassifications. Reclassifications were made to prior-year balance sheet to conform to the current-year presentations. The Company reclassified debt issuance costs and the assets and liabilities related to the defined benefit plan that covered Filtration employees from discontinued to continuing operations. |
Business and segment informat26
Business and segment information Segment information (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Segment information [Line Items] | |
Segment information [Table Text Block] | Segment information was as follows: 2016 2015 Net sales Piping Systems $98,845 $122,696 Gross profit Piping Systems $11,716 $26,741 Income (loss) from operations Piping Systems $(2,435) $10,537 Corporate (8,353) (7,659) Total (loss) income from operations $(10,788) $2,878 Segment assets Piping Systems $98,855 $112,161 Corporate 2,731 10,229 Total segment assets $101,586 $122,390 Capital expenditures Piping Systems $1,925 $4,762 Corporate 332 289 Total capital expenditures $2,257 $5,051 Depreciation and amortization Piping Systems $5,009 $3,735 Corporate 327 469 Total depreciation and amortization $5,336 $4,204 |
Geographic information [Table Text Block] | Geographic information. Net sales are attributed to a geographic area based on the destination of the product shipment. Sales to foreign customers was 57% in 2016 compared to 50% in 2015 . Long-lived assets are based on the physical location of the assets and consist of property, plant and equipment used in the generation of revenues in the geographic area. 2016 2015 Net sales United States $42,048 $58,707 Middle East 28,009 60,749 Canada 25,915 2,581 India 2,360 372 Other 513 287 Total net sales $98,845 $122,696 Property, plant and equipment, net of accumulated depreciation United States $11,747 $13,822 Canada 13,276 — Middle East 10,987 11,211 India 265 367 Total $36,275 $25,400 |
Significant accounting polici27
Significant accounting policies Accumulated other comprehensive loss (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Accumulated other comprehensive loss [Abstract] | |
Accumulated other comprehensive loss [Table Text Block] | 2016 2015 Equity adjustment foreign currency, gross ($1,409 ) ($2,208 ) Minimum pension liability, gross (1,472) (2,303) Marketable security, gross 142 118 Subtotal excluding tax effect (2,739) (4,393) Tax effect of foreign exchange currency (50) (69) Tax effect of minimum pension liability 115 523 Tax effect of marketable security (50) (41) Total other comprehensive loss ($2,724) ($3,980) |
Significant accounting polici28
Significant accounting policies Inventories (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 Raw materials $13,648 $15,291 Work in process 1,105 1,168 Finished goods 836 722 Subtotal 15,589 17,181 Less allowance 2,024 1,556 Inventories $13,565 $15,625 |
Significant accounting polici29
Significant accounting policies Long-lived assets (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Long lived assets [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Land, buildings and improvements $22,330 $14,758 Machinery and equipment 44,538 41,534 Furniture, office equipment and computer systems 4,704 5,632 Transportation equipment 3,690 40 Subtotal 75,262 61,964 Less accumulated depreciation and amortization 38,987 36,564 Property, plant and equipment, net $36,275 $25,400 |
Significant accounting polici30
Significant accounting policies Goodwill Table (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | January 31, 2016 Acquired January 31, 2017 Goodwill $— $2,279 $2,279 |
Significant accounting polici31
Significant accounting policies Net loss per common share (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic weighted average number of common shares outstanding 2016 2015 Basic weighted average number of common shares outstanding 7,488 7,280 Dilutive effect of stock options, deferred stock and restricted stock units — 91 Weighted average number of common shares outstanding assuming full dilution 7,488 7,371 Weighted average number of stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 306 710 Canceled options during the year (159 ) (77 ) Stock options with an exercise price below the average stock price 218 10 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Total purchase consideration: Cash $7,587 Loan payable 2,000 Purchase consideration to third party 9,587 Fair value of 49% previously held equity interest 7,492 Total purchase consideration $17,079 Fair value of net assets acquired: Cash and cash equivalents $2,915 Property and equipment 13,124 Goodwill 2,279 Net working capital 406 Other assets (liabilities) net (1,645 ) Net assets acquired $17,079 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Discontinued operations [Line Items] | |
Discontinued operations [Table Text Block] | Results of the discontinued operations were as follows: 2016 2015 Net sales $10,467 $64,975 Gain on disposal of discontinued operations $209 $8,099 Impairment expense on discontinued operations — (6,480 ) Income (loss) from discontinued operations 1,522 (7,569 ) Income (loss) from discontinued operations before income taxes 1,731 (5,950 ) Income tax expense 1,043 94 Income (loss) from discontinued operations, net of tax $688 ($6,044 ) Components of assets and liabilities from discontinued operations consist of the following: January 31, 2017 2016 Current assets Cash and cash equivalents $— $5 Trade accounts receivable, net 25 5,720 Inventories, net — 2,000 Other assets — 60 Property, plant and equipment, net of accumulated depreciation — 6,456 Total assets from discontinued operations $25 $14,241 Current liabilities Trade accounts payable, accrued expenses and other $199 $7,514 Current maturities of long-term debt — 5,322 Total liabilities from discontinued operations 199 12,836 Cashflows from discontinued operations: January 31, 2017 2016 Net cash provided by (used in) discontinued operating activities $1,133 ($7,113 ) Net cash provided by discontinued investing activities 9,606 17,026 Net cash used in discontinued financing activities (10,739 ) (3,025 ) |
Costs and estimated earnings 34
Costs and estimated earnings on uncompleted contracts Costs and estimated earnings on uncompleted contracts (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Costs and estimated earnings on uncompleted contracts [Abstract] | |
Costs and estimated earnings on uncompleted contracts [Table Text Block] | 2016 2015 Costs incurred on uncompleted contracts $82,280 $78,843 Estimated earnings 51,546 46,359 Earned revenue 133,826 125,202 Less billings to date 132,835 123,915 Costs in excess of billings, net $991 $1,287 Balance sheet classification Costs and estimated earnings in excess of billings on uncompleted contracts $2,091 $2,463 Billings in excess of costs and estimated earnings on uncompleted contracts (1,100) (1,176) Costs in excess of billings, net $991 $1,287 |
Debt Debt repayment (Tables)
Debt Debt repayment (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | 2016 2015 Revolving line North America $3,813 $5,237 Mortgage notes 7,463 1,443 Revolving lines foreign 301 8,131 Term loans 80 246 Capitalized lease obligations 283 442 Total debt 11,940 15,499 Unamortized debt issuance costs (165 ) (23 ) Less current maturities 4,517 14,006 Total long-term debt $7,258 $1,470 Current portion of long-term debt $4,517 $14,006 Unamortized debt issuance costs (46 ) (2 ) Total short-term debt $4,471 $14,004 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the Company's scheduled maturities on January 31: Total 2018 2019 2020 2021 2022 Thereafter Revolving line North America $3,813 $3,813 $— $— $— $— $— Mortgages 7,463 121 355 357 362 367 5,901 Revolving line foreign 301 301 — — — — — Term loans 80 62 18 — — — — Capitalized lease obligations 283 220 62 1 — — — Total $11,940 $4,517 $435 $358 $362 $367 $5,901 |
Lease information Property unde
Lease information Property under capital lease (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Property under capital leases [Abstract] | |
Schedule of capital leased assets [Table Text Block] | Property under capitalized leases 2016 2015 Machinery and equipment $1,308 $1,747 Transportation equipment 22 22 Subtotal 1,330 1,769 Less accumulated amortization 646 726 Total $684 $1,043 |
Lease information Future minimu
Lease information Future minimum lease payments (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Future minimum lease payments [Abstract] | |
Future minimum rental payments for operating leases [Table Text Block] | Operating Leases Capital Leases 2017 $2,199 $231 2018 1,705 63 2019 1,536 1 2020 1,475 — 2021 1,477 — Thereafter 9,707 — Subtotal 18,099 295 Less Amount representing interest 12 Future minimum lease payments $18,099 $283 |
Income taxes (Loss) income befo
Income taxes (Loss) income before income taxes (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |
(Loss) income before income taxes [Table Text Block] | (Loss) income from continuing operations 2016 2015 Domestic ($8,465) ($2,066) Foreign (4,512) 5,076 Total ($12,977) $3,010 |
Income taxes Components of inco
Income taxes Components of income tax (benefit) expense (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Income taxes [Abstract] | |
Components of income tax expense (benefit) [Table Text Block] | Components of income tax (benefit) expense 2016 2015 Current Federal ($106) $12 Foreign 837 1,541 State and other (1,309) 71 Subtotal (578) 1,624 Deferred Federal — — Foreign (33) (249) State and other — — Subtotal (33) (249) Total ($611) $1,375 |
Effective income tax rate reconciliation[Table Text Block] | 2016 2015 Tax (benefit) expense at federal statutory rate ($4,412) $1,023 Permanent differences management fee allocation — 619 Domestic valuation allowance 567 804 Permanent differences other 205 214 Valuation allowance for state NOLs 122 88 Differences in foreign tax rate 2,131 (780) Foreign tax credit (1,249) (761) Domestic deferred tax true ups — (346) Research tax credit — (54) Repatriation 1,338 821 Valuation allowance for foreign NOLs (36) 32 Nontaxable loss (income) from the Canadian joint venture 551 (205) Nondeductible interest 242 — State taxes, net of federal benefit (103) (58) All other, net expense 33 (22) Total ($611) $1,375 |
Income taxes Components of defe
Income taxes Components of deferred income tax (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Components of deferred income tax [Line Items] | |
Components of deferred tax assets and liabilities [Table Text Block] | Components of deferred income tax assets 2016 2015 U.S. Federal NOL carryforward $9,348 $3,044 Deferred compensation 346 2,382 Research tax credit 2,703 2,057 Foreign NOL carryforward 186 231 Foreign tax credit 4,695 2,861 Stock compensation 804 1,061 Other accruals not yet deducted 514 438 State NOL carryforward 1,877 1,419 Accrued commissions and incentives 765 723 Inventory valuation allowance 110 73 Other 4 116 Deferred tax assets, gross 21,352 14,405 Valuation allowance (18,437 ) (13,333 ) Total deferred tax assets, net of valuation allowances $2,915 $1,072 Components of the deferred income tax liability Depreciation ($2,778) ($633) Foreign subsidiaries unremitted earnings (1,750 ) (412 ) Prepaid (69 ) (88 ) Total deferred tax liabilities ($4,597) ($1,133) Deferred tax liability, net ($1,682) ($61) Balance sheet classification Long-term assets $147 $99 Long-term liability (1,829 ) (160 ) Total deferred tax liabilities, net of valuation allowances ($1,682) ($61) |
Income taxes UTP (Tables)
Income taxes UTP (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Income Tax Contingency [Line Items] | |
Summary of income tax contingencies [Table Text Block] | 2016 2015 Balance at beginning of the year $1,313 $1,288 Increases in positions taken in a prior period 3 11 Increases in positions taken in a current period 19 14 Decreases due to lapse of statute of limitations (4 ) — Balance at end of the year $1,331 $1,313 Included in the total UTP liability on January 31, 2017 were estimated accrued interest of $30 thousand and penalties of $16 thousand and on January 31, 2016 , accrued interest was $28 thousand and penalties were $17 thousand . These non-current income tax liabilities are recorded in other long-term liabilities in the consolidated balance sheets. The Company's policy is to include interest and penalties in income tax expense. On January 31, 2017 , the Company did not anticipate any significant adjustments to its unrecognized tax benefits within the next twelve months. Included in the balance on January 31, 2017 were amounts offset by deferred taxes (i.e., temporary differences) or amounts that could be offset by refunds in other taxing jurisdictions (i.e., corollary adjustments). Thus, $1.3 million of the amount accrued on January 31, 2017 would impact the ETR, if reversed. |
Retirement plans Plan assets (T
Retirement plans Plan assets (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Allocation of Plan Assets [Table Text Block] | Level 1 market value of plan assets 2016 2015 Equity securities $3,000 $3,062 U.S. bond market 2,188 2,168 Real estate securities 214 — Subtotal 5,402 5,230 Level 2 significant other observable inputs Money market fund $306 $351 Equity securities 520 302 Subtotal 826 653 Total $6,228 $5,883 |
Retirement plans Defined pensio
Retirement plans Defined pension disclosure (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Reconciliation of benefit obligations, plan assets and funded status of plan 2016 2015 Accumulated benefit obligations Vested benefits $6,500 $6,587 Accumulated benefits $6,500 $7,020 Change in benefit obligation Benefit obligation - beginning of year $7,020 $8,129 Interest cost 278 266 Actuarial gain (493 ) (1,115 ) Benefits paid (305 ) (260 ) Benefit obligation - end of year $6,500 $7,020 Change in plan assets Fair value of plan assets - beginning of year $5,883 $6,168 Actual gain (loss) on plan assets 650 (25 ) Benefits paid (305 ) (260 ) Fair value of plan assets - end of year $6,228 $5,883 Unfunded status $(272) $(1,137) Balance sheet classification Prepaid expenses and other current assets $348 $326 Other assets 1,201 1,166 Deferred compensation liabilities (1,821 ) (2,629 ) Net amount recognized $(272) $(1,137) Amounts recognized in accumulated other comprehensive loss Unrecognized actuarial loss $1,472 $2,303 Net amount recognized $1,472 $2,303 |
Retirement plans Assumptions (T
Retirement plans Assumptions (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine net cost and benefit obligations 2016 2015 End of year benefit obligation discount rate 4.00 % 4.05 % Service cost discount rate 4.05 % 3.35 % Expected return on plan assets 8.00 % 8.00 % |
Retirement plans Components of
Retirement plans Components of net periodic benefit cost (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost 2016 2015 Interest cost $278 $266 Expected return on plan assets (458) (479) Recognized actuarial loss 146 210 Net periodic benefit income ($34) ($3) |
Retirement plans Amounts recogn
Retirement plans Amounts recognized in other comprehensive income (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in other comprehensive income Actuarial loss on obligation $493 $1,115 Actual loss (gain) on plan assets 338 (294 ) Total in other comprehensive income $831 $821 Other comprehensive income is also affected by the tax effect of the valuation allowance recorded on the domestic deferred tax assets. |
Retirement plans Cash flows (Ta
Retirement plans Cash flows (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | Cash flows Expected employer contributions for the fiscal year ending January 31, 2018 $— Expected employee contributions for the fiscal year ending January 31, 2018 — Estimated future benefit payments reflecting expected future service for the fiscal year(s) ending January 31,: 2018 348 2019 345 2020 347 2021 342 2022 347 2023 - 2027 $1,733 |
Retirement plans Multi-employer
Retirement plans Multi-employer (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Multiemployer Plans [Line Items] | |
Schedule of Multiemployer Plans [Table Text Block] | Funded Zone Status FIP/RP Status Pending/Implemented Contribution Plan Name EIN Plan # 2016 2015 Surcharge Imposed Collective Bargaining Expiration Date Plumbers & Pipefitters Local 572 Pension Fund 626102837 001 Green No 257 233 No 3/31/2019 |
Stock options Stock based compe
Stock options Stock based compensation expense (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Restricted stock [Line Items] | |
Restricted stock based compensation expense | 2016 2015 Stock-based compensation (benefit) expense ($540 ) $116 Restricted stock based compensation expense $1,243 $470 |
Stock options Option activity (
Stock options Option activity (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Option activity [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 1. Risk-free interest rate 1.2 % 1.7 % 2. Expected volatility 43.2 % 43.4 % 3. Expected life in years 5.0 5.0 4. Dividend yield — % — % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding on January 31, 2015 764 $11.45 5.7 $0 Granted 51 6.38 Exercised (18 ) 6.48 3 Expired or forfeited (77 ) 9.93 Outstanding on January 31, 2016 720 11.38 5.1 34 Options exercisable on January 31, 2016 554 $11.94 4.2 30 Granted 22 7.33 Exercised (59 ) 6.70 68 Expired or forfeited (159 ) 11.98 Outstanding on January 31, 2017 524 11.55 4.5 534 Options exercisable on January 31, 2017 450 $11.92 3.9 $465 |
Stock options Unvested options
Stock options Unvested options (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Unvested options [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | Unvested options outstanding Options Weighted-average grant date fair value Aggregate intrinsic value Outstanding on January 31, 2016 166 $9.51 $3 Granted 22 7.33 Vested (72 ) Expired or forfeited (42 ) 8.98 Outstanding on January 31, 2017 74 $9.31 $69 |
Deferred and restricted stock52
Deferred and restricted stock (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Restricted stock [Line Items] | |
Deferred compensation expense [Table Text Block] | 2016 2015 Deferred compensation liabilities $529 $495 |
Schedule of restricted stock award activity [Table Text Block] | Restricted shares Weighted average grant price Aggregate intrinsic value Outstanding on January 31, 2015 86 $14.52 $1,242 Granted 108 6.38 Issued (26 ) Forfeited (5 ) 6.38 Outstanding on January 31, 2016 163 $6.40 $1,040 Granted 254 7.29 Issued (91 ) Forfeited or used to cover payroll taxes (36 ) 7.75 Outstanding on January 31, 2017 290 $8.75 $2,540 |
Treasury stock (Tables)
Treasury stock (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |
Class of Treasury Stock [Table Text Block] | Period Total number of shares purchased (in thousands) Average price paid per share February 28 $6.64 March 17 6.27 April to December — — |
Interest expense, net (Tables)
Interest expense, net (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Interest expense, net [Abstract] | |
Interest expense, net [Table Text Block] | Interest expense, net 2016 2015 Interest expense $746 $950 Interest income (177 ) (480 ) Interest expense, net $569 $470 |
Schedule II Allowance for bad d
Schedule II Allowance for bad debt (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | Balance at beginning of period Charged to costs and expenses Deductions from reserves (1) Charged to other accounts (2) Balance at end of period Year Ended January 31, 2017 Allowance for possible losses in collection of trade receivables $33 $246 $1 $27 $305 Year Ended January 31, 2016 Allowance for possible losses in collection of trade receivables $31 $6 $4 $0 $33 |
Business and segment informat56
Business and segment information Segment reporting (Details) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017USD ($)Segments | Jan. 31, 2016USD ($) | |
Segment information [Line Items] | ||
Entity Incorporation, Date of Incorporation | Oct. 12, 1993 | |
Number of reportable segments | Segments | 1 | |
Net sales | $ 98,845 | $ 122,696 |
Gross profit | 11,716 | 26,741 |
Income (loss) from operations | ||
Income (loss) from operations | (10,788) | 2,878 |
Segment assets | 101,611 | 138,098 |
Capital expenditures | 2,257 | 5,051 |
Depreciation and amortization | 5,336 | 4,200 |
Piping Systems [Member] | ||
Segment information [Line Items] | ||
Net sales | 98,845 | 122,696 |
Gross profit | 11,716 | 26,741 |
Income (loss) from operations | ||
Income (loss) from operations | (2,435) | 10,537 |
Segment assets | 98,855 | 112,161 |
Capital expenditures | 1,925 | 4,762 |
Depreciation and amortization | 5,009 | 3,735 |
Corporate [Member] | ||
Income (loss) from operations | ||
Income (loss) from operations | (8,353) | (7,659) |
Segment assets | 2,731 | 10,229 |
Capital expenditures | 332 | 289 |
Depreciation and amortization | 327 | 469 |
Operating Segments [Member] | ||
Income (loss) from operations | ||
Segment assets | $ 101,586 | $ 122,390 |
Business and segment informat57
Business and segment information Geographic information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Geographic information [Line Items] | ||
foreign sales | 57.00% | 50.00% |
Net sales | $ 98,845 | $ 122,696 |
Property, plant and equipment, net of accumulated depreciation | 36,275 | 25,400 |
United States | ||
Geographic information [Line Items] | ||
Net sales | 42,048 | 58,707 |
Property, plant and equipment, net of accumulated depreciation | 11,747 | 13,822 |
Middle East [Member] | ||
Geographic information [Line Items] | ||
Net sales | 28,009 | 60,749 |
Property, plant and equipment, net of accumulated depreciation | 10,987 | 11,211 |
Canada | ||
Geographic information [Line Items] | ||
Net sales | 25,915 | 2,581 |
Property, plant and equipment, net of accumulated depreciation | 13,276 | 0 |
India | ||
Geographic information [Line Items] | ||
Net sales | 2,360 | 372 |
Property, plant and equipment, net of accumulated depreciation | 265 | 367 |
Other | ||
Geographic information [Line Items] | ||
Net sales | $ 513 | $ 287 |
Significant accounting polici58
Significant accounting policies Cash and cash equivalents (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 |
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 7,603 | $ 16,631 | $ 9,900 |
United States | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 200 | 200 | |
Geographic Distribution, Foreign [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 7,400 | $ 16,400 |
Significant accounting polici59
Significant accounting policies Drafts payable (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Drafts payable [Abstract] | ||
Drafts payable | $ 21 | $ 290 |
Significant accounting polici60
Significant accounting policies Restricted cash (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 1,097 | $ 2,324 |
Significant accounting polici61
Significant accounting policies Concentration of credit risk (Details) | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Concentration Risk [Line Items] | ||
portion of customers accounts receivable paid | 35.40% | |
Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Customer concentration risk, percentage | 10.30% | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Customer concentration risk, percentage | 33.20% | 46.50% |
Significant accounting polici62
Significant accounting policies Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Accumulated other comprehensive loss [Abstract] | ||
Equity adjustment foreign currency | $ (1,409) | $ (2,208) |
Minimum pension liability, gross | (1,472) | (2,303) |
Marketable security, gross | 142 | 118 |
Accumulated other comprehensive income before tax | (2,739) | (4,393) |
Tax effect of foreign exchange | (50) | (69) |
Tax effect of minimum pension liability | 115 | 523 |
Tax effect of marketable security | (50) | (41) |
Accumulated other comprehensive loss | $ (2,724) | $ (3,980) |
Significant accounting polici63
Significant accounting policies Inventories (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Raw materials | $ 13,648 | $ 15,291 |
Work in process | 1,105 | 1,168 |
Finished goods | 836 | 722 |
Subtotal | 15,589 | 17,181 |
Less allowances | 2,024 | 1,556 |
Inventories | $ 13,565 | $ 15,625 |
Significant accounting polici64
Significant accounting policies Long lived assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Impairment of Tangible Assets, Other Descriptors | there was no impairment of long-lived assets | |
Depreciation and amortization | $ 5,336 | $ 4,200 |
Land, buildings and improvements | 22,330 | 14,758 |
Machinery and equipment | 44,538 | 41,534 |
Furniture, office equipment and computer systems | 4,704 | 5,632 |
Transportation equipment | 3,690 | 40 |
Subtotal | 75,262 | 61,964 |
Less accumulated depreciation and amortization | 38,987 | 36,564 |
Property, plant and equipment, net of accumulated depreciation | $ 36,275 | $ 25,400 |
Significant accounting polici65
Significant accounting policies Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill description | allocated between intangible assets and the net tangible assets of the acquired business with the residual of the purchase price recorded as goodwill | |
Goodwill, Acquired During Period | $ 2,279 | |
Goodwill | $ 2,279 | $ 0 |
Date of annual goodwill impairment test | impairment assessment of goodwill annually as of January 31 | |
No goodwill impairment | There was no impairment to goodwill |
Significant accounting polici66
Significant accounting policies Other intangible assets with definite lives (Details) - USD ($) | Jan. 31, 2017 | Jan. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Patents, Gross | $ 2,600,000 | $ 2,600,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,400,000 | $ 2,300,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 44,400 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 35,400 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 32,400 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 26,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 17,200 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 91,161 |
Significant accounting polici67
Significant accounting policies Net income (loss) per share (Details) - shares shares in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Basic | 7,488 | 7,280 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 91 |
Diluted | 7,488 | 7,371 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 306 | 710 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 218 | 10 |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options, Forfeitures and Expirations in Period | (159) | (77) |
Significant accounting polici68
Significant accounting policies Research and development (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Research and development [Line Items] | ||
Research and Development Expense | $ 0.2 | $ 1.1 |
Significant accounting polici69
Significant accounting policies Financial instruments (Details) $ in Millions | Jan. 31, 2017USD ($) |
Marketable Securities | $ 0.1 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Business Acquisition [Line Items] | ||
Business acquisition, name of acquired entity | Perma-Pipe Canada, Ltd | |
Business acquisition, description of acquired entity | a coating and insulation company in Camrose, Alberta | |
Business acquisition, date of acquisition agreement | Feb. 4, 2016 | |
Equity method investment, ownership percentage | 49.00% | |
Cash purchase consideration | $ 7,587 | |
Loan payable purchase consideration | 2,000 | |
Purchase consideration to third party | 9,587 | |
Fair value of 49% previously held equity interest | 7,492 | |
Total purchase consideration | 17,079 | |
Assets acquired, cash and equivalents | 2,915 | |
Assets acquired property, plant, and equipment | 13,124 | |
Goodwill | 2,279 | $ 0 |
Assets acquired net working capital | 406 | |
Assets acquired other assets (liabilities) net | (1,645) | |
Net assets acquired | 17,079 | |
Business acquisition, transaction costs | 200 | |
Loss on consolidation of joint venture | $ 1,620 | $ 0 |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Gross sales price | $ 22,000 | |
Net proceeds from sale of discontinued operations | 18,400 | |
Funds held in escrow related to the sale of Filtration assets | $ 502 | 1,905 |
Sales price of Bolingbrook building | 7,100 | |
Net proceeds from sale of Bolingbrook building | 1,900 | |
Gross proceeds from sale of other property | 500 | |
Proceeds from Sale of Real Estate | 400 | |
Gross price from sale of productive assets | 1,500 | |
Net proceeds from sale of buildings | 1,400 | |
Discontinued operation, income tax expense | 1,043 | 94 |
Income (loss) from discontinued operations, net of tax | 688 | (6,044) |
Impairment expense on discontinued operations | $ 0 | $ 6,480 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Discontinued operations [Line Items] | ||
Assets of discontinued operations | $ 25 | $ 14,241 |
Liabilities of discontinued operations | 199 | 12,836 |
Discontinued operation, net sales | 10,467 | 64,975 |
Gain on disposal of discontinued operations | 209 | 8,099 |
Impairment expense on discontinued operations | 0 | (6,480) |
Income (loss) from discontinued operation | 1,522 | (7,569) |
Income (loss) from discontinued operation, before income tax | 1,731 | (5,950) |
Discontinued operation, income tax expense | 1,043 | 94 |
Income (loss) from discontinued operations, net of tax | $ 688 | $ (6,044) |
Discontinued Operations Discont
Discontinued Operations Discontinued operations balance sheet (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Discontinued operations [Line Items] | ||
Cash and cash equivalents | $ 0 | $ 5 |
Trade accounts receivable, net | 25 | 5,720 |
Inventory | 0 | 2,000 |
Other assets | 0 | 60 |
Property, plant and equipment, net of accumulated depreciation | 0 | 6,456 |
Total assets from discontinued operations | 25 | 14,241 |
Trade accounts payable, accrued expenses and other | 199 | 7,514 |
Current maturities of long-term debt | 0 | 5,322 |
Total liabilities from discontinued operations | $ 199 | $ 12,836 |
Discontinued Operations Cashflo
Discontinued Operations Cashflows from discontinued operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cashflows from discontinued operations [Abstract] | ||
Net cash provided by (used in) discontinued operating activities | $ 1,133 | $ (7,113) |
Net cash provided by discontinued investing activities | 9,606 | 17,026 |
Net cash used in discontinued financing activities | $ (10,739) | $ (3,025) |
Retention Retention receivable
Retention Retention receivable (Details) - USD ($) $ in Millions | Jan. 31, 2017 | Jan. 31, 2016 |
Retention receivable [Line Items] | ||
Retention receivable | $ 2.7 | $ 2.8 |
Receivables, Long-term Contracts or Programs | $ 3.2 |
Costs and estimated earnings 76
Costs and estimated earnings on uncompleted contracts Costs and estimated earnings on uncompleted contracts (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Costs incurred on uncompleted contracts | ||
Costs incurred on uncompleted contracts | $ 82,280 | $ 78,843 |
Estimated earnings | 51,546 | 46,359 |
Earned revenue | 133,826 | 125,202 |
Less Billings to date | 132,835 | 123,915 |
Costs in excess of billings, net | 991 | 1,287 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,091 | 2,463 |
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (1,100) | $ (1,176) |
Debt Debt by type (Details)
Debt Debt by type (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Debt Instrument [Line Items] | ||
Mortgage loans on real estate | $ 7,463 | $ 1,443 |
Revolving line foreign | 301 | 8,131 |
Term loans | 80 | 246 |
Capitalized lease obligations | 283 | 442 |
Total debt | 11,940 | 15,499 |
Unamortized debt issuance costs | (165) | (23) |
Current maturities of long-term debt | 4,517 | 14,006 |
Total long-term debt | 7,258 | 1,470 |
Unamortized debt issuance costs, Current | (46) | (2) |
Total short-term debt | 4,471 | 14,004 |
Indian capital leases [Member] | ||
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 8 | |
Debt instrument, interest rate, stated percentage | 15.60% | |
North America [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line North America | $ 3,813 | $ 5,237 |
Debt 5 year repayment (Details)
Debt 5 year repayment (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Debt Instrument [Line Items] | ||
Revolving line North America | $ 3,813 | $ 5,237 |
Mortgage loans on real estate | 7,463 | 1,443 |
Revolving line foreign | 301 | 8,131 |
Term loans | 80 | 246 |
Capitalized lease obligations | 283 | 442 |
Total debt | 11,940 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 220 | |
Capital Leases Future Minimum Payments Due In Two Years without interest | 62 | |
Capital Leases, Future Minimum Payments Due in Three Years | 1 | |
Capital Leases, Future Minimum Payments Due in Four Years | 0 | |
Repayments of Long-term Capital Lease Obligations | 0 | |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | |
Current maturities of long-term debt | 4,517 | 14,006 |
Total debt principal in Year Two | 435 | |
Total debt principal in Year Three | 358 | |
Total debt principal in Year Four | 362 | |
Total debt principal after Year Five | 367 | |
Total debt principal Thereafter | 5,901 | |
North America [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line North America | 3,813 | $ 5,237 |
Revolving line North America | 0 | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 121 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 355 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 357 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 362 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 367 | |
Total debt principal Thereafter | 5,901 | |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 62 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 18 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Total debt principal Thereafter | 0 | |
Foreign Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Revolving line foreign | 301 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 301 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Total debt principal Thereafter | $ 0 |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Revolving line foreign | $ 301 | $ 8,131 |
Canada | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 3.95% | |
North America [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,800 | |
United States | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate, stated percentage | 5.00% | |
Line of Credit Facility, Expiration Date | Sep. 24, 2018 | |
Line of Credit Facility, Covenant Terms | require attainment of specific levels of profitability and cash flows | |
Line of Credit Facility, Interest Rate at Period End | 3.77% | |
Foreign Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving line foreign | $ 301 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000 | |
Line of Credit Facility, Covenant Terms | Some credit arrangement covenants requires a minimum tangible net worth to be maintained | |
Line of Credit Facility, Covenant Compliance | in compliance with the covenant under the credit arrangement. | |
Line of Credit Facility, Interest Rate Description | Interest rates are 4.0% per annum below National Bank of Fujairah Base Rate, minimum 3.5% per annum, and Emirates Inter Bank Offered Rate (EIBOR) plus 3.5% per annum. The Company's interest rates range from 3.5% to 6.0% | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 301 | |
Line of Credit Facility, Remaining Borrowing Capacity | 20,800 | |
Letters of Credit Outstanding, Amount | $ 4,900 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 1, 2017 | |
Face value of debt in local currency | 50 million Saudi Riyal | |
Debt Instrument, Face Amount | $ 13,300 | |
Debt Instrument, Interest Rate at Period End | 6.00% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Maturity Date | Jun. 1, 2017 | |
Face value of debt in local currency | 15 million Dirhams | |
Debt Instrument, Face Amount | $ 4,200 | |
Debt Instrument, Interest Rate at Period End | 6.00% | |
Middle East [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2017 | |
Face value of debt in local currency | 31 million Dirhams | |
Debt Instrument, Face Amount | $ 8,500 | |
Debt Instrument, Interest Rate at Period End | 6.00% | |
North America [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving line North America | $ 3,813 | $ 5,237 |
United States | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate Description | (a) a margin in effect plus a base rate, if below certain availability limits; or (b) a margin in effect plus the Eurodollar rate for the corresponding interest period. | |
Letters of Credit Outstanding, Amount | $ 200 | |
Line of Credit, Current borrowing capacity | $ 15,000 |
Debt Mortgage (Details)
Debt Mortgage (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2017USD ($) | |
Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | Jun. 19, 2012 |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 1,800 |
Debt Instrument, Interest Rate at Period End | 4.50% |
Debt Instrument, Periodic Payment | $ 13 |
Mortgage Loans on Real Estate, Final Maturity Date | Jul. 1, 2027 |
mortgage loans on real estate date interest rate changes | Jun. 19, 2022 |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Mortgages [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | Jul. 28, 2016 |
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 6,100 |
Debt Instrument, Interest Rate at Period End | 4.70% |
Debt Instrument, Periodic Payment, Interest | $ 24 |
Debt Instrument, Periodic Payment | $ 20 |
Debt Instrument, Maturity Date, Description | 12/23/2042 |
Maximum [Member] | Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Mortgage Loans on Real Estate, Interest Rate | 18.00% |
Minimum [Member] | Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Mortgage Loans on Real Estate, Interest Rate | 4.50% |
Debt Term Loans (Details)
Debt Term Loans (Details) - Dirhams Vehicle loan [Member] $ in Thousands | 12 Months Ended |
Jan. 31, 2017USD ($) | |
Face value of debt in local currency | 1.3 million Dirhams |
Debt Instrument, Face Amount | $ 341 |
Debt Instrument, Periodic Payment | $ 17 |
Debt Instrument, Maturity Date Range, Start | Apr. 1, 2017 |
Debt Instrument, Maturity Date Range, End | Oct. 31, 2017 |
Debt Instrument, Interest Rate at Period End | 5.00% |
Debt Capital leases (Details)
Debt Capital leases (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 283,000 | $ 442,000 |
Piping [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | May 1, 2012 | |
Debt Instrument, Face Amount | $ 400,000 | |
Debt Instrument, Interest Rate at Period End | 6.50% | |
Debt Instrument, Periodic Payment | $ 8,000 | |
Debt Instrument, Maturity Date | Jun. 1, 2017 | |
Indian capital leases [Member] | ||
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 8,000 | |
Debt instrument, interest rate, stated percentage range, minimum | 15.60% | |
Debt Instrument, Issuance Date | Aug. 5, 2016 | |
Face value of debt in local currency | 0.6 million Indian Rupees | |
Debt Instrument, Periodic Payment | $ 270 | |
Debt Instrument, Maturity Date | Jul. 5, 2019 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 41,000 | |
Debt Instrument, Issuance Date | Feb. 1, 2013 | |
Debt Instrument, Interest Rate at Period End | 4.00% | |
Debt Instrument, Periodic Payment | $ 1,000 | |
Debt Instrument, Maturity Date | Nov. 30, 2017 | |
Leases, Acquired-in-Place [Member] | ||
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 728,000 | |
Debt Instrument, Issuance Date | Mar. 12, 2013 | |
Debt Instrument, Interest Rate at Period End | 4.00% | |
Debt Instrument, Periodic Payment | $ 12,000 | |
Debt Instrument, Maturity Date | Mar. 11, 2017 | |
Capital Addition Purchase Commitments [Member] | ||
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 942,000 | |
Debt Instrument, Issuance Date | Jun. 26, 2014 | |
Debt Instrument, Interest Rate at Period End | 3.25% | |
Debt Instrument, Periodic Payment | $ 14,000 | |
Debt Instrument, Maturity Date | Jun. 25, 2018 | |
Vehicles [Member] | ||
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 52,000 | |
Debt Instrument, Issuance Date | Jul. 1, 2014 | |
Debt Instrument, Interest Rate at Period End | 3.25% | |
Debt Instrument, Periodic Payment | $ 1,000 | |
Debt Instrument, Maturity Date | Jun. 30, 2018 |
Lease information Property un83
Lease information Property under capitalized leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Capital leases transportation equipment | $ 22 | $ 22 |
Capital leased assets, gross | 1,330 | 1,769 |
Capital leases other accumulated depreciation | 646 | 726 |
Capital leases, net | 684 | 1,043 |
Fixed assets acquired under capital leases | 8 | 0 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capital leases machinery and equipment | $ 1,308 | $ 1,747 |
Lease information Rental expens
Lease information Rental expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Rental expense [Abstract] | ||
Related Party Transaction, Purchases from Related Party | $ 0.3 | |
Rental expense for operating leases | $ 2.1 | $ 0.7 |
Lease information Future mini85
Lease information Future minimum payments (Details) $ in Thousands | Jan. 31, 2017USD ($) |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,199 |
Capital Lease Obligations, Current | 231 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,705 |
Capital Leases, Future Minimum Payments Due in Two Years | 63 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,536 |
Capital Leases, Future Minimum Payments Due in Three Years | 1 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,475 |
Capital Leases, Future Minimum Payments Due in Four Years | 0 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,477 |
Capital Leases, Future Minimum Payments Due in Five Years | 0 |
Operating Leases, Future Minimum Payments, Due Thereafter | 9,707 |
Capital Leases, Future Minimum Payments Due Thereafter | 0 |
Operating Leases, Future Minimum Payments Due | 18,099 |
Capital leases, future minimum payments, interest included in payments | 295 |
Interest Portion of Minimum Lease Payments, Sale Leaseback Transactions | 12 |
Capital Lease Obligations | $ 283 |
Income taxes Income (loss) befo
Income taxes Income (loss) before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
(Loss) income before income taxes [Abstract] | ||
Domestic | $ (8,465) | $ (2,066) |
Foreign | (4,512) | 5,076 |
(Loss) income from continuing operations before income taxes | $ (12,977) | $ 3,010 |
Income taxes Components of in87
Income taxes Components of income tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Components of income tax expense (benefit) [Abstract] | ||
Current federal tax (benefit) expense | $ (106) | $ 12 |
Current foreign tax (benefit) expense | 837 | 1,541 |
Current state and other tax (benefit) expense | (1,309) | 71 |
Subtotal | (578) | 1,624 |
Deferred federal income tax (benefit) expense | 0 | 0 |
Deferred foreign income tax (benefit) expense | (33) | (249) |
Deferred state and other income tax (benefit) expense | 0 | 0 |
Subtotal | (33) | (249) |
Total | $ (611) | $ 1,375 |
Income taxes Reconcilation to t
Income taxes Reconcilation to the ETR rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Expense [Line Items] | ||
Tax (benefit) expense at federal statutory rate | $ (4,412) | $ 1,023 |
Permanent differences management fee allocation | 0 | 619 |
Permanent differences other | 205 | 214 |
Differences in foreign tax rate | 2,131 | (780) |
Foreign tax credit | (1,249) | (761) |
Domestic deferred tax true ups | 0 | (346) |
Research tax credit | 0 | (54) |
Repatriation | 1,338 | 821 |
Nontaxable loss (income) from the Canadian joint venture | 551 | (205) |
Nondeductible interest | 242 | 0 |
State taxes, net of federal benefit | (103) | (58) |
All other, net expense | 33 | (22) |
Total | (611) | 1,375 |
United States | ||
Income Tax Expense [Line Items] | ||
Domestic valuation allowance | 567 | 804 |
State and Local Jurisdiction [Member] | ||
Income Tax Expense [Line Items] | ||
Domestic valuation allowance | 122 | 88 |
Foreign Tax Authority [Member] | ||
Income Tax Expense [Line Items] | ||
Domestic valuation allowance | (36) | 32 |
India | ||
Income Tax Expense [Line Items] | ||
Repatriation | $ 100 | $ 200 |
Income taxes Income tax narrati
Income taxes Income tax narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Components of deferred income tax assets [Line Items] | ||
Repatriation | $ 1,338 | $ 821 |
Deferred Tax Liability Not Recognized, Determination of Deferred Tax Liability is Not Practicable, Undistributed Earnings of Foreign Subsidiaries | Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable, because such liability, if any, is dependent on circumstances existing if and when remittance occurs. | |
Suspended excess tax (benefit) expense from stock options exercised | $ 300 | |
State NOL carryforward | 1,877 | 1,419 |
Federal operating loss carryforward, gross | $ 28,400 | |
Federal operating loss carryforward expires | Jan. 31, 2031 | |
Operating Loss Carryforwards, expiration dates | expire at various times from 2017 to 2031 | |
Foreign tax credit | $ 4,695 | 2,861 |
Valuation Allowance, Methodologies and Assumptions | The Company continues to have a valuation allowance on its domestic DTAs since domestic losses continue to be generated. | |
Tax Credit Carryforward, Expiration Date | Jan. 31, 2022 | |
Undistributed earnings of foreign subsidiaries | $ 36,600 | |
Income Tax Examination, Description | No changes were made to the reported tax | |
Open Tax Year | 2,014 | |
Open tax years up to the amount of research tax credit generated | January 31, 2002 through January 31, 2009 | |
India | ||
Components of deferred income tax assets [Line Items] | ||
Repatriation | $ 100 | 200 |
Foreign Earnings Repatriated | 500 | $ 2,800 |
Middle East [Member] | ||
Components of deferred income tax assets [Line Items] | ||
Foreign tax credit | $ 100 |
Income taxes Income tax disclos
Income taxes Income tax disclosure (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Components of deferred income tax assets | ||
U.S. Federal NOL carryforward | $ 9,348 | $ 3,044 |
Deferred compensation | 346 | 2,382 |
Research tax credit | 2,703 | 2,057 |
Foreign NOL carryforward | 186 | 231 |
Foreign tax credit | 4,695 | 2,861 |
Stock compensation | 804 | 1,061 |
Other accruals not yet deducted | 514 | 438 |
State NOL carryforward | 1,877 | 1,419 |
Accrued commissions and incentives | 765 | 723 |
Inventory valuation allowance | 110 | 73 |
Other | 4 | 116 |
Deferred tax assets, gross | 21,352 | 14,405 |
Valuation allowance | (18,437) | (13,333) |
Total deferred tax assets, net of valuation allowances | 2,915 | 1,072 |
Components of the deferred income tax liability | ||
Depreciation | (2,778) | (633) |
Foreign subsidiaries unremitted earnings | (1,750) | (412) |
Prepaid | (69) | (88) |
Total deferred tax liabilities | (4,597) | (1,133) |
Deferred tax liabilities, net | (1,682) | (61) |
Balance sheet classification | ||
Deferred tax assets - long-term | 147 | 99 |
Deferred tax liabilities - long-term | (1,829) | $ (160) |
Middle East [Member] | ||
Components of deferred income tax assets | ||
Foreign tax credit | $ 100 |
Income taxes UTP (Details)
Income taxes UTP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Balance at beginning of the year | $ 1,313 | $ 1,288 | |
Increases in positions taken in a prior period | $ 3 | 11 | |
Increases in positions taken in a current period | 19 | 14 | |
Decreases due to lapse of statute of limitations | (4) | 0 | |
Balance at the end of the year | 1,331 | ||
Unrecognized tax benefits, interest | 30 | 28 | |
Unrecognized tax benefits, income tax penalties | $ 16 | $ 17 |
Retirement plans Plan assets (D
Retirement plans Plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Prohibited Investments | The plans hold no securities of Perma-Pipe International Holdings, Inc. | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 6,228 | $ 5,883 | $ 6,168 |
Defined Benefit Plan, Target Allocation Percentage | target asset allocations of 55% equities (with a range of 40% - 65%), 25% fixed income (with a range of 20% - 35%) and 20% Alternative Investments (with a range of 15% - 25%) | ||
Defined Benefit Plan, actual gain (loss) on plan assets | $ 650 | $ (25) | |
Net periodic benefit cost, expected long-term return on assets | 8.00% | 8.00% | |
Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 64.00% | ||
Available-for-sale Securities, Equity Securities | $ 3,000 | $ 3,062 | |
Bonds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 33.00% | ||
Available-for-sale Securities | $ 2,188 | 2,168 | |
Money Market Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | ||
Money Market Funds, at Carrying Value | $ 306 | 351 | |
Pension Plan Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Available-for-sale Securities | 214 | 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Available-for-sale Securities | 5,402 | 5,230 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Available-for-sale Securities, Equity Securities | 520 | 302 | |
Available-for-sale Securities | $ 826 | $ 653 |
Retirement plans Reconciliation
Retirement plans Reconciliation of benefit obligations, plan assets and funded status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plan vested benefit obligation | $ 6,500 | $ 6,587 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 6,500 | 7,020 | |
Defined Benefit Plan, Benefit Obligation | 6,500 | 7,020 | $ 8,129 |
Interest cost | 278 | 266 | |
Actuarial (gain) loss | (493) | (1,115) | |
Benefits paid | (305) | (260) | |
Defined Benefit Plan, Fair Value of Plan Assets | 6,228 | 5,883 | $ 6,168 |
Defined Benefit Plan, actual gain (loss) on plan assets | 650 | (25) | |
Unfunded status | (272) | (1,137) | |
Defined benefit plan, current assets | 348 | 326 | |
Defined benefit plan, assets for plan benefits, other assets | 1,201 | 1,166 | |
Defined benefit plans, other long-term liabilities | (1,821) | (2,629) | |
Defined benefit plan, net amount recognized | (272) | (1,137) | |
OCI unrecognized actuarial loss | 1,472 | 2,303 | |
OCI net amount recognized | $ 1,472 | $ 2,303 |
Retirement plans Assumptions (D
Retirement plans Assumptions (Details) | 12 Months Ended | |
Jan. 31, 2017Rate | Jan. 31, 2016Rate | |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Benefit Plan, Prohibited Investments | The plans hold no securities of Perma-Pipe International Holdings, Inc. | |
End of year benefit obligation discount rate | 4.00% | 4.05% |
Service cost discount rate | 4.05% | 3.35% |
Net periodic benefit cost, expected long-term return on assets | 8.00% | 8.00% |
Retirement plans Components o95
Retirement plans Components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 278 | $ 266 |
Expected return on plan assets | (458) | (479) |
Recognized actuarial loss | 146 | 210 |
Net periodic benefit income | $ (34) | $ (3) |
Retirement plans Recognized in
Retirement plans Recognized in other comprehensive income (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Actuarial loss on obligation | $ 493 | $ 1,115 |
Actual loss (gain) on plan assets | 338 | (294) |
Total in other comprehensive income | $ 831 | $ 821 |
Retirement plans Cash flows (De
Retirement plans Cash flows (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2017USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 0 |
Defined Benefit Plan, Contributions by Plan Participants | 0 |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 348 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 345 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 347 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 342 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 347 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 1,733 |
Retirement plans 401K (Details)
Retirement plans 401K (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
401K employee pretax payroll contributions limit | 16.00% | |
Employer contributions to 401K | $ 405 | $ 558 |
Maximum % of each participant's salary | 50.00% | |
Company's matching contribution | 3.50% |
Retirement plans Multi employer
Retirement plans Multi employer (Details) - Plumbers & Pipefitters Local 572 Pension Fund [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Multiemployer Plans [Line Items] | ||
Entity Tax Identification Number | 626,102,837 | |
Multiemployer Plan Number | 1 | |
Multiemployer Plans, Certified Zone Status | Green | |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | No | |
Multiemployer Plan, Period Contributions | $ 257 | $ 233 |
Multiemployer Plans, Surcharge | No | |
Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date | Mar. 31, 2019 |
Stock options Stock Compensatio
Stock options Stock Compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based compensation | ||
Stock-based compensation (benefit) expense | $ (540) | $ 116 |
Restricted stock based compensation expense | $ 1,243 | $ 470 |
Stock options Fair value assump
Stock options Fair value assumptions (Details) | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Expected volatility | 43.20% | 43.40% |
Risk free interest rate | 1.20% | 1.70% |
Dividend yield | 0.00% | 0.00% |
Expected life in years | 5 years 10 days | 5 years 10 days |
Stock options Option activit102
Stock options Option activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based compensation | |||
Number of additional shares authorized | 400,000 | ||
Initial number of options to grant under plan | 350,000 | ||
Stock Option [Member] | |||
Share-based compensation | |||
Options, vested and expected to vest, outstanding, number | 524,000 | 720,000 | 764,000 |
Outstanding Options, Weighted Average grant date fair value | $ 11.55 | $ 11.38 | $ 11.45 |
Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 6 months 1 day | 5 years 1 month 6 days | 5 years 8 months 6 days |
Options, Outstanding, Intrinsic Value | $ 534 | $ 34 | $ 0 |
Options, Exercisable, Number | 450,000 | 554,000 | |
Options, Exercisable, Weighted Average Exercise Price | $ 11.92 | $ 11.94 | |
Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 30 days | 4 years 2 months 30 days | |
Options, Exercisable, Intrinsic Value | $ 465 | $ 30 | |
Options, Grants in Period, Net of Forfeitures | 22,000 | 51,000 | |
Shares issued | (59,000) | (18,000) | |
Options, Exercises in Period, Weighted Average Exercise Price | $ 6.70 | $ 6.48 | |
Options, Exercises in Period, Intrinsic Value | $ 68 | $ 3 | |
Options, Forfeitures and Expirations in Period | (159,000) | (77,000) | |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 11.98 | $ 9.93 | |
unvested option [Member] | |||
Share-based compensation | |||
Outstanding Options, Weighted Average grant date fair value | $ 9.31 | $ 9.51 | |
Options, Outstanding, Intrinsic Value | $ 69 | $ 3 | |
Options granted in period, weighted avg date fair value | $ 7.33 | $ 6.38 |
Stock options Options additiona
Stock options Options additional text (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
increase number of shares that may be issued | 2.00% | |
Initial number of options to grant under plan | 350,000 | |
Vesting period for stock options | P4Y | |
Unrecognized stock option expense | $ 0.2 | |
Cost is expected to be recognized over the weighted-average period | 2 years | |
Maturity period for stock option from issuance date | 10 years | |
Stock Option [Member] | ||
Weighted average fair value of options granted | $ 2.85 | $ 2.54 |
Stock options Unvested optio104
Stock options Unvested options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Percentage of options expect to vest | 85.00% | |
unvested option [Member] | ||
Options, Nonvested, Number of Shares | 74 | 166 |
Outstanding Options, Weighted Average grant date fair value | $ 9.31 | $ 9.51 |
Options, Outstanding, Intrinsic Value | $ 69 | $ 3 |
Options granted in period, weighted avg date fair value | $ 7.33 | $ 6.38 |
Vested options in the period | (72) | |
Options, Forfeitures and Expirations in Period | 42 | |
Options, Forfeitures and Expirations in Period, Weighted Average grant date fair value | $ 8.98 |
Deferred and restricted stoc105
Deferred and restricted stock (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Restricted stock [Line Items] | |||
Deferred compensation liabilities | $ 529,000 | $ 495,000 | |
Restricted stock grants | 254,000 | 108,000 | |
Restricted stock granted, weighted average grant price | $ 7.29 | $ 6.38 | |
Restricted stock issued | (91,000) | (26,000) | |
Restricted stock forfeited | (36,000) | (5,000) | |
Restricted stock, forfeitures, weighted average grant price | $ 7.75 | $ 6.38 | |
Deferred shares outstanding | 163,000 | 86,000 | |
Restricted stock, outstanding, weighted average grant price | $ 8.75 | $ 6.40 | $ 14.52 |
Restricted stock, aggregate intrinsic value | $ 2,540,000 | $ 1,040,000 | $ 1,242,000 |
Unrecognized restricted stock expense | $ 200,000 | ||
Cost is expected to be recognized over the weighted-average period | 2 years | ||
Director [Member] | |||
Restricted stock [Line Items] | |||
Deferred shares granted value | $ 40,000 | ||
Deferred Compensation, Share-based Payments [Member] | |||
Restricted stock [Line Items] | |||
Deferred shares outstanding | 60,495 | ||
Restricted Stock [Member] | |||
Restricted stock [Line Items] | |||
Deferred shares outstanding | 290,000 | ||
Vesting period restricted stock | 3 years | ||
Unrecognized restricted stock expense | $ 1,200,000 | ||
Cost is expected to be recognized over the weighted-average period | 2 years 2 months |
Treasury stock (Details)
Treasury stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2017 | Jan. 31, 2017 | Jan. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock, shares | 17,000 | 28,000 | 27,000 | 27,000 | 44,570 |
Treasury Stock Acquired, Average Cost Per Share | $ 6.27 | $ 6.64 | $ 0 | ||
Treasury stock released (purchased) | 0 | ||||
Investment Repurchase Agreement, Date of Agreement | Feb. 5, 2015 | ||||
Stock Repurchase Program, Authorized Amount | $ 2 | $ 2 | |||
Stock Repurchase Program Expiration Date | Dec. 31, 2015 |
Stock rights Narrative (Details
Stock rights Narrative (Details) | 12 Months Ended |
Jan. 31, 2017$ / shares | |
Stock rights [Abstract] | |
Price of MFRI common stock with Right | $ 25 |
Days to wait after a person or group acquires 15% of common stock | 10 days |
Change in control percentage | 15.00% |
Redemption price per Right | $ 0.01 |
Expiration date of Right | Sep. 15, 2019 |
Interest expense, net (Details)
Interest expense, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Interest expense, net [Abstract] | ||
Interest expense | $ 746 | $ 950 |
Interest income | (177) | (480) |
Interest expense, net | $ 569 | $ 470 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $ 305 | $ 33 | $ 31 |
Provision for Doubtful Accounts | 246 | 6 | |
Allowance for Doubtful Accounts Receivable, Charge-offs | 1 | 4 | |
Valuation Allowances and Reserves, Charged to Other Accounts | $ 27 | $ 0 |