Document and entity information
Document and entity information Document - USD ($) shares in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Apr. 12, 2018 | Jul. 31, 2017 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 7,717 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 55,628,183 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS Statement - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Net sales | $ 105,248 | $ 98,845 |
Cost of sales | 93,506 | 87,129 |
Gross profit | 11,742 | 11,716 |
Operating expenses: | ||
General and administrative expense | 16,214 | 17,579 |
Selling expense | 5,040 | 5,721 |
Total operating expenses | 21,254 | 23,300 |
Loss from operations | (9,512) | (11,584) |
Loss on consolidation of joint venture | 0 | (1,620) |
Interest expense, net | 697 | 569 |
Loss from continuing operations before income taxes | (10,209) | (13,773) |
Income tax benefit | (233) | (611) |
Loss from continuing operations | (9,976) | (13,162) |
Income from discontinued operations, net of tax | 0 | 688 |
Net loss | $ (9,976) | $ (12,474) |
Weighted average common shares outstanding | ||
Basic and diluted | 7,680 | 7,488 |
Loss per share from continuing operations | ||
Basic and diluted | $ (1.30) | $ (1.76) |
Earnings per share from discontinued operations | ||
Basic and diluted | 0 | 0.09 |
Loss per share | ||
Basic and diluted | $ (1.30) | $ (1.67) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Statement - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Net loss | $ (9,976) | $ (12,474) |
Other comprehensive income (loss) | ||
Currency translation adjustments, net of tax | 1,185 | 818 |
Minimum pension liability adjustment, net of tax | 165 | 423 |
(Realized) unrealized gain on marketable security, net of tax | (92) | 15 |
Other comprehensive income | 1,258 | 1,256 |
Comprehensive loss | $ (8,718) | $ (11,218) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 7,084 | $ 7,603 |
Restricted cash | 1,237 | 1,098 |
Trade accounts receivable, less allowance for doubtful accounts of $469 at January 31, 2018 and $305 at January 31, 2017 | 32,936 | 31,271 |
Inventories | 16,856 | 13,565 |
Assets of discontinued operations | 0 | 25 |
Prepaid expenses and other current assets | 2,703 | 2,171 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,502 | 2,091 |
Total current assets | 62,318 | 57,824 |
Property, plant and equipment, net of accumulated depreciation | 34,509 | 36,275 |
Other assets | ||
Deferred tax assets | 391 | 147 |
Goodwill | 2,423 | 2,279 |
Other assets | 4,943 | 5,086 |
Total other assets | 7,757 | 7,512 |
Total assets | 104,584 | 101,611 |
Current liabilities | ||
Trade accounts payable | 14,186 | 10,901 |
Commissions and management incentives payable | 787 | 1,845 |
Accrued compensation and payroll taxes | 1,580 | 2,188 |
Revolving line North America | 7,273 | 3,813 |
Current maturities of long-term debt | 753 | 658 |
Customers' deposits | 5,236 | 2,640 |
Liabilities of discontinued operations | 137 | 199 |
Outside commission liability | 1,800 | 1,612 |
Other accrued liabilities | 4,122 | 2,360 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,967 | 1,100 |
Income tax payable | 1,339 | 684 |
Total current liabilities | 39,180 | 28,000 |
Long-term liabilities | ||
Long-term debt, less current maturities | 7,728 | 7,258 |
Deferred compensation liabilities | 4,098 | 4,571 |
Deferred tax liabilities - long-term | 1,242 | 1,829 |
Other long-term liabilities | 524 | 540 |
Total long-term liabilities | 13,592 | 14,198 |
Stockholders' equity | ||
Common stock, $.01 par value, authorized 50,000 shares; 7,717 issued and outstanding at January 31, 2018 and 7,595 issued and outstanding at January 31, 2017 | 77 | 76 |
Additional paid-in capital | 56,304 | 55,358 |
Treasury Stock; 0 shares on January 31, 2018 and 27 shares on January 31, 2017 | 0 | (170) |
(Accumulated deficit) retained earnings | (3,103) | 6,873 |
Accumulated other comprehensive loss | (1,466) | (2,724) |
Total stockholders' equity | 51,812 | 59,413 |
Total liabilities and stockholders' equity | 104,584 | 101,611 |
North America [Member] | ||
Current liabilities | ||
Revolving line North America | $ 7,273 | $ 3,813 |
Balance Sheet (Parentheticals)
Balance Sheet (Parentheticals) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Allowance for doubtful accounts | $ 469 | $ 305 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 7,717,000 | 7,622,000 |
Common stock, shares outstanding | 7,717,000 | 7,595,000 |
Treasury stock, shares | 0 | 26,750 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated other comp. income (loss) |
Total stockholders' equity at Jan. 31, 2016 | $ 69,028 | $ 74 | $ 53,877 | $ (290) | $ 19,347 | $ (3,980) |
Net loss | (12,474) | (12,474) | ||||
Common stock issued under stock plans, net of shares used for tax withholding | 418 | 2 | 296 | 120 | ||
Stock-based compensation expense | 1,185 | 1,185 | ||||
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 | 55,358 | (170) | 6,873 | (2,724) |
Balance shares beginning of year at Jan. 31, 2016 | 7,305,925 | |||||
Treasury stock released | 17,813 | |||||
Shares issued | 271,771 | |||||
Balance shares end of year at Jan. 31, 2017 | 7,595,509 | |||||
Net loss | (9,976) | (9,976) | ||||
Common stock issued under stock plans, net of shares used for tax withholding | (44) | $ 1 | (215) | 170 | ||
Stock-based compensation expense | 1,161 | 1,161 | ||||
Pension liability adjustment | 165 | 165 | ||||
Marketable security | (142) | (142) | ||||
Foreign currency translation adjustment | 1,141 | 1,141 | ||||
Tax expense on above items | 94 | 94 | ||||
Total stockholders' equity at Jan. 31, 2018 | $ 51,812 | $ 77 | $ 56,304 | $ 0 | $ (3,103) | $ (1,466) |
Treasury stock released | 26,753 | |||||
Shares issued | 94,280 | |||||
Balance shares end of year at Jan. 31, 2018 | 7,716,542 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Operating activities | ||
Net loss | $ (9,976) | $ (12,474) |
Adjustments to reconcile net loss to net cash flows used in operating activities | ||
Depreciation and amortization | 5,031 | 5,521 |
Loss on consolidation of joint venture | 0 | 1,620 |
Gain on disposal of subsidiary | (166) | (127) |
Deferred tax benefit | (958) | (33) |
Stock-based compensation expense | 1,447 | 1,446 |
Cash surrender value on life insurance policies | 0 | (135) |
Provision on uncollectible accounts | 15 | 657 |
Loss (gain) on disposal of fixed assets | 219 | (292) |
Gain on sale of marketable securities | 142 | 0 |
Changes in operating assets and liabilities | ||
Accounts payable | 4,551 | (1,917) |
Accrued compensation and payroll taxes | (1,780) | (9,227) |
Inventories | (3,274) | 5,452 |
Customers' deposits | 2,596 | (2,303) |
Income taxes receivable and payable | (75) | (128) |
Prepaid expenses and other current assets | (471) | (997) |
Accounts receivable | (1,076) | 13,698 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,455 | 296 |
Other assets and liabilities | 762 | (6,514) |
Net cash used in operating activities | (1,842) | (5,457) |
Investing activities | ||
Net proceeds from sale of discontinued operations | 0 | 9,606 |
Capital expenditures | (2,532) | (2,257) |
Proceeds from sale of marketable securities | 142 | 0 |
Acquisition of interest in subsidiary, net of cash acquired | 0 | (4,672) |
Proceeds from surrender of corporate-owned life insurance policies | 0 | 3,185 |
Proceeds from sales of property and equipment | 1 | 4,356 |
Net cash (used in) provided by investing activities | (2,389) | 10,218 |
Financing activities | ||
Proceeds from revolving lines | 40,485 | 40,033 |
Proceeds from debt | 0 | 6,059 |
Payments of debt on revolving lines | (37,354) | (49,303) |
Payments of other debt | (211) | (10,151) |
Increase (decrease) in drafts payable | 34 | (323) |
Proceeds (payments) on capitalized lease obligations | 546 | (1,677) |
Release of treasury stock | 170 | 120 |
Stock options exercised and restricted shares issued | (214) | 297 |
Net cash provided by (used in) financing activities | 3,456 | (14,945) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 395 | (70) |
Net decrease in cash, cash equivalents and restricted cash | (380) | (10,254) |
Cash, cash equivalents and restricted cash - beginning of period | 8,701 | 18,955 |
Cash, cash equivalents and restricted cash - end of period | 8,321 | 8,701 |
Supplemental cash flow information | ||
Interest paid | 804 | 773 |
Income taxes paid | 1,080 | 1,381 |
Fixed assets acquired under capital leases | 841 | 8 |
Funds held in escrow related to the sale of Filtration assets | $ 0 | $ 502 |
Business information Business i
Business information Business information (Notes) | 12 Months Ended |
Jan. 31, 2018 | |
Revenue, Major Customer [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Business 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. Fiscal year. The Company's fiscal year ends on January 31. Years and balances described as 2017 and 2016 are the fiscal years ended January 31, 2018 and 2017 , respectively. Nature of business. The Company engineers, designs, manufactures and sells specialty piping and leak detection and location systems. Specialty piping systems include (i) industrial and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (ii) insulated and jacketed piping systems for district heating and cooling, Municipal Freeze Protection, Oil & Gas, Mining and Industrial applications, and (iii) the coating and/or insulation of oil and gas gathering flow and long lines for oil and mineral transportation. The Company's leak detection and location systems are sold with its piping systems and on a stand-alone basis, to monitor areas where fluid intrusion may contaminate the environment, endanger personal safety, cause a fire hazard, impair essential services or damage equipment or property. 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 5 - Discontinued operations, in the Notes to Consolidated Financial Statements . Geographic information. Net sales attributed to a geographic area are based on the destination of the product shipment. Sales to foreign customers was 59.5% in 2017 compared to 57.0% in 2016 . 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. (In thousands) 2017 2016 Net sales United States $42,648 $42,048 Canada 31,206 25,915 Middle East 26,322 28,009 India 1,317 2,360 Other 3,755 513 Total net sales $105,248 $98,845 Property, plant and equipment, net of accumulated depreciation United States $11,307 $11,747 Canada 13,868 13,276 Middle East 9,119 10,987 India 215 265 Total $34,509 $36,275 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Jan. 31, 2018 | |
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 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. 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 $7.1 million and $7.6 million as of January 31, 2018 and 2017 , respectively. On January 31, 2018 , $0.7 million was held in the U.S. and $6.4 million was held in the foreign subsidiaries. On January 31, 2017 , $0.2 million was held in the U.S. and $7.4 million was held in the foreign subsidiaries. Accounts payable included drafts payable of less than $0.1 million for both January 31, 2018 and 2017 . Restricted cash. Restricted cash, held by foreign subsidiaries, was $1.2 million and $1.1 million as of January 31, 2018 and 2017 , respectively. Restricted cash held by foreign subsidiaries related to fixed deposits that also serve as security deposits and guarantees. (In thousands) 2017 2016 Cash and cash equivalents $7,084 $7,603 Restricted cash 1,237 1,098 Cash, cash equivalents and restricted cash shown in the statement of cash flows $8,321 $8,701 Accounts receivable. The majority of the Company's accounts receivable are due from geographically dispersed contractors and manufacturing companies. Credit is extended based on an evaluation of a customer's financial condition, including the availability of credit insurance. In the U.S., collateral is not generally required. In the U.A.E. and Saudi Arabia, letters of credit are usually obtained for significant orders. Accounts receivable are due within various time periods specified in the terms applicable to the specific customer and are stated at amounts due from customers net of an allowance for claims and doubtful accounts. The allowance for doubtful accounts is based on specifically identified amounts in customers' accounts, where future collectability is deemed uncertain. Management may exercise its judgment in adjusting the provision as a consequence of known items, such as current economic factors and credit trends. Past due trade accounts receivable balances are written off when the Company's collection efforts have been unsuccessful in collecting the amount due and the amount is deemed uncollectible. The write off is recorded against the allowance for doubtful accounts. One of the Company’s accounts receivable in the total amount of $5.4 million (inclusive of a retention receivable amount of $3.7 million , of which $3.2 million was included in the balance of other long-term assets as of January 31, 2018 and 2017 due to the long-term nature of the receivables – see Note 6 – Retention) has been outstanding for several years as of January 31, 2018. The Company completed all of its deliverables in 2015, and has been engaged in ongoing active efforts to collect this amount, and has recently received an updated acknowledgment of the outstanding balances and assurances of payment from the customer. As a result, the Company did not reserve any allowance against this amount as of January 31, 2018. However, if the Company’s efforts to collect on this account are not successful in fiscal 2018, then the Company may be required to recognize an allowance for all, or substantially all, of any such then uncollected amounts in the future. On January 31, 2018 and 2017, no customer accounted for more than 10% of the Company's net sales. Three customers accounted for 34.9% of accounts receivable on January 31, 2018 , and two customers accounted for 33.2% of accounts receivable on January 31, 2017 . 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. Accumulated other comprehensive loss. 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. (In thousands) 2017 2016 Equity adjustment foreign currency, gross ($268 ) ($1,409 ) Minimum pension liability, gross (1,307) (1,472) Marketable security, gross — 142 Subtotal excluding tax effect (1,575) (2,739) Tax effect of foreign exchange currency (6) (50) Tax effect of minimum pension liability 115 115 Tax effect of marketable security — (50) Total accumulated other comprehensive loss ($1,466) ($2,724) Inventories. Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out method for all inventories. (In thousands) 2017 2016 Raw materials $17,166 $13,648 Work in process 291 1,105 Finished goods 1,024 836 Subtotal 18,481 15,589 Less allowance 1,625 2,024 Inventories $16,856 $13,565 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. Depreciation expense was approximately $4.9 million in 2017 and $5.3 million in 2016 . (In thousands) 2017 2016 Land, buildings and improvements $22,796 $22,330 Machinery and equipment 47,009 44,538 Furniture, office equipment and computer systems 4,504 4,704 Transportation equipment 3,490 3,690 Subtotal 77,799 75,262 Less accumulated depreciation 43,290 38,987 Property, plant and equipment, net of accumulated depreciation $34,509 $36,275 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. The Company reported a loss in 2017 and 2016 . An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flow the asset is expected to generate. Based on the Company's review of the projected cash flows over the remaining useful lives of the assets, management has determined that there was no impairment of long-lived assets as of January 31, 2018 and 2017 . Goodwill. The purchase price of an acquired company is allocated between intangible assets and the net tangible assets of the acquired business with the residual of the purchase price recorded as goodwill . All identifiable goodwill as of January 31, 2018 and 2017 , is attributable to the purchase of Perma-Pipe Canada, Ltd. ("PPC"). The Company does not amortize goodwill. (In thousands) January 31, 2017 Foreign exchange change effect January 31, 2018 Goodwill $2,279 $144 $2,423 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. 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 2017 or 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 $2.6 million as of January 31, 2018 and 2017 . Accumulated amortization was approximately $2.4 million as of January 31, 2018 and 2017 . Future amortization over the next five years ending January 31 will be less than $0.1 million in the years 2018 to 2022 and less than $0.1 million 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 $0.3 million in 2017 and $0.2 million in 2016 . 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% likelihood of being realized upon ultimate settlement with the relevant tax authority. For further information, see Note 10 - Income taxes in the Notes to Consolidated Financial Statements . Net loss per common share. Earnings per share ("EPS") is computed by dividing net loss by the weighted average number of common shares outstanding (basic). The Company reported net losses in 2017 and 2016 ; 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 dilutive shares are in the following table: Basic weighted average number of common shares outstanding (in thousands) 2017 2016 Basic weighted average number of common shares outstanding 7,680 7,488 Dilutive effect of stock options, deferred stock and restricted stock units — — Weighted average number of common shares outstanding assuming full dilution 7,680 7,488 Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 139 306 Canceled options during the year (131 ) (159 ) Stock options with an exercise price below the average stock price 219 218 Equity-based compensation. The Company issues various types of stock-based awards to employees and directors: restricted stock, deferred stock and stock options. Non-cash compensation expense associated with restricted stock is based on the fair value of the common stock at the date of grant, and amortized using the straight line method over the vesting period. Compensation expense associated with deferred stock which is awarded to the Board of Directors (non-employee) is based upon the fair value of the common stock at the date of grant, and since the grant vests immediately it is expensed on the date of the grant. A mark-to-market adjustment is recognized on a quarterly basis on these shares, which is booked to stock compensation expense, with the offset booked to the deferred compensation liability account. 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. Segments. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM") in making decisions regarding resource allocation and assessing performance The Company’s Chief Executive Officer is the CODM, and he uses a combination of several management reports, including the Company's financial information in determining how to allocate resources and assess performance. The Company has determined that it operates in one segment. 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. Reclassifications. Reclassifications were made to the prior-year consolidated statement of cash flows to conform to the current-year presentations to the consolidated financial statements. A reclassification of $2.0 million was made to deferred compensation liabilities from current compensation liabilities on the balance sheet. Reclassifications were immaterial to the financial statements. In Note 7, Costs and estimated earnings on uncompleted contracts were reported on an aggregated basis instead of a net basis for the current open contracts. Prior-year presentation has been updated to reflect the amounts on a net basis, and there was no change to the consolidated financial statements. In Note 11, Retirement plans investments that are measured at fair value are now shown separately on the asset allocation level table, and there was no change to the consolidated financial statements. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Jan. 31, 2018 | |
New accounting pronouncements. [Abstract] | |
New Accounting Pronouncements | Recent accounting pronouncements . 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 adopted this new guidance in the first quarter of 2017, and it did not have a material impact on the Company's operating results, financial position or cash flows. 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 adopted this new guidance in the first quarter of 2017, and it did not have a material impact on the Company's operating results, financial position or cash flows. In March 2017, the FASB issued authoritative guidance that changes the income statement presentation of the components of net periodic benefit cost related to defined benefit pension and other postretirement plans. The primary change under the new guidance is that only the service cost component of net periodic benefit cost should be included in operating income and is eligible for capitalization as an asset. The other components of net periodic benefit cost, such as interest cost, the expected return on assets, amortization of actuarial gains and losses and prior service cost, should be presented below operating income. The guidance is effective for the Company starting February 1, 2018 and will be applied retrospectively to the presentation of net periodic benefit cost and prospectively to the capitalization of service cost. The Company does not expect the adoption of this guidance to have a material impact on the results of operations or financial position. In October 2016, the FASB issued authoritative guidance requiring the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than when transferred to a third party as required under the current guidance. The new guidance 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 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 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 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 completed staff education and has completed the discovery and analysis phases of reviewing contracts and identifying potential differences that would result from applying the new standard to current contracts. There will be no change to the financial position, results of operations, or cash flows when the standard is adopted. The Company will have updated disclosures and has selected the modified retrospective basis with a cumulative adjustment to opening retained earnings in the year of initial adoption. The Company has identified and implemented changes to the Company’s business processes, systems and controls to support adoption of the new standard in 2018. The Company does not expect Topic 606 to have a material impact on the financial statements, though internal processes, record keeping and disclosures will be impacted. The new standard 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. |
Correction of immaterial errors
Correction of immaterial errors (Notes) | 12 Months Ended |
Jan. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Accounting Changes and Error Corrections [Text Block] | Correction of immaterial errors An error was identified during the preparation and review of the second quarter, July 31, 2017, financial statements, as stock-based compensation cost and additional paid in capital had been reversed for vested equity awards that expired, terminated or were unexercised . The cumulative adjustment for the stock-based compensation cost covering the period from May 1, 2015 to January 31, 2016 was approximately $0.8 million . The adjustments applicable to the fiscal year ending January 31, 2017 were approximately $0.8 million . Pursuant to the guidance of Staff Accounting Bulletin ("SAB") No. 99, Materiality, the Company concluded that the errors were not material to any of its prior period financial statements. The prior period financial statements were revised, in accordance with SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements . A reconciliation of the effects of the adjustments to the previously reported balance sheet and stockholders' equity at January 31, 2017 follows: (In thousands) As Reported Adjustment Revised Additional paid in capital $53,716 $1,642 $55,358 Retained earnings 8,515 (1,642 ) 6,873 A reconciliation of the effects of the adjustments to the previously reported statement of operations for the year ended January 31, 2017 follows: (In thousands) As Reported Adjustment Revised General and administrative expense $16,783 $796 $17,579 Total operating expenses 22,504 796 23,300 Loss from operations (10,788 ) (796 ) (11,584 ) Loss from continuing operations before income taxes (12,977 ) (796 ) (13,773 ) Loss from continuing operations (12,366 ) (796 ) (13,162 ) Net loss (11,678 ) (796 ) (12,474 ) Loss per share from continuing operations (1.65 ) (0.11 ) (1.76 ) Loss per share (1.56 ) (0.11 ) (1.67 ) A reconciliation of the effects of the adjustments to the previously reported statement of cash flows for the year ending January 31, 2017 follows: (In thousands) As Reported Adjustment Revised Net loss ($11,678) ($796) ($12,474) Stock-based compensation expense 650 796 1,446 |
Acquisition (Notes)
Acquisition (Notes) | 12 Months Ended |
Jan. 31, 2018 | |
Business Acquisition [Line Items] | |
Acquisitions disclosures [Text Block] | Note 4 - Acquisition PPIH entered into a purchase agreement with its joint venture partner Aegion Corporation to acquire the remaining 51% ownership of PPC , a pipe coating 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 ) 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 (in thousands) : 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, 2018 | |
Discontinued operations [Abstract] | |
Discontinued operations | Note 5 - Discontinued operations The domestic fabric filter business, which was included in discontinued operations, sold product until operations ceased in the second quarter of 2016. 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. For the year ended January 31, 2017 , tax expense was $1.0 million , and income from discontinued operations net of tax was $0.7 million . Results of the discontinued operations were as follows: (In thousands) 2017 2016 Net sales $— $10,467 Gain on disposal of discontinued operations — 209 Income from discontinued operations — 1,522 Income from discontinued operations before income taxes — 1,731 Income tax expense — 1,043 Income from discontinued operations, net of tax $— $688 Components of assets and liabilities from discontinued operations consist of the following: January 31, (In thousands) 2018 2017 Current assets Trade accounts receivable, net $— $25 Total assets from discontinued operations $— $25 Current liabilities Trade accounts payable, accrued expenses and other $137 $199 Total liabilities from discontinued operations $137 $199 Cash flows from discontinued operations: January 31, (In thousands) 2018 2017 Net cash (used in) provided by discontinued operating activities ($37 ) $1,133 Net cash provided by discontinued investing activities — 9,606 Net cash used in discontinued financing activities — (10,739 ) |
Retention
Retention | 12 Months Ended |
Jan. 31, 2018 | |
Retention [Abstract] | |
Retention | Note 6 - Retention A retention receivable is a portion of an outstanding receivable balance amount withheld by a customer until a contract is fully completed as specified in the contractual agreement. Retention receivables of $2.4 million and $2.7 million were included in the balance of trade accounts receivable as of January 31, 2018 and 2017 , respectively. A retention receivable of $3.2 million was included in the balance of other long-term assets as of January 31, 2018 and 2017 due to the long-term nature of the receivables. See Note 2 - Accounts receivable for further information regarding the future realization of these long-term balances. |
Costs and estimated earnings on
Costs and estimated earnings on uncompleted contracts | 12 Months Ended |
Jan. 31, 2018 | |
Costs and estimated earnings on uncompleted contracts [Abstract] | |
Costs and estimated earnings on uncompleted contracts | Note 7 - Costs and estimated earnings on uncompleted contracts (In thousands) 2017 2016 Costs incurred on uncompleted contracts $11,955 $17,015 Estimated earnings 6,336 16,137 Earned revenue 18,291 33,152 Less billings to date 18,756 32,161 Costs in excess of billings, net ($465) $991 Balance sheet classification Costs and estimated earnings in excess of billings on uncompleted contracts $1,502 $2,091 Billings in excess of costs and estimated earnings on uncompleted contracts (1,967) (1,100) Costs in excess of billings, net ($465) $991 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2018 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | Note 8 - Debt (In thousands) 2017 2016 Revolving line North America $7,273 $3,813 Mortgage notes 7,723 7,463 Revolving lines foreign 123 301 Term loans — 80 Capitalized lease obligations 846 283 Total debt 15,965 11,940 Unamortized debt issuance costs (200 ) (165 ) Less current maturities 8,037 4,517 Total long-term debt $7,728 $7,258 Current portion of long-term debt $8,037 $4,517 Unamortized debt issuance costs (11 ) (46 ) Total short-term debt $8,026 $4,471 The following table summarizes the Company's scheduled maturities on January 31: (In thousands) Total 2019 2020 2021 2022 2023 Thereafter Revolving line North America $7,273 $7,273 $— $— $— $— $— Mortgages 7,723 367 372 377 383 389 5,835 Revolving line foreign 123 123 — — — — — Capitalized lease obligations 846 274 224 240 86 22 — Total $15,965 $8,037 $596 $617 $469 $411 $5,835 Revolving line North America . On September 24, 2014 , the Company entered into a Credit and Security Agreement with a financial institution (as amended, the "Credit Agreement"). Under the terms of the Credit Agreement, 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, share repurchases and investments, and require achieving a minimum fixed charge coverage ratio with respective performance metrics as defined by the Credit Agreement if a minimum availability is not met. In a seventh amendment to the Credit Agreement executed on December 14, 2017, the lenders under the Credit Agreement increased the borrowing limit for the Company’s Canadian subsidiary and adjusted minimum availability requirements for borrowers in the U.S. and Canada. Interest rates under the Credit Agreement 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, 2018 , the Company had borrowed $7.3 million at 7% , 5.06% and 3.95% and had $0.9 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. On January 31, 2018 , the Company was in compliance with all covenants under the Credit Agreement. The North American revolving line balances as of January 31, 2018 and 2017 were included as current liabilities in the consolidated balance sheets, because the Credit Agreement has a subjective acceleration clause. The Credit Agreement will expire on September 25, 2018 . The Company has engaged a financial advisor and is actively pursuing refinancing the Credit Agreement and replacement financing sources. Revolving lines foreign. The Company also has credit arrangements used by its Middle Eastern subsidiaries. These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets, such as accounts receivable and inventory, and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained including intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On January 31, 2018 , the Company was in compliance with the covenants 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, 2018 . On January 31, 2018 , the Company can borrow $13.5 million under these credit arrangements. The Company borrowed $0.1 million and had $4.1 million available under these credit arrangements as of January 31, 2018 . In addition, $9.3 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases. The Company has a revolving line for 14.6 million Saudi Riyal (approximately $3.9 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 April 2018 . Subsequent to January 31, 2018, the Company reduced this revolving line to 5.4 million Saudi Riyal (approximately $1.4 million) which matures October 2018. The Company has a revolving line for 10 million Dirhams (approximately $2.7 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 2018 . The Company has a revolving line for 25.5 million Dirhams (approximately $6.4 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 July 2018 . The Company’ credit arrangements used by its Middle Eastern subsidiaries renew on an annual basis. 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 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 ) for interest; and monthly payments of $27 thousand CAD (approximately $20 thousand ) for principal. Principal payments began January 2018. On June 19, 2012 , the Company borrowed $1.8 million under a mortgage note secured by its manufacturing facility in Lebanon, Tennessee. The proceeds were used for payment of amounts borrowed. The loan bears interest at 4.5% with monthly payments of $13 thousand for both principal and interest and matures July 1, 2027 . On June 19, 2022 , and on the same day of each year thereafter, the interest rate shall adjust to the prime rate, provided that the applicable interest rate shall not adjust more than 2.0% per annum and shall be subject to a ceiling of 18.0% and a floor of 4.5% . Capital leases. On October 20, 2017 , the Company obtained a capital lease for $0.18 million CAD (approximately $0.1 million at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 4.0% per annum with monthly principal and interest payments of $3 thousand , and these leases mature on September 29, 2022 . On May 5, 2017 , the Company obtained two capital leases for a total of $0.94 million CAD (approximately $0.7 million USD at the prevailing exchange rate on the transaction date) to finance vehicle equipment. The interest rate for these capital leases is 7.8% per annum with monthly principal and interest payments of $9 thousand , and these leases mature on April 30, 2021 . On August 5, 2016 , the Company 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 less than a thousand dollars, and the lease matures on July 5, 2019 . On June 26, 2014 , the Company obtained two capital leases for $0.9 million CAD (approximately $0.9 million 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 , the Company obtained a capital lease for $49,000 CAD (approximately $52 thousand 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, 2018 | |
Lease information [Abstract] | |
Lease information [Text Block] | Note 9 - Lease information Property under capitalized leases (in thousands) 2017 2016 Machinery and equipment $1,729 $1,308 Transportation equipment 9 22 Subtotal 1,738 1,330 Less accumulated amortization 699 646 Total $1,039 $684 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. • Seven acres of land in Louisiana is leased through March, 2022. • Eleven acres of land in Canada is leased through December, 2030. • Nine acres of land in the Kingdom of Saudi Arabia is leased through April, 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 had leased one of its administrative offices in the U.A.E. from a partnership in which a former employee of the Company is a partner. Total rent paid to the partnership was $0.2 million and $0.3 million in 2017 and 2016 , respectively. The Company has since ended this lease arrangement. Lease payments were based on prevailing market rates. On January 31, 2018 , future minimum annual rental commitments under non-cancelable lease obligations were as follows: (In thousands) Operating Leases Capital Leases 2018 $1,884 $323 2019 1,628 257 2020 1,536 255 2021 1,494 89 2022 1,468 22 Thereafter 8,249 — Subtotal 16,259 946 Less Amount representing interest — 100 Future minimum lease payments $16,259 $846 Rental expense for operating leases was $2.9 million and $2.1 million in 2017 and 2016 , respectively. |
Income taxes
Income taxes | 12 Months Ended |
Jan. 31, 2018 | |
Income tax [Abstract] | |
Income Tax Disclosure [Text Block] | Note 10 - Income taxes Loss from continuing operations before income taxes (in thousands) 2017 2016 Domestic ($7,924) ($9,261) Foreign (2,285) (4,512 ) Total ($10,209) ($13,773) Components of income tax benefit (in thousands) 2017 2016 Current Federal $— ($106) Foreign 697 837 State and other 28 (1,309 ) Total current income tax expense (benefit) 725 (578 ) Deferred Federal (33) — Foreign (925) (33) State and other — — Total deferred income tax benefit (958) (33) Total income tax benefit ($233) $(611) The U.S. Tax Cuts and Jobs Act ("Tax Act") was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, and creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion anti-abuse tax, respectively. Since the Company is a fiscal taxpayer, the Company is subject to a blended rate of 33.83% as of January 31, 2018. In addition, in 2017 the Company was subject to the onetime transition tax on accumulated foreign subsidiary earnings not previously subject to U.S. income tax. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company has made reasonable estimates of the effects and recorded provisional amounts in its financial statements as of January 31, 2018. As the Company collects and prepares necessary data, and interprets the Tax Act and any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, the Company may make future adjustments to the provisional amounts. The accounting for the tax effects of the Tax Act will be completed in 2018. Provisional amounts for the following income tax effects of the Tax Act have been recorded as of January 31, 2018 and are subject to change during 2018. One-time transition tax The Tax Act requires us to pay U.S. income taxes on accumulated earnings of its foreign subsidiaries not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and certain other net current assets and 8% on the remaining earnings. After going through the steps of the deemed repatriation calculation, the aggregate deferred foreign income inclusion is estimated at $23.2 million . This income is fully offset by the use of NOL carryforwards and the current year domestic loss, resulting in no regular tax on the income. As a result of the onetime transition tax, the Company estimates it will no longer have its foreign earnings subject to U.S. tax. Earnings in the Company's subsidiaries in Canada, and Denmark, are not permanently reinvested, and earnings in the India subsidiary are partially permanently reinvested. With the enactment of the mandatory repatriation, U.S. income taxes will no longer be calculated on the deferred impact of the non-permanently reinvested portion. Going forward these earnings will be subject to tax in their local jurisdiction, and only the impact of the India dividend distribution tax and Canadian withholding taxes will be recorded. U.S. income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside the United States. The Company intends to permanently reinvest the undistributed earnings of the Middle Eastern subsidiaries. Deferred tax effects As a result of the Tax Act, the Company revalued deferred balances to a tax rate of 21% as of the date of enactment, which resulted in a tax expense of $2.2 million and tax benefit of $0.4 million related to a reduction in the federal benefit of state taxes. This tax expense is fully offset by a valuation allowance, therefore, there was no impact to the income statement. Global intangible low taxed income ("GILTI") The Tax Act creates a new requirement that certain income (i.e., GILTI) earned by foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. Due to the complexity of the new GILTI tax rules, the Company is continuing to evaluate this provision of this Tax Act. Under U.S. GAAP, the Company is permitted to make an accounting policy election to either treat taxes due on future inclusions in U.S. taxable income related to GILTI as a current-period expense when incurred or to factor such amounts into the Company's measurement of its deferred taxes. The Company has not yet completed its analysis of the GILTI tax rules and is not yet able to reasonably estimate the effect of this provision of the Tax Act or make an accounting policy election for the treatment of the GILTI tax. Therefore, the Company has not recorded any amounts related to potential GILTI tax in its financial statements and has not yet made a policy decision regarding whether to record deferred taxes on GILTI. Because the Company remains in a domestic NOL carryforward position and has a valuation allowance on its deferred tax assets, the Company does not expect an impact to the income statement. The effective tax rate ("ETR") in 2017 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. The difference between the provision for income taxes and the amount computed by applying the U.S. Federal statutory rate of 33.83% was as follows: (In thousands) 2017 2016 Tax benefit at federal statutory rate ($3,459) ($4,683) Federal rate change 2,243 — State benefit, net of federal income tax effect (440 ) (103 ) Excess income tax on share-based compensation (183 ) — Domestic valuation allowance (1,206 ) 838 Permanent differences other 162 205 Valuation allowance for state NOLs 297 122 Differences in foreign tax rate 732 2,131 Foreign tax credit — (1,249) Domestic deferred tax true ups (364 ) — Repatriation 1,880 1,338 Valuation allowance for foreign NOLs — (36 ) Nontaxable income from the Canadian joint venture — 551 Nondeductible interest — 242 All other, net expense 105 33 Total income tax benefit ($233) ($611 ) The Company has a U.S. Federal operating loss carryforward of $12.7 million that will begin to expire in the year ending January 31, 2031 . The deferred tax asset ("DTA") for state NOL carryforwards of $2.2 million relates to amounts that expire at various times from 2022 to 2031 . The Company has a DTA foreign NOL carryforward of $0.3 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, 2018 , 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 $9.7 million for U.S. foreign tax credits after considering the impact of the repatriated foreign earnings. The excess foreign tax credits are subject to a ten-year carryforward and will begin to expire in January 31, 2022 . Components of deferred income tax assets (in thousands) 2017 2016 U.S. Federal NOL carryforward $1,795 $7,765 Deferred compensation 341 346 Research tax credit 2,703 2,703 Foreign NOL carryforward 332 185 Foreign tax credit 9,749 4,695 Stock compensation 506 804 Other accruals not yet deducted 270 514 State NOL carryforward 2,157 1,574 Accrued commissions and incentives 423 765 Inventory valuation allowance 96 110 Other 81 5 Deferred tax assets, gross 18,453 19,466 Valuation allowance (17,198 ) (16,551 ) Total deferred tax assets, net of valuation allowances $1,255 $2,915 Components of the deferred income tax liability Depreciation ($1,941) ($2,778) Foreign subsidiaries unremitted earnings (101 ) (1,750 ) Prepaid (64 ) (69 ) Total deferred tax liabilities ($2,106) ($4,597) Deferred tax liability, net ($851) ($1,682) Balance sheet classification Long-term assets $391 $147 Long-term liability (1,242 ) (1,829 ) Total deferred tax liabilities, net of valuation allowances ($851) ($1,682) The following table summarizes UTP activity, excluding the related accrual for interest and penalties: (In thousands) 2017 2016 Balance at beginning of the year $1,331 $1,313 Increases in positions taken in a prior period 6 3 Increases in positions taken in a current period 5 19 Decreases due to lapse of statute of limitations (34 ) (4 ) Decreases due to settlements (7 ) — Balance at end of the year $1,301 $1,331 Included in the total UTP liability were estimated accrued interest and penalty of less than $0.1 million in both January 31, 2018 and January 31, 2017 . 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, 2018 , 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, 2018 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, 2018 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. In 2017, the tax audit concluded with no change 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, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 11 - 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. (In thousands) 2017 2016 Level 1 market value of plan assets Equity securities $3,819 $3,000 U.S. bond market 1,843 2,188 Real estate securities 199 214 Subtotal 5,861 5,402 Level 2 significant other observable inputs Money market fund $171 $306 Subtotal 171 306 Investments measured at net asset value* $668 $520 Total $6,700 $6,228 * Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the reconciliation of benefit obligations, plan assets and funded status of plan. On January 31, 2018 , plan assets were held 70% in equity, 27% 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 approximately 60% equities, 30% fixed income and 10% alternative investments , 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 2017 resulted in $0.8 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 (in thousands) 2017 2016 Accumulated benefit obligations Vested benefits $6,658 $6,500 Accumulated benefits $6,658 $6,500 Change in benefit obligation Benefit obligation - beginning of year $6,500 $7,020 Interest cost 253 278 Actuarial loss (gain) 249 (493 ) Benefits paid (344 ) (305 ) Benefit obligation - end of year $6,658 $6,500 Change in plan assets Fair value of plan assets - beginning of year $6,228 $5,883 Actual gain on plan assets 816 650 Benefits paid (344 ) (305 ) Fair value of plan assets - end of year $6,700 $6,228 Unfunded status $42 $(272) Balance sheet classification Prepaid expenses and other current assets $349 $348 Other assets 1,350 1,201 Deferred compensation liabilities (1,657 ) (1,821 ) Net amount recognized $42 $(272) Amounts recognized in accumulated other comprehensive loss Unrecognized actuarial loss $1,307 $1,472 Net amount recognized $1,307 $1,472 Weighted-average assumptions used to determine net cost and benefit obligations 2017 2016 End of year benefit obligation discount rate 3.70 % 4.00 % Service cost discount rate 4.00 % 4.05 % 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 (in thousands) 2017 2016 Interest cost $253 $278 Expected return on plan assets (484) (458) Recognized actuarial loss 82 146 Net periodic benefit income ($149) ($34) Amounts recognized in other comprehensive income (in thousands) Actuarial (loss) gain on obligation ($249) $493 Actual gain on plan assets 414 338 Total in other comprehensive income $165 $831 Other comprehensive income is also affected by the tax effect of the valuation allowance recorded on the domestic deferred tax assets. Cash flows (in thousands) Expected employer contributions for the fiscal year ending January 31, 2019 $— Expected employee contributions for the fiscal year ending January 31, 2019 — Estimated future plan benefit payments reflecting expected future service for the fiscal year(s) ending January 31,: 2019 349 2020 348 2021 342 2022 347 2023 347 2024 - 2028 $1,737 401(k) plan The domestic employees of the Company participate in the PPIH 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 from 1% to 16% of total compensation. The Company matches 100% of each participant's payroll deferral contributions up to 1% of their compensation, plus 50% of each participant's payroll deferral contributions on the next 5% of compensation . Contributions to the 401(k) plan were $0.3 million and $0.4 million for the years ended January 31, 2018 and 2017 , 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 (in thousands): Plan Name EIN Plan # Funded Zone Status FIP/RP Status Pending/Implemented 2017 Contribution 2016 Contribution Surcharge Imposed Collective Bargaining Expiration Date Plumbers & Pipefitters Local 572 Pension Fund 626102837 001 Green No $209 $257 No 3/31/2019 |
Stock options
Stock options | 12 Months Ended |
Jan. 31, 2018 | |
Stock options [Abstract] | |
Stock options [Text Block] | Note 12 - Stock-based compensation At January 31, 2018, the Company had the following incentive stock plans: • 2017 Omnibus Stock Incentive Plan as Amended June 13, 2017, which stockholders approved in June 2017; • 2013 Omnibus Stock Incentive Plan as Amended June 14, 2013, which stockholders approved in June 2013; • 2009 Non-Employee Directors Stock Option Plan, which stockholders approved in June 2009; • 2004 Stock Incentive Plan, which stockholders approved in June 2004; • 2001 Independent Directors Stock Option Plan, which stockholders approved in June 2001. At January 31, 2018, the Company had reserved a total of 718,730 shares for issuance under these incentive stock plans. The 2017 Plan and 2013 Plan provide for the grant of deferred shares, non-qualified stock options, incentive stock options, restricted shares, restricted stock units, and performance-based restricted stock units intended to qualify under section 422 of the Internal Revenue Code; and the 2009 Plan, 2004 Plan and 2001 Plan provide for the grant of non-qualified stock options. All of the Plans authorize awards to officers, employees, consultants, and directors. Stock compensation expense The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. The Company recognized the following stock based compensation expense: (In thousands) 2017 2016 Stock-based compensation expense $94 $256 Restricted stock based compensation expense $1,353 $1,190 Stock options Options vest ratably over 4 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. 2017 2016 1. Risk-free interest rate — % 1.2 % 2. Expected volatility — % 43.2 % 3. Expected life in years 0 5.0 4. Dividend yield — % — % The following summarizes the activity related to options outstanding under all plans for the years ended January 31, 2017 and 2018 . The Company did not grant any stock options in 2017. (Shares in thousands) Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding on January 31, 2016 720 $11.38 5.1 $34 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 Exercised (35 ) 6.80 45 Expired or forfeited (131 ) 18.54 Outstanding on January 31, 2018 358 9.44 4.0 482 Options exercisable on January 31, 2018 327 $9.56 3.7 $433 The weighted average fair value of options granted, net of options surrendered, during 2016 was estimated at $2.85 per share on the date of grant. Unvested options outstanding (shares in thousands) Options Weighted-average grant date fair value Aggregate intrinsic value Outstanding on January 31, 2017 74 $9.31 $69 Granted — — Vested (36 ) Expired or forfeited (7 ) 10.43 Outstanding on January 31, 2018 31 $8.24 $50 Based on historical experience the Company expects 90% of these options to vest. As of January 31, 2018 , there was $0.1 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 1 year. |
Deferred and restricted stock (
Deferred and restricted stock (Notes) | 12 Months Ended |
Jan. 31, 2018 | |
Restricted stock [Abstract] | |
Schedule of deferred and restricted Stock [Table Text Block] | Deferred stock In June 2017 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 vests on the date of grant , however it will only be distributed to the directors upon their separation from service . Since this stock is granted to non-employees, the Company records a mark-to-market adjustment on a quarterly basis , offsetting this to the deferred liability account. As of January 31, 2018 , there were approximately 90,070 deferred stock units outstanding included in restricted stock activity below: (In thousands) 2017 2016 Deferred compensation liabilities $815 $529 Restricted stock The Company has granted restricted stock to executive officers and employees. The restricted stock vest ratably over three to four years . 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, 2018 and 2017 , respectively: (Shares in thousands) Restricted shares Weighted average price Aggregate intrinsic value Outstanding on January 31, 2016 163 $6.40 $1,040 Granted 254 7.29 Issued (123 ) Forfeited (4 ) 6.72 Outstanding on January 31, 2017 290 $8.75 $2,533 Granted 178 8.06 Issued (101 ) Forfeited (7 ) 7.15 Outstanding on January 31, 2018 360 $9.05 $3,254 As of January 31, 2018 , there was $1.4 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 1.1 years . |
Stock rights
Stock rights | 12 Months Ended |
Jan. 31, 2018 | |
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, 2018 | |
Interest expense, net [Abstract] | |
Interest Income and Interest Expense Disclosure [Text Block] | Note 14 - Interest expense, net (In thousands) 2017 2016 Interest expense $808 $746 Interest income (111 ) (177 ) Interest expense, net $697 $569 |
Schedule II
Schedule II | 12 Months Ended |
Jan. 31, 2018 | |
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, 2018 and 2017 (In thousands) 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, 2018 Allowance for possible losses in collection of trade receivables $305 $247 $135 $52 $469 Year Ended January 31, 2017 Allowance for possible losses in collection of trade receivables $33 $246 $1 $27 $305 (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, 2018 | |
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 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. |
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 $7.1 million and $7.6 million as of January 31, 2018 and 2017 , respectively. On January 31, 2018 , $0.7 million was held in the U.S. and $6.4 million was held in the foreign subsidiaries. On January 31, 2017 , $0.2 million was held in the U.S. and $7.4 million was held in the foreign subsidiaries. Accounts payable included drafts payable of less than $0.1 million for both January 31, 2018 and 2017 . |
Restricted cash, Policy [Policy Text Block] | Restricted cash. Restricted cash, held by foreign subsidiaries, was $1.2 million and $1.1 million as of January 31, 2018 and 2017 , respectively. Restricted cash held by foreign subsidiaries related to fixed deposits that also serve as security deposits and guarantees. |
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 usually obtained for significant orders. Accounts receivable are due within various time periods specified in the terms applicable to the specific customer and are stated at amounts due from customers net of an allowance for claims and doubtful accounts. The allowance for doubtful accounts is based on specifically identified amounts in customers' accounts, where future collectability is deemed uncertain. Management may exercise its judgment in adjusting the provision as a consequence of known items, such as current economic factors and credit trends. Past due trade accounts receivable balances are written off when the Company's collection efforts have been unsuccessful in collecting the amount due and the amount is deemed uncollectible. The write off is recorded against the allowance for doubtful accounts. |
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. |
Accumulated other comprehensive loss, Policy [Policy Text Block] | Accumulated other comprehensive loss. 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. (In thousands) 2017 2016 Equity adjustment foreign currency, gross ($268 ) ($1,409 ) Minimum pension liability, gross (1,307) (1,472) Marketable security, gross — 142 Subtotal excluding tax effect (1,575) (2,739) Tax effect of foreign exchange currency (6) (50) Tax effect of minimum pension liability 115 115 Tax effect of marketable security — (50) Total accumulated other comprehensive loss ($1,466) ($2,724) |
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. (In thousands) 2017 2016 Raw materials $17,166 $13,648 Work in process 291 1,105 Finished goods 1,024 836 Subtotal 18,481 15,589 Less allowance 1,625 2,024 Inventories $16,856 $13,565 |
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. Depreciation expense was approximately $4.9 million in 2017 and $5.3 million in 2016 . (In thousands) 2017 2016 Land, buildings and improvements $22,796 $22,330 Machinery and equipment 47,009 44,538 Furniture, office equipment and computer systems 4,504 4,704 Transportation equipment 3,490 3,690 Subtotal 77,799 75,262 Less accumulated depreciation 43,290 38,987 Property, plant and equipment, net of accumulated depreciation $34,509 $36,275 |
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. The Company reported a loss in 2017 and 2016 . An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flow the asset is expected to generate. Based on the Company's review of the projected cash flows over the remaining useful lives of the assets, management has determined that there was no impairment of long-lived assets as of January 31, 2018 and 2017 . |
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, 2018 and 2017 , is attributable to the purchase of Perma-Pipe Canada, Ltd. ("PPC"). The Company does not amortize goodwill. (In thousands) January 31, 2017 Foreign exchange change effect January 31, 2018 Goodwill $2,279 $144 $2,423 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. 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 2017 or 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 $2.6 million as of January 31, 2018 and 2017 . Accumulated amortization was approximately $2.4 million as of January 31, 2018 and 2017 . Future amortization over the next five years ending January 31 will be less than $0.1 million in the years 2018 to 2022 and less than $0.1 million 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 $0.3 million in 2017 and $0.2 million in 2016 . |
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% likelihood of being realized upon ultimate settlement with the relevant tax authority. For further information, see Note 10 - 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") is computed by dividing net loss by the weighted average number of common shares outstanding (basic). The Company reported net losses in 2017 and 2016 ; 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 dilutive shares are in the following table: Basic weighted average number of common shares outstanding (in thousands) 2017 2016 Basic weighted average number of common shares outstanding 7,680 7,488 Dilutive effect of stock options, deferred stock and restricted stock units — — Weighted average number of common shares outstanding assuming full dilution 7,680 7,488 Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 139 306 Canceled options during the year (131 ) (159 ) Stock options with an exercise price below the average stock price 219 218 |
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. Non-cash compensation expense associated with restricted stock is based on the fair value of the common stock at the date of grant, and amortized using the straight line method over the vesting period. Compensation expense associated with deferred stock which is awarded to the Board of Directors (non-employee) is based upon the fair value of the common stock at the date of grant, and since the grant vests immediately it is expensed on the date of the grant. A mark-to-market adjustment is recognized on a quarterly basis on these shares, which is booked to stock compensation expense, with the offset booked to the deferred compensation liability account. 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. |
Segment reporting, policy [Policy Text Block] | Segments. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM") in making decisions regarding resource allocation and assessing performance The Company’s Chief Executive Officer is the CODM, and he uses a combination of several management reports, including the Company's financial information in determining how to allocate resources and assess performance. The Company has determined that it operates in one segment. |
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. |
Reclassifications, Policy [Policy Text Block] | Reclassifications. Reclassifications were made to the prior-year consolidated statement of cash flows to conform to the current-year presentations to the consolidated financial statements. A reclassification of $2.0 million was made to deferred compensation liabilities from current compensation liabilities on the balance sheet. Reclassifications were immaterial to the financial statements. In Note 7, Costs and estimated earnings on uncompleted contracts were reported on an aggregated basis instead of a net basis for the current open contracts. Prior-year presentation has been updated to reflect the amounts on a net basis, and there was no change to the consolidated financial statements. In Note 11, Retirement plans investments that are measured at fair value are now shown separately on the asset allocation level table, and there was no change to the consolidated financial statements. |
Business information Geographic
Business information Geographic information (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Geographic information [Line Items] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Geographic information. Net sales attributed to a geographic area are based on the destination of the product shipment. Sales to foreign customers was 59.5% in 2017 compared to 57.0% in 2016 . 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. (In thousands) 2017 2016 Net sales United States $42,648 $42,048 Canada 31,206 25,915 Middle East 26,322 28,009 India 1,317 2,360 Other 3,755 513 Total net sales $105,248 $98,845 Property, plant and equipment, net of accumulated depreciation United States $11,307 $11,747 Canada 13,868 13,276 Middle East 9,119 10,987 India 215 265 Total $34,509 $36,275 |
Significant accounting polici27
Significant accounting policies Cash, cash equivalents and restricted cash (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | (In thousands) 2017 2016 Cash and cash equivalents $7,084 $7,603 Restricted cash 1,237 1,098 Cash, cash equivalents and restricted cash shown in the statement of cash flows $8,321 $8,701 |
Significant accounting polici28
Significant accounting policies Accumulated other comprehensive loss (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Accumulated other comprehensive loss [Abstract] | |
Accumulated other comprehensive loss [Table Text Block] | (In thousands) 2017 2016 Equity adjustment foreign currency, gross ($268 ) ($1,409 ) Minimum pension liability, gross (1,307) (1,472) Marketable security, gross — 142 Subtotal excluding tax effect (1,575) (2,739) Tax effect of foreign exchange currency (6) (50) Tax effect of minimum pension liability 115 115 Tax effect of marketable security — (50) Total accumulated other comprehensive loss ($1,466) ($2,724) |
Significant accounting polici29
Significant accounting policies Inventories (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Inventories [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) 2017 2016 Raw materials $17,166 $13,648 Work in process 291 1,105 Finished goods 1,024 836 Subtotal 18,481 15,589 Less allowance 1,625 2,024 Inventories $16,856 $13,565 |
Significant accounting polici30
Significant accounting policies Long-lived assets (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Long lived assets [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (In thousands) 2017 2016 Land, buildings and improvements $22,796 $22,330 Machinery and equipment 47,009 44,538 Furniture, office equipment and computer systems 4,504 4,704 Transportation equipment 3,490 3,690 Subtotal 77,799 75,262 Less accumulated depreciation 43,290 38,987 Property, plant and equipment, net of accumulated depreciation $34,509 $36,275 |
Significant accounting polici31
Significant accounting policies Goodwill Table (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | (In thousands) January 31, 2017 Foreign exchange change effect January 31, 2018 Goodwill $2,279 $144 $2,423 |
Significant accounting polici32
Significant accounting policies Net loss per common share (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Basic weighted average number of common shares outstanding [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic weighted average number of common shares outstanding (in thousands) 2017 2016 Basic weighted average number of common shares outstanding 7,680 7,488 Dilutive effect of stock options, deferred stock and restricted stock units — — Weighted average number of common shares outstanding assuming full dilution 7,680 7,488 Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 139 306 Canceled options during the year (131 ) (159 ) Stock options with an exercise price below the average stock price 219 218 |
Correction of immaterial erro33
Correction of immaterial errors (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | A reconciliation of the effects of the adjustments to the previously reported balance sheet and stockholders' equity at January 31, 2017 follows: (In thousands) As Reported Adjustment Revised Additional paid in capital $53,716 $1,642 $55,358 Retained earnings 8,515 (1,642 ) 6,873 A reconciliation of the effects of the adjustments to the previously reported statement of operations for the year ended January 31, 2017 follows: (In thousands) As Reported Adjustment Revised General and administrative expense $16,783 $796 $17,579 Total operating expenses 22,504 796 23,300 Loss from operations (10,788 ) (796 ) (11,584 ) Loss from continuing operations before income taxes (12,977 ) (796 ) (13,773 ) Loss from continuing operations (12,366 ) (796 ) (13,162 ) Net loss (11,678 ) (796 ) (12,474 ) Loss per share from continuing operations (1.65 ) (0.11 ) (1.76 ) Loss per share (1.56 ) (0.11 ) (1.67 ) A reconciliation of the effects of the adjustments to the previously reported statement of cash flows for the year ending January 31, 2017 follows: (In thousands) As Reported Adjustment Revised Net loss ($11,678) ($796) ($12,474) Stock-based compensation expense 650 796 1,446 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Total purchase consideration (in thousands) : 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, 2018 | |
Discontinued operations [Line Items] | |
Discontinued operations [Table Text Block] | Results of the discontinued operations were as follows: (In thousands) 2017 2016 Net sales $— $10,467 Gain on disposal of discontinued operations — 209 Income from discontinued operations — 1,522 Income from discontinued operations before income taxes — 1,731 Income tax expense — 1,043 Income from discontinued operations, net of tax $— $688 Components of assets and liabilities from discontinued operations consist of the following: January 31, (In thousands) 2018 2017 Current assets Trade accounts receivable, net $— $25 Total assets from discontinued operations $— $25 Current liabilities Trade accounts payable, accrued expenses and other $137 $199 Total liabilities from discontinued operations $137 $199 Cash flows from discontinued operations: January 31, (In thousands) 2018 2017 Net cash (used in) provided by discontinued operating activities ($37 ) $1,133 Net cash provided by discontinued investing activities — 9,606 Net cash used in discontinued financing activities — (10,739 ) |
Costs and estimated earnings 36
Costs and estimated earnings on uncompleted contracts Costs and estimated earnings on uncompleted contracts (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Costs and estimated earnings on uncompleted contracts [Abstract] | |
Costs and estimated earnings on uncompleted contracts [Table Text Block] | (In thousands) 2017 2016 Costs incurred on uncompleted contracts $11,955 $17,015 Estimated earnings 6,336 16,137 Earned revenue 18,291 33,152 Less billings to date 18,756 32,161 Costs in excess of billings, net ($465) $991 Balance sheet classification Costs and estimated earnings in excess of billings on uncompleted contracts $1,502 $2,091 Billings in excess of costs and estimated earnings on uncompleted contracts (1,967) (1,100) Costs in excess of billings, net ($465) $991 |
Debt Debt repayment (Tables)
Debt Debt repayment (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | (In thousands) 2017 2016 Revolving line North America $7,273 $3,813 Mortgage notes 7,723 7,463 Revolving lines foreign 123 301 Term loans — 80 Capitalized lease obligations 846 283 Total debt 15,965 11,940 Unamortized debt issuance costs (200 ) (165 ) Less current maturities 8,037 4,517 Total long-term debt $7,728 $7,258 Current portion of long-term debt $8,037 $4,517 Unamortized debt issuance costs (11 ) (46 ) Total short-term debt $8,026 $4,471 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the Company's scheduled maturities on January 31: (In thousands) Total 2019 2020 2021 2022 2023 Thereafter Revolving line North America $7,273 $7,273 $— $— $— $— $— Mortgages 7,723 367 372 377 383 389 5,835 Revolving line foreign 123 123 — — — — — Capitalized lease obligations 846 274 224 240 86 22 — Total $15,965 $8,037 $596 $617 $469 $411 $5,835 |
Lease information Property unde
Lease information Property under capital lease (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Property under capital leases [Abstract] | |
Schedule of capital leased assets [Table Text Block] | Property under capitalized leases (in thousands) 2017 2016 Machinery and equipment $1,729 $1,308 Transportation equipment 9 22 Subtotal 1,738 1,330 Less accumulated amortization 699 646 Total $1,039 $684 |
Lease information Future minimu
Lease information Future minimum lease payments (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Future minimum lease payments [Abstract] | |
Future minimum rental payments for operating leases [Table Text Block] | (In thousands) Operating Leases Capital Leases 2018 $1,884 $323 2019 1,628 257 2020 1,536 255 2021 1,494 89 2022 1,468 22 Thereafter 8,249 — Subtotal 16,259 946 Less Amount representing interest — 100 Future minimum lease payments $16,259 $846 |
Income taxes (Loss) income befo
Income taxes (Loss) income before income taxes (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |
(Loss) income before income taxes [Table Text Block] | Loss from continuing operations before income taxes (in thousands) 2017 2016 Domestic ($7,924) ($9,261) Foreign (2,285) (4,512 ) Total ($10,209) ($13,773) |
Income taxes Components of inco
Income taxes Components of income tax (benefit) expense (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income taxes [Abstract] | |
Components of income tax expense (benefit) [Table Text Block] | Components of income tax benefit (in thousands) 2017 2016 Current Federal $— ($106) Foreign 697 837 State and other 28 (1,309 ) Total current income tax expense (benefit) 725 (578 ) Deferred Federal (33) — Foreign (925) (33) State and other — — Total deferred income tax benefit (958) (33) Total income tax benefit ($233) $(611) |
Effective income tax rate reconciliation[Table Text Block] | (In thousands) 2017 2016 Tax benefit at federal statutory rate ($3,459) ($4,683) Federal rate change 2,243 — State benefit, net of federal income tax effect (440 ) (103 ) Excess income tax on share-based compensation (183 ) — Domestic valuation allowance (1,206 ) 838 Permanent differences other 162 205 Valuation allowance for state NOLs 297 122 Differences in foreign tax rate 732 2,131 Foreign tax credit — (1,249) Domestic deferred tax true ups (364 ) — Repatriation 1,880 1,338 Valuation allowance for foreign NOLs — (36 ) Nontaxable income from the Canadian joint venture — 551 Nondeductible interest — 242 All other, net expense 105 33 Total income tax benefit ($233) ($611 ) |
Income taxes Components of defe
Income taxes Components of deferred income tax (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Components of deferred income tax [Line Items] | |
Components of deferred tax assets and liabilities [Table Text Block] | Components of deferred income tax assets (in thousands) 2017 2016 U.S. Federal NOL carryforward $1,795 $7,765 Deferred compensation 341 346 Research tax credit 2,703 2,703 Foreign NOL carryforward 332 185 Foreign tax credit 9,749 4,695 Stock compensation 506 804 Other accruals not yet deducted 270 514 State NOL carryforward 2,157 1,574 Accrued commissions and incentives 423 765 Inventory valuation allowance 96 110 Other 81 5 Deferred tax assets, gross 18,453 19,466 Valuation allowance (17,198 ) (16,551 ) Total deferred tax assets, net of valuation allowances $1,255 $2,915 Components of the deferred income tax liability Depreciation ($1,941) ($2,778) Foreign subsidiaries unremitted earnings (101 ) (1,750 ) Prepaid (64 ) (69 ) Total deferred tax liabilities ($2,106) ($4,597) Deferred tax liability, net ($851) ($1,682) Balance sheet classification Long-term assets $391 $147 Long-term liability (1,242 ) (1,829 ) Total deferred tax liabilities, net of valuation allowances ($851) ($1,682) |
Income taxes UTP (Tables)
Income taxes UTP (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income Tax Contingency [Line Items] | |
Summary of income tax contingencies [Table Text Block] | (In thousands) 2017 2016 Balance at beginning of the year $1,331 $1,313 Increases in positions taken in a prior period 6 3 Increases in positions taken in a current period 5 19 Decreases due to lapse of statute of limitations (34 ) (4 ) Decreases due to settlements (7 ) — Balance at end of the year $1,301 $1,331 Included in the total UTP liability were estimated accrued interest and penalty of less than $0.1 million in both January 31, 2018 and January 31, 2017 . 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, 2018 , 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, 2018 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, 2018 would impact the ETR, if reversed. |
Retirement plans Plan assets (T
Retirement plans Plan assets (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Allocation of Plan Assets [Table Text Block] | (In thousands) 2017 2016 Level 1 market value of plan assets Equity securities $3,819 $3,000 U.S. bond market 1,843 2,188 Real estate securities 199 214 Subtotal 5,861 5,402 Level 2 significant other observable inputs Money market fund $171 $306 Subtotal 171 306 Investments measured at net asset value* $668 $520 Total $6,700 $6,228 |
Retirement plans Defined pensio
Retirement plans Defined pension disclosure (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
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 (in thousands) 2017 2016 Accumulated benefit obligations Vested benefits $6,658 $6,500 Accumulated benefits $6,658 $6,500 Change in benefit obligation Benefit obligation - beginning of year $6,500 $7,020 Interest cost 253 278 Actuarial loss (gain) 249 (493 ) Benefits paid (344 ) (305 ) Benefit obligation - end of year $6,658 $6,500 Change in plan assets Fair value of plan assets - beginning of year $6,228 $5,883 Actual gain on plan assets 816 650 Benefits paid (344 ) (305 ) Fair value of plan assets - end of year $6,700 $6,228 Unfunded status $42 $(272) Balance sheet classification Prepaid expenses and other current assets $349 $348 Other assets 1,350 1,201 Deferred compensation liabilities (1,657 ) (1,821 ) Net amount recognized $42 $(272) Amounts recognized in accumulated other comprehensive loss Unrecognized actuarial loss $1,307 $1,472 Net amount recognized $1,307 $1,472 |
Retirement plans Assumptions (T
Retirement plans Assumptions (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine net cost and benefit obligations 2017 2016 End of year benefit obligation discount rate 3.70 % 4.00 % Service cost discount rate 4.00 % 4.05 % 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, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (in thousands) 2017 2016 Interest cost $253 $278 Expected return on plan assets (484) (458) Recognized actuarial loss 82 146 Net periodic benefit income ($149) ($34) |
Retirement plans Amounts recogn
Retirement plans Amounts recognized in other comprehensive income (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in other comprehensive income (in thousands) Actuarial (loss) gain on obligation ($249) $493 Actual gain on plan assets 414 338 Total in other comprehensive income $165 $831 |
Retirement plans Cash flows (Ta
Retirement plans Cash flows (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | Cash flows (in thousands) Expected employer contributions for the fiscal year ending January 31, 2019 $— Expected employee contributions for the fiscal year ending January 31, 2019 — Estimated future plan benefit payments reflecting expected future service for the fiscal year(s) ending January 31,: 2019 349 2020 348 2021 342 2022 347 2023 347 2024 - 2028 $1,737 |
Retirement plans Multi-employer
Retirement plans Multi-employer (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Multiemployer Plans [Line Items] | |
Schedule of Multiemployer Plans [Table Text Block] | Plan Name EIN Plan # Funded Zone Status FIP/RP Status Pending/Implemented 2017 Contribution 2016 Contribution Surcharge Imposed Collective Bargaining Expiration Date Plumbers & Pipefitters Local 572 Pension Fund 626102837 001 Green No $209 $257 No 3/31/2019 |
Stock options Stock based compe
Stock options Stock based compensation expense (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Restricted stock [Line Items] | |
Restricted stock based compensation expense | (In thousands) 2017 2016 Stock-based compensation expense $94 $256 Restricted stock based compensation expense $1,353 $1,190 |
Stock options Option activity (
Stock options Option activity (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Option activity [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 1. Risk-free interest rate — % 1.2 % 2. Expected volatility — % 43.2 % 3. Expected life in years 0 5.0 4. Dividend yield — % — % |
Share-based Compensation, Stock Options, Activity [Table Text Block] | (Shares in thousands) Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding on January 31, 2016 720 $11.38 5.1 $34 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 Exercised (35 ) 6.80 45 Expired or forfeited (131 ) 18.54 Outstanding on January 31, 2018 358 9.44 4.0 482 Options exercisable on January 31, 2018 327 $9.56 3.7 $433 |
Stock options Unvested options
Stock options Unvested options (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Unvested options [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | Unvested options outstanding (shares in thousands) Options Weighted-average grant date fair value Aggregate intrinsic value Outstanding on January 31, 2017 74 $9.31 $69 Granted — — Vested (36 ) Expired or forfeited (7 ) 10.43 Outstanding on January 31, 2018 31 $8.24 $50 |
Deferred and restricted stock54
Deferred and restricted stock (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Restricted stock [Line Items] | |
Deferred compensation expense [Table Text Block] | (In thousands) 2017 2016 Deferred compensation liabilities $815 $529 |
Schedule of restricted stock award activity [Table Text Block] | (Shares in thousands) Restricted shares Weighted average price Aggregate intrinsic value Outstanding on January 31, 2016 163 $6.40 $1,040 Granted 254 7.29 Issued (123 ) Forfeited (4 ) 6.72 Outstanding on January 31, 2017 290 $8.75 $2,533 Granted 178 8.06 Issued (101 ) Forfeited (7 ) 7.15 Outstanding on January 31, 2018 360 $9.05 $3,254 |
Interest expense, net (Tables)
Interest expense, net (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Interest expense, net [Abstract] | |
Interest expense, net [Table Text Block] | Interest expense, net (In thousands) 2017 2016 Interest expense $808 $746 Interest income (111 ) (177 ) Interest expense, net $697 $569 |
Schedule II Allowance for bad d
Schedule II Allowance for bad debt (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | (In thousands) 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, 2018 Allowance for possible losses in collection of trade receivables $305 $247 $135 $52 $469 Year Ended January 31, 2017 Allowance for possible losses in collection of trade receivables $33 $246 $1 $27 $305 |
Business information Business r
Business information Business reporting (Details) | 12 Months Ended |
Jan. 31, 2018Segments | |
Business information [Line Items] | |
Entity Incorporation, Date of Incorporation | Oct. 12, 1993 |
Number of reportable segments | 1 |
Business information Geograph58
Business information Geographic information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Geographic information [Line Items] | ||
foreign sales | 59.50% | 57.00% |
Net sales | $ 105,248 | $ 98,845 |
Property, plant and equipment, net of accumulated depreciation | 34,509 | 36,275 |
United States | ||
Geographic information [Line Items] | ||
Net sales | 42,648 | 42,048 |
Property, plant and equipment, net of accumulated depreciation | 11,307 | 11,747 |
Canada | ||
Geographic information [Line Items] | ||
Net sales | 31,206 | 25,915 |
Property, plant and equipment, net of accumulated depreciation | 13,868 | 13,276 |
Middle East [Member] | ||
Geographic information [Line Items] | ||
Net sales | 26,322 | 28,009 |
Property, plant and equipment, net of accumulated depreciation | 9,119 | 10,987 |
India | ||
Geographic information [Line Items] | ||
Net sales | 1,317 | 2,360 |
Property, plant and equipment, net of accumulated depreciation | 215 | 265 |
Other | ||
Geographic information [Line Items] | ||
Net sales | $ 3,755 | $ 513 |
Significant accounting polici59
Significant accounting policies Cash and cash equivalents (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 7,084 | $ 7,603 |
United States | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 700 | 200 |
Foreign | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 6,400 | $ 7,400 |
Significant accounting polici60
Significant accounting policies Drafts payable (Details) $ in Thousands | Jan. 31, 2018USD ($) |
Drafts payable [Abstract] | |
Drafts payable | $ 55 |
Significant accounting polici61
Significant accounting policies Restricted cash (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Cash and cash equivalents | $ 7,084 | $ 7,603 | |
Restricted cash | 1,237 | 1,098 | |
Cash, cash equivalents and restricted cash | 8,321 | 8,701 | $ 18,955 |
United States | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Cash and cash equivalents | 700 | 200 | |
Foreign | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Cash and cash equivalents | $ 6,400 | $ 7,400 |
Significant accounting polici62
Significant accounting policies Accounts receivable and concentration of credit risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Concentration Risk [Line Items] | ||
Retention receivable | $ 3.2 | |
Accounts Receivable, Additional Narrative Disclosure | outstanding for several years as of January 31, 2018. The Company completed all of its deliverables in 2015, and has been engaged in ongoing active efforts to collect this amount, and has recently received an updated acknowledgment of the outstanding balances and assurances of payment from the customer. As a result, the Company did not reserve any allowance against this amount as of January 31, 2018. However, if the Company’s efforts to collect on this account are not successful in fiscal 2018, then the Company may be required to recognize an allowance for all, or substantially all, of any such then uncollected amounts in the future. | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
One customer's account receivable | $ 5.4 | |
Retention receivable | $ 3.7 | |
Customer concentration risk, percentage | 34.90% | 33.20% |
Significant accounting polici63
Significant accounting policies Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity adjustment foreign currency | $ (268) | $ (1,409) |
Minimum pension liability, gross | (1,307) | (1,472) |
Marketable security, gross | 0 | 142 |
Accumulated other comprehensive income before tax | (1,575) | (2,739) |
Tax effect of foreign exchange | (6) | (50) |
Tax effect of minimum pension liability | 115 | 115 |
Tax effect of marketable security | 0 | (50) |
Total accumulated other comprehensive loss | $ (1,466) | $ (2,724) |
Significant accounting polici64
Significant accounting policies Inventories (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Raw materials | $ 17,166 | $ 13,648 |
Work in process | 291 | 1,105 |
Finished goods | 1,024 | 836 |
Subtotal | 18,481 | 15,589 |
Less allowances | 1,625 | 2,024 |
Inventories | $ 16,856 | $ 13,565 |
Significant accounting polici65
Significant accounting policies Long lived assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 4,900 | $ 5,300 |
Land, buildings and improvements | 22,796 | 22,330 |
Machinery and equipment | 47,009 | 44,538 |
Furniture, office equipment and computer systems | 4,504 | 4,704 |
Transportation equipment | 3,490 | 3,690 |
Subtotal | 77,799 | 75,262 |
Less accumulated depreciation | 43,290 | 38,987 |
Property, plant and equipment, net of accumulated depreciation | $ 34,509 | $ 36,275 |
Impairment of Tangible Assets, Other Descriptors | there was no impairment of long-lived assets |
Significant accounting polici66
Significant accounting policies Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
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 | $ 2,423 | $ 2,279 |
Foreign exchange change effect | $ 144 | |
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 polici67
Significant accounting policies Other intangible assets with definite lives (Details) - USD ($) | Jan. 31, 2018 | Jan. 31, 2017 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Patents, gross | $ 2,639,000 | $ 2,627,000 |
Patents, accumulated amortization | 2,426,000 | $ 2,381,000 |
Patents, amortization expense, next twelve months | 38,000 | |
Patents, amortization expense, year two | 35,100 | |
Patents, amortization expense, year three | 28,300 | |
Patents, amortization expense, year four | 17,500 | |
Patents, amortization expense, year five | 13,800 | |
Patents, amortization expense, after year five | $ 80,211 |
Significant accounting polici68
Significant accounting policies Research and development (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Research and development [Line Items] | ||
Research and development expense | $ 0.3 | $ 0.2 |
Significant accounting polici69
Significant accounting policies Net loss per share (Details) - shares shares in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Basic weighted average number of common shares outstanding [Line Items] | ||
Basic weighted average number of common shares outstanding | 7,680 | 7,488 |
Dilutive effect of stock options, deferred stock and restricted stock units | 0 | 0 |
Stock Option [Member] | ||
Basic weighted average number of common shares outstanding [Line Items] | ||
Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices | 139 | 306 |
Canceled options during the year | (131) | (159) |
Stock options with an exercise price below the average stock price | 219 | 218 |
Significant accounting polici70
Significant accounting policies Segments (Details) | 12 Months Ended |
Jan. 31, 2018Segments | |
Segments [Abstract] | |
Number of reportable segments | 1 |
Significant accounting polici71
Significant accounting policies Reclassification (Details) | 12 Months Ended |
Jan. 31, 2018USD ($) | |
Reclassification from short-term to long-term | $ 2,000,000 |
Correction of immaterial erro72
Correction of immaterial errors (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Error Corrections and Prior Period Adjustments, Description | An error was identified during the preparation and review of the second quarter, July 31, 2017, financial statements, as stock-based compensation cost and additional paid in capital had been reversed for vested equity awards that expired, terminated or were unexercised | ||
Additional paid-in capital | $ 56,304 | $ 55,358 | |
Retained earnings | (3,103) | 6,873 | |
General and administrative expense | 16,214 | 17,579 | |
Total operating expenses | 21,254 | 23,300 | |
Loss from operations | (9,512) | (11,584) | |
Loss from continuing operations before income taxes | (10,209) | (13,773) | |
Loss from continuing operations | (9,976) | (13,162) | |
Net loss | $ (9,976) | $ (12,474) | |
Loss per share from continuing operations | $ (1.30) | $ (1.76) | |
Loss per share, basic and diluted | $ (1.30) | $ (1.67) | |
Stock-based compensation expense | $ 1,447 | $ 1,446 | |
Scenario, Previously Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Additional paid-in capital | 53,716 | ||
Retained earnings | 8,515 | ||
General and administrative expense | 16,783 | ||
Total operating expenses | 22,504 | ||
Loss from operations | (10,788) | ||
Loss from continuing operations before income taxes | (12,977) | ||
Loss from continuing operations | (12,366) | ||
Net loss | $ (11,678) | ||
Loss per share from continuing operations | $ (1.65) | ||
Loss per share, basic and diluted | $ (1.56) | ||
Stock-based compensation expense | $ 650 | ||
Restatement Adjustment [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Additional paid-in capital | 1,642 | ||
Retained earnings | (1,642) | ||
General and administrative expense | 796 | $ (846) | |
Total operating expenses | 796 | ||
Loss from operations | (796) | ||
Loss from continuing operations before income taxes | (796) | ||
Loss from continuing operations | (796) | ||
Net loss | $ (796) | ||
Loss per share from continuing operations | $ (0.11) | ||
Loss per share, basic and diluted | $ (0.11) | ||
Stock-based compensation expense | $ 796 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Business Acquisition [Line Items] | ||
Business acquisition, name of acquired entity | PPC | |
Business acquisition, description of acquired entity | a pipe coating 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 | $ 2,423 | 2,279 |
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 | $ 0 | $ 1,620 |
Discontinued Operations Narrati
Discontinued Operations Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Discontinued operation, income tax expense | $ 0 | $ 1,043 |
Income from discontinued operations, net of tax | $ 0 | $ 688 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Discontinued operations [Line Items] | ||
Discontinued operation, net sales | $ 0 | $ 10,467 |
Gain on disposal of discontinued operations | 0 | 209 |
Income from discontinued operation | 0 | 1,522 |
Income from discontinued operation, before income tax | 0 | 1,731 |
Discontinued operation, income tax expense | 0 | 1,043 |
Income from discontinued operations, net of tax | $ 0 | $ 688 |
Discontinued Operations Discont
Discontinued Operations Discontinued operations balance sheet (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Discontinued operations [Line Items] | ||
Trade accounts receivable, net discontinued operations | $ 0 | $ 25 |
Total assets from discontinued operations | 0 | 25 |
Trade accounts payable, accrued expenses and other | 137 | 199 |
Total liabilities from discontinued operations | $ 137 | $ 199 |
Discontinued Operations Cashflo
Discontinued Operations Cashflows from discontinued operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Cashflows from discontinued operations [Abstract] | ||
Net cash(used in) provided by discontinued operating activities | $ (37) | $ 1,133 |
Net cash provided by discontinued investing activities | 0 | 9,606 |
Net cash used in discontinued financing activities | $ 0 | $ (10,739) |
Retention Retention receivable
Retention Retention receivable (Details) - USD ($) $ in Millions | Jan. 31, 2018 | Jan. 31, 2017 |
Retention receivable [Line Items] | ||
Retention receivables included in accounts receivable | $ 2.4 | $ 2.7 |
Retention receivable | $ 3.2 |
Costs and estimated earnings 79
Costs and estimated earnings on uncompleted contracts Costs and estimated earnings on uncompleted contracts (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Costs incurred on uncompleted contracts | ||
Costs incurred on uncompleted contracts | $ 11,955 | $ 17,015 |
Estimated earnings | 6,336 | 16,137 |
Earned revenue | 18,291 | 33,152 |
Less Billings to date | 18,756 | 32,161 |
Costs in excess of billings, net | (465) | 991 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,502 | 2,091 |
Billings in excess of costs and estimated earnings on uncompleted contracts | $ (1,967) | $ (1,100) |
Debt Debt by type (Details)
Debt Debt by type (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Debt Instrument [Line Items] | ||
Revolving lines current | $ 7,273 | $ 3,813 |
Mortgage notes | 7,723 | 7,463 |
Term loans | 0 | 80 |
Capitalized lease obligations | 846 | 283 |
Total debt | 15,965 | 11,940 |
Unamortized debt issuance costs | (200) | (165) |
Current maturities of long-term debt | 8,037 | 4,517 |
Total long-term debt | 7,728 | 7,258 |
Unamortized debt issuance costs, Current | (11) | (46) |
Total short-term debt | 8,026 | 4,471 |
North America [Member] | ||
Debt Instrument [Line Items] | ||
Revolving lines current | 7,273 | 3,813 |
Foreign Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Revolving lines current | $ 123 | $ 301 |
Debt 5 year repayment (Details)
Debt 5 year repayment (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Debt Instrument [Line Items] | ||
Revolving lines current | $ 7,273 | $ 3,813 |
Mortgage notes | 7,723 | 7,463 |
Term loans | 0 | 80 |
Capitalized lease obligations | 846 | 283 |
Total debt | 15,965 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 274 | |
Capital Leases Future Minimum Payments Due In Two Years without interest | 224 | |
Capital Leases, Future Minimum Payments Due in Three Years | 240 | |
Capital Leases, Future Minimum Payments Due in Four Years | 86 | |
Repayments of Long-term Capital Lease Obligations | 22 | |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | |
Current maturities of long-term debt | 8,037 | 4,517 |
Total debt principal in Year Two | 596 | |
Total debt principal in Year Three | 617 | |
Total debt principal in Year Four | 469 | |
Total debt principal after Year Five | 411 | |
Total debt principal Thereafter | 5,835 | |
North America [Member] | ||
Debt Instrument [Line Items] | ||
Revolving lines current | 7,273 | 3,813 |
Revolving line current | 7,273 | |
Revolving line current | 0 | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 367 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 372 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 377 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 383 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 389 | |
Total debt principal Thereafter | 5,835 | |
Foreign Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Revolving lines current | 123 | $ 301 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 123 | |
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, 2018 | Jan. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Revolving lines current | $ 7,273 | $ 3,813 |
North America [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving line, initiation date | Sep. 24, 2014 | |
Line of Credit Facility, Covenant Terms | The Credit Agreement covenants restrict debt, liens, share repurchases and investments, and require achieving a minimum fixed charge coverage ratio with respective performance metrics as defined by the Credit Agreement if a minimum availability is not met. | |
Debt instrument, interest rate, stated percentage | 7.00% | |
Line of Credit Facility, Interest Rate at Period End | 5.06% | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 900 | |
Canada | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 3.95% | |
Foreign Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 13,500 | |
Line of Credit Facility, Covenant Terms | Some credit arrangement covenants require a minimum tangible net worth to be maintained | |
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% | |
Revolving lines current | $ 123 | 301 |
Line of Credit Facility, Dividend Restrictions | In addition, some of the revolving credit facilities restrict payment of dividends. | |
Line of Credit Facility, Covenant Compliance | in compliance with the covenants under the credit arrangement. | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 123 | |
Line of Credit Facility, Remaining Borrowing Capacity | 4,100 | |
Letters of Credit Outstanding, Amount | $ 9,300 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 6.00% | |
Line of Credit Facility, Borrowing Capacity, Description | Subsequent to January 31, 2018, the Company reduced this revolving line to 5.4 million Saudi Riyal (approximately $1.4Â million) which matures October 2018. | |
Line of Credit Facility, Expiration Date | Apr. 30, 2018 | |
Line of Credit, Current borrowing capacity | $ 3,900 | |
Face value of debt in local currency | 14.6 million Saudi Riyal | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 6.00% | |
Line of Credit Facility, Expiration Date | Jun. 1, 2018 | |
Line of Credit, Current borrowing capacity | $ 2,700 | |
Face value of debt in local currency | 10 million Dirhams | |
Middle East [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 6.00% | |
Line of Credit Facility, Expiration Date | Jul. 16, 2018 | |
Line of Credit, Current borrowing capacity | $ 6,400 | |
Face value of debt in local currency | 25.5 million Dirhams | |
North America [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |
Line of Credit Facility, Interest Rate Description | Interest rates under the Credit Agreement 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 | |
Revolving lines current | $ 7,273 | $ 3,813 |
Line of Credit Facility, Covenant Compliance | in compliance | |
Line of Credit Facility, Expiration Date | Sep. 25, 2018 | |
Letters of Credit Outstanding, Amount | $ 200 |
Debt Mortgage (Details)
Debt Mortgage (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2018USD ($) | |
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 |
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% |
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 Capital leases (Details)
Debt Capital leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Debt Instrument [Line Items] | ||
Capitalized lease obligations | $ 846 | $ 283 |
Canadian lease | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | Oct. 20, 2017 | |
Capitalized lease obligations | $ 100 | |
Debt Instrument, Interest Rate at Period End | 4.00% | |
Debt Instrument, Periodic Payment | $ 3 | |
Debt Instrument, Maturity Date | Sep. 29, 2022 | |
Canadian capital lease | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | May 5, 2017 | |
Capitalized lease obligations | $ 700 | |
Debt Instrument, Interest Rate at Period End | 8.00% | |
Debt Instrument, Periodic Payment | $ 9 | |
Debt Instrument, Maturity Date | Apr. 30, 2021 | |
Indian capital leases [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | Aug. 5, 2016 | |
Face value of debt in local currency | 0.6 million Indian Rupees | |
Capitalized lease obligations | $ 8 | |
Debt instrument, interest rate, stated percentage range, minimum | 15.60% | |
Debt Instrument, Maturity Date | Jul. 5, 2019 | |
Capital Addition Purchase Commitments [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | Jun. 26, 2014 | |
Capitalized lease obligations | $ 942 | |
Debt Instrument, Interest Rate at Period End | 3.25% | |
Debt Instrument, Periodic Payment | $ 14 | |
Debt Instrument, Maturity Date | Jun. 25, 2018 | |
Vehicles [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 1, 2014 | |
Capitalized lease obligations | $ 52 | |
Debt Instrument, Interest Rate at Period End | 3.25% | |
Debt Instrument, Periodic Payment | $ 1 | |
Debt Instrument, Maturity Date | Jun. 30, 2018 |
Lease information Property un85
Lease information Property under capitalized leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Capital leases transportation equipment | $ 9 | $ 22 |
Capital leased assets, gross | 1,738 | 1,330 |
Capital leases other accumulated depreciation | 699 | 646 |
Capital leases, net | 1,039 | 684 |
Fixed assets acquired under capital leases | 841 | 8 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capital leases machinery and equipment | $ 1,729 | $ 1,308 |
Lease information Rental expens
Lease information Rental expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Rental expense [Abstract] | ||
Related Party Transaction, Amounts of Transaction | $ 0.2 | $ 0.3 |
Rental expense for operating leases | $ 2.9 | $ 2.1 |
Lease information Future mini87
Lease information Future minimum payments (Details) $ in Thousands | Jan. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 1,884 |
Capital Lease Obligations, Current | 323 |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,628 |
Capital Leases, Future Minimum Payments Due in Two Years | 257 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,536 |
Capital Leases, Future Minimum Payments Due in Three Years | 255 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,494 |
Capital Leases, Future Minimum Payments Due in Four Years | 89 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,468 |
Capital Leases, Future Minimum Payments Due in Five Years | 22 |
Operating Leases, Future Minimum Payments, Due Thereafter | 8,249 |
Capital Leases, Future Minimum Payments Due Thereafter | 0 |
Operating Leases, Future Minimum Payments Due | 16,259 |
Capital leases, future minimum payments, interest included in payments | 946 |
Interest Portion of Minimum Lease Payments, Sale Leaseback Transactions | 100 |
Capital Lease Obligations | $ 846 |
Income taxes Income (loss) befo
Income taxes Income (loss) before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
(Loss) income before income taxes [Abstract] | ||
Domestic | $ (7,924) | $ (9,261) |
Foreign | (2,285) | (4,512) |
Loss from continuing operations before income taxes | $ (10,209) | $ (13,773) |
Income taxes Components of in89
Income taxes Components of income tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Components of income tax expense (benefit) [Abstract] | ||
Current federal | $ 0 | $ (106) |
Current foreign | 697 | 837 |
Current state and other | 28 | (1,309) |
Total current income tax expense (benefit) | 725 | (578) |
Deferred federal | (33) | 0 |
Deferred foreign | (925) | (33) |
Deferred state and other | 0 | 0 |
Total deferred income tax benefit | (958) | (33) |
Total income tax benefit | $ (233) | $ (611) |
Income taxes Reconcilation to t
Income taxes Reconcilation to the ETR rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Income Tax Expense [Line Items] | ||
Tax benefit at federal statutory rate | $ (3,459) | $ (4,683) |
Federal rate change | 2,243 | 0 |
State benefit, net of federal income tax effect | (440) | (103) |
Excess income tax on share-based compensation | (183) | 0 |
Permanent differences other | 162 | 205 |
Differences in foreign tax rate | 732 | 2,131 |
Foreign tax credit | 0 | (1,249) |
Domestic deferred tax true ups | (364) | 0 |
Repatriation | 1,880 | 1,338 |
Nontaxable income from the Canadian joint venture | 0 | 551 |
Nondeductible interest | 0 | 242 |
All other, net expense | 105 | 33 |
Total income tax benefit | (233) | (611) |
United States | ||
Income Tax Expense [Line Items] | ||
Valuation allowance | (1,206) | 838 |
State and Local Jurisdiction [Member] | ||
Income Tax Expense [Line Items] | ||
Valuation allowance | 297 | 122 |
Foreign Tax Authority [Member] | ||
Income Tax Expense [Line Items] | ||
Valuation allowance | $ 0 | $ (36) |
Income taxes Income tax narrati
Income taxes Income tax narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Components of deferred income tax assets [Line Items] | ||
Foreign Earnings Repatriated | $ 23,200 | |
Other Information Pertaining to Income Taxes | This income is fully offset by the use of NOL carryforwards and the current year domestic loss, resulting in no regular tax on the income. | |
Federal rate change, new percentage | 21.00% | |
Federal rate change | $ 2,243 | $ 0 |
State benefit, net of federal income tax effect | $ (440) | (103) |
Federal Rate, Percent | 33.83% | |
Federal operating loss carryforward, gross | $ 12,700 | |
Federal operating loss carryforward expires | Jan. 31, 2031 | |
State NOL carryforward | $ 2,157 | 1,574 |
State operating loss carryforwards, expiration dates | expire at various times from 2022 to 2031 | |
Domestic valuation allowance, methodologies and assumptions | The Company continues to have a valuation allowance on its domestic DTAs since domestic losses continue to be generated. | |
Foreign tax credit | $ 9,749 | $ 4,695 |
Tax credit carryforward, expiration date | Jan. 31, 2022 | |
UTP penalties and interest accrued is less than | $ 100 | |
UTP that would impact effective tax rate | $ 1,301 | |
Income tax examination, description | The Internal Revenue Service, ("IRS"), began an audit of the fiscal year ended January 31, 2015 in August 2016. In 2017, the tax audit concluded with no change 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 | |
Middle East [Member] | ||
Components of deferred income tax assets [Line Items] | ||
Federal operating loss carryforward, gross | $ 300 |
Income taxes Deferred income ta
Income taxes Deferred income tax disclosure (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 |
Components of deferred income tax assets | ||
U.S. Federal NOL carryforward | $ 1,795 | $ 7,765 |
Deferred compensation | 341 | 346 |
Research tax credit | 2,703 | 2,703 |
Foreign NOL carryforward | 332 | 185 |
Foreign tax credit | 9,749 | 4,695 |
Stock compensation | 506 | 804 |
Other accruals not yet deducted | 270 | 514 |
State NOL carryforward | 2,157 | 1,574 |
Accrued commissions and incentives | 423 | 765 |
Inventory valuation allowance | 96 | 110 |
Other | 81 | 5 |
Deferred tax assets, gross | 18,453 | 19,466 |
Valuation allowance | (17,198) | (16,551) |
Total deferred tax assets, net of valuation allowances | 1,255 | 2,915 |
Components of the deferred income tax liability | ||
Depreciation | (1,941) | (2,778) |
Foreign subsidiaries unremitted earnings | (101) | (1,750) |
Prepaid | (64) | (69) |
Total deferred tax liabilities | (2,106) | (4,597) |
Deferred tax liabilities, net | (851) | (1,682) |
Balance sheet classification | ||
Deferred tax long-term assets | 391 | 147 |
Deferred tax long-term liabilities | $ (1,242) | $ (1,829) |
Income taxes UTP (Details)
Income taxes UTP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Balance at beginning of the year | $ 1,331 | $ 1,313 | |
Increases in positions taken in a prior period | $ 6 | 3 | |
Increases in positions taken in a current period | 5 | 19 | |
Decreases due to lapse of statute of limitations | (34) | (4) | |
Decreases due to settlements | (7) | $ 0 | |
Balance at the end of the year | $ 1,301 |
Retirement plans Plan assets (D
Retirement plans Plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
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% | ||
Investments measured at net asset value | $ 668 | $ 520 | |
Fair value of plan assets | $ 6,700 | 6,228 | $ 5,883 |
Defined Benefit Plan, Target Allocation Percentage | target asset allocations of approximately 60% equities, 30% fixed income and 10% alternative investments | ||
Actual gain on plan assets | $ 816 | $ 650 | |
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 | 70.00% | ||
Available-for-sale Securities, Equity Securities | $ 3,819 | $ 3,000 | |
Bonds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 27.00% | ||
Available-for-sale Securities | $ 1,843 | 2,188 | |
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 | $ 171 | 306 | |
Pension plan real estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Available-for-sale Securities | 199 | 214 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Available-for-sale Securities | 5,861 | 5,402 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Available-for-sale Securities | $ 171 | $ 306 |
Retirement plans Reconciliation
Retirement plans Reconciliation of benefit obligations, plan assets and funded status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan vested benefit obligation | $ 6,658 | $ 6,500 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 6,658 | 6,500 | |
Defined Benefit Plan, Benefit Obligation | 6,658 | 6,500 | $ 7,020 |
Interest cost | 253 | 278 | |
Actuarial loss (gain) | 249 | (493) | |
Benefits paid | 344 | 305 | |
Fair value of plan assets | 6,700 | 6,228 | $ 5,883 |
Actual gain on plan assets | 816 | 650 | |
Unfunded status | 42 | (272) | |
Prepaid expenses and other current assets | 349 | 348 | |
Total other assets | 7,757 | 7,512 | |
Deferred compensation liabilities | (1,657) | (1,821) | |
Net amount recognized | 42 | (272) | |
OCI unrecognized actuarial loss | 1,307 | 1,472 | |
OCI net amount recognized | 1,307 | 1,472 | |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total other assets | $ 1,350 | $ 1,201 |
Retirement plans Assumptions (D
Retirement plans Assumptions (Details) | 12 Months Ended | |
Jan. 31, 2018Rate | Jan. 31, 2017Rate | |
Retirement Benefits [Abstract] | ||
End of year benefit obligation discount rate | 3.70% | 4.00% |
Service cost discount rate | 4.00% | 4.05% |
Net periodic benefit cost, expected long-term return on assets | 8.00% | 8.00% |
Retirement plans Components o97
Retirement plans Components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 253 | $ 278 |
Expected return on plan assets | (484) | (458) |
Recognized actuarial loss | 82 | 146 |
Net periodic benefit income | $ (149) | $ (34) |
Retirement plans Recognized in
Retirement plans Recognized in other comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Actuarial (loss) gain on obligation | $ (249) | $ 493 |
Actual gain on plan assets | 414 | 338 |
Total in other comprehensive income | $ 165 | $ 831 |
Retirement plans Cash flows (De
Retirement plans Cash flows (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, contributions by employer | $ 0 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 349 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 348 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 342 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 347 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 347 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 1,737 |
Retirement plans 401K (Details)
Retirement plans 401K (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 313 | $ 405 |
Maximum % of each participant's salary | 16.00% | |
Defined Contribution Plan, Description | The Company matches 100% of each participant's payroll deferral contributions up to 1% of their compensation, plus 50% of each participant's payroll deferral contributions on the next 5% of compensation | |
Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum % of each participant's salary | 1.00% |
Retirement plans Multi employer
Retirement plans Multi employer (Details) - Plumbers & Pipefitters Local 572 Pension Fund [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
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, Contributions by Employer | $ 209 | $ 257 |
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, 2018 | Jan. 31, 2017 | |
Share-based compensation | ||
Stock-based compensation expense | $ 94 | $ 256 |
Restricted stock based compensation expense | $ 1,353 | $ 1,190 |
Stock options Fair value assump
Stock options Fair value assumptions (Details) | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Risk free interest rate | 0.00% | 1.20% |
Expected volatility | 0.00% | 43.20% |
Expected life in years | 0 years | 5 years 10 days |
Dividend yield | 0.00% | 0.00% |
Stock options Option activit104
Stock options Option activity (Details) - Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based compensation | |||
Options, vested and expected to vest, outstanding, number | 358 | 524 | 720 |
Outstanding options, weighted Average grant date fair value | $ 9.44 | $ 11.55 | $ 11.38 |
Options, vested and expected to vest, outstanding, weighted average remaining contractual term | 4 years | 4 years 6 months 1 day | 5 years 1 month 6 days |
Options, outstanding, intrinsic value | $ 482 | $ 534 | $ 34 |
Options exercisable | 327 | 450 | |
Options exercisable, weighted average exercise price | $ 9.56 | $ 11.92 | |
Options exercisable, weighted average remaining contractual term | 3 years 8 months | 3 years 10 months 30 days | |
Options exercisable, intrinsic value | $ 433 | $ 465 | |
Options, grants | 0 | 22 | |
Shares exercised | (35) | (59) | |
Options exercises, weighted average exercise price | $ 6.80 | $ 6.70 | |
Options exercised, intrinsic value | $ 45 | $ 68 | |
Canceled options during the year | (131) | (159) | |
Options, forfeitures and expirations, weighted average exercise price | $ 18.54 | $ 11.98 |
Stock options Options additiona
Stock options Options additional text (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Common Stock, Capital Shares Reserved for Future Issuance | 718,730 | |
Vesting period for stock options | P4Y | |
Unrecognized stock option expense | $ 0.1 | |
Cost is expected to be recognized over the weighted-average period | 1 year | |
Maturity period for stock option from issuance date | 10 years | |
Stock Option [Member] | ||
Weighted average fair value of options granted | $ 2.85 |
Stock options Unvested optio106
Stock options Unvested options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Percentage of options expect to vest | 90.00% | |
unvested option [Member] | ||
Options, Nonvested, Number of Shares | 31 | 74 |
Outstanding options, weighted Average grant date fair value | $ 8.24 | $ 9.31 |
Options, outstanding, intrinsic value | $ 50 | $ 69 |
Options granted in period, weighted avg date fair value | $ 0 | $ 7.33 |
Vested options in the period | (36) | |
Options, Forfeitures and Expirations in Period | 7 | |
Options, Forfeitures and Expirations in Period, Weighted Average grant date fair value | $ 10.43 |
Deferred and restricted stoc107
Deferred and restricted stock (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Restricted stock [Line Items] | |||
Deferred compensation liabilities | $ 815,000 | $ 529,000 | |
Vesting period | P4Y | ||
Restricted stock grants | 178,000 | 254,000 | |
Restricted stock granted, weighted average grant price | $ 8.06 | $ 7.29 | |
Restricted stock issued | (101,000) | (123,000) | |
Restricted stock forfeited | (7,000) | (4,000) | |
Restricted stock, forfeitures, weighted average grant price | $ 7.15 | $ 6.72 | |
Deferred shares outstanding | 290,000 | 163,000 | |
Restricted stock, outstanding, weighted average grant price | $ 9.05 | $ 8.75 | $ 6.40 |
Restricted stock, aggregate intrinsic value | $ 3,254,000 | $ 2,533,000 | $ 1,040,000 |
Unrecognized restricted stock expense | $ 100,000 | ||
Cost is expected to be recognized over the weighted-average period | 1 year | ||
Director [Member] | |||
Restricted stock [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Method of Measuring Cost of Award | mark-to-market adjustment on a quarterly basis | ||
Deferred shares granted value | $ 40,000 | ||
Vesting period | stock vests on the date of grant | ||
distributed to the directors upon their separation from service | distributed to the directors upon their separation from service | ||
Deferred shares outstanding | 90,070 | ||
Restricted Stock [Member] | |||
Restricted stock [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Method of Measuring Cost of Award | 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. | ||
Deferred shares outstanding | 360,000 | ||
Unrecognized restricted stock expense | $ 1,400,000 | ||
Cost is expected to be recognized over the weighted-average period | 1 year 1 month | ||
Restricted Stock [Member] | Minimum [Member] | |||
Restricted stock [Line Items] | |||
Vesting period restricted stock | 3 years | ||
Restricted Stock [Member] | Maximum [Member] | |||
Restricted stock [Line Items] | |||
Vesting period restricted stock | 4 years |
Stock rights Narrative (Details
Stock rights Narrative (Details) | 12 Months Ended |
Jan. 31, 2018$ / shares | |
Stock rights [Abstract] | |
Price of PPIH 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, 2018 | Jan. 31, 2017 | |
Interest expense, net [Abstract] | ||
Interest expense | $ 808 | $ 746 |
Interest income | (111) | (177) |
Interest expense, net | $ 697 | $ 569 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $ 469 | $ 305 | $ 33 |
Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) | 247 | 246 | |
Allowance for Doubtful Accounts Receivable, Charge-offs | 135 | 1 | |
Valuation Allowances and Reserves, Charged to Other Accounts | $ 52 | $ 27 |