Entity information Document
Entity information Document - USD ($) | 3 Months Ended | ||
Apr. 30, 2018 | Jun. 08, 2018 | Jul. 31, 2017 | |
Document Information | |||
Entity Registrant Name | Perma-Pipe International Holdings, Inc. | ||
Trading Symbol | PPIH | ||
Entity Central Index Key | 914,122 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Type | 10-Q | ||
Document Period End Date | Apr. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 7,725,842 | ||
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 (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 28,889 | $ 23,501 |
Cost of sales | 24,664 | 21,716 |
Gross profit | 4,225 | 1,785 |
Operating expenses | ||
General and administrative expenses | 3,982 | 4,286 |
Selling expenses | 1,142 | 1,316 |
Total operating expenses | 5,124 | 5,602 |
Loss from operations | (899) | (3,817) |
Interest expense, net | 266 | 157 |
Loss from continuing operations before income taxes | (1,165) | (3,974) |
Income tax benefit | (48) | (485) |
Net loss | $ (1,117) | $ (3,489) |
Weighted average common shares outstanding | ||
Basic and diluted | 7,718 | 7,610 |
Loss per share | ||
Basic and diluted | $ (0.14) | $ (0.46) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (1,117) | $ (3,489) |
Other comprehensive (loss) income | ||
Foreign currency translation adjustments, net of tax | (665) | 132 |
Unrealized loss on marketable security, net of tax | 0 | (5) |
Other comprehensive (loss) income | (665) | 127 |
Comprehensive loss | $ (1,782) | $ (3,362) |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 9,879 | $ 7,084 |
Restricted cash | 1,101 | 1,237 |
Trade accounts receivable, less allowance for doubtful accounts of $438 at April 30, 2018 and $469 at January 31, 2018 | 29,337 | 32,936 |
Inventories, net | 15,804 | 16,856 |
Prepaid expenses and other current assets | 2,775 | 2,703 |
Contract Assets | 1,834 | 1,502 |
Total current assets | 60,730 | 62,318 |
Property, plant and equipment, net of accumulated depreciation | 33,097 | 34,509 |
Other assets | ||
Deferred tax assets - long-term | 330 | 391 |
Goodwill | 2,321 | 2,423 |
Other assets | 5,051 | 4,943 |
Total other assets | 7,702 | 7,757 |
Total assets | 101,529 | 104,584 |
Current liabilities | ||
Trade accounts payable | 12,301 | 14,186 |
Accrued compensation and payroll taxes | 1,484 | 1,580 |
Commissions and management incentives payable | 1,301 | 787 |
Revolving line North America | 7,755 | 7,273 |
Current maturities of long-term debt | 3,408 | 753 |
Customers' deposits | 6,207 | 5,236 |
Outside commissions payable | 1,964 | 1,800 |
Contract Liability | 569 | 1,967 |
Other accrued liabilities | 2,339 | 4,259 |
Income taxes payable | 643 | 1,339 |
Total current liabilities | 37,971 | 39,180 |
Long-term liabilities | ||
Long-term debt, less current maturities | 7,309 | 7,728 |
Deferred compensation liabilities | 4,212 | 4,098 |
Deferred tax liabilities - long-term | 1,187 | 1,242 |
Other long-term liabilities | 546 | 524 |
Total long-term liabilities | 13,254 | 13,592 |
Stockholders' equity | ||
Common stock, $.01 par value, authorized 50,000 shares; 7,720 issued and outstanding at April 30, 2018 and 7,717 issued and outstanding at January 31, 2018 | 77 | 77 |
Additional paid-in capital | 56,578 | 56,304 |
(Accumulated deficit) retained earnings | (4,220) | (3,103) |
Accumulated other comprehensive loss | (2,131) | (1,466) |
Total stockholders' equity | 50,304 | 51,812 |
Total liabilities and stockholders' equity | $ 101,529 | $ 104,584 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 438 | $ 469 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 7,720 | 7,717 |
Common stock, shares outstanding | 7,720 | 7,717 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Shares, Outstanding at Jan. 31, 2017 | 7,595,509 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Treasury stock released | 26,753 | ||||
Shares issued | 94,280 | ||||
Stockholders' equity at Jan. 31, 2018 | $ 51,812 | $ 77 | $ 56,304 | $ (3,103) | $ (1,466) |
Shares, Outstanding at Jan. 31, 2018 | 7,716,542 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (1,117) | (1,117) | |||
Common stock issued under stock plans, net of shares used for tax withholding | 25 | $ 0 | 25 | ||
Stock-based compensation expense | 249 | 249 | |||
Foreign currency translation adjustment | $ (665) | (665) | |||
Treasury stock released | 0 | ||||
Shares issued | 3,600 | ||||
Stockholders' equity at Apr. 30, 2018 | $ 50,304 | $ 77 | $ 56,578 | $ (4,220) | $ (2,131) |
Shares, Outstanding at Apr. 30, 2018 | 7,720,142 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Operating activities | ||
Net loss | $ (1,117) | $ (3,489) |
Adjustments to reconcile net loss to net cash flows used in operating activities | ||
Depreciation and amortization | 1,183 | 1,215 |
Deferred tax benefit | 61 | (290) |
Equity-based compensation expense | 254 | 203 |
Loss on disposal of fixed assets | 40 | 1 |
Provision on uncollectible accounts | (28) | (329) |
Changes in operating assets and liabilities | ||
Accounts receivable | 3,219 | 7,546 |
Inventories | 934 | (1,775) |
Change in contract assets and contract liabilities | (1,728) | (978) |
Accounts payable | (2,925) | (936) |
Accrued compensation and payroll taxes | 524 | (584) |
Customers' deposits | 974 | (191) |
Income taxes receivable and payable | (706) | (755) |
Prepaid expenses and other current assets | 147 | (1,122) |
Other assets and liabilities | (835) | 472 |
Net cash used in operating activities | (3) | (1,012) |
Investing activities | ||
Capital expenditures | (376) | (267) |
Proceeds from sales of property and equipment | 0 | 1 |
Net cash used in investing activities | (376) | (266) |
Financing activities | ||
Proceeds from revolving lines | 9,990 | 8,612 |
Payments of debt on revolving lines of credit | (6,571) | (6,763) |
Payments of other debt | (90) | (70) |
(Decrease) increase in drafts payable | (33) | 50 |
Payments on capitalized lease obligations | (93) | (72) |
Release of treasury stock | 0 | 13 |
Stock options exercised and taxes related to restricted shares vested | 25 | 114 |
Net cash provided by financing activities | 3,228 | 1,884 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (190) | 892 |
Net increase in cash, cash equivalents and restricted cash | 2,659 | 1,498 |
Cash, cash equivalents and restricted cash - beginning of period | 8,321 | 8,701 |
Cash, cash equivalents and restricted cash - end of period | 10,980 | 10,199 |
Supplemental cash flow information | ||
Interest paid | 242 | 177 |
Income taxes paid | 568 | 530 |
Fixed assets acquired under capital leases | 0 | 0 |
Funds held in escrow related to the sale of Filtration assets | $ 0 | $ 502 |
Basis of presentation
Basis of presentation | 3 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation [Text Block] | Basis of presentation The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries ("PPIH", "Company", or "Registrant", "we", or "us") are unaudited, but include all adjustments that the Company's management considers necessary to present fairly the financial position and results of operations for the periods presented. These adjustments consist of normal recurring adjustments. Information and footnote disclosures have been omitted pursuant to Securities and Exchange Commission ("SEC") rules and regulations. The consolidated balance sheet as of January 31, 2018 is derived from the audited consolidated balance sheet as of that date. The results of operations for any interim period are not necessarily indicative of future or annual results. Interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's latest Annual Report on Form 10-K. The Company's fiscal year ends on January 31. Years and balances described as 2018 and 2017 are for the three months ended April 30, 2018 and 2017 , respectively. |
Business segment reporting
Business segment reporting | 3 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Business segment reporting | Business segment reporting PPIH is engaged in the manufacture and sale of products in one segment: Piping Systems. Piping Systems engineers, designs, manufactures and sells specialty piping, 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. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Apr. 30, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | 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 April 30, 2018 and January 31, 2018 due to the long-term nature of the receivables) has been outstanding for several years as of April 30, 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 April 30, 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. For the three months ended April 30, 2018 , one customer accounted for 13.5% of the Company's consolidated net sales, and for the three months ended April 30, 2017 one customer accounted for 11% of the Company's consolidated net sales. At April 30, 2018 , one customer accounted for 16.3% of all accounts receivable. Three customers accounted for 34.9% of all accounts receivable at January 31, 2018 . |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue recognition On February 1, 2018, the Company adopted Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers," ("Topic 606") using the modified retrospective method applied to contracts that were not completed as of that date. Under this methodology the effect, if any, of initially applying the new revenue standard is recorded as an adjustment to the opening balance of retained earnings while periods prior to the adoption date are not adjusted and continue to be reported in accordance with the accounting policies in effect for those periods. The Company conducted a complete and thorough analysis of each single element of the five-step model of Topic 606 and concluded that there is no material impact to the Company upon the adoption of the new standard. As a result, there is no cumulative adjustment required to the opening balances of retained earnings, contract assets, or contract liabilities. Revenue from contracts with customers: The Company defines a contract as an agreement that has approval and commitment from both parties, defined rights and identifiable payment terms, which ensures the contract has commercial substance and that collectability is reasonably assured. The Company’s standard revenue transactions are classified in to two main categories: 1) Systems which include all bundled products in which Perma-Pipe designs, engineers, and manufactures pre-insulated piping systems, insulates subsea flowline pipe or subsea oil production equipment. Additionally, the systems classification will also include coating applied to pipes and structures which are provided by the customer. 2) Products which include cables, leak detection products, heat trace products sold under the PermAlert brand name, material/goods not bundled with piping or flowline systems, and field services not bundled into a project contract. The Systems revenue class accounts for more than 90% of the Company’s total revenue and is recognized over time. The remaining revenue (Product class) is recognized when goods are shipped or services are performed. A breakdown of our revenues for the first quarter of 2018 and 2017 are as follows: April 30, 2018 April 30, 2017 Sales % to Total Sales % to Total Products 2,429 8 % 1,331 6 % Specialty Piping Systems and Coating Revenue recognized under input method 11,102 38 % 9,117 39 % Revenue recognized under output method 15,358 54 % 13,053 55 % Total 28,889 100 % 23,501 100 % Materially all of the Company’s revenue is recognized over time as the manufacturing process progresses because one of the following conditions exist: 1) the customer owns the material that is being insulated or coated, so they control the asset and thus the work-in-process; or 2) the customer controls the work-in-process due to the custom nature of the pre-insulated, fabricated system being manufactured as evidenced by the Company’s right to payment for work performed to date plus seller’s profit margin for products that have no alternative use for the Company. The U.S. operating entities measure revenue by the costs incurred to date relative to the estimated costs to satisfy the contract using the percentage-of-completion method (an input method). Generally, these contracts are considered a single performance obligation satisfied overtime and due to the custom nature of the goods and services, the percentage-of-completion method is the most faithful depiction of the Company’s performance as it measures the value of the goods and services transferred to the customer. Costs include all material, labor, and direct costs incurred to satisfy the performance obligations of the contract. Revenue recognition begins when projects costs are incurred. All other operating entities measure revenue by the direct measurement of the outputs produced relative to the remaining goods promised under the contract (output method). Due to the types of end customers, generally these contracts require formal inspection protocols or specific export documentation for units produced or produced and shipped, therefore, the output method is the most faithful depiction of the Company’s performance. Depending on the conditions of the contract, revenue may be recognized based on units produced, inspected and held by the Company prior to shipment or on units produced, inspected and shipped. Contract modifications that occur prior to the start of the manufacturing process will supersede the original contract and revenue is recognized using the modified contract value. Contract modifications that occur during the manufacturing process (changes in scope of work, job performance, material costs, and/or final contract settlements) are recognized in the period in which the revisions are known. Provisions for losses on uncompleted contracts are made in contract liabilities account in the period such losses are identified. Contract assets and liabilities: Contract assets represent revenue recognized in excess of amounts billed (unbilled receivables) for contract work in progress for which the Company has a valid contact and an enforceable right to payment for work completed. Contract liabilities represent billings in excess of costs (unearned revenue) for contract work in progress for which the Company has a valid contract and an enforceable right to payment for work completed. Both customer billings and the satisfaction (or partial satisfaction) of the performance obligation(s) occur throughout the manufacturing process and impacts the period end balances in these accounts. The Company anticipates that substantially all costs incurred for uncompleted contracts as of April 30, 2018 will be billed and collected within one year. The Company recognized revenue of $1.8 million during the three months ended April 30, 2018 that was included in contract liabilities as of January 31, 2018 and fully expects the remaining $0.6 million of revenue to be recognized within one year. Practical expedients: Costs to obtain a contract are not considered project costs as they are not usually incremental, nor does job duration span more than one year. The Company applies practical expedient for these types of costs and as such expensed in the period incurred. |
Income taxes
Income taxes | 3 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income taxes [Text Block] | Income taxes The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of deferred tax assets. Income earned in the United Arab Emirates ("U.A.E.") is not subject to local country income tax. Additionally, the relative proportion of taxable income earned domestically versus internationally can fluctuate significantly from period to period. Changes in the estimated level of annual pre-tax income, tax laws and the results of tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income. Judgments and estimates related to the Company's projections and assumptions are inherently uncertain; therefore, actual results could differ materially from projections. The Company's effective tax rate ("ETR") from operations for the first quarter was 4.1% compared to 12.2% during the respective prior-year periods. The change in the ETR from the prior year-to-date to the current year-to-date was mainly due to tax impact of Canadian business combination which occurred in the prior year. The amount of unrecognized tax benefits, including interest and penalties, at April 30, 2018 , recorded in other long-term liabilities was $0.1 million , all of which would impact the Company’s ETR if recognized. The U.S. Tax Cuts and Jobs Act ("Tax Act") was enacted on December 22, 2017 and 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. 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 and April 30, 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. Furthermore, the Company has considered the impact of the global intangible low-taxed income (GILTI) provision during the quarter and has determined that there is no inclusion based on year-to-date figures. The Company has not elected a method of accounting for GILTI and will continue to monitor the effects of the new provision in future periods.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 April 30, 2018 and are subject to change during 2018. |
Long-lived assets and Goodwill
Long-lived assets and Goodwill (Notes) | 3 Months Ended |
Apr. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |
Impairment of long-lived assets | Impairment of long-lived assets The Company evaluates long-lived assets (including intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. A factor considered important that could trigger an impairment review includes a year-to-date loss from operations. An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flow the asset is expected to generate. The Company has a year-to-date loss, but based on the Company's review, there was no impairment of long-lived assets as of April 30, 2018 or January 31, 2018 . Goodwill. The purchase price of an acquired company is allocated between intangible assets and the net tangible assets of the acquired business with the residual of the purchase price recorded as goodwill . All identifiable goodwill as of April 30, 2018 and January 31, 2018 was attributable to the purchase of Perma-Pipe Canada, Ltd. January 31, 2018 Foreign exchange change effect April 30, 2018 Goodwill $2,423 ($102 ) $2,321 The Company performs an impairment assessment of goodwill annually as of January 31 , or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. There was no impairment to goodwill as of April 30, 2018 or January 31, 2018. |
Stock-based compensation
Stock-based compensation | 3 Months Ended |
Apr. 30, 2018 | |
Stock-based compensation [Abstract] | |
Stock-based compensation [Text Block] | Stock-based compensation At April 30, 2018, the Company had one incentive stock plan under which new equity incentive awards may be granted: • 2017 Omnibus Stock Incentive Plan as Amended June 13, 2017, which stockholders approved in June 2017. The Company has prior incentive plans under which previously granted awards remain outstanding, but under which no new awards may be granted. At April 30, 2018, the Company had reserved a total of 1,135,007 shares for grants and issuance under these incentive stock plans, which includes a reserve for issuance pursuant to unvested or unexercised prior awards, and shares for issuance pursuant to new grants under the 2017 Plan. The 2017 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. The 2017 Plan authorizes awards to officers, employees, consultants, and directors. The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. Three Months Ended April 30, 2018 2017 Stock-based compensation expense $13 ($6 ) Restricted stock-based compensation expense $241 $192 Stock Options The following tables summarize the Company's stock option activity: Option activity Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 31, 2018 358 $9.44 4.5 $534 Exercised (4 ) 6.88 37 Expired or forfeited (5 ) 9.23 Outstanding end of period 349 9.47 4.3 338 Exercisable end of period 322 $9.57 3.9 $303 Unvested option activity Options Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 31, 2018 31 $8.24 $50 Vested (4 ) Expired or forfeited Outstanding end of period 27 $8.28 $44 As of April 30, 2018 , there was less than $0.1 million of total unrecognized compensation expense related to unvested stock options. The expense is expected to be recognized over a period of 2.3 years. Restricted stock The following table summarizes the Company's restricted stock activity for the year: Restricted stock activity Restricted Shares Weighted Average Grant Price Per Share Aggregate Intrinsic Value Outstanding at January 31, 2018 360 $9.05 $3,254 Granted — Issued — Forfeited (1 ) 8.00 Outstanding end of period 359 $9.10 $3,274 As of April 30, 2018 , there was $1.2 million of unrecognized compensation expense related to unvested restricted stock granted under the plans. The expense is expected to be recognized over a period of 3.3 years . |
Earnings per share
Earnings per share | 3 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per share [Text Block] | Earnings per share Three Months Ended April 30, 2018 2017 Basic weighted average common shares outstanding 7,718 7,610 Dilutive effect of equity compensation plans — — Weighted average common shares outstanding assuming full dilution 7,718 7,610 Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares 137 229 Stock options with an exercise price below the average market price 212 263 |
Debt
Debt | 3 Months Ended |
Apr. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt Debt totaled $18.5 million at April 30, 2018 , a net increase of $2.7 million since January 31, 2018 . Revolving lines North America . On September 24, 2014 , the Company entered into the Credit and Security Agreement with a financial institution (as amended, "Credit Agreement"). Under the terms of the Credit Agreement, which matures on September 25, 2018 , the Company can borrow up to a combined $15.0 million in the U.S. and Canada, subject to borrowing base availability from secured domestic and certain Canadian assets, such as accounts receivable and inventory, and other requirements, under a revolving line of credit. The Credit Agreement covenants restrict debt, liens, 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 increased the borrowing limit for the Company’s Canadian subsidiary and adjusted minimum availability requirements for borrowers in the U.S. and Canada with a limited waiver of related covenant non-compliance retroactive to October 31, 2017 . Based on the waiver received on June 5, 2018 (refer to Note 13 - Subsequent event), the Company was in compliance with all covenants under the Credit Agreement as of April 30, 2018 . The North American revolving line balances as of April 30, 2018 and January 31, 2018 were included as current liabilities in the consolidated balance sheets, because the Credit Agreement has a subjective acceleration clause, and expires in less than 12 months. 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. Interest rates vary based on the average availability in the preceding fiscal quarter and are: (a) a margin in effect plus a base rate, if below certain availability limits; or (b) a margin in effect plus the Eurodollar rate for the corresponding interest period. On April 30, 2018 , the Company had borrowed $7.8 million at 8.75% and 7.45% and had $1.2 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, as needed, is provided by draw downs on the line of credit. Revolving lines foreign . The Company also has credit arrangements used by its Middle Eastern subsidiaries. These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets, such as accounts receivable and inventory, and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained, including maintaining certain levels of intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends. On April 30, 2018 , the Company was in compliance with the covenants under the credit arrangements. On April 30, 2018 , interest rates were based on the Emirates Inter Bank Offered Rate (EIBOR) plus 3.5% per annum, with a minimum interest rate of 4.5% per annum. On April 30, 2018, the Company's interest rates ranged from 5.0% to 6.5% , and the Company could borrow $11.1 million under these credit arrangements. On April 30, 2018 , $3.6 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. On April 30, 2018 , the Company had borrowed $2.7 million and had, an additional $4.8 million available. The foreign revolving lines balances as of January 31, 2018, and April 30, 2018 were included as current maturities of long-term debt in the consolidated balance sheets. Mortgages. On July 28, 2016 , the Company borrowed 8.0 million CAD (approximately $6.1 million at the prevailing exchange rate on the transaction date) from a bank in Canada under a mortgage note secured by the manufacturing facility located in Alberta, Canada that matures on December 23, 2042 . The interest rate is variable, currently at 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. In 2017, the Company obtained three capital leases for 1.1 million CAD (approximately $0.8 million at the prevailing exchange rates on the transaction dates) to finance vehicle equipment. The interest rates for these capital leases were from 4.0% to 7.8% per annum with monthly principal and interest payments of less than $0.1 million . These leases mature from April 30, 2021 to September 29, 2022 . In 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 CAD, and these leases mature on June 25, 2018 . |
Restricted cash (Notes)
Restricted cash (Notes) | 3 Months Ended |
Apr. 30, 2018 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash held by foreign subsidiaries was $1.1 million as of April 30, 2018 and $1.2 million as of January 31, 2018 . Restricted cash held by foreign subsidiaries related to fixed deposits that also serve as security deposits and guarantees. Three Months Ended April 30, 2018 2017 Cash and cash equivalents $9,879 $9,059 Restricted cash 1,101 1,140 Cash, cash equivalents and restricted cash shown in the statement of cashflows $10,980 $10,199 |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Apr. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Disclosures [Text Block] | Fair Value The carrying values of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair value due to their short-term nature. The carrying amount of the Company's short-term debt, revolving line of credit and long-term debt approximate fair value, because the majority of the amounts outstanding accrue interest at variable market rates. |
Recent accounting pronouncement
Recent accounting pronouncements | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Recent accounting pronouncements [Text Block] | Recent accounting pronouncements In March 2017, the FASB issued authoritative guidance which 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, and 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 has been applied retrospectively to the presentation of net periodic benefit cost and prospectively to the capitalization of service cost. The adoption of this guidance did not 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. The adoption of this guidance did not have a material impact on the results of operations or financial position. 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 its 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. Refer to Note 4 - Revenue recognition for more detail. The Company evaluated other recent accounting pronouncements and does not expect them to have a material impact on the consolidated financial statements. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent event | Subsequent event On June 5, 2018, the Company completed an eighth amendment to the Credit Agreement. The Lenders extended the minimum availability requirements for the Company’s Canadian subsidiary, through August 1, 2018. Furthermore, the lenders waived the technical reporting event of default which resulted from the Company applying a non-conforming method in calculating the Canadian availability as of April 30, 2018. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | April 30, 2018 April 30, 2017 Sales % to Total Sales % to Total Products 2,429 8 % 1,331 6 % Specialty Piping Systems and Coating Revenue recognized under input method 11,102 38 % 9,117 39 % Revenue recognized under output method 15,358 54 % 13,053 55 % Total 28,889 100 % 23,501 100 % |
Long-lived assets and Goodwil22
Long-lived assets and Goodwill (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | January 31, 2018 Foreign exchange change effect April 30, 2018 Goodwill $2,423 ($102 ) $2,321 |
Stock-based compensation Stock
Stock-based compensation Stock Compensation (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Stock-based compensation [Abstract] | |
Stock-based compensation expense [Table Text Block] | Three Months Ended April 30, 2018 2017 Stock-based compensation expense $13 ($6 ) Restricted stock-based compensation expense $241 $192 |
Option activity [Table Text Block] | Option activity Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 31, 2018 358 $9.44 4.5 $534 Exercised (4 ) 6.88 37 Expired or forfeited (5 ) 9.23 Outstanding end of period 349 9.47 4.3 338 Exercisable end of period 322 $9.57 3.9 $303 |
Unvested option activity [Table Text Block] | Unvested option activity Options Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 31, 2018 31 $8.24 $50 Vested (4 ) Expired or forfeited Outstanding end of period 27 $8.28 $44 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted stock activity Restricted Shares Weighted Average Grant Price Per Share Aggregate Intrinsic Value Outstanding at January 31, 2018 360 $9.05 $3,254 Granted — Issued — Forfeited (1 ) 8.00 Outstanding end of period 359 $9.10 $3,274 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 30, 2018 2017 Basic weighted average common shares outstanding 7,718 7,610 Dilutive effect of equity compensation plans — — Weighted average common shares outstanding assuming full dilution 7,718 7,610 Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares 137 229 Stock options with an exercise price below the average market price 212 263 |
Restricted cash Restricted cash
Restricted cash Restricted cash (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Three Months Ended April 30, 2018 2017 Cash and cash equivalents $9,879 $9,059 Restricted cash 1,101 1,140 Cash, cash equivalents and restricted cash shown in the statement of cashflows $10,980 $10,199 |
Business segment reporting (Det
Business segment reporting (Details) | 3 Months Ended |
Apr. 30, 2018Segments | |
Segment reporting | |
Number of reportable segments | 1 |
Piping Systems [Member] | |
Segment reporting | |
Segment reporting information, description of Products and Services | Piping Systems engineers, designs, manufactures and sells specialty piping, leak detection and location systems |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | |
Concentration Risk [Line Items] | |||
Receivables, Long-term Contracts or Programs | $ 3.2 | ||
Accounts Receivable, Additional Narrative Disclosure | outstanding for several years as of April 30, 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 April 30, 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] | |||
Accounts Receivable, Gross | 5.4 | ||
Receivables, Long-term Contracts or Programs | $ 3.7 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.30% | 34.90% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.50% | 11.00% |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Sales by product | $ 28,889 | $ 23,501 |
Sales by product (percent of total) | 100.00% | 100.00% |
Revenue recognized that was included in contract liabilities | $ 1,800 | |
Contract liabilities expected to be recognized in revenue in the next year | 600 | |
Products [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales by product | $ 2,429 | $ 1,331 |
Sales by product (percent of total) | 8.00% | 6.00% |
Specialty Piping Systems And Coating [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales by product | $ 11,102 | $ 9,117 |
Sales by product (percent of total) | 38.00% | 39.00% |
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales by product | $ 15,358 | $ 13,053 |
Sales by product (percent of total) | 54.00% | 55.00% |
Income taxes Income taxes (Deta
Income taxes Income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
effective income tax rate from continuing operations | 4.10% | 12.20% |
Unrecognized tax benefits | $ 0.1 |
Long-lived assets and Goodwil30
Long-lived assets and Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Jan. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
New Date of Annual Goodwill Impairment Test | impairment assessment of goodwill annually as of January 31 | |
Impairment of long-lived assets | there was no impairment of long-lived assets as of April 30, 2018 or January 31, 2018 | |
Goodwill recognized, 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 | $ 2,321 | $ 2,423 |
Goodwill, Period Increase (Decrease) | $ (102) | |
Goodwill no impairment | There was no impairment to goodwill as of April 30, 2018 or January 31, 2018. |
Stock-based compensation Stock-
Stock-based compensation Stock-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Capital shares reserved for future issuance | 1,135,007 | |
Stock-based compensation expense | $ 13 | $ (6) |
Restricted stock based compensation expense | $ 241 | $ 192 |
Stock-based compensation Option
Stock-based compensation Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2018 | Jan. 31, 2018 | |
Option activity [Line Items] | ||
Unrecognized compensation expense | $ 100 | |
Unrecognized compensation expense recognized period | 2 years 3 months | |
Restricted Stock [Member] | ||
Option activity [Line Items] | ||
Unrecognized compensation expense | $ 1,200 | |
Unrecognized compensation expense recognized period | 3 years 3 months | |
Stock Option [Member] | ||
Option activity [Line Items] | ||
Outstanding at beginning of year | 358 | |
Weighted Average Exercise Price Per Share | $ 9.44 | |
Weighted Average Remaining Contractual Term | 4 years 5 months 30 days | |
Options Outstanding Aggregate Intrinsic Value | $ 338 | $ 534 |
Options, exercises in period | (4) | |
Options, exercises in period, weighted average exercise price | $ 6.88 | |
Options, exercises in period, intrinsic value | $ 37 | |
Expired or forfeited | (5) | |
Expired or Forfeited Weighted Average Exercise Price Per Share | $ 9.23 | |
Outstanding end of period | 349 | |
Outstanding Weighted Average Exercise Price Per Share | $ 9.47 | |
Outstanding Weighted Average Remaining Contractual Term | 4 years 3 months 30 days | |
Exercisable end of period | 322 | |
Exercisable Weighted Average Exercise Price Per Share | $ 9.57 | |
Exercisable Weighted Average Remaining Contractual Term | 3 years 10 months 31 days | |
Exercisable Aggregate Intrinsic Value | $ 303 | |
unvested option [Member] | ||
Option activity [Line Items] | ||
Outstanding at beginning of year | 27 | 31 |
Options, vested, number of shares | (4) | |
Weighted Average Exercise Price Per Share | $ 8.28 | $ 8.24 |
Options Outstanding Aggregate Intrinsic Value | $ 44 | $ 50 |
Expired or forfeited | ||
Expired or Forfeited Weighted Average Exercise Price Per Share |
Stock-based compensation Restri
Stock-based compensation Restricted stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Jan. 31, 2018 | |
Outstanding | 359 | 360 |
Share-based compensation nonvested weighted average grant date fair value | $ 9.10 | $ 9.05 |
Aggregate Intrinsic Value, Outstanding | $ 3,274 | $ 3,254 |
Granted | 0 | |
Weighted Average Grant Date Fair Value | ||
Issued | 0 | |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (1) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 8 |
Earnings per share (Details)
Earnings per share (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Earnings per share [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 7,610 | |
Basic weighted average common shares outstanding | 7,718 | 7,610 |
Dilutive effect of equity compensation plans | 0 | 0 |
Weighted average common shares outstanding assuming full dilution | 7,718 | 7,610 |
Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares | 137 | 229 |
Stock options with an exercise price below the average market price | 212 | 263 |
Debt (Details)
Debt (Details) $ in Thousands, $ in Thousands | Jul. 28, 2016CAD ($) | Apr. 30, 2018USD ($)Rate | Jan. 31, 2018USD ($)Rate | Jan. 31, 2018CAD ($) | Jan. 31, 2018CAD ($)Rate |
Debt [Line Items] | |||||
Debt | $ 18,500 | ||||
Debt, net change | $ 2,700 | ||||
Description of violation and waiver received | lenders increased the borrowing limit for the Company’s Canadian subsidiary and adjusted minimum availability requirements for borrowers in the U.S. and Canada with a limited waiver of related covenant non-compliance retroactive to October 31, 2017 | ||||
Revolving line North America | $ 7,755 | $ 7,273 | |||
UNITED STATES | |||||
Debt [Line Items] | |||||
Line of Credit Facility, Initiation Date | Sep. 24, 2014 | ||||
Maturity date | Sep. 25, 2018 | ||||
Line of Credit Facility, Covenant Terms | 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 | ||||
Line of Credit Facility, Covenant Compliance | in compliance | ||||
Line of Credit Facility, Interest Rate Description | (a) a margin in effect plus a base rate, if below certain availability limits; or (b) a margin in effect plus the Eurodollar rate for the corresponding interest period. | ||||
Prime interest rate | Rate | 8.75% | ||||
Letters of Credit Outstanding, Amount | $ 200 | ||||
North America [Member] | |||||
Debt [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | ||||
Revolving line, amount outstanding | 7,800 | ||||
Revolving line, remaining borrowing capacity | $ 1,200 | ||||
CANADA | |||||
Debt [Line Items] | |||||
Eurodollar interest rate | Rate | 7.45% | ||||
Foreign Line of Credit [Member] | |||||
Debt [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 11,100 | ||||
Line of Credit Facility, Covenant Compliance | in compliance with the covenants under the credit arrangements. | ||||
Line of Credit Facility, Interest Rate Description | interest rates were based on the Emirates Inter Bank Offered Rate (EIBOR) plus 3.5% per annum, with a minimum interest rate of 4.5% per annum. On April 30, 2018, the Company's interest rates ranged from 5.0% to 6.5% | ||||
Revolving line, remaining borrowing capacity | $ 4,800 | ||||
Letters of Credit Outstanding, Amount | 3,600 | ||||
Revolving line North America | $ 2,662 | ||||
North America [Member] | |||||
Debt [Line Items] | |||||
Maturity date | Sep. 25, 2018 | Sep. 25, 2018 | |||
Leases, Acquired-in-Place [Member] | |||||
Debt [Line Items] | |||||
Capital Lease Obligations | $ 800 | $ 1,100 | |||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 4.00% | 4.00% | |||
Debt Instrument, Maturity Date | Sep. 29, 2022 | Sep. 29, 2022 | |||
Debt Instrument, Periodic Payment | $ 100 | ||||
Capital Lease Obligations [Member] | |||||
Debt [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 8.00% | 8.00% | |||
Debt Instrument, Maturity Date | Apr. 30, 2021 | Apr. 30, 2021 | |||
Vehicles [Member] | |||||
Debt [Line Items] | |||||
Capital Lease Obligations | $ 900 | ||||
Capital Addition Purchase Commitments [Member] | |||||
Debt [Line Items] | |||||
Capital Lease Obligations | $ 942 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | 3.25% | |||
Debt Instrument, Maturity Date | Jun. 25, 2018 | Jun. 25, 2018 | |||
Debt Instrument, Periodic Payment | $ 14 | ||||
Secured Debt [Member] | |||||
Debt [Line Items] | |||||
Debt Instrument, Issuance Date | Jun. 19, 2012 | Jun. 19, 2012 | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | 4.50% | |||
Mortgage Loans on Real Estate, Final Maturity Date | Jul. 1, 2027 | Jul. 1, 2027 | |||
mortgage loans on real estate date interest rate changes | Jun. 19, 2022 | Jun. 19, 2022 | |||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 1,800 | ||||
Debt Instrument, Periodic Payment | $ 13 | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | |||
Mortgages [Member] | |||||
Debt [Line Items] | |||||
Debt Instrument, Issuance Date | Jul. 28, 2016 | Jul. 28, 2016 | |||
Debt Instrument, Maturity Date, Description | 12/23/2042 | 12/23/2042 | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.70% | 4.70% | |||
Proceeds from Issuance of Debt | $ 8,000 | ||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 6,100 | ||||
Debt Instrument, Periodic Payment, Interest | 24 | $ 31 | |||
Debt Instrument, Periodic Payment | $ 20 | $ 27 | |||
Maximum [Member] | Secured Debt [Member] | |||||
Debt [Line Items] | |||||
Mortgage Loans on Real Estate, Interest Rate | 18.00% | 18.00% | |||
Minimum [Member] | Secured Debt [Member] | |||||
Debt [Line Items] | |||||
Mortgage Loans on Real Estate, Interest Rate | 4.50% | 4.50% |
Restricted cash (Details)
Restricted cash (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 | Apr. 30, 2017 | Jan. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 9,879 | $ 7,084 | $ 9,059 | |
Restricted cash | 1,101 | 1,237 | 1,140 | |
Cash, cash equivalents and restricted cash shown in the statement of cashflows | $ 10,980 | $ 8,321 | $ 10,199 | $ 8,701 |