Perma-Pipe International (PPIH) 10-Q 11 Dec 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Oct. 31, 2018	Dec. 06, 2018
Document Information [Line Items]
Entity Registrant Name	Perma-Pipe International Holdings, Inc.
Entity Central Index Key	914,122
Trading Symbol	ppih
Current Fiscal Year End Date	--01-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		7,885,374
Document Type	10-Q
Document Period End Date	Oct. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Net sales	$ 32,806	$ 27,498	$ 94,020	$ 77,851
Cost of sales	25,923	24,178	77,019	69,688
Gross profit	6,883	3,320	17,001	8,163
Operating expenses
General and administrative expenses	4,247	4,314	12,153	12,456
Selling expenses	1,554	1,297	4,017	3,920
Total operating expenses	5,801	5,611	16,170	16,376
Income/(loss) from operations	1,082	(2,291)	831	(8,213)
Interest expense, net	280	193	830	507
Income/(loss) from operations before income taxes	802	(2,484)	1	(8,720)
Income tax expense/(benefit)	934	808	1,525	(241)
Net loss	$ (132)	$ (3,292)	$ (1,524)	$ (8,479)
Weighted average common shares outstanding
Basic and diluted (in shares)	7,877	7,714	7,806	7,668
Loss per share
Basic and diluted (in dollars per share)	$ (0.02)	$ (0.43)	$ (0.20)	$ (1.11)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Net loss	$ (132)	$ (3,292)	$ (1,524)	$ (8,479)
Other comprehensive (loss) income
Foreign currency translation adjustments, net of tax	(551)	(250)	(1,538)	822
Unrealized gain on marketable security, net of tax				(92)
Other comprehensive (loss) income	(551)	(250)	(1,538)	730
Comprehensive loss	$ (683)	$ (3,542)	$ (3,062)	$ (7,749)

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Oct. 31, 2018	Jan. 31, 2018
Current assets
Cash and cash equivalents	$ 9,582	$ 7,084
Restricted cash	2,536	1,237
Trade accounts receivable, less allowance for doubtful accounts of $480 at October 31, 2018 and $469 at January 31, 2018	32,280	32,936
Inventories, net	14,330	16,856
Prepaid expenses and other current assets	3,345	2,703
Contract assets	2,357	1,502
Total current assets	64,430	62,318
Property, plant and equipment, net of accumulated depreciation	31,020	34,509
Other assets
Deferred tax assets - long-term	45	391
Goodwill	2,269	2,423
Other assets	5,966	4,943
Total other assets	8,280	7,757
Total assets	103,730	104,584
Current liabilities
Trade accounts payable	9,788	14,186
Accrued compensation and payroll taxes	1,893	1,580
Commissions and incentives payable	1,789	787
Revolving line of credit	13,662	7,273
Current maturities of long-term debt	1,046	753
Customers' deposits	4,028	5,236
Outside commissions payable	2,194	1,800
Contract liability	1,599	1,967
Other accrued liabilities	3,491	4,259
Income taxes payable	1,348	1,339
Total current liabilities	40,838	39,180
Long-term liabilities
Long-term debt, less current maturities	6,892	7,728
Deferred compensation liabilities	3,504	4,098
Deferred tax liabilities - long-term	1,149	1,242
Other long-term liabilities	534	524
Total long-term liabilities	12,079	13,592
Stockholders' equity
Common stock, $.01 par value, authorized 50,000 shares; 7,877 issued and outstanding at October 31, 2018 and 7,717 issued and outstanding at January 31, 2018	79	77
Additional paid-in capital	58,365	56,304
Accumulated deficit	(4,627)	(3,103)
Accumulated other comprehensive loss	(3,004)	(1,466)
Total stockholders' equity	50,813	51,812
Total liabilities and stockholders' equity	$ 103,730	$ 104,584

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2018	Jan. 31, 2018
Allowance for doubtful accounts receivable	$ 480	$ 469
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000	50,000
Common stock, issued (in shares)	7,877	7,717
Common stock, outstanding (in shares)	7,877	7,717

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Net loss					$ (8,479)
Foreign currency translation adjustment					822
Balances at beginning of year (in shares) at Jan. 31, 2017	7,595,509
Treasury stock released (in shares)	26,753
Shares issued (in shares)	94,280
Balances at period end (in shares) at Oct. 31, 2017	7,716,542
Total stockholders' equity at Jan. 31, 2018	$ 77	$ 56,304	$ (3,103)	$ (1,466)	51,812
Net loss			(1,117)		(1,117)
Common stock issued under stock plans, net of shares used for tax withholding		25			25
Stock-based compensation expense		249			249
Foreign currency translation adjustment				(665)	(665)
Total stockholders' equity at Apr. 30, 2018	$ 77	56,578	(4,220)	(2,131)	50,304
Balances at beginning of year (in shares) at Jan. 31, 2018	7,716,542
Total stockholders' equity at Jan. 31, 2018	$ 77	56,304	(3,103)	(1,466)	51,812
Net loss					(1,524)
Foreign currency translation adjustment					(1,538)
Total stockholders' equity at Oct. 31, 2018	$ 79	58,365	(4,627)	(3,004)	50,813
Balances at beginning of year (in shares) at Jan. 31, 2018	7,716,542
Treasury stock released (in shares)
Shares issued (in shares)	161,332
Balances at period end (in shares) at Oct. 31, 2018	7,877,874
Total stockholders' equity at Apr. 30, 2018	$ 77	56,578	(4,220)	(2,131)	50,304
Net loss			(275)		(275)
Common stock issued under stock plans, net of shares used for tax withholding	2	1,040			1,042
Stock-based compensation expense		462			462
Foreign currency translation adjustment				(322)	(322)
Total stockholders' equity at Jul. 31, 2018	79	58,080	(4,495)	(2,453)	51,211
Net loss			(132)		(132)
Common stock issued under stock plans, net of shares used for tax withholding		(3)			(3)
Stock-based compensation expense		288			288
Foreign currency translation adjustment				(551)	(551)
Total stockholders' equity at Oct. 31, 2018	$ 79	$ 58,365	$ (4,627)	$ (3,004)	$ 50,813
Balances at period end (in shares) at Oct. 31, 2018	7,877,874

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Operating activities
Net loss	$ (1,524)	$ (8,479)
Adjustments to reconcile net loss to net cash flows used in operating activities
Depreciation and amortization	3,482	3,772
Deferred tax expense (benefit)	346	(544)
Equity-based compensation expense	999	795
Loss on disposal of fixed assets	46	8
Provision on doubtful accounts	14	(324)
Gain from sale of marketable securities		(142)
Changes in operating assets and liabilities
Accounts receivable	(165)	2,989
Inventories	2,269	(375)
Change in contract assets and contract liabilities	(1,221)	513
Accounts payable	(5,460)	(1,627)
Accrued compensation and payroll taxes	1,468	(1,633)
Customers' deposits	(1,194)	1,566
Income taxes receivable and payable	54	(621)
Prepaid expenses and other current assets	(801)	(196)
Other assets and liabilities	1,061	105
Net cash used in operating activities	(626)	(4,193)
Investing activities
Capital expenditures	(885)	(2,082)
Proceeds from sales of marketable securities		142
Proceeds from sales of property and equipment		1
Net cash used in investing activities	(885)	(1,939)
Financing activities
Proceeds from revolving lines	42,201	31,652
Payments of debt on revolving lines of credit	(35,152)	(26,055)
Debt issuance costs	(930)
Payments of other debt	(266)	(161)
Decrease in drafts payable	(20)	(4)
Payments (borrowings) on capitalized lease obligations	(205)	632
Release of treasury stock		170
Stock options exercised and taxes related to restricted shares vested	249	(216)
Net cash provided by financing activities	5,877	6,018
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(569)	684
Net increase in cash, cash equivalents and restricted cash	3,797	570
Cash, cash equivalents and restricted cash - beginning of period	8,321	8,701
Cash, cash equivalents and restricted cash - end of period	12,118	9,271
Supplemental cash flow information
Interest paid	917	584
Income taxes paid	1,118	786
Fixed assets acquired under capital leases		841
Funds held in escrow related to the sale of Filtration assets		$ 250

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries ("PPIH", "Company", or "Registrant", or "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 not 10 January 31. 2018 2017 three nine October 31, 2018 2017,

Note 2 - Business Segment Repor

Note 2 - Business Segment Reporting	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 2 PPIH is engaged in the manufacture and sale of products in one may

Note 3 - Accounts Receivable

Note 3 - Accounts Receivable	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 3 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 may One of the Company’s accounts receivable in the total amount of $ 5.4 January 31, 2018 ( 3.7 3.2 October 31, 2018 January 31, 2018 October 31, 2018 2015, January 31, 2018, $0.5 not October 31, 2018 not 2018, may October 31, 2018 4.9 November 2018, $0.1 $4.8 For the three nine October 31, 2018 2017 no 10% At October 31, 2018 one 18% January 31, 2018 three 35%

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 4 On February 1, 2018, 606, 606" not not The Company conducted a complete and thorough analysis of each single element of the five 606 no not 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 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, this systems classification also includes 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 not The Systems revenue class has generally accounted for more than 90% three nine October 31, 2018 2017 Three Months Ended October 31, Nine Months Ended October 31, 2018 2017 2018 2017 Sales % to Total Sales % to Total Sales % to Total Sales % to Total Products $ 4,440 14 % $ 2,504 9 % $ 9,447 10 % $ 5,830 7 % Specialty Piping Systems and Coating Revenue recognized under input method 11,869 36 % 10,986 40 % 32,778 35 % 34,240 44 % Revenue recognized under output method 16,497 50 % 14,008 51 % 51,795 55 % 37,781 49 % Total $ 32,806 100 % $ 27,498 100 % $ 94,020 100 % $ 77,851 100 % Most of the Company’s revenue is recognized over time as the manufacturing process progresses because one 1 the customer owns the material that is being insulated or coated, so the customer controls 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 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 over time 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 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 contract 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 October 31, 2018 one The following tables set forth the changes in the Company's contract assets and liabilities for the periods indicated. The Company expects to recognize the remaining balances as of October 31, 2018 one Contract Assets Balance January 31, 2018 $ 1,502 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,085 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 1,417 Closing Balance at April 30, 2018 $ 1,834 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,395 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 1,575 Closing Balance at July 31, 2018 $ 2,014 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,917 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 2,260 Closing Balance at October 31, 2018 $ 2,357 Contract Liabilities Balance January 31, 2018 $ 1,967 Revenue recognized during the period for uncompleted contracts from the prior period (1,810 ) New contracts entered into that are uncompleted at the end of the current period 413 Closing Balance at April 30, 2018 $ 570 Revenue recognized during the period for uncompleted contracts from the prior period (422 ) New contracts entered into that are uncompleted at the end of the current period 398 Closing Balance at July 31, 2018 $ 546 Revenue recognized during the period for uncompleted contracts from the prior period (497 ) New contracts entered into that are uncompleted at the end of the current period 1,550 Closing Balance at October 31, 2018 $ 1,599 Practical expedients: Costs to obtain a contract are not not one As the Company's contracts are less than one

Note 5 -Income Taxes

Note 5 -Income Taxes	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 5 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 is not The Company's effective tax rate ("ETR") from operations for the current third 116% 122,166%, 32.5% 2.8% $1.5 $0.1 122,166%. The amount of unrecognized tax benefits, including interest and penalties, at October 31, 2018, $0.1 The U.S. Tax Cuts and Jobs Act ("Tax Act") was enacted on December 22, 2017 35% 21%, January 1, 2018 2017 one not 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 October 31, 2018. may third $0.1 no no Provisional amounts for the foregoing income tax effects of the Tax Act have been recorded as of October 31, 2018

Note 6 - Impairment of Long-liv

Note 6 - Impairment of Long-lived Assets	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Asset Impairment Charges [Text Block]	Note 6 The Company's assessment of long-lived assets, and other identifiable intangibles is based upon factors that market participants would use in accordance with the accounting guidance for the fair value measurement of assets. The Company will continue testing for potential impairment at least annually or as otherwise required by applicable accounting standards. There was no three nine October 31, 2018 2017 Goodwill. October 31, 2018 January 31, 2018 January 31, 2018 Foreign exchange change effect October 31, 2018 Goodwill $ 2,423 $ (154 ) $ 2,269 The Company performs an impairment assessment of goodwill annually as of January 31, no three nine October 31, 2018 2017

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 7 At October 31, 2018 one may • 2017 June 13, 2017, June 2017 ( "2017 The Company has prior incentive plans under which previously granted awards remain outstanding, but under which no may October 31, 2018 921,314 2017 While the 2017 422 2017 2017 The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors. The following is the stock-based compensation expense: Three Months Ended October 31, Nine Months Ended October 31, 2018 2017 2018 2017 Stock-based compensation expense $ 5 $ 21 $ 28 $ 80 Restricted stock-based compensation expense 283 294 971 938 Total stock-based compensation expense $ 288 $ 315 $ 999 $ 1,018 Stock Options The following tables summarize the Company's stock option activity: Option activity No. of Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 31, 2018 358 9.44 4.0 $ 482 Exercised (37 ) 6.88 86 Expired or forfeited (54 ) 17.08 Outstanding end of period 267 8.42 3.6 408 Exercisable end of period 257 $ 8.49 3.5 $ 384 Unvested option activity No. of Shares Underlying Options Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 31, 2018 31 $ 8.24 $ 50 Vested (14 ) Expired or forfeited (6 ) Outstanding end of period 11 $ 7.00 $ 23 As of October 31, 2018 0.1 1.4 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 (unvested) at January 31, 2018 360 $ 9.05 $ 3,254 Granted 148 9.76 Vested and issued (89 ) Forfeited (69 ) 7.27 Outstanding (unvested) end of period 350 9.14 $ 3,199 As of October 31, 2018 1.3 2.4 As a result of certain events that occurred during second 2018, $0.7

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 8 Three Months Ended October 31, Nine Months Ended October 31, 2018 2017 2018 2017 Basic weighted average common shares outstanding 7,877 7,714 7,806 7,668 Dilutive effect of equity compensation plans — — — — Weighted average common shares outstanding assuming full dilution 7,877 7,714 7,806 7,668 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 176 143 176 143 Stock options with an exercise price below the average market price 90 226 90 226

Note 9 - Debt

Note 9 - Debt	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 9 Debt totaled $ 21.6 October 31, 2018 5.8 January 31, 2018. Revolving lines North America . September 20, 2018, three $18 $15 September 24, 2014, The Company initially used borrowings under the new Senior Credit Facility to pay off outstanding amounts under the Prior Credit Agreement (which totaled approximately USD $3,773,823 4,794,528 $154,500 0.375% Subject to certain exceptions, borrowings under the Senior Credit Facility are secured by substantially all of the assets of the Company and certain of its North American subsidiaries. The North American Loan Parties’ obligations under the Senior Credit Facility are guaranteed by Perma-Pipe Canada, Inc. The Senior Credit Facility will mature on September 20, 2021. $3 The Senior Credit Facility also contains financial covenants requiring (i) the North America Loan Parties to achieve consolidated net income (excluding the financial performance of the Company’s foreign subsidiaries not $1,807,000 August 1, 2018 October 31, 2018; ( $2,462,000 August 1, 2018 January 31, 2019; ( not not 1.10 1.00 nine April 30, 2019 July 31, 2019 four not not 1.10 1.00 nine October 31, 2018 January 31, 2019 four October 31, 2018 The Senior Credit Facility contains customary events of default. If an event of default occurs and is continuing, then PNC may 2.00% As of October 31, 2018, $13.7 7.75% 5.78%, 6.45%, $2.9 Revolving lines foreign . October 31, 2018 October 31, 2018 s 3.5% te of 4.5% October 31, 2018 6.11% 6.14%, 6.14%, $9.1 October 31, 2018 $6.6 October 31, 2018 $0.5 al $2.1 October 31, 2018 January 31, 2018, Mortgages. July 28, 2016, 8.0 $6.1 December 23, 2042. t 6.1%, 37 $28 27 $20 January 2018. On June 19, 2012, $1.8 4.5% $13 July 1, 2027. June 19, 2022, not 2.0% 18.0% 4.5%. Capital Leases. 2017, three 1.1 $0.8 4.0% 7.8% $0.1 April 30, 2021 September 29, 2022.

Note 10 - Restricted Cash

Note 10 - Restricted Cash	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	Note 10 Restricted cash held by foreign subsidiaries was $ 1.0 October 31, 2018 $1.2 January 31, 2018. October 31, 2018 $1.5 Nine Months Ended October 31, 2018 2017 Cash and cash equivalents $ 9,582 $ 8,373 Restricted cash 2,536 898 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,118 $ 9,271

Note 11 - Fair Value

Note 11 - Fair Value	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 11 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.

Note 12 - Recent Accounting Pro

Note 12 - Recent Accounting Pronouncements	9 Months Ended
	Oct. 31, 2018
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Note 12 In June 2018, 718, No. 2018 07 December 15, 2018, not In March 2017, February 1, 2018 not In October 2016, third February 1, 2018. not In February 2016, 2016 02, 842 No. 2016 02 December 15, 2018, In May 2014, No. 2014 09, 606" 2016. February 1, 2018. not 4 The Company evaluated other recent accounting pronouncements and does not

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	9 Months Ended
	Oct. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended October 31, Nine Months Ended October 31, 2018 2017 2018 2017 Sales % to Total Sales % to Total Sales % to Total Sales % to Total Products $ 4,440 14 % $ 2,504 9 % $ 9,447 10 % $ 5,830 7 % Specialty Piping Systems and Coating Revenue recognized under input method 11,869 36 % 10,986 40 % 32,778 35 % 34,240 44 % Revenue recognized under output method 16,497 50 % 14,008 51 % 51,795 55 % 37,781 49 % Total $ 32,806 100 % $ 27,498 100 % $ 94,020 100 % $ 77,851 100 %
Contract with Customer, Asset and Liability [Table Text Block]	Contract Assets Balance January 31, 2018 $ 1,502 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,085 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 1,417 Closing Balance at April 30, 2018 $ 1,834 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,395 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 1,575 Closing Balance at July 31, 2018 $ 2,014 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,917 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 2,260 Closing Balance at October 31, 2018 $ 2,357 Contract Liabilities Balance January 31, 2018 $ 1,967 Revenue recognized during the period for uncompleted contracts from the prior period (1,810 ) New contracts entered into that are uncompleted at the end of the current period 413 Closing Balance at April 30, 2018 $ 570 Revenue recognized during the period for uncompleted contracts from the prior period (422 ) New contracts entered into that are uncompleted at the end of the current period 398 Closing Balance at July 31, 2018 $ 546 Revenue recognized during the period for uncompleted contracts from the prior period (497 ) New contracts entered into that are uncompleted at the end of the current period 1,550 Closing Balance at October 31, 2018 $ 1,599

Note 6 - Impairment of Long-l_2

Note 6 - Impairment of Long-lived Assets (Tables)	9 Months Ended
	Oct. 31, 2018
Notes Tables
Schedule of Goodwill [Table Text Block]	January 31, 2018 Foreign exchange change effect October 31, 2018 Goodwill $ 2,423 $ (154 ) $ 2,269

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	9 Months Ended
	Oct. 31, 2018
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended October 31, Nine Months Ended October 31, 2018 2017 2018 2017 Stock-based compensation expense $ 5 $ 21 $ 28 $ 80 Restricted stock-based compensation expense 283 294 971 938 Total stock-based compensation expense $ 288 $ 315 $ 999 $ 1,018
Share-based Compensation, Stock Options, Activity [Table Text Block]	Option activity No. of Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 31, 2018 358 9.44 4.0 $ 482 Exercised (37 ) 6.88 86 Expired or forfeited (54 ) 17.08 Outstanding end of period 267 8.42 3.6 408 Exercisable end of period 257 $ 8.49 3.5 $ 384
Schedule of Nonvested Share Activity [Table Text Block]	Unvested option activity No. of Shares Underlying Options Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 31, 2018 31 $ 8.24 $ 50 Vested (14 ) Expired or forfeited (6 ) Outstanding end of period 11 $ 7.00 $ 23
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 (unvested) at January 31, 2018 360 $ 9.05 $ 3,254 Granted 148 9.76 Vested and issued (89 ) Forfeited (69 ) 7.27 Outstanding (unvested) end of period 350 9.14 $ 3,199

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	9 Months Ended
	Oct. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended October 31, Nine Months Ended October 31, 2018 2017 2018 2017 Basic weighted average common shares outstanding 7,877 7,714 7,806 7,668 Dilutive effect of equity compensation plans — — — — Weighted average common shares outstanding assuming full dilution 7,877 7,714 7,806 7,668 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 176 143 176 143 Stock options with an exercise price below the average market price 90 226 90 226

Note 10 - Restricted Cash (Tabl

Note 10 - Restricted Cash (Tables)	9 Months Ended
	Oct. 31, 2018
Notes Tables
Restrictions on Cash and Cash Equivalents [Table Text Block]	Nine Months Ended October 31, 2018 2017 Cash and cash equivalents $ 9,582 $ 8,373 Restricted cash 2,536 898 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,118 $ 9,271

Note 2 - Business Segment Rep_2

Note 2 - Business Segment Reporting (Details Textual)	9 Months Ended
	Oct. 31, 2018
Number of Reportable Segments	1

Note 3 - Accounts Receivable (D

Note 3 - Accounts Receivable (Details Textual) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2018USD ($)	Oct. 31, 2018USD ($)	Oct. 31, 2017	Oct. 31, 2018USD ($)	Oct. 31, 2017	Jan. 31, 2018USD ($)
Accounts Receivable, Outstanding for Several Years		$ 4,900		$ 4,900		$ 5,400
Contract Receivable Retainage, Total		3,700		3,700
Proceeds from Collection of Accounts Receivable Outstanding for Several Years				500
Allowance for Doubtful Accounts Receivable Outstanding for Several Years		$ 0		$ 0
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Number of Major Customers		0	0	0	0
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number of Major Customers				1		3
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Concentration Risk, Percentage				18.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member]
Concentration Risk, Percentage						35.00%
Subsequent Event [Member]
Accounts Receivable, Outstanding for Several Years	$ 4,800
Proceeds from Collection of Accounts Receivable Outstanding for Several Years	$ 100
Other Noncurrent Assets [Member]
Contract Receivable Retainage, Total		$ 3,200		$ 3,200

Note 4 - Revenue Recognition (D

Note 4 - Revenue Recognition (Details Textual)	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Percent of Revenue from Contract With Customer, Including Assessed Tax	100.00%	100.00%	100.00%	100.00%
Costs Incurred for Uncompleted Contracts, Anticipated Collection Period			1 year
Specialty Piping Systems And Coating [Member]
Percent of Revenue from Contract With Customer, Including Assessed Tax			90.00%

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Sales by product	$ 32,806	$ 27,498	$ 94,020	$ 77,851
Sales by product (percent of total)	100.00%	100.00%	100.00%	100.00%
Product [Member] | Transferred at Point in Time [Member]
Sales by product	$ 4,440	$ 2,504	$ 9,447	$ 5,830
Sales by product (percent of total)	14.00%	9.00%	10.00%	7.00%
Specialty Piping Systems And Coating [Member]
Sales by product (percent of total)			90.00%
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Input Method [Member]
Sales by product	$ 11,869	$ 10,986	$ 32,778	$ 34,240
Sales by product (percent of total)	36.00%	40.00%	35.00%	44.00%
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Output Method [Member]
Sales by product	$ 16,497	$ 14,008	$ 51,795	$ 37,781
Sales by product (percent of total)	50.00%	51.00%	55.00%	49.00%

Note 4 - Revenue Recognition _2

Note 4 - Revenue Recognition - Contract With Customer, Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018
Beginning balance	$ 2,014	$ 1,834	$ 1,502
Costs and gross profit recognized during the period for uncompleted contracts from the prior period	(1,917)	(1,395)	(1,085)
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period	2,260	1,575	1,417
Closing balance	2,357	2,014	1,834
Beginning balance	546	570	1,967
Revenue recognized during the period for uncompleted contracts from the prior period	(497)	(422)	(1,810)
New contracts entered into that are uncompleted at the end of the current period	1,550	398	413
Closing balance	$ 1,599	$ 546	$ 570

Note 5 -Income Taxes (Details T

Note 5 -Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Effective Income Tax Rate Reconciliation, Percent, Total	116.00%	32.50%	122.166%	2.80%
Income Tax Expense (Benefit), Total	$ 934	$ 808	$ 1,525	$ (241)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	802	$ (2,484)	1	$ (8,720)
Unrecognized Tax Benefits, Ending Balance	$ 100		100
Global Intangible Low-taxed Income (GILTI)			100
Maximum [Member]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total			$ 100

Note 6 - Impairment of Long-l_3

Note 6 - Impairment of Long-lived Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Impairment of Long-Lived Assets Held-for-use	$ 0	$ 0	$ 0	$ 0
Goodwill, Impairment Loss	$ 0	$ 0	$ 0	$ 0

Note 6 - Impairment of Long-l_4

Note 6 - Impairment of Long-lived Assets - Goodwill (Details) $ in Thousands	9 Months Ended
	Oct. 31, 2018USD ($)
Goodwill	$ 2,423
Goodwill, foreign exchange change effect	(154)
Goodwill	$ 2,269

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation (Details Textual) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 31, 2018USD ($)	Oct. 31, 2018USD ($)shares
Number of Incentive Stock Plans Under Which New Awards May Be Granted		1
Common Stock, Capital Shares Reserved for Future Issuance | shares		921,314
Director [Member]
Deferred Stock Compensation Arrangements, Classified from a Liability to Additional Paid In Capital	$ 0.7
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 146 days
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 1.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 146 days

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Stock-based compensation expense	$ 288	$ 315	$ 999	$ 1,018
Employee Stock Option [Member]
Stock-based compensation expense	5	21	28	80
Restricted Stock [Member]
Stock-based compensation expense	$ 283	$ 294	$ 971	$ 938

Note 7 - Stock-based Compensa_5

Note 7 - Stock-based Compensation - Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Oct. 31, 2018	Jan. 31, 2018
Outstanding at beginning of year (in shares)	358
Outstanding at beginning of year, weighted average exercise price (in dollars per share)	$ 9.44
Outstanding, weighted average remaining contractual term (Year)	3 years 219 days	4 years
Outstanding at beginning of year, aggregate intrinsic value	$ 408	$ 482
Exercised (in shares)	(37)
Exercised, weighted average exercise price (in dollars per share)	$ 6.88
Exercised, aggregate intrinsic value	$ 86
Expired or forfeited (in shares)	(54)
Expired or forfeited, weighted average exercise price (in dollars per share)	$ 17.08
Outstanding at end of period (in shares)	267	358
Outstanding at end of period, weighted average exercise price (in dollars per share)	$ 8.42	$ 9.44
Exercisable end of period (in shares)	257
Exercisable end of period, weighted average exercise price (in dollars per share)	$ 8.49
Exercisable end of period, weighted average remaining contractual term (Year)	3 years 182 days
Exercisable end of period, aggregate intrinsic value	$ 384

Note 7 - Stock-based Compensa_6

Note 7 - Stock-based Compensation - Unvested Option Activity (Details) - Unvested Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Oct. 31, 2018	Jan. 31, 2018
Outstanding at beginning of year (in shares)	31
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 7	$ 8.24
Outstanding at beginning of year, aggregate intrinsic value	$ 23	$ 50
Vested, number (in shares)	(14)
Expired or forfeited (in shares)	(6)
Outstanding at end of period (in shares)	11

Note 7 - Stock-based Compensa_7

Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Oct. 31, 2018	Jan. 31, 2018
Outstanding (unvested) at beginning of year (in shares)	360
Outstanding (unvested) at beginning of year, weighted average grant price per share (in dollars per share)	$ 9.14	$ 9.05
Outstanding (unvested) at beginning of year, aggregate intrinsic value	$ 3,199	$ 3,254
Granted (in shares)	148
Granted, weighted average grant price per share (in dollars per share)	$ 9.76
Vested and issued (in shares)	(89)
Forfeited (in shares)	(69)
Forfeited, weighted average grant price per share (in dollars per share)	$ 7.27
Outstanding (unvested) at end of period (in shares)	350

Note 8 - Earnings Per Share - S

Note 8 - Earnings Per Share - Summary of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Basic weighted average common shares outstanding (in shares)	7,877	7,714	7,806	7,668
Dilutive effect of equity compensation plans (in shares)
Weighted average common shares outstanding assuming full dilution (in shares)	7,877	7,714	7,806	7,668
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 (in shares)	176	143	176	143
Idaho [Member]
Stock options with an exercise price below the average market price (in shares)	90	226	90	226

Note 9 - Debt (Details Textual)

Note 9 - Debt (Details Textual)	Jul. 28, 2016USD ($)	Jul. 28, 2016CAD ($)	Jun. 19, 2012USD ($)	Oct. 31, 2018USD ($)	Oct. 31, 2018CAD ($)	Oct. 31, 2018USD ($)	Oct. 31, 2017USD ($)	Jan. 31, 2018USD ($)	Sep. 19, 2018USD ($)	Jan. 31, 2018CAD ($)
Debt and Capital Lease Obligations, Total				$ 21,600,000		$ 21,600,000
Debt Instrument, Increase (Decrease), Net, Total						5,800,000
Repayments of Lines of Credit						35,152,000	$ 26,055,000
Line of Credit, Current				$ 13,662,000		13,662,000		$ 7,273,000
Canadian Mortgage Note [Member]
Proceeds from Issuance of Debt	$ 6,100,000	$ 8,000,000
Debt Instrument, Maturity Date	Dec. 23, 2042	Dec. 23, 2042
Debt Instrument, Interest Rate, Effective Percentage	6.10%	6.10%
Debt Instrument, Periodic Payment, Interest	$ 28,000	$ 37,000
Debt Instrument, Periodic Payment, Principal	$ 20,000	$ 27,000
Mortgage Note Secured by Tennessee Manufacturing Facility [Member]
Debt Instrument, Interest Rate, Stated Percentage			4.50%
Debt Instrument, Maturity Date			Jul. 1, 2027
Debt Instrument, Issuance Date			Jun. 19, 2012
Proceeds from Issuance of Secured Debt			$ 1,800,000
Debt Instrument, Periodic Payment, Total			$ 13,000
Debt Instrument, Adjustable Interest Rate Period, Commencement Date			Jun. 19, 2022
Debt Instrument, Interest Rate, Maximum Annual Increase			2.00%
Debt Instrument, Adjustable Interest Rate, Ceiling			18.00%
Debt Instrument, Adjustable Interest Rate, Floor			4.50%
Three 2017 Capital Leases [Member]
Debt Instrument, Periodic Payment, Total								100,000
Capital Lease Obligations, Total								$ 800,000		$ 1,100,000
Debt Instrument, Maturity Date Range, Start								Apr. 30, 2021
Debt Instrument, Maturity Date Range, End								Sep. 29, 2022
Maximum [Member] | Three 2017 Capital Leases [Member]
Debt Instrument, Interest Rate, Stated Percentage								7.80%		7.80%
Minimum [Member] | Three 2017 Capital Leases [Member]
Debt Instrument, Interest Rate, Stated Percentage								4.00%		4.00%
Revolving Lines, North America [Member]
Debt Instrument, Term				3 years	3 years
Line of Credit Facility, Maximum Borrowing Capacity				$ 18,000,000		18,000,000			$ 15,000,000
Repayments of Lines of Credit				$ 3,773,823	$ 4,794,528
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.375%	0.375%
Line of Credit Facility, Capital Expenditures Restrictions				$ 3,000,000		3,000,000
Line of Credit Facility, Covenant Terms, EBITDA, Term One				1,807,000		1,807,000
Line of Credit Facility, Covenant Terms, EBITDA, Term Two				$ 2,462,000		$ 2,462,000
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term One				1.1		1.1
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term Two				1.1		1.1
Debt Instrument, Default Rate				2.00%		2.00%
Line of Credit, Current				$ 13,700,000		$ 13,700,000
Debt, Weighted Average Interest Rate				6.45%		6.45%
Line of Credit Facility, Current Borrowing Capacity				$ 2,900,000		$ 2,900,000
Line of Credit Facility, Expiration Date				Sep. 20, 2021	Sep. 20, 2021
Revolving Lines, North America [Member] | Maximum [Member]
Line of Credit Facility, Interest Rate at Period End				7.75%		7.75%
Revolving Lines, North America [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate at Period End				5.78%		5.78%
Letter of Credit [Member]
Repayments of Lines of Credit				$ 154,500
Foreign Revolving Lines [Member]
Line of Credit Facility, Maximum Borrowing Capacity				9,100,000		$ 9,100,000
Line of Credit, Current				$ 500,000		$ 500,000
Debt, Weighted Average Interest Rate				6.14%		6.14%
Letters of Credit Outstanding, Amount				$ 6,600,000		$ 6,600,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 2,100,000		$ 2,100,000
Foreign Revolving Lines [Member] | EIBOR [Member]
Debt Instrument, Basis Spread on Variable Rate						3.50%
Foreign Revolving Lines [Member] | Maximum [Member]
Line of Credit Facility, Interest Rate at Period End				6.14%		6.14%
Foreign Revolving Lines [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate at Period End				6.11%		6.11%
Debt Instrument, Interest Rate, Stated Percentage				4.50%		4.50%

Note 10 - Restricted Cash (Deta

Note 10 - Restricted Cash (Details Textual) - USD ($) $ in Thousands	Oct. 31, 2018	Jan. 31, 2018	Oct. 31, 2017
Restricted Cash, Current	$ 2,536	$ 1,237	$ 898
Non-US [Member]
Restricted Cash, Current	1,000	$ 1,200
UNITED STATES
Restricted Cash, Current	$ 1,500

Note 10 - Restricted Cash - Sum

Note 10 - Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Jan. 31, 2018	Oct. 31, 2017
Cash and cash equivalents	$ 9,582	$ 7,084	$ 8,373
Restricted Cash, Current	2,536	$ 1,237	898
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 12,118		$ 9,271