Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2020 | Apr. 01, 2020 | Jul. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Perma-Pipe International Holdings, Inc. | ||
Entity Central Index Key | 0000914122 | ||
Trading Symbol | ppih | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,048,006 | ||
Entity Public Float | $ 68,950,155 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 31, 2020 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $.01 par value per share |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Net sales | $ 127,663 | $ 128,965 |
Cost of Sales | 98,617 | 105,647 |
Gross profit | 29,046 | 23,318 |
Operating expenses: | ||
General and administrative expense | 17,875 | 15,357 |
Selling expense | 5,231 | 5,239 |
Total operating expenses | 23,106 | 20,596 |
Income from operations | 5,940 | 2,722 |
Interest expense, net | 905 | 1,122 |
Income from operations before income taxes | 5,035 | 1,600 |
Income tax expense | 1,459 | 2,150 |
Net income/(loss) | $ 3,576 | $ (550) |
Weighted average common shares outstanding | ||
Basic weighted average number of common shares outstanding (in shares) | 7,989 | 7,812 |
Diluted (in shares) | 8,284 | 7,812 |
Income/(loss) per share | ||
Basic (in dollars per share) | $ 0.45 | $ (0.07) |
Diluted (in dollars per share) | $ 0.43 | $ (0.07) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Net income/(loss) | $ 3,576 | $ (550) |
Other comprehensive loss | ||
Currency translation adjustments, net of tax | (441) | (1,073) |
Minimum pension liability adjustment, net of tax | (439) | (341) |
Other comprehensive loss | (880) | (1,414) |
Comprehensive income/(loss) | $ 2,696 | $ (1,964) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 13,371 | $ 10,156 |
Restricted cash | 1,287 | 2,581 |
Trade accounts receivable, less allowance for doubtful accounts of $407 on January 31, 2020 and $536 on January 31, 2019 | 29,402 | 32,508 |
Inventories | 14,498 | 12,289 |
Prepaid expenses and other current assets | 3,531 | 3,773 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,166 | 1,653 |
Total current assets | 64,255 | 62,960 |
Property, plant and equipment, net of accumulated depreciation | 28,629 | 30,398 |
Other assets | ||
Operating lease right-of-use asset | 11,475 | |
Deferred tax assets | 293 | 458 |
Goodwill | 2,254 | 2,269 |
Other assets | 5,319 | 6,120 |
Total other assets | 19,341 | 8,847 |
Total assets | 112,225 | 102,205 |
Current liabilities | ||
Trade accounts payable | 9,577 | 12,006 |
Commissions and management incentives payable | 1,759 | 1,866 |
Accrued compensation and payroll taxes | 1,190 | 1,544 |
Revolving line - North America | 8,577 | 8,890 |
Current maturities of long-term debt | 1,458 | 640 |
Customers' deposits | 2,202 | 3,708 |
Outside commission liability | 1,755 | 1,743 |
Operating lease liability short-term | 1,040 | |
Other accrued liabilities | 3,444 | 3,856 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,173 | 1,569 |
Income tax payable | 664 | 1,266 |
Total current liabilities | 32,839 | 37,088 |
Long-term liabilities | ||
Long-term debt, less current maturities | 6,717 | 6,751 |
Deferred compensation liabilities | 4,199 | 3,883 |
Deferred tax liabilities | 1,052 | 1,435 |
Operating lease liability long-term | 11,214 | |
Other long-term liabilities | 575 | 1,347 |
Total long-term liabilities | 23,757 | 13,416 |
Stockholders' equity | ||
Common stock, $.01 par value, authorized 50,000 shares; 8,048 issued and outstanding January 31, 2020 and 7,854 issued and outstanding January 31, 2019 | 80 | 79 |
Additional paid-in capital | 60,024 | 58,793 |
Accumulated deficit | (715) | (4,291) |
Accumulated other comprehensive loss | (3,760) | (2,880) |
Total stockholders' equity | 55,629 | 51,701 |
Total liabilities and stockholders' equity | $ 112,225 | $ 102,205 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Allowance for doubtful accounts receivable | $ 407 | $ 536 |
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) | 8,048 | 7,854 |
Common stock, outstanding (in shares) | 8,048 | 7,854 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Previously Reported [Member]Common Stock [Member] | Previously Reported [Member]Additional Paid-in Capital [Member] | Previously Reported [Member]Treasury Stock [Member] | Previously Reported [Member]Retained Earnings [Member] | Previously Reported [Member]AOCI Attributable to Parent [Member] | Previously Reported [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]Common Stock [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]Additional Paid-in Capital [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]Treasury Stock [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]Retained Earnings [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]AOCI Attributable to Parent [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Total stockholders' equity at Jan. 31, 2018 | $ 77 | $ 56,304 | $ (3,103) | $ (1,466) | $ 51,812 | $ (638) | $ (638) | $ 77 | $ 56,304 | $ (3,741) | $ (1,466) | $ 51,174 | ||||||
Net loss | (529) | (550) | (550) | |||||||||||||||
Common stock issued under stock plans, net of shares used for tax withholding | 2 | 1,324 | 1,326 | |||||||||||||||
Stock-based compensation expense | 1,165 | 1,165 | ||||||||||||||||
Pension liability adjustment | (341) | (341) | ||||||||||||||||
Foreign currency translation adjustment | (1,170) | (1,170) | ||||||||||||||||
Tax expense on above items | 97 | 97 | ||||||||||||||||
Total stockholders' equity at Jan. 31, 2019 | $ 52,360 | $ 79 | 58,793 | (4,291) | (2,880) | 51,701 | ||||||||||||
Balance beginning of year (in shares) at Jan. 31, 2018 | 7,716,542 | |||||||||||||||||
Shares issued (in shares) | 137,780 | |||||||||||||||||
Balance end of year (in shares) at Jan. 31, 2019 | 7,854,322 | |||||||||||||||||
Net loss | 3,576 | 3,576 | ||||||||||||||||
Common stock issued under stock plans, net of shares used for tax withholding | 1 | 220 | 221 | |||||||||||||||
Stock-based compensation expense | 1,011 | 1,011 | ||||||||||||||||
Pension liability adjustment | (439) | (439) | ||||||||||||||||
Foreign currency translation adjustment | (441) | (441) | ||||||||||||||||
Tax expense on above items | ||||||||||||||||||
Total stockholders' equity at Jan. 31, 2020 | $ 80 | $ 60,024 | $ (715) | $ (3,760) | $ 55,629 | |||||||||||||
Shares issued (in shares) | 193,684 | |||||||||||||||||
Balance end of year (in shares) at Jan. 31, 2020 | 8,048,006 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Operating activities | ||
Net income/(loss) | $ 3,576 | $ (550) |
Adjustments to reconcile net income/(loss) to net cash flows provided by operating activities | ||
Depreciation and amortization | 4,437 | 4,575 |
Deferred tax (benefit)/expense | (211) | 211 |
Stock-based compensation expense | 1,011 | 1,165 |
Provision on uncollectible accounts | 101 | 71 |
Loss on disposal of fixed assets | 318 | 46 |
Changes in operating assets and liabilities | ||
Accounts payable | (2,609) | (3,576) |
Accrued compensation and payroll taxes | (576) | 1,226 |
Inventories | (2,225) | 4,360 |
Customers' deposits | (1,507) | (1,517) |
Income taxes receivable and payable | (668) | 35 |
Prepaid expenses and other current assets | 1,749 | (700) |
Accounts receivable | 1,749 | (354) |
Costs and estimated earnings in excess of billings on uncompleted contracts | (910) | (547) |
Other assets and liabilities | (143) | 529 |
Net cash provided by operating activities | 4,090 | 4,978 |
Investing activities | ||
Capital expenditures | (1,902) | (1,361) |
Net cash used in investing activities | (1,902) | (1,361) |
Financing activities | ||
Proceeds from revolving lines | 73,225 | 64,736 |
Payments of debt on revolving lines | (72,973) | (62,759) |
Debt issuance costs | (946) | |
Payments of other debt | (358) | (350) |
Increase (decrease) in drafts payable | (129) | 192 |
Payments on finance lease obligations | (287) | (250) |
Stock options exercised and taxes paid related to restricted shares vested | 221 | 511 |
Net cash (used in)/provided by financing activities | (301) | 1,134 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 34 | (335) |
Net increase in cash, cash equivalents and restricted cash | 1,921 | 4,416 |
Cash, cash equivalents and restricted cash - beginning of period | 12,737 | 8,321 |
Cash, cash equivalents and restricted cash - end of period | 14,658 | 12,737 |
Supplemental cash flow information | ||
Interest paid | 902 | 1,298 |
Income taxes paid | 2,107 | 1,731 |
Fixed assets acquired under finance leases - non-cash | $ 848 |
Note 1 - Business Information
Note 1 - Business Information | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Perma-Pipe International Holdings, Inc. October 12, 1993. one Fiscal year. January 31. 2019 2018 January 31, 2020 2019 Nature of business. may Geographic information. 55.4% 2019 61.0% 2018 (In thousands) 2019 2018 Net sales United States $ 56,702 $ 50,319 Canada 22,203 34,789 Middle East 26,505 35,117 Europe 17,462 1,029 India 4,180 3,755 Other 611 3,956 Total net sales $ 127,663 $ 128,965 Property, plant and equipment, net of accumulated depreciation United States $ 9,063 $ 10,279 Canada 11,554 11,862 Middle East 7,815 8,103 India 197 154 Total $ 28,629 $ 30,398 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Use of estimates. Revenue recognition. 2019 2018 No. 2014 19, 606” 5 • Percentage of completion revenue recognition. may Shipping and handling. Sales tax. Operating cycle. one one Consolidation. Translation of foreign currency. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders' equity as part of accumulated other comprehensive income (loss). The aggregated foreign exchange transaction gain recognized in the income statement was $0.4 2019 $0.1 2018 Contingencies. not Cash and cash equivalents. three $13.4 $10.2 January 31, 2020 2019 January 31, 2020 $0.3 $13.1 January 31, 2019 $0.1 $10.1 Accounts payable included drafts payable of $0.1 $0.2 January 31, 2020 2019 Restricted cash. There was no January 31, 2020 . Restricted cash held in the U.S. on January 31, 2019 $1.5 $1.3 $1 .1 January 31, 2020 2019 (In thousands) 2019 2018 Cash and cash equivalents $ 13,371 $ 10,156 Restricted cash 1,287 2,581 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 14,658 $ 12,737 Accounts receivable. not 30 may One of the Company’s accounts receivable in the total amount of $4.7 January 31, 2019 $3.6 $2.1 $3.5 January 31, 2020 January 31, 2019 2015, 2019 0.5 4.1 January 31, 2020 January 31, 2020 $0.5 not January 31, 2020 not 2020 may For the year ended January 31, 2020 one 11.5% January 31, 2019 , no one 10% As of January 31, 2020 2019, one 13.3% three 42.0% Concentration of credit risk. not The Company has a broad customer base doing business in all regions of the U.S. as well as other areas in the world. Accumulated other comprehensive loss. (In thousands) 2019 2018 Equity adjustment foreign currency, gross $ (1,879 ) $ (1,438 ) Minimum pension liability, gross (2,087 ) (1,648 ) Subtotal excluding tax effect (3,966 ) (3,086 ) Tax effect of equity adjustment foreign currency 91 91 Tax effect of minimum pension liability 115 115 Total accumulated other comprehensive loss $ (3,760 ) $ (2,880 ) Inventories. first first (In thousands) 2019 2018 Raw materials $ 13,859 $ 11,962 Work in process 592 488 Finished goods 798 731 Subtotal 15,249 13,181 Less allowance 751 892 Inventories $ 14,498 $ 12,289 Long-lived assets. may not Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three 30 $4.4 2019 $4.5 2018 (In thousands) 2019 2018 Land, buildings and improvements $ 22,328 $ 22,327 Machinery and equipment 47,409 47,168 Furniture, office equipment and computer systems 4,317 4,335 Transportation equipment 3,762 3,311 Subtotal 77,816 77,141 Less accumulated depreciation 49,187 46,743 Property, plant and equipment, net of accumulated depreciation $ 28,629 $ 30,398 Impairment of long-lived assets. may not 2019 2018 no January 31, 2019 no 2019, no January 31, 2020 Goodwill. January 31, 2020 2019 Foreign exchange (In thousands) January 31, 2019 change effect January 31, 2020 Goodwill $ 2,269 $ (15 ) $ 2,254 The Company performs an impairment assessment of goodwill annually as of January 31, no 2019 2018 Other intangible assets with definite lives. not $2.7 $2.6 January 31, 2020 2019 $2.5 January 31, 2020 2019 five January 31 $0.1 2020 2024 $0.1 4.3 Research and development . $0.3 $0.2 2019 2018 Income taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50% 8 Net income/(loss) per common share. 2019 2018. 2019, 2018 Basic weighted average number of common shares outstanding (in thousands) 2019 2018 Basic weighted average number of common shares outstanding 7,989 7,812 Dilutive effect of stock options and restricted stock units 295 — Weighted average number of common shares outstanding assuming full dilution 8,284 7,812 Restricted Stock and Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 61 82 Canceled options during the year (33 ) (63 ) Restricted Stock and Stock options with an exercise price below the average stock price 295 136 Equity-based compensation. Segments. one Fair value of financial instruments . Recent accounting pronouncements February 2016, 2016 02, Leases 842 No. 2016 02 December 15, 2018, $10.7 $11.0 February 1, 2019. not 840. In June 2016, No. 2016 13, Financial Instruments-Credit Losses 326 not December 15, 2019, December 15, 2022. In February 2018, 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income not 2018 02 February 1, 2019 not The Company evaluated other recent accounting pronouncements and does not |
Note 3 - Correction of Immateri
Note 3 - Correction of Immaterial Errors | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | Note 3 In the fourth 2019, February 1, 2018 January 31, 2020 $0.6 February 1, 2018 $0.6 January 31, 2019 $0.1 Pursuant to the guidance of Staff Accounting Bulletin ("SAB") No. 99, Materiality, not No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements A reconciliation of the effects of the adjustments to the previously reported balance sheet at January 31, 2019 (In thousands) As Reported Adjustment Revised Other long-term liabilities $ 688 $ 659 $ 1,347 Total long-term liabilities 12,757 659 13,416 Accumulated deficit (3,632 ) (659 ) (4,291 ) Total stockholders' equity 52,360 (659 ) 51,701 A reconciliation of the effects of the adjustments to the previously reported statement of operations for the year ended January 31, 2019 (In thousands) As Reported Adjustment Revised Cost of Sales $ 105,626 $ 21 $ 105,647 Gross profit 23,339 (21 ) 23,318 Income from operations 2,743 (21 ) 2,722 Income from operations before income taxes 1,621 (21 ) 1,600 Net loss (529 ) (21 ) (550 ) A reconciliation of the effects of the adjustments to the previously reported statement of comprehensive loss for the year ended January 31, 2019 (In thousands) As Reported Adjustment Revised Net loss $ (529 ) $ (21 ) $ (550 ) Comprehensive loss (1,943 ) (21 ) (1,964 ) A reconciliation of the effects of the adjustments to the previously reported statement of cash flows for the year ended January 31, 2019 (In thousands) As Reported Adjustment Revised Net loss $ (529 ) $ (21 ) $ (550 ) Other assets and liabilities 508 21 529 A reconciliation of the effects of the adjustments to the previously reported statement of stockholders' equity for the year ended January 31, 2019 (In thousands) As Reported Adjustment Revised Net loss $ (529 ) $ (21 ) $ (550 ) Accumulated deficit (3,632 ) (659 ) (4,291 ) Stockholders' equity 52,360 (659 ) 51,701 A reconciliation of the effects of the adjustments to the previously reported statement of stockholders' equity for the year ended January 31, 2018 (In thousands) As Reported Adjustment Revised Accumulated deficit $ (3,103 ) $ (638 ) $ (3,741 ) Stockholders' equity 51,812 (638 ) $ 51,174 |
Note 4 - Retention
Note 4 - Retention | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | Note 4 A retention receivable is a portion of an outstanding receivable balance amount withheld by a customer until a contract is fully completed as specified in the contractual agreement. Retention receivables of $4.0 $1.7 January 31, 2020 2019 $2.3 $4.3 January 31, 2020 2019 2 |
Note 5 - Revenue Recognition
Note 5 - Revenue Recognition | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 5 On February 1, 2018, 606, 606" not not 34 Table of Contents The Company conducted a complete and thorough analysis of each single element of the five 606 no not to make a cumulative adjustment to the opening balances of retained earnings, contract assets or contract liabilities upon its initial application of the new revenue standard. 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 specialty piping systems, insulates subsea flowline pipe, subsea oil production equipment, and land-lines. Additionally, this systems classification also includes coating applied to pipes and structures. 2 Products - which include cables, leak detection products, heat trace products sold under the PermAlert brand name, material/goods not not In accordance with ASC 606 10 25 27 29, 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 Products revenue is recognized when goods are shipped or services are performed (ASC 606 10 25 30 A breakdown of the Company's revenues by revenue class for 2019 2018 2019 2018 Sales % to Total Sales % to Total Products $ 15,991 12 % $ 13,576 11 % Specialty Piping Systems and Coating Revenue recognized under input method 48,415 38 % 40,525 31 % Revenue recognized under output method 63,257 50 % 74,864 58 % Total $ 127,663 100 % $ 128,965 100 % The input method as noted in ASC 606 10 55 20 The output method as noted in ASC 606 10 55 17 may Some of the Company’s operating entities invoice and collect milestones or other contractual obligations prior to the transfer of goods and services, but does not 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. 35 Table of Contents The Company anticipates that substantially all costs incurred for uncompleted contracts as of January 31, 2020 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 January 31, 2020 one Contract Assets Balance January 31, 2018 $ 1,502 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (6,458 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 6,609 Balance January 31, 2019 $ 1,653 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (6,697 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 7,210 Closing Balance at January 31, 2020 $ 2,166 Contract Liabilities Balance January 31, 2018 $ 1,967 Revenue recognized during the period for uncompleted contracts from the prior period (3,222 ) New contracts entered into that are uncompleted at the end of the current period 2,824 Balance January 31, 2019 $ 1,569 Revenue recognized during the period for uncompleted contracts from the prior period (3,276 ) New contracts entered into that are uncompleted at the end of the current period 2,880 Closing Balance at January 31, 2020 $ 1,173 The following table shows the reconciliation of the cost in excess of billings: (In thousands) 2019 2018 Costs incurred on uncompleted contracts $ 15,553 $ 12,348 Estimated earnings 8,641 7,430 Earned revenue 24,194 19,778 Less billings to date 23,201 19,694 Costs in excess of billings, net $ 993 $ 84 Balance sheet classification Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts $ 2,166 $ 1,653 Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts (1,173 ) (1,569 ) Costs in excess of billings, net $ 993 $ 84 Practical expedients: Costs to obtain a contract are not not one As the Company's contracts are less than one 36 Table of Contents |
Note 6 - Debt
Note 6 - Debt | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 (In thousands) 2019 2018 Revolving line - North America $ 8,577 $ 8,890 Mortgage notes 6,568 6,961 Revolving lines - foreign 691 84 Finance lease obligations 1,094 536 Total debt 16,930 16,471 Unamortized debt issuance costs (169 ) (181 ) Less current maturities 10,044 9,539 Total long-term debt $ 6,717 $ 6,751 Current portion of long-term debt $ 10,044 $ 9,539 Unamortized debt issuance costs (9 ) (9 ) Total short-term debt $ 10,035 $ 9,530 The following table summarizes the Company's scheduled maturities on January 31: (In thousands) Total 2021 2022 2023 2024 2025 Thereafter Revolving line - North America $ 8,577 $ 8,577 $ — $ — $ — $ — $ — Mortgages 6,568 360 364 370 376 383 4,715 Revolving lines - foreign 691 691 — — — — — Finance lease obligations 1,094 416 290 247 141 — — Total $ 16,930 $ 10,044 $ 654 $ 617 $ 517 $ 383 $ 4,715 Revolving line - 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 EBITDA of at least $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 January 31, 2020. As of January 31, 2020, $8.6 6.04%, $3.4 Revolving lines - foreign. maintained, including maintaining certain levels of intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends or undertaking of additional debt. In November 2019, 200.0 $12.6 January 31, 2020). certain assets January 31, 2020, January 31, 2020, 3.5% 4.5% 1.5% January 31, 2020, 5.4% 16.3%, 5.9%, $21.6 January 31, 2020, $4.2 January 31, 2020, $0.7 $16.8 January 31, 2020 2019, The Company had a revolving line for 8.0 $2.2 January 31, 2020 ) from a bank in the U.A.E. The loan had an interest rate of approximately 5.4% March 31, 2019. November 2020 The Company has a revolving line for 25.0 $6.8 January 31, 2020 ) from a bank in the U.A.E. The loan had an interest rate of approximately 5.9% July 2019. July 2020 The Company’s credit arrangements used by its Middle Eastern subsidiaries renew on an annual basis. The Company has a revolving line for 200.0 $12.6 January 31, 2020) 16.3% June 2020. The Company guarantees the subsidiaries' debt including all foreign debt. Mortgages. July 28, 2016, 8.0 $6.1 December 23, 2042. 6.05% 37 $28 27 $21 January 2018. On June 19, 2012, $1.8 4.5% $13 July 1, 2027. June 19, 2022, not 2.0% 18.0% 4.5%. |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | Note 7 Effective February 1, 2019, 842, Leases ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the ROU asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the ROU asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of the Company's leases do not In calculating the ROU asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 The Company continues to account for leases in the prior period financial statements under ASC Topic 840. Finance Leases. 2017, three 1.1 $0.8 4.0% 7.8% $0.1 April 2021 September 2022. In 2019, two 1.1 $0.8 8.0% $0.1 August 2023. In August 2016, 0.6 $8 15.6% $1 July 2019. The Company has several significant operating lease agreements, with lease terms of one 14 not not not not one At January 31, 2020, $12.3 $11.5 January 31, 2020, $1.1 $1.2 Supplemental balance sheet information related to leases follows: Operating and Finance leases: January 31, 2020 Finance leases assets: Property and Equipment - gross $ 1,696 Accumulated depreciation and amortization (551 ) Property and Equipment - net $ 1,145 Finance lease liabilities: Finance lease liability short-term $ 417 Finance lease liability long-term 677 Total finance lease liabilities $ 1,094 Operating lease assets: Operating lease ROU assets $ 11,475 Operating lease liabilities: Operating lease liability short-term $ 1,040 Operating lease liability long-term 11,214 Total operating lease liabilities $ 12,254 Total lease costs consist of the following: Lease costs Consolidated Statements of Operations Classification Year Ended January 31, 2020 Finance Lease Costs Amortization of ROU assets Cost of sales $ 208 Interest on lease liabilities Interest expense 58 Operating lease costs Cost of sales, SG&A expenses 2,326 Short-term lease costs (1) Cost of sales, SG&A expenses 425 Sub-lease income SG&A expenses (81 ) Total Lease costs $ 2,936 ( 1 Supplemental cash flow information related to leases is as follows: Year Ended January 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 287 Operating cash flows from finance leases 58 Operating cash flows from operating leases 2,287 Three Months Ended January 31, 2020 ROU Assets obtained in exchange for new lease obligations: Finance leases liabilities $ - Operating leases liabilities 94 Weighted-average lease terms discount rates are as follows: January 31, 2020 Weighted-average remaining lease terms (in years): Finance leases 3.0 Operating leases 8.5 Weighted-average discount rates: Finance leases 7.0 % Operating leases 8.2 % On January 31, 2020, Year: Operating Leases Finance Leases For the year ended January 31, 2021 $ 2,312 $ 487 For the year ended January 31, 2022 2,315 331 For the year ended January 31, 2023 2,180 269 For the year ended January 31, 2024 2,012 145 For the year ended January 31, 2025 1,319 - Thereafter 7,358 - Total lease payments 17,496 1,232 Less: amount representing interest (5,242 ) (138 ) Total lease liabilities at January 31, 2020 $ 12,254 $ 1,094 On January 31, 2019, Year: Operating Leases Capital Leases For the year ended January 31, 2020 $ 2,516 $ 241 For the year ended January 31, 2021 2,193 240 For the year ended January 31, 2022 2,149 82 For the year ended January 31, 2023 2,110 21 For the year ended January 31, 2024 1,979 - Thereafter 8,997 - Subtotal 19,944 584 Less Amount representing interest - (48 ) Future minimum lease payments $ 19,944 $ 536 Rental expense for operating leases was $2.8 $2.6 2019 2018, The Company has several significant operating lease agreements as follows • Office space of approximately 31,650 October 2023. • Five acres of land in Louisiana is leased through March 2022. • Twenty acres of land in Canada leased through December 2022. • Nine acres of land in the Kingdom of Saudi Arabia is leased through April 2030. • Production facilities in the U.A.E. of approximately 80,200 107,600 June 2030. • Office space of approximately 21,500 423,000 July 2032. • Production facilities in the U.A.E. of approximately 78,100 December 2032. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 Income from continuing operations before income taxes (in thousands) 2019 2018 Domestic $ 400 $ (2,331 ) Foreign 4,635 3,931 Total $ 5,035 $ 1,600 Components of income tax expense (in thousands) 2019 2018 Current Federal $ 34 $ 48 Foreign 1,455 1,695 State and other 181 196 Total current income tax expense 1,670 1,939 Deferred Federal — — Foreign (211 ) 211 State and other — — Total deferred income tax expense/(benefit) (211 ) 211 Total income tax expense $ 1,459 $ 2,150 Repatriation of foreign earnings As a result of the provisions from the U.S. Tax Cuts and Jobs Act of 2017 no earnings in the Company's subsidiaries in Canada and Egypt, are not $0.2 2019 U.S. income and foreign withholding taxes have not $26.8 January 31, 2020 $25 $16.1 not $10.7 $2.1 $4.6 $0.9 not not 42 Table of Contents The difference between the provision for income taxes and the amount computed by applying the U.S. Federal statutory rate of 21% (In thousands) 2019 2018 Tax expense at federal statutory rate $ 1,057 $ 340 State expense, net of federal income tax effect 147 145 Deferred balance adjustment (212 ) — Domestic valuation allowance (337 ) (2,612 ) Domestic return to provision (172 ) 2,617 Global Intangible Low Tax Income Inclusion 703 438 Permanent differences other (5 ) 126 Valuation allowance for state NOLs (2 ) 76 Differences in foreign tax rate (79 ) 334 Foreign rate change (63 ) — Deferred tax on unremitted earnings 183 413 Foreign withholding taxes 274 252 All other, net expense (35 ) 21 Total income tax expense $ 1,459 $ 2,150 The Company's worldwide effective tax rates ("ETR") were 29.0% 134.4% 2019 2018 2018 $2.6 2018 one Components of deferred income tax assets (in thousands) 2019 2018 U.S. Federal NOL carryforward $ 7,209 $ 7,480 Deferred compensation 401 382 Research tax credit 2,686 2,703 Foreign NOL carryforward 223 390 Foreign tax credit 2,580 2,305 Stock compensation 429 459 Other accruals not yet deducted 328 349 State NOL carryforward 2,567 2,552 Accrued commissions and incentives 354 643 Inventory valuation allowance 75 112 Other 132 159 Deferred tax assets, gross 16,984 17,534 Valuation allowance (15,937 ) (16,199 ) Total deferred tax assets, net of valuation allowances $ 1,047 $ 1,335 Components of the deferred income tax liability Depreciation $ (1,275 ) $ (1,734 ) Foreign subsidiaries unremitted earnings (470 ) (498 ) Prepaid (61 ) (80 ) Total deferred tax liabilities $ (1,806 ) $ (2,312 ) Deferred tax liability, net $ (759 ) $ (977 ) Balance sheet classification Long-term assets $ 293 $ 458 Long-term liability (1,052 ) (1,435 ) Total deferred tax liabilities, net of valuation allowances $ (759 ) $ (977 ) 43 Table of Contents The Company has a gross U.S. Federal operating loss carryforward of $33.8 January 31, 2031. The deferred tax asset ("DTA") for state net operating loss ("NOL") carryforwards of $2.6 2022 2031. The Company has a DTA foreign NOL carryforward of $0.2 not The Company periodically reviews the adequacy of its valuation allowance in all of the tax jurisdictions in which it operates, evaluates future sources of taxable income and tax planning strategies and may Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the domestic cumulative loss incurred leading up to the period ended January 31, 2013. On the basis of this evaluation, as of December 31, 2013, not not January 31, 2020, not no The Company has a deferred tax asset of $2.6 one ten January 31, 2026. The following table summarizes uncertain tax position ("UTP") activity, excluding the related accrual for interest and penalties: (In thousands) 2019 2018 Balance at beginning of the year $ 1,447 $ 1,301 Increases in positions taken in a prior period (26 ) 9 Increases in positions taken in a current period 132 147 Decreases due to lapse of statute of limitations (8 ) (10 ) Balance at end of the year $ 1,545 $ 1,447 Included in the total UTP liability were estimated accrued interest and penalty of less than $0.1 January 31, 2020 January 31, 2019 January 31, 2020 not twelve January 31, 2020 $0.4 January 31, 2020 The Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Tax years related to January 31, 2017, 2018 2019 January 31, 2002 January 31, 2009 The Company's management periodically estimates the probable tax obligations of the Company using historical experience in tax jurisdictions and informed judgments. There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may may 44 Table of Contents |
Note 9 - Retirement Plans
Note 9 - Retirement Plans | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 9 Pension plan The defined benefit plan that covered the hourly rate employees of a non-operating filtration business unit, previously located in Winchester, Virginia, was frozen on June 30, 2013 third May 15, 2013. no 1974. Asset allocation The pension plan holds no 100% 1 2 three 1 3 three Level 1 Level 2 1 not Level 3 (In thousands) 2019 2018 Level 1 market value of plan assets Equity securities $ 3,139 $ 2,991 U.S. bond market 2,134 2,065 Real estate securities 369 368 Subtotal 5,642 5,424 Level 2 significant other observable inputs Money market fund $ 169 $ 121 Subtotal 169 121 Investments measured at net asset value* $ 739 $ 634 Total $ 6,550 $ 6,179 * Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not On January 31, 2020 , plan assets were held 64% 34% 2% not 60% 30% 10% Investment market conditions in 2019 $0.7 8.0% 7.5%, may not Reconciliation of benefit obligations, plan assets and funded status of plan (in thousands) 2019 2018 Accumulated benefit obligations Vested benefits $ 6,959 $ 6,258 Accumulated benefits $ 6,959 $ 6,258 Change in benefit obligation Benefit obligation - beginning of year $ 6,258 $ 6,658 Interest cost 237 240 Actuarial (gain)/loss 788 (303 ) Benefits paid (324 ) (337 ) Benefit obligation - end of year $ 6,959 $ 6,258 Change in plan assets Fair value of plan assets - beginning of year $ 6,179 $ 6,700 Actual (loss)/gain on plan assets 695 (184 ) Benefits paid (324 ) (337 ) Fair value of plan assets - end of year $ 6,550 $ 6,179 Unfunded status $ (409 ) $ (80 ) Balance sheet classification Prepaid expenses and other current assets $ 325 $ 343 Other assets 1,679 1,568 Deferred compensation liabilities (2,413 ) (1,991 ) Net amount recognized $ (409 ) $ (80 ) Amounts recognized in accumulated other comprehensive loss Unrecognized actuarial loss $ 2,087 $ 1,648 Net amount recognized $ 2,087 $ 1,648 Weighted-average assumptions used to determine net cost and benefit obligations 2019 2018 End of year benefit obligation discount rate 2.80 % 3.90 % Service cost discount rate 3.90 % 3.70 % Expected return on plan assets 7.50 % 8.00 % The discount rate was based on a Citigroup pension discount curve of high quality fixed income investments with cash flows matching the plan's expected benefit payments. The Company determines the expected long-term rate of return on plan assets by performing a detailed analysis of historical and expected returns based on the strategic asset allocation approved by the Board of Directors and the underlying return fundamentals of each asset class. The Company's historical experience with the pension fund asset performance is also considered. Components of net periodic benefit cost (in thousands) 2019 2018 Interest cost $ 237 $ 240 Expected return on plan assets (450 ) (522 ) Recognized actuarial loss 102 64 Net periodic benefit income $ (111 ) $ (218 ) Amounts recognized in other comprehensive income (in thousands) Actuarial gain/(loss) on obligation $ (787 ) $ 303 Actual (loss)/gain on plan assets 348 (644 ) Total in other comprehensive income $ (439 ) $ (341 ) Other comprehensive income is also affected by the tax effect of the valuation allowance recorded on the domestic deferred tax assets. Cash flows (in thousands) Expected employer contributions for the fiscal year ending January 31, 2021 $ — Expected employee contributions for the fiscal year ending January 31, 2021 — Estimated future plan benefit payments reflecting expected future service for the fiscal year(s) ending January 31,: 2021 $ 325 2022 332 2023 332 2024 327 2025 328 2026 - 2030 1,643 401 The domestic employees of the Company participate in the PPIH 401 1% 16% 100% 1% 50% 5% Contributions to the 401 $0.3 January 31, 2020 2019 Multi-employer plans The Company contributes to a multi-employer plan for certain collective bargaining U.S. employees. The risks of participating in this multi-employer plan are different from a single employer plan in the following aspects: • Assets contributed to the multi-employer plans by one may • If a participating employer ceases contributing to the plan, the unfunded obligations of the plan may • If the Company chooses to stop participating in the multi-employer plan, the Company may The Company has assessed and determined that the multi-employer plans to which it contributes are not not Funded Collective Zone FIP/RP Status 2019 2018 Surcharge Bargaining Plan Name EIN Plan # Status Pending/Implemented Contribution Contribution Imposed Expiration Date Plumbers & Pipefitters Local 572 Pension Fund 626102837 001 Green No $239 $188 No 3/31/2022 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10 At January 31, 2020 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 January 31, 2020 613,904 2017 While the 2017 422 2017 2017 2017 June 12, 2020. Stock compensation expense The Company recognized the following stock based compensation expense: (In thousands) 2019 2018 Stock-based compensation expense $ 12 $ 33 Restricted stock based compensation expense 999 1,132 Total stock-based compensation expense $ 1,011 $ 1,165 Stock options Options vest ratably over 4 ten four The following summarizes the activity related to options outstanding under all plans for the years ended January 31, 2020 2019. not 2019 2018. (Shares in thousands) Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding on January 31, 2018 358 $ 9.44 4 $ 482 Exercised (77 ) 6.83 162 Expired or forfeited (63 ) 16.2 Outstanding on January 31, 2019 218 8.6 3.8 257 Options exercisable on January 31, 2019 207 $ 8.69 3.6 239 Exercised (53 ) 6.91 162 Expired or forfeited (33 ) 7.1 Outstanding on January 31, 2020 132 8.98 3.2 160 Options exercisable on January 31, 2020 129 $ 9.01 3.14 $ 155 0.4 0.5 2019 2018 Unvested options outstanding (shares in thousands) Options Weighted-average grant date fair value Aggregate intrinsic value Outstanding on January 31, 2019 11 $ 7.00 $ 19 Granted — — Vested (6 ) Expired or forfeited (2 ) 7.1 Outstanding on January 31, 2020 3 $ 7.33 $ 4 The fair value of stock options vested was less than $0.1 2019 $0.1 2018, 94% As of January 31, 2020 $0.1 0.4 Deferred stock As part of their compensation, each year the Company grants deferred stock units to each non-employee director, equal to the result of dividing the award amount by the fair market value of the common stock on the date of grant. The stock vests on the date of grant; however, it is only distributed to the directors upon their separation from service. In June 2019, 23,104 2017 January 31, 2020 , there were approximately 125,049 As a result of certain events that occurred during second 2018, $0.7 Restricted stock The Company has granted restricted stock to executive officers and employees. The restricted stock vest ratably over three four January 31, 2019 2020 (Shares in thousands) Restricted shares Weighted average price Aggregate intrinsic value Outstanding on January 31, 2018 360 $ 9.05 $ 3,254 Granted 148 9.76 Issued (94 ) Forfeited (131 ) 7.92 Outstanding on January 31, 2019 283 $ 8.74 $ 2,476 Granted 152 9.09 Issued (51 ) Forfeited (26 ) 8.79 Outstanding on January 31, 2020 358 $ 9.03 $ 3,234 The fair value of restricted stock vested was $ 0.8 1.1 2019 2018 January 31, 2020 $1.5 2.1 |
Note 11 - Stock Rights
Note 11 - Stock Rights | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11 On September 15, 1999, one September 22, 1999. September 22, 1999 one one $25, no On September 15, 2009, September 15, 1999. September 15, 2019 September 15, 2019. |
Note 12 - Interest Expense, Net
Note 12 - Interest Expense, Net | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | Note 12 (In thousands) 2019 2018 Interest expense $ 1,106 $ 1,286 Interest income (201 ) (164 ) Interest expense, net $ 905 $ 1,122 |
Note 13 -Subsequent Events
Note 13 -Subsequent Events | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13 In January 2020, 19 March 11, 2020. As of the date of this filing, all of the Company’s plants are operating with the exception of the plant located in India. On March 24, 2020 21 April 21, 2020. not To date the Company's global supply chains have not Due to the unprecedented actions taken to stem the spread of the virus and the uncertainty of the duration and impact of additional actions that may On March 27, 2020, Coronavirus Aid, Relief, and Economic Security Act 748 not results of operations, financial condition and cash flows. In February 2020 April 12, 2020 May 1, 2020. 30%. In response to the extraordinary steps taken to combat the spread of COVID- 19 second 2020. In addition, the Company has applied for funding under two $3.2 $2 no |
Schedule II
Schedule II | 12 Months Ended |
Jan. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Perma-Pipe International Holdings, Inc. and Subsidiaries VALUATION AND QUALIFYING ACCOUNTS For the Years Ended January 31, 2020 2019 (In thousands) Balance at beginning of period Charges to expenses Write-offs (1) Other charges (2) Balance at end of period Year Ended January 31, 2020 Allowance for possible losses in collection of trade receivables $ 536 $ 123 $ (254 ) $ 2 $ 407 Year Ended January 31, 2019 Allowance for possible losses in collection of trade receivables $ 469 $ 140 $ (272 ) $ 199 $ 536 ( 1 ( 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates. |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition. 2019 2018 No. 2014 19, 606” 5 • Percentage of completion revenue recognition. may Shipping and handling. Sales tax. Operating cycle. one one |
Consolidation, Policy [Policy Text Block] | Consolidation. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of foreign currency. Gains or losses on foreign currency transactions and the related tax effects are reflected in net income. The resulting translation adjustments are included in stockholders' equity as part of accumulated other comprehensive income (loss). The aggregated foreign exchange transaction gain recognized in the income statement was $0.4 2019 $0.1 2018 |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies. not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents. three $13.4 $10.2 January 31, 2020 2019 January 31, 2020 $0.3 $13.1 January 31, 2019 $0.1 $10.1 Accounts payable included drafts payable of $0.1 $0.2 January 31, 2020 2019 Restricted cash. There was no January 31, 2020 . Restricted cash held in the U.S. on January 31, 2019 $1.5 $1.3 $1 .1 January 31, 2020 2019 (In thousands) 2019 2018 Cash and cash equivalents $ 13,371 $ 10,156 Restricted cash 1,287 2,581 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 14,658 $ 12,737 |
Receivable [Policy Text Block] | Accounts receivable. not 30 may One of the Company’s accounts receivable in the total amount of $4.7 January 31, 2019 $3.6 $2.1 $3.5 January 31, 2020 January 31, 2019 2015, 2019 0.5 4.1 January 31, 2020 January 31, 2020 $0.5 not January 31, 2020 not 2020 may For the year ended January 31, 2020 one 11.5% January 31, 2019 , no one 10% As of January 31, 2020 2019, one 13.3% three 42.0% |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk. not The Company has a broad customer base doing business in all regions of the U.S. as well as other areas in the world. |
Comprehensive Income, Policy [Policy Text Block] | Accumulated other comprehensive loss. (In thousands) 2019 2018 Equity adjustment foreign currency, gross $ (1,879 ) $ (1,438 ) Minimum pension liability, gross (2,087 ) (1,648 ) Subtotal excluding tax effect (3,966 ) (3,086 ) Tax effect of equity adjustment foreign currency 91 91 Tax effect of minimum pension liability 115 115 Total accumulated other comprehensive loss $ (3,760 ) $ (2,880 ) |
Inventory, Policy [Policy Text Block] | Inventories. first first (In thousands) 2019 2018 Raw materials $ 13,859 $ 11,962 Work in process 592 488 Finished goods 798 731 Subtotal 15,249 13,181 Less allowance 751 892 Inventories $ 14,498 $ 12,289 |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-lived assets. may not Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three 30 $4.4 2019 $4.5 2018 (In thousands) 2019 2018 Land, buildings and improvements $ 22,328 $ 22,327 Machinery and equipment 47,409 47,168 Furniture, office equipment and computer systems 4,317 4,335 Transportation equipment 3,762 3,311 Subtotal 77,816 77,141 Less accumulated depreciation 49,187 46,743 Property, plant and equipment, net of accumulated depreciation $ 28,629 $ 30,398 Impairment of long-lived assets. may not 2019 2018 no January 31, 2019 no 2019, no January 31, 2020 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill. January 31, 2020 2019 Foreign exchange (In thousands) January 31, 2019 change effect January 31, 2020 Goodwill $ 2,269 $ (15 ) $ 2,254 The Company performs an impairment assessment of goodwill annually as of January 31, no 2019 2018 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Other intangible assets with definite lives. not $2.7 $2.6 January 31, 2020 2019 $2.5 January 31, 2020 2019 five January 31 $0.1 2020 2024 $0.1 4.3 |
Research and Development Expense, Policy [Policy Text Block] | Research and development . $0.3 $0.2 2019 2018 |
Income Tax, Policy [Policy Text Block] | Income taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50% 8 |
Earnings Per Share, Policy [Policy Text Block] | Net income/(loss) per common share. 2019 2018. 2019, 2018 Basic weighted average number of common shares outstanding (in thousands) 2019 2018 Basic weighted average number of common shares outstanding 7,989 7,812 Dilutive effect of stock options and restricted stock units 295 — Weighted average number of common shares outstanding assuming full dilution 8,284 7,812 Restricted Stock and Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 61 82 Canceled options during the year (33 ) (63 ) Restricted Stock and Stock options with an exercise price below the average stock price 295 136 |
Share-based Payment Arrangement [Policy Text Block] | Equity-based compensation. |
Segment Reporting, Policy [Policy Text Block] | Segments. one |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements February 2016, 2016 02, Leases 842 No. 2016 02 December 15, 2018, $10.7 $11.0 February 1, 2019. not 840. In June 2016, No. 2016 13, Financial Instruments-Credit Losses 326 not December 15, 2019, December 15, 2022. In February 2018, 2018 02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income not 2018 02 February 1, 2019 not The Company evaluated other recent accounting pronouncements and does not |
Note 1 - Business Information (
Note 1 - Business Information (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | (In thousands) 2019 2018 Net sales United States $ 56,702 $ 50,319 Canada 22,203 34,789 Middle East 26,505 35,117 Europe 17,462 1,029 India 4,180 3,755 Other 611 3,956 Total net sales $ 127,663 $ 128,965 Property, plant and equipment, net of accumulated depreciation United States $ 9,063 $ 10,279 Canada 11,554 11,862 Middle East 7,815 8,103 India 197 154 Total $ 28,629 $ 30,398 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | (In thousands) 2019 2018 Cash and cash equivalents $ 13,371 $ 10,156 Restricted cash 1,287 2,581 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 14,658 $ 12,737 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In thousands) 2019 2018 Equity adjustment foreign currency, gross $ (1,879 ) $ (1,438 ) Minimum pension liability, gross (2,087 ) (1,648 ) Subtotal excluding tax effect (3,966 ) (3,086 ) Tax effect of equity adjustment foreign currency 91 91 Tax effect of minimum pension liability 115 115 Total accumulated other comprehensive loss $ (3,760 ) $ (2,880 ) |
Schedule of Inventory, Current [Table Text Block] | (In thousands) 2019 2018 Raw materials $ 13,859 $ 11,962 Work in process 592 488 Finished goods 798 731 Subtotal 15,249 13,181 Less allowance 751 892 Inventories $ 14,498 $ 12,289 |
Property, Plant and Equipment [Table Text Block] | (In thousands) 2019 2018 Land, buildings and improvements $ 22,328 $ 22,327 Machinery and equipment 47,409 47,168 Furniture, office equipment and computer systems 4,317 4,335 Transportation equipment 3,762 3,311 Subtotal 77,816 77,141 Less accumulated depreciation 49,187 46,743 Property, plant and equipment, net of accumulated depreciation $ 28,629 $ 30,398 |
Schedule of Goodwill [Table Text Block] | Foreign exchange (In thousands) January 31, 2019 change effect January 31, 2020 Goodwill $ 2,269 $ (15 ) $ 2,254 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic weighted average number of common shares outstanding (in thousands) 2019 2018 Basic weighted average number of common shares outstanding 7,989 7,812 Dilutive effect of stock options and restricted stock units 295 — Weighted average number of common shares outstanding assuming full dilution 8,284 7,812 Restricted Stock and Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices 61 82 Canceled options during the year (33 ) (63 ) Restricted Stock and Stock options with an exercise price below the average stock price 295 136 |
Note 3 - Correction of Immate_2
Note 3 - Correction of Immaterial Errors (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | (In thousands) As Reported Adjustment Revised Other long-term liabilities $ 688 $ 659 $ 1,347 Total long-term liabilities 12,757 659 13,416 Accumulated deficit (3,632 ) (659 ) (4,291 ) Total stockholders' equity 52,360 (659 ) 51,701 (In thousands) As Reported Adjustment Revised Cost of Sales $ 105,626 $ 21 $ 105,647 Gross profit 23,339 (21 ) 23,318 Income from operations 2,743 (21 ) 2,722 Income from operations before income taxes 1,621 (21 ) 1,600 Net loss (529 ) (21 ) (550 ) (In thousands) As Reported Adjustment Revised Net loss $ (529 ) $ (21 ) $ (550 ) Comprehensive loss (1,943 ) (21 ) (1,964 ) (In thousands) As Reported Adjustment Revised Net loss $ (529 ) $ (21 ) $ (550 ) Other assets and liabilities 508 21 529 (In thousands) As Reported Adjustment Revised Net loss $ (529 ) $ (21 ) $ (550 ) Accumulated deficit (3,632 ) (659 ) (4,291 ) Stockholders' equity 52,360 (659 ) 51,701 (In thousands) As Reported Adjustment Revised Accumulated deficit $ (3,103 ) $ (638 ) $ (3,741 ) Stockholders' equity 51,812 (638 ) $ 51,174 |
Note 5 - Revenue Recognition (T
Note 5 - Revenue Recognition (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2019 2018 Sales % to Total Sales % to Total Products $ 15,991 12 % $ 13,576 11 % Specialty Piping Systems and Coating Revenue recognized under input method 48,415 38 % 40,525 31 % Revenue recognized under output method 63,257 50 % 74,864 58 % Total $ 127,663 100 % $ 128,965 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [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 (6,458 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 6,609 Balance January 31, 2019 $ 1,653 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (6,697 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 7,210 Closing Balance at January 31, 2020 $ 2,166 Contract Liabilities Balance January 31, 2018 $ 1,967 Revenue recognized during the period for uncompleted contracts from the prior period (3,222 ) New contracts entered into that are uncompleted at the end of the current period 2,824 Balance January 31, 2019 $ 1,569 Revenue recognized during the period for uncompleted contracts from the prior period (3,276 ) New contracts entered into that are uncompleted at the end of the current period 2,880 Closing Balance at January 31, 2020 $ 1,173 |
Schedule of Assumptions for Long-Duration Contracts by Product and Guarantee [Table Text Block] | (In thousands) 2019 2018 Costs incurred on uncompleted contracts $ 15,553 $ 12,348 Estimated earnings 8,641 7,430 Earned revenue 24,194 19,778 Less billings to date 23,201 19,694 Costs in excess of billings, net $ 993 $ 84 Balance sheet classification Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts $ 2,166 $ 1,653 Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts (1,173 ) (1,569 ) Costs in excess of billings, net $ 993 $ 84 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (In thousands) 2019 2018 Revolving line - North America $ 8,577 $ 8,890 Mortgage notes 6,568 6,961 Revolving lines - foreign 691 84 Finance lease obligations 1,094 536 Total debt 16,930 16,471 Unamortized debt issuance costs (169 ) (181 ) Less current maturities 10,044 9,539 Total long-term debt $ 6,717 $ 6,751 Current portion of long-term debt $ 10,044 $ 9,539 Unamortized debt issuance costs (9 ) (9 ) Total short-term debt $ 10,035 $ 9,530 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In thousands) Total 2021 2022 2023 2024 2025 Thereafter Revolving line - North America $ 8,577 $ 8,577 $ — $ — $ — $ — $ — Mortgages 6,568 360 364 370 376 383 4,715 Revolving lines - foreign 691 691 — — — — — Finance lease obligations 1,094 416 290 247 141 — — Total $ 16,930 $ 10,044 $ 654 $ 617 $ 517 $ 383 $ 4,715 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Supplemental Balance Sheet Information Related to Leases [Table Text Block] | Operating and Finance leases: January 31, 2020 Finance leases assets: Property and Equipment - gross $ 1,696 Accumulated depreciation and amortization (551 ) Property and Equipment - net $ 1,145 Finance lease liabilities: Finance lease liability short-term $ 417 Finance lease liability long-term 677 Total finance lease liabilities $ 1,094 Operating lease assets: Operating lease ROU assets $ 11,475 Operating lease liabilities: Operating lease liability short-term $ 1,040 Operating lease liability long-term 11,214 Total operating lease liabilities $ 12,254 |
Lease, Cost [Table Text Block] | Lease costs Consolidated Statements of Operations Classification Year Ended January 31, 2020 Finance Lease Costs Amortization of ROU assets Cost of sales $ 208 Interest on lease liabilities Interest expense 58 Operating lease costs Cost of sales, SG&A expenses 2,326 Short-term lease costs (1) Cost of sales, SG&A expenses 425 Sub-lease income SG&A expenses (81 ) Total Lease costs $ 2,936 |
Supplemental Cash Flow Information Related Leases [Table Text Block] | Year Ended January 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 287 Operating cash flows from finance leases 58 Operating cash flows from operating leases 2,287 Three Months Ended January 31, 2020 ROU Assets obtained in exchange for new lease obligations: Finance leases liabilities $ - Operating leases liabilities 94 |
Weighted-average Lease Terms and Discount Rates [Table Text Block] | January 31, 2020 Weighted-average remaining lease terms (in years): Finance leases 3.0 Operating leases 8.5 Weighted-average discount rates: Finance leases 7.0 % Operating leases 8.2 % |
Finance and Operating Lease, Liability, Maturity [Table Text Block] | Year: Operating Leases Finance Leases For the year ended January 31, 2021 $ 2,312 $ 487 For the year ended January 31, 2022 2,315 331 For the year ended January 31, 2023 2,180 269 For the year ended January 31, 2024 2,012 145 For the year ended January 31, 2025 1,319 - Thereafter 7,358 - Total lease payments 17,496 1,232 Less: amount representing interest (5,242 ) (138 ) Total lease liabilities at January 31, 2020 $ 12,254 $ 1,094 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year: Operating Leases Capital Leases For the year ended January 31, 2020 $ 2,516 $ 241 For the year ended January 31, 2021 2,193 240 For the year ended January 31, 2022 2,149 82 For the year ended January 31, 2023 2,110 21 For the year ended January 31, 2024 1,979 - Thereafter 8,997 - Subtotal 19,944 584 Less Amount representing interest - (48 ) Future minimum lease payments $ 19,944 $ 536 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income from continuing operations before income taxes (in thousands) 2019 2018 Domestic $ 400 $ (2,331 ) Foreign 4,635 3,931 Total $ 5,035 $ 1,600 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of income tax expense (in thousands) 2019 2018 Current Federal $ 34 $ 48 Foreign 1,455 1,695 State and other 181 196 Total current income tax expense 1,670 1,939 Deferred Federal — — Foreign (211 ) 211 State and other — — Total deferred income tax expense/(benefit) (211 ) 211 Total income tax expense $ 1,459 $ 2,150 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In thousands) 2019 2018 Tax expense at federal statutory rate $ 1,057 $ 340 State expense, net of federal income tax effect 147 145 Deferred balance adjustment (212 ) — Domestic valuation allowance (337 ) (2,612 ) Domestic return to provision (172 ) 2,617 Global Intangible Low Tax Income Inclusion 703 438 Permanent differences other (5 ) 126 Valuation allowance for state NOLs (2 ) 76 Differences in foreign tax rate (79 ) 334 Foreign rate change (63 ) — Deferred tax on unremitted earnings 183 413 Foreign withholding taxes 274 252 All other, net expense (35 ) 21 Total income tax expense $ 1,459 $ 2,150 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Components of deferred income tax assets (in thousands) 2019 2018 U.S. Federal NOL carryforward $ 7,209 $ 7,480 Deferred compensation 401 382 Research tax credit 2,686 2,703 Foreign NOL carryforward 223 390 Foreign tax credit 2,580 2,305 Stock compensation 429 459 Other accruals not yet deducted 328 349 State NOL carryforward 2,567 2,552 Accrued commissions and incentives 354 643 Inventory valuation allowance 75 112 Other 132 159 Deferred tax assets, gross 16,984 17,534 Valuation allowance (15,937 ) (16,199 ) Total deferred tax assets, net of valuation allowances $ 1,047 $ 1,335 Components of the deferred income tax liability Depreciation $ (1,275 ) $ (1,734 ) Foreign subsidiaries unremitted earnings (470 ) (498 ) Prepaid (61 ) (80 ) Total deferred tax liabilities $ (1,806 ) $ (2,312 ) Deferred tax liability, net $ (759 ) $ (977 ) Balance sheet classification Long-term assets $ 293 $ 458 Long-term liability (1,052 ) (1,435 ) Total deferred tax liabilities, net of valuation allowances $ (759 ) $ (977 ) |
Summary of Income Tax Contingencies [Table Text Block] | (In thousands) 2019 2018 Balance at beginning of the year $ 1,447 $ 1,301 Increases in positions taken in a prior period (26 ) 9 Increases in positions taken in a current period 132 147 Decreases due to lapse of statute of limitations (8 ) (10 ) Balance at end of the year $ 1,545 $ 1,447 |
Note 9 - Retirement Plans (Tabl
Note 9 - Retirement Plans (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | (In thousands) 2019 2018 Level 1 market value of plan assets Equity securities $ 3,139 $ 2,991 U.S. bond market 2,134 2,065 Real estate securities 369 368 Subtotal 5,642 5,424 Level 2 significant other observable inputs Money market fund $ 169 $ 121 Subtotal 169 121 Investments measured at net asset value* $ 739 $ 634 Total $ 6,550 $ 6,179 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Reconciliation of benefit obligations, plan assets and funded status of plan (in thousands) 2019 2018 Accumulated benefit obligations Vested benefits $ 6,959 $ 6,258 Accumulated benefits $ 6,959 $ 6,258 Change in benefit obligation Benefit obligation - beginning of year $ 6,258 $ 6,658 Interest cost 237 240 Actuarial (gain)/loss 788 (303 ) Benefits paid (324 ) (337 ) Benefit obligation - end of year $ 6,959 $ 6,258 Change in plan assets Fair value of plan assets - beginning of year $ 6,179 $ 6,700 Actual (loss)/gain on plan assets 695 (184 ) Benefits paid (324 ) (337 ) Fair value of plan assets - end of year $ 6,550 $ 6,179 Unfunded status $ (409 ) $ (80 ) Balance sheet classification Prepaid expenses and other current assets $ 325 $ 343 Other assets 1,679 1,568 Deferred compensation liabilities (2,413 ) (1,991 ) Net amount recognized $ (409 ) $ (80 ) Amounts recognized in accumulated other comprehensive loss Unrecognized actuarial loss $ 2,087 $ 1,648 Net amount recognized $ 2,087 $ 1,648 |
Defined Benefit Plan, Assumptions [Table Text Block] | Weighted-average assumptions used to determine net cost and benefit obligations 2019 2018 End of year benefit obligation discount rate 2.80 % 3.90 % Service cost discount rate 3.90 % 3.70 % Expected return on plan assets 7.50 % 8.00 % |
Schedule of Net Benefit Costs [Table Text Block] | Components of net periodic benefit cost (in thousands) 2019 2018 Interest cost $ 237 $ 240 Expected return on plan assets (450 ) (522 ) Recognized actuarial loss 102 64 Net periodic benefit income $ (111 ) $ (218 ) Amounts recognized in other comprehensive income (in thousands) Actuarial gain/(loss) on obligation $ (787 ) $ 303 Actual (loss)/gain on plan assets 348 (644 ) Total in other comprehensive income $ (439 ) $ (341 ) |
Schedule of Expected Benefit Payments [Table Text Block] | Cash flows (in thousands) Expected employer contributions for the fiscal year ending January 31, 2021 $ — Expected employee contributions for the fiscal year ending January 31, 2021 — Estimated future plan benefit payments reflecting expected future service for the fiscal year(s) ending January 31,: 2021 $ 325 2022 332 2023 332 2024 327 2025 328 2026 - 2030 1,643 |
Multiemployer Plan [Table Text Block] | Funded Collective Zone FIP/RP Status 2019 2018 Surcharge Bargaining Plan Name EIN Plan # Status Pending/Implemented Contribution Contribution Imposed Expiration Date Plumbers & Pipefitters Local 572 Pension Fund 626102837 001 Green No $239 $188 No 3/31/2022 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | (In thousands) 2019 2018 Stock-based compensation expense $ 12 $ 33 Restricted stock based compensation expense 999 1,132 Total stock-based compensation expense $ 1,011 $ 1,165 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | (Shares in thousands) Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding on January 31, 2018 358 $ 9.44 4 $ 482 Exercised (77 ) 6.83 162 Expired or forfeited (63 ) 16.2 Outstanding on January 31, 2019 218 8.6 3.8 257 Options exercisable on January 31, 2019 207 $ 8.69 3.6 239 Exercised (53 ) 6.91 162 Expired or forfeited (33 ) 7.1 Outstanding on January 31, 2020 132 8.98 3.2 160 Options exercisable on January 31, 2020 129 $ 9.01 3.14 $ 155 |
Schedule of Nonvested Share Activity [Table Text Block] | Unvested options outstanding (shares in thousands) Options Weighted-average grant date fair value Aggregate intrinsic value Outstanding on January 31, 2019 11 $ 7.00 $ 19 Granted — — Vested (6 ) Expired or forfeited (2 ) 7.1 Outstanding on January 31, 2020 3 $ 7.33 $ 4 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | (Shares in thousands) Restricted shares Weighted average price Aggregate intrinsic value Outstanding on January 31, 2018 360 $ 9.05 $ 3,254 Granted 148 9.76 Issued (94 ) Forfeited (131 ) 7.92 Outstanding on January 31, 2019 283 $ 8.74 $ 2,476 Granted 152 9.09 Issued (51 ) Forfeited (26 ) 8.79 Outstanding on January 31, 2020 358 $ 9.03 $ 3,234 |
Note 12 - Interest Expense, N_2
Note 12 - Interest Expense, Net (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | (In thousands) 2019 2018 Interest expense $ 1,106 $ 1,286 Interest income (201 ) (164 ) Interest expense, net $ 905 $ 1,122 |
Schedule II (Tables)
Schedule II (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | (In thousands) Balance at beginning of period Charges to expenses Write-offs (1) Other charges (2) Balance at end of period Year Ended January 31, 2020 Allowance for possible losses in collection of trade receivables $ 536 $ 123 $ (254 ) $ 2 $ 407 Year Ended January 31, 2019 Allowance for possible losses in collection of trade receivables $ 469 $ 140 $ (272 ) $ 199 $ 536 |
Note 1 - Business Information_2
Note 1 - Business Information (Details Textual) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Number of Reportable Segments | 1 | |
Foreign Sales | 55.40% | 61.00% |
Note 1 - Business Information -
Note 1 - Business Information - Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Sales by product | $ 127,663 | $ 128,965 |
Property, plant and equipment, net of accumulated depreciation | 28,629 | 30,398 |
UNITED STATES | ||
Sales by product | 56,702 | 50,319 |
Property, plant and equipment, net of accumulated depreciation | 9,063 | 10,279 |
CANADA | ||
Sales by product | 22,203 | 34,789 |
Property, plant and equipment, net of accumulated depreciation | 11,554 | 11,862 |
Middle East [Member] | ||
Sales by product | 26,505 | 35,117 |
Property, plant and equipment, net of accumulated depreciation | 7,815 | 8,103 |
Europe [Member] | ||
Sales by product | 17,462 | 1,029 |
INDIA | ||
Sales by product | 4,180 | 3,755 |
Property, plant and equipment, net of accumulated depreciation | 197 | 154 |
Other Geographical Area [Member] | ||
Sales by product | $ 611 | $ 3,956 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Apr. 14, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | Feb. 01, 2019 | |
Foreign Currency Transaction Gain (Loss), Realized | $ 400 | $ (100) | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 13,371 | 10,156 | ||
Broker-Dealer, Draft Payable | 100 | 200 | ||
Restricted Cash and Cash Equivalents, Total | 1,287 | 2,581 | ||
Receivables, Long-term Contracts or Programs, Total | 2,300 | 4,300 | ||
Depreciation, Total | 4,400 | 4,500 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | |||
Goodwill, Impairment Loss | 0 | 0 | ||
Finite-Lived Patents, Gross | 2,700 | 2,600 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,500 | 2,500 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 100 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years 109 days | |||
Research and Development Expense, Total | $ 300 | 200 | ||
Operating Lease, Right-of-Use Asset | 11,475 | |||
Operating Lease, Liability, Total | 12,254 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 10,700 | |||
Operating Lease, Liability, Total | $ 11,000 | |||
Subsequent Event [Member] | ||||
Accounts Receivable, Certified Invoices in Process of Collection | $ 500 | |||
Accounts Receivable [Member] | ||||
Accounts Receivable, before Allowance for Credit Loss | 4,100 | 4,700 | ||
Receivables, Long-term Contracts or Programs, Total | $ 3,600 | |||
Proceeds from Sale and Collection of Receivables, Total | 500 | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 13.30% | 42.00% | ||
Accounts Receivable [Member] | Other Noncurrent Assets [Member] | ||||
Receivables, Long-term Contracts or Programs, Total | $ 2,100 | $ 3,500 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 11.50% | |||
Geographic Distribution, Domestic [Member] | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 300 | 100 | ||
Restricted Cash and Cash Equivalents, Total | 0 | 1,500 | ||
Geographic Distribution, Foreign [Member] | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 13,100 | 10,100 | ||
Restricted Cash and Cash Equivalents, Total | $ 1,300 | $ 1,100 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Cash and cash equivalents | $ 13,371 | $ 10,156 |
Restricted cash | 1,287 | 2,581 |
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 14,658 | $ 12,737 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 |
Accumulated other comprehensive loss, excluding tax effect | $ (3,966) | $ (3,086) | |
Total stockholders' equity | 55,629 | 51,701 | $ 51,174 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated other comprehensive loss, excluding tax effect | (1,879) | (1,438) | |
Tax effect of equity adjustment foreign currency | 91 | 91 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated other comprehensive loss, excluding tax effect | (2,087) | (1,648) | |
Tax effect of equity adjustment foreign currency | 115 | 115 | |
AOCI Attributable to Parent [Member] | |||
Total stockholders' equity | $ (3,760) | $ (2,880) | $ (1,466) |
Note 2 - Significant Accounti_6
Note 2 - Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Raw materials | $ 13,859 | $ 11,962 |
Work in process | 592 | 488 |
Finished goods | 798 | 731 |
Subtotal | 15,249 | 13,181 |
Less allowance | 751 | 892 |
Inventories | $ 14,498 | $ 12,289 |
Note 2 - Significant Accounti_7
Note 2 - Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Property, plant and equipment | $ 77,816 | $ 77,141 |
Less accumulated depreciation | 49,187 | 46,743 |
Property, plant and equipment, net of accumulated depreciation | 28,629 | 30,398 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment | 22,328 | 22,327 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 47,409 | 47,168 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | 4,317 | 4,335 |
Transportation Equipment [Member] | ||
Property, plant and equipment | $ 3,762 | $ 3,311 |
Note 2 - Significant Accounti_8
Note 2 - Significant Accounting Policies - Goodwill (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2020USD ($) | |
Goodwill | $ 2,269 |
Foreign exchange change effect | (15) |
Goodwill | $ 2,254 |
Note 2 - Significant Accounti_9
Note 2 - Significant Accounting Policies - Net Loss Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Basic weighted average number of common shares outstanding (in shares) | 7,989 | 7,812 |
Dilutive effect of stock options and restricted stock units (in shares) | 295 | |
Weighted average number of common shares outstanding assuming full dilution (in shares) | 8,284 | 7,812 |
Share-based Payment Arrangement, Option [Member] | ||
Canceled options during the year (in shares) | (33) | (63) |
Restricted Stock and Stock Options [Member] | ||
Restricted Stock and Stock options with an exercise price below the average stock price (in shares) | 295 | 136 |
Restricted Stock and Stock Options [Member] | ||
Restricted Stock and Stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices (in shares) | 61 | 82 |
Note 3 - Correction of Immate_3
Note 3 - Correction of Immaterial Errors (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | Feb. 01, 2018 | Jan. 31, 2018 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (715) | $ (4,291) | $ (715) | $ (3,741) | |
Net Income (Loss) Attributable to Parent, Total | $ 3,576 | (550) | |||
Errors Relating to Accounting for Leases with Escalation Clauses [Member] | |||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 600 | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (600) | ||||
Net Income (Loss) Attributable to Parent, Total | $ (100) |
Note 3 - Correction of Immate_4
Note 3 - Correction of Immaterial Errors - Reconciliation of the Effects of the Adjustments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Other long-term liabilities | $ 575 | $ 1,347 | |
Total long-term liabilities | 23,757 | 13,416 | |
Retained Earnings (Accumulated Deficit), Ending Balance | (715) | (4,291) | $ (3,741) |
Total stockholders' equity | 55,629 | 51,701 | 51,174 |
Cost of Sales | 98,617 | 105,647 | |
Gross profit | 29,046 | 23,318 | |
Income from operations | 5,940 | 2,722 | |
Income from operations before income taxes | 5,035 | 1,600 | |
Net loss | 3,576 | (550) | |
Comprehensive loss | 2,696 | (1,964) | |
Other assets and liabilities | (143) | 529 | |
Accumulated deficit | $ (715) | (4,291) | (3,741) |
Stockholders' equity - revised | 51,174 | ||
Previously Reported [Member] | |||
Other long-term liabilities | 688 | ||
Total long-term liabilities | 12,757 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | (3,632) | (3,103) | |
Total stockholders' equity | 52,360 | 51,812 | |
Cost of Sales | 105,626 | ||
Gross profit | 23,339 | ||
Income from operations | 2,743 | ||
Income from operations before income taxes | 1,621 | ||
Net loss | (529) | ||
Comprehensive loss | (1,943) | ||
Other assets and liabilities | 508 | ||
Accumulated deficit | (3,632) | (3,103) | |
Revision of Prior Period, Adjustment [Member] | |||
Other long-term liabilities | 659 | ||
Total long-term liabilities | 659 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | (659) | (638) | |
Total stockholders' equity | (659) | (638) | |
Cost of Sales | 21 | ||
Gross profit | (21) | ||
Income from operations | (21) | ||
Income from operations before income taxes | (21) | ||
Net loss | (21) | ||
Comprehensive loss | (21) | ||
Other assets and liabilities | 21 | ||
Accumulated deficit | $ (659) | $ (638) |
Note 4 - Retention (Details Tex
Note 4 - Retention (Details Textual) - USD ($) $ in Millions | Jan. 31, 2020 | Jan. 31, 2019 |
Contract Receivable Retainage, Total | $ 4 | $ 1.7 |
Receivables, Long-term Contracts or Programs, Total | $ 2.3 | $ 4.3 |
Note 5 - Revenue Recognition (D
Note 5 - Revenue Recognition (Details Textual) | 12 Months Ended |
Jan. 31, 2020 | |
Costs Incurred for Uncompleted Contracts, Anticipated Collection Period (Year) | 1 year |
Note 5 - Revenue Recognition -
Note 5 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Sales by product | $ 127,663 | $ 128,965 |
Sales by product | 100.00% | 100.00% |
Product [Member] | Transferred at Point in Time [Member] | ||
Sales by product | $ 15,991 | $ 13,576 |
Sales by product | 12.00% | 11.00% |
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Input Method [Member] | ||
Sales by product | $ 48,415 | $ 40,525 |
Sales by product | 38.00% | 31.00% |
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Output Method [Member] | ||
Sales by product | $ 63,257 | $ 74,864 |
Sales by product | 50.00% | 58.00% |
Note 5 - Revenue Recognition _2
Note 5 - Revenue Recognition - Contract With Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Balance, assets | $ 1,653 | $ 1,502 |
Costs and gross profit recognized during the period for uncompleted contracts from the prior period | (6,697) | (6,458) |
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period | 7,210 | 6,609 |
Balance, assets | 2,166 | 1,653 |
Balance, liability | 1,569 | 1,967 |
Revenue recognized during the period for uncompleted contracts from the prior period | (3,276) | (3,222) |
New contracts entered into that are uncompleted at the end of the current period | 2,880 | 2,824 |
Balance, liability | $ 1,173 | $ 1,569 |
Note 5 - Revenue Recognition _3
Note 5 - Revenue Recognition - Reconciliation of the Cost in Excess of Billings (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Costs incurred on uncompleted contracts | $ 15,553 | $ 12,348 |
Estimated earnings | 8,641 | 7,430 |
Earned revenue | 24,194 | 19,778 |
Less billings to date | 23,201 | 19,694 |
Costs in excess of billings, net | 993 | 84 |
Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts | 2,166 | 1,653 |
Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts | $ (1,173) | $ (1,569) |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) د.إ in Millions, ج.م. in Billions | Sep. 20, 2018USD ($) | Jul. 28, 2016USD ($) | Jul. 28, 2016CAD ($) | Jun. 19, 2012USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2020CAD ($) | Jan. 31, 2020AED (د.إ) | Jan. 31, 2020EGP (ج.م.) | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Sep. 19, 2018USD ($) |
Repayments of Lines of Credit | $ 72,973,000 | $ 62,759,000 | ||||||||||||
Line of Credit, Current | 8,577,000 | 8,890,000 | $ 8,577,000 | |||||||||||
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 | 6.05% | 6.05% | ||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 28,000 | $ 37,000 | ||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 21,000 | $ 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% | |||||||||||||
Revolving Lines, North America [Member] | ||||||||||||||
Debt Instrument, Term (Year) | 3 years | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 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 Two | 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 | 1.1 | 1.1 | 1.1 | |||||||||
Line of Credit, Current | $ 8,577,000 | 8,890,000 | $ 8,577,000 | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 3,400,000 | $ 3,400,000 | ||||||||||||
Revolving Lines, North America [Member] | Weighted Average [Member] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.04% | 6.04% | 6.04% | 6.04% | ||||||||||
Letter of Credit [Member] | ||||||||||||||
Repayments of Lines of Credit | $ 154,500 | |||||||||||||
Foreign Revolving Lines [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 21,600,000 | 21,600,000 | ||||||||||||
Line of Credit, Current | 691,000 | $ 84,000 | 691,000 | |||||||||||
Letters of Credit Outstanding, Amount | 4,200,000 | 4,200,000 | ||||||||||||
Proceeds from Issuance of Debt | 700,000 | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16,800,000 | 16,800,000 | ||||||||||||
Foreign Revolving Lines [Member] | EIBOR [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||
Foreign Revolving Lines [Member] | CBE Corridor Rate [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||
Foreign Revolving Lines [Member] | Revolving Credit Line With 16.3% Interest Rate [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,600,000 | $ 12,600,000 | ج.م. 0.2 | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 16.30% | 16.30% | 16.30% | 16.30% | ||||||||||
Foreign Revolving Lines [Member] | Revolving Credit Line With 6.15% Interest Rate [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,200,000 | $ 2,200,000 | د.إ 8 | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 5.40% | 5.40% | 5.40% | 5.40% | ||||||||||
Foreign Revolving Lines [Member] | Revolving Credit Line With 6.51% Interest Rate [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,800,000 | $ 6,800,000 | د.إ 25 | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 5.90% | 5.90% | 5.90% | 5.90% | ||||||||||
Foreign Revolving Lines [Member] | Weighted Average [Member] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 5.90% | 5.90% | 5.90% | 5.90% | ||||||||||
Foreign Revolving Lines [Member] | Minimum [Member] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 5.40% | 5.40% | 5.40% | 5.40% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||||
Foreign Revolving Lines [Member] | Maximum [Member] | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 16.30% | 16.30% | 16.30% | 16.30% |
Note 6 - Debt - Debt by Type (D
Note 6 - Debt - Debt by Type (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Line of Credit, Current | $ 8,577 | $ 8,890 |
Mortgage notes | 6,568 | 6,961 |
Finance lease obligations | 1,094 | 536 |
Total debt | 16,930 | 16,471 |
Unamortized debt issuance costs | (169) | (181) |
Less current maturities | 10,044 | 9,539 |
Total long-term debt | 6,717 | 6,751 |
Unamortized debt issuance costs | (9) | (9) |
Total short-term debt | 10,035 | 9,530 |
Revolving Lines, North America [Member] | ||
Line of Credit, Current | 8,577 | 8,890 |
Foreign Revolving Lines [Member] | ||
Line of Credit, Current | $ 691 | $ 84 |
Note 6 - Debt - Maturities (Det
Note 6 - Debt - Maturities (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Debt, thereafter | $ 4,715 | |
Finance lease obligations | 1,094 | $ 536 |
Finance lease obligations | 416 | |
Finance lease obligations | 290 | 240 |
Finance lease obligations | 247 | 82 |
Finance lease obligations | 141 | 21 |
Finance lease obligations | ||
Finance lease obligations | ||
Total | 16,930 | |
Total, next twelve months | 10,044 | |
Total, year two | 654 | |
Total, year three | 617 | |
Total, year four | 517 | |
Total, year five | 383 | |
Mortgages [Member] | ||
Debt | 6,568 | |
Debt, next twelve months | 360 | |
Debt, year two | 364 | |
Debt, year three | 370 | |
Debt, year four | 376 | |
Debt, year five | 383 | |
Debt, thereafter | 4,715 | |
Foreign Revolving Lines [Member] | ||
Debt | 691 | |
Debt, next twelve months | 691 | |
Debt, year two | ||
Debt, year three | ||
Debt, year four | ||
Debt, year five | ||
Debt, thereafter | ||
Revolving Lines, North America [Member] | ||
Debt | 8,577 | |
Debt, next twelve months | 8,577 | |
Debt, year two | ||
Debt, year three | ||
Debt, year four | ||
Debt, year five | ||
Debt, thereafter |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) $ in Thousands, ₨ in Millions, $ in Millions | Aug. 05, 2016USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2020CAD ($) | Oct. 31, 2019 | Jan. 31, 2018CAD ($) | Aug. 05, 2016INR (₨) |
Finance Lease, Right-of-Use Asset | $ 1,200 | |||||||
Operating Lease, Liability, Total | 12,254 | |||||||
Operating Lease, Right-of-Use Asset | 11,475 | |||||||
Finance Lease, Liability, Total | 1,094 | |||||||
Operating Lease, Expense | 2,800 | $ 2,600 | ||||||
Minimum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |||||||
Maximum [Member] | ||||||||
Lessee, Operating Lease, Term of Contract (Year) | 14 years | |||||||
Finance Vehicle Equipment, One [Member] | ||||||||
Finance Lease, Right-of-Use Asset | $ 800 | $ 800 | $ 1.1 | $ 1.1 | ||||
Interest Rate for Finance Lease | 8.00% | |||||||
Finance Lease, Principal Payments and Interest Payment on Liability | $ 100 | |||||||
Finance Vehicle Equipment, One [Member] | Minimum [Member] | ||||||||
Interest Rate for Finance Lease | 4.00% | |||||||
Finance Vehicle Equipment, One [Member] | Maximum [Member] | ||||||||
Interest Rate for Finance Lease | 7.80% | |||||||
Finance Lease, Principal Payments and Interest Payment on Liability | $ 100 | |||||||
Finance Vehicle Equipment, Two [Member] | ||||||||
Finance Lease, Right-of-Use Asset | $ 8 | ₨ 0.6 | ||||||
Interest Rate for Finance Lease | 15.60% | |||||||
Finance Vehicle Equipment, Two [Member] | Maximum [Member] | ||||||||
Finance Lease, Principal Payments and Interest Payment on Liability | $ 1 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Property, plant and equipment | $ 77,816 | $ 77,141 |
Accumulated depreciation and amortization | (49,187) | (46,743) |
Property, plant and equipment, net of accumulated depreciation | 28,629 | 30,398 |
Finance lease liability short-term | 417 | |
Finance lease liability long-term | 677 | |
Total finance lease liabilities | 1,094 | |
Operating Lease, Right-of-Use Asset | 11,475 | |
Operating lease liability short-term | 1,040 | |
Operating lease liability long-term | 11,214 | |
Total operating lease liabilities | 12,254 | |
Finance Leases Assets [Member] | ||
Property, plant and equipment | 1,696 | |
Accumulated depreciation and amortization | (551) | |
Property, plant and equipment, net of accumulated depreciation | $ 1,145 |
Note 7 - Leases - Lease Costs (
Note 7 - Leases - Lease Costs (Details) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020USD ($) | ||
Amortization of ROU assets | $ 208 | |
Interest on lease liabilities | 58 | |
Operating lease costs | 2,326 | |
Short-term lease costs (1) | 425 | [1] |
Sub-lease income | (81) | |
Total Lease costs | $ 2,936 | |
[1] | Includes variable lease costs, which are immaterial |
Note 7 - Leases - Supplementa_2
Note 7 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | |
Financing cash flows from finance leases | $ 287 | $ 250 | |
Operating cash flows from finance leases | 58 | ||
Operating cash flows from operating leases | $ 2,287 | ||
Finance leases liabilities | |||
Operating leases liabilities | $ 94 |
Note 7 - Leases - Weighted-aver
Note 7 - Leases - Weighted-average Lease Terms and Discount Rates (Details) | Jan. 31, 2020 |
Finance leases (Year) | 3 years |
Operating leases (Year) | 8 years 182 days |
Finance leases | 7.00% |
Operating leases | 8.20% |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jan. 31, 2020USD ($) |
For the year ended January 31, 2021, operating leases | $ 2,312 |
For the year ended January 31, 2021, finance leases | 487 |
For the year ended January 31, 2022, operating leases | 2,315 |
For the year ended January 31, 2022, finance leases | 331 |
For the year ended January 31, 2023, operating leases | 2,180 |
For the year ended January 31, 2023, finance leases | 269 |
For the year ended January 31, 2024, operating leases | 2,012 |
For the year ended January 31, 2024, finance leases | 145 |
For the year ended January 31, 2025, operating leases | 1,319 |
For the year ended January 31, 2025, finance leases | |
Thereafter, operating leases | 7,358 |
Thereafter, finance leases | |
Total lease payments, operating leases | 17,496 |
Total lease payments, finance leases | 1,232 |
Less: amount representing interest, operating leases | (5,242) |
Less: amount representing interest, finance leases | (138) |
Total lease liabilities, operating leases | 12,254 |
Total lease liabilities, finance leases | $ 1,094 |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Payments (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Operating leases, 2020 | $ 2,516 | |
Capital leases, 2020 | 241 | |
Operating leases, 2021 | 2,193 | |
Capital leases, 2021 | $ 290 | 240 |
Operating leases, 2022 | 2,149 | |
Capital leases, 2022 | 247 | 82 |
Operating leases, 2023 | 2,110 | |
Capital leases, 2023 | 141 | 21 |
Operating leases, 2024 | 1,979 | |
Capital leases, 2024 | ||
Operating leases, Thereafter | 8,997 | |
Capital leases, Subtotal | 584 | |
Capital leases, Less Amount representing interest | (48) | |
Operating leases, Future minimum lease payments | 19,944 | |
Capital leases, Future minimum lease payments | $ 536 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Taxes Payable, Total | $ 200 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 29.00% | 134.40% |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ (172) | $ 2,617 |
Operating Loss Carryforwards, Total | 33,800 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 2,567 | 2,552 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 223 | 390 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 2,580 | 2,305 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 100 | 100 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 400 | |
Foreign Tax Authority [Member] | Middle East [Member] | ||
Undistributed Earnings of Foreign Subsidiaries | 26,800 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 25,000 | |
Foreign Tax Authority [Member] | UNITED ARAB EMIRATES | ||
Undistributed Earnings of Foreign Subsidiaries | 16,100 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 0 | |
Foreign Tax Authority [Member] | SAUDI ARABIA | ||
Undistributed Earnings of Foreign Subsidiaries | 10,700 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 2,100 | |
Foreign Tax Authority [Member] | Ministry of Finance, India [Member] | ||
Undistributed Earnings of Foreign Subsidiaries | 4,600 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 900 | |
Domestic Tax Authority [Member] | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (337) | $ (2,612) |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Taxes (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Domestic | $ 400 | $ (2,331) |
Foreign | 4,635 | 3,931 |
Income from operations before income taxes | $ 5,035 | $ 1,600 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Current | ||
Federal | $ 34 | $ 48 |
Foreign | 1,455 | 1,695 |
State and other | 181 | 196 |
Total current income tax expense | 1,670 | 1,939 |
Deferred | ||
Federal | ||
Foreign | (211) | 211 |
State and other | ||
Total deferred income tax expense/(benefit) | (211) | 211 |
Total income tax expense | $ 1,459 | $ 2,150 |
Note 8 - Income Taxes - Incom_2
Note 8 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Tax expense at federal statutory rate | $ 1,057 | $ 340 |
State expense, net of federal income tax effect | 147 | 145 |
Deferred balance adjustment | (212) | |
Domestic return to provision | (172) | 2,617 |
Global Intangible Low Tax Income Inclusion | 703 | 438 |
Permanent differences other | (5) | 126 |
Differences in foreign tax rate | (79) | 334 |
Foreign rate change | (63) | |
Deferred tax on unremitted earnings | 183 | 413 |
Foreign withholding taxes | 274 | 252 |
All other, net expense | (35) | 21 |
Total income tax expense | 1,459 | 2,150 |
Domestic Tax Authority [Member] | ||
Valuation allowance | (337) | (2,612) |
State and Local Jurisdiction [Member] | ||
Valuation allowance | $ (2) | $ 76 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
U.S. Federal NOL carryforward | $ 7,209 | $ 7,480 |
Deferred compensation | 401 | 382 |
Research tax credit | 2,686 | 2,703 |
Foreign NOL carryforward | 223 | 390 |
Foreign tax credit | 2,580 | 2,305 |
Stock compensation | 429 | 459 |
Other accruals not yet deducted | 328 | 349 |
State NOL carryforward | 2,567 | 2,552 |
Accrued commissions and incentives | 354 | 643 |
Inventory valuation allowance | 75 | 112 |
Other | 132 | 159 |
Deferred tax assets, gross | 16,984 | 17,534 |
Valuation allowance | (15,937) | (16,199) |
Total deferred tax assets, net of valuation allowances | 1,047 | 1,335 |
Depreciation | (1,275) | (1,734) |
Foreign subsidiaries unremitted earnings | (470) | (498) |
Prepaid | (61) | (80) |
Total deferred tax liabilities | (1,806) | (2,312) |
Deferred tax liability, net | (759) | (977) |
Long-term assets | 293 | 458 |
Long-term liability | $ (1,052) | $ (1,435) |
Note 8 - Income Taxes - Uncerta
Note 8 - Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Balance at beginning of the year | $ 1,447 | $ 1,301 |
Decreases in positions taken in a prior period | (26) | |
Increases in positions taken in a prior period | 9 | |
Increases in positions taken in a current period | 132 | 147 |
Decreases due to lapse of statute of limitations | (8) | (10) |
Balance at end of the year | $ 1,545 | $ 1,447 |
Note 9 - Retirement Plans (Deta
Note 9 - Retirement Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | $ 695 | $ (184) |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.50% | 8.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Payroll Deferral Contributions | 50.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay, Payroll Deferral Contributions | 5.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 300 | $ 300 |
Minimum [Member] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 1.00% | |
Maximum [Member] | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 16.00% | |
Defined Benefit Plan, Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 64.00% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | |
Defined Benefit Plan, Debt Security [Member] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 34.00% | |
Other Debt Obligations [Member] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 2.00% | |
Fixed Income Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | |
Alternative Investments [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Note 9 - Retirement Plans - Ass
Note 9 - Retirement Plans - Asset Allocation (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Plan assets | $ 6,550 | $ 6,179 | $ 6,700 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Plan assets | 5,642 | 5,424 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Plan assets | 169 | 121 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Plan assets | [1] | 739 | 634 | |
Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Plan assets | 3,139 | 2,991 | ||
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Plan assets | 2,134 | 2,065 | ||
Defined Benefit Plan, Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Plan assets | 369 | 368 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Plan assets | $ 169 | $ 121 | ||
[1] | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the reconciliation of benefit obligations, plan assets and funded status of plan. |
Note 9 - Retirement Plans - Ben
Note 9 - Retirement Plans - Benefit Obligations, Plan Assets and Funded Status of Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Accumulated benefit obligations | ||
Accumulated benefits | $ 6,959 | $ 6,258 |
Benefit obligation - beginning of year | 6,258 | 6,658 |
Interest cost | 237 | 240 |
Actuarial (gain)/loss | 788 | (303) |
Benefits paid | (324) | (337) |
Benefit obligation - end of year | 6,959 | 6,258 |
Fair value of plan assets - beginning of year | 6,179 | 6,700 |
Actual (loss)/gain on plan assets | 695 | (184) |
Benefits paid | 324 | 337 |
Fair value of plan assets - end of year | 6,550 | 6,179 |
Unfunded status | (409) | (80) |
Balance sheet classification | ||
Prepaid expenses and other current assets | 325 | 343 |
Other assets | 1,679 | 1,568 |
Deferred compensation liabilities | (2,413) | (1,991) |
Net amount recognized | (409) | (80) |
Amounts recognized in accumulated other comprehensive loss | ||
Unrecognized actuarial loss | 2,087 | 1,648 |
Net amount recognized | $ 2,087 | $ 1,648 |
Note 9 - Retirement Plans - A_2
Note 9 - Retirement Plans - Assumptions (Details) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
End of year benefit obligation discount rate | 2.80% | 3.90% |
Service cost discount rate | 3.90% | 3.70% |
Expected return on plan assets | 7.50% | 8.00% |
Note 9 - Retirement Plans - Com
Note 9 - Retirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Interest cost | $ 237 | $ 240 |
Expected return on plan assets | (450) | (522) |
Recognized actuarial loss | 102 | 64 |
Net periodic benefit income | (111) | (218) |
Actuarial gain/(loss) on obligation | (787) | 303 |
Actual (loss)/gain on plan assets | 348 | (644) |
Total in other comprehensive income | $ 439 | $ 341 |
Note 9 - Retirement Plans - Cas
Note 9 - Retirement Plans - Cash Flows (Details) $ in Thousands | 12 Months Ended |
Jan. 31, 2020USD ($) | |
Expected employer contributions for the fiscal year ending January 31, 2021 | |
Expected employee contributions for the fiscal year ending January 31, 2021 | |
2021 | 325 |
2022 | 332 |
2023 | 332 |
2024 | 327 |
2025 | 328 |
2026 - 2030 | $ 1,643 |
Note 9 - Retirement Plans - Mul
Note 9 - Retirement Plans - Multi-Employer (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Plumbers & Pipefitters Local 572 Pension Fund [Member] | ||
Multiemployer Plan, Contributions by Employer | $ 239 | $ 188 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019shares | Jul. 31, 2018USD ($) | Jan. 31, 2020USD ($)shares | Jan. 31, 2019USD ($)shares | Jan. 31, 2018shares | |
Number of Incentive Stock Plans Under Which New Awards May Be Granted | 1 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 613,904 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | shares | 0 | 0 | |||
Proceeds from Stock Options Exercised | $ | $ 0.4 | $ 0.5 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 0.1 | $ 0.1 | |||
Percentage of Options Expected to Vest | 94.00% | ||||
Director [Member] | |||||
Deferred Stock Compensation Arrangements, Classified from a Liability to Additional Paid In Capital | $ | $ 0.7 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0.1 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 146 days | ||||
Deferred Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 23,104 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | shares | 125,049 | ||||
Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1.5 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 36 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 152,000 | 148,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | shares | 358,000 | 283,000 | 360,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 0.8 | $ 1.1 | |||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Stock-based compensation expense | $ 1,011 | $ 1,165 |
Share-based Payment Arrangement, Option [Member] | ||
Stock-based compensation expense | 12 | 33 |
Restricted Stock [Member] | ||
Stock-based compensation expense | $ 999 | $ 1,132 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Stock Option Activity (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Outstanding beginning of period (in shares) | 218 | 358 | |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ 8.60 | $ 9.44 | |
Outstanding weighted average remaining contractual term (Year) | 3 years 73 days | 3 years 292 days | 4 years |
Outstanding at beginning of period, aggregate intrinsic value | $ 160 | $ 257 | $ 482 |
Exercised (in shares) | (53) | (77) | |
Exercised, weighted average exercise price (in dollars per share) | $ 6.91 | $ 6.83 | |
Exercised, aggregate intrinsic value | $ 162 | $ 162 | |
Canceled options during the year (in shares) | (33) | (63) | |
Expired or forfeited, weighted average exercise price (in dollars per share) | $ 7.10 | $ 16.20 | |
Options exercisable (in shares) | 129 | 207 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 9.01 | $ 8.69 | |
Options exercisable, weighted average remaining contractual term (Year) | 3 years 51 days | 3 years 219 days | |
Options exercisable, aggregate intrinsic value | $ 155 | $ 239 | |
Outstanding end of period (in shares) | 132 | 218 | 358 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ 8.98 | $ 8.60 | $ 9.44 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Unvested Option Activity (Details) - Unvested Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2020 | |
Outstanding beginning of period (in shares) | 11 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 7 | ||
Outstanding at beginning of period, aggregate intrinsic value | $ 19 | $ 4 | |
Granted, number (in shares) | |||
Granted, weighted average grant date fair value (in dollars per share) | |||
Vested, number (in shares) | (6) | ||
Vested, weighted average grant date fair value (in dollars per share) | |||
Canceled options during the year (in shares) | (2) | ||
Expired or forfeited, weighted average grant date fair value (in dollars per share) | $ 7.10 | ||
Outstanding end of period (in shares) | 3 | 11 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 7 | $ 7 | $ 7.33 |
Note 10 - Stock-based Compens_7
Note 10 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Outstanding (in shares) | 283 | 360 | |
Outstanding, weighted average grant price (in dollars per share) | $ 8.74 | $ 9.05 | |
Outstanding, aggregate intrinsic value | $ 3,234 | $ 2,476 | $ 3,254 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 152 | 148 | |
Granted, weighted average grant price (in dollars per share) | $ 9.09 | $ 9.76 | |
Issued (in shares) | (51) | (94) | |
Forfeited (in shares) | (26) | (131) | |
Forfeited, weighted average grant price (in dollars per share) | $ 8.79 | $ 7.92 | |
Outstanding (in shares) | 358 | 283 | |
Outstanding, weighted average grant price (in dollars per share) | $ 9.03 | $ 8.74 |
Note 11 - Stock Rights (Details
Note 11 - Stock Rights (Details Textual) | 12 Months Ended |
Jan. 31, 2020$ / shares | |
Price of PPIH Common Stock With Right (in dollars per share) | $ 25 |
Note 12 - Interest Expense, N_3
Note 12 - Interest Expense, Net - Interest Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Interest expense | $ 1,106 | $ 1,286 |
Interest income | (201) | (164) |
Interest expense, net | $ 905 | $ 1,122 |
Note 13 -Subsequent Events (Det
Note 13 -Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | 3 Months Ended |
Apr. 21, 2020USD ($) | |
Applied Funding Under Small Business Administration Programs | $ 3.2 |
Maximum [Member] | |
Applied Funding Under Small Business Administration Economic Disaster Loan | $ 2 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | ||
Allowance for doubtful accounts receivable | $ 536 | $ 469 | |
Allowance for doubtful accounts receivable, charges to expenses | 123 | 140 | |
Allowance for doubtful accounts receivable, write-offs | [1] | (254) | (272) |
Allowance for doubtful accounts receivable, other charges/ (Reversals) | [2] | 2 | 199 |
Allowance for doubtful accounts receivable | $ 407 | $ 536 | |
[1] | Uncollectible accounts charged off. | ||
[2] | Primarily related to recoveries from accounts previously charged off and currency translation. |