Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 31, 2020 | Sep. 04, 2020 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 8,164,989 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $.01 par value per share |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Net sales | $ 20,364 | $ 36,667 | $ 43,106 | $ 60,943 |
Cost of sales | 18,000 | 27,014 | 37,275 | 46,568 |
Gross profit | 2,364 | 9,653 | 5,831 | 14,375 |
Operating expenses | ||||
General and administrative expenses | 4,488 | 4,814 | 8,792 | 9,271 |
Selling expenses | 1,331 | 1,416 | 2,978 | 2,676 |
Total operating expenses | 5,819 | 6,230 | 11,770 | 11,947 |
Income/(loss) from operations | (3,455) | 3,423 | (5,939) | 2,428 |
Interest expense, net | 118 | 209 | 304 | 419 |
Other income | 3,739 | 241 | 3,674 | 256 |
Income/(loss) from operations before income taxes | 166 | 3,455 | (2,569) | 2,265 |
Income tax (benefit)/expense | (101) | (265) | (315) | 47 |
Net income/(loss) | $ 267 | $ 3,720 | $ (2,254) | $ 2,218 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 8,126 | 7,887 | 8,087 | 7,937 |
Diluted (in shares) | 8,278 | 8,202 | 8,087 | 8,122 |
Income/(loss) per share | ||||
Basic (in dollars per share) | $ 0.03 | $ 0.47 | $ (0.28) | $ 0.28 |
Diluted (in dollars per share) | $ 0.03 | $ 0.45 | $ (0.28) | $ 0.27 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Net income/(loss) | $ 267 | $ 3,720 | $ (2,254) | $ 2,218 |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustments, net of tax | 153 | 358 | (214) | 41 |
Other comprehensive income/(loss) | 153 | 358 | (214) | 41 |
Comprehensive income/(loss) | $ 420 | $ 4,078 | $ (2,468) | $ 2,259 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 9,106 | $ 13,371 |
Restricted cash | 1,150 | 1,287 |
Trade accounts receivable, less allowance for doubtful accounts of $300 at July 31, 2020 and $407 at January 31, 2020 | 23,884 | 29,402 |
Inventories, net | 12,137 | 14,498 |
Prepaid expenses and other current assets | 7,033 | 3,531 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,750 | 2,166 |
Total current assets | 55,060 | 64,255 |
Property, plant and equipment, net of accumulated depreciation | 27,306 | 28,629 |
Other assets | ||
Operating lease right-of-use asset | 10,889 | 11,475 |
Deferred tax assets | 566 | 293 |
Goodwill | 2,222 | 2,254 |
Other assets | 3,955 | 5,319 |
Total other assets | 17,632 | 19,341 |
Total assets | 99,998 | 112,225 |
Current liabilities | ||
Trade accounts payable | 7,943 | 9,577 |
Accrued compensation and payroll taxes | 1,496 | 1,190 |
Commissions and management incentives payable | 1,107 | 1,759 |
Revolving line - North America | 2,470 | 8,577 |
Current maturities of long-term debt | 1,715 | 1,458 |
Customers' deposits | 1,844 | 2,202 |
Outside commission liability | 1,712 | 1,755 |
Operating lease liability short-term | 1,338 | 1,040 |
Other accrued liabilities | 2,836 | 3,444 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 767 | 1,173 |
Income taxes payable | 750 | 664 |
Total current liabilities | 23,978 | 32,839 |
Long-term liabilities | ||
Long-term debt, less current maturities | 6,293 | 6,717 |
Deferred compensation liabilities | 4,415 | 4,199 |
Deferred tax liabilities | 672 | 1,052 |
Operating lease liability long-term | 10,563 | 11,214 |
Other long-term liabilities | 628 | 575 |
Total long-term liabilities | 22,571 | 23,757 |
Stockholders' equity | ||
Common stock, $.01 par value, authorized 50,000 shares; 8,165 issued and outstanding at July 31, 2020 and 8,048 issued and outstanding at January 31, 2020 | 82 | 80 |
Additional paid-in capital | 60,310 | 60,024 |
Accumulated deficit | (2,969) | (715) |
Accumulated other comprehensive loss | (3,974) | (3,760) |
Total stockholders' equity | 53,449 | 55,629 |
Total liabilities and stockholders' equity | $ 99,998 | $ 112,225 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 300 | $ 407 |
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) | 8,165 | 8,048 |
Common stock, outstanding (in shares) | 8,165 | 8,048 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Stockholders' equity at Jan. 31, 2019 | $ 79 | $ 58,793 | $ (4,291) | $ (2,880) | $ 51,701 |
Net income (loss) | (1,502) | (1,502) | |||
Common stock issued under stock plans, net of shares used for tax withholding | 79 | 79 | |||
Stock-based compensation expense | 154 | 154 | |||
Foreign currency translation adjustment | (317) | (317) | |||
Stockholder's equity at Apr. 30, 2019 | $ 79 | 59,026 | (5,793) | (3,197) | 50,115 |
Balances at beginning of year (in shares) at Jan. 31, 2019 | 7,854,322 | ||||
Stockholders' equity at Jan. 31, 2019 | $ 79 | 58,793 | (4,291) | (2,880) | 51,701 |
Net income (loss) | 2,218 | ||||
Stockholder's equity at Jul. 31, 2019 | $ 80 | 59,475 | (2,073) | (2,839) | 54,643 |
Balances at beginning of year (in shares) at Jan. 31, 2019 | 7,854,322 | ||||
Shares issued (in shares) | 193,684 | ||||
Balances at period end (in shares) at Jul. 31, 2019 | 8,048,006 | ||||
Stockholders' equity at Apr. 30, 2019 | $ 79 | 59,026 | (5,793) | (3,197) | 50,115 |
Net income (loss) | 3,720 | 3,720 | |||
Common stock issued under stock plans, net of shares used for tax withholding | 1 | 43 | 44 | ||
Stock-based compensation expense | 406 | 406 | |||
Foreign currency translation adjustment | 358 | 358 | |||
Stockholder's equity at Jul. 31, 2019 | $ 80 | 59,475 | (2,073) | (2,839) | 54,643 |
Balances at period end (in shares) at Jul. 31, 2019 | 8,048,006 | ||||
Stockholders' equity at Jan. 31, 2020 | $ 80 | 60,024 | (715) | (3,760) | 55,629 |
Net income (loss) | (2,521) | (2,521) | |||
Stock-based compensation expense | 219 | 219 | |||
Foreign currency translation adjustment | (367) | (367) | |||
Stockholder's equity at Apr. 30, 2020 | $ 80 | 60,243 | (3,236) | (4,127) | 52,960 |
Balances at beginning of year (in shares) at Jan. 31, 2020 | 8,048,006 | ||||
Stockholders' equity at Jan. 31, 2020 | $ 80 | 60,024 | (715) | (3,760) | 55,629 |
Net income (loss) | (2,254) | ||||
Stockholder's equity at Jul. 31, 2020 | $ 82 | 60,310 | (2,969) | (3,974) | 53,449 |
Balances at beginning of year (in shares) at Jan. 31, 2020 | 8,048,006 | ||||
Shares issued (in shares) | 116,983 | ||||
Balances at period end (in shares) at Jul. 31, 2020 | 8,164,989 | ||||
Stockholders' equity at Apr. 30, 2020 | $ 80 | 60,243 | (3,236) | (4,127) | 52,960 |
Net income (loss) | 267 | 267 | |||
Common stock issued under stock plans, net of shares used for tax withholding | 2 | (193) | (191) | ||
Stock-based compensation expense | 260 | 260 | |||
Foreign currency translation adjustment | 153 | 153 | |||
Stockholder's equity at Jul. 31, 2020 | $ 82 | $ 60,310 | $ (2,969) | $ (3,974) | $ 53,449 |
Balances at period end (in shares) at Jul. 31, 2020 | 8,164,989 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Operating activities | ||
Net income/(loss) | $ (2,254) | $ 2,218 |
Adjustments to reconcile net income/(loss) to net cash flows provided by/(used in) in operating activities | ||
Depreciation and amortization | 2,241 | 2,302 |
Deferred tax expense/(benefit) | (630) | 54 |
Equity-based compensation expense | 479 | 560 |
Loss on disposal of fixed assets | 10 | 85 |
Provision on uncollectible accounts | (105) | (80) |
Changes in operating assets and liabilities | ||
Accounts receivable | 3,782 | 980 |
Inventories | 2,315 | (4,238) |
Contract assets and contract liabilities | 10 | (2,250) |
Accounts payable | (1,733) | 641 |
Accrued compensation and payroll taxes | (475) | (627) |
Customers' deposits | (352) | (112) |
Income taxes receivable and payable | (66) | (1,421) |
Prepaid expenses and other current assets | (3,774) | (8) |
Other assets and liabilities | 3,170 | 953 |
Net cash provided by/(used in) operating activities | 2,618 | (943) |
Investing activities | ||
Capital expenditures | (761) | (981) |
Net cash used in investing activities | (761) | (981) |
Financing activities | ||
Proceeds from revolving lines | 23,533 | 40,630 |
Payments of debt on revolving lines of credit | (29,341) | (41,912) |
Payments of other debt | (175) | (179) |
Increase/(decrease) in drafts payable | 100 | (131) |
Payments on finance lease obligations | (202) | (103) |
Stock options exercised and restricted shares retired for tax | (193) | 123 |
Net cash used in financing activities | (6,278) | (1,572) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 19 | (22) |
Net decrease in cash, cash equivalents and restricted cash | (4,402) | (3,518) |
Cash, cash equivalents and restricted cash - beginning of period | 14,658 | 12,737 |
Cash, cash equivalents and restricted cash - end of period | 10,256 | 9,219 |
Supplemental cash flow information | ||
Interest paid | 321 | 408 |
Income taxes paid | $ 170 | $ 1,393 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 The interim consolidated financial statements of Perma-Pipe International Holdings, Inc., and subsidiaries (collectively, "PPIH", "Company", or "Registrant") are unaudited, but include all adjustments that the Company's management considers necessary to present fairly the financial position and results of operations for the periods presented. These adjustments consist of normal recurring adjustments. Information and footnote disclosures have been omitted pursuant to Securities and Exchange Commission ("SEC") rules and regulations. The consolidated balance sheet as of January 31, 2020 not 10 January 31. 2020 2019 three six July 31, 2020 2019 January 31, 2021 2020 |
Note 2 - Business Segment Repor
Note 2 - Business Segment Reporting | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 2 The Company is engaged in the manufacture and sale of products in one may |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3 The majority of the Company's accounts receivable are due from geographically dispersed contractors and manufacturing companies. Credit is extended based on an evaluation of a customer's financial condition, including the availability of credit insurance. In the U.S., collateral is not may One of the Company's accounts receivable in the total amount of $ 4.1 July 31, 2020 January 31, 2020 3.6 $1.6 2.1 as of July 31, 2020 January 31, 2020 2015 first 2020, $0.5 August 2020, $0.2 September 2020 2019 not July 31, 2020. not may For the three July 31, 2020 2019, no 10% six July 31, 2020 2019, no 10% At July 31, 2020 January 31, 2020 one 14.4% 13.3% |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 4 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 into two 1 Systems - which include all bundled products in which the Company 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 Accounting Standards Codification ("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 the three six July 31, 2020 2019 Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Sales % to Total Sales % to Total Sales % to Total Sales % to Total Products $ 1,703 8 % $ 5,860 16 % $ 6,168 14 % $ 10,757 18 % Specialty Piping Systems and Coating Revenue recognized under input method 9,784 48 % 15,451 42 % 18,346 43 % 24,238 40 % Revenue recognized under output method 8,877 44 % 15,356 42 % 18,592 43 % 25,948 42 % Total $ 20,364 100 % $ 36,667 100 % $ 43,106 100 % $ 60,943 100 % 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 do 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. The Company anticipates that substantially all costs incurred for uncompleted contracts as of July 31, 2020 one The following tables set forth the changes in the Company's contract assets and liabilities for the periods indicated. In addition to these amounts, the Company has recorded $3.3 one July 31, 2020. Contract Assets Balance January 31, 2019 $ 1,653 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,038 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 1,368 Closing Balance at April 30, 2019 $ 1,983 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,509 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 3,000 Closing Balance at July 31, 2019 $ 3,474 Balance January 31, 2020 $ 2,166 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (2,896 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 3,630 Closing Balance at April 30, 2020 $ 2,900 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,743 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 593 Closing Balance at July 31, 2020 $ 1,750 Contract Liabilities Balance January 31, 2019 $ 1,569 Revenue recognized during the period for uncompleted contracts from the prior period (444 ) New contracts entered into that are uncompleted at the end of the current period 721 Closing Balance at April 30, 2019 $ 1,846 Revenue recognized during the period for uncompleted contracts from the prior period (1,250 ) New contracts entered into that are uncompleted at the end of the current period 545 Closing Balance at July 31, 2019 $ 1,141 Balance January 31, 2020 $ 1,173 Revenue recognized during the period for uncompleted contracts from the prior period (17 ) New contracts entered into that are uncompleted at the end of the current period (95 ) Closing Balance at April 30, 2020 $ 1,061 Revenue recognized during the period for uncompleted contracts from the prior period 631 New contracts entered into that are uncompleted at the end of the current period (925 ) Closing Balance at July 31, 2020 $ 767 Practical expedients: Costs to obtain a contract are not not one As the Company's contracts are less than one |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of deferred tax assets. Income earned in the United Arab Emirates is not The Company's effective tax rate ("ETR") from operations for the second 2020 56.8% 12.3% 7.6% 2.1% The amount of unrecognized tax benefits, including interest and penalties at July 31, 2020, $0.1 On March 7, 2020, 748 100% no |
Note 6 - Impairment of Long-liv
Note 6 - Impairment of Long-lived Assets | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | Note 6 The Company's assessment of long-lived assets, and other identifiable intangibles is based upon factors that market participants would use in accordance with the accounting guidance for the fair value measurement of assets. At July 31, 2020, not three not no three six July 31, 2020 2019 Goodwill. as of July 31, 2020 January 31, 2020 2016. January 31, 2020 Foreign exchange change effect July 31, 2020 Goodwill $ 2,254 $ (32 ) $ 2,222 The Company performs an impairment assessment of goodwill annually as of January 31, July 31, 2020, 0 not 1 1 1 no three six July 31, 2020 2019 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7 The Company's 2017 June 13, 2017, June 2017 ( "2017 June 2020. 2017 The Company has prior incentive plans under which previously granted awards remain outstanding, but under which no may July 31, 2020 534,670 While the 2017 422 2017 2017 The Company has granted stock-based compensation awards to eligible employees, officers or independent directors. The following were the Company's stock-based compensation expenses for the periods presented: Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Stock-based compensation expense $ 1 $ 3 $ 3 $ 8 Restricted stock-based compensation expense 259 403 476 552 Total stock-based compensation expense $ 260 $ 406 $ 479 $ 560 Stock Options The Company did not three six July 31, 2020 Option activity No. of Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 31, 2020 132 $ 8.98 3.2 $ 160 Exercised - - - - Expired or forfeited (13 ) - - - Outstanding at July 31, 2020 119 9.20 2.9 4 Exercisable at July 31, 2020 119 $ 9.20 2.9 $ 4 No six July 31, 2020 Unvested option activity No. of Shares Underlying Options Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 31, 2020 3 $ 7.33 $ 4 Vested (3 ) - - Expired or forfeited - - - Outstanding at July 31, 2020 - $ - $ - As of July 31, 2020 no no Restricted stock The following table summarizes the Company's restricted stock activity for the six July 31, 2020 Restricted stock activity Restricted Shares Weighted Average Grant Price Per Share Aggregate Intrinsic Value Outstanding at January 31, 2020 321 $ 8.89 $ 2,857 Granted 156 5.88 Vested and issued (63 ) 8.96 Forfeited or retired for taxes (36 ) 8.72 Outstanding at July 31, 2020 378 $ 7.63 $ 2,884 As of July 31, 2020 $1.9 2017 2.1 |
Note 8 - Income (Loss) Per Shar
Note 8 - Income (Loss) Per Share | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Basic weighted average common shares outstanding 8,126 7,887 8,087 7,937 Dilutive effect of equity compensation plans 152 315 - 185 Weighted average common shares outstanding assuming full dilution 8,278 8,202 8,087 8,122 Stock options and restricted stock not included in the computation of diluted earnings per share of common stock because the option exercise prices or grant date prices exceeded the average market prices of the common shares 248 73 197 203 Stock options and restricted stock with exercise prices or grant date prices below the average market prices 152 315 203 185 |
Note 9 - Debt
Note 9 - Debt | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 Debt totaled $ 10.5 $16.9 July 31, 2020 January 31, 2020 Paycheck Protection Program Loan. May 1, 2020, $3.2 1.0%, April 28, 2022. 1106 three July 31, 2020, 100% Guidance from the American Institute of Certified Public Accountants' ("AICPA") Technical Question and Answer Section 3200.18 may 20 no three July 31, 2020. The IAS 20 three July 31, 2020. Revolving lines - North America . September 20, 2018, three $18 The Company has used proceeds from the Senior Credit Facility for on-going working capital needs, and expects to continue using this facility to fund future capital expenditures, working capital needs and other corporate purposes. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate or London Interbank Offered Rate ("LIBOR"), plus, in each case, an applicable margin. The applicable margin is based on average quarterly undrawn availability with respect to the Senior Credit Facility. Interest on alternate base rate borrowings are generally payable monthly in arrears and interest on LIBOR borrowings are generally payable in arrears on the last day of each interest period. Additionally, the Company is required to pay a 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 the assets 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. $3.0 The Senior Credit Facility also contains financial covenants requiring (i) the North America Loan Parties to achieve a ratio of its EBITDA (with certain additional adjustments) to the sum of scheduled cash principal payments on indebtedness for borrowed money and interest payments on the advances under the Senior Credit Facility (excluding from the calculation items related to the financial performance of the Company's foreign subsidiaries not not 1.10 1.00 four not not 1.10 1.00 four July 31, 2020 As of July 31, 2020, $2.5 6.25% 4.17% 4.56% $5.2 Revolving lines - foreign . The Company has a revolving line for 8.0 $2.2 July 31, 2020) 3.8% November 2020. The Company has a second 19.5 $5.3 July 31, 2020) 4.3% July 2020, September 2020 These credit arrangements are in the form of overdraft facilities and project financing at rates competitive in the countries in which the Company operates. The lines are secured by certain equipment, certain assets (such as accounts receivable and inventory), and a guarantee by the Company. Some credit arrangement covenants require a minimum tangible net worth to be maintained, including maintaining certain levels of intercompany subordinated debt. In addition, some of the revolving credit facilities restrict payment of dividends or undertaking of additional debt. In November 2019, 200.0 $12.5 July 31, 2020). 12.8% June 2020, September 2020 The Company's credit arrangements used by its Middle Eastern subsidiaries renew on an annual basis. The Company guarantees the subsidiaries' debt including all foreign debt. The Company was in compliance with the covenants under the credit arrangements in the U.A.E. and Egypt as of July 31, 2020 July 31, 2020 3.0% 3.5% 4.5% 1.5% July 31, 2020 3.8% 12.8%, 3.76%, $20.0 July 31, 2020 $4.3 July 31, 2020 $1.0 $14.7 as of July 31, 2020 January 31, 2020 Mortgages. July 28, 2016, 8.0 $6.1 December 23, 2042. 4.55% July 31, 2020. 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 10 - Leases
Note 10 - Leases | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | Note 10 Finance Leases. 2019, two 1.1 $0.8 8.0% $0.1 August 2023. 2017, three 1.1 $0.8 4.0% 7.8% $0.1 April 2021 September 2022. 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 July 31, 2020 $11.9 $10.9 July 31, 2020 0.9 1.0 Supplemental balance sheet information related to leases is as follows: Operating and Finance leases: July 31, 2020 January 31, 2020 Finance leases assets: Property and Equipment - gross $ 1,659 $ 1,696 Accumulated depreciation and amortization (640 ) (551 ) Property and Equipment - net $ 1,019 $ 1,145 Finance lease liabilities: Finance lease liability short-term $ 375 $ 417 Finance lease liability long-term 502 677 Total finance lease liabilities $ 877 $ 1,094 Operating lease assets: Operating lease ROU assets $ 10,889 $ 11,475 Operating lease liabilities: Operating lease liability short-term $ 1,338 $ 1,040 Operating lease liability long-term 10,563 11,214 Total operating lease liabilities $ 11,901 $ 12,254 Total lease costs consist of the following: Lease costs Consolidated Statements of Operations Classification Three Months Ended July 31, 2020 Three Months Ended July 31, 2019 Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 Finance Lease Costs Amortization of ROU assets Cost of sales $ 53 $ 51 $ 101 $ 102 Interest on lease liabilities Interest expense 18 8 37 17 Operating lease costs Cost of sales, SG&A expenses 610 581 1,222 1,132 Short-term lease costs (1) Cost of sales, SG&A expenses 213 82 236 266 Sub-lease income SG&A expenses (20 ) (20 ) (40 ) (40 ) Total Lease costs $ 874 $ 702 $ 1,556 $ 1,477 ( 1 Supplemental cash flow information related to leases is as follows: Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 202 $ 103 Operating cash flows from finance leases $ 37 17 Operating cash flows from operating leases $ 1,385 1,127 Six Months Ended July 31, 2020 ROU Assets obtained in exchange for new lease obligations: Finance leases liabilities $ - Operating leases liabilities 53 Weighted-average lease terms and discount rates are as follows: July 31, 2020 Weighted-average remaining lease terms (in years): Finance leases 2.6 Operating leases 8.3 Weighted-average discount rates: Finance leases 7.7 % Operating leases 7.9 % Maturities of lease liabilities as of July 31, 2020 Year: Operating Leases Finance Leases For the six months ended January 31, 2021 $ 949 $ 239 For the year ended January 31, 2022 2,340 325 For the year ended January 31, 2023 2,229 264 For the year ended January 31, 2024 2,061 142 For the year ended January 31, 2025 1,330 - For the year ended January 31, 2026 1,144 - Thereafter 6,214 - Total lease payments 16,267 970 Less: amount representing interest (4,366 ) (93 ) Total lease liabilities at July 31, 2020 $ 11,901 $ 877 Rent expense on operating leases, which is recorded on straight-line basis, was $0.8 $0.7 three July 31, 2020 2019 $1.5 $1.4 six July 31, 2020 2019, |
Note 11 - Restricted Cash
Note 11 - Restricted Cash | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 11 Restricted cash held by foreign subsidiaries was $1.2 July 31, 2020 2019, July 31, 2020 July 31, 2019 Cash and cash equivalents $ 9,106 $ 8,052 Restricted cash 1,150 1,167 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 10,256 $ 9,219 |
Note 12 - Fair Value
Note 12 - Fair Value | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12 The carrying values of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair value due to their short-term nature. The carrying amount of the Company's short-term debt, revolving line of credit and long-term debt approximate fair value because the majority of the amounts outstanding accrue interest at variable market rates. |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 6 Months Ended |
Jul. 31, 2020 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 13 In March 2020, 2020 04, Reference Rate Reform 848 may December 31, 2021. not March 12, 2020 December 31, 2022. September 20, 2021 not In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 740 December 15, 2020, In August 2018, 2018 14, Compensation - Retirement Benefits - Defined Benefit Plans - General 715 20 no December 15, 2020, 10 January 31, 2021 not In June 2016, No. 2016 13, Financial Instruments-Credit Losses 326 not December 15, 2019, December 15, 2022. The Company evaluated other recent accounting pronouncements and does not |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Sales % to Total Sales % to Total Sales % to Total Sales % to Total Products $ 1,703 8 % $ 5,860 16 % $ 6,168 14 % $ 10,757 18 % Specialty Piping Systems and Coating Revenue recognized under input method 9,784 48 % 15,451 42 % 18,346 43 % 24,238 40 % Revenue recognized under output method 8,877 44 % 15,356 42 % 18,592 43 % 25,948 42 % Total $ 20,364 100 % $ 36,667 100 % $ 43,106 100 % $ 60,943 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Assets Balance January 31, 2019 $ 1,653 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,038 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 1,368 Closing Balance at April 30, 2019 $ 1,983 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,509 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 3,000 Closing Balance at July 31, 2019 $ 3,474 Balance January 31, 2020 $ 2,166 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (2,896 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 3,630 Closing Balance at April 30, 2020 $ 2,900 Costs and gross profit recognized during the period for uncompleted contracts from the prior period (1,743 ) Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period 593 Closing Balance at July 31, 2020 $ 1,750 Contract Liabilities Balance January 31, 2019 $ 1,569 Revenue recognized during the period for uncompleted contracts from the prior period (444 ) New contracts entered into that are uncompleted at the end of the current period 721 Closing Balance at April 30, 2019 $ 1,846 Revenue recognized during the period for uncompleted contracts from the prior period (1,250 ) New contracts entered into that are uncompleted at the end of the current period 545 Closing Balance at July 31, 2019 $ 1,141 Balance January 31, 2020 $ 1,173 Revenue recognized during the period for uncompleted contracts from the prior period (17 ) New contracts entered into that are uncompleted at the end of the current period (95 ) Closing Balance at April 30, 2020 $ 1,061 Revenue recognized during the period for uncompleted contracts from the prior period 631 New contracts entered into that are uncompleted at the end of the current period (925 ) Closing Balance at July 31, 2020 $ 767 |
Note 6 - Impairment of Long-l_2
Note 6 - Impairment of Long-lived Assets (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | January 31, 2020 Foreign exchange change effect July 31, 2020 Goodwill $ 2,254 $ (32 ) $ 2,222 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Stock-based compensation expense $ 1 $ 3 $ 3 $ 8 Restricted stock-based compensation expense 259 403 476 552 Total stock-based compensation expense $ 260 $ 406 $ 479 $ 560 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option activity No. of Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 31, 2020 132 $ 8.98 3.2 $ 160 Exercised - - - - Expired or forfeited (13 ) - - - Outstanding at July 31, 2020 119 9.20 2.9 4 Exercisable at July 31, 2020 119 $ 9.20 2.9 $ 4 |
Schedule of Nonvested Share Activity [Table Text Block] | Unvested option activity No. of Shares Underlying Options Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 31, 2020 3 $ 7.33 $ 4 Vested (3 ) - - Expired or forfeited - - - Outstanding at July 31, 2020 - $ - $ - |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted stock activity Restricted Shares Weighted Average Grant Price Per Share Aggregate Intrinsic Value Outstanding at January 31, 2020 321 $ 8.89 $ 2,857 Granted 156 5.88 Vested and issued (63 ) 8.96 Forfeited or retired for taxes (36 ) 8.72 Outstanding at July 31, 2020 378 $ 7.63 $ 2,884 |
Note 8 - Income (Loss) Per Sh_2
Note 8 - Income (Loss) Per Share (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, 2020 2019 2020 2019 Basic weighted average common shares outstanding 8,126 7,887 8,087 7,937 Dilutive effect of equity compensation plans 152 315 - 185 Weighted average common shares outstanding assuming full dilution 8,278 8,202 8,087 8,122 Stock options and restricted stock not included in the computation of diluted earnings per share of common stock because the option exercise prices or grant date prices exceeded the average market prices of the common shares 248 73 197 203 Stock options and restricted stock with exercise prices or grant date prices below the average market prices 152 315 203 185 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Notes Tables | |
Supplemental Balance Sheet Information Related to Leases [Table Text Block] | Operating and Finance leases: July 31, 2020 January 31, 2020 Finance leases assets: Property and Equipment - gross $ 1,659 $ 1,696 Accumulated depreciation and amortization (640 ) (551 ) Property and Equipment - net $ 1,019 $ 1,145 Finance lease liabilities: Finance lease liability short-term $ 375 $ 417 Finance lease liability long-term 502 677 Total finance lease liabilities $ 877 $ 1,094 Operating lease assets: Operating lease ROU assets $ 10,889 $ 11,475 Operating lease liabilities: Operating lease liability short-term $ 1,338 $ 1,040 Operating lease liability long-term 10,563 11,214 Total operating lease liabilities $ 11,901 $ 12,254 |
Lease, Cost [Table Text Block] | Lease costs Consolidated Statements of Operations Classification Three Months Ended July 31, 2020 Three Months Ended July 31, 2019 Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 Finance Lease Costs Amortization of ROU assets Cost of sales $ 53 $ 51 $ 101 $ 102 Interest on lease liabilities Interest expense 18 8 37 17 Operating lease costs Cost of sales, SG&A expenses 610 581 1,222 1,132 Short-term lease costs (1) Cost of sales, SG&A expenses 213 82 236 266 Sub-lease income SG&A expenses (20 ) (20 ) (40 ) (40 ) Total Lease costs $ 874 $ 702 $ 1,556 $ 1,477 |
Supplemental Cash Flow Information Related Leases [Table Text Block] | Six Months Ended July 31, 2020 Six Months Ended July 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 202 $ 103 Operating cash flows from finance leases $ 37 17 Operating cash flows from operating leases $ 1,385 1,127 Six Months Ended July 31, 2020 ROU Assets obtained in exchange for new lease obligations: Finance leases liabilities $ - Operating leases liabilities 53 |
Weighted-average Lease Terms and Discount Rates [Table Text Block] | July 31, 2020 Weighted-average remaining lease terms (in years): Finance leases 2.6 Operating leases 8.3 Weighted-average discount rates: Finance leases 7.7 % Operating leases 7.9 % |
Finance and Operating Lease, Liability, Maturity [Table Text Block] | Year: Operating Leases Finance Leases For the six months ended January 31, 2021 $ 949 $ 239 For the year ended January 31, 2022 2,340 325 For the year ended January 31, 2023 2,229 264 For the year ended January 31, 2024 2,061 142 For the year ended January 31, 2025 1,330 - For the year ended January 31, 2026 1,144 - Thereafter 6,214 - Total lease payments 16,267 970 Less: amount representing interest (4,366 ) (93 ) Total lease liabilities at July 31, 2020 $ 11,901 $ 877 |
Note 11 - Restricted Cash (Tabl
Note 11 - Restricted Cash (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | July 31, 2020 July 31, 2019 Cash and cash equivalents $ 9,106 $ 8,052 Restricted cash 1,150 1,167 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 10,256 $ 9,219 |
Note 2 - Business Segment Rep_2
Note 2 - Business Segment Reporting (Details Textual) | 6 Months Ended |
Jul. 31, 2020 | |
Number of Reportable Segments | 1 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Jul. 31, 2019 | Jul. 31, 2020USD ($) | Jul. 31, 2019 | Jan. 31, 2020USD ($) | |
Accounts Receivable, Outstanding for Several Years | $ 4,100 | $ 4,100 | $ 4,100 | ||||
Retention Receivable | 3,600 | 3,600 | $ 3,600 | ||||
Accounts Receivable, Certified Invoices in Process of Collection | $ 500 | ||||||
Allowance for Doubtful Accounts Receivable Outstanding for Several Years | $ 0 | $ 0 | |||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||||
Number of Major Customers | 0 | 0 | 0 | 0 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||
Number of Major Customers | 1 | 1 | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||||
Concentration Risk, Percentage | 14.40% | 13.30% | |||||
Subsequent Event [Member] | |||||||
Proceeds from Collection of Accounts Receivable Outstanding for Several Years | $ 200 | ||||||
Other Noncurrent Assets [Member] | |||||||
Retention Receivable | $ 1,600 | $ 1,600 | $ 2,100 |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) $ in Millions | 6 Months Ended |
Jul. 31, 2020USD ($) | |
Costs Incurred for Uncompleted Contracts, Anticipated Collection Period (Year) | 1 year |
Middle East [Member] | |
Unbilled Receivables, Current | $ 3.3 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Net sales | $ 20,364 | $ 36,667 | $ 43,106 | $ 60,943 |
Sales by product, percent | 100.00% | 100.00% | 100.00% | 100.00% |
Product [Member] | Transferred at Point in Time [Member] | ||||
Net sales | $ 1,703 | $ 5,860 | $ 6,168 | $ 10,757 |
Sales by product, percent | 8.00% | 16.00% | 14.00% | 18.00% |
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Input Method [Member] | ||||
Net sales | $ 9,784 | $ 15,451 | $ 18,346 | $ 24,238 |
Sales by product, percent | 48.00% | 42.00% | 43.00% | 40.00% |
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Output Method [Member] | ||||
Net sales | $ 8,877 | $ 15,356 | $ 18,592 | $ 25,948 |
Sales by product, percent | 44.00% | 42.00% | 43.00% | 42.00% |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Contract With Customer, Asset and Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2019 | |
Balance, assets | $ 2,900 | $ 2,166 | $ 1,983 | $ 1,653 |
Costs and gross profit recognized during the period for uncompleted contracts from the prior period | (1,743) | (2,896) | (1,509) | (1,038) |
Costs and deferred gross profit incurred on uncompleted contracts not billed at the end of the current period | 593 | 3,630 | 3,000 | 1,368 |
Balance, assets | 1,750 | 2,900 | 3,474 | 1,983 |
Balance, liabilities | 1,061 | 1,173 | 1,846 | 1,569 |
Revenue recognized during the period for uncompleted contracts from the prior period | 631 | (17) | (1,250) | (444) |
New contracts entered into that are uncompleted at the end of the current period | (925) | (95) | 545 | 721 |
Balance, liabilities | $ 767 | $ 1,061 | $ 1,141 | $ 1,846 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (56.80%) | (7.60%) | 12.30% | 2.10% |
Other Noncurrent Liabilities [Member] | ||||
Unrecognized Tax Benefits, Ending Balance | $ 0.1 | $ 0.1 |
Note 6 - Impairment of Long-l_3
Note 6 - Impairment of Long-lived Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Impairment of Long-l_4
Note 6 - Impairment of Long-lived Assets - Goodwill (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2020USD ($) | |
Goodwill | $ 2,254 |
Goodwill, foreign exchange change effect | (32) |
Goodwill | $ 2,222 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 31, 2020USD ($)shares | Jul. 31, 2020USD ($)shares | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 534,670 | 534,670 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance (in shares) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | ||
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1,900 | $ 1,900 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 36 days |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Stock-based compensation expense | $ 260 | $ 406 | $ 479 | $ 560 |
Share-based Payment Arrangement, Option [Member] | ||||
Stock-based compensation expense | 1 | 3 | 3 | 8 |
Restricted Stock [Member] | ||||
Stock-based compensation expense | $ 259 | $ 403 | $ 476 | $ 552 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Exercised (in shares) | 0 | |
Share-based Payment Arrangement, Option [Member] | ||
Outstanding at beginning of period (in shares) | 132,000 | |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ 8.98 | |
Outstanding weighted average remaining contractual term (Year) | 2 years 328 days | 3 years 73 days |
Outstanding at beginning of period, aggregate intrinsic value | $ 160 | |
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Exercised, aggregate intrinsic value | ||
Expired or forfeited (in shares) | (13,000) | |
Expired or forfeited, weighted average exercise price (in dollars per share) | ||
Outstanding at end of period (in shares) | 119,000 | 132,000 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ 9.20 | $ 8.98 |
Outstanding at end of period, aggregate intrinsic value | $ 4 | $ 160 |
Exercisable at end of period (in shares) | 119,000 | |
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ 9.20 | |
Exercisable at end of period, weighted average remaining contractual term (Year) | 2 years 328 days | |
Exercisable at end of period, aggregate intrinsic value | $ 4 |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - Unvested Option Activity (Details) - Unvested Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jul. 31, 2020USD ($)$ / sharesshares | |
Outstanding at beginning of period (in shares) | 3 |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ / shares | $ 7.33 |
Outstanding at beginning of period, aggregate intrinsic value | $ | $ 4 |
Vested, number (in shares) | (3) |
Expired or forfeited (in shares) | |
Expired or forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding at end of period (in shares) | |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding at end of period, aggregate intrinsic value | $ |
Note 7 - Stock-based Compensa_7
Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jul. 31, 2020USD ($)$ / sharesshares | |
Outstanding (unvested) at beginning of period (in shares) | shares | 321 |
Outstanding (unvested) at beginning of period, weighted average grant price per share (in dollars per share) | $ / shares | $ 8.89 |
Outstanding (unvested) at beginning of period, aggregate intrinsic value | $ | $ 2,857 |
Granted (in shares) | shares | 156 |
Granted, weighted average grant price per share (in dollars per share) | $ / shares | $ 5.88 |
Vested and issued (in shares) | shares | (63) |
Vested and issued, weighted average grant price per share (in dollars per share) | $ / shares | $ 8.96 |
Forfeited or retired for taxes (in shares) | shares | (36) |
Forfeited or retired for taxes, weighted average grant price per share (in dollars per share) | $ / shares | $ 8.72 |
Outstanding (unvested) at endof period (in shares) | shares | 378 |
Outstanding (unvested) at end of period, weighted average grant price per share (in dollars per share) | $ / shares | $ 7.63 |
Outstanding (unvested) at end of period, aggregate intrinsic value | $ | $ 2,884 |
Note 8 - Income (Loss) Per Sh_3
Note 8 - Income (Loss) Per Share - Summary of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Basic weighted average common shares outstanding (in shares) | 8,126 | 7,887 | 8,087 | 7,937 |
Dilutive effect of equity compensation plans (in shares) | 152 | 315 | 185 | |
Weighted average common shares outstanding assuming full dilution (in shares) | 8,278 | 8,202 | 8,087 | 8,122 |
Stock options and restricted stock not included in the computation of diluted earnings per share of common stock because the option exercise prices or grant date prices exceeded the average market prices of the common shares (in shares) | 248 | 73 | 197 | 203 |
Stock options and restricted stock with exercise prices or grant date prices below the average market prices (in shares) | 152 | 315 | 203 | 185 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) $ in Thousands, د.إ in Millions, $ in Millions, ج.م. in Billions | May 01, 2020USD ($) | Sep. 20, 2018USD ($) | Jul. 28, 2016USD ($) | Jul. 28, 2016CAD ($) | Jun. 19, 2012USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2020AED (د.إ) | Jan. 31, 2020USD ($) | Nov. 30, 2019EGP (ج.م.) |
Debt and Lease Obligation, Total | $ 10,500 | $ 10,500 | $ 16,900 | |||||||
Line of Credit, Current | 2,470 | 2,470 | $ 8,577 | |||||||
Revolving Lines, North America [Member] | ||||||||||
Debt Instrument, Term (Year) | 3 years | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 18,000 | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||||||||
Line of Credit Facility, Capital Expenditures Restrictions | $ 3,000 | |||||||||
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term One | 1.1 | |||||||||
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term Two | 1.1 | |||||||||
Line of Credit, Current | 2,500 | 2,500 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 5,200 | $ 5,200 | ||||||||
Revolving Lines, North America [Member] | Weighted Average [Member] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 4.56% | 4.56% | 4.56% | |||||||
Foreign Revolving Lines [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | $ 20,000 | ||||||||
Letters of Credit Outstanding, Amount | 4,300 | 4,300 | ||||||||
Proceeds from Issuance of Debt | 1,000 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 14,700 | $ 14,700 | ||||||||
Foreign Revolving Lines [Member] | CBE Corridor Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Foreign Revolving Lines [Member] | Weighted Average [Member] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 3.76% | 3.76% | 3.76% | |||||||
Foreign Revolving Lines [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 3.80% | 3.80% | 3.80% | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | |||||||
Foreign Revolving Lines [Member] | Minimum [Member] | EIBOR [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||
Foreign Revolving Lines [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 12.80% | 12.80% | 12.80% | |||||||
Foreign Revolving Lines [Member] | Maximum [Member] | EIBOR [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||
Paycheck Protection Program CARES Act [Member] | ||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 3,200 | |||||||||
Percent of Proceeds from Issuance of Debt Used for Payroll Related Expenses | 100.00% | |||||||||
Interest Rate 1 [Member] | Revolving Lines, North America [Member] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.25% | 6.25% | 6.25% | |||||||
Interest Rate 2 [Member] | Revolving Lines, North America [Member] | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 4.17% | 4.17% | 4.17% | |||||||
Revolving Credit Lines Used by Middle Eastern Subsidiaries, 1 [Member] | Foreign Revolving Lines [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,200 | $ 2,200 | د.إ 8.0 | |||||||
Line of Credit Facility, Interest Rate at Period End | 3.80% | 3.80% | 3.80% | |||||||
Revolving Credit Lines Used by Middle Eastern Subsidiaries, 2 [Member] | Foreign Revolving Lines [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,300 | $ 5,300 | د.إ 19.5 | |||||||
Line of Credit Facility, Interest Rate at Period End | 4.30% | 4.30% | 4.30% | |||||||
Revolving Credit Lines Used by Middle Eastern Subsidiaries, 3 [Member] | Foreign Revolving Lines [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,500 | $ 12,500 | ج.م. 0.2 | |||||||
Line of Credit Facility, Interest Rate at Period End | 12.80% | 12.80% | 12.80% | |||||||
Canadian Mortgage Note [Member] | ||||||||||
Proceeds from Issuance of Debt | $ 6,100 | $ 8 | ||||||||
Debt Instrument, Maturity Date | Dec. 23, 2042 | Dec. 23, 2042 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.55% | 4.55% | 4.55% | |||||||
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 | |||||||||
Debt Instrument, Periodic Payment, Total | $ 13 | |||||||||
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% |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Thousands, ₨ in Millions, $ in Millions | Aug. 05, 2016USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2020CAD ($) | Jan. 31, 2018CAD ($) | Aug. 05, 2016INR (₨) |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 1,000 | $ 1,000 | ||||||||
Operating Lease, Liability, Total | 11,901 | 11,901 | $ 12,254 | |||||||
Operating Lease, Right-of-Use Asset | 10,889 | 10,889 | 11,475 | |||||||
Finance Lease, Liability, Total | 877 | 877 | 1,094 | |||||||
Operating Lease, Expense | $ 800 | $ 700 | $ 1,500 | $ 1,400 | ||||||
Maximum [Member] | ||||||||||
Lessee, Operating Lease, Term of Contract (Year) | 14 years | 14 years | ||||||||
Minimum [Member] | ||||||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | 1 year | ||||||||
Finance Vehicle Equipment, One [Member] | ||||||||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 800 | $ 800 | $ 1.1 | $ 1.1 | ||||||
Interest Rate for Finance Lease | 8.00% | |||||||||
Finance Vehicle Equipment, One [Member] | Maximum [Member] | ||||||||||
Interest Rate for Finance Lease | 7.80% | |||||||||
Finance Lease, Principal Payments and Interest Payment on Liability | $ 100 | $ 100 | ||||||||
Finance Vehicle Equipment, One [Member] | Minimum [Member] | ||||||||||
Interest Rate for Finance Lease | 4.00% | |||||||||
Finance Vehicle Equipment, Two [Member] | ||||||||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 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 10 - Leases - Supplemental
Note 10 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Property and Equipment - net | $ 27,306 | $ 28,629 |
Finance lease liability short-term | 375 | 417 |
Finance lease liability long-term | 502 | 677 |
Total finance lease liabilities | 877 | 1,094 |
Operating Lease, Right-of-Use Asset | 10,889 | 11,475 |
Operating lease liability short-term | 1,338 | 1,040 |
Operating lease liability long-term | 10,563 | 11,214 |
Total operating lease liabilities | 11,901 | 12,254 |
Finance Leases Assets [Member] | ||
Property and Equipment - gross | 1,659 | 1,696 |
Accumulated depreciation and amortization | (640) | (551) |
Property and Equipment - net | $ 1,019 | $ 1,145 |
Note 10 - Leases - Lease Costs
Note 10 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | ||
Amortization of ROU assets | $ 53 | $ 51 | $ 101 | $ 102 | |
Interest on lease liabilities | 18 | 8 | 37 | 17 | |
Operating lease costs | 610 | 581 | 1,222 | 1,132 | |
Short-term lease costs (1) | [1] | 213 | 82 | 236 | 266 |
Sub-lease income | (20) | (20) | (40) | (40) | |
Total Lease costs | $ 874 | $ 702 | $ 1,556 | $ 1,477 | |
[1] | Includes variable lease costs, which are immaterial |
Note 10 - Leases - Supplement_2
Note 10 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Financing cash flows from finance leases | $ 202 | $ 103 |
Operating cash flows from finance leases | 37 | 17 |
Operating cash flows from operating leases | 1,385 | $ 1,127 |
Finance leases liabilities | ||
Operating leases liabilities | $ 53 |
Note 10 - Leases - Weighted-ave
Note 10 - Leases - Weighted-average Lease Terms and Discount Rates (Details) | Jul. 31, 2020 |
Finance leases (Year) | 2 years 219 days |
Operating leases (Year) | 8 years 109 days |
Finance leases | 7.70% |
Operating leases | 7.90% |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
For the six months ended January 31, 2021, operating leases | $ 949 | |
For the six months ended January 31, 2021, finance leases | 239 | |
For the year ended January 31, 2022, operating leases | 2,340 | |
For the year ended January 31, 2022, finance leases | 325 | |
For the year ended January 31, 2023, operating leases | 2,229 | |
For the year ended January 31, 2023, finance leases | 264 | |
For the year ended January 31, 2024, operating leases | 2,061 | |
For the year ended January 31, 2024, finance leases | 142 | |
For the year ended January 31, 2025, operating leases | 1,330 | |
For the year ended January 31, 2025, finance leases | ||
For the year ended January 31, 2026, operating leases | 1,144 | |
For the year ended January 31, 2026, finance leases | ||
Thereafter, operating leases | 6,214 | |
Thereafter, finance leases | ||
Total lease payments, operating leases | 16,267 | |
Total lease payments, finance leases | 970 | |
Less: amount representing interest, operating leases | (4,366) | |
Less: amount representing interest, finance leases | (93) | |
Total lease liabilities, operating leases | 11,901 | $ 12,254 |
Total lease liabilities, finance leases | $ 877 | $ 1,094 |
Note 11 - Restricted Cash (Deta
Note 11 - Restricted Cash (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jul. 31, 2019 |
Restricted Cash, Current | $ 1,150 | $ 1,287 | $ 1,167 |
Non-US [Member] | |||
Restricted Cash, Current | $ 1,200 | $ 1,200 |
Note 11 - Restricted Cash - Sum
Note 11 - Restricted Cash - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jul. 31, 2019 |
Cash and cash equivalents | $ 9,106 | $ 13,371 | $ 8,052 |
Restricted cash | 1,150 | $ 1,287 | 1,167 |
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 10,256 | $ 9,219 |