Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 31, 2021 | Sep. 03, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000914122 | |
Entity Registrant Name | Perma-Pipe International Holdings, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32530 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3922969 | |
Entity Address, Address Line One | 6410 W. Howard Street | |
Entity Address, City or Town | Niles | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60714 | |
City Area Code | 847 | |
Local Phone Number | 966-1000 | |
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | PPIH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,144,404 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Net sales | $ 39,804 | $ 20,364 | $ 64,227 | $ 43,106 |
Cost of sales | 29,061 | 18,000 | 48,979 | 37,275 |
Gross profit | 10,743 | 2,364 | 15,248 | 5,831 |
Operating expenses | ||||
General and administrative expenses | 5,602 | 4,488 | 10,008 | 8,792 |
Selling expenses | 1,053 | 1,331 | 2,094 | 2,978 |
Total operating expenses | 6,655 | 5,819 | 12,102 | 11,770 |
Income/(loss) from operations | 4,088 | (3,455) | 3,146 | (5,939) |
Interest expense, net | 268 | 118 | 446 | 304 |
Other income, net | 457 | 3,739 | 899 | 3,674 |
Income/(loss) from operations before income taxes | 4,277 | 166 | 3,599 | (2,569) |
Income tax expense/(benefit) | 861 | (101) | 1,026 | (315) |
Net income/(loss) | $ 3,416 | $ 267 | $ 2,573 | $ (2,254) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 8,151 | 8,126 | 8,158 | 8,087 |
Diluted (in shares) | 8,321 | 8,278 | 8,290 | 8,087 |
Earnings/(loss) per share | ||||
Basic (in dollars per share) | $ 0.42 | $ 0.03 | $ 0.32 | $ (0.28) |
Diluted (in dollars per share) | $ 0.41 | $ 0.03 | $ 0.31 | $ (0.28) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Net income/(loss) | $ 3,416 | $ 267 | $ 2,573 | $ (2,254) |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustments, net of tax | (150) | 153 | (110) | (214) |
Other comprehensive income/(loss) | (150) | 153 | (110) | (214) |
Comprehensive income/(loss) | $ 3,266 | $ 420 | $ 2,463 | $ (2,468) |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 5,509 | $ 7,174 |
Restricted cash | 1,217 | 1,201 |
Trade accounts receivable, less allowance for doubtful accounts of $497 at July 31, 2021 and $474 at January 31, 2021 | 43,699 | 25,226 |
Inventories, net | 14,603 | 12,157 |
Prepaid expenses and other current assets | 9,125 | 4,110 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 1,713 | 4,007 |
Total current assets | 75,866 | 53,875 |
Property, plant and equipment, net of accumulated depreciation | 25,626 | 26,897 |
Other assets | ||
Operating lease right-of-use asset | 11,848 | 13,384 |
Deferred tax assets | 879 | 823 |
Goodwill | 2,388 | 2,332 |
Other assets | 5,078 | 5,380 |
Total other assets | 20,193 | 21,919 |
Total assets | 121,685 | 102,691 |
Current liabilities | ||
Trade accounts payable | 16,735 | 10,365 |
Accrued compensation and payroll taxes | 1,875 | 1,448 |
Commissions and management incentives payable | 1,116 | 218 |
Revolving line - North America | 3 | 2,826 |
Current maturities of long-term debt | 3,177 | 3,941 |
Customers' deposits | 2,774 | 2,088 |
Outside commission liability | 2,357 | 1,431 |
Operating lease liability short-term | 1,367 | 1,402 |
Other accrued liabilities | 4,279 | 2,616 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,781 | 762 |
Income taxes payable | 1,470 | 1,155 |
Total current liabilities | 36,934 | 28,252 |
Long-term liabilities | ||
Long-term debt, less current maturities | 5,444 | 6,268 |
Finance lease liability long-term | 356 | 401 |
Deferred compensation liabilities | 4,167 | 4,120 |
Deferred tax liabilities | 1,057 | 914 |
Operating lease liability long-term | 11,890 | 13,174 |
Other long-term liabilities | 753 | 650 |
Total long-term liabilities | 32,682 | 25,126 |
Stockholders' equity | ||
Common stock, $.01 par value, authorized 50,000 shares; 8,144 issued and outstanding at July 31, 2021 and 8,165 issued and outstanding at January 31, 2021 | 81 | 82 |
Additional paid-in capital | 61,169 | 60,875 |
Accumulated deficit | (5,784) | (8,357) |
Accumulated other comprehensive loss | (3,397) | (3,287) |
Total stockholders' equity | 52,069 | 49,313 |
Total liabilities and stockholders' equity | 121,685 | 102,691 |
Land and Buildings in Lebanon, Tennessee [Member] | ||
Long-term liabilities | ||
Finance lease liability long-term | $ 9,371 | $ 0 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Allowance for doubtful accounts | $ 497 | $ 474 |
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) | 8,144 | 8,165 |
Common stock, outstanding (in shares) | 8,144 | 8,165 |
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 |
Stockholder's equity at Jan. 31, 2020 | $ 80 | $ 60,024 | $ (715) | $ (3,760) | $ 55,629 |
Net income (loss) | 0 | 0 | (2,521) | 0 | (2,521) |
Stock-based compensation expense | 0 | 219 | 0 | 0 | 219 |
Foreign currency translation adjustment | 0 | 0 | 0 | (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 | ||||
Stockholder's 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, net of shares used for tax withholding (in shares) | 116,983 | ||||
Balances at period end (in shares) at Jul. 31, 2020 | 8,164,989 | ||||
Stockholder's equity at Apr. 30, 2020 | $ 80 | 60,243 | (3,236) | (4,127) | 52,960 |
Net income (loss) | 0 | 0 | 267 | 0 | 267 |
Stock-based compensation expense | 0 | 260 | 0 | 0 | 260 |
Foreign currency translation adjustment | 0 | 0 | 0 | 153 | 153 |
Common stock issued under stock plans, net of shares used for tax withholding | 2 | (193) | 0 | 0 | (191) |
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 | ||||
Stockholder's equity at Jan. 31, 2021 | $ 82 | 60,875 | (8,357) | (3,287) | 49,313 |
Net income (loss) | 0 | 0 | (843) | 0 | (843) |
Stock-based compensation expense | 0 | 272 | 0 | 0 | 272 |
Foreign currency translation adjustment | 0 | 0 | 0 | 40 | 40 |
Stockholder's equity at Apr. 30, 2021 | $ 82 | 61,147 | (9,200) | (3,247) | 48,782 |
Balances at beginning of year (in shares) at Jan. 31, 2021 | 8,164,989 | ||||
Stockholder's equity at Jan. 31, 2021 | $ 82 | 60,875 | (8,357) | (3,287) | 49,313 |
Net income (loss) | 2,573 | ||||
Stockholder's equity at Jul. 31, 2021 | $ 81 | 61,169 | (5,784) | (3,397) | 52,069 |
Balances at beginning of year (in shares) at Jan. 31, 2021 | 8,164,989 | ||||
Shares issued, net of shares used for tax withholding (in shares) | (20,585) | ||||
Balances at period end (in shares) at Jul. 31, 2021 | 8,144,404 | ||||
Stockholder's equity at Apr. 30, 2021 | $ 82 | 61,147 | (9,200) | (3,247) | 48,782 |
Net income (loss) | 0 | 0 | 3,416 | 0 | 3,416 |
Stock-based compensation expense | 0 | 276 | 0 | 0 | 276 |
Foreign currency translation adjustment | 0 | 0 | 0 | (150) | (150) |
Common stock issued under stock plans, net of shares used for tax withholding | (1) | (254) | 0 | 0 | (255) |
Stockholder's equity at Jul. 31, 2021 | $ 81 | $ 61,169 | $ (5,784) | $ (3,397) | $ 52,069 |
Balances at period end (in shares) at Jul. 31, 2021 | 8,144,404 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Operating activities | ||
Net income/(loss) | $ 2,573 | $ (2,254) |
Adjustments to reconcile net income/(loss) to net cash flows (used in)/provided by operating activities | ||
Depreciation and amortization | 2,261 | 2,241 |
Deferred tax expense/(benefit) | 73 | (630) |
Stock-based compensation expense | 548 | 479 |
Provision on uncollectible accounts | 45 | (105) |
Loss on disposal of fixed assets | 21 | 10 |
Changes in operating assets and liabilities | ||
Accounts receivable | (19,273) | 3,782 |
Inventories, net | (2,421) | 2,315 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 3,313 | 10 |
Accounts payable | 6,372 | (1,733) |
Accrued compensation and payroll taxes | 1,422 | (475) |
Customers' deposits | 692 | (352) |
Income taxes receivable and payable | 388 | (66) |
Prepaid expenses and other current assets | (3,216) | (3,774) |
Other assets and liabilities | 1,977 | 3,170 |
Net cash (used in)/provided by operating activities | (5,225) | 2,618 |
Investing activities | ||
Capital expenditures | (912) | (761) |
Proceeds from sales of property and equipment | 12 | 0 |
Net cash used in investing activities | (900) | (761) |
Financing activities | ||
Proceeds from revolving lines | 2,317 | 23,533 |
Payments of debt on revolving lines | (5,942) | (29,341) |
Payments of debt on mortgage | (892) | 0 |
Proceeds from finance obligation, net of issuance costs | 9,538 | 0 |
Payments of principal on finance obligation | (203) | (202) |
Payments of other debt | (130) | (175) |
Increase/(decrease) in drafts payable | (1) | 100 |
Stock options exercised and taxes paid related to restricted shares vested | (255) | (193) |
Net cash provided by/(used in) financing activities | 4,341 | (6,278) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 135 | 19 |
Net decrease in cash, cash equivalents and restricted cash | (1,649) | (4,402) |
Cash, cash equivalents and restricted cash - beginning of period | 8,375 | 14,658 |
Cash, cash equivalents and restricted cash - end of period | 6,726 | 10,256 |
Supplemental cash flow information | ||
Interest paid | 400 | 321 |
Income taxes paid | 446 | 170 |
Fixed assets acquired under capital leases - non-cash | 201 | 0 |
Land and Buildings in Lebanon, Tennessee [Member] | ||
Financing activities | ||
Payments of principal on finance obligation | $ (91) | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jul. 31, 2021 | |
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, 2021 not 10 January 31. 2021 2020 three six July 31, 2021 2020 January 31, 2022 2021 |
Note 2 - Business Segment Repor
Note 2 - Business Segment Reporting | 6 Months Ended |
Jul. 31, 2021 | |
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, 2021 | |
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 $3.7 million as of July 31, 2021 January 31, 2021 July 31, 2021 January 31, 2021 2015 not first 2021, 2021. August 2021 not July 31, 2021 not may For the three July 31, 2021 one 2020, 10% six July 31, 2021 2020, 10% As of July 31, 2021 January 31, 2021, one 10% |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 6 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 4 The Company accounts for its revenues under Accounting Standards Codification ("ASC") Topic 606, 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 and Coating - 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, 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 the three six July 31, 2021 2020 Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Sales % to Total Sales % to Total Sales % to Total Sales % to Total Products $ 4,548 11 % $ 1,703 8 % $ 7,135 11 % $ 6,168 14 % Specialty Piping Systems and Coating Revenue recognized under input method 13,999 35 % 9,784 48 % 23,952 37 % 18,346 43 % Revenue recognized under output method 21,257 54 % 8,877 44 % 33,140 52 % 18,592 43 % Total $ 39,804 100 % $ 20,364 100 % $ 64,227 100 % $ 43,106 100 % 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, 2021 one During the year ended January 31, 2021, one one January 31, 2021. No July 31, 2021. The following table shows the reconciliation of the cost in excess of billings: (In thousands) July 31, 2021 January 31, 2021 Costs incurred on uncompleted contracts $ 20,705 $ 17,543 Estimated earnings 10,986 9,651 Earned revenue 31,691 27,194 Less billings to date 31,759 23,949 Costs in excess of billings, net $ (68) $ 3,245 Balance sheet classification Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts $ 1,713 $ 4,007 Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts (1,781) (762) Costs in excess of billings, net $ (68) $ 3,245 Substantially all of the $1.2 million contract liabilities balance as of January 31, 2020 2020 January 31, 2021 2021. Additionally, included in prepaid expenses and other current assets on the consolidated balance sheet, the Company has recorded $3 .4 and $0.2 million of unbilled receivables as of July 31, 2021 and January 31, 2021, 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, 2021 | |
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 UAE is not The Company's effective tax rate ("ETR") from operations in the second 2021 The amount of unrecognized tax benefits, including interest and penalties at July 31, 2021 |
Note 6 - Impairment of Long-liv
Note 6 - Impairment of Long-lived Assets | 6 Months Ended |
Jul. 31, 2021 | |
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, 2021 not three not three three six July 31, 2021 2020 Goodwill. July 31, 2021 January 31, 2021 2016. (In thousands) January 31, 2021 Foreign exchange change effect July 31, 2021 Goodwill $ 2,332 $ 56 $ 2,388 The Company performs an impairment assessment of goodwill annually as of January 31, July 31, 2021 not not three six July 31, 2021 2020 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 6 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7 The Company’s 2017 June 13, 2017, June 2017 ( "2017 June 2020. The Company has prior incentive plans under which previously granted awards remain outstanding, including the 2017 no may July 31, 2021 While the 2017 422 2017 2017 The Company's 2021 May 26, 2021 May 2021 ( "2021 2021 May 2024. 2021 2021 Stock-based compensation expense 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, (In thousands) 2021 2020 2021 2020 Stock-based compensation expense $ - $ 1 $ - $ 3 Restricted stock-based compensation expense 276 259 548 476 Total stock-based compensation expense $ 276 $ 260 $ 548 $ 479 Stock Options The Company did not three six July 31, 2021 (Shares in thousands) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 31, 2021 107 $ 9.24 2.5 $ 5 Exercised - - - - Expired or forfeited (15 ) 7.69 - - Outstanding at July 31, 2021 92 9.50 2.2 17 Options exercisable at July 31, 2021 92 $ 9.50 2.2 $ 17 No stock options were exercised during the six July 31, 2021 There was no vesting, expiration or forfeiture of previously unvested stock options during the six July 31, 2021. July 31, 2021, Restricted stock The following table summarizes the Company's restricted stock activity for the six July 31, 2021 (Shares in thousands) Restricted Shares Weighted Average Price Aggregate Intrinsic Value Outstanding at January 31, 2021 372 $ 7.62 $ 2,843 Granted 120 7.14 Vested and issued (113 ) 7.51 Forfeited or retired for taxes (39 ) 7.28 Outstanding at July 31, 2021 340 $ 7.50 $ 2,561 As of July 31, 2021 |
Note 8 - Earnings (Loss) Per Sh
Note 8 - Earnings (Loss) Per Share | 6 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Three Months Ended July 31, Six Months Ended July 31, (In thousands, except per share data) 2021 2020 2021 2020 Basic weighted average common shares outstanding 8,151 8,126 8,158 8,087 Dilutive effect of equity compensation plans 170 152 132 - Weighted average common shares outstanding assuming full dilution 8,321 8,278 8,290 8,087 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 166 248 203 197 Stock options and restricted stock with exercise prices or grant date prices below the average market prices 170 152 132 203 Net income/(loss) $ 3,416 $ 267 $ 2,573 $ (2,254 ) Earnings/(loss) per share Basic 0.42 0.03 0.32 (0.28 ) Diluted 0.41 0.03 0.31 (0.28 ) |
Note 9 - Debt
Note 9 - Debt | 6 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 Debt totaled $8.6 million and $13.2 million at July 31, 2021 January 31, 2021 Paycheck Protection Program Loan. May 1, 2020, 1.0%, April 28, 2022. 1106 three July 31, 2020, June 24, 2021, Guidance from the American Institute of Certified Public Accountants' ("AICPA") Technical Question and Answer Section 3200.18 may 20 January 31, 2021. The IAS 20 January 31, 2021. Revolving lines - North America . September 20, 2018, three 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% per annum facility fee on the unused portion of the Senior Credit Facility. The facility fee is payable quarterly in arrears. 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. Subject to certain qualifications and exceptions, the Senior Credit Facility contains covenants that, among other things, restrict the North American Loan Parties’ ability to create liens, merge or consolidate, consummate acquisitions, make investments, dispose of assets, incur debt, and pay dividends and other distributions. In addition, the North American Loan Parties cannot allow capital expenditures to exceed $3.0 million annually (plus a limited carryover of unused amounts). 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 1.00 four not not 1.00 four As of October 31, 2020, 1.00 four October 31, 2020 December 18, 2020, 1.10 1.00 October 31, 2020 four one December 17, 2020 not The amended fixed charge coverage ratio requirements for the Company and its subsidiaries under the Amendment and Waiver are 1.25 to 1.00 nine July 31, 2021. 1.00 nine July 31, 2021. may not July 31, 2021. As of July 31, 2021, $2.0 January 31, 2021, Finance obligation - buildings and land. April 14, 2021, June 2021 fifteen four five In accordance with ASC Topic 842, July 31, 2021. zero may May 2021 June 2021. Revolving lines - foreign . The Company has a revolving line for 8.0 million Dirhams (approximately $2.2 million at July 31, 2021 November 2020, 19 September 2021. The Company has a second July 31, 2021 January 2022. The Company has a third July 31, 2021 January 2022. 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 June 2021, July 31, 2021 August 2022. In January 2021, second July 31, 2021). September 2021 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, 2021 July 31, 2021 two July 31, 2021 As of July 31, 2021 , $5.1 million of availability was used to support letters of credit to guarantee amounts committed for inventory purchases and for performance guarantees. Additionally, as of July 31, 2021 , the Company had borrowed $2.5 million, and had an additional $10.1 million of July 31, 2021 January 31, 2021 Mortgages. July 28, 2016, December 23, 2042. July 31, 2021 January 2018. On June 19, 2012, April 14, 2021, 9 |
Note 10 - Leases
Note 10 - Leases | 6 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | Note 10 Operating Leases. August 2020, October 31, 2020), August 2022. August 2050. Finance Leases. 2019, two August 2023. 2017, three April 2021 May 2021 September 2022. The Company has several significant operating lease agreements, with lease terms of one not not not not one At July 31, 2021 July 31, 2021 Supplemental balance sheet information related to leases is as follows (in thousands): Operating and Finance leases: July 31, 2021 January 31, 2021 Finance leases assets: Property and Equipment - gross $ 1,245 $ 879 Accumulated depreciation and amortization (371 ) (96 ) Property and Equipment - net $ 874 $ 783 Finance lease liabilities: Finance lease liability short-term $ 361 $ 300 Finance lease liability long-term 356 401 Total finance lease liabilities $ 717 $ 701 Operating lease assets: Operating lease ROU assets $ 11,848 $ 13,384 Operating lease liabilities: Operating lease liability short-term $ 1,367 $ 1,402 Operating lease liability long-term 11,890 13,174 Total operating lease liabilities $ 13,257 $ 14,576 Total lease costs consist of the following (in thousands): Lease costs Consolidated Statements of Operations Classification Three Months Ended July 31, 2021 Three Months Ended July 31, 2020 Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 Finance Lease Costs Amortization of ROU assets Cost of sales $ 65 $ 53 $ 119 $ 101 Interest on lease liabilities Interest expense 15 18 28 37 Operating lease costs Cost of sales, SG&A expenses 625 610 1,273 1,222 Short-term lease costs (1) Cost of sales, SG&A expenses 102 213 195 236 Sub-lease income SG&A expenses (20 ) (20 ) (40 ) (40 ) Total Lease costs $ 787 $ 874 $ 1,575 $ 1,556 ( 1 Supplemental cash flow information related to leases is as follows (in thousands): Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash outflows from finance leases $ 203 $ 202 Operating cash outflows from finance leases 28 37 Operating cash outflows from operating leases 985 1,385 Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 ROU Assets obtained in exchange for new lease obligations: Finance leases liabilities $ 201 $ - Operating leases liabilities 45 53 Weighted-average lease terms and discount rates are as follows: July 31, 2021 Weighted-average remaining lease terms (in years): Finance leases 2.0 Operating leases 13.4 Weighted-average discount rates: Finance leases 7.8 % Operating leases 7.4 % Maturities of lease liabilities as of July 31, 2021 Year: Operating Leases Finance Leases For the six months ended January 31, 2022 $ 1,210 $ 202 For the year ended January 31, 2023 2,295 393 For the year ended January 31, 2024 2,281 180 For the year ended January 31, 2025 1,520 - For the year ended January 31, 2026 1,326 - For the year ended January 31, 2027 1,333 - Thereafter 12,322 - Total lease payments 22,287 775 Less: amount representing interest (9,030 ) (58 ) Total lease liabilities at July 31, 2021 $ 13,257 $ 717 Rent expense on operating leases, which is recorded on straight-line basis, was $0.7 million for the three July 31, 2021 2020 |
Note 11 - Restricted Cash
Note 11 - Restricted Cash | 6 Months Ended |
Jul. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 11 Restricted cash held by foreign subsidiaries was $1.2 million as of July 31, 2021 2020 (In thousands) July 31, 2021 July 31, 2020 Cash and cash equivalents $ 5,509 $ 9,106 Restricted cash 1,217 1,150 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 6,726 $ 10,256 |
Note 12 - Fair Value
Note 12 - Fair Value | 6 Months Ended |
Jul. 31, 2021 | |
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, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [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 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, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, 2021 2020 2021 2020 Sales % to Total Sales % to Total Sales % to Total Sales % to Total Products $ 4,548 11 % $ 1,703 8 % $ 7,135 11 % $ 6,168 14 % Specialty Piping Systems and Coating Revenue recognized under input method 13,999 35 % 9,784 48 % 23,952 37 % 18,346 43 % Revenue recognized under output method 21,257 54 % 8,877 44 % 33,140 52 % 18,592 43 % Total $ 39,804 100 % $ 20,364 100 % $ 64,227 100 % $ 43,106 100 % |
Schedule of Assumptions for Long-Duration Contracts by Product and Guarantee [Table Text Block] | (In thousands) July 31, 2021 January 31, 2021 Costs incurred on uncompleted contracts $ 20,705 $ 17,543 Estimated earnings 10,986 9,651 Earned revenue 31,691 27,194 Less billings to date 31,759 23,949 Costs in excess of billings, net $ (68) $ 3,245 Balance sheet classification Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts $ 1,713 $ 4,007 Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts (1,781) (762) Costs in excess of billings, net $ (68) $ 3,245 |
Note 6 - Impairment of Long-l_2
Note 6 - Impairment of Long-lived Assets (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (In thousands) January 31, 2021 Foreign exchange change effect July 31, 2021 Goodwill $ 2,332 $ 56 $ 2,388 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, (In thousands) 2021 2020 2021 2020 Stock-based compensation expense $ - $ 1 $ - $ 3 Restricted stock-based compensation expense 276 259 548 476 Total stock-based compensation expense $ 276 $ 260 $ 548 $ 479 |
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 at January 31, 2021 107 $ 9.24 2.5 $ 5 Exercised - - - - Expired or forfeited (15 ) 7.69 - - Outstanding at July 31, 2021 92 9.50 2.2 17 Options exercisable at July 31, 2021 92 $ 9.50 2.2 $ 17 |
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 at January 31, 2021 372 $ 7.62 $ 2,843 Granted 120 7.14 Vested and issued (113 ) 7.51 Forfeited or retired for taxes (39 ) 7.28 Outstanding at July 31, 2021 340 $ 7.50 $ 2,561 |
Note 8 - Earnings (Loss) Per _2
Note 8 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended July 31, Six Months Ended July 31, (In thousands, except per share data) 2021 2020 2021 2020 Basic weighted average common shares outstanding 8,151 8,126 8,158 8,087 Dilutive effect of equity compensation plans 170 152 132 - Weighted average common shares outstanding assuming full dilution 8,321 8,278 8,290 8,087 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 166 248 203 197 Stock options and restricted stock with exercise prices or grant date prices below the average market prices 170 152 132 203 Net income/(loss) $ 3,416 $ 267 $ 2,573 $ (2,254 ) Earnings/(loss) per share Basic 0.42 0.03 0.32 (0.28 ) Diluted 0.41 0.03 0.31 (0.28 ) |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Supplemental Balance Sheet Information Related to Leases [Table Text Block] | Operating and Finance leases: July 31, 2021 January 31, 2021 Finance leases assets: Property and Equipment - gross $ 1,245 $ 879 Accumulated depreciation and amortization (371 ) (96 ) Property and Equipment - net $ 874 $ 783 Finance lease liabilities: Finance lease liability short-term $ 361 $ 300 Finance lease liability long-term 356 401 Total finance lease liabilities $ 717 $ 701 Operating lease assets: Operating lease ROU assets $ 11,848 $ 13,384 Operating lease liabilities: Operating lease liability short-term $ 1,367 $ 1,402 Operating lease liability long-term 11,890 13,174 Total operating lease liabilities $ 13,257 $ 14,576 |
Lease, Cost [Table Text Block] | Lease costs Consolidated Statements of Operations Classification Three Months Ended July 31, 2021 Three Months Ended July 31, 2020 Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 Finance Lease Costs Amortization of ROU assets Cost of sales $ 65 $ 53 $ 119 $ 101 Interest on lease liabilities Interest expense 15 18 28 37 Operating lease costs Cost of sales, SG&A expenses 625 610 1,273 1,222 Short-term lease costs (1) Cost of sales, SG&A expenses 102 213 195 236 Sub-lease income SG&A expenses (20 ) (20 ) (40 ) (40 ) Total Lease costs $ 787 $ 874 $ 1,575 $ 1,556 |
Supplemental Cash Flow Information Related Leases [Table Text Block] | Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash outflows from finance leases $ 203 $ 202 Operating cash outflows from finance leases 28 37 Operating cash outflows from operating leases 985 1,385 Six Months Ended July 31, 2021 Six Months Ended July 31, 2020 ROU Assets obtained in exchange for new lease obligations: Finance leases liabilities $ 201 $ - Operating leases liabilities 45 53 |
Weighted-average Lease Terms and Discount Rates [Table Text Block] | July 31, 2021 Weighted-average remaining lease terms (in years): Finance leases 2.0 Operating leases 13.4 Weighted-average discount rates: Finance leases 7.8 % Operating leases 7.4 % |
Finance and Operating Lease, Liability, Maturity [Table Text Block] | Year: Operating Leases Finance Leases For the six months ended January 31, 2022 $ 1,210 $ 202 For the year ended January 31, 2023 2,295 393 For the year ended January 31, 2024 2,281 180 For the year ended January 31, 2025 1,520 - For the year ended January 31, 2026 1,326 - For the year ended January 31, 2027 1,333 - Thereafter 12,322 - Total lease payments 22,287 775 Less: amount representing interest (9,030 ) (58 ) Total lease liabilities at July 31, 2021 $ 13,257 $ 717 |
Note 11 - Restricted Cash (Tabl
Note 11 - Restricted Cash (Tables) | 6 Months Ended |
Jul. 31, 2021 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | (In thousands) July 31, 2021 July 31, 2020 Cash and cash equivalents $ 5,509 $ 9,106 Restricted cash 1,217 1,150 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 6,726 $ 10,256 |
Note 2 - Business Segment Rep_2
Note 2 - Business Segment Reporting (Details Textual) | 6 Months Ended |
Jul. 31, 2021 | |
Number of Reportable Segments | 1 |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Jul. 31, 2020 | Jul. 31, 2021USD ($) | Jul. 31, 2020 | Jan. 31, 2021USD ($) | |
Accounts Receivable, Outstanding for Several Years | $ 3,700 | $ 3,700 | $ 3,700 | |||
Retention Receivable | 3,400 | 3,400 | $ 3,400 | |||
Proceeds from Collection of Accounts Receivable Outstanding for Several Years | $ 100 | |||||
Allowance for Doubtful Accounts Receivable Outstanding for Several Years | $ 0 | $ 0 | ||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||
Number of Major Customers | 1 | 0 | 0 | 0 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||||
Concentration Risk, Percentage | 12.00% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||
Number of Major Customers | 2 | 0 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | ||||||
Concentration Risk, Percentage | 22.00% | |||||
Other Noncurrent Assets [Member] | ||||||
Retention Receivable | $ 2,100 | $ 2,100 | $ 2,100 |
Note 4 - Revenue Recognition (D
Note 4 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Costs Incurred for Uncompleted Contracts, Anticipated Collection Period (Year) | 1 year | |
Contract with Customer, Liability, Revenue Recognized | $ 1,200 | |
Contract with Customer, Liability, Current | $ 1,781 | 762 |
Middle East [Member] | ||
Unbilled Receivables, Current | $ 3,400 | 200 |
Other Nonoperating Income (Expense) [Member] | ||
Expense Related to Encashment | $ 600 |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Revenues by Revenue Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Sales by product | $ 39,804 | $ 20,364 | $ 64,227 | $ 43,106 |
Sales by product, percent | 100.00% | 100.00% | 100.00% | 100.00% |
Product [Member] | Transferred at Point in Time [Member] | ||||
Sales by product | $ 4,548 | $ 1,703 | $ 7,135 | $ 6,168 |
Sales by product, percent | 11.00% | 8.00% | 11.00% | 14.00% |
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Input Method [Member] | ||||
Sales by product | $ 13,999 | $ 9,784 | $ 23,952 | $ 18,346 |
Sales by product, percent | 35.00% | 48.00% | 37.00% | 43.00% |
Specialty Piping Systems And Coating [Member] | Transferred at Point in Time Using Output Method [Member] | ||||
Sales by product | $ 21,257 | $ 8,877 | $ 33,140 | $ 18,592 |
Sales by product, percent | 54.00% | 44.00% | 52.00% | 43.00% |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Reconciliation of the Cost in Excess of Billings (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Costs incurred on uncompleted contracts | $ 20,705 | $ 17,543 |
Estimated earnings | 10,986 | 9,651 |
Earned revenue | 31,691 | 27,194 |
Less billings to date | 31,759 | 23,949 |
Costs in excess of billings, net | (68) | 3,245 |
Contract assets: Costs and estimated earnings in excess of billings on uncompleted contracts | 1,713 | 4,007 |
Contract liabilities: Billings in excess of costs and estimated earnings on uncompleted contracts | $ (1,781) | $ (762) |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.10% | (56.80%) | 28.50% | 12.30% |
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, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 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, 2021USD ($) | |
Goodwill | $ 2,332 |
Goodwill, foreign exchange change effect | 56 |
Goodwill | $ 2,388 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 31, 2021USD ($)shares | Jul. 31, 2021USD ($)shares | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 433,119 | 433,119 |
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, Exercises in Period (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 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, Forfeitures and Expirations in Period, Total (in shares) | 0 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total (in shares) | 15,000 | |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1,600 | $ 1,600 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 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, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Stock-based compensation expense | $ 276 | $ 260 | $ 548 | $ 479 |
Share-based Payment Arrangement, Option [Member] | ||||
Stock-based compensation expense | 0 | 1 | 0 | 3 |
Restricted Stock [Member] | ||||
Stock-based compensation expense | $ 276 | $ 259 | $ 548 | $ 476 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Jan. 31, 2021 | |
Exercised (in shares) | 0 | |
Expired or forfeited (in shares) | 0 | |
Share-based Payment Arrangement, Option [Member] | ||
Outstanding beginning of period (in shares) | 107 | |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ 9.24 | |
Outstanding weighted average remaining contractual term (Year) | 2 years 2 months 12 days | 2 years 6 months |
Outstanding at beginning of period, aggregate intrinsic value | $ 17 | $ 5 |
Exercised (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Expired or forfeited (in shares) | (15) | |
Expired or forfeited, weighted average exercise price (in dollars per share) | $ 7.69 | |
Outstanding end of period (in shares) | 92 | 107 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ 9.50 | $ 9.24 |
Options exercisable (in shares) | 92 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 9.50 | |
Options exercisable, weighted average remaining contractual term (Year) | 2 years 2 months 12 days | |
Options exercisable, aggregate intrinsic value | $ 17 |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jul. 31, 2021 | Jan. 31, 2021 | |
Outstanding (in shares) | 372 | |
Outstanding, weighted average price (in dollars per share) | $ 7.62 | |
Outstanding, aggregate intrinsic value | $ 2,561 | $ 2,843 |
Granted (in shares) | 120 | |
Granted, weighted average grant price (in dollars per share) | $ 7.14 | |
Vested and issued (in shares) | (113) | |
Vested and issued, weighted average grant price per share (in dollars per share) | $ 7.51 | |
Forfeited or retired for taxes (in shares) | (39) | |
Forfeited or retired for taxes, weighted average price (in dollars per share) | $ 7.28 | |
Outstanding (in shares) | 340 | |
Outstanding, weighted average price (in dollars per share) | $ 7.50 |
Note 8 - Earnings (Loss) Per _3
Note 8 - Earnings (Loss) Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Basic weighted average common shares outstanding (in shares) | 8,151 | 8,126 | 8,158 | 8,087 | ||
Dilutive effect of equity compensation plans (in shares) | 170 | 152 | 132 | 0 | ||
Weighted average common shares outstanding assuming full dilution (in shares) | 8,321 | 8,278 | 8,290 | 8,087 | ||
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) | 166 | 248 | 203 | 197 | ||
Stock options and restricted stock with exercise prices or grant date prices below the average market prices (in shares) | 170 | 152 | 132 | 203 | ||
Net income (loss) | $ 3,416 | $ (843) | $ 267 | $ (2,521) | $ 2,573 | $ (2,254) |
Basic (in dollars per share) | $ 0.42 | $ 0.03 | $ 0.32 | $ (0.28) | ||
Diluted (in dollars per share) | $ 0.41 | $ 0.03 | $ 0.31 | $ (0.28) |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) $ in Thousands, د.إ in Millions, ج.م. in Millions, $ in Millions | Apr. 14, 2021USD ($) | Dec. 17, 2020USD ($) | May 01, 2020USD ($) | Sep. 20, 2018USD ($) | Jul. 28, 2016USD ($) | Jul. 28, 2016CAD ($) | Jun. 19, 2012USD ($) | Jul. 31, 2020 | Jul. 31, 2021USD ($) | Apr. 30, 2021 | Jul. 31, 2020USD ($) | Jul. 31, 2021USD ($) | Oct. 31, 2020 | Jul. 31, 2021AED (د.إ) | Jun. 30, 2021EGP (ج.م.) | Jan. 31, 2021USD ($) | Jan. 31, 2021EGP (ج.م.) |
Debt and Lease Obligation, Total | $ 8,600 | $ 8,600 | $ 13,200 | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | 9,538 | $ 0 | |||||||||||||||
Line of Credit, Current | 3 | 3 | 2,826 | ||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 12 | 0 | |||||||||||||||
Finance Lease, Liability, Current | 361 | 361 | 300 | ||||||||||||||
Finance Lease, Liability, Noncurrent | 356 | 356 | 401 | ||||||||||||||
Repayments of Secured Debt | 892 | $ 0 | |||||||||||||||
Land and Buildings in Lebanon, Tennessee [Member] | |||||||||||||||||
Lessee, Finance Lease, Term of Contract (Year) | 15 years | ||||||||||||||||
Lessee, Finance Lease, Annual Rent | $ 800 | ||||||||||||||||
Lessee, Finance Lease, Annual Rent Increase, Percentage | 2.00% | ||||||||||||||||
Lessee, Finance Lease, Number of Options to Extend | 4 | ||||||||||||||||
Lessee, Finance Lease, Renewal Term (Year) | 5 years | ||||||||||||||||
Lessee, Finance Lease, Discount Rate | 8.00% | ||||||||||||||||
Finance Lease, Liability, Current | 100 | 100 | |||||||||||||||
Finance Lease, Liability, Noncurrent | 9,371 | 9,371 | 0 | ||||||||||||||
Land and Buildings in Lebanon, Tennessee [Member] | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,400 | ||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 9,100 | ||||||||||||||||
Escrow Deposit | 400 | ||||||||||||||||
Revolving Lines, North America [Member] | |||||||||||||||||
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 | 1.10 | ||||||||||||||||
Line of Credit Facility, Covenant Terms, EBITDA Ratio, Term Two | 1.10 | ||||||||||||||||
Line of Credit Facility, Covenant, Fixed Charge Coverage Ratio | 1.10 | ||||||||||||||||
Repayments of Long-term Lines of Credit | $ 1,000 | ||||||||||||||||
Line of Credit Facility, Additional Fees to Be Incurred | 100 | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Availability Block | $ 2,000 | ||||||||||||||||
Line of Credit, Current | 3,000 | 3,000 | 2,800 | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 10,300 | $ 10,300 | $ 1,700 | ||||||||||||||
Revolving Lines, North America [Member] | The Company and Its Subsidiaries [Member] | |||||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio Required | 1.25 | ||||||||||||||||
Revolving Lines, North America [Member] | North American Loan Parties [Member] | |||||||||||||||||
Line of Credit Facility, Fixed Charge Coverage Ratio Required | 1.10 | ||||||||||||||||
Foreign Revolving Lines [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 17,600 | $ 17,600 | |||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 5.89% | 5.89% | 5.89% | ||||||||||||||
Letters of Credit Outstanding, Amount | $ 5,100 | $ 5,100 | |||||||||||||||
Proceeds from Issuance of Debt | 2,500 | ||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 10,100 | $ 10,100 | |||||||||||||||
Foreign Revolving Lines [Member] | Minimum [Member] | |||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 3.57% | 3.57% | 3.57% | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | 4.50% | ||||||||||||||
Foreign Revolving Lines [Member] | Maximum [Member] | |||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 8.00% | 8.00% | 8.00% | ||||||||||||||
Foreign Revolving Lines [Member] | EIBOR [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
Foreign Revolving Lines [Member] | EIBOR [Member] | Maximum [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% | ||||||||||||||||
Mortgage Note Secured by Tennessee Manufacturing Facility [Member] | |||||||||||||||||
Repayments of Secured Debt | $ 900 | ||||||||||||||||
Debt Instrument, Issuance Date | Jun. 19, 2012 | ||||||||||||||||
Proceeds from Issuance of Secured Debt | $ 1,800 | ||||||||||||||||
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 | 3.58% | 3.58% | 3.58% | ||||||||||||||
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 | 4.50% | 4.50% | 4.50% | ||||||||||||||
Revolving Credit Lines Used by Middle Eastern Subsidiaries, 3 [Member] | Foreign Revolving Lines [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 800 | $ 800 | د.إ 3.0 | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 4.50% | 4.50% | 4.50% | ||||||||||||||
Revolving Credit Lines Used by Egypt Subsidiaries [Member] | Foreign Revolving Lines [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,200 | $ 6,200 | ج.م. 100.0 | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 11.00% | 11.00% | 11.00% | ||||||||||||||
Revolving Credit Lines Used by Egypt Subsidiaries 2 [Member] | Foreign Revolving Lines [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,900 | $ 2,900 | ج.م. 46.2 | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 8.00% | 8.00% | 8.00% | ||||||||||||||
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% |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) $ in Thousands, د.إ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2021USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2020AED (د.إ) | Jul. 31, 2020USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2020CAD ($) | Jan. 31, 2018CAD ($) | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 900 | ||||||||
Operating Lease, Liability, Total | 13,257 | $ 14,576 | |||||||
Operating Lease, Right-of-Use Asset | 11,848 | 13,384 | |||||||
Finance Lease, Liability, Total | 717 | $ 701 | |||||||
Operating Lease, Expense | $ 700 | $ 700 | |||||||
Maximum [Member] | |||||||||
Lessee, Operating Lease, Term of Contract (Year) | 30 years | ||||||||
Minimum [Member] | |||||||||
Lessee, Operating Lease, Term of Contract (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% | 8.00% | |||||||
Finance Vehicle Equipment, One [Member] | Maximum [Member] | |||||||||
Interest Rate for Finance Lease | 7.80% | 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% | 4.00% | |||||||
Abu Dhabi Land Lease [Member] | |||||||||
Lessee, Operating Lease, Annual Payment | $ 300 | د.إ 1.2 |
Note 10 - Leases - Supplemental
Note 10 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
Property and Equipment - net | $ 25,626 | $ 26,897 |
Finance lease liability short-term | 361 | 300 |
Finance lease liability long-term | 356 | 401 |
Total finance lease liabilities | 717 | 701 |
Operating Lease, Right-of-Use Asset | 11,848 | 13,384 |
Operating lease liability short-term | 1,367 | 1,402 |
Operating lease liability long-term | 11,890 | 13,174 |
Total operating lease liabilities | 13,257 | 14,576 |
Finance Leases Assets [Member] | ||
Property and Equipment - gross | 1,245 | 879 |
Accumulated depreciation and amortization | (371) | (96) |
Property and Equipment - net | $ 874 | $ 783 |
Note 10 - Leases - Lease Costs
Note 10 - Leases - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | ||
Amortization of ROU assets | $ 65 | $ 53 | $ 119 | $ 101 | |
Interest on lease liabilities | 15 | 18 | 28 | 37 | |
Operating lease costs | 625 | 610 | 1,273 | 1,222 | |
Short-term lease costs (1) | [1] | 102 | 213 | 195 | 236 |
Sub-lease income | (20) | (20) | (40) | (40) | |
Total Lease costs | $ 787 | $ 874 | $ 1,575 | $ 1,556 | |
[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, 2021 | Jul. 31, 2020 | |
Financing cash outflows from finance leases | $ 203 | $ 202 |
Operating cash outflows from finance leases | 28 | 37 |
Operating cash outflows from operating leases | 985 | 1,385 |
Finance leases liabilities | 201 | 0 |
Operating leases liabilities | $ 45 | $ 53 |
Note 10 - Leases - Weighted-ave
Note 10 - Leases - Weighted-average Lease Terms and Discount Rates (Details) | Jul. 31, 2021 |
Finance leases (Year) | 2 years |
Operating leases (Year) | 13 years 4 months 24 days |
Finance leases | 7.80% |
Operating leases | 7.40% |
Note 10 - Leases - Maturities o
Note 10 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 |
For the nine months ended January 31, 2022, operating leases | $ 1,210 | |
For the nine months ended January 31, 2022, finance leases | 202 | |
For the year ended January 31, 2023, operating leases | 2,295 | |
For the year ended January 31, 2023, finance leases | 393 | |
For the year ended January 31, 2024, operating leases | 2,281 | |
For the year ended January 31, 2024, finance leases | 180 | |
For the year ended January 31, 2025, operating leases | 1,520 | |
For the year ended January 31, 2025, finance leases | 0 | |
For the year ended January 31, 2026, operating leases | 1,326 | |
For the year ended January 31, 2026, finance leases | 0 | |
For the year ended January 31, 2027, operating leases | 1,333 | |
For the year ended January 31, 2027, finance leases | 0 | |
Thereafter, operating leases | 12,322 | |
Thereafter, finance leases | 0 | |
Total lease payments, operating leases | 22,287 | |
Total lease payments, finance leases | 775 | |
Less: amount representing interest, operating leases | (9,030) | |
Less: amount representing interest, finance leases | (58) | |
Total lease liabilities, operating leases | 13,257 | $ 14,576 |
Total lease liabilities, finance leases | $ 717 | $ 701 |
Note 11 - Restricted Cash (Deta
Note 11 - Restricted Cash (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2021 | Jan. 31, 2021 | Jul. 31, 2020 |
Restricted Cash, Current | $ 1,217 | $ 1,201 | $ 1,150 |
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, 2021 | Jan. 31, 2021 | Jul. 31, 2020 |
Cash and cash equivalents | $ 5,509 | $ 7,174 | $ 9,106 |
Restricted cash | 1,217 | $ 1,201 | 1,150 |
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 6,726 | $ 10,256 |