Perma-Pipe International Holdings, Inc. Announces Second Quarter Financial Results
-
The Company generated net sales of
$37.5 million for the quarter and$71.8 million year-to-date -
Income before income taxes of
$5.6 million for the quarter and$8.1 million year-to-date -
Backlog of
$75.5 million atJuly 31, 2024 , compared to$68.5 million atJanuary 31, 2024
"Net sales for the second quarter were
“Backlog in the second quarter saw considerable growth and now stands at
“Our second quarter and fiscal 2024 year-to-date results continue to reflect exemplary performance on behalf of the organization and continual growth in business activity in various markets. The growth we are experiencing now further demonstrates a strengthening of demand for our services. It is also worth noting that our net income attributable to common stock for the six months ended
“We are pleased with the level of business activity we are experiencing in various markets as a result of increases in infrastructure spending, primarily attributable to
Second Quarter Fiscal 2024 Results
Net sales were
Gross profit was
General and administrative expenses were
Selling expenses remained consistent and were
Net interest expense remained consistent and was
Other income was consistent and less than
The Company's ETR was 23% and 45% in the three months ended
Net income attributable to common stock was
Fiscal 2024 Year-to-Date Results
Net sales were
Gross profit was
General and administrative expenses were
Selling expenses remained consistent and were
Net interest expense remained consistent and was
Other (expense) income resulted in expense of
The Company's ETR was 25% and 97% in the six months ended
Net income (loss) attributable to common stock was
Forward-Looking Statements
Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the
Additional information regarding the Company's financial results for the three months ended
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||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(In thousands, except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|
|||||||||
|
2024 |
|
2023 |
2024 |
|
2023 |
|
|||||
Net sales |
$ |
37,513 |
|
$ |
35,141 |
$ |
71,834 |
|
$ |
64,798 |
|
|
Gross profit |
|
13,474 |
|
|
9,464 |
|
23,991 |
|
|
16,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
7,332 |
|
|
6,773 |
|
14,716 |
|
|
13,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
6,142 |
|
|
2,691 |
|
9,275 |
|
|
2,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
514 |
|
|
636 |
|
1,021 |
|
|
1,148 |
|
|
Other (expense) income |
|
(38 |
) |
|
81 |
|
(105 |
) |
|
154 |
|
|
Income before income taxes |
|
5,590 |
|
|
2,136 |
|
8,149 |
|
|
1,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
1,306 |
|
|
966 |
|
2,076 |
|
|
1,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
4,284 |
|
$ |
1,170 |
$ |
6,073 |
|
$ |
48 |
|
|
Less: Net income attributable to non-controlling interest |
|
995 |
|
|
148 |
|
1,341 |
|
|
148 |
|
|
Net income (loss) attributable to common stock |
$ |
3,289 |
|
$ |
1,022 |
$ |
4,732 |
|
$ |
(100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to common stock |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.41 |
|
$ |
0.13 |
$ |
0.60 |
|
$ |
(0.01 |
) |
|
Diluted |
$ |
0.40 |
|
$ |
0.13 |
$ |
0.59 |
|
$ |
(0.01 |
) |
|
Note: Earnings per share calculations could be impacted by rounding. |
|
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CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
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ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
$ |
100,763 |
|
|
$ |
98,818 |
|
Long-term assets |
|
|
58,424 |
|
|
|
56,893 |
|
Total assets |
|
$ |
159,187 |
|
|
$ |
155,711 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
56,471 |
|
|
$ |
57,742 |
|
Long-term liabilities |
|
|
26,076 |
|
|
|
25,991 |
|
Total liabilities |
|
|
82,547 |
|
|
|
83,733 |
|
Non-controlling interests |
|
|
8,057 |
|
|
|
6,266 |
|
Stockholders' equity |
|
|
68,583 |
|
|
|
65,712 |
|
Total liabilities and equity |
|
$ |
159,187 |
|
|
$ |
155,711 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240911733124/en/
Perma-Pipe Investor Relations
(847) 929-1200
investor@permapipe.com
Source: