Perma-Pipe International Holdings, Inc. Announces First Quarter Fiscal 2024 Financial Results
-
The Company generated net sales of
$34.3 million as compared to$29.7 million in the first quarter of 2023 -
Income (loss) before income taxes of
$2.6 million versus$(0.4) million in the first quarter of 2023 -
Backlog of
$63.1 million atApril 30, 2024
“Revenues for the first quarter were
"Backlog currently stands at
"We are pleased with the level of business activity we are experiencing in various markets, which contributed to an overall increase in revenues and margins during the first fiscal quarter. This was driven by continual increases in infrastructure spending, which was primarily attributable to
"Given the strength of our first fiscal quarter results, we feel well-positioned to be able to capitalize on this momentum and continue to execute on various strategic initiatives, such as the Company's expansion into
First 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 (expense) income was
The Company's worldwide effective tax rate ("ETR") was 30% and (208%) in the three 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 |
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(In thousands, except per share data) |
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(Unaudited) |
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|
Three Months Ended |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Net sales |
|
$ |
34,321 |
|
|
$ |
29,657 |
|
Gross profit |
|
|
10,517 |
|
|
|
6,774 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
7,383 |
|
|
|
6,699 |
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
3,134 |
|
|
|
75 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
507 |
|
|
|
512 |
|
Other (expense) income |
|
|
(67 |
) |
|
|
72 |
|
Income (loss) before income taxes |
|
|
2,560 |
|
|
|
(365 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
770 |
|
|
|
758 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,790 |
|
|
$ |
(1,123 |
) |
Less: Net income attributable to non-controlling interest |
|
|
347 |
|
|
|
0 |
|
Net income (loss) attributable to common stock |
|
$ |
1,443 |
|
|
$ |
(1,123 |
) |
|
|
|
|
|
|
|
|
|
Earnings per share attributable to common stock |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
|
$ |
(0.14 |
) |
Diluted |
|
$ |
0.18 |
|
|
$ |
(0.14 |
) |
Note: Earnings per share calculations could be impacted by rounding. |
|
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands) |
||||||||
|
||||||||
|
|
2024 |
|
|
2024 |
|
||
|
|
(Unaudited) |
|
|
|
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ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
$ |
98,991 |
|
|
$ |
98,818 |
|
Long-term assets |
|
|
58,172 |
|
|
|
56,893 |
|
Total assets |
|
$ |
157,163 |
|
|
$ |
155,711 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
59,410 |
|
|
$ |
57,742 |
|
Long-term liabilities |
|
|
25,173 |
|
|
|
25,991 |
|
Total liabilities |
|
|
84,583 |
|
|
|
83,733 |
|
Non-controlling interests |
|
|
7,033 |
|
|
|
6,266 |
|
Stockholders' equity |
|
|
65,547 |
|
|
|
65,712 |
|
Total liabilities and equity |
|
$ |
157,163 |
|
|
$ |
155,711 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240613928548/en/
Perma-Pipe Investor Relations
(847) 929-1200
investor@permapipe.com
Source: