Thu, Jun 13, 12:51 PM (86 days ago)
Perma-Pipe International Holdings, Inc. reported net sales of $34.3 million for the quarter ended April 30, 2024, a 15% increase from $29.7 million in the prior year, driven by higher sales volumes in the Middle East and India. Gross profit rose to $10.5 million (31% of net sales) from $6.8 million (23% of net sales), reflecting improved project execution. General and administrative expenses increased by $0.6 million to $6.1 million due to higher professional service fees. Selling expenses remained stable at $1.2 million. Interest expense was consistent at $0.5 million. The company reported net income of $1.4 million, reversing a loss of $1.1 million from the previous year. Cash and cash equivalents increased to $7.7 million from $5.8 million, with $5.0 million available under the North American credit facility and $13.0 million under foreign revolving credit agreements. The effective tax rate was 30%, influenced by valuation allowances and jurisdictional income mix. The company continues to address material weaknesses in internal controls, particularly in ITGC and financial reporting in the Middle East and North Africa.