Business
Perma-Pipe International Holdings, Inc. Announces Fourth Quarter and Fiscal 2020 Financial Results
Net sales of $21.3 million for the quarter and $84.7 million for the year Net loss of $2.5 million for the quarter and $7.6 million for the year Backlog of
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n\nNet sales of $21.3 million for the quarter and $84.7 million for the year\n\n\nNet loss of $2.5 million for the quarter and $7.6 million for the year \n\n\nBacklog of $52.6 million at January 31, 2021 \n\n\n NILES, Ill.--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the fourth quarter and 2020 fiscal year ended January 31, 2021.\n\n\"Revenue for the fourth quarter was $21.3 million, $11.0 million below the same quarter last year, and net loss was $2.5 million compared to a net income of $1.5 million in the same quarter of 2019. For the year ended January 31, 2021, revenues of $84.7 million were $42.9 million below the prior year. The resulting net loss of $7.6 million compares to a prior year net income of $3.6 million,” noted President and CEO David Mansfield.\n\n\"The negative impact on the Company’s results due to the impact of the COVID-19 pandemic and the reduction in capital spending in the oil and gas industry continued into the fourth quarter. This past year has been an extremely challenging one, presenting many obstacles that were never anticipated. Most of the adverse conditions for the Company arose as a result of delays to clients’ construction schedules, which has resulted in the postponement of project executions into 2021. The effect of the pandemic on our markets has continued longer than we had hoped and it has been significant. Our revenues reduced by over 30% versus 2019. This required us to reconfigure our fixed cost base, which we did successfully, allowing us to retain our capabilities to be available for the expected recovery.\n\n\"The development and rapid distribution of vaccines is considered to indicate a major step in a ‘return to normal’. Indeed, the indications of a recovery appear to be reflected recently in an increased level of business development activity and an increase in our backlog. Numerous projects that have been delayed are now moving forward, and it is our expectation that we are commencing a period when we can finally resume execution on projects and begin recovering the position that has been lost. Our backlog currently stands at $52.6 million, which reflects an increase of $5.8 million from the backlog at January 31, 2020. The fourth quarter saw an increase in backlog of almost $8 million, including some large proj...