Business
Perma-Pipe International Holdings, Inc. Announces its First Quarter and Year-to-Date Fiscal 2021 Financial Results
• The Company generated net sales of $24.4 million for the first quarter • Net loss was $0.9 million in the first quarter • Backlog stood at $58.9 million on
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n• The Company generated net sales of $24.4 million for the first quarter\n\n• Net loss was $0.9 million in the first quarter \n\n• Backlog stood at $58.9 million on April 30, 2021 compared to $52.6 million on January 31, 2021\n\n NILES, Ill.--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2021.\n\n“First quarter revenue was $24.4 million, $1.7 million above the same quarter last year, and pre-tax loss was $0.7 million compared to a pre-tax loss of $2.7 million in the same quarter of 2020, which was mostly prior to the impact of the pandemic,” noted President and CEO David Mansfield.\n\n\"For the early part of our first quarter, our results continued to reflect the adverse business conditions arising as a result of the COVID-19 pandemic. In the latter half though, some of the restrictions began to ease and we were able to commence previously delayed projects. The cost reductions implemented last year also continued to have a favorable impact. The successful roll outs of the COVID-19 vaccines are beginning to allow a relaxation of restrictions and this appears to be having an encouraging effect on project schedules and on our backlog. While we are still in the early stages, the positive sentiment of a strengthening recovery is reflected in the increase in project activities. In addition, oil prices have reached a level that should begin to attract investment.\n\n\"The obstacles brought about by the pandemic through 2020 have not deterred us from our strategic plans and we continue to pursue the initiatives and strategies that had us on the path to acceptable profitability,” Mr. Mansfield continued.\n\n\"Our backlog currently stands at $58.9 million, which reflects an increase of $6.3 million from the backlog at January 31. Since these increases arise in the majority of our business units, it provides further confidence that we are entering a period of general recovery in conditions,” Mr. Mansfield concluded.\n\nFirst Quarter Fiscal 2021 Results \n\nNet sales were $24.4 million in the current quarter, an increase of $1.7 million, or 7%, from $22.7 million in the prior year quarter. The increase was largely a result of increased sales volumes in the Company's U.A.E. business driven by the introduction of a new product line and projec...