Business
Perma-Pipe International Holdings, Inc. Announces its First Quarter Fiscal 2023 Financial Results
The Company generated net sales of $29.7 million as compared to $31.2 million in the first quarter of 2022 Loss before income taxes of $0.4 million versus
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n\nThe Company generated net sales of $29.7 million as compared to $31.2 million in the first quarter of 2022\n\n\n\nLoss before income taxes of $0.4 million versus $0.2 million in the first quarter of 2022\n\n\n\nBacklog of $59.4 million at April 30, 2023 compared to $38.5 million at January 31, 2023\n\n\n\n SPRING, Texas--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2023.\n\n\n“Revenues for the first quarter were $29.7 million, a decrease of $1.5 million versus the same quarter last year. The resulting income from operations of $0.1 million was comparable to the $0.2 million earned in the same quarter of 2022,\" noted President and CEO David Mansfield.\n\n\n\"After a significant amount of new awards in the quarter however, backlog has grown $20.9 million, or 54%, from January 31, 2023. The backlog is almost equally distributed between our North America and MENA regions. We are particularly encouraged that our recently announced initiatives in the MENA region continue to show promise and we expect to more fully realize the benefits of these in the future.\n\n\n\"As has been reflected in previous years, the first fiscal quarter is typically the trough of our business seasonality. This year is no exception to that, and the results were in line with our expectations. It is during these times that we are particularly mindful of our overhead costs,” noted Mr. Mansfield.\n\n\n“Net income is after the impact of taxation in the different countries in which we operate, and our inability to recognize the benefit of past tax losses in the United States. The reported tax charge therefore continues to be disproportionate to the consolidated earnings,” concluded Mr. Mansfield.\n\n\nFirst Quarter Fiscal 2023 Results\n\n\nNet sales were $29.7 million and $31.2 million in the three months ended April 30, 2023 and 2022, respectively. The decrease of $1.5 million, or 5%, was a result of lower sales volumes in North America.\n\n\nGross profit was $6.8 million, or 23% of net sales, and $7.0 million, or 23% of net sales, in the three months ended April 30, 2023 and 2022, respectively. The decrease of $0.2 million was driven by lower sales volumes.\n\n\nGeneral and administrative expenses were $5.5 million and $5.7 million in the three months ended A...