Business
Perma-Pipe International Holdings, Inc. Announces its Third Quarter and Year-to-Date Fiscal 2021 Financial Results
• The Company generated net sales of $35.2 million for the third quarter • Net income was $0.5 million in the third quarter compared to a net loss of $2.9
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n• The Company generated net sales of $35.2 million for the third quarter\n\n• Net income was $0.5 million in the third quarter compared to a net loss of $2.9 million in the same quarter of 2020\n\n• Backlog stood at $54.4 million on October 31, 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 third quarter ended October 31, 2021.\n\n“Revenues for the third quarter of $35.2 million were well above the $20.3 million for the same quarter last year. The resulting pre-tax income from operations of $1.5 million was also substantially above the $2.9 million loss incurred in the same quarter of 2020,\" noted President and CEO David Mansfield.\n\n\"As we continue to recover from the effects of the pandemic and business conditions continue to improve, we remain focused on implementing the growth plans that were delayed by COVID-19. Initiatives that were started in the second quarter are now well underway and will better position the Company to take advantage of more opportunities in the future.\n\n\"During the quarter we renewed our $18.0 million North American credit agreement for an extended term of five years. In addition, the Board authorized, and the Company commenced a $3.0 million share buyback program. This program does not materially affect the liquidity needed for investments in our growth plans.\n\n\"Our current backlog of $54.4 million continues to remain higher than our January 31, 2021 backlog, as new awards have continued to keep pace with the increasing revenues arising each quarter this year.\n\n\"As is the case across almost all industries, there continues to be increased challenges with supply chain issues and logistics. We are however taking active steps to minimize any adverse impacts to our business, including increasing our sources of supply and expanding our options for obtaining suitable materials,” Mr. Mansfield concluded.\n\nThird Quarter Fiscal 2021 Results\n\nNet sales were $35.2 million in the current quarter, an increase of $14.9 million, or 73%, from $20.3 million in the prior year quarter. The increase was a result of increased sales volumes in both North America and in the Middle East, North Africa and India region (\"MENA\") due to recovery from the effects of the COVID...