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Perma-Pipe International Holdings, Inc.
David Mansfield, President and CEO
Perma-Pipe Investor Relations
• Net income was $3.4 million in the second quarter compared to $0.3 million in the same quarter of 2020
• Backlog stood at $53.2 million on July 31, 2021 compared to $52.6 million on January 31, 2021
“Second quarter revenues of $39.8 million represent a significant increase above the revenues of $20.4 million achieved in the same quarter last year. Similarly, pre-tax income from operations of $4.3 million is significantly greater than the $0.2 million earned in the same quarter of 2020. If we exclude the impact of COVID-19 related government assistance, pre-tax income from operations improved $7.5 million over the same quarter of 2020 and $9.2 million for the year-to-date versus the same period last year," noted President and CEO David Mansfield.
"As I stated in our last Earnings Release, the adverse business conditions arising as a result of the pandemic began to ease during the latter part of the first quarter. This continued through the second quarter, and we were able to begin the execution of some delayed projects. Further confirming the commencement of a recovery from the previously depressed conditions, almost all business units showed quarter over quarter growth. Overall, revenues increased 63%, or $15.4 million, over those achieved in the first quarter, and pre-tax income increased by almost $5 million.
"Steps taken earlier this year to enhance liquidity included the sale and lease back of our property in Lebanon, Tennessee. This provided capital to allow us to continue to move forward with investment plans that we had delayed as an act of prudence over any risk to working capital available to us in the future. With the recent recovery in our earnings, we are now in a much more secure position in this regard and we will continue to move forward with our growth plans.
"Our backlog currently stands at $53.2 million, which reflects a small increase from the backlog at January 31, 2021. In addition to the growth in revenue during the quarter and year-to-date, new awards have also continued at higher levels, allowing us to maintain our backlog at a similar level to that at the beginning of the year.
"While we continue to be faced with dealing with the adverse impact of the pandemic, including the challenges it has presented within the supply chains, it is nevertheless encouraging to have more confidence that we are emerging from the worst of its impact on our business,” Mr. Mansfield concluded.
The following information was filed by Permapipe International Holdings, Inc. (PPIH) on Wednesday, September 8, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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