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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Perma Pipe International Holdings Inc | NASDAQ:PPIH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.52% | 9.54 | 6.55 | 9.77 | 9.63 | 9.4464 | 9.60 | 3,353 | 21:30:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
Delaware
|
36-3922969
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
6410 W. Howard Street, Niles, Illinois
|
60714
|
(Address of principal executive offices)
|
(Zip Code)
|
Item
|
|
Page
|
|
|
|
Part I
|
|
|
|
|
|
1.
|
|
|
|
Consolidated Statements of Operations (Unaudited) for the Three Months Ended April 30, 2017 and 2016
|
|
|
Consolidated Statements of Comprehensive Loss (Unaudited) for the Three Months Ended April 30, 2017 and 2016
|
2
|
|
Consolidated Balance Sheets as of
April 30, 2017 (Unaudited) and January 31, 2017
|
|
|
Consolidated Statements of Stockholders' Equity as of April 30, 2017 (Unaudited) and January 31, 2017
|
|
|
Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended April 30, 2017 and 2016
|
|
|
Notes to Consolidated Financial Statements
(Unaudited)
|
|
|
|
|
2.
|
13
|
|
|
|
|
4.
|
16
|
|
|
|
|
Part II
|
|
|
6.
|
17
|
|
|
|
|
18
|
|
Three Months Ended April 30,
|
|
|||||
|
2017
|
|
2016
|
|
|
||
Net sales
|
|
$23,501
|
|
|
$23,069
|
|
|
Cost of sales
|
21,716
|
|
21,077
|
|
|
||
Gross profit
|
1,785
|
|
1,992
|
|
|
||
|
|
|
|
||||
Operating expenses
|
|
|
|
||||
General and administrative expenses
|
4,286
|
|
5,093
|
|
|
||
Selling expenses
|
1,316
|
|
1,404
|
|
|
||
Total operating expenses
|
5,602
|
|
6,497
|
|
|
||
|
|
|
|
||||
Loss from operations
|
(3,817
|
)
|
(4,505
|
)
|
|
||
|
|
|
|
||||
Loss on consolidation of joint venture
|
—
|
|
(1,620
|
)
|
|
||
|
|
|
|
||||
Interest expense, net
|
157
|
|
226
|
|
|
||
Loss from continuing operations before income taxes
|
(3,974
|
)
|
(6,351
|
)
|
|
||
|
|
|
|
||||
Income tax benefit
|
(485
|
)
|
(257
|
)
|
|
||
|
|
|
|
||||
Loss from continuing operations
|
(3,489
|
)
|
(6,094
|
)
|
|
||
|
|
|
|
||||
Loss from discontinued operations, net of tax
|
—
|
|
(200
|
)
|
|
||
|
|
|
|
||||
Net loss
|
|
($3,489
|
)
|
|
($6,294
|
)
|
|
|
|
|
|
||||
Weighted average common shares outstanding
|
|
|
|
||||
Basic and diluted
|
7,610
|
|
7,351
|
|
|
||
|
|
|
|
||||
Loss per share from continuing operations
|
|
|
|
||||
Basic and diluted
|
|
($0.46
|
)
|
|
($0.83
|
)
|
|
Loss per share from discontinued operations
|
|
|
|
|
|||
Basic and diluted
|
|
$—
|
|
|
($0.03
|
)
|
|
Loss per share
|
|
|
|
||||
Basic and diluted
|
($0.46)
|
|
($0.86
|
)
|
|
|
Three Months Ended April 30,
|
|
|||||
|
2017
|
|
2016
|
|
|
||
Net loss
|
|
($3,489
|
)
|
|
($6,294
|
)
|
|
|
|
|
|
||||
Other comprehensive income
|
|
|
|
||||
Foreign currency translation adjustments, net of tax
|
132
|
|
1,922
|
|
|
||
Unrealized (loss) gain on marketable security, net of tax
|
(5
|
)
|
1
|
|
|
||
Other comprehensive income
|
127
|
|
1,923
|
|
|
||
|
|
|
|
||||
Comprehensive loss
|
|
($3,362
|
)
|
|
($4,371
|
)
|
|
(In thousands except per share data)
|
April 30, 2017
|
|
January 31, 2017
|
|
||
ASSETS
|
Unaudited
|
|
|
|||
Current assets
|
|
|
||||
Cash and cash equivalents
|
|
$9,059
|
|
|
$7,603
|
|
Restricted cash
|
1,140
|
|
1,098
|
|
||
Trade accounts receivable, less allowance for doubtful accounts of $382 at April 30, 2017 and $305 at January 31, 2017
|
23,817
|
|
31,271
|
|
||
Inventories, net
|
15,255
|
|
13,565
|
|
||
Assets of discontinued operations
|
—
|
|
25
|
|
||
Prepaid expenses and other current assets
|
3,788
|
|
2,171
|
|
||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
3,496
|
|
2,091
|
|
||
Total current assets
|
56,555
|
|
57,824
|
|
||
Property, plant and equipment, net of accumulated depreciation
|
34,800
|
|
36,275
|
|
||
Other assets
|
|
|
||||
Goodwill
|
2,182
|
|
2,279
|
|
||
Other assets
|
5,548
|
|
5,233
|
|
||
Total other assets
|
7,730
|
|
7,512
|
|
||
Total assets
|
|
$99,085
|
|
|
$101,611
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
||||
Current liabilities
|
|
|
||||
Trade accounts payable
|
|
$9,977
|
|
|
$10,901
|
|
Accrued compensation and payroll taxes
|
4,202
|
|
4,236
|
|
||
Commissions and management incentives payable
|
1,324
|
|
1,845
|
|
||
Revolving line North America
|
5,753
|
|
3,813
|
|
||
Current maturities of long-term debt
|
496
|
|
658
|
|
||
Customers' deposits
|
2,448
|
|
2,640
|
|
||
Outside commissions payable
|
2,285
|
|
1,612
|
|
||
Liabilities of discontinued operations
|
201
|
|
199
|
|
||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
1,527
|
|
1,100
|
|
||
Other accrued liabilities
|
2,108
|
|
2,360
|
|
||
Income taxes payable
|
839
|
|
684
|
|
||
Total current liabilities
|
31,160
|
|
30,048
|
|
||
Long-term liabilities
|
|
|
||||
Long-term debt, less current maturities
|
6,828
|
|
7,258
|
|
||
Deferred compensation liabilities
|
2,404
|
|
2,523
|
|
||
Deferred tax liabilities - long-term
|
1,759
|
|
1,829
|
|
||
Other long-term liabilities
|
553
|
|
540
|
|
||
Total long-term liabilities
|
11,544
|
|
12,150
|
|
||
Stockholders' equity
|
|
|
||||
Common stock, $.01 par value, authorized 50,000 shares; 7,616 issued and outstanding at April 30, 2017 and 7,596 issued and outstanding at January 31, 2017
|
76
|
|
76
|
|
||
Additional paid-in capital
|
54,033
|
|
53,716
|
|
||
Treasury Stock, 25 shares at April 30, 2017 and 27 shares at January 31, 2017
|
(157
|
)
|
(170
|
)
|
||
Retained earnings
|
5,026
|
|
8,515
|
|
||
Accumulated other comprehensive loss
|
(2,597
|
)
|
(2,724
|
)
|
||
Total stockholders' equity
|
56,381
|
|
59,413
|
|
||
Total liabilities and stockholders' equity
|
|
$99,085
|
|
|
$101,611
|
|
($ in thousands, except share data)
|
|
Additional Paid-in Capital
|
Treasury Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Total Stockholders' Equity
|
||||||||
Common Stock
|
||||||||||||||
Total stockholders' equity at January 31, 2017
|
$76
|
$53,716
|
|
($170
|
)
|
$8,515
|
($2,724)
|
$59,413
|
||||||
|
|
|
|
|
|
|
||||||||
Net loss
|
|
|
|
|
($3,489
|
)
|
|
(3,489
|
)
|
|||||
Common stock issued under stock plans, net of shares used for tax withholding
|
—
|
|
114
|
|
13
|
|
|
|
127
|
|
||||
Stock-based compensation expense
|
|
203
|
|
|
|
|
203
|
|
||||||
Marketable security
|
|
|
|
|
(5
|
)
|
(5
|
)
|
||||||
Foreign currency translation adjustment
|
|
|
|
|
127
|
|
127
|
|
||||||
Tax benefit/expense on above items
|
|
|
|
|
5
|
|
5
|
|
||||||
Total stockholders' equity at April 30, 2017
|
$76
|
$54,033
|
($157)
|
$5,026
|
($2,597)
|
$56,381
|
(In thousands)
|
Three Months Ended April 30,
|
|||||
|
2017
|
|
2016
|
|
||
Operating activities
|
|
|
||||
Net loss
|
|
($3,489
|
)
|
|
($6,294
|
)
|
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities
|
|
|
||||
Depreciation and amortization
|
1,215
|
|
1,448
|
|
||
Gain on disposal of subsidiaries
|
—
|
|
(867
|
)
|
||
Deferred tax benefit
|
(290
|
)
|
(376
|
)
|
||
Stock-based compensation expense
|
203
|
|
342
|
|
||
Loss on consolidation of joint venture
|
—
|
|
1,620
|
|
||
Cash surrender value on life insurance policies
|
—
|
|
(129
|
)
|
||
Loss on disposal of fixed assets
|
1
|
|
—
|
|
||
Provision on uncollectible accounts
|
(329
|
)
|
196
|
|
||
Changes in operating assets and liabilities
|
|
|
||||
Accounts receivable
|
7,546
|
|
12,228
|
|
||
Inventories
|
(1,775
|
)
|
3,342
|
|
||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
(978
|
)
|
584
|
|
||
Accounts payable
|
(936
|
)
|
(4,247
|
)
|
||
Accrued compensation and payroll taxes
|
(584
|
)
|
(2,536
|
)
|
||
Customers' deposits
|
(191
|
)
|
(2,057
|
)
|
||
Income taxes receivable and payable
|
(755
|
)
|
(81
|
)
|
||
Prepaid expenses and other current assets
|
(1,122
|
)
|
(581
|
)
|
||
Other assets and liabilities
|
472
|
|
1,186
|
|
||
Net cash (used in) provided by operating activities
|
(1,012
|
)
|
3,778
|
|
||
Investing activities
|
|
|
||||
Acquisition of interest in subsidiary, net of cash acquired
|
—
|
|
(4,672
|
)
|
||
Capital expenditures
|
(267
|
)
|
(796
|
)
|
||
Proceeds from surrender of corporate-owned life insurance policies
|
—
|
|
1,894
|
|
||
Proceeds from sales of property and equipment
|
1
|
|
—
|
|
||
Net cash used in investing activities
|
(266
|
)
|
(3,574
|
)
|
||
Financing activities
|
|
|
||||
Proceeds from revolving lines
|
8,612
|
|
14,786
|
|
||
Payments of debt on revolving lines of credit
|
(6,763
|
)
|
(19,267
|
)
|
||
Payments of other debt
|
(70
|
)
|
(81
|
)
|
||
Increase (decrease) in drafts payable
|
50
|
|
(217
|
)
|
||
Payments on capitalized lease obligations
|
(72
|
)
|
(1,069
|
)
|
||
Release
of common stock
|
13
|
|
—
|
|
||
Stock options exercised and restricted shares issued
|
114
|
|
56
|
|
||
Net cash provided by (used in) financing activities
|
1,884
|
|
(5,792
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
892
|
|
435
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
1,498
|
|
(5,153
|
)
|
||
Cash, cash equivalents and restricted cash - beginning of period
|
8,701
|
|
18,955
|
|
||
Cash, cash equivalents and restricted cash - end of period
|
|
$10,199
|
|
|
$13,802
|
|
Supplemental cash flow information
|
|
|
||||
Interest paid
|
|
$177
|
|
|
$289
|
|
Income taxes paid
|
530
|
|
197
|
|
||
Funds held in escrow related to the sale of Filtration assets
|
502
|
|
502
|
|
1.
|
Basis of presentation.
The interim consolidated financial statements of Perma-Pipe International Holdings, Inc. and subsidiaries ("PPIH," "Company," or "Registrant") are unaudited, but include all adjustments that the Company's management considers necessary to present fairly the financial position and results of operations for the periods presented. These adjustments consist of normal recurring adjustments. Information and footnote disclosures have been omitted pursuant to Securities and Exchange Commission ("SEC") rules and regulations. The consolidated balance sheet as of
January 31, 2017
is derived from the audited consolidated balance sheet as of that date. The results of operations for any interim period are not necessarily indicative of future or annual results. Interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's latest Annual Report on Form 10-K. The Company's fiscal year ends on January 31. Years and balances described as
2017
and
2016
are for the
three months ended April 30,
2017
and
2016
, respectively.
|
2.
|
Business segment reporting.
As of January 31, 2016, PPIH is engaged in the manufacture and sale of products in
one
segment: Piping Systems. As described below, prior to January 29, 2016, the Company was also engaged in the manufacture and sale of products in the Filtration Products segment.
Piping Systems engineers, designs, manufactures and sells specialty piping, leak detection and location systems
. This segment's specialty piping systems include (i) industrial and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (ii) insulated and jacketed district heating and cooling piping systems for efficient energy distribution to multiple locations from central energy plants, and (iii) oil and gas gathering flow and long lines for oil and mineral transportation. Piping Systems' leak detection and location systems are sold with many of its piping systems and on a stand-alone basis, to monitor areas where fluid intrusion may contaminate the environment, endanger personal safety, cause a fire hazard, impair essential services or damage equipment or property.
|
|
Three Months Ended April 30,
|
|
|||||
|
2017
|
|
2016
|
|
|
||
Net sales
|
|
|
|
||||
Piping Systems
|
|
$23,501
|
|
|
$23,069
|
|
|
Gross profit
|
|
|
|
||||
Piping Systems
|
|
$1,785
|
|
|
$1,992
|
|
|
Loss from operations
|
|
|
|
||||
Piping Systems
|
|
($1,459
|
)
|
|
($1,701
|
)
|
|
Corporate
|
|
($2,358
|
)
|
|
($2,804
|
)
|
|
Total loss from operations
|
|
($3,817
|
)
|
|
($4,505
|
)
|
|
3.
|
Discontinued operations.
The domestic fabric filter business, which was included in discontinued operations, was operational and selling product as of April 30, 2016. The Filtration business segment is reported as discontinued operations in the consolidated financial statements and the notes to consolidated financial statements have been revised to conform to the current year reporting. There was
$16 thousand
of tax benefit for the three months ended April 30, 2016. Loss from discontinued operations net of tax for the three months ended April 30, 2016 was as follows:
|
|
Three Months Ended April 30,
|
|||||
|
2017
|
|
2016
|
|
||
Net sales from discontinued operations
|
|
$—
|
|
|
$7,191
|
|
|
|
|
||||
Gain on disposal of discontinued operations
|
|
$—
|
|
|
$867
|
|
Loss from discontinued operations
|
|
$—
|
|
|
($1,083
|
)
|
Loss from discontinued operations before income taxes
|
—
|
|
(216
|
)
|
||
Income tax benefit
|
—
|
|
(16
|
)
|
||
Loss from discontinued operations, net of tax
|
|
$—
|
|
|
($200
|
)
|
|
April 30, 2017
|
|
January 31, 2017
|
|
||
Current assets
|
|
|
||||
Trade accounts receivable, net
|
|
$—
|
|
|
$25
|
|
Total assets from discontinued operations
|
|
$—
|
|
|
$25
|
|
Current liabilities
|
|
|
||||
Trade accounts payable, accrued expenses and other
|
|
$201
|
|
|
$199
|
|
Total liabilities from discontinued operations
|
|
$201
|
|
|
$199
|
|
|
Three Months Ended April 30,
|
|||||
|
2017
|
|
2016
|
|
||
Net cash provided by (used in) discontinued operating activities
|
|
$25
|
|
|
($1,408
|
)
|
Net cash used in discontinued investing activities
|
—
|
|
(1
|
)
|
||
Net cash provided by discontinued financing activities
|
—
|
|
858
|
|
4.
|
Income taxes.
The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowances requires management to make judgments and estimates. As a company with subsidiaries in foreign jurisdictions, the process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of
|
5.
|
Impairment of long-lived assets.
The Company evaluates long-lived assets (including intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. A factor considered important that could trigger an impairment review includes a year-to-date loss from operations. An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flow the asset is expected to generate. Piping Systems has a year-to-date loss, but based on the Company's review,
there was no impairment of long-lived assets as of April 30, 2017 or January 31, 2017
.
|
|
January 31, 2017
|
Foreign exchange change
|
April 30, 2017
|
||||||
Goodwill
|
|
$2,279
|
|
|
($97
|
)
|
|
$2,182
|
|
6.
|
Other intangible assets with definite lives.
The Company owns several patents, including those covering features of its piping and electronic leak detection systems.
Patents are capitalized and amortized on a straight-line basis over a period not to exceed the legal lives of the patents.
The Company expenses costs incurred to renew or extend the term of intangible assets
. Gross patents were
$2.63 million
as of
April 30, 2017
and
January 31, 2017
. Accumulated amortization was approximately
$2.39 million
and
$2.38 million
as of
April 30, 2017
and
January 31, 2017
, respectively. Full year amortizations for the next five years ending January 31 will be
$45,100
in
2018
,
$36,600
in
2019
,
$33,700
in
2020
,
$27,100
in
2021
,
$17,500
in
2022
, with the residual balance of
$92,660
to be amortized in future periods thereafter. Patents are included in other assets in the consolidated balance sheets.
|
|
Three Months Ended April 30,
|
|||||
|
2017
|
|
2016
|
|
||
Patent amortization expense
|
|
$11
|
|
|
$11
|
|
7.
|
Stock-based
compensation.
The Company has stock-based compensation awards that can be granted to eligible employees, officers or directors.
|
|
Three Months Ended April 30,
|
|||||
|
2017
|
|
2016
|
|
||
Stock-based compensation benefit
|
|
($6
|
)
|
|
($2
|
)
|
Restricted stock based compensation expense
|
|
$192
|
|
|
$390
|
|
Option activity
|
Options
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Term
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 31, 2017
|
524
|
|
|
$11.55
|
|
4.5
|
|
$534
|
|
Exercised
|
(19
|
)
|
6.78
|
|
|
23
|
|
||
Expired or forfeited
|
(13
|
)
|
11.54
|
|
|
|
|||
Outstanding end of period
|
492
|
|
11.73
|
|
4.2
|
308
|
|
||
|
|
|
|
|
|||||
Exercisable end of period
|
423
|
|
|
$12.16
|
|
3.6
|
|
$266
|
|
Unvested option activity
|
Options
|
Weighted Average Grant Date Fair Value
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 31, 2017
|
74
|
|
|
$9.31
|
|
|
$69
|
|
Expired or forfeited
|
(5
|
)
|
11.81
|
|
|
|||
Outstanding end of period
|
69
|
|
|
$9.14
|
|
|
$42
|
|
Restricted stock activity
|
Restricted Shares
|
Weighted Average Grant Price Per Share
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 31, 2017
|
290
|
|
|
$8.75
|
|
|
$2,540
|
|
Granted
|
5
|
|
8.74
|
|
|
|||
Issued
|
(3
|
)
|
|
|
||||
Forfeited
|
(2
|
)
|
6.92
|
|
|
|||
Outstanding end of period
|
290
|
|
|
$8.03
|
|
|
$2,331
|
|
8.
|
Earnings per share.
|
|
Three Months Ended April 30,
|
|||
|
2017
|
|
2016
|
|
Basic weighted average common shares outstanding
|
7,610
|
|
7,351
|
|
Dilutive effect of equity compensation plans
|
—
|
|
—
|
|
Weighted average common shares outstanding assuming full dilution
|
7,610
|
|
7,351
|
|
|
|
|
||
Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares
|
229
|
|
415
|
|
|
|
|
||
Stock options with an exercise price below the average market price
|
263
|
|
263
|
|
9.
|
Interest expense, net.
|
11.
|
Restricted cash.
Restricted cash held by foreign subsidiaries was
$1.1 million
as of
April 30, 2017
and
January 31, 2017
. Restricted cash held by foreign subsidiaries related to an escrow account from the sale of Nordic Air Filtration and fixed deposits that also serve as security deposits and guarantees.
|
|
Three Months Ended April 30,
|
|||||
|
2017
|
|
2016
|
|
||
Cash and cash equivalents
|
|
$9,059
|
|
|
$12,858
|
|
Restricted cash
|
1,140
|
|
944
|
|
||
Cash, cash equivalents and restricted cash shown in the statement of cashflows
|
|
$10,199
|
|
|
$13,802
|
|
13.
|
Acquisition.
On
February 4, 2016
PPIH acquired the remaining 51% ownership of
PPC.
,
a coating and insulation company in Camrose, Alberta that serves the oil and gas industry in Western Canada
, The purchase price was $13.1 million CAD (
$9.6 million
USD) in cash and debt at closing. This transaction was accounted for under the acquisition method of accounting. The following table represents the allocation of the total consideration in the acquisition of PPC:
|
Total purchase consideration:
|
|
|
||
Cash
|
|
|
$7,587
|
|
Loan payable
|
|
2,000
|
|
|
Purchase consideration to third party
|
|
9,587
|
|
|
|
|
|
||
Fair value of 49% previously held equity interest
|
|
7,492
|
|
|
Total purchase consideration
|
|
|
$17,079
|
|
|
|
|
||
Fair value of net assets acquired:
|
|
|
||
Cash and cash equivalents
|
|
|
$2,915
|
|
Property and equipment
|
|
13,124
|
|
|
Goodwill
|
|
2,279
|
|
|
Net working capital
|
|
406
|
|
|
Other assets (liabilities) net
|
|
(1,645
|
)
|
|
Net assets acquired
|
|
|
$17,079
|
|
14.
|
Recent accounting pronouncements
.
In October 2016, the FASB issued authoritative guidance requiring the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than when transferred to a third party as required under the current guidance. The new guidance is effective for the Company beginning February 1, 2018, with early adoption permitted. The Company is currently assessing the potential impact the guidance will have upon adoption.
|
|
Three Months Ended April 30,
|
|||||||||
($ in thousands)
|
2017
|
|
%
|
2016
|
|
%
|
% Increase (decrease)
|
|||
Net sales
|
$23,501
|
|
$23,069
|
|
2
|
%
|
||||
Gross profit
|
1,785
|
|
8
|
%
|
1,992
|
|
9
|
%
|
(10
|
)%
|
General and administrative expenses
|
1,928
|
|
8
|
%
|
2,289
|
|
10
|
%
|
(16
|
)%
|
Selling expenses
|
1,316
|
|
6
|
%
|
1,404
|
|
6
|
%
|
(6
|
)%
|
Loss from operations
|
(1,459
|
)
|
(6
|
)%
|
(1,701
|
)
|
(7
|
)%
|
(14
|
)%
|
Loss on consolidation of joint venture
|
—
|
|
|
(1,620
|
)
|
|
100
|
%
|
31
|
Rule 13a - 14(a)/15d - 14(a) Certifications
(1) Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(2) Chief Financial Officer certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32
|
Section 1350 Certifications (Chief Executive Officer and Chief Financial Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
|
101.INS
|
XBRL Instance
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation
|
101.DEF
|
XBRL Taxonomy Extension Definition
|
101.LAB
|
XBRL Taxonomy Extension Labels
|
101.PRE
|
XBRL Taxonomy Extension Presentation
|
Date:
|
June 13, 2017
|
/s/ David J. Mansfield
|
|
|
David J. Mansfield
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date:
|
June 13, 2017
|
/s/ Karl J. Schmidt
|
|
|
Karl J. Schmidt
|
|
|
Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Perma Pipe Chart |
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