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Business Wire
14 hours ago
- Business
- Business Wire
Perma-Pipe International Holdings, Inc.公布2025會計年度第一季財務業績
德州斯普林--(BUSINESS WIRE)--(美國商業資訊)-- Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH)今天公布了截至2025年4月30日的第一季財務業績。 總裁兼執行長Saleh Sagr指出：「第一季銷售額為4670萬美元，較去年同期的3430萬美元成長1240萬美元，增幅36.2%。歸屬於普通股的淨收入為500萬美元，較上年第一季的140萬美元成長360萬美元，增幅達243%。」 Sagr先生繼續說道：「目前未完成訂單為1.311億美元，相較2025年1月31日的1.381億美元減少700萬美元。然而，相較2024年4月30日的6310萬美元，該公司的未完成訂單大幅增加6800萬美元，增幅達108%。我們對現有未完成訂單水準感到鼓舞，其仍為去年第一季末報告之未完成訂單水準的兩倍以上。」 總裁兼執行長Saleh Sagr表示：「第一季業績代表公司實現了前所未見的業務表現，無論是銷售額還是歸屬於普通股的淨收入，均為2017年從MFRI轉變為Perma-Pipe以來第一季的最高水準。此外，第一季歸屬於普通股的淨收入約占公司2024會計年度全年業績的55%。」 Sagr先生評論道：「我們對各市場的業務活動水準感到滿意，這推動了第一財季整體銷售額和收益的成長。此外，美洲和中東及北非(MENA)地區的業績表現令人振奮，兩個地區在第一季取得了不相上下的業績。」 Sagr先生總結道：「公司第一季業績的強勁表現為2025會計年度剩餘季度提供了顯著的發展動力。我們認為公司已做好充分準備，將繼續利用這一動力，進一步參與MENA地區的發展計畫，並在北美地區取得更多市場佔有率。」 2025會計年度第一季業績 截至2025年4月30日的三個月和2024年4月30日的三個月，淨銷售額分別為4670萬美元和3430萬美元。增加的1240萬美元（增幅36%）主要是由於中東和北美的銷售量增加。 截至2025年4月30日的三個月和2024年4月30日的三個月，毛利分別為1670萬美元（占淨銷售額的36%）和1050萬美元（占淨銷售額的31%）。增加的620萬美元主要是由於業務量增加以及產品組合帶來的更高利潤率。 截至2025年4月30日的三個月和2024年4月30日的三個月，一般和行政支出分別為770萬美元和610萬美元。增加的160萬美元是由於本季度薪資支出和專業服務費的增加。 截至2025年4月30日的三個月和2024年4月30日的三個月，銷售支出保持穩定，分別為110萬美元和120萬美元。 截至2025年4月30日的三個月和2024年4月30日的三個月，淨利息支出保持穩定，分別為40萬美元和50萬美元。 截至2025年4月30日的三個月和2024年4月30日的三個月，其他支出保持穩定，均低於10萬美元。 截至2025年4月30日的三個月和2024年4月30日的三個月，公司的有效稅率(ETR)分別為21%和30%。ETR的變動是由於各司法管轄區的盈虧構成不同。 截至2025年4月30日的三個月和2024年4月30日的三個月，歸屬於普通股的淨收入分別為500萬美元和140萬美元。增加的360萬美元主要是由於本季度銷售量增加以及更好的專案執行。 關於Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc.（簡稱「公司」）是針對石油和天然氣採集、區域供熱和製冷以及其他應用的預絕緣管道和洩漏偵測系統的全球領導者。公司利用其廣泛的工程和製造專長開發管道解決方案，以解決多種液體安全高效運輸的複雜挑戰。公司總計在六個國家的14個據點經營業務。 前瞻性陳述 本新聞稿中包含的某些陳述和其他資訊可以透過使用前瞻性術語來辨識，構成《1933年證券法》（修訂版）第27A條和《1934年證券交易法》（修訂版）第21E條所定義的「前瞻性陳述」，並受到其中包含的安全港條款的約束，包括但不限於有關公司未來預期業績和營運的陳述。這些陳述應被視為受到公司營運和業務環境中存在的許多風險和不確定性的影響。這些風險和不確定因素包括但不限於以下內容：(i)石油和天然氣價格的波動及其對公司產品客戶訂單量的影響；(ii)公司以優惠價格購買原物料並與供應商保持良好關係的能力；(iii)使用公司產品的政府專案支出減少，以及公司的非政府客戶在流動性和獲得資本資金方面面臨挑戰；(iv)公司償還債務和續延即將到期的國際信貸便利的能力；(v)公司有效執行策略計畫以及實現持續盈利和正現金流的能力；(vi)公司收取與中東專案有關的長期應收帳款的能力；(vii)公司解讀稅收法規和立法變化的能力；(viii)公司利用其淨經營虧損結轉的能力；(ix)由於公司在「超時」確認收入時估計不準確，導致以前記錄的收入和利潤逆轉；(x)公司未能建立和維護有效的財務報告內部控制；(xi)公司產品的訂單接收、執行、交付和驗收時間；(xii)公司就大額合約的進度帳單安排進行成功談判的能力；(xiii)現有競爭對手的激進定價以及新競爭對手進入公司經營的市場；(xiv)公司製造無潛在缺失產品的能力，以及向可能為公司提供有缺失材料的供應商追償的能力；(xv)公司未完成訂單中訂單的減少或取消；(xvi)公司國際業務營運特有的風險和不確定性；(xvii)公司吸引和留住高階管理人員和關鍵員工的能力；(xviii)公司實現成長計畫預期效益的能力；(xix)流行病和其他公共衛生危機對公司及其營運的影響；以及(xx)網路安全威脅對公司資訊技術系統的影響。請股東、潛在投資人和其他讀者在評估前瞻性陳述時仔細考量這些因素，並注意不要過分依賴此類前瞻性陳述。此處所做的前瞻性陳述僅反映本新聞稿發表之日的情況。無論是由於新資訊、未來事件還是其他原因，我們概不承擔公開更新任何前瞻性陳述的義務。有關可能影響我們業績的因素的更多詳細資訊，請參閱我們向美國證券交易委員會遞交的文件，這些文件可在 以及我們網站的「投資人中心」(Investor Center)部分( 公司財政年度截止日為每年1月31日。本報告所述2025年、2024年及2023年財務資料，分別對應截至2026年1月31日、2025年1月31日及2024年1月31日止的財務年度。 有關公司截至2025年1月31日財政年度財務業績的更多資訊，包括管理層對公司財務狀況和經營成果的討論與分析，載於公司截至2025年1月31日的10-Q表年報，這些資料將於本報告發表之日或前後遞交給美國證券交易委員會，並可透過 和 查閱。如欲瞭解更多資訊，請造訪公司網站。 PERMA-PIPE INTERNATIONAL HOLDINGS, INC.及子公司 簡明合併資產負債表 （以千為單位） （未經稽核） 2025年4月30日 2025年1月31日 資產 流動資產 $ 120,700 $ 108,802 長期資產 57,615 56,439 資產總額 $ 178,315 $ 165,241 負債與股東權益 流動負債 $ 61,751 $ 54,063 長期負債 26,459 28,073 負債總額 88,210 82,136 非控制權益 12,238 10,967 股東權益 77,867 72,138 負債和權益總額 $ 178,315 $ 165,241 Expand 免責聲明：本公告之原文版本乃官方授權版本。譯文僅供方便瞭解之用，煩請參照原文，原文版本乃唯一具法律效力之版本。
Business Upturn
a day ago
- Business
- Business Upturn
Perma-Pipe International Holdings, Inc. Announces First Quarter Fiscal 2025 Financial Results
By Business Wire India Published on June 14, 2025, 13:48 IST Spring, Texas, United States: The Company generated net sales of $46.7 million compared to $34.3 million in the first quarter of 2024 Income before income taxes of $7.4 million versus $2.6 million in the first quarter of 2024 Backlog of $131.1 million at April 30, 2025, compared to $63.1 million at April 30, 2024 Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2025. 'Sales for the first quarter were $46.7 million, resulting in an increase of $12.4 million, or 36.2%, compared to $34.3 million in the same quarter last year. Net income attributable to common stock of $5.0 million was an increase of $3.6 million, or 243%, compared to $1.4 million in the first quarter of the prior year,' noted President and CEO Saleh Sagr. Backlog currently stands at $131.1 million, a decrease of $7.0 million, compared to $138.1 million at January 31, 2025. However, the Company has experienced a significant increase in backlog of $68.0 million, or 108%, compared to $63.1 million at April 30, 2024. We feel encouraged with the level of backlog we have obtained, which remains more than double the level of reported backlog at the end of the first quarter last year,' Mr. Sagr continued. 'Our first quarter results represent unprecedented performance on behalf of the Company as both sales and net income attributable to common stock are the highest levels of performance in the first quarter since transitioning from MFRI to Perma-Pipe in 2017. Additionally, net income attributable to common stock during the first quarter represents approximately 55% of the Company's full year fiscal 2024 results,' noted President and CEO Saleh Sagr. 'We are pleased with the level of business activity we are experiencing in various markets, which contributed to the overall increase in sales and earnings during the first fiscal quarter. Additionally, we are very encouraged by the level of performance in both the Americas and MENA region, which produced comparable results in the first quarter,' Mr. Sagr commented. 'The strength of our first quarter results provides significant momentum heading into the remaining quarters of fiscal 2025. We feel well-positioned that the Company will continue to capitalize on this momentum and drive further participation in development plans in MENA and gain additional market share in the North America region,' Mr. Sagr concluded. First Quarter Fiscal 2025 Results Net sales were $46.7 million and $34.3 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $12.4 million, or 36%, was a result of increased sales volumes in the Middle East and in North America. Gross profit was $16.7 million, or 36% of net sales, and $10.5 million, or 31% of net sales, in the three months ended April 30, 2025 and 2024, respectively. The increase of $6.2 million, was driven primarily by increased volume of activity and better margins due to product mix. General and administrative expenses were $7.7 million and $6.1 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $1.6 million, was due to higher payroll expenses and professional fees in the quarter. Selling expenses remained consistent and were $1.1 million and $1.2 million in the three months ended April 30, 2025 and 2024, respectively. Net interest expense remained consistent and was $0.4 million and $0.5 million in the three months ended April 30, 2025 and 2024, respectively. Other expense remained consistent and was less than $0.1 million in the three months ended April 30, 2025 and 2024, respectively. The Company's ETR was 21% and 30% in the three months ended April 30, 2025 and 2024, respectively. The change in the ETR is due to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $5.0 million and $1.4 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $3.6 million, was mainly due to increased sales volumes and better project execution in the quarter. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the 'Company') is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company's ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company's products, and challenges to the Company's non-government customers' liquidity and access to capital funds; (iv) the Company's ability to repay its debt and renew expiring international credit facilities; (v) the Company's ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company's ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company's 'over-time' revenue recognition; (x) the Company's failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company's products; (xii) the Company's ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company's ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company's backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company's ability to attract and retain senior management and key personnel; (xviii) the Company's ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company's information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at and under the Investor Center section of our website ( .) The Company's fiscal year ends on January 31. Years, results, and balances described as 2025, 2024, and 2023 are for the fiscal year ended January 31, 2026, 2025, and 2024, respectively. Additional information regarding the Company's financial results for the fiscal year ended January 31, 2025, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2025, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at and . For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended April 30, 2025 2024 Net sales $ 46,747 $ 34,321 Gross profit 16,724 10,517 Total operating expenses 8,835 7,383 Income from operations 7,889 3,134 Interest expense 406 507 Other expense 47 67 Income before income taxes 7,436 2,560 Income tax expense 1,582 770 Net income $ 5,854 $ 1,790 Less: Net income attributable to non-controlling interest 902 347 Net income attributable to common stock $ 4,952 $ 1,443 Weighted average common shares outstanding Basic 7,983 7,906 Diluted 8,079 8,056 Earnings per share attributable to common stock Basic $ 0.62 $ 0.18 Diluted $ 0.61 $ 0.18 PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) April 30, 2025 January 31, 2025 ASSETS Current assets $ 120,700 $ 108,802 Long-term assets 57,615 56,439 Total assets $ 178,315 $ 165,241 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 61,751 $ 54,063 Long-term liabilities 26,459 28,073 Total liabilities 88,210 82,136 Non-controlling interests 12,238 10,967 Stockholders' equity 77,867 72,138 Total liabilities and equity $ 178,315 $ 165,241 View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash Business Wire India, established in 2002, India's premier media distribution company ensures guaranteed media coverage through its network of 30+ cities and top news agencies.
Business Wire
2 days ago
- Business
- Business Wire
Perma-Pipe International Holdings, Inc. Announces First Quarter Fiscal 2025 Financial Results
SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2025. 'Sales for the first quarter were $46.7 million, resulting in an increase of $12.4 million, or 36.2%, compared to $34.3 million in the same quarter last year. Net income attributable to common stock of $5.0 million was an increase of $3.6 million, or 243%, compared to $1.4 million in the first quarter of the prior year,' noted President and CEO Saleh Sagr. Backlog currently stands at $131.1 million, a decrease of $7.0 million, compared to $138.1 million at January 31, 2025. However, the Company has experienced a significant increase in backlog of $68.0 million, or 108%, compared to $63.1 million at April 30, 2024. We feel encouraged with the level of backlog we have obtained, which remains more than double the level of reported backlog at the end of the first quarter last year,' Mr. Sagr continued. 'Our first quarter results represent unprecedented performance on behalf of the Company as both sales and net income attributable to common stock are the highest levels of performance in the first quarter since transitioning from MFRI to Perma-Pipe in 2017. Additionally, net income attributable to common stock during the first quarter represents approximately 55% of the Company's full year fiscal 2024 results,' noted President and CEO Saleh Sagr. 'We are pleased with the level of business activity we are experiencing in various markets, which contributed to the overall increase in sales and earnings during the first fiscal quarter. Additionally, we are very encouraged by the level of performance in both the Americas and MENA region, which produced comparable results in the first quarter,' Mr. Sagr commented. 'The strength of our first quarter results provides significant momentum heading into the remaining quarters of fiscal 2025. We feel well-positioned that the Company will continue to capitalize on this momentum and drive further participation in development plans in MENA and gain additional market share in the North America region,' Mr. Sagr concluded. First Quarter Fiscal 2025 Results Net sales were $46.7 million and $34.3 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $12.4 million, or 36%, was a result of increased sales volumes in the Middle East and in North America. Gross profit was $16.7 million, or 36% of net sales, and $10.5 million, or 31% of net sales, in the three months ended April 30, 2025 and 2024, respectively. The increase of $6.2 million, was driven primarily by increased volume of activity and better margins due to product mix. General and administrative expenses were $7.7 million and $6.1 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $1.6 million, was due to higher payroll expenses and professional fees in the quarter. Selling expenses remained consistent and were $1.1 million and $1.2 million in the three months ended April 30, 2025 and 2024, respectively. Net interest expense remained consistent and was $0.4 million and $0.5 million in the three months ended April 30, 2025 and 2024, respectively. Other expense remained consistent and was less than $0.1 million in the three months ended April 30, 2025 and 2024, respectively. The Company's ETR was 21% and 30% in the three months ended April 30, 2025 and 2024, respectively. The change in the ETR is due to the mix of income and loss in various jurisdictions. Net income attributable to common stock was $5.0 million and $1.4 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $3.6 million, was mainly due to increased sales volumes and better project execution in the quarter. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (the 'Company') is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company's ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company's products, and challenges to the Company's non-government customers' liquidity and access to capital funds; (iv) the Company's ability to repay its debt and renew expiring international credit facilities; (v) the Company's ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company's ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company's "over-time" revenue recognition; (x) the Company's failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company's products; (xii) the Company's ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company's ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company's backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company's ability to attract and retain senior management and key personnel; (xviii) the Company's ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company's information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at and under the Investor Center section of our website ( The Company's fiscal year ends on January 31. Years, results, and balances described as 2025, 2024, and 2023 are for the fiscal year ended January 31, 2026, 2025, and 2024, respectively. Additional information regarding the Company's financial results for the fiscal year ended January 31, 2025, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2025, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at and For more information, visit the Company's website. PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES (In thousands) (Unaudited) April 30, 2025 January 31, 2025 ASSETS Current assets $ 120,700 $ 108,802 Long-term assets 57,615 56,439 Total assets $ 178,315 $ 165,241 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $ 61,751 $ 54,063 Long-term liabilities 26,459 28,073 Total liabilities 88,210 82,136 Non-controlling interests 12,238 10,967 Stockholders' equity 77,867 72,138 Total liabilities and equity $ 178,315 $ 165,241 Expand
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04-04-2025
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Perma-Pipe International Holdings, Inc., Announces CEO Retirement and the Appointment of Saleh Sagr as President
SPRING, Texas, April 04, 2025--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced the notification of Chief Executive Officer David Mansfield to retire and the appointment of Saleh Sagr as President. Mr. Mansfield's decision to retire follows a highly successful tenure as CEO, during which the Company experienced significant prosperity, with notable improvements in both profitability and share price. Under Mr. Mansfield's leadership, the Company significantly increased its financial performance, all the while executing a strategic initiative to continue its international expansion, both organically and through strategic partnerships. Additionally, this decision also marks the culmination of a remarkable career, characterized by strategic leadership, exemplary execution, dedication to employees, shareholders, and customers, and a culture of excellence that has propelled the Company to new heights, ensuring it is well-positioned for long-term success. Reflecting on his decision to retire as CEO, Mr. Mansfield shared, "Leading Perma-Pipe has been one of the greatest honors of my career. Over the last eight years, I've had the distinct privilege of working alongside some of the best, brightest, and most dedicated individuals, and together we have achieved remarkable things. I'm deeply thankful to the employees, shareholders, and partners who have supported me over the years. Our journey has been nothing short of extraordinary, and I leave knowing that the Company is in a strong position to continue thriving for years to come. I look forward to watching the next chapter unfold with great optimism and enthusiasm." On Mr. Sagr's appointment as President, Mr. Mansfield commented, "Saleh has done a fantastic job during his tenure at Perma-Pipe. His leadership as the Senior Vice President of the MENA region demonstrates his ability to continue to drive growth and prosperity across the organization. Saleh will apply to the broader organization the leadership and principles that contributed to the success we have experienced in the MENA region. I take great pleasure in knowing that the global organization will have the opportunity to benefit from Saleh's leadership." Mr. Sagr has served as the Company's Senior Vice President of the MENA region since June 2021, where he was responsible for overseeing operations in the U.A.E., Saudi Arabia, India, and Egypt. He joined the Company in May 2019 as Vice President of the MENA region. Prior to joining Perma-Pipe, Mr. Sagr served as General Manager for Global Anti Corrosion Techniques Co. Ltd, in Saudi Arabia, a Saudi pipeline company he co-founded in 2005. From 1995 to 2005, Mr. Sagr held various positions in BrederoShaw, such as engineering, startups, and operations management. Additionally, over the past 15 years, Mr. Sagr has gained extensive knowledge and experience in strategic planning, business development, startups, and turnarounds. Additionally, Mr. Sagr was instrumental in establishing our joint venture with Gulf Insulation Group, a subsidiary of Zamil Industries. On his appointment, Mr. Sagr commented, "I am grateful to David and the Board of Directors for this opportunity to build upon Mr. Mansfield's success. I have had the pleasure of working with David for the past five years at Perma-Pipe, over which time I have learned a lot under his leadership. He will be missed as CEO. I am honored to build upon his success and to continue working toward materializing our collective vision for the Company and execute on strategic initiatives we have planned for the future." In connection with today's announcements, Jerome Walker, who serves as the Chairman of the Board of Directors, commented, "Dave Mansfield has done a tremendous job as CEO, turning around a languishing Company, navigating it through some difficult times and emerging it into the strong, profitable growth engine it is today. The Board has worked diligently with David on succession planning to ensure a seamless transition and continuance of Company performance." As part of Mr. Sagr's appointment as President, the Company has also appointed Adham Samir Sharkawy to succeed Mr. Sagr as Senior Vice President of MENA. In connection with Mr. Sharkawy's appointment, Mr. Sagr commented, "Adham has done a tremendous job and demonstrated significant growth during his tenure. I am confident that he will continue to capitalize on MENA's success." Mr. Mansfield commented, "Appointing Mr. Sagr and Mr. Sharkawy to their respective positions ensures a smooth transition and continuity for the organization. The Company has significantly benefited from their presence, and their appointments ensure that continues for the foreseeable future.", concluded Mr. Mansfield. Perma-Pipe International Holdings, Inc. Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH, "Perma-Pipe", or the "Company") is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fourteen locations in six countries. Forward-Looking Statements Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus ("COVID-19") on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the Company's ability to comply with all covenants in its credit facilities; (iv) the Company's ability to repay its debt and renew expiring international credit facilities; (v) the Company's ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (vi) the impact of global economic weakness and volatility; (vii) fluctuations in steel prices and the Company's ability to offset increases in steel prices through price increases in its products; (viii) the timing of order receipt, execution, delivery and acceptance for the Company's products; (ix) decreases in government spending on projects using the Company's products, and challenges to the Company's non-government customers' liquidity and access to capital funds; (x) the Company's ability to successfully negotiate progress-billing arrangements for its large contracts; (xi) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xii) the Company's ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xiii) the Company's ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xiv) reductions or cancellations of orders included in the Company's backlog; (xv) the Company's ability to collect an account receivable related to a project in the Middle East; (xvi) risks and uncertainties related to the Company's international business operations; (xvii) the Company's ability to attract and retain senior management and key personnel; (xviii) the Company's ability to achieve the expected benefits of its growth initiatives; (xix) the Company's ability to interpret changes in tax regulations and legislation; (xx) the Company's ability to use its net operating loss carryforwards; (xxi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company's percentage-of-completion revenue recognition; (xxii) the Company's failure to establish and maintain effective internal control over financial reporting; and (xxiii) the impact of cybersecurity threats on the Company's information technology systems. Shareholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at and under the Investor Center section of our website ( View source version on Contacts Perma-Pipe International Holdings, Mansfield, CEO Perma-Pipe Investor Relations847.929.1200investor@ Sign in to access your portfolio
