NILES, Illinois, October 4, 2021– (BUSINESS WIRE) – Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) (the “Company”) today announced that its board of directors has authorized a share buyback program of 3, $ 0 million. Share buybacks can be executed on the open market or as part of privately traded transactions over the next 12 months.
The specific number of shares that the Company will ultimately repurchase, and the actual timing, per share price and amount of share repurchases, will depend on then prevailing market conditions and other factors.
Perma Pipe International Holdings, Inc.
The Company is a global leader in pre-insulated piping and leak detection systems for oil and gas collection, district heating and cooling and other applications. It uses its extensive engineering and manufacturing expertise to develop piping solutions that solve complex challenges in the safe and efficient transportation of many types of liquids. In total, the Company operates at thirteen sites in six countries.
Certain statements and other information contained in this press release which 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 the Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the security rules created therein, including, without limitation, statements regarding the performance and expected future transactions of the Company. These statements should be considered to be subject to the many risks and uncertainties that exist in the operations and business environment of the Company. These risks and uncertainties include, without limitation, the following: (i) the impact of the coronavirus (“COVID-19”) on the results of operations, financial condition and cash flows of the Company; (ii) fluctuations in the price of oil and natural gas and their impact on the volume of customer orders for the Company’s products; (iii) the Company’s ability to comply with all covenants on its credit facilities; (iv) the Company’s ability to repay its debt and renew its maturing international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve profitability and positive cash flow; (vi) the impact of the weakness and volatility of the global economy; (vii) fluctuations in steel prices and the Company’s ability to offset increases in steel prices with increases in the prices of its products; (viii) the time of receipt, execution, delivery and acceptance of the order for the Company’s products; (ix) the decrease in government spending on projects using the Company’s products, and the challenges related to the liquidity of the Company’s non-government clients and access to capital funds; (x) the Company’s ability to successfully negotiate progressive billing arrangements for its large contracts; (xi) aggressive pricing by existing competitors and the entry of new competitors into 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 from latent defects and to recover from suppliers who may supply defective materials to the Company; (xiv) reductions or cancellations of orders included in the Company’s order book; (xv) the Company’s ability to collect a client account related to a project in the Middle East; (xvi) risks and uncertainties relating 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 realize the expected benefits of its growth initiatives; (xix) the Company’s ability to interpret changes in tax regulations and laws; (xx) the Company’s ability to use its net operating loss carryforwards; (xxi) cancellations of previously recorded revenue and profit resulting from inaccurate estimates made in connection with the recognition of revenue at the Company’s percentage completion; (xxii) the inability of the Company to establish and maintain effective internal control over financial reporting; and (xxiii) the impact of cybersecurity threats on the Company’s computer systems. Shareholders, potential investors and other readers are urged to carefully consider these factors when evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained herein are made only as of the date of this press release and we do not undertake to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information on factors that may affect our performance can be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and in the Investor Center section from our website (http: // investors.permapipe.com).
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David Mansfield, President and CEO
Perma-Pipe Investor Relations