the analysis presented below and discussed in more detail throughout the md & a was organized to provide instructive information for understanding the business going forward . however , this discussion should be read in conjunction with the consolidated financial statements in item 8 of this report , including the notes thereto and the risk factors contained herein . an overview of the segment results is provided in note 1 - business and segment information , in the notes to consolidated financial statements . for the year ended january 31 , 2015 , one customer in piping systems accounted for 11.2 % of the company 's net sales , and for the year ended january 31 , 2014 , one customer in piping systems accounted for 10.6 % of the company 's net sales . at january 31 , 2015 , one customer in piping systems accounted for 30.7 % of accounts receivable . at january 31 , 2014 one customer in piping systems accounted for 24.5 % of accounts receivable . in october 2013 , the company decided to sell its remaining industrial process cooling business in denmark . this business was sold on february 28 , 2014 and was previously reported as industrial process cooling . this business is reported as discontinued operations in the consolidated financial statements . loss from discontinued operations net of tax was $ 0.3 million and income from discontinued operations net of tax was $ 8.2 million for the years ended january 31 , 2015 and 2014 , respectively . for further information , see note 3 - discontinued operations , in the notes to consolidated financial statements . 2014 compared to 2013 net sales were $ 194.9 million in 2014 , a decrease of 14 % from $ 226.8 million in 2013 . piping systems sales decreased 20 % or $ 31.5 million compared to the prior year due to lower volume in saudi arabia and the u.a.e .. the first phases of major projects expanding the grand mosque in mecca and the king abdul-aziz international airport in jeddah are largely complete . the decrease was partially offset by an increase in domestic oil and gas projects . gross profit decreased 26 % to $ 38.5 million in 2014 from $ 52.2 million in 2013 due to the sales volume decrease in piping systems . filtration products gross profit decreased 12.2 % to $ 7.9 million in 2014 from $ 8.9 million in 2013 resulting from costs associated with the introduction of new products as well as overall product mix . operating expenses decreased 7.2 % to $ 36.3 million from $ 39.1 million due to lower management incentive and deferred compensation expenses and a decrease in stock compensation expense . these decreases were partially offset by an increase in professional fees related to compliance . operating expenses as a percent of net sales increased to 18.6 % from 17.3 % . pretax income from continuing operations was $ 3.3 million versus $ 12.3 million in the prior year . factors contributing to the 2014 results were lower volume in the middle east partially offset by a profitable performance by the canadian joint venture and lower interest expense . the company 's worldwide effective income tax rates on continuing operations for 2014 and 2013 were 97.5 % and negative 4.0 % , respectively . the 2014 effective income tax rate was affected primarily by the impact of the full valuation allowance maintained against domestic deferred tax assets and anticipated repatriation of foreign earnings . see the income taxes paragraphs later in the md & a . net loss was $ 0.3 million in 2014 compared to net income of $ 21.0 million in 2013 . the prior-year 's net income included the sale of most of thermal care 's domestic assets . piping systems since the piping systems segment is based on large discrete projects , operating results could be negatively impacted in the future as a result of large variations in the level of market demand in both geographies and reporting periods . replace_table_token_2_th net sales of $ 126.9 million decreased 20 % from $ 158.4 million in the prior year . the decrease was attributed to lower volume related to the aforementioned projects being largely complete in saudi arabia and the u.a.e . , offset by an increase in domestic oil and gas projects . gross margin decreased to 24 % of net sales from 27 % of net sales in the prior year . gross profit decreased due to the lower volume produced at the saudi arabian and u.a.e . piping facilities , partially offset by the domestic oil and gas projects . general and administrative expenses decreased to $ 12.3 million in 2014 from $ 14.0 million in 2013 due to lower management incentive compensation expense due to lower earnings in the period , as well as lower bank fees . general and administrative expenses as a percentage of net sales increased to 9.7 % in 2014 from 8.8 % in the prior year . selling expenses increased to $ 5.7 million from $ 5.1 million due to additional staffing , advertising and travel costs . as a percentage of net sales , selling expenses increased to 4.5 % in 2014 from 3.2 % in the prior year . income from the joint venture in 2014 was $ 2.0 million , an increase of $ 1.4 million over prior year , driven by growth in revenues . filtration products the timing of large orders can have a material effect on net sales and gross profit from period to period . pricing on large orders was extremely competitive and therefore resulted in comparatively low gross margins in all periods . story_separator_special_tag future earnings related to this subsidiary will not be deemed permanently reinvested . no u.s. cash tax payments will be made upon distribution of these foreign earnings as long as the company is in a net loss operating position . a reconciliation of the etr to the u.s. statutory tax rate is as follows : replace_table_token_4_th for further information , see note 8 - income taxes , in the notes to consolidated financial statements . 12 liquidity and capital resources cash and cash equivalents as of january 31 , 2015 were $ 10.5 million , compared to $ 13.4 million at january 31 , 2014 . at january 31 , 2015 , $ 0.7 million was held in the u.s. and $ 9.8 million was held in the foreign subsidiaries . the company 's working capital was $ 35.9 million at january 31 , 2015 compared to $ 47.6 million at january 31 , 2014 story_separator_special_tag style= `` line-height:120 % ; text-align : left ; font-size:11pt ; `` > on april 1 , 2015 , the company obtained a loan with no maturity date in the amount of $ 1.9 million , sourced from the cash surrender value of certain life insurance policies . the loan carries interest at a rate of approximately 5 % and requires interest only payments annually . critical accounting estimates and policies the company 's significant accounting policies are discussed in the notes to consolidated financial statements included in item 8 of this annual report on form 10-k. the application of certain of these policies requires significant judgments or a historical based estimation process that can affect the results of operations and financial position of the company as well as the related footnote disclosures . the company bases its estimates on historical experience and other assumptions that it believes are reasonable . if actual amounts ultimately differ from previous estimates , the revisions are included in the company 's results of operations for the period in which the actual amounts become known . revenue recognition . the company recognizes revenues , including shipping and handling charges billed to customers , when all the following criteria are met : ( i ) persuasive evidence of an arrangement exists , ( ii ) delivery has occurred or services have been rendered , ( iii ) the seller 's price to the buyer is fixed or determinable , and ( iv ) collectability is reasonably assured . all subsidiaries of the company , except as noted below , recognize revenues upon shipment or delivery of goods or services when title and risk of loss pass to customers . percentage of completion revenue recognition . all divisions recognize revenues under the above stated revenue recognition policy except for sizable domestic complex contracts that require periodic recognition of income . for these contracts , the company uses the `` percentage of completion `` accounting method . under this approach , income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete . the choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project . the percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract . provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined . changes in job performance , job conditions , and estimated profitability , including those arising from contract penalty provisions and final contract settlements , may result in revisions to costs and income . such revisions are recognized in the period in which they are determined . claims for additional compensation due to the company are recognized in contract revenues when realization is probable and the amount can be reliably estimated . inventories . inventories are stated at the lower of cost or market . cost is determined using the first-in , first-out method for all inventories . income taxes . deferred income taxes have been provided for temporary differences arising from differences in the basis of assets and liabilities for tax and financial reporting purposes . deferred income taxes on temporary differences have been recorded at the current tax rate . the company assesses its deferred tax assets for realizability at each reporting period . the company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit . for tax positions meeting the more likely than not threshold , the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority . equity-based compensation . stock compensation expense for employee equity awards is recognized ratably over the requisite service period of the award . the black-scholes option-pricing model is utilized to estimate the fair value of option awards . determining the fair value of stock options using the black-scholes model requires judgment , including estimates for ( 1 ) risk-free interest rate - an estimate based on the yield of zero-coupon treasury securities with a maturity equal to the expected life of the option ; ( 2 ) expected volatility - an estimate based on the historical volatility of the company 's common stock ; and ( 3 ) expected life of the option - an estimate based on historical experience including the effect of employee terminations . 15 fair value of financial instruments . the carrying values of cash and cash equivalents , accounts receivable and accounts payable are based upon reasonable estimates of their fair value due to their short-term nature . the carrying value of the cash surrender value of life insurance policies approximated fair value and was based on the market value of the underlying investments , which may increase or

. cash provided by operations in 2014 was $ 4.1 million compared to $ 6.4 million in 2013 . during the third quarter of 2014 , the company received a distribution of foreign earnings of $ 0.8 million from a denmark subsidiary . these foreign earnings were previously considered to be indefinitely reinvested outside the u.s. the repatriation by the denmark subsidiary was a one-time nonrecurring event . the company has not provided federal tax on unremitted earnings of its denmark and middle east subsidiaries . the company does not believe that it will be necessary to repatriate investments from these subsidiaries . during the fourth quarter of 2014 , the company has concluded that not all of the undistributed earnings of perma-pipe india ltd , will remain permanently reinvested outside the u.s. and are now available for use in the u.s. or in entities in other foreign countries . as a result of that conclusion , the company has provided deferred taxes on a portion of the outside basis differences in the stock of this subsidiary . in the fourth quarter of 2014 , mfri recorded $ 0.8 million in tax expense related to withholding tax that would be paid to the indian government in the event that a dividend of up to $ 4.2 million is paid to its foreign parent company . no u.s. cash tax payments will be made upon distribution of these foreign earnings as long as the company is in a net loss operating position . net cash provided by investing activities in 2014 was $ 5.7 million . the company estimates that capital expenditures for 2015 could be as high as $ 18.7 million , and the company may finance capital expenditures through real estate mortgages , term loans , equipment financing loans , internally generated funds and its revolving line of credit . the majority of such expenditures relates to expected capacity expansion for piping systems in the middle east . debt totaled $ 18.3 million at january 31 , 2015 , a decrease of $ 13.5 million since january 31 , 2014 . net cash used in financing activities was $ 0.5 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```. cash provided by operations in 2014 was $ 4.1 million compared to $ 6.4 million in 2013 . during the third quarter of 2014 , the company received a distribution of foreign earnings of $ 0.8 million from a denmark subsidiary . these foreign earnings were previously considered to be indefinitely reinvested outside the u.s. the repatriation by the denmark subsidiary was a one-time nonrecurring event . the company has not provided federal tax on unremitted earnings of its denmark and middle east subsidiaries . the company does not believe that it will be necessary to repatriate investments from these subsidiaries . during the fourth quarter of 2014 , the company has concluded that not all of the undistributed earnings of perma-pipe india ltd , will remain permanently reinvested outside the u.s. and are now available for use in the u.s. or in entities in other foreign countries . as a result of that conclusion , the company has provided deferred taxes on a portion of the outside basis differences in the stock of this subsidiary . in the fourth quarter of 2014 , mfri recorded $ 0.8 million in tax expense related to withholding tax that would be paid to the indian government in the event that a dividend of up to $ 4.2 million is paid to its foreign parent company . no u.s. cash tax payments will be made upon distribution of these foreign earnings as long as the company is in a net loss operating position . net cash provided by investing activities in 2014 was $ 5.7 million . the company estimates that capital expenditures for 2015 could be as high as $ 18.7 million , and the company may finance capital expenditures through real estate mortgages , term loans , equipment financing loans , internally generated funds and its revolving line of credit . the majority of such expenditures relates to expected capacity expansion for piping systems in the middle east . debt totaled $ 18.3 million at january 31 , 2015 , a decrease of $ 13.5 million since january 31 , 2014 . net cash used in financing activities was $ 0.5 million .
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 Suspicious Activity Report : the analysis presented below and discussed in more detail throughout the md & a was organized to provide instructive information for understanding the business going forward . however , this discussion should be read in conjunction with the consolidated financial statements in item 8 of this report , including the notes thereto and the risk factors contained herein . an overview of the segment results is provided in note 1 - business and segment information , in the notes to consolidated financial statements . for the year ended january 31 , 2015 , one customer in piping systems accounted for 11.2 % of the company 's net sales , and for the year ended january 31 , 2014 , one customer in piping systems accounted for 10.6 % of the company 's net sales . at january 31 , 2015 , one customer in piping systems accounted for 30.7 % of accounts receivable . at january 31 , 2014 one customer in piping systems accounted for 24.5 % of accounts receivable . in october 2013 , the company decided to sell its remaining industrial process cooling business in denmark . this business was sold on february 28 , 2014 and was previously reported as industrial process cooling . this business is reported as discontinued operations in the consolidated financial statements . loss from discontinued operations net of tax was $ 0.3 million and income from discontinued operations net of tax was $ 8.2 million for the years ended january 31 , 2015 and 2014 , respectively . for further information , see note 3 - discontinued operations , in the notes to consolidated financial statements . 2014 compared to 2013 net sales were $ 194.9 million in 2014 , a decrease of 14 % from $ 226.8 million in 2013 . piping systems sales decreased 20 % or $ 31.5 million compared to the prior year due to lower volume in saudi arabia and the u.a.e .. the first phases of major projects expanding the grand mosque in mecca and the king abdul-aziz international airport in jeddah are largely complete . the decrease was partially offset by an increase in domestic oil and gas projects . gross profit decreased 26 % to $ 38.5 million in 2014 from $ 52.2 million in 2013 due to the sales volume decrease in piping systems . filtration products gross profit decreased 12.2 % to $ 7.9 million in 2014 from $ 8.9 million in 2013 resulting from costs associated with the introduction of new products as well as overall product mix . operating expenses decreased 7.2 % to $ 36.3 million from $ 39.1 million due to lower management incentive and deferred compensation expenses and a decrease in stock compensation expense . these decreases were partially offset by an increase in professional fees related to compliance . operating expenses as a percent of net sales increased to 18.6 % from 17.3 % . pretax income from continuing operations was $ 3.3 million versus $ 12.3 million in the prior year . factors contributing to the 2014 results were lower volume in the middle east partially offset by a profitable performance by the canadian joint venture and lower interest expense . the company 's worldwide effective income tax rates on continuing operations for 2014 and 2013 were 97.5 % and negative 4.0 % , respectively . the 2014 effective income tax rate was affected primarily by the impact of the full valuation allowance maintained against domestic deferred tax assets and anticipated repatriation of foreign earnings . see the income taxes paragraphs later in the md & a . net loss was $ 0.3 million in 2014 compared to net income of $ 21.0 million in 2013 . the prior-year 's net income included the sale of most of thermal care 's domestic assets . piping systems since the piping systems segment is based on large discrete projects , operating results could be negatively impacted in the future as a result of large variations in the level of market demand in both geographies and reporting periods . replace_table_token_2_th net sales of $ 126.9 million decreased 20 % from $ 158.4 million in the prior year . the decrease was attributed to lower volume related to the aforementioned projects being largely complete in saudi arabia and the u.a.e . , offset by an increase in domestic oil and gas projects . gross margin decreased to 24 % of net sales from 27 % of net sales in the prior year . gross profit decreased due to the lower volume produced at the saudi arabian and u.a.e . piping facilities , partially offset by the domestic oil and gas projects . general and administrative expenses decreased to $ 12.3 million in 2014 from $ 14.0 million in 2013 due to lower management incentive compensation expense due to lower earnings in the period , as well as lower bank fees . general and administrative expenses as a percentage of net sales increased to 9.7 % in 2014 from 8.8 % in the prior year . selling expenses increased to $ 5.7 million from $ 5.1 million due to additional staffing , advertising and travel costs . as a percentage of net sales , selling expenses increased to 4.5 % in 2014 from 3.2 % in the prior year . income from the joint venture in 2014 was $ 2.0 million , an increase of $ 1.4 million over prior year , driven by growth in revenues . filtration products the timing of large orders can have a material effect on net sales and gross profit from period to period . pricing on large orders was extremely competitive and therefore resulted in comparatively low gross margins in all periods . story_separator_special_tag future earnings related to this subsidiary will not be deemed permanently reinvested . no u.s. cash tax payments will be made upon distribution of these foreign earnings as long as the company is in a net loss operating position . a reconciliation of the etr to the u.s. statutory tax rate is as follows : replace_table_token_4_th for further information , see note 8 - income taxes , in the notes to consolidated financial statements . 12 liquidity and capital resources cash and cash equivalents as of january 31 , 2015 were $ 10.5 million , compared to $ 13.4 million at january 31 , 2014 . at january 31 , 2015 , $ 0.7 million was held in the u.s. and $ 9.8 million was held in the foreign subsidiaries . the company 's working capital was $ 35.9 million at january 31 , 2015 compared to $ 47.6 million at january 31 , 2014 story_separator_special_tag style= `` line-height:120 % ; text-align : left ; font-size:11pt ; `` > on april 1 , 2015 , the company obtained a loan with no maturity date in the amount of $ 1.9 million , sourced from the cash surrender value of certain life insurance policies . the loan carries interest at a rate of approximately 5 % and requires interest only payments annually . critical accounting estimates and policies the company 's significant accounting policies are discussed in the notes to consolidated financial statements included in item 8 of this annual report on form 10-k. the application of certain of these policies requires significant judgments or a historical based estimation process that can affect the results of operations and financial position of the company as well as the related footnote disclosures . the company bases its estimates on historical experience and other assumptions that it believes are reasonable . if actual amounts ultimately differ from previous estimates , the revisions are included in the company 's results of operations for the period in which the actual amounts become known . revenue recognition . the company recognizes revenues , including shipping and handling charges billed to customers , when all the following criteria are met : ( i ) persuasive evidence of an arrangement exists , ( ii ) delivery has occurred or services have been rendered , ( iii ) the seller 's price to the buyer is fixed or determinable , and ( iv ) collectability is reasonably assured . all subsidiaries of the company , except as noted below , recognize revenues upon shipment or delivery of goods or services when title and risk of loss pass to customers . percentage of completion revenue recognition . all divisions recognize revenues under the above stated revenue recognition policy except for sizable domestic complex contracts that require periodic recognition of income . for these contracts , the company uses the `` percentage of completion `` accounting method . under this approach , income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete . the choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project . the percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract . provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined . changes in job performance , job conditions , and estimated profitability , including those arising from contract penalty provisions and final contract settlements , may result in revisions to costs and income . such revisions are recognized in the period in which they are determined . claims for additional compensation due to the company are recognized in contract revenues when realization is probable and the amount can be reliably estimated . inventories . inventories are stated at the lower of cost or market . cost is determined using the first-in , first-out method for all inventories . income taxes . deferred income taxes have been provided for temporary differences arising from differences in the basis of assets and liabilities for tax and financial reporting purposes . deferred income taxes on temporary differences have been recorded at the current tax rate . the company assesses its deferred tax assets for realizability at each reporting period . the company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit . for tax positions meeting the more likely than not threshold , the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority . equity-based compensation . stock compensation expense for employee equity awards is recognized ratably over the requisite service period of the award . the black-scholes option-pricing model is utilized to estimate the fair value of option awards . determining the fair value of stock options using the black-scholes model requires judgment , including estimates for ( 1 ) risk-free interest rate - an estimate based on the yield of zero-coupon treasury securities with a maturity equal to the expected life of the option ; ( 2 ) expected volatility - an estimate based on the historical volatility of the company 's common stock ; and ( 3 ) expected life of the option - an estimate based on historical experience including the effect of employee terminations . 15 fair value of financial instruments . the carrying values of cash and cash equivalents , accounts receivable and accounts payable are based upon reasonable estimates of their fair value due to their short-term nature . the carrying value of the cash surrender value of life insurance policies approximated fair value and was based on the market value of the underlying investments , which may increase or

