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Perma-Fix Environmental (PESI) Shows Strength in Q3 Financial Performance

Perma-Fix Environmental Services, Inc., a nuclear waste treatment and onsite services provider, today announced its financial results for the third quarter ended Sept. 30, 2011.

The company reported revenue for the third quarter of 2011 at $32.8 million, a 43.4 percent increase compared to $22.9 million for the same period last year.

Gross profit for the third quarter of 2011 increased 335.5 percent to $11.3 million compared to $2.6 million for the comparable quarter of 2010. Gross margin increased to 34.5 percent from 11.3 percent for the same period last year.

Operating income for the third quarter of 2011 increased to $6.9 million versus an operating loss of $1.3 million for the third quarter of 2010.

Perma-Fix posted 2011 third-quarter net income at $6.0 million, or $0.11 per share, compared to a net loss of $1.1 million or $(0.02) per share, for the same period in 2010. Net income for the third quarter of 2011 included a gain on the sale of PFFL of approximately $1.8 million, partially offset by a loss from discontinued operations of $187,000.

The company generated EBITDA of $8.1 million from continuing operations during the third quarter of 2011, as compared to EBITDA loss of approximately $174,000 for the same period of 2010.

As of Sept. 30, 2011, the company had more than $10.7 million of cash and $5.7 million of total debt.

“The second half of 2011 is proving to be one of the strongest periods in our history and we believe this demonstrates that our strategy is working,” Dr. Louis F. Centofanti, chairman and CEO stated in the press release.

Dr. Centofanti noted contributors to the company’s quarterly improvements, as well as the completion of a recent acquisition.

“We attribute our strong performance to increased treatment of higher activity and more complex waste streams. This has been a major focus over the past few years and represents an important growth opportunity going forward. At the same time, we remain focused on expanding our onsite services, which complement our traditional treatment services,” he concluded. “Toward this end, we are pleased to announce the completion of our acquisition of Safety and Ecology Holdings Corp. and its subsidiary, Safety and Ecology Corp. (SEC). We believe SEC will broaden our service capabilities and expands our addressable market.”

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