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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended   September 30, 2021

 

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission File No.   001-111596

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   58-1954497
(State or other jurisdiction
of incorporation or organization)
  (IRS Employer
Identification Number)
     
8302 Dunwoody Place, Suite 250, Atlanta, GA   30350
(Address of principal executive offices)   (Zip Code)

 

(770) 587-9898

(Registrant’s telephone number)

 

N/A
(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock, $.001 Par Value   PESI   NASDAQ Capital Markets

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller reporting company Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the close of the latest practical date.

 

Class   Outstanding at November 4, 2021
Common Stock, $.001 Par Value  

13,214,910 shares 

 

 

 

 
 

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

 

INDEX

 

      Page No.
PART I   FINANCIAL INFORMATION  
  Item 1. Consolidated Financial Statements  
    Consolidated Balance Sheets - September 30, 2021 and December 31, 2020 1
    Consolidated Statements of Operations - Three and Nine Months Ended September 30, 2021 and 2020 3
    Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2021 and 2020 4
    Consolidated Statement of Stockholders’ Equity - Nine Months Ended September 30, 2021 and 2020 5
    Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2021 and 2020 6
    Notes to Consolidated Financial Statements 7
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 25
  Item 3. Quantitative and Qualitative Disclosures About Market Risk 39
  Item 4. Controls and Procedures 39
       
PART II   OTHER INFORMATION  
  Item 1. Legal Proceedings 40
  Item 1A. Risk Factors 40
  Item 6. Exhibits 40

 

 
 

 

PART I - FINANCIAL INFORMATION

ITEM 1. – Financial Statements

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

Consolidated Balance Sheets

 

   September 30,   December 31, 
   2021   2020 
(Amounts in Thousands, Except for Share and Per Share Amounts)  (Unaudited)   (Audited) 
         
ASSETS          
Current assets:          
Cash  $7,222   $7,924 
Accounts receivable, net of allowance for doubtful accounts of $60 and $404, respectively   11,816    9,659 
Unbilled receivables   5,696    14,453 
Inventories   543    610 
Prepaid and other assets   4,132    3,967 
Current assets related to discontinued operations   18    22 
Total current assets   29,427    36,635 
           
Property and equipment:          
Buildings and land   20,622    20,139 
Equipment   22,104    22,090 
Vehicles   454    457 
Leasehold improvements   23    23 
Office furniture and equipment   1,423    1,413 
Construction-in-progress   2,643    1,569 
Total property and equipment   47,269    45,691 
Less accumulated depreciation   (28,906)   (27,908)
Net property and equipment   18,363    17,783 
           
Property and equipment related to discontinued operations   81    81 
           
Operating lease right-of-use assets   2,570    2,287 
           
Intangibles and other long term assets:          
Permits   9,270    8,922 
Other intangible assets - net   935    875 
Finite risk sinking fund (restricted cash)   11,469    11,446 
Deferred tax assets   2,460     
Other assets   829    890 
Total assets  $75,404   $78,919 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

1
 

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

Consolidated Balance Sheets, Continued

 

   September 30,   December 31, 
   2021   2020 
(Amounts in Thousands, Except for Share and per Share Amounts)  (Unaudited)   (Audited) 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $9,717   $15,382 
Accrued expenses   6,654    6,381 
Disposal/transportation accrual   1,028    1,220 
Deferred revenue   3,435    4,614 
Accrued closure costs - current   74    75 
Current portion of long-term debt   396    3,595 
Current portion of operating lease liabilities   387    273 
Current portion of finance lease liabilities   257    525 
Current liabilities related to discontinued operations   332    898 
Total current liabilities   22,280    32,963 
           
Accrued closure costs   7,026    6,290 
Deferred tax liabilities       471 
Long-term debt, less current portion   702    3,134 
Long-term operating lease liabilities, less current portion   2,134    2,070 
Long-term finance lease liabilities, less current portion   776    662 
Other long-term liabilities   626    626 
Long-term liabilities related to discontinued operations   802    252 
Total long-term liabilities   12,066    13,505 
           
Total liabilities   34,346    46,468 
           
Commitments and Contingencies (Note 9)          
           
Stockholders’ Equity:          
Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding        
Common Stock, $.001 par value; 30,000,000 shares authorized; 12,304,265 (1) and 12,161,539 shares issued, respectively; 12,296,623 (1) and 12,153,897 shares outstanding, respectively   12    12 
Additional paid-in capital   109,954    108,931 
Common Stock subscriptions   4,387     
Accumulated deficit   (71,153)   (74,455)
Accumulated other comprehensive loss   (189)   (207)
Less Common Stock in treasury, at cost; 7,642 shares   (88)   (88)
Total Perma-Fix Environmental Services, Inc. stockholders’ equity   42,923    34,193 
Non-controlling interest   (1,865)   (1,742)
Total stockholders’ equity   41,058    32,451 
           
Total liabilities and stockholders’ equity  $75,404   $78,919 

 

(1) See Note 15

 

The accompanying notes are an integral part of these consolidated financial statements.

 

2
 

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

Consolidated Statements of Operations

(Unaudited)

 

                 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
(Amounts in Thousands, Except for Per Share Amounts)  2021   2020   2021   2020 
                 
Net revenues  $15,797   $30,172   $55,075   $77,079 
Cost of goods sold   13,573    25,422    49,529    64,379 
Gross profit   2,224    4,750    5,546    12,700 
                     
Selling, general and administrative expenses   3,348    3,308    9,550    8,935 
Research and development   243    157    538    598 
Loss on disposal of property and equipment   1        1    27 
(Loss) income from operations   (1,368)   1,285    (4,543)   3,140 
                     
Other income (expense):                    
Interest income   2    28    23    112 
Interest expense   (77)   (87)   (209)   (306)
Interest expense-financing fees   (11)   (58)   (28)   (187)
Other   (1)   180        189 
Gain (loss) on extinguishment of debt           5,381    (27)
(Loss) income from continuing operations before taxes   (1,455)   1,348    624    2,921 
Income tax benefit   (2,836)   (133)   (2,840)   (128)
Income from continuing operations, net of taxes   1,381    1,481    3,464    3,049 
                     
Loss from discontinued operations, net of taxes (Note 10)   (43)   (67)   (285)   (266)
Net income   1,338    1,414    3,179    2,783 
                     
Net loss attributable to non-controlling interest   (64)   (32)   (123)   (87)
                     
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders  $1,402   $1,446   $3,302   $2,870 
                     
Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic:                    
Continuing operations  $.12   $.13   $.29   $.26 
Discontinued operations   (.01)   (.01)   (.02)   (.02)
Net income per common share  $.11   $.12   $.27   $.24 
                     
Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted:                    
Continuing operations  $.12   $.13   $.29   $.25 
Discontinued operations   (.01)   (.01)   (.02)   (.02)
Net income per common share  $.11   $.12   $.27   $.23 
                     
Number of common shares used in computing net income (loss) per share:                    
Basic   12,198    12,145    12,181    12,134 
Diluted   12,406    12,371    12,416    12,337 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3
 

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)

 

                 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
(Amounts in Thousands)  2021   2020   2021   2020 
                 
Net income  $1,338   $1,414   $3,179   $2,783 
Other comprehensive (loss) income:                    
Foreign currency translation adjustment   (22)   11    18    (40)
                     
Comprehensive income   1,316    1,425    3,197    2,743 
Comprehensive loss attributable to non-controlling interest   (64)   (32)   (123)   (87)
Comprehensive income attributable to Perma-Fix Environmental Services, Inc. stockholders  $1,380   $1,457   $3,320   $2,830 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4
 

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC

Consolidated Statement of Stockholders’ Equity

(Unaudited)

(Amounts in thousands, except for share amounts)

 

   Shares   Amount   Capital   Treasury   scriptions   Loss   Subsidiary   Deficit   Equity 
           Common       Accumulated   Non-        
       Additional   Stock   Stock   Other   controlling       Total 
   Common Stock   Paid-In   Held In   Sub-   Comprehensive   Interest in   Accumulated   Stockholders’ 
   Shares   Amount   Capital   Treasury   scriptions   Loss   Subsidiary   Deficit   Equity 
Balance at December 31, 2020   12,161,539   $12   $108,931   $(88)  $       $(207)  $(1,742)  $(74,455)  $32,451 
Net loss    —                                       (30)   (1,123)   (1,153)
Foreign currency translation    —                              20                      20 
Issuance of Common Stock for services   11,837         79                                             79 
Stock-Based Compensation    —         45                                             45 
Balance at March 31, 2021   12,173,376   $12   $109,055   $(88)  $        $(187)  $(1,772)  $(75,578)  $31,442 
Net Income (loss)    —                                       (29)   3,023    2,994 
Foreign currency translation    —                              20                      20 
Issuance of Common Stock upon exercise of options   290                                                             
Issuance of Common Stock for services   14,590         109                                             109 
Stock-Based Compensation    —         42                                             42 
Balance at June 30, 2021   12,188,256   $12   $109,206   $(88)   $        $(167)  $(1,801)  $(72,555)  $34,607 
Net Income (loss)    —                                       (64)   1,402    1,338 
Foreign currency translation    —                              (22)                     (22)
Issuance of Common Stock for services   16,009         116                                             116 
Sale of Common Stock (Note 15)   100,000             570(1)                                            570 
Stock Subscriptions (Note 15)    —                       4,387(2)                        4,387 
Stock-Based Compensation    —         62                                             62 
Balance at September 30, 2021   12,304,265   $12   $109,954   $(88)  $4,387   $(189)  $(1,865)  $(71,153)  $41,058 
                                              
Balance at December 31, 2019   12,123,520   $12   $108,457   $(88)  $       $(211)  $(1,619)  $(77,315)  $29,236 
Net Income (loss)    —                                       (26)   1,220    1,194 
Foreign currency translation    —                              (79)                     (79)
Issuance of Common Stock upon exercise of options   3,643         6                                             6 
Issuance of Common Stock for services   5,128         48                                             48 
Stock-Based Compensation    —         44                                             44 
Balance at March 31, 2020   12,132,291   $12   $108,555   $(88)  $        $(290)  $(1,645)  $(76,095)  $30,449 
Net Income (loss)    —                                         (29)   204    175 
Foreign currency translation    —                                28                      28 
Issuance of Common Stock upon exercise of options   241                                                               
Issuance of Common Stock for services   10,239         56                                             56 
Stock-Based Compensation    —         48                                             48 
Balance at June 30, 2020   12,142,771   $12   $108,659   $(88)   $        $(262)  $(1,674)  $(75,891)  $30,756 
Net Income (loss)    —                                         (32)   1,446    1,414 
Foreign currency translation    —                                11                      11 
Issuance of Common Stock for services   9,592         62                                             62 
Stock-Based Compensation    —         69                                             69 
Balance at September 30, 2020   12,152,363   $12   $108,790   $(88)   $        $(251)  $(1,706)  $(74,445)  $32,312 

 

(1) Net of Offering costs incurred of approximately $50.
(2) Net of stock subscription receivables of $744 and Offering costs incurred of approximately $449.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5
 

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

Consolidated Statements of Cash Flows

(Unaudited)

 

         
   Nine Months Ended 
   September 30, 
(Amounts in Thousands)  2021   2020 
Cash flows from operating activities:          
Net income  $3,179   $2,783 
Less: loss from discontinued operations, net of taxes (Note 10)   (285)   (266)
           
Income from continuing operations, net of taxes   3,464    3,049 
Adjustments to reconcile income from continuing operations to cash (used in) provided by operating activities:          
Depreciation and amortization   1,208    1,189 
Interest on finance lease with purchase option   7    6 
(Gain) loss on extinguishment of debt   (5,381)   27 
Amortization of debt issuance/debt discount costs   28    187 
Deferred tax benefit   (2,931)   (2)
Provision for (recovery of) bad debt reserves   1    (94)
Loss on disposal of property and equipment   1    27 
Issuance of common stock for services   304    166 
Stock-based compensation   149    161 
Changes in operating assets and liabilities of continuing operations          
Accounts receivable   (2,158)   (170)
Unbilled receivables   8,757    (6,382)
Prepaid expenses, inventories and other assets   1,700    1,284 
Accounts payable, accrued expenses and unearned revenue   (9,180)   4,055 
Cash (used in) provided by continuing operations   (4,031)   3,503 
Cash used in discontinued operations   (296)   (329)
Cash (used in) provided by operating activities   (4,327)   3,174 
           
Cash flows from investing activities:          
Purchases of property and equipment   (1,132)   (1,488)
Proceeds from sale of property and equipment   1    4 
Cash used in investing activities of continuing operations   (1,131)   (1,484)
Cash provided by investing activities of discontinued operations       118 
Cash used in investing activities   (1,131)   (1,366)
           
Cash flows from financing activities:          
Repayments of revolving credit borrowings   (59,900)   (72,601)
Borrowing on revolving credit   59,900    72,280 
Proceeds from issuance of long-term debt       5,666 
Principal repayments of finance lease liabilities   (281)   (411)
Principal repayments of long term debt   (330)   (2,127)
Payment of debt issuance costs   (40)   (85)
Proceeds from sale of Common Stock, net of Offering costs paid (Note 15)   618     
Proceeds from stock subscription, net of Offering costs paid (Note 15)   4,816     
Proceeds from issuance of common stock upon exercise of options       6 
Cash provided by financing activities of continuing operations   4,783    2,728 
           
Effect of exchange rate changes on cash   (4)   (4)
           
(Decrease) increase in cash and finite risk sinking fund (restricted cash)   (679)   4,532 
Cash and finite risk sinking fund (restricted cash) at beginning of period   19,370    11,697 
Cash and finite risk sinking fund (restricted cash) at end of period