Perma-Fix Announces 46% Increase in Revenue and $2.2 Million of EBITDA for the Fourth Quarter of 2008
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "We
are pleased to report a 46% increase in revenue to
Dr. Centofanti continued, "The milestones we achieved in 2008 represent
some of the most significant in the Company's history and we are pleased to
report on these developments and the impact to our Company. Foremost among
these was commencement of the subcontract awarded to us by
"We achieved another major milestone in November of 2008 with the receipt
of a permit from the
"Last year was a transitional year for Perma-Fix as we took action to revamp the Company to focus on nuclear services. In line with this strategic initiative, during the first half of 2008 we sold three of our Industrial Segment operations. We subsequently made the decision to retain our three remaining operating facilities within the Segment. We believe these three remaining operations are self sufficient, which will allow senior management the freedom to focus on growing our nuclear operations, while benefitting from the cash flow and growth prospects of these facilities. We anticipate this restructuring of our Industrial Segment will favorably impact our earnings in 2009."
Dr. Centofanti concluded, "We have been very proactive in accelerating
Perma-Fix's growth and are achieving this through new contract wins, building
alliances, expanding our capabilities, obtaining coveted permits and
refocusing the Company. We are also optimistic that Perma-Fix will be a
beneficiary of the stimulus plan that was approved in
Financial Results
Revenue for the fourth quarter of 2008 was
The Company had EBITDA of
Quarter Ended Twelve Months Ended
December 31, December 31,
(In thousands) 2008 2007 2008 2007
Net (loss) income from
continuing operations $826 $(2,729) $920 $(2,380)
Adjustments:
Depreciation &
amortization 1,049 1,121 4,866 4,092
Asset impairment expense
(recovery) - 1,836 (507) 1,836
Interest income (56) (75) (226) (312)
Interest expense 399 358 1,317 1,321
Interest expense -
financing fees 14 52 137 196
Income tax expense
(benefit) 8 (23) 10 -
EBITDA $2,240 $540 $6,517 $4,753
The tables below present certain financial information for the business
segments, excluding allocation of corporate expenses:
Quarter Ended Quarter Ended
December 31, 2008 December 31, 2007
(In
thousands) Nuclear Engineering Industrial Nuclear Engineering Industrial
Net
revenues $19,849 $658 $3,036 $13,144 $661 $2,287
Gross profit 4,331 142 1,296 3,399 197 516
Segment profit
(loss) 1,387 (15) 1,195 739 83 (2,036)
Twelve Months Ended Twelve Months Ended
December 31, 2008 December 31, 2007
(In
thousands) Nuclear Engineering Industrial Nuclear Engineering Industrial
Net
revenues $61,359 $3,194 $10,951 $51,704 $2,398 $10,442
Gross profit 15,610 1,072 3,512 16,505 760 1,735
Segment profit
(loss) 4,908 418 1,803 6,599 245 (3,132)
About
This press release contains "forward-looking statements" which are based
largely on the Company's expectations and are subject to various business
risks and uncertainties, certain of which are beyond the company's control.
Forward-looking statements include, but are not limited to: that we believe
that we have positioned our company for continued growth and improved
profitability in 2009; that we expect to generate revenue of approximately
Please visit us on the World Wide Web at http://www.perma-fix.com.
FINANCIAL TABLES FOLLOW
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2008
Three Months Ended Twelve Months Ended
December 31, December 31,
(Amounts in Thousands,
Except for Per Share
Amounts) 2008 2007 2008 2007
Net revenues $23,543 $16,092 $75,504 $64,544
Cost of goods sold 17,774 11,980 55,310 45,544
Gross profit 5,769 4,112 20,194 19,000
Selling, general and
administrative expenses 5,013 4,589 18,832 18,082
Asset impairment expense
(recovery) - 1,836 (507) 1,836
(Gain) loss on disposal of
property and equipment (435) 73 (295) 172
Income (loss) from
operations 1,191 (2,386) 2,164 (1,090)
Other income (expense):
Interest income 56 75 226 312
Interest expense (399) (358) (1,317) (1,321)
Interest expense-financing
fees (14) (52) (137) (196)
Other - (31) (6) (85)
Income (loss) from
continuing operations
before taxes 834 (2,752) 930 (2,380)
Income tax expense
(benefit) 8 (23) 10 -
Income (loss) from
continuing operations 826 (2,729) 920 (2,380)
Loss from discontinued
operations, net of taxes (115) (4,666) (1,332) (6,830)
Gain on disposal of
discontinued operations,
net of taxes 14 - 2,323 -
Net income (loss)
applicable to Common
Stockholders $725 $(7,395) $1,911 $(9,210)
Net income (loss) per
common share - basic
Continuing operations $.01 $(.05) $.02 $(.05)
Discontinued operations - (.09) (.02) (.13)
Disposal of discontinued
operations - - .04 -
Net income (loss) per
common share $.01 $(.14) $.04 $(.18)
Net income (loss) per
common share - diluted
Continuing operations $.01 $(.05) $.02 $(.05)
Discontinued operations - (.09) (.02) (.13)
Disposal of discontinued
operations - - .04 -
Net income (loss) per
common share $.01 $(.14) $.04 $(.18)
Number of common shares
used in computing net income
(loss) per share:
Basic 53,934 53,143 53,803 52,549
Diluted 53,934 53,143 54,003 52,549
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31,
(Amounts in Thousands, Except for Share Amounts) 2008 2007
ASSETS
Current assets:
Cash & equivalents $184 $173
Account receivable, net of allowance for doubtful
accounts of $333 and $203 13,416 14,961
Unbilled receivables 13,104 10,433
Other current assets 2,909 3,538
Assets of discontinued operations included in
current assets, net of allowance for
doubtful accounts of $0 and $204 110 3,505
Total current assets 29,723 32,610
Net property and equipment 47,434 49,794
Net Property held for sale - 349
Property and equipment of discontinued
operations, net of accumulated
depreciation of $13 and $9,292 651 3,942
Intangibles and other assets 45,904 38,174
Intangible and other assets of discontinued
operations - 1,179
Total assets $123,712 $126,048
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 32,398 43,544
Current liabilities related to discontinued
operations 1,211 6,220
Total current liabilities 33,609 49,764
Long-term liabilities 25,399 13,454
Long-term liabilities related to discontinued
operations 1,783 2,817
Total liabilities 60,791 66,035
Commitments and Contingencies
Preferred Stock of subsidiary, $1.00 par value;
1,467,396 shares authorized, 1,284,730 shares
issued and outstanding, liquidation value $1.00
per share 1,285 1,285
Stockholders' equity:
Preferred Stock, $.001 par value; 2,000,000
shares authorized, no shares issued and
outstanding - -
Common Stock, $.001 par value; 75,000,000 shares
authorized, 53,934,560 and 53,704,516 shares
issued and outstanding, respectively 54 54
Additional paid-in capital 97,381 96,409
Stock subscription receivable - (25)
Accumulated deficit (35,799) (37,710)
Total stockholders' equity 61,636 58,728
Total liabilities and stockholders' equity $123,712 $126,048
SOURCE
Environmental Services, Inc.
Relations,
Strauss-European Investor Relations, +43 316 296 316, herbert@eu-ir.com/
/Web Site: http://www.perma-fix.com /
(PESI)
Released March 30, 2009