Perma-Fix Environmental Services Announces Record Sales And Earnings For The Second Quarter
* Earnings of $2.8 million for the second quarter, reflects 70% increase in Nuclear Segment Revenues
* Earnings of $735,000 for the six months ended June 30, 2002
ATLANTA, Aug. 12 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI; BSE)(Germany: PES.BE) today announced revenues of $22.5 million for the quarter ended June 30, 2002, compared to revenues of $17.8 million for the quarter ended June 30, 2001. The increase in revenues is principally from the Nuclear Segment, which showed a 70% increase in revenues over the same period of 2001. This increase is partially a result of the resolution of certain contract changes under the Oak Ridge contracts, which resulted in the Company recognizing approximately $2.2 million of additional revenue. Net income for the quarter was approximately $2.8 million or $.08 per share as compared to a net loss of $746,000 or $.03 per share for the quarter ended June 30, 2001. The earnings before interest, tax, depreciation and amortization (EBITDA) increased by 192% to $4.9 million from $1.7 million for the same quarter in 2001. EBITDA was positively impacted by improvements in gross margins within the Nuclear Segment.
For the six months ended June 30, 2002, consolidated revenues increased to $38.9 million from $36.6 million for the period ended June 30, 2001. Net income for the six months increased to $735,000 or $.02 per share from a net loss of $1.3 million or $.06 per share for the same period in 2001. EBITDA for the six months ended June 30, 2002, increased to $4.9 million from $3.4 million for the same six months in 2001.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, commented, "We recognized early on the growth opportunities which existed throughout the country and the opportunity to clean-up nuclear waste utilizing our proprietary technologies. We raised the capital, went through the long process of building and improving our facilities, and are now actively and successfully engaged in the process of dealing with this major national priority. We are, at last, enjoying the fruits of this long process and are pleased with our record results, and the continued success of all three of our nuclear facilities. We thank our shareholders for their patience and support, which have helped us achieve these important milestones."
Perma-Fix Environmental Services, Inc. is a national environmental services company, providing unique mixed waste and industrial waste management services. The Company has increased its focus on the nuclear services segment, which provides radioactive and mixed waste treatment services to hospitals, research laboratories and institutions, numerous federal agencies including the Departments of Energy and Defense and nuclear utilities. The industrial services segment provides hazardous and non-hazardous waste treatment services for a diverse group of customers including Fortune 500 companies, numerous federal, state and local agencies and thousands of smaller clients. The Company operates nine major waste treatment facilities across the country.
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, growth opportunities with the clean-up of nuclear waste utilizing our proprietary technologies, and successfully dealing with this major national priority. These forward-looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including without limitation, future economic conditions, industry conditions, competitive pressures, the ability of the company to successfully apply its proprietary technologies and clean-up such nuclear waste, the DOE's failure to abide by or comply with the Oak Ridge contracts or to deliver waste as anticipated, and any negative impact resulting from the adoption of accounting standard SFAS 142. The company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.
Please visit us on the World Wide Web at http://www.perma-fix.com.
Perma-Fix Environmental Services, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, (Amounts in Thousands,
Except for Per Share
Amounts)
2002 2001 2002 2001
Net revenues $22,485 $17,840 $38,936 $36,552
Cost of goods sold 13,565 12,734 25,926 26,257
Gross profit 8,920 5,106 13,010 10,295
Selling, general
and administrative
expenses 4,042 3,435 8,120 6,905
Depreciation and
amortization 1,049 1,015 2,076 2,032
Income from operations 3,829 656 2,814 1,358
Other income (expense):
Interest income 4 8 9 16
Interest expense (722) (819) (1,427) (1,535)
Interest expense-
Warrants -- 7 -- (234)
Interest expense-
financing fees (260) (565) (517) (823)
Other (54) (1) (81) (18)
Net income (loss) 2,797 (714) 798 (1,236)
Preferred Stock
dividends (32) (32) (63) (82)
Net income (loss)
applicable to
Common Stock $2,765 $(746) $ 735 $(1,318)
Net income (loss)
per common share:
Basic $.08 $(.03) $.02 $(.06)
Diluted $.06 $(.03) $.02 $(.06)
Number of shares
and potential
common shares
used in computing
net income (loss)
per common share:
Basic 34,210 22,910 34,134 22,711
Diluted 43,581 22,910 43,243 22,711
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SOURCE Perma-Fix Environmental Services, Inc.
Web site: http: //www.perma-fix.com
CONTACT: Dr. Louis F. Centofanti, Chairman and CEO, Perma-Fix Environmental Services, Inc., 404-847-9990; or Stan Altschuler, investor relations, Strategic Growth International, Inc., 516-829-7111, or saltschuler@sgi-ir.com; or Herbert Strauss, European investor relations, herbert@eu-ir.com, or +43-676-43-676-77
Released August 12, 2002