Business
Perma-Fix Reports 112% Increase in Revenue to $24.9 Million for the First Quarter of 2020; Achieves $1.2 Million of Net Income
Service Segment Revenue Increases Eight-Fold to $15.3 MillionATLANTA, GA / ACCESSWIRE / May 12, 2020 / Perma-Fix Environmental Services, Inc. (NASDAQ:PESI)
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Service Segment Revenue Increases Eight-Fold to $15.3 MillionATLANTA, GA / ACCESSWIRE / May 12, 2020 / Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (the \"Company\") today announced financial results and provided a business update for the first quarter ended March 31, 2020.First Quarter 2020 Financial Highlights:Revenue for the first quarter of 2020 increased 112.3% to $24.9 million versus $11.7 million for the same period last yearServices Segment revenue for the first quarter of 2020 increased 748% to $15.3 million versus $1.8 million for the same period last yearTreatment Segment revenue for the first quarter of 2020 was $9.6 million compared to $9.9 million for the same period last yearGross profit for the first quarter of 2020 increased to $4.6 million versus $2.5 million for the same period last yearAchieved net income attributable to common stockholders of $1.2 million, or $0.10 per share for the first quarter of 2020, compared to a loss of $672,000, or ($0.06) per share for the same period last yearGenerated Adjusted EBITDA (defined below) of $1.9 million compared to $67,000 for the same period last year (see reconciliation to GAAP below)Extended Credit Facility with PNC Bank through May 15, 2024 and increased Revolver Capacity from $12 million to $18 millionMark Duff, President and CEO of the Company, commented, \"We more than doubled revenue in the first quarter of 2020 versus the same period last year, and achieved a double digit sequential increase in revenue versus the fourth quarter of 2019, even though the first quarter is historically a seasonally weak period. We attribute this improvement to implementation of our strategic plan resulting in growth in our Services Segment, which increased more than eight-fold versus the same period last year. Not only have we been awarded a number of new contracts within the Services Segment, but our sales pipeline remains robust with a number of ongoing bidding opportunities. Despite some delays in shipments related to the impact of COVID-19 in mid-March, our Treatment Segment was able to work off backlog and continues to diversify waste streams and waste receipts within the commercial sector.\"COVID-19The Company has made adjustments and implemented precautions necessary to limit the impact of the COVID-19 pandemic on its ongoing operations. The Services Segment began d...