Business
Perma-Fix Reports 18% Year-Over-Year Increase in Revenue to $21.9 Million for the Third Quarter of 2023
Gross profit increases 48% and achieves net income of $341 thousand ATLANTA, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ:
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Gross profit increases 48% and achieves net income of $341 thousand\nATLANTA, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results for the third quarter ended September 30, 2023, and provided a business update. Mark Duff, President and CEO of the Company, commented, “I am pleased to report another solid quarter, as we achieved an 18.4% increase in revenue to $21.9 million, a 48.2% increase in gross profit, net income of $341,000 and $1.2 million of EBITDA (as defined below) for the third quarter of 2023. Within our Treatment Segment, we have experienced a steady improvement in waste receipts, supporting our visibility and backlog for the next year. Within the Services Segment, we realized several new awards, including a $40 million, 5-year contract for our joint venture, Enviro-Fix Solutions, LLC, by the Buffalo District of the U.S. Army Corps of Engineers (USACE) for environmental remediation at the Niagara Falls Storage Site (NFSS).” Mr. Duff continued, “While we achieved strong year-over-year growth, we believe we would have generated even stronger results if not for certain temporary customer delays in our Treatment and Services Segments, which is not unusual in our business. Nevertheless, these projects have since commenced, which we believe will contribute to improved results for the fourth quarter of 2023. Looking ahead, we are benefitting from improved waste backlog within our Treatment Segment, as well as increased bidding opportunities within our Services Segment, including both the government and commercial sectors. As I have stated previously, several of the projects we are bidding on are quite significant, and we are hopeful they will be awarded in the fourth quarter. We also continue to implement our strategy for growth, which includes positioning for large future procurements within DOE, USACE, EPA and the US Navy, while expanding our waste treatment offering within the commercial and international markets. Collectively, these projects represent a sizable opportunity for Perma-Fix in the coming years. In the meantime, we remain highly encouraged by the near-term outlook for the business based on our growing backlog and sales pipeline.” Financial ResultsRevenue for the third quarter of 2023 was $21.9 million versus $18.5 million fo...