Business
Perma-Fix Reports 28.7% Revenue Growth and Positive Net Income for the Second Quarter of 2020
Services Segment Revenue Doubles to $14.2 MillionATLANTA, GA / ACCESSWIRE / August 7, 2020 / Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (the
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Services Segment Revenue Doubles to $14.2 MillionATLANTA, GA / ACCESSWIRE / August 7, 2020 / Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (the \"Company\") today announced financial results and provided a business update for the second quarter ended June 30, 2020.Second quarter 2020 financial highlights:Revenue for the second quarter of 2020 increased by 28.7% to $22.0 million versus $17.1 million for the same period last yearServices Segment revenue for the second quarter of 2020 increased by 101.8% to $14.2 million versus $7.0 million for the same period last yearTreatment Segment revenue for the second quarter of 2020 was $7.8 million versus $10.1 million for the same period last yearGross profit for the second quarter of 2020 was $3.3 million versus $3.3 million for the second quarter of 2019Generated net income attributable to common stockholders of $204,000, or $0.02 per share (both basic and diluted) for the second quarter of 2020, compared to $289,000, or $0.02 per share (both basic and diluted) for the same period last yearAchieved Adjusted EBITDA (defined below) of $847,000 compared to $1.0 million for the same period last year (see reconciliation to GAAP below)Mark Duff, President and CEO of the Company, commented, \"I am pleased to report that we doubled our Services Segment revenue versus the same period last year, despite the temporary shutdown of certain projects related to the COVID-19 pandemic. Nevertheless, most, but not all, of the projects within our Services Segment are back to normal operation and our sales pipeline is quite robust. As previously announced on July 20, our team, led by Jacobs, was one of just nine teams selected by the U.S. Department of Energy (DOE) Office of Environmental Management (EM) that are now eligible to compete for up to $3 billion in task orders, under a 10-year, multiple-award Indefinite Delivery/Indefinite Quantity (IDIQ) contract to provide nationwide Deactivation, Decommissioning and Removal (DD&R) of facilities, waste management and program support. Within our Treatment Segment, we experienced delays in waste shipments as certain customers were restricted or in full shelter in place mode for much of the quarter, due to the pandemic. Most of these customers have reopened, and as a result, we have seen a modest increase in receipts through July, with the potential, sub...