Business
Perma-Fix Reports 29% Increase in Revenue to $25 Million for the Second Quarter of 2023
Gross profit increases 57%; achieves net income of $474 thousand ATLANTA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ:
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Gross profit increases 57%; achieves net income of $474 thousand\nATLANTA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- 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, 2023. Mark Duff, President and CEO of the Company, commented, “We are on a solid growth trajectory and have returned to profitability following the impact of the COVID-19 pandemic. Specifically, revenue increased 28.7% to $25.0 million and we achieved a 56.6% increase in gross profit over the same period last year. Revenue increased year-over-year and sequentially within both our Treatment and Services segments. Importantly, we achieved net income of $474,000 and EBITDA (as defined below) of more than $1.5 million for the second quarter of 2023.” “Within our Treatment Segment, we witnessed an increase in volume with strong waste receipts during the second quarter, which provides us a solid backlog and improved visibility for the balance of 2023. Within the Services Segment, we realized several new awards, including a project in support of the U.S. Army Corps of Engineers, and were on a winning team for a project at Los Alamos National Laboratory, both of which will contribute revenue in 2023. We also commenced work on awards granted earlier this year, that have now begun to generate revenue. Importantly, we continue to develop new proposals and position ourselves for large strategic bids in both segments, including initiatives within the U.S. Department of Energy (DOE) and the U.S. Department of Defense (DOD), as well as international and commercial clients. Overall, we are encouraged by the market outlook given our strong sales pipeline, with many of these contracts expected to be awarded in the coming quarters.” Financial Results Revenue for the second quarter of 2023 was approximately $25.0 million versus approximately $19.5 million for the same period last year. Revenue for the Treatment Segment was approximately $12.8 million for the second quarter of 2023 as compared to $8.4 million for the second quarter 2022. The increase was primarily due to overall higher waste volume which was offset by lower averaged price due to revenue mix. The Treatment Segment has seen steady improvements in waste receipts since the latter part of the second quarter of ...