Business
Perma-Fix Reports 34% Increase in Revenue to $30.2 Million and $1.4 Million of Net Income Attributable to Common Stockholders for the Third Quarter of 2020
ATLANTA, GA / ACCESSWIRE / November 5, 2020 / Perma-Fix Environmental Services, Inc. ("Perma-Fix" or the "Company") (NASDAQ:PESI) today announced results for
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"ATLANTA, GA / ACCESSWIRE / November 5, 2020 / Perma-Fix Environmental Services, Inc. (\"Perma-Fix\" or the \"Company\") (NASDAQ:PESI) today announced results for the third quarter and nine months ended September 30, 2020.Third Quarter 2020 Financial Highlights:Revenue for the third quarter of 2020 increased 33.9% to $30.2 million versus $22.5 million for the same period last yearServices Segment revenue for the third quarter of 2020 increased 85.5% to $23.1 million versus $12.4 million for the same period last yearTreatment Segment revenue for the third quarter of 2020 was $7.1 million versus $10.1 million for the same period last yearGross profit for the third quarter of 2020 was $4.8 million versus $5.2 million for the same period last yearAchieved net income attributable to common stockholders of $1.4 million, or $0.12 per share (both basic and diluted) for the third quarter of 2020, compared to $1.8 million, or $0.15 per share (both basic and diluted) for the same period last yearGenerated adjusted EBITDA (defined below) of $2.0 million compared to $2.4 million for the same period last year (see reconciliation to GAAP below)Mark Duff, President & CEO, stated, \"We continue to experience growth within our Services Segment, as revenue nearly doubled versus the same period last year and we have maintained a solid sales pipeline. We also achieved profitability for the third quarter of 2020, which was accomplished despite delayed waste shipments within our Treatment Segment directly related to the impact of COVID-19 including generator shutdowns and limited sustained operations, as well as a transition to new prime contractors at certain U.S. Department of Energy (DOE) sites. Nevertheless, we believe these impacts are temporary, and we remain optimistic about our growth strategy for next year, as we pursue new and potentially lucrative waste streams, as well as broaden our client base, including both commercial and international business.\"COVID-19The Company continues to make adjustments and implement additional precautions necessary to limit the impact of the COVID-19 pandemic on its ongoing operations. All of the projects within the Services Segment that were previously shutdown have recommenced since the latter part of the second quarter of 2020. The Company's Treatment Segment continues to see delays in waste shipments from ...