Business
Perma-Fix Reports 88% Increase in Revenue to $22.1 Million and $930,000 of Net Income Attributable to Common Stockholders for the Fourth Quarter of 2019
ATLANTA, GA / ACCESSWIRE / March 19, 2020 / Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") today announced results for the fourth
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"ATLANTA, GA / ACCESSWIRE / March 19, 2020 / Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the \"Company\") today announced results for the fourth quarter and full year ended December 31, 2019.Fourth Quarter 2019 Financial Highlights:Revenue for the fourth quarter of 2019 increased 88.1% to $22.1 million versus $11.7 million for the same period last yearServices Segment revenue for the fourth quarter of 2019 increased 341.0% to $11.8 million versus $2.7 million for the same period last yearTreatment Segment revenue for the fourth quarter of 2019 increased 13.5% to $10.3 million versus $9.0 million for the same period last yearGross profit for the fourth quarter of 2019 increased to $4.7 million versus $1.3 million for the same period last year; gross profit for the fourth quarter of 2018 included $1.0 million of closure costs related to the East Tennessee Material and Energy Corporation (\"M&EC\") facilityAchieved net income attributable to common stockholders of $930,000, or $0.08 per share for the fourth quarter of 2019, compared to a loss of $2.4 million, or ($0.20) per share for the same period last yearGenerated adjusted EBITDA (defined below) of $1.7 million compared to a loss of $167,000 for the same period last year (see reconciliation to GAAP below)Mark Duff, Chief Executive Officer, stated, \"2019 was a transformative year for the Company, as we more closely aligned our nuclear services and waste treatment capabilities, which has allowed us to provide a truly unique and integrated offering for our customers. At the same time, we are realizing the benefits of our recently implemented strategic plan and business development initiatives. This is best illustrated by the fact we've been awarded over $65 million in new contracts since the beginning of 2019. We achieved this revenue growth despite the federal government's continuing resolutions, which temporarily reduced spending. Moreover, we have increased our sales pipeline and our Services Segment backlog.\"\"In respect to COVID-19, we have seen certain field projects temporarily suspended and waste shipments delayed into the second quarter. We continue to monitor the situation carefully, but believe we are well positioned to weather such disruptions given our current backlog and balance sheet. Most importantly, Perma-Fix is a safety driven organization, committed...