Business
Perma-Fix Reports 88% Increase in Revenue to $22.5 Million and $1.8 Million of Net Income Attributable to Common Stockholders for the Third Quarter of 2019
ATLANTA, GA / ACCESSWIRE / November 7, 2019 / 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 7, 2019 / 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, 2019.Third Quarter 2019 Financial Highlights:Revenue for the third quarter of 2019 increased 88.0% to $22.5 million versus $12.0 million for the same period last yearServices Segment revenue for the third quarter of 2019 increased 332.3% to $12.4 million versus $2.9 million for the same period last yearTreatment Segment revenue for the third quarter of 2019 increased 10.7% to $10.1 million versus $9.1 million for the same period last yearGross profit for the third quarter of 2019 increased to $5.2 million versus $1.8 million for the same period last year; gross profit for the third quarter of 2018 included $1.1 million of closure costs related to the M&EC facilityAchieved net income attributable to common stockholders of $1.8 million, or $0.15 per share for the third quarter of 2019, compared to $221,000, or $0.02 per share for the same period last yearGenerated adjusted EBITDA (defined below) of $2.4 million compared to $510,000 for the same period last year (see reconciliation to GAAP below)Mark Duff, President & CEO, stated, \"Perma-Fix achieved strong operational and financial performance during the third quarter of 2019. This performance is in line with the implementation of our corporate growth strategy over the past two years and the dedication of our management team and staff to adapt to new methodologies and initiatives to meet these objectives. Recent contract wins include several new projects within the Department of Energy (\"DOE\"), as well as commercial contracts, Department of Defense (\"DOD\") projects and rapid growth in Canada conducting contaminated soil remediation. Our success in managing these projects has resulted in additional prime and subcontractor opportunities that further positions Perma-Fix for growth through 2020.\"\"In addition to our strong revenue growth, we are seeing the benefit of our initiatives to improve operational efficiency within the organization, including the consolidation of our waste treatment capabilities within our three treatment plants. As a result, I am pleased to report we achieved net income attributable to common stockholders of $1.8 million for the third quarte...