Business
Perma-Fix Reports Financial Results and Provides Business Update for 2021
Treatment Segment revenue increases 56.8% for the fourth quarter of 2021 Services Segment project backlog increases to approximately $66 million ATLANTA ,
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Treatment Segment revenue increases 56.8% for the fourth quarter of 2021 Services Segment project backlog increases to approximately $66 million ATLANTA , March 31, 2022 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the fourth quarter and full year ended December 31, 2021. Mark Duff, President and CEO of the Company, commented, “Despite the challenges faced in 2021, we achieved a number of important milestones. Specifically, we were awarded strategic and high-profile projects within our Services Segment resulting in over $66 million in project backlog, which provides us a solid foundation for 2022 as these projects ramp up. We are encouraged by the approved federal budgets that will directly support our portfolio of Indefinite Delivery/Indefinite Quantity (IDIQ) contracts or multi-award task order contracts (MATOCs). In turn, this is expected to result in the release of a significant backlog of task orders over the next few quarters. Within our Treatment Segment, although we continued to experience weakness due to the pandemic, revenues increased 56.8% for the fourth quarter of 2021 compared to the same period in 2020, and we have seen further improvement heading into the new year.” “During 2021 we enhanced our capabilities and personnel, while maintaining our workforce despite industry wide labor shortages, which we believe will enable us to gear up quickly as we actively pursue larger procurements. We were also successful in completing facility upgrades and technology deployments to support expanded revenue streams within our Treatment Segment.” “Looking ahead to 2022, we remain hopeful the impacts of the pandemic are largely behind us and we believe we are well positioned for the balance of the year. Although January still experienced some of the COVID-related impact, we are seeing improvement in our project backlog with increasing waste treatment through March, along with successful mobilization of all our major services projects. We are in the early phases of defining the opportunities associated with the recently approved 2022 federal spending bill, which allocates $900 million of incremental funding within U.S Department of Energy’s (DOE) Office of Environmental Management, including $7 million for low level wa...