Business
Perma-Fix Reports Financial Results and Provides Business Update for 2022
Treatment Segment on growth path heading into 2023with increased waste receipts and improved backlog Services Segment secures important projects expected to
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Treatment Segment on growth path heading into 2023with increased waste receipts and improved backlog Services Segment secures important projects expected to begin in Q2 2023 Reports progress on key strategic initiatives ATLANTA, March 23, 2023 (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, 2022. Mark Duff, President and CEO of the Company, commented, “While 2022 was a challenging year due to the lingering effects of the COVID-19 pandemic, which delayed projects in both the Treatment and Services Segments, we believe we are back on the growth trajectory. Within our Treatment Segment, we have experienced a steady improvement in waste receipts, particularly in the last nine months of 2022 where our average receipts per quarter have steadily returned to pre-pandemic levels. Our backlog at year-end was $9.2 million, significantly higher than prior quarters. The fourth quarter of 2022 was negatively impacted by a temporary labor shortage, supply chain challenges and severe weather conditions; however, these issues have begun to subside in the first quarter of 2023. Moreover, we are rapidly advancing several initiatives that, if awarded, we believe have the potential to significantly enhance our revenues and our long-term backlog. Most recently, we were included by Department of Energy (DOE) in the amended Record of Decision (ROD) for the Direct Feed Low-Activity (DFLAW) secondary waste program at the Hanford Site in Richland, Washington, which, upon start-up of the vitrification plant, represents a sizable opportunity over the next decade. This announcement underscores the importance of our role in the DOE’s strategy for the treatment of tank waste through the vitrification program that is currently in final construction and startup phases. Additionally, based on the recent progress by DOE in support of the Test Bed Initiative (TBI) Program, we believe we are on track to receive the next 2,000 gallons in late 2023.” Within the Services Segment, we continue to witness increased bidding opportunities within both the government and commercial sectors, and have secured important new projects that we expect will begin in the second quarter of 2023. Notably, procurements within t...