Business
Perma-Fix Reports Financial Results and Provides Business Update for the Second Quarter of 2021
ATLANTA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"ATLANTA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the second quarter ended June 30, 2021. Mark Duff, President and CEO of the Company, commented, “As anticipated, revenues in the second quarter were primarily impacted by the ongoing effects of the COVID-19 pandemic, however we have begun to see activity pick up in third quarter and expect an improved second half of 2021. Despite the challenging environment, we reported net income of $3.0 million and maintained over $7 million of cash on the balance sheet. We experienced weakness in our Services Segment due to delays throughout the industry in evaluating bids and awarding procurements, also primarily due to the pandemic. Nevertheless, as we look at our bidding pipeline we are encouraged as these bids are collectively valued in the hundreds of millions of dollars. In fact, as previously disclosed last month, we were awarded a new service contract for the Tritium Systems Demolition and Disposal project, which is expected to be completed over the next 18 months. Revenue for the Treatment Segment remained relatively flat, and we are beginning to realize increases in waste treatment activity both in bidding opportunities, receipts and plant production, which we believe illustrates the improving nature of the market. We have also been focusing on advancing our technology offering and were pleased to announce that we have completed design and begun fabrication and construction of our new Therma-Fix Gen3 , a third generation vacuum thermal desorption system. The Therma-Fix Gen3 unit offers a treatment solution for problematic waste streams while providing increased efficiency and productivity. With our initial sales launch in June 2021, and even before the unit has commenced operations, we have already secured an existing, on-site waste treatment inventory and sales pipeline , which we believe underscores the demand for this capability in both commercial and government sectors. This is just another example how we continue to develop new technologies to treat some of the world's most challenging waste streams. Overall, while we are disappointed in our Q2 performance, we believe Perma-Fix is well positioned for growth and I am proud of the business development...