Business
Perma-Fix Reports Financial Results and Provides Business Update for the Third Quarter of 2021
Treatment Segment revenue increases and Services Segment adds approximately $50 million of new project backlog ATLANTA, Nov. 11, 2021 (GLOBE NEWSWIRE) --
About this update from Perma-fix Environmental Services, Inc.
[{"type":"text","content":"Treatment Segment revenue increases and Services Segment adds approximately $50 million of new project backlog\nATLANTA, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the third quarter ended September 30, 2021. Mark Duff, President and CEO of the Company, commented, “We have started to see an improvement in the business following the pandemic-related decline. Specifically, our Treatment Segment revenues have begun to increase, which has continued to build heading into the fourth quarter. Importantly, we hope to capitalize on the pent-up demand as the industry returns to normal. Similarly, our Services Segment was impacted by a hiatus in new contract awards due to the pandemic, as reflected in our third quarter results. However, the government has begun issuing these awards, and we’re starting to see the positive impact. I’m pleased to report we have already won a number of service contracts, adding approximately $50 million of project backlog since the start of the third quarter, which we believe should have a positive impact on our results beginning in the fourth quarter and into 2022. We also secured numerous Indefinite Delivery/Indefinite Quantity (IDIQ) or multi-award task order contracts (MATOCs), which limit competition and provide an opportunity for quick and low-cost proposal development. In addition, we have continued to define and position for new procurement and market expansion opportunities with the US Navy, the US Department of Defense (DOD) and the US Department of Energy (DOE). These opportunities include work scope directly within our core competencies that will support innovative solutions and the potential for increased revenue within both sectors.” “We continue to maintain a solid balance sheet, with cash on hand of more than $7.2 million as of September 30, 2021. As a result, we believe that we are capitalized to execute on our business strategy. We feel our recent funding will allow us to accelerate facility upgrades to support potential new revenue streams from Hanford and other government sites that could be a benefit to our Treatment Segment.” COVID-19The Company continues to proactively update its ongoing business operations and safety plans to mitigate any potential impact of C...