Cash $19
Now 648 Current basis $9.26
11/03/2023 15:42:05 Bought 2 PESI @ 8.51 -17.02
11/03/2023 15:42:05 Bought 3 PESI @ 8.51 -25.53
11/03/2023 15:42:05 Bought 20 PESI @ 8.51 -170.20
11/03/2023 15:52:58 Bought 8 PESI @ 8.28 -66.24
11/03/2023 15:54:18 Bought 5 PESI @ 8.28 -41.40
11/03/2023 15:54:18 Bought 7 PESI @ 8.28 -57.96
11/03/2023 15:54:49 Bought 1 PESI @ 8.28 -8.28
11/03/2023 15:54:51 Bought 1 PESI @ 8.28 -8.28
11/03/2023 15:54:55 Bought 26 PESI @ 8.28 -215.28
Yesterdays call is up on TIKR: app.tikr.com
Only 13.6 million shares outstanding. 36% held by institutions.
Our total debt at the quarter end was $3.2 million.......
Our cash on the balance sheet sits at about $2 million, ........
Not one to be in a hurry with. I plan to add a few here and there at time goes along.
Mark Duff
It's not necessarily contingent on the GRC. The GRC piece has a big impact in that we have some
agreements for building a plant in England with Westinghouse. And because much time is going by, we'll
need to revisit that. Right now, again, I met with them last week, that's all still in place. And what it does is
provide the backlog for that plant and the ability to move forward with it, which would be able to service all
of Europe. Now to answer your question, that's going to take several years to build that plant. However, we
have worked several additional deals with clients in Europe to begin shipping to us irrespective of that plant
being there in a dissipation of coming eventually. But the waste backlog in Germany, in Croatia, in the U.K.
are all such that they have to start moving those waste in the near term and not -- and are not in a position
to wait for that plant. So we anticipate seeing our backlog of international waste growth from where it is
right now in the $2 million to $3 million a year range, closer to an annualized receipt in the $7 million to $10
million range by the end of '24. So again, cross a big piece -- or excuse me, GRC's a big piece of that, but
it's not all contingent on that. And talking to the German clients we have, there's tens of thousands of drums
and storage over there that have to be moved as facilities have reached their capacity and regulatory
drivers force them to move those waste. And we are the only -- on the successful organization has been
able to take those ways, treat them in the U.S. and return the residues back successfully. So we remain
optimistic on that and really feel that by the end of '24, we annualized, we should be close to $10 million a
year in revenues from Europe.
_______________________________________________________________________________
Howard Brous
So last comment, Ben, there are a couple of people who have asked various questions about 2025.
Is DFL of the VIP plan is operational for the full year. People have talked about basic earnings
just from that project of roughly $3 a share, whether it's $250 or 3.25%. But do you still feel
comfortable assuming that the DFL does start full stream in 2025 or sometime a little bit before.
Is that still a fair comment?
Ben Naccarato
Yes, Howard, and this has come up on a couple of calls. And I guess the best way to handle it is
to kind of give you an overview of what we are considering because this is so substantial to our
regular business and game changing when it occurs. What I can give you is that from the metrics
we've seen in the rod we'd be looking at $60 million to $70 million of additional revenue a year.
We'd be looking -- we believe our incremental range, which we openly advertise at about 25%
variable costs or 75% margin is consistent for this waste stream. The big wildcard is the capital
and fixed expenses that would go into growing the company to support this kind of number. And
we've talked about 100 FTEs. We've talked about capital in the $5 million to $10 million range.
We've talked about other expenses, which we typically consider fixed in nature, utilities
insurance, maintenance, et cetera, that's probably another $10 million to $15 million of cost.
So a lot of that, if you shovel all that together, you get some pretty significant dollars income
probably in the $18 million to $25 million range, EBITDA in the $22 million to $30 million range.
ROIs 200% payback real quick, a couple of years that might have that. So all that, I'll say that
it's reasonable to think with all other things that could happen in between that $2 to $3 range
is certainly very achievable. |
