PESI..that's one damn great quarter..
May 16, 2000 13:00
Perma-Fix Environmental Reports Operating Results for the Quarter Ended March 31, 2000
ATLANTA--(BUSINESS WIRE)--May 16, 2000--
Company Achieves Record 74% Increase in Revenue and a 39%
Increase in EBITDA during the Quarter
PERMA-FIX ENVIRONMENTAL SERVICES, INC. (Nasdaq:PESI) (GERMANY:PES.BE) ("Perma-Fix" or the "Company") today announced that consolidated revenues increased more than 74% to a record $13.6 million during the quarter ended March 31, 2000, versus total revenues of $7.8 million for the comparative quarter ended March 31, 1999. During the recently concluded quarter, EBITDA increased over 39% to $770,000, when compared to $553,000 for the same period in 1999. During the first quarter of 2000, the Company initiated major physical expansion and technology improvements at its treatment facilities in Gainesville, Florida; Detroit, Michigan and several other locations. As a result, the Company realized a net loss of $491,000 or $0.02 per share applicable to common shares during the quarter ended March 31, 2000, versus income of $14,000 for the comparative 1999 period.
Perma-Fix's impressive revenue growth during the first quarter of 2000 was a result of expanded marketing, integration of services and the impact of the June 1999 acquisition of treatment facilities in Michigan, Georgia and Florida. The Company expects that the expansion of its treatment facilities will accelerate revenue growth in future operating periods.
Commenting on the operating results, Dr. Louis F. Centofanti, President, stated "I am proud of the record revenue growth we achieved during the recent quarter. It represents the fifth consecutive reporting period during which Perma-Fix reported record revenue growth, and reflects the growing demand by government agencies, and industrial customers for our technical expertise and proprietary treatment technologies. The treatment of radioactive-hazardous ("mixed") waste is the fastest growing portion of our business. We are vigorously expanding the capacity of our mixed waste treatment facility, along with several of our industrial facilities, in order to increase capacity and facilitate revenue growth. However, these expansion efforts are also reflected in the increased operating and overhead costs, incurred during this first quarter of 2000. This is an important investment in the growth of our Company, which will help establish Perma-Fix as an important factor in the burgeoning, multi billion dollar mixed waste marketplace and will allow us to continue to target key industrial markets which will assist in our future growth and profitability for those operations."
Perma-Fix Environmental Services, Inc. provides unique hazardous, mixed and industrial waste management services. The Perma-Fix Process is a proprietary mobile treatment technology that converts hazardous waste into a non-hazardous material. The process is simple, safe, creates little or no volume increase and is the most cost-effective option on the market today for the cleanup of mixed radioactive waste. Perma-Fix is widely recognized for meeting customer needs with technologically advanced alternatives to traditional landfill and incineration methods.
This press release contains "forward-looking statements" which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. Forward-looking statements include, but are not limited to the information concerning possible or assumed future results of operations of the Company, revenue growth, profitability, facility expansions, increased capacity, growth of the mixed waste markets and the establishment of Perma-Fix as a leader in the mixed waste marketplace. These forward-looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including without limitation, future economic conditions, industry conditions, competitive pressures, the ability of the Company to apply and market its technologies and to achieve continued growth and profitability. The Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.
Please visit us on the world wide web at "www.perma-fix.com."
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
(Amounts in Thousands, March 31,
Except for Share Amounts) 2000 1999
Net revenues $ 13,589 $ 7,812
Cost of goods sold 9,542 5,290
Gross profit 4,047 2,522
Selling, general and administrative expenses 3,253 1,838
Depreciation and amortization 862 519
Income (loss) from operations (68) 165
Other income (expense):
Interest income 11 7
Interest expense (410) (27)
Other 30 (14)
Net income (loss) (437) 131
Preferred Stock dividends (54) (117)
Net income (loss) applicable
to Common Stock $ (491) $ 14
EBITDA $ 770 $ 553
Basic net income (loss) per common share: $ (.02) $ --
Diluted net income (loss) per common share $ (.02) $ --
Weighted average number of shares and
potential common shares used in
computing net income (loss) per share:
Basic 20,849 12,372
Diluted 20,849 25,247
CONTACT: Perma-Fix Environmental Services, Inc., Atlanta
Dr. Louis F. Centofanti, President, 404/847-9990
or
Strategic Growth International, Inc.
Stan Altschuler, 516/829-7111
sgi@netmonger.net
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