In order that everyone get a glimpse on what PESI is about, here is the last Q report:
SOURCE: Perma-Fix Environmental Services, Inc.
Perma-Fix Reports Second Quarter Results
ATLANTA--(BUSINESS WIRE)--Aug. 17, 2001--Perma-Fix Environmental Services, Inc. (Nasdaq:PESI - news):
Revenues Rise 23% to Record $17.8 Million
Nuclear Segment Posts Significant Growth
Perma-Fix Environmental Services, Inc. (Nasdaq:PESI - news; Germany:PES.BE) today reported that consolidated revenues for the second quarter ended June 30, 2001, totaled $17,840,000, a 23% increase from $14,492,000 for the comparable 2000 period. The Company recognized a net loss applicable to Common Stock of $746,000 or $.03 per share during the second quarter, compared to net income of $262,000 or $.01 per share for the same period of 2000. The Company also reported that operating income before depreciation and amortization (EBITDA) for the second quarter increased 7% to $1,671,000 from $1,558,000 for the same period of 2000.
Perma-Fix also reported that consolidated revenues increased by approximately 30% to a record $36,552,000 for the six months ended June 30, 2001, compared to revenues of $28,081,000 for the same period of 2000. For the six months ended June 30, 2001, net loss totaled $1,318,000, or $.06 per share, compared to a net loss of $229,000, or $.01 per share, for the six months ended June 30, 2000. EBITDA for the six months ended June 30, 2001, rose more than 44% to $3,390,000, compared to $2,352,000 for the same period of 2000.
The Company said that its impressive increase in revenues and EBITDA for the second quarter and six month periods was principally driven by growth within the nuclear segment. This growth reflects the favorable impact of new permits and licenses at the Company's advanced mixed waste treatment facility in North Florida and inclusion of the operating results of the DSSI mixed waste treatment facility in Kingston, Tennessee, acquired in August 2000. The higher net losses for the quarter and six month periods reflect higher financing fees and interest expense associated with the various financing efforts. The acquisition and expansion efforts of the Company's nuclear segment, including completion of the recently acquired Oak Ridge mixed waste treatment facility, also resulted in additional expense during the period.
Commenting on the results, Dr. Louis F. Centofanti, President, stated, ``We are very pleased with the rapid growth in revenue and improved EBITDA. With our two mixed waste facilities now fully integrated and operational, and the recent acquisition of the Oak Ridge mixed waste facility which we anticipate will be fully operational by the third quarter of 2001, we are focused on expanded mixed waste market penetration and increased revenues within this segment. Revenue for our nuclear segment increased from $3 million in the first six months of 2000 to approximately $15 million for the six months of 2001. With the financing efforts behind us, the construction of the mixed waste treatment facility owned by East Tennessee Materials and Energy Corporation (''M&EC``) at the Oak Ridge Department of Energy's K-25 weapons facility now complete and waste now being received under the Department of Energy's Broad Spectrum contracts we expect mixed waste revenues to reflect further growth. With these mixed waste assets in place, we anticipate that 2001 revenues will reach approximately $80 million, including approximately $10 million from the M&EC acquisition and a further EBITDA improvement during 2001, resulting from such higher margin mixed waste revenues.''
Perma-Fix Environmental Services, Inc. is a national environmental services company, providing unique mixed waste and industrial waste management services. The industrial services segment provides hazardous and nonhazardous waste treatment services for a diverse group of customers including Fortune 500 Companies, numerous federal, state and local agencies and thousands of smaller clients. The nuclear services segment provides radioactive and mixed waste treatment services to hospitals, research laboratories and institutions, numerous federal agencies including the Department of Energy and Defense and nuclear utilities. The Company operates eleven major waste treatment facilities across the country.
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, growth within Nuclear Services, mixed waste market penetration and increased mixed waste revenues, M&EC becoming fully operational, and 2001 revenues reaching $80 million, including $10 million from the M&EC facility. 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, to achieve continued growth and expansion within the mixed waste market, to successfully complete construction and begin processing at M&EC's Oak Ridge facility or the DOE's failure to abide by or comply with the Broad Spectrum contracts or to deliver waste as anticipated. 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 perma-fix.com.
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
(Amounts in Thousands, 2001 2000 2001 2000
Except for Share Amounts) ---- ---- ---- ----
Net revenues $ 17,840 $ 14,492 $ 36,552 $ 28,081
Cost of goods sold 12,734 10,007 26,257 19,549
-------- -------- -------- --------
Gross profit 5,106 4,485 10,295 8,532
Selling, general and
administrative expenses 3,435 2,927 6,905 6,180
Depreciation and
amortization 1,015 852 2,032 1,714
-------- -------- -------- --------
Income from operations 656 706 1,358 638
Other income (expense):
Interest income 8 10 16 21
Interest expense (819) (441) (1,535) (851)
Interest
expense-Warrants 7 -- (234) --
Interest
expense-financing
fees (565) (14) (823) (28)
-------- -------- -------- --------
Other (1) 51 (18) 95
-------- -------- -------- --------
Net income (loss) (714) 312 (1,236) (125)
Preferred Stock
dividends (32) (50) (82) (104)
-------- -------- -------- --------
Net income (loss)
applicable to
Common Stock $ (746) $ 262 $ (1,318) $ (229)
======== ======== ======== ========
EBITDA $ 1,671 $ 1,558 $ 3,390 $ 2,352
======== ======== ======== ========
Net income (loss)
per common share:
Basic $ (.03) $ .01 $ (.06) $ (.01)
======== ======== ======== ========
Diluted $ (.03) $ .01 $ (.06) $ (.01)
======== ======== ======== ========
Number of shares and
potential common
shares used in
computing net income
(loss) per share:
Basic 22,910 21,709 22,711 21,279
======== ======== ======== ========
Diluted 22,910 26,089 22,711 21,279
======== ======== ======== ========
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