Perma-Fix Environmental Services, Inc. (PESI) reports record Q3 revenue

Posted on: Thursday, November 3rd, 2011
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Waste management and engineering services company Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) reported record third quarter revenue thanks in large part to increased treatment of higher activity and more complex waste streams.

The Atlanta-based company reported third quarter revenue of $32.8 million, a 43 percent increase over revenue of $22.9 million in the same period last year. Revenue for the Nuclear Segment increased 44.0% to $32.1 million from $22.3 million for the same period in 2010. Revenue generated from the DOE Hanford Site increased approximately $787,000 for the quarter while $9.0 million was derived from an increase in waste processed at our treatment facilities. Revenue from the Engineering Segment increased to $701,000 from $581,000 for the same period in 2010.

Net income for the third quarter of 2011 increased to $6.0 million, or $0.11 per share, versus a net loss of $1.1 million or $0.02 per share, for the same period in 2010. Net income for the third quarter of 2011 included a gain on the sale of PFFL of approximately $1.8 million, partially offset by a loss from discontinued operations of $187,000.

“The second half of 2011 is proving to be one of the strongest periods in our history and we believe this demonstrates that our strategy is working,” said Perma-Fix Environmental Services’ chairman and CEO, ┬áDr. Louis F. Centofanti in a November 3 press release.

“We also improved our balance sheet during the quarter. As a result of our strong cash flow, coupled with the recent sale of Fort Lauderdale facility, we had over $10.7 million of cash and just $5.7 million of total debt at the end of the third quarter.”

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