ATLANTA, GA / ACCESSWIRE / November 7, 2019 / Perma-Fix Environmental Services, Inc. ('Perma-Fix' or the 'Company') (NASDAQ:PESI) today announced results for the third quarter and nine months ended September 30, 2019.

Third Quarter 2019 Financial Highlights:

• Revenue for the third quarter of 2019 increased 88.0% to $22.5 million versus $12.0 million for the same period last year
• Services Segment revenue for the third quarter of 2019 increased 332.3% to $12.4 million versus $2.9 million for the same period last year
• Treatment Segment revenue for the third quarter of 2019 increased 10.7% to $10.1 million versus $9.1 million for the same period last year
• Gross profit for the third quarter of 2019 increased to $5.2 million versus $1.8 million for the same period last year; gross profit for the third quarter of 2018 included $1.1 million of closure costs related to the M&EC facility
• Achieved net income attributable to common stockholders of $1.8 million, or $0.15 per share for the third quarter of 2019, compared to $221,000, or $0.02 per share for the same period last year
• Generated adjusted EBITDA (defined below) of $2.4 million compared to $510,000 for the same period last year (see reconciliation to GAAP below)

Mark Duff, President & CEO, stated, 'Perma-Fix achieved strong operational and financial performance during the third quarter of 2019. This performance is in line with the implementation of our corporate growth strategy over the past two years and the dedication of our management team and staff to adapt to new methodologies and initiatives to meet these objectives. Recent contract wins include several new projects within the Department of Energy ('DOE'), as well as commercial contracts, Department of Defense ('DOD') projects and rapid growth in Canada conducting contaminated soil remediation. Our success in managing these projects has resulted in additional prime and subcontractor opportunities that further positions Perma-Fix for growth through 2020.'

'In addition to our strong revenue growth, we are seeing the benefit of our initiatives to improve operational efficiency within the organization, including the consolidation of our waste treatment capabilities within our three treatment plants. As a result, I am pleased to report we achieved net income attributable to common stockholders of $1.8 million for the third quarter of 2019. Overall, we are extremely encouraged by the outlook for the business, as we continue to grow our services business, which we believe provides us good visibility into future quarters. At the same time, we are advancing a number of significant opportunities to leverage our fixed waste treatment facilities by providing innovative treatment options for a variety of nuclear waste streams. We continue to enhance our balance sheet and anticipate further year-over-year growth and strong cash flow in the fourth quarter of 2019 and heading into 2020.'

Financial Results

Revenue for the third quarter of 2019 was $22.5 million versus $12.0 million for the same period last year. Revenue from the Services Segment was $12.4 million versus $2.9 million for the same period in 2018. The increase in Services Segment revenues was attributed to the award of several contracts/task orders for project work since the latter part of the first quarter of 2019. Revenue for the Treatment Segment was $10.1 million for the third quarter of 2019, as compared to $9.1 million for the same period in 2018. The increase was primarily due to higher averaged price waste from waste mix.

Gross profit for the third quarter of 2019 was $5.2 million versus $1.8 million for the third quarter of 2018. Gross profit for the third quarter of 2018 included $1.1 million of closure costs recorded for the M&EC facility in connection with closure of the facility. Excluding the closure costs, gross profit for the third quarter of 2019 increased $2.2 million or 76.7% over the corresponding period of 2018. This improvement was primarily due to increased revenue in both Segments.

Operating income for the third quarter of 2019 was $2.0 million versus an operating loss of $1.0 million for the third quarter of 2018. Operating loss for the third quarter of 2018 included the closure costs of $1.1 million as discussed above. Net income attributable to common stockholders for the third quarter of 2019 was $1.8 million as compared to $221,000 for the third quarter of 2018. Net income attributable to common stockholders for the third quarter of 2018 included the $1.1 million in closure costs as discussed above and a tax benefit in the amount of approximately $1.4 million resulting from the release of a portion of the valuation allowance on deferred tax assets related to indefinite-lived net operating losses generated due to the closure of our M&EC facility. Net income per common share was $0.15 for the third quarter of 2019 versus $0.02 per common share for the third quarter of 2018.

The Company recorded Adjusted EBITDA of $2.4 million from continuing operations during the quarter ended September 30, 2019, as compared to Adjusted EBITDA of $510,000 for the same period of 2018. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before research and development costs related to the Medical Isotope project, closure costs accrued for M&EC subsidiary and net gain on exchange offer of Series B Preferred Stock of M&EC. Both EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with Generally Accepted Accounting Principles in the United States of America ('GAAP'), and should not be considered in isolation of, or as a substitute for, earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. The Company believes the presentation of EBITDA and Adjusted EBITDA is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes EBITDA and Adjusted EBITDA as a means to measure performance. The Company's measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA and Adjusted EBITDA, both non-GAAP measures, to GAAP numbers for income from continuing operations for the three and nine months ended September 30, 2019 and 2018.

The tables below present certain unaudited financial information for the business segments, excluding allocation of corporate expenses:

		Three Months Ended												Nine Months Ended
		September 30, 2018												September 30, 2018
						(Unaudited)								(Unaudited)
(In thousands)		Treatment				Services				Medical				Treatment				Services				Medical
Net revenues		$	9,103			$	2,881			$	-			$	27,207			$	10,594			$	-
Gross profit			1,564				261				-				5,867 #				1,322				-	Share article: Watch latest videos Subscribe and Follow Get a daily dose of Cleveland Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well. Subscribe Now News RELEASES Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cleveland Star. More Information 51 ℉ Mostly Cloudy / Windy in Cleveland/Burke Business Section Asian stock markets open flood-gates to sellers SYDNEY, Australia - Stock markets in Asia spent Thursday selling off with major exchanges closing with solid losses.In Japan, the ... Honey Science Corp to be bought by PayPal SAN JOSE, California - PayPal Holdings says it has agreed to acquire Honey Science Corporation, a rapidly-growing technology platform for ... Emirates commits to 30 Boeing 787s at Dubai Air Show DUBAI, UAE - One of the busiest and more travelled airlines in the world has placed an $8.8 billion order ... U.S. markets decline in line with global slide NEW YORK, New York - Sellers continued to dominate on Wall Street on Wednesday as prospects for a U.S. trade ... Chinese rural sector to benefit from ADB and Alibaba tie-up BEIJING, China - The Asian Development Bank (ADB) and Alibaba are joining forces to support China's rural vitalization plan.ADB Vice-President ... Stocks in Asia broadly lower, greenback steady SYDNEY, Australia - Stocks in Asia were on the skids on Wednesday following the U.S. president's latest change of tune ... Ohio Section Man who hacked official U.S. websites had grudge against police AKRON, Ohio - For a few days in 2017, visitors to the websites for the city of Akron, Ohio, and ... Across Mister Rogers' Actual Neighborhoods, his Faith Echoes PITTSBURGH, PENNSYLVANIA - His TV neighborhood, was, of course, a realm of make believe - a child's-eye view of community ... Mount Airys mini-casino proposal near Ohio border denied by Pa. Gaming Control Board Mount Airys mini-casino proposal near Ohio border denied by Pa. Gaming Control Board Morning Call ... Want Cincinnati Bengals vs. Pittsburgh Steelers tickets? They're pricey Want Cincinnati Bengals vs. Pittsburgh Steelers tickets? They're the most expensive seats this year The Cincinnati Enquirer ... Grants Announced for Ohio Lake Erie Watershed Projects The U.S. EPA Regional Administrator Cathy Stepp and Ohio EPA Director Laurie Stevenson have announced five separate grants recently awarded ... 360 degrees of the Cheat River- A journey to revitalization on an Ohio River tributary - EHN 360 degrees of the Cheat River: A journey to revitalization on an Ohio River tributary Environmental Health News ... Movie Review Winter Light (Nattvardsgsterna)