Perma-Fix Announces 18.6% Year-Over-Year Sales Growth, Improved Margins, And Increased Profitability For The Second Quarter Of 2010
ATLANTA, Aug. 5, 2010 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (Nasdaq:PESI) today announced results for the second quarter ended June 30, 2010.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "The 18.6% year-over-year growth in our second quarter revenue to $28.1 million was the result of additional on-site service work at Hanford and an increase in treatment of higher activity waste. Our Nuclear segment generated $25.2 million of revenue during the quarter, an increase of 21.5% over the prior year. The gross profit for the quarter was $6.7 million, which included an $844,000 charge related to an increase in the environmental reserve at one of our industrial facilities. Excluding this charge, gross profit would have increased 39.1% to $7.6 million, and our gross margin would have increased 398 basis points to 27.0%. This gross margin increase directly reflects the increase in high activity waste in our revenue mix. We achieved $2.9 million of operating income for the quarter and operating margin increased 376 basis points to 10.4%. We generated $4.1 million of EBITDA and earnings per share of $0.03 for the second quarter of 2010, as compared to $2.8 million of EBITDA and earnings per share of $0.01 for the second quarter of 2009. We achieved these strong results despite the aforementioned environmental reserve and $904,000 of non-cash income tax expense related to our net operating loss carryforwards that we recorded in the second quarter of 2010."
"We are also pleased to report that Perma-Fix was recently awarded its first direct Department of Energy (DOE) prime contract for Low-Level and Mixed Low-Level Radioactive and Hazardous waste treatment services, which will allow us to bid directly on low level and hazardous waste treatment services. We were one of only four companies recently awarded these Indefinite Delivery/Indefinite Quantity (ID/IQ) contracts, which are utilized by the DOE when exact quantities and timing of waste shipments are unknown. DOE's Office of Environmental Management determined that it needed an efficient mechanism to contract with companies capable of treating large volumes of diverse radioactive wastes generated at its facilities throughout the United States."
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