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Perma-Fix Announces 18.6% Year-Over-Year Sales Growth, Improved Margins, And Increased Profitability For The Second Quarter Of 2010

"Earlier this year, we completed the design, construction, and installation of a new proprietary process to treat Tritium contaminated waste. During the second quarter we completed an important and successful project which demonstrated our ability to treat these waste streams originating from the DOE's Savannah River Site located in Aiken, SC. We see the treatment of Tritium waste as an attractive new opportunity going forward."

Financial Results

Revenue for the second quarter of 2010 increased 18.6% to $28.1 million, versus $23.7 million for the same period last year. The increase in revenue is mainly attributable to increased on-site work at the Hanford facility in Richland, Washington and the Company's shift into higher activity wastes. Revenue for the Nuclear Segment increased to $25.2 million from $20.7 million for the same period last year. Revenue for the Industrial Segment increased to $2.2 million versus $2.0 million for the same period last year due primarily to higher waste volume and improved pricing. Revenue from the Engineering Segment decreased to $666,000 from $1.0 million for the same period last year. 

Gross profit for the second quarter of 2010 increased 23.6% to $6.7 million versus $5.5 million for the second quarter of 2009 primarily due to higher priced wastes and the subcontract with the CH Plateau Remediation Company. The gross profit for the quarter included an $844,000 charge related to an increase in the environmental reserve for remediation at one of our Industrial Segment facilities.

Operating income for the second quarter increased 86% to $2.9 million versus $1.6 million for the second quarter of 2009. Net income for the second quarter of 2010 was $1.4 million, or $0.03 per share, versus net income of $751,000 or $0.01 per share, for the same period last year. Net income in the second quarter of 2010 included $1.1 million in income tax expense, compared to only $91,000 in 2009, as 2009 included a full valuation allowance of our available net operating losses carry forward. Net income in the second quarter of 2009 also included a loss from discontinued operations of approximately $242,000.

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