Perma-Fix Announces 18.6% Year-Over-Year Sales Growth, Improved Margins, And Increased Profitability For The Second Quarter Of 2010
The Company had EBITDA of $4.1 million for continuing operations during the quarter ended June 30, 2010, as compared to EBITDA of approximately $2.8 million for the same period of 2009. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of performance calculated in accordance with accounting principles generally accepted in the United States ("GAAP"), and should not be considered in isolation of, or as a substitute for, earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. The Company believes the presentation of EBITDA is relevant and useful by enhancing the readers' ability to understand the company's operating performance. The Company's management utilizes EBITDA as a means to measure performance. The Company's measurements of EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA, a non-GAAP measure, to net income for the three months and six months ended June 30, 2010 and 2009.
|Quarter Ended||Six Months Ended|
|June 30,||June 30,|
|Net Income||$ 1,515||$ 993||$ 2,296||$ 1,242|
|Depreciation & Amortization||1,213||1,201||2,349||2,381|
|Interest Expense - Financing Fees||103||63||206||76|
|Income Tax Expense||1,101||91||1,537||100|
|EBITDA||$ 4,124||$ 2,775||$ 6,778||$ 4,721|
The tables below present certain financial information for the business segments, excluding allocation of corporate expenses:
|Quarter Ended June 30, 2010||Quarter Ended June 30, 2009|
|Net revenues||$ 25,181||$ 666||$ 2,249||$ 20,732||$ 1,004||$ 1,962|
|Gross profit (negative gross profit)||7,036||40||(336)||4,872||282||300|
|Segment profit (loss)||4,248||(49)||(797)||2,718||159||(141)|
|Six Months Ended June 30, 2010||Six Months Ended June 30, 2009|
|Net revenues||$ 48,073||$ 1,340||$ 4,542||$ 39,846||$ 1,783||$ 4,071|
|Segment profit (loss)||6,655||(10)||(607)||4,472||245||(87)|
Perma-Fix will host a conference call at 9:00 a.m. ET on Thursday, August 5, 2010. The call will be available on the Company's website at www.perma-fix.com, or by calling (877) 407-8031 for U.S. callers, or (201) 689-8031 for international callers. A webcast will also be archived on the Company's website and a telephone replay of the call will be available approximately one hour following the call, through midnight August 12, 2010, and can be accessed by calling: (877) 660-6853 (U.S. callers) or (201) 612-7415 (international callers) and entering account # 286 and conference ID: 354705.About Perma-Fix Environmental Services Perma-Fix Environmental Services, Inc., a national environmental services company, provides unique mixed waste and industrial waste management services. The Company's increased focus on nuclear services includes radioactive and mixed waste treatment services for hospitals, research labs and institutions, federal agencies, including DOE, DOD, and nuclear utilities. The Company's industrial services treat hazardous and non-hazardous waste for a variety of customers including, Fortune 500 companies, federal, state and local agencies and thousands of other clients. Nationwide, the Company operates seven waste treatment facilities.
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