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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

The Perma-Fix Environmental Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7172

This press release contains "forward‑looking statements" which are based largely on the Company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the company's control. Forward-looking statements generally are identifiable by use of the words such as "believe", "expects", "intends", "anticipate", "plans to", "estimates", "projects", and similar expressions. Forward‑looking statements include, but are not limited to: the treatment of Tritium waste as an attractive new opportunity going forward. These forward‑looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including, without limitation, future economic conditions; industry conditions; competitive pressures; our ability to apply and market our technologies; that neither the federal government nor any other party to a subcontract involving the federal government terminates or renegotiates any material contract granted to us prior to expiration of the term of the contract, as such contracts are generally terminable or renegotiable on 30 days notice, at the government's option; or the government or such other party to a contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract; that Congress provides continuing funding for the Department of Defense's and Department of Energy's remediation projects; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2009 Form 10-K and From 10-Q for the quarter ended March 31, 2010. The Company makes no commitment to disclose any revisions to forward‑looking statements, or any facts, events or circumstances after the date hereof that bear upon forward‑looking statements.

Please visit us on the World Wide Web at http://www.perma-fix.com .

PERMA-FIX ENVIRONMENTAL SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)    
     
  Three Months Ended Six Months Ended
  June 30, June 30,
(Amounts in Thousands, Except for Per Share Amounts) 2010 2009 2010 2009
         
Net revenues  28,096  23,698  53,955  45,700
Cost of goods sold  21,356  18,244  41,876  35,675
Gross profit  6,740  5,454  12,079  10,025
         
Selling, general and administrative expenses  3,829  3,889  7,653  7,707
Loss (gain) on disposal of property and equipment  --   --   2  (12)
Income from operations  2,911  1,565  4,424  2,330
         
Other income (expense):        
Interest income  16  41  37  93
Interest expense  (208)  (468)  (427)  (1,015)
Interest expense-financing fees  (103)  (63)  (206)  (76)
Other  --   9  5  10
Income from continuing operations before taxes  2,616  1,084  3,833  1,342
Income tax expense  1,101  91  1,537  100
Income from continuing operations  1,515  993  2,296  1,242
         
(Loss) income from discontinued operations, net of taxes  (69)  (242)  (213)  57
Net income applicable to Common Stockholders  1,446  751  2,083  1,299
         
Net income (loss) per common share – basic        
Continuing operations  .03   .02   .04   .02 
Discontinued operations  --  (.01) --   -- 
Net income per common share  .03   .01   .04   .02 
         
Net income (loss) per common share – diluted        
Continuing operations  .03   .02   .04   .02 
Discontinued operations  --  (.01)  --  -- 
Net income per common share  .03   .01   .04   .02 
         
Number of common shares used in computing  net income (loss) per share:        
Basic  54,991  54,124  54,843  54,053
Diluted  55,124  54,537  55,012  54,189
         
PERMA-FIX ENVIRONMENTAL SERVICES, INC. CONSOLIDATED BALANCE SHEET    
     
  June 30, 2010 December 31,
(Amounts in Thousands, Except for Share Amounts) (Unaudited) 2009
     
ASSETS    
Current assets:    
Cash & equivalents  $ 123  $ 196
Account receivable, net of allowance for doubtful  accounts of $304 and $296  10,078  13,141
Unbilled receivables   8,166  9,858
Other current assets  2,593  3,448
Deferred tax assets - current  707  1,856
Assets of discontinued operations included in current assets  109  174
Total current assets  21,776  28,673
     
Net property and equipment  44,881  45,727
Property and equipment of discontinued operations, net of accumulated  depreciation of $10 and $13, respectively  637  651
Deferred tax asset, net of liabilities  208  272
Intangibles and other assets  55,706  50,752
Total assets  $ 123,208  $ 126,075
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities  21,699  26,190
Current liabilities related to discontinued operations  740  993
Total current liabilities  22,439  27,183
     
Long-term liabilities  21,752  22,655
Long-term liabilities related to discontinued operations  1,336  1,433
Total liabilities  45,527  51,271
Commitments and Contingencies    
Preferred Stock of subsidiary, $1.00 par value; 1,467,396   shares authorized, 1,284,730 shares issued and  outstanding, liquidation value $1.00 per share  1,285  1,285
Stockholders' equity:    
Preferred Stock, $.001 par value; 2,000,000 shares authorized,  no shares issued and outstanding  —   — 
Common Stock, $.001 par value; 75,000,000 shares authorized, 55,032,117 and  54,628,904 shares issued, respectively; 54,993,907 and 54,628,904  outstanding, respectively  55  55
Additional paid-in capital  100,523  99,641
Accumulated deficit (24,094) (26,177)
  76,484 73,519
Less Common Stock in treasury at cost: 38,210 shares (88)  — 
   76,396  73,519
Total liabilities and stockholders' equity  $ 123,208  $ 126,075
     
CONTACT:  Perma-Fix Environmental Services, Inc.
          Dr. Louis F. Centofanti, Chairman and CEO
          (770) 587-5155

          Crescendo Communications, LLC
          David K. Waldman, US Investor Relations
          (212) 671-1021

          Herbert Strauss, European Investor Relations
          +43 316 296 316
          herbert@eu-ir.com

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