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Perma-Fix Announces Financial Results For The Third Quarter Of 2010

Financial Results

Revenue for the third quarter of 2010 was $25.1 million versus $26.5 million for the same period last year. Overall revenue for the Nuclear Segment decreased to $22.3 million from $23.5 million for the same period last year due to reduced volume and lower average priced waste at our treatment facilities. Revenue generated from the DOE Hanford Site increased approximately $2.1 million for the quarter. Revenue for the Industrial Segment increased to $2.2 million versus $2.1 million for the same period last year resulting from higher revenue from used oil sales as average price per gallon increased. Revenue from the Engineering Segment decreased to $581,000 from $888,000 for the same period last year primarily due to decrease in billable hours and decrease in average billing rate. 

Gross profit for the third quarter of 2010 was $2.9 million versus $7.3 million for the third quarter of 2009 primarily due to lower revenue and revenue mix. Higher on-site services revenue, which generally carries lower margins, replaced treatment revenue at the facilities. The gross profit for the third quarter 2009 within the Nuclear Segment also included a reduction of approximately $787,000 in disposal/transportation costs resulting from a change in estimate related to accrued costs to dispose of legacy waste that were assumed as part of the acquisition of the Company's PFNWR facility in June 2007. 

Operating loss for the third quarter was $1.5 million versus income of $3.2 million for the third quarter of 2009. Net loss for the third quarter of 2010 was $1.1 million, or $(0.02) per share, versus net income of $2.6 million or $0.05 per share, for the same period last year.  

The Company had an EBITDA loss of $280,000 from continuing operations during the quarter ended September 30, 2010, as compared to EBITDA of approximately $4.4 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 Generally Accepted Accounting Principles 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 nine months ended September 30, 2010 and 2009.

  Quarter Ended September 30, Nine Months Ended September 30,
(In thousands) 2010 2009 2010 2009
Net (Loss) Income   $ (1,103)  $2,634  $ 1,193  $3,877
         
         
Adjustments:        
Depreciation & Amortization  1,216  1,188  3,564  3,569
Interest Income  (15)  (29)  (51)  (121)
Interest Expense  159  331  586  1,346
Interest Expense - Financing Fees  103  104  309  180
Income Tax (Benefit) Expense   (640)  165  896  265
         
EBITDA  $ (280)  $4,393  $ 6,497  $9,116

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

  Quarter Ended September 30, 2010 Quarter Ended September 30, 2009
(In thousands) Nuclear Engineering Industrial Nuclear Engineering Industrial
Net revenues  $ 22,283  $ 581  $ 2,224  $ 23,518  $ 888  $ 2,128
Gross profit (negative gross profit)  2,631  (36)  271  6,405  226  633
Segment profit (loss)  1,212  (173)  (143)  4,225  74  266
             
  Nine Months Ended September 30, 2010 Nine Months Ended September 30, 2009
(In thousands) Nuclear Engineering Industrial Nuclear Engineering Industrial
Net revenues  $ 70,356  $ 1,921  $ 6,766  $ 63,364  $ 2,670  $ 6,200
Gross profit  14,541  178  524  15,468  703  1,390
Segment profit (loss)  7,868  (183)  (750)  8,698  319  180

Conference Call

Perma-Fix will host a conference call at 11:00 a.m. ET on Thursday, November 4, 2010. The call will be available on the Company's website at www.perma-fix.com, or by calling (877) 407-9210 for U.S. callers, or (201) 689-8049 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 November 11, 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: 360080.

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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