Perma-Fix Announces Financial Results For The Third Quarter Of 2010
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 $4.4 million for the same period of 2009. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of performance calculated in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"), and should not be considered in isolation of, or as a substitute for, earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. The Company believes the presentation of EBITDA is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes EBITDA as a means to measure performance. The Company's measurements of EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA, a non-GAAP measure, to net income for the three months and nine months ended September 30, 2010 and 2009.
|Quarter Ended September 30,||Nine Months Ended September 30,|
|Net (Loss) Income||$ (1,103)||$2,634||$ 1,193||$3,877|
|Depreciation & Amortization||1,216||1,188||3,564||3,569|
|Interest Expense - Financing Fees||103||104||309||180|
|Income Tax (Benefit) Expense||(640)||165||896||265|
|EBITDA||$ (280)||$4,393||$ 6,497||$9,116|
|Quarter Ended September 30, 2010||Quarter Ended September 30, 2009|
|Net revenues||$ 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|
|Net revenues||$ 70,356||$ 1,921||$ 6,766||$ 63,364||$ 2,670||$ 6,200|
|Segment profit (loss)||7,868||(183)||(750)||8,698||319||180|
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