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Perma-Fix Announces Financial Results For The Third 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: expansion of our capacity to handle higher activity waste; uniquely positioned to address the transuranic waste market; we are in the final stages of completing a demonstration at our Perma-Fix Northwest facility to handle this waste stream; we anticipate increases of TRU waste streams in 2011; and the sale of our Industrial Segment facilities would enable us to focus our resources on growing the Nuclear Segment. 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; 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 Form 10-Q for the quarter ended March 31, 2010, June 30, 2010, and September 30, 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 .

FINANCIAL TABLES FOLLOW

PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
         
         
  Three Months Ended September 30, Nine Months Ended September 30,
(Amounts in Thousands, Except for Per Share Amounts) 2010 2009 2010 2009
         
Net revenues $ 25,088 $ 26,534 $ 79,043 $ 72,234
Cost of goods sold  22,222  19,270  63,800  54,673
Gross profit  2,866  7,264  15,243  17,561
         
Selling, general and administrative expenses  3,876  3,903  11,439  11,574
Research and development  345  154  734  460
Loss (gain) on disposal of property and equipment  143  (3)  145  (15)
(Loss) income from operations  (1,498)  3,210  2,925  5,542
         
Other income (expense):        
Interest income  15  29  51  121
Interest expense  (159)  (331)  (586)  (1,346)
Interest expense-financing fees  (103)  (104)  (309)  (180)
Other  2  (5)  8  5
(Loss) income from continuing operations before taxes  (1,743)  2,799  2,089  4,142
Income tax (benefit) expense  (640)  165  896  265
(Loss) income from continuing operations  (1,103)  2,634  1,193  3,877
         
Income (loss) from discontinued operations, net of taxes  37  (12)  (176)  44
Net (loss) income applicable to Common Stockholders $ (1,066) $ 2,622 $ 1,017 $ 3,921
         
Net (loss) income per common share – basic        
Continuing operations $ (.02)  $ .05  $ .02  $ .07 
Discontinued operations  -- -- --  --
Net (loss) income per common share $ (.02)  $ .05  $ .02  $ .07 
         
Net (loss) income per common share – diluted        
Continuing operations $ (.02)  $ .05  $ .02  $ .07 
Discontinued operations --   --  --  -- 
Net (loss) income per common share $ (.02)  $ .05  $ .02  $ .07 
         
Number of common shares used in computing net (loss) income per share:    
Basic  55,031  54,281  54,906  54,130
Diluted  55,031  54,954  55,031  54,412
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
     
(Amounts in Thousands, Except for Share Amounts) September 30, 2010 (Unaudited) December 31, 2009
     
ASSETS    
Current assets:    
Cash & equivalents  $ 153  $ 196
Account receivable, net of allowance for doubtful accounts of $392 and $296  10,937  13,141
Unbilled receivables   8,564  9,858
Other current assets  3,733  3,448
Deferred tax assets - current  1,262  1,856
Assets of discontinued operations included in current assets  103  174
Total current assets  24,752  28,673
     
Net property and equipment  44,084  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  196  272
Intangibles and other assets  55,634  50,752
Total assets  $ 125,303  $ 126,075
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities  23,929  26,190
Current liabilities related to discontinued operations  646  993
Total current liabilities  24,575  27,183
     
Long-term liabilities  22,753  22,655
Long-term liabilities related to discontinued operations  1,228  1,433
Total liabilities  48,556  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, 55,069,094 and 54,628,904 shares issued, respectively; 55,030,884 and 54,628,904 outstanding, respectively  55  55
Additional paid-in capital  100,655  99,641
Accumulated deficit (25,160) (26,177)
  75,550 73,519
Less Common Stock in treasury at cost: 38,210 and 0 shares, respectively  (88)  — 
   75,462  73,519
Total liabilities and stockholders' equity  $ 125,303  $ 126,075
CONTACT:  Crescendo Communications, LLC
          US Investor Relations
          David K. Waldman
          (212) 671-1021
         
          European Investor Relations
          Herbert Strauss
          +43 316 296 316
          herbert@eu-ir.com

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