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Perma-Fix Announces Financial Results For The Fourth Quarter And Full Year 2010

Stocks in this article: PESI

ATLANTA, March 14, 2011 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (Nasdaq:PESI) today announced results for the fourth quarter and full year ended December 31, 2010.

Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "Revenue for calendar year 2010 from our Nuclear Segment increased by 7.1% to $95.3 million and comprised 97.5% of our overall revenue of $97.8 million. The increase resulted primarily from growth in our on-site services business. Our revenue mix has been increasingly weighted toward on-site services, where revenue streams are more consistent and longer term than project work on the treatment side of the business. We continue to allocate resources toward onsite work as we focus on growing this segment. Nevertheless, we anticipate additional growth in our treatment business with a major focus on higher activity waste.

"After a challenging third quarter caused by timing issues related to DOE remediation projects, we started to gain ground as we entered the fourth quarter of 2010 bringing us more in line with historical levels of business. Building on that momentum, we signed a $4.1 million contract with Energy Northwest in February 2011 for the treatment and disposition of low level radioactive wastes. This is an important contract as it expands the commercial side of our business."

Financial Results

Revenue for the fourth quarter of 2010 was $25.5 million versus $26.4 million for the same period last year. Overall revenue for the Nuclear Segment increased to $95.3 million from $89.0 million for the same period in 2009. Revenue generated from the DOE Hanford Site increased approximately $697,000 or 7.1% for the quarter. Revenue from the Engineering Segment decreased to $537,000 from $711,000 for the same period in 2009 primarily due to decrease in billable hours as our engineering business continues to be impacted by economic uncertainty.

Gross profit for the fourth quarter of 2010 was $5.9 million versus $8.3 million for the fourth 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.

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