Operating income for the fourth quarter of 2010 was $2.6 million versus operating income of $4.1 million for the fourth quarter of 2009. Net income for the fourth quarter of 2010 was $1.6 million, or $0.03 per share, versus net income of $5.7 million or $0.10 per share, for the same period in 2009. Net income in 2009 included an adjustment related to our deferred tax asset that had a positive impact of $2.5 million.
The Company had an EBITDA of $3.8 million from continuing operations during the quarter ended December 31, 2010, as compared to EBITDA of approximately $5.2 million for the same period of 2009. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of performance calculated in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"), and should not be considered in isolation of, or as a substitute for, earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. The Company believes the presentation of EBITDA is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes EBITDA as a means to measure performance. The Company's measurements of EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA, a non-GAAP measure, to net income for the three months and twelve months ended December 31, 2010 and 2009.
|Quarter Ended||Twelve Months Ended|
|December 31,||December 31,|
|Net Income||$ 1,545||$ 5,990||$ 3,271||$ 9,687|
|Depreciation & Amortization||1,155||1,073||4,530||4,321|
|Interest Expense - Financing Fees||104||102||412||283|
|Deferred income tax expense (benefit)||996||(2,490)||1,820||(2,490)|
|Income Tax (benefit) expense||(179)||240||26||504|
|EBITDA||$ 3,781||$ 5,198||$ 10,749||$ 13,799|
The tables below present certain financial information for the business segments, excluding allocation of corporate expenses:
|Quarter Ended||Quarter Ended|
|December 31, 2010||December 31, 2009|
|Net revenues||$ 24,976||$ 537||$ 25,647||$ 711|
|Segment profit (loss)||3,240||(96)||5,430||104|
|Twelve Months Ended||Twelve Months Ended|
|December 31, 2010||December 31, 2009|
|Net revenues||$ 95,332||$ 2,458||$ 89,011||$ 3,382|
|Segment profit (loss)||10,891||(279)||14,128||423|
Conference CallPerma-Fix will host a conference call at 11:00 a.m. ET on Monday, March 14, 2011. 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 March 18, 2011, 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: 368618. 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 the Department of Energy ("DOE"), the Department of Defense ("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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