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Perma-Fix Announces Financial Results For The Fourth Quarter And Full Year 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: additional growth in our treatment business with a major focus on higher activity waste.  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 DOD's and DOE's remediation projects; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2010 Form 10-K. 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 .

PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
         
  Three Months Ended Twelve Months Ended
  December 31,  December 31,
(Amounts in Thousands, Except for Per Share Amounts) 2010 2009 2010 2009
         
Net revenues  $ 25,513  $ 26,358  $ 97,790  $ 92,393
Cost of goods sold  19,618  18,049  77,175  67,912
Gross profit  5,895  8,309  20,615  24,481
         
Selling, general and administrative expenses  3,108  4,051  13,361  14,422
Research and development  186  148  921  609
(Gain) loss on disposal of property and equipment (7)  —   138  (7)
Income from operations  2,608  4,110  6,195  9,457
         
Other income (expense):        
Interest income  14  23  65  145
Interest expense  (174)  (306)  (755)  (1,639)
Interest expense-financing fees  (104)  (102)  (412)  (283)
Other  18  15  24  21
Income from continuing operations before taxes  2,362  3,740  5,117  7,701
Income tax expense (benefit)   817  (2,250)  1,846  (1,986)
Income from continuing operations  1,545  5,990  3,271  9,687
         
Income (loss) from discontinued operations, net of taxes  45  (289)  (663)  (65)
Net income   $ 1,590  $ 5,701  $ 2,608  $ 9,622
         
Net income (loss) per common share – basic        
Continuing operations $ .03  $ .11  $ .06  $ .18 
Discontinued operations  —  (.01) (.01)  — 
Net income per common share $ .03  $ .10  $ .05  $ .18 
         
Net income (loss) per common share – diluted        
Continuing operations $ .03  $ .11  $ .06  $ .18 
Discontinued operations  —  (.01) (.01)  — 
Net income per common share $ .03  $ .10  $ .05  $ .18 
         
Number of common shares used in computing        
net income (loss) per share:        
Basic  55,068  54,559  54,947  54,238
Diluted  55,090  54,990  55,030  54,526
 
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
     
  December 31, December 31,
(Amounts in Thousands, Except for Share and Per Share Amounts) 2010 2009
     
ASSETS    
Current assets:    
Cash & equivalents  $ 136  $ 101
Account receivable, net of allowance for doubtful    
accounts of $215 and $226  8,541  11,815
Unbilled receivables   9,436  9,769
Other current assets  3,335  3,290
Deferred tax assets - current  1,734  1,920
Assets of discontinued operations included in current assets, net of allowance     
for doubtful accounts of $97 and $70  2,034  1,702
Total current assets  25,216  28,597
     
Net property and equipment  40,443  42,918
Property and equipment of discontinued operations, net of accumulated     
depreciation of $755 and $580, respectively  4,209  3,460
Deferred tax asset, net of liabilities  —   272
Intangibles and other assets  54,257  49,563
Intangibles and other assets related to discontinued operations  1,190  1,190
Total assets  $ 125,315  $ 126,000
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities  20,214  24,877
Current liabilities related to discontinued operations  2,673  2,230
Total current liabilities  22,887  27,107
     
Long-term liabilities  20,850  21,479
Long-term liabilities related to discontinued operations  3,074  2,610
Total liabilities  46,811  51,196
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, 55,106,180 and    
54,628,904 shares issued, respectively; 55,067,970 and 54,628,904    
outstanding, respectively  55  55
Additional paid-in capital  100,821  99,641
Accumulated deficit (23,569) (26,177)
Less Common Stock in treasury at cost: 38,210 shares (88)  — 
Total stockholders' equity  77,219  73,519
   
Total liabilities and stockholders' equity  $ 125,315  $ 126,000
CONTACT: David K. Waldman-US Investor Relations
         Crescendo Communications, LLC
         (212) 671-1021
         
         Herbert Strauss-European Investor Relations
         herbert@eu-ir.com
         +43 316 296 316

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