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Perma-Fix Reports 44% Increase in Revenue for 2020

Nachrichtenquelle: globenewswire
29.03.2021, 13:30  |  94   |   |   

ATLANTA, March 29, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced results for the fourth quarter and full year ended December 31, 2020.

2020 Financial Highlights:

  • Revenue for 2020 increased 43.5% to $105.4 million versus $73.5 million for the same period last year
  • Services Segment revenue increased 127.5% to $75.3 million for 2020 versus $33.1 million for 2019
  • Treatment Segment revenue decreased to $30.1 million versus $40.4 million for 2019
  • Gross profit for 2020 increased to $15.9 million versus $15.6 million for 2019
  • Net income attributable to common stockholders increased to $2.9 million, or $0.24 per share (basic) for 2020, compared to net income of $2.3 million or $0.19 per share (basic) for 2019
  • Generated adjusted EBITDA (defined below) of $5.4 million compared to $5.2 million for 2019 (see reconciliation to GAAP below)

Mark Duff, Chief Executive Officer, stated, “We achieved year-over-year growth of 28% and 44% for the fourth quarter and 2020, respectively, reflecting steady expansion of our Services Segment as we continued to execute on our strategic plan and business development initiatives. The growth in our Services Segment was offset by weakness in our Treatment Segment, as previously disclosed, due in large part to the impact of the COVID-19 pandemic. Although we continue to face some pandemic-related challenges in the first half of 2021, we remain optimistic about the outlook for the full year.”

“Looking ahead, we are actively bidding on a number of very large service projects. Moreover, we are rapidly advancing several initiatives within the Treatment Segment that we believe have the potential to significantly enhance our revenues, while establishing increased market share and large backlog for waste processing. In particular, we are making continued progress at Hanford regarding opportunities to leverage our advanced capabilities to solve large-scale waste management problems at the site. We believe our technologies and off-site processing capabilities provide a unique and cost-effective solution to addressing some of the country’s largest environmental remediation challenges, and we look forward to playing a major role in addressing these national priorities.”

COVID-19
Similar to most of the US, Perma-Fix is beginning to relax the COVID-19-related precautions associated with ongoing operations as more staff is vaccinated and the new cases continue to decline in our locations. However, the Company’s Treatment Segment continues to see delays in waste shipments from certain customers due to continued impacts of COVID-19 and the Services Segment is realizing delays in procurement actions which will push out funded backlog. As the situations surrounding COVID-19 remain fluid, the full impact and extent of the pandemic on the Company’s financial results cannot be estimated with any degree of certainty but appear to be subsiding towards the end of the second quarter of 2021. The Company is realizing pent-up demand in both segments, which has been reflected in the large increase in proposal requests throughout Q1 2021.

Financial Results

Fourth-Quarter 2020 Results
Revenue for the fourth quarter of 2020 was $28.3 million versus $22.1 million for the same period last year. Revenue from the Services Segment increased by $10.8 million to $22.6 million from $11.8 million for the same period in 2019. The increase in Services Segment revenues was attributed to more project work. Revenue for the Treatment Segment decreased approximately $4.6 million to $5.7 million in the fourth quarter of 2020 from $10.3 million for the corresponding period of 2019. The revenue decrease in the Treatment segment was the result of reduced volume from waste shipment delays from the impact of COVID-19 as well as lower average price which was impacted by waste mix.

Gross profit for the fourth quarter of 2020 was $3.2 million and $4.7 million for the fourth quarter of 2019.

Operating income for the fourth quarter of 2020 was $188,000 versus $1.2 million for the fourth quarter of 2019. Income from continuing operations for the fourth quarter of 2020 was approximately $100,000 as compared to income from continuing operations of $1.0 million for the corresponding period of 2019. Net loss attributable to common stockholders for the fourth quarter of 2020 was $10,000 as compared to net income attributable to common stockholders of $930,000 for the fourth quarter of 2019. Earnings per share (basic) attributable to common stockholders was $0.00 for the fourth quarter of 2020 as compared to income per share (basic) of $0.08 for the corresponding period of 2019.

2020 Financial Results
Revenue in 2020 was $105.4 million versus $73.5 million in 2019. Revenue from the Services Segment increased by $42.2 million to $75.3 million from $33.1 million in 2019. The increase in Services Segment revenues was attributed to more project work. Revenue for the Treatment Segment decreased approximately $10.3 million to $30.1 million in 2020 from $40.4 million in 2019. The revenue decrease in the Treatment segment was primarily the result of reduced volume from waste shipment delays from the impact of COVID-19.

Gross profit in 2020 was $15.9 million and $15.6 million in 2019.

Operating income in 2020 was $3.3 million versus $3.0 million in 2019. Income from continuing operations in 2020 was approximately $3.1 million as compared to income from continuing operations of $2.7 million in 2019. Net income attributable to common stockholders in 2020 was $2.9 million as compared to net income attributable to common stockholders of $2.3 million in 2019. Earnings per share (basic) attributable to common stockholders was $0.24 in 2020 as compared to income per share (basic) of $0.19 in 2019.

The Company’s Adjusted EBITDA at December 31, 2020 was approximately $5.4 million from continuing operations as compared to approximately $5.2 million for the corresponding period of 2019. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before research and development costs related to the Medical Isotope project and closure costs accrued for the Company’s East Tennessee Materials and Energy Corporation (“M&EC”) facility. Both EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with Accounting Principles Generally Accepted in the United States of America (“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 and Adjusted EBITDA is relevant and useful by enhancing the readers’ ability to understand the Company’s operating performance. The Company’s management utilizes EBITDA and Adjusted EBITDA as a means to measure performance. The Company’s measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA and Adjusted EBITDA, both non-GAAP measures, to GAAP numbers for income from continuing operations for the three and twelve months ended December 31, 2020 and 2019.

    Quarter Ended   Twelve Months Ended  
    December 31,   December 31,  
    (Unaudited)   (Unaudited)  
(In thousands)     2020       2019       2020       2019    
Income from continuing operations   $ 100     $ 1,014     $ 3,149     $ 2,732    
                   
                   
Adjustments:                  
Depreciation & amortization     408       373       1,596       1,342    
Interest income     (28 )     (72 )     (140 )     (337 )  
Interest expense     92       139       398       432    
Interest expense - financing fees     107       69       294       208    
Income tax (benefit) expense     (61 )     58       (189 )     157    
Loss on extinguishment of debt                 27          
                   
EBITDA     618       1,581       5,135       4,534    
                   
Research and development costs related to                  
medical Isotope project     91       87       311       314    
Closure costs accrued for M&EC subsidiary                       330    
                   
Adjusted EBITDA   $ 709     $ 1,668     $ 5,446     $ 5,178    
                   

The tables below present certain financial information for the business segments, which exclude allocation of corporate expenses:

    Three Months Ended   Twelve Months Ended
    December 31, 2020   December 31, 2020
    (Unaudited)   (Unaudited)
(In thousands)   Treatment   Services     Medical   Treatment   Services     Medical
Net revenues   $ 5,675     $ 22,672   $     $ 30,143   $ 75,283   $  
(Negative gross profit)/gross profit     (42 )     3,235           5,491     10,402      
Segment (loss) profit     (983 )     2,660     (91 )     1,758     7,820     (311 )
                             


    Three Months Ended   Twelve Months Ended
    December 31, 2019   December 31, 2019
    (Unaudited)   (Audited)
(In thousands)   Treatment   Services     Medical   Treatment   Services     Medical
Net revenues   $ 10,285   $ 11,796   $     $ 40,364   $ 33,095   $  
Gross profit     3,326     1,329           12,248     3,336      
Segment profit (loss)     2,189     478     (87 )     7,820     795     (314 )
                             

Conference Call

Perma-Fix will host a conference call at 1:00 p.m. ET on Monday, March 29, 2021. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2243/40535 or on the Company’s website at www.perma-fix.com. The conference call will also be available via telephone by dialing toll free 877-876-9173 for U.S. callers, or +1 785-424-1667 for international callers. The conference call will be led by Mark J. Duff, Chief Executive Officer, Dr. Louis F. Centofanti, Executive Vice President of Strategic Initiatives, and Ben Naccarato, Executive Vice President and Chief Financial Officer of Perma-Fix Environmental Services, Inc.

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 Monday, April 05, 2021, and can be accessed by calling: 877-481-4010 for U.S. callers, or 919-882-2331 for international callers and entering conference ID: 40535

About Perma-Fix Environmental Services

Perma-Fix Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions, federal agencies, including the U.S Department of Energy (“DOE”), the U.S Department of Defense (“DOD”), and the commercial nuclear industry. The Company’s nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates four nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide.

Please visit us at http://www.perma-fix.com.

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: strategic plan and business development initiatives; impact of COVID-19 pandemic; demand for our services; outlook for the full year; enhance revenues; increase market share and large backlog for waste processing; our technologies and off-site processing capabilities; and end of second quarter of 2021. 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 new 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; inability to win bid projects; Congress fails to provides continuing funding for the DOD’s and DOE’s remediation projects; inability to obtain new foreign and domestic remediation contracts; inability to meet financial covenants; impact of the COVID-19; and the “Risk Factors” discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of, our 2020 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.

FINANCIAL TABLES FOLLOW

Contacts:
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

PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

    Three Months Ended   Twelve Months Ended
    December 31,   December 31,
    2020     2019     2020     2019  
(Amounts in Thousands, Except for Per Share Amounts)   (Unaudited)   (Unaudited) (Audited)
                 
Net revenues $ 28,347   $ 22,081   $ 105,426   $ 73,459  
Cost of goods sold   25,154     17,426     89,533     57,875  
Gross profit   3,193     4,655     15,893     15,584  
                 
Selling, general and administrative expenses   2,839     3,314     11,774     11,862  
Research and development   164     135     762     750  
Loss on disposal of property and equipment   2         29     3  
Income from operations   188     1,206     3,328     2,969  
                 
Other income (expense):                
Interest income   28     72     140     337  
Interest expense   (92 )   (139 )   (398 )   (432 )
Interest expense-financing fees   (107 )   (69 )   (294 )   (208 )
Other   22     2     211     223  
Loss on debt extinguishment of debt           27      
Income from continuing operations before taxes   39     1,072     2,960     2,889  
Income tax (benefit) expense   (61 )   58     (189 )   157  
Income from continuing operations, net of taxes   100     1,014     3,149     2,732  
                 
Loss from discontinued operations, net of taxes   (146 )   (118 )   (412 )   (541 )
Net (loss) income   (46 )   896     2,737     2,191  
                 
Net loss attributable to non-controlling interest   (36 )   (34 )   (123 )   (124 )
                 
Net (loss) income attributable to Perma-Fix Environmental                
Services, Inc. common stockholders $ (10 ) $ 930   $ 2,860   $ 2,315  
                 
Net income (loss) per common share attributable to                
Perma-Fix Environmental Services, Inc. stockholders - basic:                
Continuing operations $ .01   $ .09   $ .27   $ .24  
Discontinued operations   (.01 )   (.01 )   (.03 )   (.05 )
Net income per common share $   $ .08   $ .24   $ .19  
                         
Net income (loss) per common share attributable to                
Perma-Fix Environmental Services, Inc. stockholders - diluted:                
Continuing operations $ .01   $ .09   $ .26   $ .24  
Discontinued operations   (.01 )   (.01 )   (.03 )   (.05 )
Net income per common share $   $ .08   $ .23   $ .19  
                 
Number of common shares used in computing                
net income (loss) per share:                
Basic   12,154     12,094     12,139     12,046  
Diluted   12,370     12,273     12,347     12,060  
                         

PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

    December 31, December 31,
      2020       2019  
(Amounts in Thousands, Except for Share and Per Share Amounts)   (Unaudited)   (Audited)
         
ASSETS        
Current assets:        
Cash   $ 7,924     $ 390  
Account receivable, net of allowance for doubtful        
accounts of $404 and $487, respectively   9,659       13,178  
Unbilled receivables     14,453       7,984  
Other current assets     4,577       3,470  
Assets of discontinued operations included in current assets     22       104  
Total current assets     36,635       25,126  
         
Net property and equipment     17,783       16,576  
Property and equipment of discontinued operations     81       81  
         
Operating lease right-of-use assets     2,287       2,545  
         
Intangibles and other assets     22,133       22,151  
Other assets related to discontinued operations           36  
Total assets   $ 78,919     $ 66,515  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities   $ 32,065     $ 24,106  
Current liabilities related to discontinued operations     898       994  
Total current liabilities     32,963       25,100  
         
Long-term liabilities     13,253       11,935  
Long-term liabilities related to discontinued operations     252       244  
Total liabilities     46,468       37,279  
Commitments and Contingencies        
Stockholders' equity:        
Preferred Stock, $.001 par value; 2,000,000 shares authorized,        
no shares issued and outstanding            
Common Stock, $.001 par value; 30,000,000 shares authorized,        
12,161,539 and 12,123,520 shares issued, respectively;        
12,153,897 and 12,115,878 shares outstanding, respectively     12       12  
Additional paid-in capital     108,931       108,457  
Accumulated deficit     (74,455 )     (77,315 )
Accumulated other comprehensive loss     (207 )     (211 )
Less Common Stock held in treasury, at cost: 7,642 shares     (88 )     (88 )
Total Perma-Fix Environmental Services, Inc. stockholders' equity     34,193       30,855  
Non-controlling interest in subsidiary     (1,742 )     (1,619 )
Total stockholders' equity     32,451       29,236  
         
Total liabilities and stockholders' equity   $ 78,919     $ 66,515  
         

Perma-Fix Environmental Services Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de





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Disclaimer

Perma-Fix Reports 44% Increase in Revenue for 2020 ATLANTA, March 29, 2021 (GLOBE NEWSWIRE) - Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced results for the fourth quarter and full year ended December 31, 2020. 2020 Financial Highlights: Revenue for 2020 …

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