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Perma-Fix Environmental Services, Inc. (PESI)

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Previous Close7.24
Open7.36
Bid7.20 x 1100
Ask10.00 x 900
Day's Range7.22 - 7.36
52 Week Range5.36 - 7.99
Volume13,644
Avg. Volume34,703
Market Cap88.551M
Beta (5Y Monthly)1.20
PE Ratio (TTM)32.03
EPS (TTM)0.23
Earnings DateMay 06, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est5.00
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  • Perma-Fix Announces Appointment of Renowned Public and Private Sector Environmental Leader Kerry C. Duggan to Board of Directors
    GlobeNewswire

    Perma-Fix Announces Appointment of Renowned Public and Private Sector Environmental Leader Kerry C. Duggan to Board of Directors

    Served as Deputy Director for Policy to then Vice President Biden in the Obama-Biden White House and Held Senior Roles in the Energy Department Served as Biden Campaign Appointee to the Biden-Sanders Climate Change Unity Task Force ATLANTA, May 06, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced the appointment of Kerry C. Duggan to the Company’s Board of Directors. Ms. Duggan is one of the nation’s premier environmental policy experts, having held senior roles in government, as well as the private, academic and non-profit sectors. Ms. Duggan is the founder of SustainabiliD, a sustainability and strategy consulting firm. In February 2021, Governor Whitmer appointed Ms. Duggan to the State of Michigan’s Council on Climate Solutions, to advise on the implementation of the MI Healthy Climate Plan, to reduce greenhouse gas emissions and to transition toward economywide carbon neutrality. In 2020-21, Ms. Duggan was a policy advisor and surrogate for the Biden campaign. Ms. Duggan was also a Biden appointee to the Biden-Sanders Unity Climate Change Task Force. After her time in federal service, Ms. Duggan co-founded the Smart Cities Lab, was a Partner with the Honorable Thomas J. Ridge’s firm, RIDGE-LANE Limited Partners, and served on the external advisory board of the University of Michigan’s Erb Institute for Global Sustainable Enterprise and was a Board Member at the Global Council for Science and the Environment. She was also a Trustee of the University Liggett School. In 2018, Ms. Duggan was named to the prestigious “40 Under 40” list by Crain’s Detroit Business. Ms. Duggan spent nearly seven years in federal service, including in the Obama-Biden White House as Deputy Director for Policy to then Vice President Joe Biden for energy, environment, climate and distressed communities. Simultaneously, she served as Deputy Director of the Detroit Federal Working Group to support Detroit’s revitalization. Prior to the White House, Ms. Duggan held several senior roles at the Department of Energy, including as Secretary Moniz’s embedded Liaison to the City of Detroit (where she championed a citywide LED streetlight conversion), and in the Office of Energy Efficiency & Renewable Energy as Director of Stakeholder Engagement, Director of Legislative, Regulatory & Urban Affairs, and as a Senior Policy Advisor. She is also on the advisory boards of RockCreek, Aclima, Inc., Walker-Miller Energy Services, and Arctaris Impact Investors. She is a Senior Fellow with the Federation of American Scientists. Ms. Duggan earned her B.S. in Environmental Studies from the University of Vermont and her M.S. in Natural Resource Policy & Behavior from the University of Michigan. “Throughout my career, helping address this nation’s most pressing environmental challenges has been one of my highest priorities,” stated Ms. Duggan. “I welcome the opportunity to work alongside the senior management team at Perma-Fix, given the Company’s proven track record of putting science to work, developing unique and cost-effective solutions to legacy radioactive waste—which has not only become an urgent priority for the safety and well-being of the community, but is also a considerable financial liability for the nation. I believe that Perma-Fix has the leadership, technologies and expertise to help solve these complex problems, while dramatically reducing the economic burden on the government and taxpayers and allowing us to collectively be better stewards of our environment.” Mark Duff, Chief Executive Officer, stated, “We are honored to welcome Ms. Duggan to the Board of Directors, as a leading figure in both the environmental and energy sectors. Kerry brings extensive experience having held senior roles in business, government, academic, and non-profit organizations. She is recognized and sought after as a leader in areas such as clean energy, climate resilience, and environmental protection. We look forward to working closely with Kerry and leveraging her unique relationships at all levels of government to advance our objectives to provide waste management technologies and capabilities that will reduce adverse environmental impacts while increasing value to our clients. We believe her experience and vision are closely aligned with our mission.” 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. Please visit us on the World Wide Web at http://www.perma-fix.com. Contacts:David K. Waldman-US Investor RelationsCrescendo Communications, LLC (212) 671-1021 Herbert Strauss-European Investor Relationsherbert@eu-ir.com+43 316 296 316

  • Perma-Fix Reports Financial Results for the First Quarter of 2021
    GlobeNewswire

    Perma-Fix Reports Financial Results for the First Quarter of 2021

    ATLANTA, May 06, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced financial results and provided a business update for the first quarter ended March 31, 2021. Mark Duff, President and CEO of the Company, commented, “As anticipated, we experienced weakness in our Treatment Segment due to the ongoing effects of the COVID-19 pandemic, which resulted in delayed shipments. Partially offsetting this weakness, we achieved modest growth in our Services Segment revenue despite delays throughout the industry in awarding procurements, also due to the pandemic. Nevertheless, we remain optimistic, as we have begun to see a return to normalization. As a result, we anticipate a stronger second half of 2021, given our robust pipeline within the Services Segment and significant pent-up demand within the Treatment Segment. In terms of the Services Segment, we have an unprecedented number and combined value of bids currently submitted and awaiting awards. We also expect to benefit from the government’s fiscal 2020 carryover funds, in addition to 2021 allocations that have been delayed and should help fund an acceleration of projects within the Treatment Segment. Also, as previously disclosed, we are rapidly advancing several initiatives within the Treatment Segment that we believe have the potential to enhance our revenues at each of our treatment facilities. The foundation of our growth strategy is based on the addition of experienced technical talent in waste management and health physics over the past two years. We believe this foundation, coupled with new technology launches in both services and treatment will continue to provide our clients value and support our growth goals once COVID is behind us.” COVID-19Similar 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 the Company’s locations. However, the Company’s Treatment Segment continues to see delays in waste shipments from key customers due to continued impacts of COVID-19 and the Services Segment is realizing delays in procurement actions and contract awards. 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 and into Q2 2021. Financial Results Revenue was $23.1 million for the first quarter of 2021 as compared to $24.9 million for the corresponding period of 2020. The decrease in revenue was entirely within our Treatment Segment where revenue decreased to $7.5 million for the first quarter of 2021 from $9.6 million corresponding period of 2020. The revenue decrease in the Treatment segment was primarily the result of reduced volume from waste shipment delays from the impact of COVID-19. Also, lower averaged price waste from revenue mix contributed to the decrease in revenue within the Treatment Segment. Revenue for the Services Segment increased to $15.6 million for the first quarter of 2021 from $15.3 million for the same period in 2020. The Services Segment revenues are project based; as such, the scope, duration and completion of each project vary. As a result, the Services Segment revenues are subject to differences relating to timing and project value. Gross profit for the first quarter of 2021 was $2.4 million versus $4.6 million for the first quarter of 2020 primarily due to lower revenue generated in the Treatment Segment and the impact of the fixed costs at our treatment plants. Operating loss for the first quarter of 2021 was $999,000 versus operating income of $1.4 million for the corresponding period of 2020. Net loss attributable to common stockholders (both basic and diluted) for the first quarter of 2021 was $1.1 million or ($0.09) per share versus net income attributable to common stockholders (both basic and diluted) of $1.2 million or $0.10 per share, for the same period in 2020. The Company reported Adjusted EBITDA of ($522,000) from continuing operations at March 31, 2021, as compared to Adjusted EBITDA of $1.9 million from continuing operations during the corresponding period of 2020. 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. Both EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with Generally Accepted Accounting Principles 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 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 (loss) income from continuing operations for the three months ended March 31, 2021 and 2020. Quarter Ended March 31, (Unaudited) (Unaudited)(In thousands) 2021 2020 (Loss) income from continuing operations $(1,038) $1,308 Adjustments: Depreciation & amortization 400 346 Interest income (18) (56)Interest expense 67 120 Interest expense - financing fees 8 68 Income tax (benefit) expense (17) 14 EBITDA (598) 1,800 Research and development costs related to Medical Isotope project 76 66 Adjusted EBITDA $(522) $1,866 The tables below present certain unaudited financial information for the business segments, which excludes allocation of corporate expenses: Quarter Ended Quarter Ended March 31, 2021 March 31, 2020 (Unaudited) (Unaudited)(In thousands) Treatment Services Medical Treatment Services MedicalRevenues $7,495 $15,638 $— $9,563 $15,297 $— Gross profit 925 1,431 — 2,745 1,895 — Segment (loss) profit (102) 555 (76) 1,533 1,318 (66) Conference Call Perma-Fix will host a conference call at 11:00 a.m. ET on Thursday, May 6, 2021. The conference call will 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 of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2243/41236 or on the Company’s website at www.perma-fix.com. 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 Thursday, May 13, 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: 41236. 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”, “plan to”, “estimates”, “projects”, and similar expressions. Forward-looking statements include, but are not limited to: return to normalization; second half of 2021; award of contracts; benefit from the government’s fiscal 2020 carryover funds, in addition to 2021 allocations that have been delayed; acceleration of projects within our Treatment Segment; proposal requests; growth strategy; new technology launches; advancing initiatives; growth goals; and impact of COVID-19. 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 or terminates existing contracts; Congress fails to provides funding for the DOD’s and DOE’s remediation projects; inability to obtain new foreign and domestic remediation contracts; inability to meet financial covenants; and the additional factors referred to under “Risk Factors” and "Special Note Regarding Forward-Looking Statements" of our 2020 Form 10-K and Form 10-Q for quarter ended March 31, 2021. 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. Contacts:David K. Waldman-US Investor RelationsCrescendo Communications, LLC (212) 671-1021 Herbert Strauss-European Investor Relationsherbert@eu-ir.com+43 316 296 316 FINANCIAL TABLES FOLLOW PERMA-FIX ENVIRONMENTAL SERVICES, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) Three Months Ended March 31,(Amounts in Thousands, Except for Per Share Amounts) 2021 2020 Revenues $23,133 $24,860 Cost of goods sold 20,777 20,220 Gross profit 2,356 4,640 Selling, general and administrative expenses 3,205 2,928 Research and development 150 232 Loss on disposal of property and equipment — 31 (Loss) income from operations (999) 1,449 Other income (expense): Interest income 18 56 Interest expense (67) (120)Interest expense-financing fees (8) (68)Other 1 5 (Loss) income from continuing operatrions before taxes (1,055) 1,322 Income tax (benefit) expense (17) 14 (Loss) income from continuing operations, net of taxes (1,038) 1,308 Loss from discontinued operations (net of taxes of $0) (115) (114)Net (loss) income (1,153) 1,194 Net loss attributable to non-controlling interest (30) (26) Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders $(1,123) $1,220 Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic and diluted: Continuing operations $(.08) $.11 Discontinued operations (.01) (.01)Net (loss) income per common share $(.09) $.10 Number of common shares used in computing net (loss) income per share: Basic 12,165 12,122 Diluted 12,165 12,346 PERMA-FIX ENVIRONMENTAL SERVICES, INC.CONSOLIDATED BALANCE SHEET March 31, December 31, 2021 2020 (Amounts in Thousands, Except for Share and Per Share Amounts) (Unaudited) (Audited) ASSETS Current assets: Cash $713 $7,924 Account receivable, net of allowance for doubtful accounts of $387 and $404, respectively 20,121 9,659 Unbilled receivables 9,229 14,453 Other current assets 4,403 4,577 Assets of discontinued operations included in current assets 20 22 Total current assets 34,486 36,635 Net property and equipment 17,822 17,783 Property and equipment of discontinued operations 81 81 Operating lease right-of-use assets 2,220 2,287 Intangibles and other assets 22,201 22,133 Total assets $76,810 $78,919 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities $32,666 $32,065 Current liabilities related to discontinued operations 817 898 Total current liabilities 33,483 32,963 Long-term liabilities 11,589 13,253 Long-term liabilities related to discontinued operations 296 252 Total liabilities 45,368 46,468 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, 12,173,376 and 12,161,539 shares issued, respectively; 12,165,734 and 12,153,897 shares outstanding, respectively 12 12 Additional paid-in capital 109,055 108,931 Accumulated deficit (75,578) (74,455)Accumulated other comprehensive loss (187) (207)Less Common Stock held in treasury, at cost: 7,642 shares (88) (88)Total Perma-Fix Environmental Services, Inc. stockholders' equity 33,214 34,193 Non-controlling interest in subsidiary (1,772) (1,742)Total stockholders' equity 31,442 32,451 Total liabilities and stockholders' equity $76,810 $78,919

  • Perma-Fix Schedules First Quarter 2021 Conference Call
    GlobeNewswire

    Perma-Fix Schedules First Quarter 2021 Conference Call

    ATLANTA, May 04, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI), a nuclear services company, today announced it will host a conference call at 11:00 a.m. Eastern Time on Thursday, May 6, 2021. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2243/41236 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 Thursday, May 13, 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: 41236. 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. Contacts:David K. Waldman-US Investor RelationsCrescendo Communications, LLC(212) 671-1021 Herbert Strauss-European Investor Relationsherbert@eu-ir.com+43 316 296 316