Perma-Fix Environmental Services on Thursday said it had nearly doubled its revenue in the fourth quarter of 2019, to $22.1 million from $11.7 million for the corresponding period the year before.
The 88% spike was built on sales boosts in its two key businesses for the quarter ended Dec. 31: Revenue in the Services Segment rose a massive 341%, from $2.7 million to $11.8 million on a year-over-year basis; Revenue in the Treatment Segment grew by a more modest $13.5%, from $9 million to $10.3 million.
Quarterly net income at the Atlanta-based radioactive waste treatment specialist came in at $939,000, or $0.08 per share. That compares to a $2.4 million loss, $0.20 per share, for the three-month stretch of 2018.
“2019 was a transformative year for the Company, as we more closely aligned our nuclear services and waste treatment capabilities, which has allowed us to provide a truly unique and integrated offering for our customers,” President and CEO Mark Duff said in a press release. “At the same time, we are realizing the benefits of our recently implemented strategic plan and business development initiatives.”
Duff noted that Perma-Fix secured $65 million worth of new contracts from the beginning of 2019, despite congressional continuing resolutions that kept the government open but froze funding levels for nearly the first quarter of fiscal 2020.
Perma-Fix, though, is starting to feel the impact of the spreading COVID-19 outbreak, Duff acknowledged.
“In respect to COVID-19, we have seen certain field projects temporarily suspended and waste shipments delayed into the second quarter,” he stated. “We continue to monitor the situation carefully, but believe we are well positioned to weather such disruptions given our current backlog and balance sheet. Most importantly, Perma-Fix is a safety driven organization, committed to our employees, and we will keep investors apprised of any developments.”
