Perma-Fix Environmental Services on Wednesday reported $17.3 million in revenue for the third quarter of 2015, up slightly from $16.9 million for the same period in 2014. Wednesday’s report follows positive news from the second quarter, which saw a 29.2 percent revenue increase from the same period in 2014, and negative news from the first quarter, in which the environmental services provider suffered an operating loss of $1.8 million.
The company reported an adjusted EBITDA of $2.9 million from continuing operations for the latest quarter, down from adjusted EBITDA of $3.8 million for the same period of 2014.
"I am pleased to report another quarter of profitability with $2.9 million of adjusted EBITDA and $1.3 million, or $0.12 per share, of net income from continuing operations,” Chairman and CEO Louis F. Centofanti said in a statement. “Importantly, we continue to see growth in our services segment, with revenue increasing 53.4 percent compared to the same period last year. We also experienced another solid quarter in our treatment segment, albeit slightly less than the same period last year due to the timing of waste shipments which is normal in our business. Looking ahead, we believe that our prior guidance of adjusted EBITDA in the range of $6 million to $7 million for 2015 can be achieved based on our estimated performance for the fourth quarter of 2015. I am especially pleased that our results are producing improved liquidity as evidenced by our cash flow from operations, working capital and debt reduction.”
According to the report, the treatment segment took in $10.9 million in revenue for the third quarter, compared to $12.7 million for the same period in 2014. In 2014, the treatment segment received waste that required a short processing deadline and thus produced higher revenue in the third quarter of that year, according to the press release. Revenue from the services segment was $6.4 million versus $4.2 million for the same period in 2014.The increase in revenue resulted from increased commercial revenue, the company said.
