Perma-Fix Environmental Services said Monday its fourth-quarter revenue slid from $12.6 million in 2017 to $11.7 million in 2018, largely due to the unexpected temporary shutdown of a radioactive waste treatment facility.
The roughly two-week outage at the Perma-Fix Northwest facility in Richland, Wash., generated an $800,000 hit to revenue, Perma-Fix CEO Mark Duff said in a press release on the company’s latest earnings. The Atlanta-based company is also still paying for closure of a waste facility in Tennessee, Duff said.
Perma-Fix reported a $2.1 million operating loss for the quarter, compared to a $1.2 million loss in the same period of 2017. The $2.4 million net loss from continuing operations was a steep drop from $340,000 in income in fourth-quarter 2017. The net loss attributable to common stockholders was similar: $2.4 million, or $0.20 per share, down from $260,000 in net income, $0.02 per share, in 2017.
The press release notes that Perma-Fix’s fourth-quarter 2017 earnings were buoyed by a $1.7 million tax benefit from the federal 2017 Tax Cuts and Jobs Act.
For the full year, Perma-Fix reported a nearly $1.1 million loss from continuing operations in 2018. That improved significantly on a $3.5 million loss in 2017.
“As recently reported, we have been awarded several new projects in March that we believe will further increase our funded backlog and bolster our Services Segment beginning in the second quarter of 2019,” Duff said in the release. “We look forward to formally signing and announcing these projects in the coming weeks, which include remediation work in Canada as well as several U.S. Department of Energy (DOE) locations throughout the United States. We estimate the total contract value of these awards collectively to be approximately $17 million through 2019 alone.”
Duff and other Perma-Fix executives are scheduled to discuss the earnings report during a conference call at noon ET today.
