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Marketwired - Regulations and Law

Last Build Date: Wed, 14 Mar 2018 07:32:25 EDT

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Perma-Fix Reports Results for the Fourth Quarter and Fiscal 2017

Wed, 14 Mar 2018 07:00:00 EDT

ATLANTA, GA--(Marketwired - March 14, 2018) - Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") today announced results for the fourth quarter and full year ended December 31, 2017.

Mark Duff, Chief Executive Officer, stated, "We achieved $2.4 million of adjusted EBITDA (as defined below) for the year ended December 31, 2017 versus $575,000 for 2016. This improvement was due primarily to the 17% increase in Treatment Segment revenue, reflecting both organizational changes and growth initiatives over the past year. We expect these initiatives to positively impact our revenue through 2018. For the fourth quarter of 2017, waste receipts were up; however, our Treatment Segment revenue recognition was affected by timing and the particular mix of waste we received. Importantly, backlog is growing heading into 2018, as evidenced by a 46% increase at year end. Moreover, we achieved positive adjusted EBITDA for the quarter and anticipate continued improvement in 2018 as we focus on new revenue opportunities in the Treatment Segment and initiatives within our Services Segment begin to take hold."