-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A2gRO4rxrvQK2SYZKGzjEXST1ppMZ/BPEbHRBcfJWUdSQWuiaaZ/thZQR49XB+Ts WKaTCfXksx+q+fVM4Jvzjw== 0000891092-03-003619.txt : 20031211 0000891092-03-003619.hdr.sgml : 20031211 20031211145214 ACCESSION NUMBER: 0000891092-03-003619 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031210 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERMA FIX ENVIRONMENTAL SERVICES INC CENTRAL INDEX KEY: 0000891532 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 581954497 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11596 FILM NUMBER: 031049366 BUSINESS ADDRESS: STREET 1: 1940 NORTHWEST 67TH PLACE STREET 2: SUITE A CITY: GAINESVILLE STATE: FL ZIP: 32653 BUSINESS PHONE: 3523734200 MAIL ADDRESS: STREET 1: 1940 NW 67TH PL STREET 2: SUITE A CITY: GAINESVILLE STATE: FL ZIP: 32653 8-K 1 e16426_8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) December 10, 2003 PERMA-FIX ENVIRONMENTAL SERVICES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-11596 58-1954497 - ----------------- ------------------------ ------------------- (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 1940 N.W. 67th Place, Suite A, Gainesville, Florida 32653 - --------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (352) 373-4200 Not applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure. On December 10, 2003, Perma-Fix Environmental Services, Inc. issued a press release announcing a restructuring of its Industrial Services Segment. Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release issued by Perma-Fix Environmental Services, Inc., announcing a restructuring of its Industrial Services Segment. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PERMA-FIX ENVIRONMENTAL SERVICES, INC. By: /s/ Richard T. Kelecy ------------------------- Richard T. Kelecy Chief Financial Officer Dated: December 11, 2003 2 EX-99.1 3 e16426ex99_1.txt PRESS RELEASE Exhibit 99.1 Perma-Fix Announces Restructuring Of Its Industrial Services Segment - Company Implements Cost Reductions of $3.2 Million - ATLANTA, Dec. 10 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI; BSE) (Germany: PES.BE) today announced a restructuring and reduction in force within its Industrial Services Segment to improve margins and increase this Segment's profitability. These changes are the culmination of five months of business and financial analysis of all aspects of the Segment by new Segment management and are necessary to prepare the Segment for future profitability and growth. This reduction in force, which was applied at all levels within the Industrial Segment, eliminated approximately 50 jobs. Additionally, the Segment has changed its strategic direction away from low-margin broker disposal services, to a more customer- direct regional sales and operations strategy. The restructuring will be completed in the fourth quarter of 2003 and will result in a charge of approximately $200,000. The Company expects the workforce reduction will result in annual savings of approximately $3.2 million. This reduction did not affect the Nuclear or Engineering Services Segments. Dr. Louis Centofanti, Chairman and Chief Executive Officer, said, "The decision to reduce our headcount was difficult and painful. However, this reorganization was necessary to facilitate the Industrial Segment's future growth and improved profitability. Additionally, we are striving to eliminate low-margin, high volume services and reduce our dependence on outside broker disposal services in order to focus on higher-quality, higher-margin generator direct disposal revenue." Dr. Centofanti also stated that, "The Company's Industrial Services facility located in Wyandotte, Michigan, recently had a fire requiring this facility to suspend its bulking activity and the reduction of six jobs which is included in the total reduction. This incident has not affected any of the other operations at this facility. The Company's insurance company has been placed on notice as a result of this incident. The bulking activity of this facility is being handled by other facilities of the Company." Perma-Fix Environmental Services, Inc. is a national environmental services company, providing unique mixed waste and industrial waste management services. The Company has increased its focus on the Nuclear Services Segment, which provides radioactive and mixed waste treatment services to hospitals, research laboratories and institutions, numerous federal agencies including the Departments of Energy and Defense and nuclear utilities. The Industrial Services Segment provides hazardous and non-hazardous waste treatment services for a diverse group of customers including Fortune 500 companies, numerous federal, state and local agencies and thousands of smaller clients. The Company operates nine major waste treatment facilities across the country. This press release contains certain statements which constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1996, including statements that the Company expects the workforce reduction will result in an annual savings of $3.2 million; the reduction in force is to improve margins and to increase this Segment's profitability and was necessary for the Industrial Segment's future growth and improved profitability; and striving to eliminate low-margin, high-volume services and focus on higher-quality, higher-margin generator direct disposal revenue. Investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materiality from those in the forward-looking statements due to numerous factors, including, but not limited to, general economic conditions, future environmental regulatory restrictions, requirements or orders, loss of significant customer or customers and reduction in the market for the Company's industrial services. Please visit us on the World Wide Web at http://www.perma-fix.com. SOURCE Perma-Fix Environmental Services, Inc. -0- 12/10/2003 /CONTACT: Dr. Louis F. Centofanti, Chairman and CEO, Perma-Fix Environmental Services, Inc., +1-404-847-9990; or David Waldman, dwaldman@lhai.com, or John Heilshorn, both of Lippert-Heilshorn & Associates, +1-212-838-3777; or Herbert Strauss, European investor relations, +011-43-316-296-316, or herbert@eu-ir.com, for Perma-Fix Environmental Services/ /Web site: http://www.perma-fix.com/ (PESI) CO: Perma-Fix Environmental Services, Inc. ST: Georgia IN: ENV SU: -----END PRIVACY-ENHANCED MESSAGE-----