PERMA-FIX ENVIRONMENTAL SERVICES, INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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1-11596
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58-1954497
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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8302 Dunwoody Place, Suite 250, Atlanta, Georgia
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30350
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(Address of principal executive offices)
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(Zip Code)
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Not applicable
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(Former name or former address, if changed since last report)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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PERMA-FIX ENVIRONMENTAL SERVICES, INC.
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By:
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/s/ Ben Naccarato
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Ben Naccarato
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Dated:
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March 22, 2013
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Vice President, Chief Financial Officer and Chief Accounting Officer
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Quarter Ended
December 31,
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Twelve Months Ended
December 31,
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(In thousands)
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2012
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2011
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2012
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2011
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Net (Loss) Income from Continuing Operations
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$ | (4,262 | ) | $ | 5,132 | $ | (6,550 | ) | $ | 11,572 | ||||||
Adjustments:
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Depreciation & Amortization
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1,368 | 1,313 | 5,470 | 4,816 | ||||||||||||
Interest Income
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(10 | ) | (18 | ) | (41 | ) | (58 | ) | ||||||||
Interest Expense
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176 | 200 | 818 | 657 | ||||||||||||
Interest Expense - Financing Fees
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24 | 28 | 107 | 207 | ||||||||||||
Income Tax (benefit) expense
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2,353 | (4,598 | ) | 1,250 | (1,095 | ) | ||||||||||
EBITDA
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$ | (351 | ) | $ | 2,057 | $ | 1,054 | $ | 16,099 | |||||||
Costs in Excess of Revenue and Amortization of Acquired Contracts
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428 | 441 | 2,295 | 441 | ||||||||||||
Adjusted EBITDA
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$ | 77 | $ | 2,498 | $ | 3,349 | $ | 16,540 |
Quarter Ended
December 31, 2012
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Quarter Ended
December 31, 2011
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(In thousands)
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Treatment
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Services
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Treatment
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Services
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Net revenues
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$ | 11,598 | $ | 15,086 | $ | 15,721 | $ | 17,061 | ||||||||
Gross profit
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2,365 | 914 | 5,388 | 652 | ||||||||||||
Segment (loss) profit
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(2,967 | ) | 427 | 6,750 | 475 |
Twelve Months Ended
December 31, 2012
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Twelve Months Ended
December 31, 2011
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(In thousands)
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Treatment
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Services
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Treatment
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Services
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Net revenues
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$ | 45,882 | $ | 81,627 | $ | 65,836 | $ | 52,261 | ||||||||
Gross profit
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9,268 | 6,536 | 21,299 | 7,121 | ||||||||||||
Segment (loss) profit
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(450 | ) | 1,474 | 15,399 | 3,983 |
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
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(Amounts in Thousands, Except for Per Share Amounts)
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2012
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2011
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2012
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2011
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Net revenues
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$ | 26,684 | $ | 32,782 | $ | 127,509 | $ | 118,097 | ||||||||
Cost of goods sold
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23,405 | 26,742 | 111,705 | 89,677 | ||||||||||||
Gross profit
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3,279 | 6,040 | 15,804 | 28,420 | ||||||||||||
Selling, general and administrative expenses
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4,565 | 4,735 | 18,390 | 15,564 | ||||||||||||
Research and development
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433 | 483 | 1,823 | 1,502 | ||||||||||||
(Gain) loss on disposal of property and equipment
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— | (15 | ) | 15 | (15 | ) | ||||||||||
(Loss) income from operations
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(1,719 | ) | 837 | (4,424 | ) | 11,369 | ||||||||||
Other income (expense):
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Interest income
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10 | 18 | 41 | 58 | ||||||||||||
Interest expense
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(176 | ) | (200 | ) | (818 | ) | (657 | ) | ||||||||
Interest expense-financing fees
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(24 | ) | (28 | ) | (107 | ) | (207 | ) | ||||||||
Loss on extinguishment of debt
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— | (91 | ) | — | (91 | ) | ||||||||||
Other
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(1 | ) | (2 | ) | 8 | 5 | ||||||||||
(Loss) income from continuing operations before taxes
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(1,910 | ) | 534 | (5,300 | ) | 10,477 | ||||||||||
Income tax expense (benefit)
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2,352 | (4,598 | ) | 1,250 | (1,095 | ) | ||||||||||
(Loss) income from continuing operations
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(4,262 | ) | 5,132 | (6,550 | ) | 11,572 | ||||||||||
Income from discontinued operations, net of taxes
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717 | 784 | 458 | 777 | ||||||||||||
(Loss) gain on disposal of discontinued operations, net of taxes
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— | (268 | ) | — | 1,509 | |||||||||||
Net (loss) income
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(3,545 | ) | 5,648 | (6,092 | ) | 13,858 | ||||||||||
Less: net income attributable to non-controlling interest
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1 | 22 | 180 | 22 | ||||||||||||
Net (loss) income attributable to common stockholders
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$ | (3,546 | ) | $ | 5,626 | $ | (6,272 | ) | $ | 13,836 | ||||||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic:
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Continuing operations
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$ | (.07 | ) | $ | .09 | $ | (.12 | ) | $ | .21 | ||||||
Discontinued operations
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.01 | .01 | .01 | .01 | ||||||||||||
Disposal of discontinued operations
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— | — | — | .03 | ||||||||||||
Net (loss) income per common share
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$ | (.06 | ) | $ | .10 | $ | (.11 | ) | $ | .25 | ||||||
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted:
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Continuing operations
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$ | (.07 | ) | $ | .09 | $ | (.12 | ) | $ | .21 | ||||||
Discontinued operations
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.01 | .01 | .01 | .01 | ||||||||||||
Disposal of discontinued operations
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— | — | — | .03 | ||||||||||||
Net (loss) income per common share
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$ | (.06 | ) | $ | .10 | $ | (.11 | ) | $ | .25 | ||||||
Number of common shares used in computing net (loss) income per common share:
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Basic
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56,200 | 55,765 | 56,125 | 55,295 | ||||||||||||
Diluted
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56,200 | 55,781 | 56,125 | 55,317 |
(Amounts in Thousands, Except for Share and Per Share Amounts)
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December 31,
2012 |
December 31,
2011 |
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ASSETS
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Current assets:
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Cash and equivalents
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$ | 4,403 | $ | 13,590 | ||||
Account receivable, net of allowance for doubtful accounts of $2,507 and $2,441
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11,395 | 16,848 | ||||||
Unbilled receivables
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8,530 | 9,632 | ||||||
Other current assets
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4,067 | 6,146 | ||||||
Deferred tax assets - current
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1,553 | 3,853 | ||||||
Assets of discontinued operations included in current assets, net of allowance for doubtful accounts of $45 and $48
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499 | 693 | ||||||
Total current assets
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30,447 | 50,762 | ||||||
Net property and equipment
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35,314 | 39,835 | ||||||
Property and equipment of discontinued operations, net of accumulated depreciation of $60 and $62, respectively
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1,614 | 1,650 | ||||||
Deferred tax asset, net of liabilities
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1,103 | 1,435 | ||||||
Intangibles and other assets
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72,553 | 71,895 | ||||||
Total assets
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$ | 141,031 | $ | 165,577 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities
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$ | 25,628 | $ | 40,543 | ||||
Current liabilities related to discontinued operations
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1,512 | 2,197 | ||||||
Total current liabilities
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27,140 | 42,740 | ||||||
Long-term liabilities
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23,425 | 26,742 | ||||||
Long-term liabilities related to discontinued operations
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1,829 | 1,775 | ||||||
Total liabilities
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52,394 | 71,257 | ||||||
Commitments and Contingencies
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Preferred Stock of subsidiary, $1.00 par value; 1,467,396 shares authorized, 1,284,730 shares issued and outstanding, liquidation value $1.00 per share
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1,285 | 1,285 | ||||||
Stockholders’ equity:
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Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding
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— | — | ||||||
Common Stock, $.001 par value; 75,000,000 shares authorized, 56,238,525 and 56,068,248 shares issued, respectively; 56,200,315 and 56,030,038 outstanding, respectively
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56 | 56 | ||||||
Additional paid-in capital
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102,819 | 102,411 | ||||||
Accumulated deficit
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(16,005 | ) | (9,733 | ) | ||||
Accumulated other comprehensive loss
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(2 | ) | (3 | ) | ||||
Less Common Stock in treasury at cost: 38,210 and 0 shares, respectively
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(88 | ) | (88 | ) | ||||
Total Perma-Fix Environmental Services, Inc. stockholders' equity
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86,780 | 92,643 | ||||||
Non-controlling interest
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572 | 392 | ||||||
Total stockholders' equity
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87,352 | 93,035 | ||||||
Total liabilities and stockholders' equity
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$ | 141,031 | $ | 165,577 |
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