PERMA-FIX ENVIRONMENTAL SERVICES, INC.
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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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Registrant's telephone number, including area code
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(770) 587-9898
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Not applicable
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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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(d)
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Exhibits
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Exhibit Number
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Description
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Press release dated May 10, 2013
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PERMA-FIX ENVIRONMENTAL SERVICES, INC.
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Dated:
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May 10, 2013
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By:
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/s/ Ben Naccarato
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Ben Naccarato
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Vice President and
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Chief Financial Officer
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Quarter Ended
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March 31,
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(In thousands)
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2013
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2012
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Loss from continuing operations
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$ | (2,888 | ) | $ | (807 | ) | ||
Adjustments:
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Depreciation & amortization
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1,287 | 1,392 | ||||||
Interest income
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(9 | ) | (15 | ) | ||||
Interest expense
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145 | 221 | ||||||
Interest expense - financing fees
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23 | 34 | ||||||
Income tax benefit
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(1,429 | ) | (455 | ) | ||||
EBITDA
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$ | (2,871 | ) | $ | 370 | |||
Costs in excess of revenue and amortization of acquired contracts
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436 | 883 | ||||||
Adjusted EBITDA
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$ | (2,435 | ) | $ | 1,253 |
March 31, 2013
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March 31, 2012
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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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$ | 7,341 | $ | 12,488 | $ | 12,842 | $ | 25,094 | ||||||||
Gross (loss) profit
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(145 | ) | 682 | 2,721 | 1,648 | |||||||||||
Segment (loss) profit
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(888 | ) | (200 | ) | 1,093 | 105 |
Three Months Ended March 31,
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(Amounts in Thousands, Except for Per Share Amounts)
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2013
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2012
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Net revenues
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$ | 19,829 | $ | 37,936 | ||||
Cost of goods sold
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19,292 | 33,567 | ||||||
Gross profit
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537 | 4,369 | ||||||
Selling, general and administrative expenses
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4,186 | 5,038 | ||||||
Research and development
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499 | 353 | ||||||
Loss on disposal of property and equipment
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2 | ― | ||||||
Loss from operations
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(4,150 | ) | (1,022 | ) | ||||
Other income (expense):
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Interest income
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9 | 15 | ||||||
Interest expense
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(145 | ) | (221 | ) | ||||
Interest expense-financing fees
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(23 | ) | (34 | ) | ||||
Other
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(8 | ) | ― | |||||
Loss from continuing operations before taxes
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(4,317 | ) | (1,262 | ) | ||||
Income tax benefit
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(1,429 | ) | (455 | ) | ||||
Loss from continuing operations, net of taxes
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(2,888 | ) | (807 | ) | ||||
Loss from discontinued operations, net of taxes
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(27 | ) | (138 | ) | ||||
Net loss
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(2,915 | ) | (945 | ) | ||||
Net (loss) income attributable to noncontrolling interest
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(3 | ) | 56 | |||||
Net loss attributable to Perma-Fix Environmental Services, Inc.common stockholders
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$ | (2,912 | ) | $ | (1,001 | ) | ||
Net loss per common share attributable to Pema-Fix Environmental Services, Inc. stockholders - basic:
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Continuing operations
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$ | (.05 | ) | $ | (.02 | ) | ||
Discontinued operations
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― | ― | ||||||
Net loss per common share
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$ | (.05 | ) | $ | (.02 | ) | ||
Net loss per common share attributable to Pema-Fix Environmental Services, Inc. stockholders - diluted:
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Continuing operations
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$ | (.05 | ) | $ | (.02 | ) | ||
Discontinued operations
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― | ― | ||||||
Net loss per common share
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$ | (.05 | ) | $ | (.02 | ) | ||
Number of common shares used in computing net loss per share:
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||||||||
Basic
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56,272 | 56,062 | ||||||
Diluted
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56,272 | 56,062 |
March 31,
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December 31,
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(Amounts in Thousands, Except for Share and Per Share Amounts)
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2013
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2012
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ASSETS
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Current assets:
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Cash and equivalents
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$ | 2,286 | $ | 4,403 | ||||
Account receivable, net of allowance for doubtful accounts of $2,207 and $2,507
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10,600 | 11,395 | ||||||
Unbilled receivables
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6,118 | 8,530 | ||||||
Other current assets
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3,829 | 4,067 | ||||||
Deferred tax assets - current
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2,999 | 1,553 | ||||||
Assets of discontinued operations included in current assets, net of allowance for doubtful accounts of $25 and $45
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600 | 499 | ||||||
Total current assets
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26,432 | 30,447 | ||||||
Net property and equipment
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34,304 | 35,314 | ||||||
Property and equipment of discontinued operations, net of accumulated depreciation of $60 and $60, respectively
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1,616 | 1,614 | ||||||
Deferred tax asset, net of liabilities
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1,103 | 1,103 | ||||||
Intangibles and other assets
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72,310 | 72,553 | ||||||
Total assets
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$ | 135,765 | $ | 141,031 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities
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$ | 22,752 | $ | 25,628 | ||||
Current liabilities related to discontinued operations
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1,724 | 1,512 | ||||||
Total current liabilities
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24,476 | 27,140 | ||||||
Long-term liabilities
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23,857 | 23,425 | ||||||
Long-term liabilities related to discontinued operations
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1,612 | 1,829 | ||||||
Total liabilities
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49,945 | 52,394 | ||||||
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, $.001 par value; 75,000,000 shares authorized, 56,310,859 and 56,238,525 shares issued, respectively; 56,272,649 and 56,200,315outstanding, respectively
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56 | 56 | ||||||
Additional paid-in capital
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102,919 | 102,819 | ||||||
Accumulated deficit
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(18,917 | ) | (16,005 | ) | ||||
Accumulated other comprehensive loss
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(4 | ) | (2 | ) | ||||
Less Common Stock in treasury at cost: 38,210 shares
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(88 | ) | (88 | ) | ||||
Total Perma-Fix Environmental Services, Inc. stockholders' equity
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83,966 | 86,780 | ||||||
Non-controlling interest
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569 | 572 | ||||||
Total stockholders' equity
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84,535 | 87,352 | ||||||
Total liabilities and stockholders' equity
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$ | 135,765 | $ | 141,031 |
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