-----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, VqgLqgRN+vONjTBWhN6AKuuARj7czng3/5k3K+/mkZ+QG2er/M1H5X0GMj520WCK hx/9+/RxC3+hh29LcUsU3g== 0001144204-08-026784.txt : 20080508 0001144204-08-026784.hdr.sgml : 20080508 20080508083250 ACCESSION NUMBER: 0001144204-08-026784 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080508 DATE AS OF CHANGE: 20080508 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: 08812057 BUSINESS ADDRESS: STREET 1: 8302 DUNWOODY PLACE STREET 2: SUITE 250 CITY: ATLANTA STATE: GA ZIP: 30350 BUSINESS PHONE: 7705879898 MAIL ADDRESS: STREET 1: 8302 DUNWOODY PLACE STREET 2: SUITE 250 CITY: ATLANTA STATE: GA ZIP: 30350 8-K 1 v113206_8k.htm
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)          May 8, 2008        

PERMA-FIX ENVIRONMENTAL SERVICES, INC. 
(Exact name of registrant as specified in its charter)

Delaware
 
1-11596
 
58-1954497
(State or other
  
(Commission File
  
 (IRS Employer
jurisdiction of
  
Number)
  
  Identification No.)
 incorporation)
        

8302 Dunwoody Place, Suite 250, Atlanta, Georgia
 
30350
(Address of principal executive offices)                      
  
(Zip Code)

Registrant's telephone number, including area code      (770) 587-9898

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
Section 2 -
Financial Information

Item 2.02 -
Results of Operations and Financial Condition
On May 8, 2008 at 11:00 a.m. EST, Perma-Fix Environmental Services, Inc. (the “Company”) will hold a conference call broadcast live over the Internet. A press release dated May 1, 2008 announcing the conference call, is attached hereto as Exhibit 99.1 and is incorporated herein by reference. A transcript of the conference call will also be available on the Company’s web page at www.perma-fix.com.
 
On May 8, 2008, the Company issued a press release to report its financial results for the three months ended March 31, 2008. The press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
 
The information combined in this Item 2.02 of this Form 8-K and the Exhibits attached hereto are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934 (as amended), or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 (as amended), except as shall be expressly set forth by specific reference in such filing.
 
Section 9 -
Financial Statements and Exhibits
 
Item 9.01 -
Financial Statements and Exhibits
 
(d)
Exhibits
  
     
 
Exhibit Number
Description
 
99.1
Press release dated May 1, 2008
 
99.2
Press release dated May 8, 2008

 
 
 
 
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.
 
 
 
 
 
 
Dated:    May 8, 2008
By:
/s/ Steven Baughman
 
 
Steven Baughman
 
 
Vice President and
 
 
Chief Financial Officer
 
 
 
 

 EX-99.1 2 v113206_ex99-1.htm
 
Perma-Fix Schedules First Quarter 2008
Conference Call

ATLANTA - May 1, 2008 — Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) today announced that it will host a conference call at 11:00 a.m. ET on Thursday, May 8, 2008. The call will be available on the Company’s website at www.perma-fix.com, or by calling 866-585-6398 for U.S. callers, or 416-849-9626 for international callers. The conference call will be led by Dr. Louis F. Centofanti, Chairman and CEO, and Steven Baughman, Vice President and Chief Financial Officer, of Perma-Fix Environmental Services, Inc.

A webcast will also be archived on the Company’s website and a telephone replay of the call will be available approximately one hour following the call, through midnight May15, 2008, and can be accessed by calling: 866-245-6755 (U.S. callers) or 416-915-1035 (international callers) and entering conference ID 368685.

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 DOE and the U.S. Department of 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.

Please visit us on the World Wide Web at http://www.perma-fix.com.

*****

Contacts:
  
Dr. Louis F. Centofanti, Chairman and CEO
David K. Waldman-US Investor Relations
Perma-Fix Environmental Services, Inc.
Crescendo Communications, LLC
(770) 587-9898
(212) 671-1020 x101

Herbert Strauss-European Investor Relations
herbert@eu-ir.com
+43 316 296 316
 
 
 
 
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Perma-Fix Announces Results for the First Quarter of Fiscal 2008

ATLANTA - May 8, 2008 — Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) today announced results for the first quarter ended March 31, 2008.

Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, “Revenues within our Nuclear Segment increased by 13 percent over the same period last year, aided by the acquisition of our new Perma-Fix Northwest facility during the second quarter of 2007. This was offset by a decline in gross margin, attributable to the shift in product mix towards lower margin waste streams. This shift in product mix was largely due to the continued slowdown of several large projects within the Department of Energy (DOE) as the new bidding cycle is underway. Nevertheless, these cycles have presented opportunities for Perma-Fix to expand beyond our core niche of nuclear waste treatment. Specifically, we have bid on several projects for onsite management of DOE facilities. We believe that the onsite advantage will provide Perma-Fix with the ability to accurately assess waste streams early in the disposal cycle. This unique expertise will not only help to accelerate the cleanup process, but in turn, we believe should expedite the flow of waste sent to our four treatment facilities. Whether or not we win these onsite contracts, we anticipate the DOE will accelerate its cleanup efforts in the second half of 2008. We believe we are uniquely positioned to capture a portion of the planned waste treatment at these sites, since we are the only commercial operator with the licenses and facilities to treat most mixed waste streams that reside in the DOE weapons complex.”

Dr. Centofanti continued, “We have made progress regarding the divestiture of our industrial waste business. In the first quarter, we sold both Baltimore, Maryland and Dayton, Ohio facilities for a combined $6.0 million in all-cash transactions, subject to certain working capital adjustments, including the assumption of certain liabilities by the purchasers. Our goal is to sell the remaining facilities on the industrial side of our business to focus all our resources and attention on the higher margin nuclear waste sector. As previously reported, the Industrial Segment of Perma-Fix has been re-classified as discontinued operations. Under this scenario, we have absorbed a much higher percentage of the corporate overhead within our Nuclear Segment, but plan to adjust these expenses following the divestiture of the remainder of the Industrial Segment.”

Financial Results

Revenue for the first quarter of 2008 was $14.9 million, versus $12.9 million for the same period last year. Revenue for the Nuclear Segment increased to $14.0 million versus $12.3 million for the same period last year. Revenue from the Engineering Segment was $902,000 versus $577,000 for the same period last year. Operating loss from continuing operations for the first quarter was $328,000 versus operating income of $583,000 for the same period last year. The decrease in operating income primarily reflects the lower margin waste treated within the Nuclear Segment. Loss from discontinued operations, net of taxes, totaled $710,000 for the first quarter of 2008 compared to a loss of $1.7 million for the same period last year. Net income applicable to common stockholders for the first quarter of 2008 was $1.1 million, or $0.02 per share, versus net loss of $1.1 million or $0.02 per share, for the same period last year. Net income applicable to common stockholders for the first quarter of 2008 included a gain on disposal of discontinued operations, net of taxes, of $2.1 million.

The company had EBITDA of $2.6 million during the quarter ended March 31, 2008, as compared to EBITDA of approximately $.5 million for the same period of 2007. The company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of performance calculated in accordance with accounting principles generally accepted in the United States (“GAAP”), and should not be considered in isolation of, or as a substitute for, earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. The company believes the presentation of EBITDA is relevant and useful by enhancing the readers’ ability to understand the company’s operating performance. The company’s management utilizes EBITDA as a means to measure performance. The company’s measurements of EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA, a non-GAAP measure, to net income for the three months ended March 31, 2008 and 2007.
 
 
 
 
 
   
Quarter Ended
  
   
March 31,
  
(In thousands)
  
2008
  
2007
  
Net (loss) Income
 
$
1,069
  
$
(1,084
)
               
               
Adjustments:
              
Depreciation & Amortization
    
1,121
   
1,217
 
Interest Income
    
(68
)
  
(88
)
Interest Expense
    
392
   
254
 
Interest Expense - Financing Fees
    
52
   
48
 
Income Tax Expense
    
45
   
126
 
               
EBITDA
  
$
2,611
  
$
473
  

The tables below present certain financial information for the business segments, excluding allocation of corporate expenses:
 
   
Quarter Ended March 31, 2008
 
Quarter Ended March 31, 2007
  
(In thousands)
  
Nuclear
 
Engineering
 
Nuclear
 
Engineering
  
Net revenues
  
$
13,981
  
$
902
  
$
12,344
  
$
577
  
Gross profit
    
3,554
   
255
   
4,431
   
169
 
Segment profit
   
976
   
128
   
2,011
   
49
 

About Perma-Fix Environmental Services

Perma-Fix Environmental Services, Inc., a national environmental services company, provides unique mixed waste and industrial waste management services. The company’s increased focus on nuclear services includes radioactive and mixed waste treatment services for hospitals, research labs and institutions, federal agencies, including DOE, DOD, and nuclear utilities. The company’s industrial services treat hazardous and non-hazardous waste for a variety of customers including, Fortune 500 companies, federal, state and local agencies and thousands of other clients. Nationwide, the company operates nine major waste treatment facilities.
 
 
2
 
 
This press release contains “forward-looking statements” which are based largely on the company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the company's control. Forward-looking statements include, but are not limited to, onsite management of DOE facilities will provide Perma-Fix with the ability to accurately access waste streams early in the disposal cycle; this will help to accelerate the clean-up process and flow of waste sent to our facilities; we are uniquely positioned to capture a portion of the planned waste treatment; sell the remaining facilities within our Industrial Segment; adjust expenses following divestiture of remainder of the Industrial Segment; new onsite contracts representing growth opportunity outside our traditional markets and increase the flow of waste to us; new opportunities for Perma-Fix to expand beyond a core niche of nuclear waste treatment; anticipate DOE will accelerate its cleanup efforts in the second half of 2008. These forward-looking statements are intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. While the company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including, without limitation, future economic conditions; industry conditions; competitive pressures; and our ability to apply and market our technologies; that neither the federal government nor any other party to a subcontract involving the federal government terminates or renegotiates any material contract granted to us prior to expiration of the term of the contract, as such contracts are generally terminable or renegotiable on 30 day notice, at the government’s option; or the government or such other party to a contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract; that Congress provides funding for the new remediation projects; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2007 Form 10-K/A and the Forward-Looking Statements discussed in our Form 10-Q for the quarter ending March 31, 2008.. The company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.

Please visit us on the World Wide Web at http://www.perma-fix.com.

FINANCIAL TABLES FOLLOW

Contacts:
  
Dr. Louis F. Centofanti, Chairman and CEO
David K. Waldman-US Investor Relations
Perma-Fix Environmental Services, Inc.
Crescendo Communications, LLC
(770) 587-5155
(212) 671-1020 x101

Herbert Strauss-European Investor Relations
herbert@eu-ir.com
+43 316 296 316
 
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PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
   
Three Months Ended March 31,
 
(Amounts in Thousands, Except for Per Share Amounts)
  
2008
  
2007
  
            
Net revenues
  
$
14,883
  
$
12,921
 
Cost of goods sold
    
11,074
   
8,321
 
Gross profit
    
3,809
   
4,600
 
               
Selling, general and administrative expenses
    
3,807
   
3,715
 
Income from operations
    
2
   
885
 
               
Other income (expense):
              
Interest income
    
68
   
88
 
Interest expense
    
(352
)
  
(200
)
Interest expense-financing fees
    
(52
)
  
(48
)
Other
    
6
   
(16
)
(Loss) income from continuing operations before taxes
    
(328
)
  
709
 
Income tax expense
    
―
   
126
 
(Loss) income from continuing operations
    
(328
)
  
583
 
               
Loss from discontinued operations, net of taxes
    
(710
)
  
(1,667
)
Gain on disposal of discontinued operations, net of taxes
    
2,107
   
―
 
Net income (loss)
    
1,069
   
(1,084
)
               
Preferred Stock dividends
    
¾
   
¾
 
Net income (loss) applicable to Common Stockholders
  
$
1,069
  
$
(1,084
)
               
Net income (loss) per common share - basic
              
Continuing operations
  
$
(.01
)
$
.01
 
Discontinued operations
    
(.01
)
  
(.03
)
Disposal of discontinued operations
    
.04
   
¾
 
Net income (loss) per common share
  
$
.02
  
$
(.02
)
               
Net income (loss) per common share - diluted
              
Continuing operations
  
$
(.01
)
$
.01
 
Discontinued operations
    
(.01
)
  
(.03
)
Disposal of discontinued operations
    
.04
   
¾
 
Net income (loss) per common share
  
$
.02
  
$
(.02
)
               
Number of common shares used in computing net income (loss) per share:
              
Basic
    
53,704
   
52,063
 
Diluted
    
53,704
   
53,067
 
 
 
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PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET

   
March 31,
     
   
2008
  
December 31,
  
(Amounts in Thousands, Except for Share Amounts)
  
(Unaudited)
  
2007
  
           
ASSETS
          
Current assets:
          
Cash & equivalents
  
$
98
  
$
137
  
Account receivable, net of allowance for doubtful
accounts of $79 and $138
    
13,284
   
13,536
 
Unbilled receivables
   
8,738
   
10,321
 
Other current assets
    
3,342
   
3,403
 
Assets of discontinued operations included in current assets, net of allowance for
             
doubtful accounts of $93 and $269
    
2,804
   
5,197
 
Total current assets
    
28,266
   
32,594
 
               
Net property and equipment
    
46,709
   
47,309
 
Property and equipment of discontinued operations, net of accumulated
             
depreciation of $6,027 and $12,408
    
4,232
   
6,775
 
Intangibles and other assets
    
38,764
   
36,984
 
Intangible and other assets of discontinued operations
   
1,598
   
2,369
 
Total assets
  
$
119,569
  
$
126,031
  
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
              
Current liabilities
    
30,510
   
41,389
 
Current liabilities related to discontinued operations
    
4,834
   
8,359
 
Total current liabilities
    
35,344
   
49,748
 
               
Long-term liabilities
    
19,895
   
12,680
 
Long-term liabilities related to discontinued operations
    
3,093
   
3,590
 
Total liabilities
    
58,332
   
66,018
 
Commitments and Contingencies
              
Preferred Stock of subsidiary, $1.00 par value; 1,467,396
   
1,285
   
1,285
 
shares authorized, 1,284,730 shares issued and
             
outstanding, liquidation value $1.00 per share
              
Stockholders’ equity:
              
Preferred Stock, $.001 par value; 2,000,000 shares authorized,
              
no shares issued and outstanding
    
—
   
—
 
Common Stock, $.001 par value; 75,000,000 shares authorized,
              
53,704,516 and 53,704,516 shares issued and outstanding, respectively
    
54
   
54
 
Additional paid-in capital
    
96,549
   
96,409
 
Stock subscription receivable
    
(10
)
  
(25
)
Accumulated deficit
    
(36,641
)
  
(37,710
)
Total stockholders' equity
    
59,952
   
58,728
 
Total liabilities and stockholders' equity
  
$
119,569
  
$
126,031
  
 
 
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