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)            March 10, 2010                         

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):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ 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 March 10, 2010, 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 March 2, 2010, announcing the conference is attached hereto as Exhibit 99.1.  A transcript of the conference call will also be available on the Company’s web page at www.perma-fix.com.

On March 10, 2010, the Company issued a press release to report its financial results for the three and twelve months ended December 31, 2009. 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 March 2, 2010
99.2	Press release dated March 10, 2010

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/ Ben Naccarato
		Ben Naccarato
Dated: March 10, 2010		Vice President and Chief Financial Officer

EX-99.1

Perma-Fix Schedules Fourth Quarter 2009 Earnings Conference Call

ATLANTA – March 2, 2009 — Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) today announced that it will host a conference call at 11:00 AM ET on Wednesday, March 10, 2010. The call will be available on the Company’s website at www.perma-fix.com, or by calling (877) 407-8033 for U.S. callers, or (201) 689-8033 for international callers.  The conference call will be led by Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, and Ben Naccarato, 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 March 17, 2010, and can be accessed by calling: (877) 660-6853 (U.S. callers) or (201) 612-7415 (international callers) and entering account # 286 and conference ID: 346355.

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 seven waste treatment facilities.

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

*****

Contacts:

David K. Waldman-US Investor Relations

Crescendo Communications, LLC

(212) 671-1021

Herbert Strauss-European Investor Relations

herbert@eu-ir.com

+43 316 296 316

EX-99.2

Perma-Fix Reports Fourth Quarter and 2009 Results;

Fourth Quarter Operating Income Increased

198% to $3.9 Million on 21% Increase in Revenue

Nuclear Segment Gross Profit Increased 90.9% in the Fourth Quarter of 2009 to $8.1 Million

Fourth Quarter 2009 Net Income of $5.7 Million, or $0.10 Per Diluted Share, Including $2.4 Million

Gain from Valuation Allowance Release Related to Deferred Tax Asset

ATLANTA – March 10, 2010 — Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) today announced results for the fourth quarter and twelve months ending December 31, 2009.

Fourth quarter 2009 highlights include:

· Revenue for the fourth quarter of 2009 increased 20.8% to $28.4 million

· Nuclear Segment revenue increased 29.2% to $25.6 million

· Nuclear Segment gross margins for the fourth quarter of 2009 increased to 31.6% from 21.4% in the fourth quarter of 2008

· EBITDA increased 115.8% to $5.1 million

· Operating income increased 197.9% to $3.9 million

· Net income of $5.7 million, or $0.10 per diluted share, includes $2.4 million gain from release of valuation allowance related to deferred tax asset

· Working capital increased by $2.7 million in the quarter and $5.4 million for the year.

Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, “Revenue for the fourth quarter of 2009 grew approximately 20.8% compared to the same period last year, as we continued to receive shipments of more complex nuclear waste streams.  At the same time, gross margins in our Nuclear Segment increased to 31.6% from 21.4% for the same period last year, and profit margins within the Nuclear Segment increased to 20.9% from 7.0% for the fourth quarter of 2008.  We attribute the sharp increase in margins to the higher margin waste streams and fixed cost nature of our nuclear services business.  As a result, we generated EBITDA of $5.1 million in the fourth quarter of 2009, a 116% increase from $2.4 million in the fourth quarter of last year. We also achieved net income of $5.7 million, or $0.10 per diluted share, which included a gain of $2.4 million due to the release of a portion of our valuation allowance related to our deferred tax asset.  This compares to net income of $725,000, or $0.01 per diluted share for the same period last year.  Although the third quarter is typically our seasonally strongest period, revenues in the fourth quarter of 2009 increased 7% sequentially, while EBITDA rose nearly 16% compared to the third quarter of 2009.  We believe these trends bode extremely well and expect to benefit from improved operating leverage in 2010, although we do anticipate some seasonality throughout the year.”

Dr. Centofanti concluded, “Looking ahead, we continue to position Perma-Fix at the forefront of the nuclear waste treatment and nuclear services industry.  In addition to the opportunities in our base nuclear waste treatment business, we have identified sizeable opportunities treating higher activity wastes, as evidenced by recent shipments in the third and fourth quarters of these types of waste streams. We have also operated onsite at Hanford for over a year and we have built a solid reputation for our work at the site—reinforcing our capabilities to perform similar work at other DOE facilities.  Overall, we are extremely encouraged by the outlook for the business as we continue to focus on growing revenue, increasing margins and paying down debt.  Moreover, we have strong cash flow with a clean capital structure and no intention to raise additional capital for the foreseeable future.  As a result, we believe we are positioned to continue the growth of our business.”

Financial Results

Revenue for the fourth quarter of 2009 increased 20.8% to $28.4 million compared with $23.5 million for the same period last year. The increase in revenue was primarily due to higher nuclear waste receipts and increased waste processing during the quarter. Quarterly revenue for the Nuclear Segment increased to $25.6 million from $19.8 million for the same period last year, an increase of 29.2%. Revenue for the Industrial Segment decreased to $2.1 million versus $3.0 million for the same period last year due primarily to lower used oil prices and deferred waste treatment projects due to the economy. Revenue from the Engineering Segment increased to $711,000 from $658,000 for the same period last year. Operating income for the fourth quarter was $3.9 million versus $1.3 million for the same period last year. Net income applicable to Common Stockholders for the fourth quarter of 2009 was $5.7 million, or $0.10 per share, versus $725,000 or $0.01 per share, for the same period last year.  Net income for the fourth quarter of 2009 included a gain of $2.4 million from release of a portion of the Company’s valuation allowance related to its deferred tax asset.

The Company had EBITDA of $5.1 million from continuing operations during the quarter ended December 31, 2009, as compared to EBITDA of approximately $2.4 million for the same period of 2008, an increase of 116%. 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. Due to the unique transactions that have resulted from bringing certain facilities within our Industrial Segment back into Continuing Operations in 2008, such as asset Impairment expense (recovery) and the “catch-up” of depreciation, the Company recognizes that the EBITDA is an “adjusted EBITDA” and understands these differences when measuring performance. The table below reconciles EBITDA, a non-GAAP measure, to net income for the three and twelve months ended December 31, 2009, and December 31, 2008, respectively.

	Quarter Ended						Twelve Months Ended
	December 31,						December 31,
(In thousands)	2009			2008			2009			2008
Net Income	$	5,696		$	830		$	9,572		$	985
Adjustments:
Depreciation & Amortization		1,177			1,049			4,746			4,866
Asset Impairment Recovery	–			–			–				(507	)
Interest Income		(23	)		(56	)		(145	)		(226	)
Interest Expense		311			508			1,657			1,540
Interest Expense - Financing Fees		102			14			283			137
Deferred income tax		(2,426	)	–				(2,426	)	–
Income tax expense		240			8			504			10
EBITDA	$	5,077		$	2,353		$	14,191		$	6,805

The tables below present certain financial information for the business segments, excluding allocation of corporate expenses:

	QuarterEndedDecember31,2009							QuarterEndedDecember31,2008
(In thousands)	Nuclear		Engineering		Industrial			Nuclear		Engineering			Industrial
Net revenues	$	25,647	$	711	$	2,084		$	19,849	$	658		$	3,036
Gross profit		8,097		215		274			4,242		142			1,296
Segment profit (loss)		5,366		104		(230	)		1,391		(15	)		1,195

	Twelve Months Ended December 31, 2009							Twelve Months Ended December 31, 2008
(In thousands)	Nuclear		Engineering		Industrial			Nuclear		Engineering		Industrial
Net revenues	$	89,011	$	3,382	$	8,283		$	61,359	$	3,194	$	10,951
Gross profit		24,129		1,013		1,997			15,258		1,072		3,512
Segment profit		14,064		423		(51	)		4,973		418		1,803

Conference Call

Perma-Fix will host a conference call at 11:00 A.M. ET on March 10, 2010. The call will be available on the Company’s Web site at www.perma-fix.com, or by calling (877) 407-8033 for U.S. callers, or (201) 689-8033 for international callers.  A webcast will also be archived on the Company’s Web site and a telephone replay of the call will be available approximately one hour following the call, through midnight March 17, 2010, and can be accessed by calling: (877) 660-6853 (U.S. callers) or (201) 612-7415 (international callers) and entering account # 286 and conference ID: 346355.

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 seven waste treatment facilities.

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. All statements, other than statements of historical facts, are forward-looking statements. Statements that include words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “estimate” and similar statements of a future or forward-looking nature are forward-looking statement.  Forward-looking statements include, but are not limited to: we believe that current trends bode extremely well for 2010and expect to benefit from improved operating leverage in 2010, although we do anticipate some seasonality throughout the year; sizeable opportunities treating higher activity wastes; capacities to perform similar work at other DOE facilities; encouraged by the outlook for business as we attempt to continue revenue growth, increase margins and pay down debt; we have no intention to raise additional capital for the foreseeable future; and we believe we are positioned to continue the growth of our business. 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; 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 continuing funding for the Department of Defense’s and Department of Energy’s remediation projects; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2008 Form 10-K and Forms 10-Q for periods ended March 31, 2009, June 30, 2009, and September 2009.  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) 587-9898	(212) 671-1021
Herbert Strauss-European Investor Relations
herbert@eu-ir.com
+43 316 296 316

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(Amounts in Thousands, Except for Per Share Amounts)	2009			2008			2009			2008
Net revenues	$	28,442		$	23,543		$	100,676		$	75,504
Cost of goods sold		19,856			17,863			73,537			55,662
Gross profit		8,586			5,680			27,139			19,842
Selling, general and administrative expenses		4,702			4,811			17,728			18,192
Asset impairment recovery		¾			¾			¾			(507	)
Gain on disposal of property and equipment		(1	)		(435	)		(15	)		(295	)
Income from operations		3,885			1,304			9,426			2,452
Other income (expense):
Interest income		23			56			145			226
Interest expense		(311	)		(508	)		(1,657	)		(1,540	)
Interest expense-financing fees		(102	)		(14	)		(283	)		(137	)
Other		14			¾			19			(6	)
Income from continuing operations before taxes		3,509			838			7,650			995
Income tax (benefit) expense		(2,186	)		8			(1,922	)		10
Income from continuing operations		5,695			830			9,572			985
Income (loss) from discontinued operations, net of taxes		6			(119	)		50			(1,397	)
Gain on disposal of discontinued operations, net of taxes		¾			14			¾			2,323
Net income applicable to Common Stockholders	$	5,701		$	725		$	9,622		$	1,911
Net income (loss) per common share – basic
Continuing operations	$	.10		$	.01		$	.18		$	.02
Discontinued operations		¾			¾			¾			(.02	)
Disposal of discontinued operations		¾			¾			¾			.04
Net income per common share	$	.10		$	.01		$	.18		$	.04
Net income (loss) per common share – diluted
Continuing operations	$	.10		$	.01		$	.18		$	.02
Discontinued operations		¾			¾			¾			(.02	)
Disposal of discontinued operations		¾			¾			¾			.04
Net income per common share	$	.10		$	.01		$	.18		$	.04
Number of common shares used in computing net income (loss) per share:
Basic		54,559			53,934			54,238			53,803
Diluted		54,990			53,934			54,526			54,003

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

CONSOLIDATED BALANCE SHEET

(Amounts in Thousands, Except for Share Amounts)	2009			2008
ASSETS
Current assets:
Cash & equivalents	$	196		$	184
Account receivable, net of allowance for doubtful accounts of $296 and $333		13,141			13,416
Unbilled receivables		9,858			13,104
Other current assets		3,448			2,909
Deferred tax assets - current		1,856		—
Assets of discontinued operations included in current assets		174			110
Total current assets		28,673			29,723
Net property and equipment		45,727			46,628
Property and equipment of discontinued operations, net of accumulated depreciation of $13 for each year		651			651
Deferred tax asset, net of liabilites		272		—
Intangibles and other assets		50,752			46,710
Total assets	$	126,075		$	123,712
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities		26,190			32,324
Current liabilities related to discontinued operations		993			1,285
Total current liabilities		27,183			33,609
Long-term liabilities		22,655			24,936
Long-term liabilities related to discontinued operations		1,433			2,246
Total liabilities		51,271			60,791
Commitments and Contingencies
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		1,285			1,285
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, 54,628,904 and 53,934,560 shares issued and outstanding, respectively		55			54
Additional paid-in capital		99,641			97,381
Accumulated deficit		(26,177	)		(35,799	)
Total stockholders' equity		73,519			61,636
Total liabilities and stockholders' equity	$	126,075		$	123,712