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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Axe Exploration, Inc. | TSXV:DOD | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
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Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) today announced results
for the first quarter ended March 31, 2014.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "As
anticipated, we experienced continued weakness in the first quarter of 2014. We
expect to see improved results and a further increase in revenues and cash flow
during the balance of 2014 following delayed Congressional approval of the
Department of Energy budget, which approval has begun to result in the federal
government issuing new contracts to remediate its sites. We are now receiving
preliminary notifications on contract awards that were previously delayed. Our
services segment is actively bidding on a number of sizeable projects both
domestically and internationally. In the meantime, we continue to streamline our
organization by reducing additional operating expenses and diversifying our
revenue streams. The recent award of a multi-million dollar United Kingdom
contract is further evidence that our strategy is working, and we expect to
announce similar contracts awards in the very near future. Lastly, we are making
rapid progress on advancing our new process for the production of Technetium-99m
and are actively pursuing strategic partners and financing options at the
subsidiary level. We look forward to providing additional updates in the near
future."
Financial Results
Revenue for the first quarter of 2014 was $10.5 million versus $19.8 million for
the same period last year. Revenue for the Treatment Segment increased to $7.6
million from $7.3 million for the same period in 2013. Revenue from the Services
Segment was $2.9 million versus $12.5 million for the same period in 2013.
Gross profit for the first quarter of 2014 was $94,000 versus $537,000 for the
first quarter of 2013 primarily due to lower revenue and revenue mix. Gross
margin decreased to 0.9% from 2.7% for the same period last year primarily due
to lower revenue and revenue mix.
Operating loss for the first quarter of 2014 was $3.5 million versus operating
loss of $4.1 million for the first quarter of 2013. Net loss attributable to
common stockholders for the first quarter of 2014 was $4.0 million or ($0.35)
per share, versus net loss of $2.9 million or ($0.26) per share, for the same
period in 2013. Net loss attributable to common stockholders for the first
quarter of 2014 included an income tax expense of $30,000 as the Company
continued to record a full valuation allowance on its net deferred tax assets.
Net loss attributable to common stockholders for the first quarter of 2013
included an income tax benefit of $1.4 million.
The Company recorded an Adjusted EBITDA loss of $2.3 million from continuing
operations during the quarter ended March 31, 2014, as compared to Adjusted
EBITDA loss of $2.4 million for the same period of 2013. The Company defines
EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA
and Adjusted EBITDA are not measures of performance calculated in accordance
with Generally Accepted Accounting Principles in the United States ("U.S.
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 measurement of EBITDA may not be
comparable to similarly titled measures reported by other companies. Due to the
unique accounting for the recognition of fair market value of percentage of
completion contracts resulting from the acquisition of SEC, the Company
recognizes that EBITDA is an "Adjusted EBITDA" and understands these differences
when measuring performance. The table below reconciles EBITDA and Adjusted
EBITDA, both non-GAAP measures, to loss from continuing operations for the three
months ended March 31, 2014 and 2013.
Quarter Ended
March 31,
----------------------------
(In thousands) 2014 2013
---------------------------------------------- ------------- -------------
Loss from continuing operations $ (3,703) $ (2,888)
Adjustments:
Depreciation & amortization 1,211 1,287
Interest income (7) (9)
Interest expense 153 145
Interest expense - financing fees 45 23
Income tax expense (benefit) 30 (1,429)
------------- -------------
EBITDA $ (2,271) $ (2,871)
============= =============
Costs in excess of revenue and amortization
of acquired contracts - 436
------------- -------------
Adjusted EBITDA $ (2,271) $ (2,435)
============= =============
The tables below present certain unaudited financial information for the
business segments, excluding allocation of corporate expenses:
March 31, 2014 March 31, 2013
------------------------ ------------------------
(In thousands) Treatment Services Treatment Services
------------------------ ----------- ----------- ----------- -----------
Net revenues $ 7,673 $ 2,871 $ 7,341 $ 12,488
Gross profit (loss) 111 (17) (145) 682
Segment loss (1,174) (1,048) (888) (200)
Conference Call
Perma-Fix will host a conference call at 11:00 a.m. ET on Thursday, May 8, 2014.
The call will be available on the Company's website at www.perma-fix.com, or by
calling (877)-407-0778 for U.S. callers, or +1-201-689-8565 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 Thursday, May 15, 2014, and can be accessed by calling: (877)-660-6853
(U.S. callers) or +1-201-612-7415 (international callers) and entering
conference ID: 13582130.
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a nuclear services company and leading
provider of nuclear and mixed waste management services. The Company's nuclear
waste services include management and treatment of radioactive and mixed waste
for hospitals, research labs and institutions, federal agencies, including the
DOE, the Department of Defense ("DOD"), and the commercial nuclear industry. The
Company's nuclear services group provides project management, waste management,
environmental restoration, decontamination and decommissioning, new build
construction, and radiological protection, safety and industrial hygiene
capability to our clients. The Company operates four nuclear waste treatment
facilities and provides nuclear services at DOE, DOD, and commercial facilities,
nationwide. Please visit us on the World Wide Web at http://www.perma-fix.com.
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 generally are identifiable by use of the words such
as "believe", "expects", "intends", "anticipate", "plans to", "estimates",
"projects", and similar expressions. Forward-looking statements include, but are
not limited to: expect to see improved results in the second quarter and a
further increase in revenues and cash flow during the balance of 2014; federal
government issuing new contracts; announcement of new contract awards; and
reducing operating expenses and diversifying revenue streams; 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 new technologies; 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 DOD's and DOE's remediation projects; ability to
obtain new foreign and domestic remediation contracts; our ability to fund the
commercialization of our technology; and the "Risk Factors" discussed in, and
the additional factors referred to under "Special Note Regarding Forward-Looking
Statements" of, our 2013 Form 10-K. 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.
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
----------------------
(Amounts in Thousands, Except for Per Share Amounts) 2014 2013
---------------------------------------------------- ---------- ----------
Net revenues $ 10,544 $ 19,829
Cost of goods sold 10,450 19,292
---------- ----------
Gross profit 94 537
Selling, general and administrative expenses 3,212 4,186
Research and development 371 499
Loss on disposal of property and equipment - 2
---------- ----------
Loss from operations (3,489) (4,150)
Other income (expense):
Interest income 7 9
Interest expense (153) (145)
Interest expense-financing fees (45) (23)
Other 7 (8)
---------- ----------
Loss from continuing operations before taxes (3,673) (4,317)
Income tax expense (benefit) 30 (1,429)
---------- ----------
Loss from continuing operations, net of taxes (3,703) (2,888)
Loss from discontinued operations, net of taxes (266) (27)
---------- ----------
Net loss (3,969) (2,915)
---------- ----------
Net loss attributable to noncontrolling interest - (3)
---------- ----------
Net loss attributable to Perma-Fix Environmental
Services, Inc. common stockholders
$ (3,969) $ (2,912)
========== ==========
Net loss per common share attributable to Pema-Fix
Environmental Services, Inc. stockholders - basic
and diluted:
Continuing operations $ (.33) $ (.26)
Discontinued operations (.02) -
---------- ----------
Net loss per common share $ (.35) $ (.26)
========== ==========
Number of common shares used in computing net loss
per share:
Basic 11,419 11,254
========== ==========
Diluted 11,419 11,254
========== ==========
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
March December
31, 31,
(Amounts in Thousands, Except for Share and Per Share
Amounts) 2014 2013
-------------------------------------------------------- -------- --------
ASSETS
Current assets:
Cash and equivalents $ 74 $ 368
Account receivable, net of allowance for doubtful
accounts of $1,916 and $1,932
7,531 8,106
Unbilled receivables 5,883 4,917
Other current assets 3,666 3,604
Assets of discontinued operations included in current
assets, net of allowance for doubtful accounts of $6
and $13
731 3,114
-------- --------
Total current assets 17,885 20,109
Net property and equipment 25,238 26,060
Property and equipment of discontinued operations, net
of accumulated depreciation of $55 for each period
presented
1,367 1,367
Intangibles and other assets 43,664 44,064
-------- --------
Total assets $ 88,154 $ 91,600
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 19,619 $ 19,073
Current liabilities related to discontinued operations 2,728 3,994
-------- --------
Total current liabilities 22,347 23,067
Long-term liabilities 19,555 18,345
Long-term liabilities related to discontinued operations 604 602
-------- --------
Total liabilities 42,506 42,014
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 plus
accrued and unpaid dividends of $754 and $738,
respectively
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, 11,427,292 and 11,406,573 shares issued,
respectively; 11,419,650 and 11,398,931 outstanding,
respectively
11 11
Additional paid-in capital 103,501 103,454
Accumulated deficit (59,047) (55,078)
Accumulated other comprehensive loss (14) 2
Less Common Stock in treasury at cost: 38,210 shares (88) (88)
-------- --------
Total stockholders' equity 44,363 48,301
-------- --------
Total liabilities and stockholders' equity $ 88,154 $ 91,600
======== ========
FOR FURTHER INFORMATION PLEASE CONTACT:
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
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