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Press Release Source: Perma-Fix Environmental Services, Inc. On Thursday November 3, 2011, 6:30 am EDT

Revenue Increases 43% to $ 32.8 Million

Gross Profit Increases 335% to $ 11.3 Million

Gross Margin Increases to 34.5% from 11.3%

Net Income of $ 6.0 Million or $ 0.11 per Share

ATLANTA, Nov. 3, 2011 (GLOBE NEWSWIRE) — Perma-Fix Environmental Services, Inc. (Nasdaq:PESINews) today announced results for the third quarter and nine months ended September 30, 2011.

Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, “The second half of 2011 is proving to be one of the strongest periods in our history and we believe this demonstrates that our strategy is working. Revenue for the third quarter of 2011 increased 43.4% to $ 32.8 million versus $ 22.9 million for the same period last year. Our gross profit increased 335.5% at the same time our gross margin improved to 34.5% from 11.3% for the third quarter last year. We achieved record EBITDA of $ 8.1 million and net income of $ 6.0 million or $ 0.11 per share.”

Dr. Centofanti continued, “We attribute our strong performance to increased treatment of higher activity and more complex waste streams. This has been a major focus over the past few years and represents an important growth opportunity going forward. At the same time, we remain focused on expanding our onsite services, which complement our traditional treatment services. Towards this end, we are pleased to announce the completion of our acquisition of Safety and Ecology Holdings Corporation and its subsidiary, Safety and Ecology Corporation (SEC). We believe SEC will broaden our service capabilities and expands our addressable market.”

“We also improved our balance sheet during the quarter. As a result of our strong cash flow, coupled with the recent sale of Fort Lauderdale facility, we had over $ 10.7 million of cash and just $ 5.7 million of total debt at the end of the third quarter.”

Financial Results

Revenue for the third quarter of 2011 increased 43.4% to $ 32.8 million versus $ 22.9 million for the same period last year. Revenue for the Nuclear Segment increased 44.0% to $ 32.1 million from $ 22.3 million for the same period in 2010. Revenue generated from the DOE Hanford Site increased approximately $ 787,000 for the quarter while $ 9.0 million was derived from an increase in waste processed at our treatment facilities. Revenue from the Engineering Segment increased to $ 701,000 from $ 581,000 for the same period in 2010. Gross profit for the third quarter of 2011 increased 335.5% to $ 11.3 million versus $ 2.6 million for the third quarter of 2010 due to increased treatment waste volume. Gross margin increased to 34.5% from 11.3% for the same period last year.

Operating income for the third quarter of 2011 increased to $ 6.9 million versus an operating loss of $ 1.3 million for the third quarter of 2010. Net income for the third quarter of 2011 increased to $ 6.0 million, or $ 0.11 per share, versus a net loss of $ 1.1 million or $ 0.02 per share, for the same period in 2010. Net income for the third quarter of 2011 included a gain on the sale of PFFL of approximately $ 1.8 million, partially offset by a loss from discontinued operations of $ 187,000.

The Company generated EBITDA of $ 8.1 million from continuing operations during the quarter ended September 30, 2011, as compared to EBITDA loss of approximately $ 174,000 for the same period of 2010. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of performance calculated in accordance with Generally Accepted Accounting Principles 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 income (loss) from continuing operations for the three and nine months ended September 30, 2011 and 2010.

Quarter Ended Nine Months Ended
September 30, September 30,
(In thousands) 2011 2010 2011 2010
Income (loss) from Continuing Operations $ 4,421 $ (965) $ 6,440 $ 1,725
Adjustments:
Depreciation & Amortization 1,171 1,155 3,503 3,374
Interest Income (14) (15) (40) (51)
Interest Expense 99 157 458 581
Interest Expense – Financing Fees 22 103 178 308
Income Tax expense (benefit) 2,399 (609) 3,504 1,029
EBITDA $ 8,098 $ (174) $ 14,043 $ 6,966

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

Quarter Ended September 30, 2011 Quarter Ended September 30, 2010
(In thousands) Nuclear Engineering Nuclear Engineering
Net revenues $ 32,086 $ 701 $ 22,283 $ 581
Gross profit (negative gross profit) 11,133 168 2,631 (36)
Segment profit (loss) 6,453 21 1,207 (173)
Nine Months Ended Nine Months Ended
September 30, 2011 September 30, 2010
(In thousands) Nuclear Engineering Nuclear Engineering
Net revenues $ 83,391 $ 1,924 $ 70,356 $ 1,921
Gross profit 22,084 296 14,541 178
Segment profit (loss) 12,195 (37) 7,650 (183)

Conference Call

Perma-Fix will host a conference call at 11:00 a.m. ET on Thursday, November 3, 2011. 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 (201) 689-8565 for international callers. 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 on Thursday, November 10 , 2011, 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: 382206.

About Perma-Fix Environmental Services

Perma-Fix Environmental Services, Inc. provides nuclear waste treatment and onsite services. The Company’s nuclear waste treatment services include radioactive and mixed waste treatment for hospitals, research labs and institutions, federal agencies, including the Department of Energy (“DOE”), the Department of Defense (“DOD”), and nuclear utilities. The Company’s onsite services group provides waste management personnel on clients’ sites for a variety of commercial and government customers. Nationwide, the Company operates four nuclear waste treatment facilities.

The Perma-Fix Environmental Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7172

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: results demonstrate that our strategy is working and we believe SEC will broaden our service capabilities and expand our addressable market. 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; 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 2010 Form 10-K and Forms 10-Q for the quarters ended March 31, 2011 and June 30,2011. 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 Nine Months Ended
September 30, September 30,
(Amounts in Thousands, Except for Per Share Amounts) 2011 2010 2011 2010
Net revenues $ 32,787 $ 22,864 $ 85,315 $ 72,277
Cost of goods sold 21,486 20,269 62,935 57,558
Gross profit 11,301 2,595 22,380 14,719
Selling, general and administrative expenses 4,022 3,435 10,829 10,253
Research and development 357 345 1,019 734
Loss on disposal of property and equipment 143 145
Income (loss) from operations 6,922 (1,328) 10,532 3,587
Other income (expense):
Interest income 14 15 40 51
Interest expense (99) (157) (458) (581)
Interest expense-financing fees (22) (103) (178) (308)
Other 5 (1) 8 5
Income (loss) from continuing operations before taxes 6,820 (1,574) 9,944 2,754
Income tax expense (benefit) 2,399 (609) 3,504 1,029
Income (loss) from continuing operations 4,421 (965) 6,440 1,725
Loss from discontinued operations, net of taxes (187) (101) (7) (708)
Gain on disposal of discontinued operations, net of taxes 1,777 1,777
Net income (loss) $ 6,011 $ (1,066) $ 8,210 $ 1,017
Net income (loss) per common share — basic:
Continuing operations $ .08 $ (.02) $ .12 $ .03
Discontinued operations (.01)
Disposal of discontinued operations .03 .03
Net income (loss) per common share $ .11 $ (.02) $ .15 $ .02
Net income (loss) per common share — diluted:
Continuing operations $ .08 $ (.02) $ .12 $ .03
Discontinued operations (.01)
Disposal of discontinued operations .03 .03
Net income (loss) per common share $ .11 $ (.02) $ .15 $ .02
Number of common shares used in computing net income (loss) per share:
Basic 55,174 55,031 55,137 54,906
Diluted 55,174 55,031 55,142 55,031
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
September 30,
2011 December 31,
(Amounts in Thousands, Except for Share and Per Share Amounts) (Unaudited) 2010
ASSETS
Current assets:
Cash & cash equivalents $ 10,716 $ 136
Account receivable, net of allowance for doubtful accounts of $ 203 and $ 215 17,032 8,541
Unbilled receivables 8,665 9,436
Other current assets 3,344 3,335
Deferred tax assets – current 107 1,734
Assets of discontinued operations included in current assets, net of allowance for doubtful accounts
of $ 43 and $ 97
504 2,034
Total current assets 40,368 25,216
Net property and equipment 39,046 40,443
Property and equipment of discontinued operations, net of accumulated depreciation of $ 216 and $ 755, respectively 2,631 4,209
Intangibles and other assets 55,233 54,257
Intangibles and other assets related to discontinued operations 1,061 1,190
Total assets $ 138,339 $ 125,315
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities 29,022 20,214
Current liabilities related to discontinued operations 2,416 2,673
Total current liabilities 31,438 22,887
Long-term liabilities 17,765 20,850
Long-term liabilities related to discontinued operations 1,965 3,074
Total liabilities 51,168 46,811
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, 55,211,796 and 55,106,180 shares issued, respectively;
55,173,586 and 55,067,970 outstanding, respectively
55 55
Additional paid-in capital 101,278 100,821
Accumulated deficit (15,359) (23,569)
Less Common Stock in treasury at cost: 38,210 shares for each period (88) (88)
Total stockholders’ equity 85,886 77,219
Total liabilities and stockholders’ equity $ 138,339 $ 125,315

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