Perma-Fix Environmental Services on Wednesday said revenue in its first quarter of 2018 was flat from the year before, but that it still earned positive income compared to a net loss in 2017.
“Our financials are improving,” President and CEO Mark Duff said during a conference call with financial analysts.
Revenue at the Atlanta-based waste management provider landed at $12.7 million in the first quarters of both 2017 and 2018. However, gross profit jumped from $2.7 million to $3.3 million on a year-over-year basis. Net income spiked from a $727,000 ($0.06 per share) loss in 2017 to earnings of $136,000 ($0.01 per share) this year.
Duff attributed the improvement to streamlined operations and expanding its market base in its treatment and services businesses.
Perma-Fix operates facilities in Florida, Tennessee, and Washington state for treatment of radioactive and other waste types. Lower waste volume was the prime contributor to a revenue reduction from $10 million in first-quarter 2017 to $9 million in the latest reporting period.
Perma-Fix’s services segment, which covers everything from radiological safety to management of NORM and TENORM radioactive materials, chalked up an extra $1 million in quarterly revenue, from $2.7 million last year to $3.7 million this year.
