Perma-Fix Environmental Services is tackling the dirty job of handling radioactive waste
- Perma-Fix wins about $50 million in contract awards during 3Q 2021
- Perma-Fix entering 3Q with 'optimism and momentum' as it adds $15M in backlog contract wins
Quick facts: Perma-Fix Environmental Services
Price: 6.88 USD
Market Cap: $83.91 m
About the company
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 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 three nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide.
How it is doing
In a statement, the nuclear services company and leading provider of nuclear and mixed waste management services said the contract awards will be recognized over the next 18 to 24 months.
“I am pleased to report we have been awarded 3 contracts totaling approximately $50 million just since the end of the second quarter of 2021, including a single project valued at nearly $40 million we received last week,” said CEO Mark Duff.
“These new contracts, supporting the U.S. government, significantly enhance our project backlog within the Services Segment, now estimated at $74 million heading into the fourth quarter, and further validate our technical and service capabilities, as well as illustrate the success of our efforts to enhance our bidding organization.”
In a statement, CEO Mark Duff said the latest project award, which came through the US Department of Energy (DOE), includes remediation, demolition, and waste management services.
Perma-Fix Environmental Services (NASDAQ:PESI) Inc CEO Mark Duff said that while revenues in the second quarter were impacted by the effects of the coronavirus (COVID-19) pandemic the company has begun to see "activity pick up in the third quarter” and it expects "an improved second half of 2021.”
In a statement accompanying the company's second-quarter numbers, Duff noted: “Despite the challenging environment, we reported net income of $3 million and maintained over $7 million of cash on the balance sheet.”
What management says
Duff says most recently, it has been awarded a multi-million dollar service contract for the Tritium Systems Demolition and Disposal (TSDD) project, which is expected to be completed over the next 18 months.
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