Perma Fix Environmental Services (PESI) has reported an 132.99 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.23 million, or $0.02 a share in the quarter, compared with $0.10 million, or $0.01 a share for the same period last year.
Revenue during the quarter dropped 11.03 percent to $13.45 million from $15.12 million in the previous year period. Gross margin for the quarter contracted 29 basis points over the previous year period to 25.48 percent. Total expenses were 97.01 percent of quarterly revenues, up from 94.60 percent for the same period last year. That has resulted in a contraction of 242 basis points in operating margin to 2.99 percent.
Operating income for the quarter was $0.40 million, compared with $0.82 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.88 million compared with $2.47 million in the prior year period. At the same time, adjusted EBITDA margin contracted 238 basis points in the quarter to 13.96 percent from 16.34 percent in the last year period.
Dr. Louis F. Centofanti, chief executive officer, stated, "We achieved $1.9 million of adjusted EBITDA (as defined below) for the fourth quarter of 2016, which exceeded our previously announced expectations. In 2016, we experienced weakness in both the Treatment and Services Segments due to a temporary shift in government priorities. However, based on our sales pipeline and current trends, we expect to achieve growth and improved results in 2017."
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