Perma-Fix (PESI)

[jonny_red]

3 Penny Stocks Making Interesting Moves With High Volume in October

$RESN $PESI $LXRX

https://www.transparenttraders.me/2019/10/3-penny-stocks-making-interesting-moves.html

[PennyStock Alert]

Anyone know what happened with this ticker today? It has been slowly gaining steam and today was a nice jump.

[whytestocks]

News: $PESI Perma-Fix Announces Successful Testing of its Patented In-Ground Separation Technology for Mercury Contaminated Soils

ATLANTA, GA / ACCESSWIRE / April 5, 2019 / Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") today announced it has successfully completed initial laboratory tests for its new patented, passive separation technology for mercury-contaminated soils confirming the process ca...

In case you are interested https://marketwirenews.com/news-releases/perma-fix-announces-successful-testing-of-its-patented-in-ground-separation-technology-for-mercury-contaminated-soils-7951214.html

[value1008]

I haven't followed the co. for several years.... Alas, no time these days to investigate anything here...
GLTA

[twtybrd]

Still following? is this good news?
https://finance.yahoo.com/news/perma-fix-team-awarded-task-164500761.html

[twtybrd]

PESI Is this good news?
https://finance.yahoo.com/news/perma-fix-team-awarded-task-164500761.html

[CrocHntr]

Great DOE Summary of the 2,000 gallon Test Bed Initiative. This one will still take a year or more to play out, but there is a real chance that DOE will adopt Perma-Fix's alternative approach to treat low level waste. Certainly a gamble, but this would be a complete game-changer for the Company.

Keep in mind that the 2,000 gallon TBI alone was built into the house spending bill proposal and estimated at $15M to spend in 2019 (not sure how much would go to Perma-Fix, but certainly a large portion).

https://www.energy.gov/sites/prod/files/2018/07/f53/Hanford%20Test%20Bed%20Initiative%20Fact%20Sheet%207-12-18.pdf

[CrocHntr]

Anyone been watching this and reading the tea leaves with the DOE awards for Perma-Fix Test Bed Initiative (TBI) at Hanford? Perma-Fix has been quiet about progress, but it sounds like things are progressing nicely.

There's a great article that came out a couple of days ago that discusses a proposed house spending bill that includes $15M for this Perma-Fix Test Bed Initiative. This would cover the 2nd phase of the demonstration project by Perma-Fix which is to grout about 2,000 gallons of waste (Phase I was 3 gallons, and obviously was met with success if DOE is proposing further phases). While the $15M would be a huge win For Perma-Fix, what they're really targeting is about 100,000 gallons of low level radioactive waste. That's HUGE if all the stars align. I imagine it's this potential that has moved PESI stock to a 2 year high at $5.10 when their earnings reports have been rather ho-hum.

Article first found/posted by Nick S on Yahoo:

http://www.tri-cityherald.com/news/local/hanford/article211281329.html

[nsiebers]

See attached article in the Tri-City Herald. Perma-Fix has begun treating the tank waste at Hanford. Strongly encourage everyone to read this article and between the lines:

A Hanford first: tank waste to be treated off site. Could it lead to less costly cleanup?
http://www.tri-cityherald.com/news/local/hanford/article182831566.html

[axion-nl]

The flooding in Texas will be a major source of revenue in the coming months.

[rrat02]

Good summary.

Once a government budget is passed we should see a lot more visibility in regards to waste treatment spending. Expect to see all companies in the industry benefit.

It won't be immediate but going forward with the plant closing and no longer having to fund Perma Fix Medical we should start seeing some significant cost savings.

My take is that there are 3 possible ways that we can see a much higher valuation:

1) recovery of the base business and/or winning a large contract (supposedly bidding on a lot of business).

2) good news on the high level waste project. Think that it's highly likely that they advance to the next stage (i.e. treating 2000 gallons).

3) good news from Perma-Fix Medical....one can view their ownership % as a zero risk call option.

Am really impressed by COO Mark Duff and think that he will be bringing in a lot of new business.

Think that the risk/reward is COMPELLING.

[value1008]

Link to the conf call....
http://seekingalpha.com/article/4024851-perma-fix-environmental-services-pesi-ceo-lou-centofanti-q3-2016-results-earnings-call?part=single

Like the earnings PR, there's a mix of poor news with promising news.

To reiterate, i'm not in this one and don't plan on buying right now, but i find the longterm story extremely interesting.

The high-level radioactive waste treatment could be huge, but the 2k gallon demonstration won't occur until sometime next year, and major operations and profits likely would not happen until 2018. It's not the tech but all the meticulous paperwork that needs to be done to make it happen. But customer WCS "is very excited."

On the medical front with the PFM subsidiary, if the big investor opts to cash in all warrants down the line, PESI would only own 25% of PFM. But, said CEO Lou Centofanti, that would be 25% of $0.5M to $1.0M annually. And with this initial investment by the big investor, senior mgmt doesn't need to worry about funding PFM anymore and can focus more on their treatment biz.

Their normal treatment/services biz was hit hard by govt spending delays. Lou is promising around $1M EBIDTA for Q4, but the interaction between the CFO and an analyst indicated that the qtr will likely show another EPS loss due to various factors.

Because of the govt uncertainty factor, Lou is not even giving any forward guidance at this point.

One shareholder on the call explicitly expressed big disappointment with all the missed targets on various fronts by PESI.

But still the co. seems to have immense promise on two different fronts: the high-level treatment and PFM. However, it seems any significant revenues won't be happening until 2018. That's a LONG WAIT for many folks, requiring a lot of patience for present shareholders.

[value1008]

Ah, no wonder the s/price has sagged.
All best wishes to all shareholders that the CC can help turn this around.

[rrat02]

They had filed an nt 10-Q on the 14th so the 3Q numbers have been known for a few days now.

[value1008]

Earnings report out.... I haven't been in this one for some time, but may grab some shares if it falls sufficiently on this report:

http://seekingalpha.com/pr/16673119-perma-fix-reports-financial-results-provides-business-update-third-quarter-2016

Perma-Fix Reports Financial Results and Provides Business Update for the Third Quarter of 2016
Fri November 18, 2016 7:00 AM|Marketwire|About: PESI

ATLANTA, GA -- (Marketwired) -- 11/18/16 -- Perma-Fix Environmental Services, Inc. (PESI) (NASDAQ: PESI) today announced results for the third quarter and nine months ended September 30, 2016.

Dr. Louis F. Centofanti, Chief Executive Officer, stated, "We are disappointed with our results year-to-date, which reflect a large number of shipments that were delayed and unanticipated spending constraints at the federal level. We have, however, begun to see the waste that was delayed begin to ship and expect to see improvement in the fourth quarter. Adjusted EBITDA (as defined below) for the fourth quarter of 2016 is estimated to be $1 million. In addition, we continue to look at all aspects of our business from a cost standpoint and are proceeding with the planned shutdown of our M&EC facility, which we believe should save an estimated $2 to $3 million annually."

"Heading into the fourth quarter, we are near completion of our previously announced demonstration project with a significant customer related to the treatment of high level waste streams. If successful, this would represent our first foray into high level waste treatment. We believe we have the ability to complete this initial demonstration project and look forward to providing additional updates in the near future. At the same time, we are actively bidding on an increased number of projects within our Services Segment, and with the improved forecast for waste shipments, we expect to see the improved results continue into the new fiscal year."

Dr. Centofanti concluded, "Our medical subsidiary has entered into a letter of intent ('LOI') with a private investor, subject to execution of a definitive agreement, which we expect will provide it with financing to execute its strategy through commercialization of the Tc-99m technology. Pursuant to the LOI, the investor is to purchase $10 million of Preferred Shares in Perma-Fix Medical Corporation ('PFMC'), a wholly owned subsidiary of Perma-Fix Medical, S.A., at a price of $8.00 per share, which if consummated, would provide the investor with approximately 48.6% of the voting securities of PFMC and a warrant to purchase additional voting shares of PFMC. This cash infusion, combined with the new management team, will help the medical subsidiary accelerate its commercialization activities including submission of its regulatory filings."

Financial Results

Revenue for the third quarter of 2016 was $12.9 million versus $17.3 million for the same period last year. Revenue for the Treatment Segment was $7.6 million compared to $10.9 million for the same period in 2015. The decrease in revenue in the Treatment Segment was primarily due to lower waste volume. Revenue from the Services Segment was $5.3 million versus $6.4 million for the same period in 2015.

Gross profit for the third quarter of 2016 was $1.8 million versus $4.9 million for the third quarter of 2015. The decrease in gross profit was primarily within our Treatment Segment where gross profit decreased approximately $2.9 million and gross margin decreased to 11.0% from 34.0% for the same period last year primarily due to decreased revenue resulting from lower waste volume and the impact of our fixed costs structure.

Operating loss for the third quarter of 2016 was $1.4 million versus an operating income of $1.5 million for the third quarter of 2015. Net loss attributable to common stockholders for the third quarter of 2016 was $1.6 million or ($0.13) per share, versus net income of $1.1 million or $0.09 per share for the same period in 2015.

The Company recorded Adjusted EBITDA of $152,000 from continuing operations during the quarter ended September 30, 2016, as compared to Adjusted EBITDA of $2.9 million for the same period of 2015. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before research and development costs related to the Medical Isotope project, impairment charges on tangible and intangible assets and write-off of prepaid fees resulting from tangible asset impairment loss. Both EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with Generally Accepted Accounting Principles in the United States of America ("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 and Adjusted EBITDA is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes EBITDA and Adjusted EBITDA as a means to measure performance. The Company's measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA and Adjusted EBITDA, both non-GAAP measures, to GAAP numbers for (loss) income from continuing operations for the three and nine months ended September 30, 2016 and 2015.

Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
(In thousands) 2016 2015 2016 2015
---------------------------------------------- --------- --------- ---------
(loss) Income from continuing
operations $ (1,500) $ 1,284 $(13,480) $ (322)
Adjustments:
Depreciation & amortization 1,189 912 2,986 2,821
Interest income (31) (16) (78) (36)
Interest expense 101 124 377 390
Interest expense - financing fees 14 56 99 171
Income tax expense (benefit) 37 53 (3,093) 124
--------- --------- --------- ---------
EBITDA (190) 2,413 (13,189) 3,148
--------- --------- --------- ---------
Research and development costs
related to Medical Isotope project 342 527 1,196 1,354
Impairment loss on tangible assets - - 1,816 -
Impairment loss on intangible assets - - 8,288 -
Write-off of prepaid fees resulting
from impairment loss on tangible - - 587 -
asset
--------- --------- --------- ---------
Adjusted EBITDA $ 152 $ 2,940 $ (1,302) $ 4,502
========= ========= ========= =========

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

Three Months Ended Nine Months Ended
September 30, 2016 September 30, 2016
(Unaudited) (Unaudited)
---------------------------- ----------------------------
(In thousands) Treatment Services Medical Treatment Services Medical
------------------ --------- -------- --------- --------- -------- ---------
Net revenues $ 7,643 $ 5,278 $ - $ 22,832 $ 14,936 $ -
Gross profit 837 970 - 1,280 2,377 -
Segment (loss)
profit (125) 360 (342) (8,800) 682 (1,196)

Three Months Ended Nine Months Ended
September 30, 2015 September 30, 2015
(Unaudited) (Unaudited)
---------------------------- ----------------------------
(In thousands) Treatment Services Medical Treatment Services Medical
------------------ --------- -------- --------- --------- -------- ---------
Net revenues $ 10,866 $ 6,443 $ - $ 31,702 $ 15,562 $ -
Gross profit 3,696 1,250 - 8,265 2,190 -
Segment profit
(loss) 2,681 507 (527) 5,124 265 (1,354)

The Company failed to meet its quarterly fixed charge coverage ratio in the third quarter of 2016; however, the Company has obtained a waiver from our lender for this non-compliance. The Company's inability to meet its quarterly fixed charge coverage ratio in the third quarter of 2016 was due in large part, to the decrease in revenues sustained by our Treatment Segment as a result of delays in certain waste shipments that we expected to receive during the third quarter of 2016. The Company has further received a revision in the methodology to be used in calculating our fixed charge coverage ratio which we believe will enable us to meet our fixed charge coverage ratio requirement for the remainder of 2016.

Conference Call

Perma-Fix will host a conference call at 11:00 a.m. ET on Friday, November 18, 2016. The call will be available on the Company's website at www.perma-fix.com, or by calling [phone] for U.S. callers, or [phone] for international callers. The conference call will be led by Dr. Louis F. Centofanti, 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 November 25th, and can be accessed by calling: [phone] (U.S. callers) or [phone] (international callers) and entering conference ID: 10159.

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 Department of Energy ("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, 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 improvement in the fourth quarter; receipt of waste shipment that were delayed; Adjusted EBITDA is estimated to be $1 million in the fourth quarter of 2016; estimated costs savings from M&EC facility shut down of $2 to $3 million annually; improved results continue into the new fiscal year; cash infusion in the medical subsidiary; and meeting fixed charge coverage ratio requirement for the remainder of 2016. 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 (CACOX) fails to provides continuing funding for the DOD's and DOE's remediation projects; ability to obtain new foreign and domestic remediation contracts; inability to meet financial covenants; inability to consummate the transaction with the investor to purchase shares of PFMC's preferred stock; and the "Risk Factors" discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of, our 2015 Form 10-K and Forms 10-Q for quarters ended March 31, 2016, June 30, 2016, and September 30, 2016. 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.

FINANCIAL TABLES FOLLOW

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) 2016 2015 2016 2015
-------------------------------- -------------------------------------------
Net revenues $ 12,921 $ 17,309 $ 37,768 $ 47,264
Cost of goods sold 11,114 12,363 34,111 36,809
---------- ---------- ---------- ----------
Gross profit 1,807 4,946 3,657 10,455
Selling, general and
administrative expenses 2,732 2,887 8,162 8,663
Research and development 441 583 1,570 1,500
Loss (gain) on disposal of
property and equipment 12 (23) 16 (23)
Impairment loss on tangible
assets - - 1,816 -
Impairment loss on intangible
assets - - 8,288 -
---------- ---------- ---------- ----------
(Loss) income from operations (1,378) 1,499 (16,195) 315
Other income (expense):
Interest income 31 16 78 36
Interest expense (101) (124) (377) (390)
Interest expense-financing fees (14) (56) (99) (171)
Other (1) 2 20 12
---------- ---------- ---------- ----------
(Loss) income from continuing
operations before taxes (1,463) 1,337 (16,573) (198)
Income tax expense (benefit) 37 53 (3,093) 124
---------- ---------- ---------- ----------
(Loss) income from continuing
operations, net of taxes (1,500) 1,284 (13,480) (322)
Loss from discontinued
operations, net of taxes (191) (377) (622) (1,313)
---------- ---------- ---------- ----------
Net (loss) income (1,691) 907 (14,102) (1,635)
---------- ---------- ---------- ----------
Net loss attributable to non-
controlling interest (135) (163) (472) (487)
---------- ---------- ---------- ----------
Net (loss) income attributable
to Perma-Fix Environmental
Services, Inc. common
stockholders $ (1,556) $ 1,070 $ (13,630) $ (1,148)
========== ========== ========== ==========
Net (loss) income per common
share attributable to Perma-Fix
Environmental Services, Inc.
stockholders - basic and
diluted:
Continuing operations $ (.12) $ .12 $ (1.12) $ .01
Discontinued operations (.01) (.03) (.06) (.11)
---------- ---------- ---------- ----------
Net (loss) income per common
share $ (.13) $ .09 $ (1.18) $ (.10)
========== ========== ========== ==========
Number of common shares used in
computing net (loss) income per
share:
Basic 11,632 11,526 11,588 11,506
Diluted 11,632 11,561 11,588 11,542

PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
September 30, December 31,
(Amounts in Thousands, Except for Share and 2016 2015
Per Share Amounts) (Unaudited) (Audited)
------------------------------------------------------------- --------------
ASSETS
Current assets:
Cash and equivalents $ 145 $ 1,534
Account receivable, net of allowance for
doubtful accounts of $252 and $1,474,
respectively 9,824 9,673
Unbilled receivables 3,337 4,569
Other current assets 3,341 4,306
Assets of discontinued operations included
in current assets, net of allowance for
doubtful accounts of $0 for each period
presented 86 34
-------------- --------------
Total current assets 16,733 20,116
Net property and equipment 17,924 19,993
Property and equipment of discontinued
operations, net of accumulated depreciation
of $10 for each period presented 81 531
Intangibles and other assets 33,429 42,273
Other assets related to discontinued
operations 286 -
-------------- --------------
Total assets $ 68,453 $ 82,913
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 14,783 $ 16,619
Current liabilities related to discontinued
operations 477 531
-------------- --------------
Total current liabilities 15,260 17,150
Long-term liabilities 20,216 18,997
Long-term liabilities related to discontinued
operations 986 1,064
-------------- --------------
Total liabilities 36,462 37,211
Commitments and Contingencies
Series B 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 $915 and
$867, 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; 30,000,000
shares authorized, 11,664,404 and
11,551,232 shares issued, respectively;
11,656,762 and 11,543,590 shares
outstanding, respectively 11 11
Additional paid-in capital 105,959 105,556
Accumulated deficit (74,438) (60,808)
Accumulated other comprehensive loss (129) (117)
Less Common Stock in treasury at cost: 7,642
shares (88) (88)
-------------- --------------
Total Perma-Fix Environmental Services,
Inc. stockholders' equity 31,315 44,554
-------------- --------------
Non-controlling interest in subsidiary (609) (137)
-------------- --------------
Total stockholders' equity 30,706 44,417
-------------- --------------
Total liabilities and stockholders' equity $ 68,453 $ 82,913
============== ==============

Contacts:David K. WaldmanUS Investor RelationsCrescendo Communications, LLC(212) 671-1021Herbert StraussEuropean Investor [e-mail][phone]

http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?prid=11G122610-001&sourceType=1

Source: Perma-Fix Environmental Services, Inc.
Recommended for you:

[rrat02]

$5.55 with an increase in volume the past few days. Still approaching this as a long-term hold but if we see some "mo-mo" type action (i.e. parabolic upward move on huge volume) I would definitely be a seller.

[CrocHntr]

PESI - Plans to list Perma-Fix Medical on Nasdaq. Not sure if this is real "news" since they've been talking about it for a while, but I had to Google Translate this from an article I found today:


Warsaw, 04.04.2016 (ISBnews) - Perma-Fix Medical plans to introduce shares on the Nasdaq market in the US later this year, the company said.

"In the opinion of the issuer, listing the company's shares on the Nasdaq will confirm progress towards commercial implementation of innovative manufacturing process Technetium-99m (Tc-99m), the most commonly used isotope medical world and the positive perception of technology companies among the largest distributors of Tc-99m in the US States and the world "- said in a statement.

Planned start of trading on the Nasdaq depends on the conditions on the US stock market and will be announced at a later date, stated in a press release.

If you change the corporate structure, the percentage of existing shareholders in the share capital remains unchanged, prior to the carrying out of the new issue of shares in the United States, indicated takze.Zdaniem the board of the company, its shares are currently undervalued, and admission to trading on the Nasdaq enable increase awareness of the company in the US capital market and access to a large number of potential investors from around the world, interested in investing in projects in the medical and life science.

"The Board of the issuer believes that the development prospects of the industry and the company are promising and business model, which takes into account the company's listing on the Nasdaq will allow maximization of value for present and future shareholders," - reads.

[NetNinja]

Flat

I have a feeling Pre market it's going to hit 4.00 then drop back down.

[matthew23]

Keep an eye on it, needs volume

[D2Chris]

Should fly today
http://money.cnn.com/news/newsfeeds/articles/marketwire/11G079432-001.htm

[CrocHntr]

Sounds like Perma-Fix Medical is going to receive another grant to support it's tc99 process implementation. Maybe some needed good news after the $407k liability due to unpaid invoices (arbitration settlement related to Georgia explosion/fire) that came out earlier this month. (one time hit to Q4)

BRIEF-Perma-Fix Medical to receive funds for its Technetium generator development

Dec 29 Perma-Fix Medical SA :

* Said on Monday that it received an agreement with Poland's National Centre for Research and Development (NCRD) concerning implementation and financing of the company's project submitted under the prevention and treatment of diseases of affluence program - STRATEGMED

* The company's project concerns design and construction of a Technetium (99Mo/99mTc) generator for use of molybdenum (99Mo) in isotopic diagnostics

* The total value of the project is 13.3 million zlotys ($3.4 million) and consortium will receive funds from NCRD of 10.0 million zlotys

* Consortium comprises of Perma-Fix Medical SA, Poland's National Nuclear Research Center - Radioisotope Centre POLATOM, Institute of Biopolymers and Chemical Fibres, the University of Warsaw's Department of Nuclear Medicine and Institute of Organic Industry

[Minding]

Thanks CH.

Minding

[value1008]

Croc, thanks for an interesting translated report.

[CrocHntr]

Had to Google Translate this from Polish. Nothing entirely new, but adds a little more detail on plans in an interview of Steve Belcher by ISBnews:


Warsaw, 11.18.2015 (ISBnews) - Perma Fix Medical is focused on acquiring strategic partnerships with leading companies involved in the supply chain isotope Technetium-99 (Tc-99m) and plans that will submit applications for approval of its process for commercial use in the United States Agency for. Food and Drug Administration (FDA) and the EU office in early 2016 announced ISBnews CEO Steve Belcher.

"We are in negotiations with several potential strategic partners in the US and Europe. We expect that this partnership will be finalized and announced in the coming months. After finalizing these agreements, we will be able to produce the resin in our generator or use external devices manufacturers. At the same time we ready to submit applications for approval of our product to the relevant authorities in the US and Europe, "- said Belcher in an interview with ISBnews.

At the same time, the company is finalizing the test phase required to submit an application. "However, the main technical challenges are behind us. We hope that We will requests both the FDA and the office of the EU at the beginning of 2016. We plan to start selling or the first delivery of Tc-99m to our partner Digirad immediately upon receipt of regulatory approvals," - he stressed Belcher.

The basic source of income has come from the production of the resin in a mobile generator that enables the production of medical isotopes directly in hospitals or pharmacies that deliver to hospitals.

At the same time Perma Fix Medical is working on obtaining grant funds from the National Centre for Research and Development and is expected to receive directly receive approx. 800 thousand. USD consortium created to develop innovative generator Tech-99.

"We are considering a number of potential possibilities of obtaining grants from the European Union that will help us both to accelerate the commercialization of our production process Tc-99m in Europe and the development of our production and research capacity in Europe. Our priority is to launch the project of a new generator" - summed Belcher.

In an interview with ISBnews CEO also pointed out that Perma-Fix Medical will begin the process of transferring its listing on the main market of the Warsaw Stock Exchange alternative market NewConnect by the end of this year. The company also plans a dual listing on the Nasdaq.

[Minding]

Thanks for the post.

I also listened and read. I'm a little more sanguine about the pent-up demand. Not that I doubt it, but it's unclear when it will 'unpent'. Holding (though I've got enough anyway.)

Kind regards,
Minding

[rrat02]

Thank you!!

[value1008]

PESI-- I listened carefully to the CC while comparing it with the transcript given at http://seekingalpha.com/article/3661026-perma-fix-environmental-services-pesi-ceo-lou-centofanti-on-q3-2015-results-earnings-call-transcript?part=single -- but that transcript was very garbled in a number of places, so i cleaned it up to match the actual CC in the most relevant places and am posting the entirety of it here below.

I was delighted to hear CEO Lou say (i'd not heard this before) that their resin might be bringing in revenue opportunities even before their PFM subsidiary is bringing in revenues from the medical field. That's huge news, IMO.

Also, in their main business, he spoke of the "pent up demand" for services and treatment that should bring in lots of the smaller, steady revenue stream as well as (finally) some really big projects.

~~~~~~~~~~~~~~~~~~

Perma-Fix Environmental Services' (PESI) CEO Lou Centofanti on Q3 2015 Results - Earnings Call Transcript

Q3 2015 Earnings Conference Call
November 4, 2015, 11:00 AM ET

Executives
David Waldman - Investor Relations, Crescendo Communications
Lou Centofanti - Chairman and Chief Executive Officer
Ben Naccarato - Chief Financial Officer
Analysts
Al Kaschalk - Wedbush Securities
Sam Rebotsky - SER Asset Management
Bill Chapman - Morgan Stanley
Michael Potter - Monarch Capital Group, LLC
Justin Putnam - Talanta Investment Group
Bill Nasgovitz - Heartland Advisors

David Waldman - Investor Relations, Crescendo Communications
Good morning, everyone and welcome to Perma-Fix Environmental Services third quarter 2015 conference call. On the call with us this morning are Dr. Lou Centofanti, Chief Executive Officer and Ben Naccarato, Chief Financial Officer.
The company issued a press release this morning containing third quarter 2015 financial results, which is also posted on the company's website. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1020.
I'd also like to remind everyone that certain statements contained within this conference call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements on this conference call, other than statements of historical fact are forward-looking statements that are subject to known and unknown risks, uncertainties and other factors, which could cause actual results and performance of the company to differ materially from such statements. These risks and uncertainties are detailed in the company's filings with the U.S. Securities and Exchange Commission. 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.
I'd now like to turn the call over to Dr. Lou Centofanti. Please go ahead, Lou.

Lou Centofanti - Chairman and Chief Executive Officer
Thank you, David and welcome everyone. We’ve achieved another quarter of profitability and remain on target to hit our guidance of $6 million to $7 million of adjusted EBITDA, and very pleased with how we’re evolving with the business in the company.

Now let me streamline and stabilize the business --our focus now is almost entirely on growth and we are encouraged by the outlook for both treatment and services. Turning first to the service segment, we’re happy to report revenue increased 53.4% compared to the same period last year. This growth indicates winning more contract awards, it appears to be picking up… as an example we recently were awarded a contract valued at approximately $1 million for demolition and decommissioning services at a technology development lab in Knoxville.

This an example of one of the smaller contracts we bid on and were awarded. Many of the smaller contracts we don't announce. But as I mentioned in the past we’re also bidding on a variety of larger contracts that could have a significant impact on the business and hope to be able to talk about those more in the near future.

Within the treatment segment revenue declined to $10.9 million from $12.7 million for the same period last year. This does not reflect a weak third quarter 2015, but rather an extraordinary one in 2014 as we received and processed waste from a project that required a rapid turnaround resulting in higher revenue in that one quarter. Nevertheless our sales pipeline remains healthy as we head into 2016, the opportunities outside of DOE continue to be encouraging as we continue to focus on commercial international that will help us diversify our revenue from DOE.

I am pleased to report some very positive developments on the medical side as you know we recently announced completed another successful scale of our process which confirmed our preparatory resin could withstand higher radiation levels up to six curies. We believe we’re now very close to overcoming nearly all technical hurdles related to the resin; we’ve received positive feedback from the industry in active discussions with many of the key players.

As previously announced we finalized our agreement with Digirad wherein Digirad invested $1 million into our subsidiary Perma-Fix Medical, which is listed on the Warsaw Exchange. I would point out they invested at a significant premium to current market price, which is further illustration of the growing interest in our process from within the industry. And also we do not believe the price in the Warsaw Exchange really represents the true value of the technology.

As part of the agreement with Digirad they will purchase agreed-upon quantities of Tc-99m for its nuclear imaging operations upon successful completion of development of the process. We are currently in discussions with a number of prominent companies involved in other areas of the supply for Tc-99.

At the same time our main goal now is really finalizing our strategy for the U.S. FDA and European medical agencies and are now accelerating our testing for FDA requirements. And we will provide further updates on this in the near future.

So to wrap up, we remain very confident in our prior guidance for full-year and while we are pleased with the results, we’re far from satisfied and we’ll continue to focus on growth opportunities in 2016 based on the sales pipeline within the service segment and opportunities with in-treatment.

As we look ahead it’s still early but when you look from, at our 2014 to projected 2015 we've seen our EBITDA and adjusted EBITDA grow approximately 100%. In 2016 we expect to see a 50% further growth in adjusted EBITDA on continued revenue growth in 2016.
With that, I’d like to turn the call over to Ben who will go into more details on the numbers. Then I’ll be back to answer any questions at the conclusion of the formal remarks. Please go ahead Ben?

Ben Naccarato - Chief Financial Officer
Thank you, Lou. Beginning with revenue our total revenue from continuing operations for the third quarter was $17.3 million compared to last year's third quarter of $16.9 million an increase of $404,000 or 2.4%. Revenue in our services segment improved by $2.2 million as a result of increased commercial work. This is mostly offset by the reduction in the Treatment segment of $1.8 million as waste received in the third quarter of 2014 had a short processing deadline, which resulted in more waste being processed in the quarter.

When you look at year-to-date our revenue is greater than prior year by $7.2 million or 17.8% as both of our segments have increased compared to prior year. Turning to our cost of goods sold, total cost of sales was $12.4 million versus in the third quarter versus $11.3 million in the prior year.

Our Treatment segment cost of sales decreased by $592,000 or 7.6% compared to prior year, while our fixed facility costs remained relatively constant, variable costs went down as a result of the lower revenue.

In our Service segment our cost of sales were up $1.6 million as the variable costs related to the increased revenue and our fixed overhead expenses were down slightly. Our gross profit for the quarter was $4.9 million compared to $5.6 million in 2014 a decrease of approximately 635,000.

Gross profit in the Service segment increased by $612,000 compared to prior year as a result of the increased revenue. And of course the increase was offset by dropping the Treatment segment of $1.2 million as a result in the drop of revenue there. Again year-to-date our gross profit as of September 30, 2015 is higher than the prior year by $3.2 million or 44.6%.

Both segments have achieved increased revenue while maintaining their fixed operating costs, which is contributed to the improvement in the gross profit and the gross margins.

The total G&A for the quarter was $2.9 million compared to $2.7 million last year. Higher marketing costs primarily related to increased bidding activity is the main reason for this increase in the third quarter. Again when we look at year-to-date our G&A expenses were $8.7 million compared to $8.9 million in the prior year. Lower payroll expense has been primarily offset by higher third-party consulting costs accounting for this variance.

Our income from continuing operations for the quarter was $1.3 million compared to $2.4 million last year. And these results include $527,000 spending by our medical isotope and $229,000 in prior year.

Net income attributable to common shareholders was $1.1 million compared to last year's net income of $1.9 million. Income from quarter includes $364,000 -- again, which represents our portion of the Perma-Fix medical expenses. Our earnings per share from continuing operations was $0.12 a share compared to $0.20 per share last year and at the year to date level our earnings is currently at $0.01 per share, but this compares positively to the loss per share of $0.32 last year.

Adjusted EBITDA from continuing operations for the quarter as defined in this morning's press release was $2.9 million compared to $3.8 million last year. Year-to-date adjusted EBITDA from continuing operations currently sits at $4.5 million compared to $1.2 million in 2014 and improvement of $3.3 million.

On the balance sheet, compared to our year end cash, it is down $1.7 million primarily due to the operating cash requirements from losses incurred in the first quarter, but offset by positive cash generated in the second and third and $1 million raised by our Perma-Fix medical facility. Our total receivables including unbilled are down $1.3 million mostly due to our improved billing of unbilled and improved collections.

Our waste backlog is at $5 million compared to $9.2 million at the end of the year and $10.7 million a year ago. Current debt sits at $3.6 million consistent with the $3.7 million at year end and our total debt is down it’s $8.9 million compared to $11.4 million at year end and it's made up of $7.5 million from our credit facility FD&C, our shareholder loan of $1.3 million and a miscellaneous loan of $29,000.

Finally, I'll summarize our year-to-date cash flow as of September 30. Cash provided from continuing operations is $1.5 million, our cash used by discontinued operations is $1.2 million, cash used for investing is $291,000 of which $338,000 is actual capital spending, but we had some proceeds from equipment and the final escrow from our facility sale last year. Cash used for financing was $1.6 million; of this $1.6 million this includes debt payments of approximately $2.6 million and that's offset by the equity raised at our Perma-Fix medical facility of about $970,000.
With that, I’ll now turn the call over to the operator for questions.

Question-and-Answer Session
Operator
We will now be conducting the question-and-answer session. [Operator Instructions] Thank you. Our first question comes from the line of Al Kaschalk with Wedbush. Please proceed with your question.

Al Kaschalk - Wedbush Securities
Hey, good morning guys…. On the medical side Lou you gave us sort of the progress to date, what’s next in the near-term next three to six months sort of the commercial visibility or progress should we say to getting the next couple of stuffs. The investments need to made, trials et cetera. Thanks

Lou Centofanti - Chairman and Chief Executive Officer
The main is we are very focused today and there's a variety of smaller tests that will be required for FDA submittal in terms of very basic data that they will ask for and so we are going through a variety of tests today with our FDA consultants in terms of what is needed and preparing really for what will be our first set down with the FDA. And probably [it will be] the first of the year to go over our process or data and how it should be submitted and considered.

So right now it's, one, basically develop, continue to develop
the data needed and, two, looking at ways to further focus the technology in terms of - for our commercial unit, but we’re really excited right now. We see a path forward with the data is very good and we’re very pleased with the results. So that's our main internal goal right now is looking at data generation for what will be needed and a path forward with the regulatory agencies.

Al Kaschalk - Wedbush Securities
On this task forward is there further strategic partners or when do you take another step on that regard in terms of either announcement or Digirad partner and …

Lou Centofanti - Chairman and Chief Executive Officer
Digirad was a general advisor on the industry in helping us focus the - we’re in discussions with a variety of potential partners and several of those would involve assisting us from the regulatory point of view. So I can't really say at this point when will have more to say about that, but those discussions are very active right now, going on.

Al Kaschalk - Wedbush Securities
Okay on the treatment side, I guess –yes, there was a tough comparison—it still seems a little bit lower than maybe what we would like. What are you seeing in terms with the fiscal year end for the government the September push. Why is backlog sort of where 5 million level as oppose to bit higher?

Lou Centofanti - Chairman and Chief Executive Officer
Well, Al the push probably wasn’t as aggressive as we've seen in the past but the backlog is got sort of a different twist to it than what you normally see, we talked about and impact we given guidance is because we have some visibility on some way streams and project and our backlog is actually somewhat managed by our license right now we've got a pretty good visibility for something coming hopefully and into next year and because of our license we have to manage when that comes in.

So believe it or not for once we’re actually telling into hold on and then that's reflected in the lower backlog, but that just means were anticipating more of a flatter receipt schedule than we’ve usually had in the past where you know kind of fourth-quarter, first-quarter falls right off the table. So we are not overly concerned because we have some sort of commitments that will sort of make up for that lower backlog.

Al Kaschalk - Wedbush Securities
Okay that that gives you confidence on the 15 number and therefore given this timing and managing the process you're able to fill lack of better words slot for 50% growth in EBITDA for 2016. I assume the majority of that is because of this backlog our composition?

Lou Centofanti - Chairman and Chief Executive Officer
Yes well the service growth but yes lot to do with it two but yet that give lot more confidence in our treatment numbers which as you know our treatment numbers is a probability of the service members this kind of the revenue side growth.

Al Kaschalk - Wedbush Securities
Okay and then just a on just a broader comment Lou, a lot of the industrial companies are, I won’t say inconsistent, but certainly some growth and some more less constructive comments about waste streams. Despite the diversification efforts are you seeing more opportunities or more customers delaying projects that the diversification process may not be as robust in the near-term.

Lou Centofanti - Chairman and Chief Executive Officer
Well, we’ve suffered over the last 3 year, 4 years with seeing because of the problems with nuclear industry had both the DOE and then on the commercial side and so what I see is that there is a lot of now pent-up demand --you can only avoid following the rules for so long and then you have to start moving waste. So what we're seeing I think is we went through that back two, three years ago. And we’re now past that and the pent up demand is there and there's a lot of projects that are developing and there are a lot of opportunities. What we’re really seeing right now is a lot of new issues cropping up in nuclear field that are requiring our efforts and technology and services.

So we think we’ve seen that that happened in the past and when that happened is they may talk about we can delay this for a while but it's usually about a year or two and then it catches up with the companies.

Al Kaschalk - Wedbush Securities
All right. Okay, very good we’ll look forward to it.

Lou Centofanti - Chairman and Chief Executive Officer
Thanks, Al.

Operator
[Operator Instructions] Our next question comes from the line of
Vernon McCreary with Stockbroker Club. Please proceed with your question.

Vernon McCreary
Hello. And thank you for letting me on the call. I am quite new to the company. But I am phoning from Toronto and one of the questions we haven't encountered is the concern with chemotherapy with the isotopes of Chalk River being sort of stalled and stopped time-to-time. I am wondering if you could talk about how soon you can get to that market and what you think the size of the market might be.

Lou Centofanti - Chairman and Chief Executive Officer
Well, we see a fairly dramatic market -- I wish I could tell you we will be available by the time Chalk River closes. But from a realistic point of view, don't see that being possible because you probably going to see Chalk River dropping off either next year or under the best scenario in 2018.

What we see is that in the interim there is a, the industry has done a variety of things to have backups. So you'll see a supply now with respect to ours is that we’re really looking at – that probably being realistic, getting the FDA in sometime next year and then a year after that with a commercial product.

And Canada would be an ideal market for us because it is a very diffused market and we see some advantages there. But over the next, and the market size is immense, the product we would be selling –you’re talking about several hundred million dollar market in Europe and the U.S. when you look at it very simplistically from just – if we only sold Tc99, so we’re very excited about our technology.

I think we could play a major role --our technology just brings with it sort of ideal conditions from a big picture point of view and that's the real advantage we have. And now we just need to fill in all the little details but try to get it approved through the regulatory agencies and then figure out how to distribute it. But we are real excited about the technology

Vernon McCreary
You mention that if you just produce the basic item, market might be a few hundred million. Do you have plans to do something I could value add on or market it in a way with quite a larger revenue stream?

Lou Centofanti - Chairman and Chief Executive Officer
The advantage of this technology that I’ve always seen that it’s a disruptive technology and it could totally change how the industry behaves and what it does, so that is very possible. And so the market itself around the world is a $6 billion market with over half of that in North America, so it is a dramatic market with a variety of services that could be added on in time.

So yes it's tremendous opportunity and you know today it [Tc-99m] is the heart of diagnostic medicine. And without it [there would] be a fairly dramatic effect on diagnostics and also on the chemo side and other sides of the business. So…

Vernon McCreary
What’s your R&D size on this project?

Lou Centofanti - Chairman and Chi99m] ef Executive Officer
Well, we are a small company and it's almost embarrassing to tell you because when I tell people in the medical field what we are spending they find it hard to believe the progress we've made with what we have. We are spending today about half a million a quarter and I could tell you that everyone else we’re competing with is spending tens of millions of dollars so – but we've made tremendous progress on what we have and our spending will increase in 2016, it’s going to go up as we get into some of the more highly medical requirements.

Vernon McCreary
So if you had more money you could spend it on the R&D field?

Lou Centofanti - Chairman and Chief Executive Officer
We could accelerate our development and growth if we had more funds, yes.

Vernon McCreary
Thank you for this.

Operator
Our next question comes from the line of Sam Rebotsky with SER Asset Management. Please proceed with your question.

Sam Rebotsky - SER Asset Management
Good morning Lou.

Lou Centofanti - Chairman and Chief Executive Officer
Sam, how are you?

Sam Rebotsky - SER Asset Management
Okay. Now the Perma-Fix Medical, the Polish company, I believe it’s been trading in Poland for close to two years, could you sort of give the metrics of what the high and low the prices traded at and what price Digirad has paid for their interests [in PFM]. And is there any thought about listing this company in the U.S., do you think that we get a better valuation if we did that?

Lou Centofanti - Chairman and Chief Executive Officer
First, the answer to your last question is yes, we are very interested in listing in into the U.S., as we think we would have a better valuation. The stock has traded for approximately $10, it's been higher and it’s been a little lower. I think the Digirad [purchase] price [of PFM shares] was about $14 and in fact we would not sell stock today at these kinds of prices on the open market. So we think it's not being anywhere near truly valued.

Sam Rebotsky - SER Asset Management
So does it make sense I'm not sure whether to list on the bulletin board or do you want to wait for NASDAQ or what is our thoughts on a timeframe to start trading the stock as you make more progress in getting the products forward and get some kind of approvals there would be more interest I would think in creating a greater value for this company [PFM] which would then increase the value of Perma-Fix if there is a realistic price?

Lou Centofanti - Chairman and Chief Executive Officer
We’ve looked at all the various options and one is an uplisting onto the bigger Warsaw exchange which would dramatically improve the liquidity and the ability of the investors to buy it in Europe. And then we’ve reviewed all the various options for the U.S. I say probably by the end of next year about 12 months we would be clear on where we are going from an option point of view with the stock and the company in Warsaw.

Sam Rebotsky - SER Asset Management
Okay, so at this point that you wouldn't be listing in the U.S. for at least another year or presumably you would uplist first in Warsaw even though you feel there is a greater valuation. Might you, if you got some approvals, would that encourage you to do something sooner or is that what you're waiting on?

Lou Centofanti - Chairman and Chief Executive Officer
Well, there is a variety of things we are waiting on, we are reviewing all of them and all the various options and we have a variety of strategic partners interested in working with us one way or another so really the change in listing or bringing back to the U.S. also depends on how we work with these various strategic partners.

That also comes into play on all of this. You know doing a NASDAQ listing today… we’re not sure that's quite right but probably by the end of the year it could be – it could make a lot of sense. There are other less significant markets in the U.S. we could list on but we’re not quite sure what that would bring us. So in the cost and effort you know probably [it would] be the same as doing a NASDAQ listing.

So right now our thought is to get a little more time, maybe move ahead with Warsaw and while that's going through then preparing the same documents that would be required for the NASDAQ. So we’ve laid out the paths for every possibility right now.

Sam Rebotsky - SER Asset Management
Okay, now as far as your the Nuclear and other contract business what type of bids do you have out there is there a dollar amount you have more bids out there then before your backlog doesn't seem to be moving up, but do you have more business -- is there any more money that the government is going to be putting out or are we waiting on something from the government?

Lou Centofanti - Chairman and Chief Executive Officer
Well I think as we sit today you’ve seen numbers on services are growing significantly especially in the commercial side of our business and we’re seeing more opportunities than we've ever seen and in the schedule for bidding over the next two years, three years on the DOE side is going to be pretty significant for large contracts very large contracts now there we would have in most of those cases we [would] be on a team, or a subcontractor to the team.

So… but we we've got a lot of bids out --in fact our opportunity list is as big as it's ever been. I am pretty confident we’re going to win some significant projects and I see the bid opportunities just continue to increase and really it is increasing on the small to medium which is always been our bread and butter. So like I said earlier on the earlier question is there have been a lot of projects somewhat delayed, [on] the commercial side we actually see pressure building for people to do things and we see a lot of new opportunities.

Sam Rebotsky - SER Asset Management
So what I don't think I understand is that somebody needs a goose [up the rear, i.e., a goad], whether it is money to be put in the system before they allocate and commit to the project as the federal government requiring companies to do things --is that the federal government doing things, is there additional money in the budget that's required to sort of get it off to really grow?

Lou Centofanti - Chairman and Chief Executive Officer
All the above; we’re seeing actually all the above: you got the commercial side, there is pressure on a variety of major industrial companies in the mining business and the gas business, there is the fracking that produces a tremendous amount waste and it's causing issues, and opportunities for us.

In the commercial side and in the government side we’re seeing lots of work and remember that the problem we have is none of these things: we have to bid on contracts our clients don’t like us talking about and don't like us announcing things. So we’re a little hamstrung in sometimes telling you until long after the fact on what's going on. But as we sit today we are seeing international, we’re seeing commercial, and we’re having we think good success on being on good teams and teams that should win.

Sam Rebotsky - SER Asset Management
All right, Lou. Hopefully you could get these contracts and start reporting the numbers.

Lou Centofanti - Chairman and Chief Executive Officer
I hate to sort of dance on your question. I’m somewhat limited in how I can talk about what's really going on with our clients as business.

Sam Rebotsky - SER Asset Management
Thanks, good luck.

Lou Centofanti - Chairman and Chief Executive Officer
Thank you.

Operator
[Operator Instructions] Our next question comes from the line of Justin Putnam with Talanta Investment Group. Please proceed with your question.

Justin Putnam - Talanta Investment Group
Good morning. My first question, what are your expectations to the isotope R&D expenses going forward. I think you said you were only about a half-million right now, but you are expecting that to grow?

Ben Naccarato - Chief Financial Officer
Yes, we think that number’s going to go up. We’re working those numbers today but you could probably expect probably about a 50% increase just without anything else dramatic happening. We’re sort of little bit reactive to circumstances where we’re at with the planning. But you know as a rule right now you could probably use 50% increase on that starting in the year.

Justin Putnam - Talanta Investment Group
Okay. And then my second question Lou, I guess it is for you and you kind of dance around this a lot as well. But I was just curious to know if there are any - so the FDA process approval is a big step in your medical isotope program. But are there any other revenue opportunities maybe outside of the U.S. prior to that accreditation.

Lou Centofanti - Chairman and Chief Executive Officer
With the medical project?

Justin Putnam - Talanta Investment Group
Yes.

Lou Centofanti - Chairman and Chief Executive Officer
It’s – any country has got to require governmental approval and most of them will require, actually most of them will look to the FDA as the leader. So that once you have FDA then it’s become semi automatic in some of the smaller countries. Now the medical isotope has led us to a variety of other opportunities that we’re chasing.
So in one way it probably will pay off in the development of our technology base. So we’re seeing that, they are bringing to us a variety of other issues especially with our resin technologies that could see revenue much sooner than we'd ever see with medical. So as we sit today, we’ve actually been excited about how it is leading us to other opportunities in technology both on the wayside and on the use of our resin technologies.

Justin Putnam - Talanta Investment Group
Okay. So, for example with that Digirad deal, they agreed to purchase certain quantity of this isotopes, is that correct, that’s still dependent on FDA approval?

Lou Centofanti - Chairman and Chief Executive Officer
Absolutely, yes. They can’t use it without that approval. So all those things are really subject to us being able to get through the FDA.

Justin Putnam - Talanta Investment Group
I mean on purchasing, how much they would agree to?
Lou Centofanti - Chairman and Chief Executive Officer
Well, they [Digirad] are one of the largest consumers in the U.S. I don't remember the exact number, there is no limit on what they could purchase. They are the largest consumer of Tc99 in the U.S. In fact they’ve just bought another distribution system that now almost will make them a very, significantly much larger significant user. So I don't remember the number but they are a very large consumer.

Justin Putnam - Talanta Investment Group
To know them and….

Lou Centofanti - Chairman and Chief Executive Officer
Right, exactly it’s more our production limit that would limit the availability. So if we can produce it they will buy it.

Justin Putnam - Talanta Investment Group
Okay. And then last question on that. So they currently own 5.4%. Is that correct?

Lou Centofanti - Chairman and Chief Executive Officer
Correct.

Justin Putnam - Talanta Investment Group
The Perma-Fix medical and you own 60.5%. Is that correct?

Lou Centofanti - Chairman and Chief Executive Officer
Correct.

Justin Putnam - Talanta Investment Group
And then the remainder is just public float?

Lou Centofanti - Chairman and Chief Executive Officer
Correct, yes.

Ben Naccarato - Chief Financial Officer
Several funds in Poland and the small public float.

Justin Putnam - Talanta Investment Group
Okay. All right, great. Thank you for taking my question.

Operator
Our next question comes from the line of Bill Chapman with Morgan Stanley. Please proceed with your question.

Bill Chapman - Morgan Stanley
Lou, Ben good morning.

Lou Centofanti - Chairman and Chief Executive Officer
Hi Bill.

Bill Chapman - Morgan Stanley
Let me ask on the plants that are produced in the Tc-99 and they are also in the business of selling generators I believe like Australia or South Africa if I remember correctly. How do we approach them on using the resin?

Lou Centofanti - Chairman and Chief Executive Officer
We are talking to pretty much all of them and it would be for a variety [of uses]– they all see some value in what we are doing and so there's been a variety of discussions with everyone, it sort of goes to what their goals are, what they're looking at, how they want to grow and so there's a variety of approaches each of these companies have taken in terms of our discussions and so – but we see opportunities right now with everyone. In fact, we are somewhat drowned in opportunities [as to] what makes the best sense.

So as we look at the industry today we are really excited about our position where we are and how it can help these people really grow their business. And it’s everything from using their generators by putting our resin in it to developing a new generator that would be used in select markets that they can't compete in today.

Bill Chapman - Morgan Stanley
Okay, you are going to them and they are using high rich uranium or low rich I presume and so you can offer a much lower cost…

Lou Centofanti - Chairman and Chief Executive Officer
Much lower cost at simpler production way, the uranium systems require highly centralized production distribution system whereas our technology could be done in a more distributed defuse production distribution system. So you make the whole chain more reliable, you make the whole chain closer to the users. So there's some tremendous advantages that we could offer, that our technology would offer.

Bill Chapman - Morgan Stanley
Okay, well thank you very much.

Operator
Our next question comes from the line of Michael Potter with Monarch Capital Group. Please proceed with your question.

Michael Potter - Monarch Capital Group, LLC
A quick question on something you discussed earlier was that our license or the license that we have in some way it did not enable us to bring in some waste from the government this year, that we have to wait for the next year. Can you give us a little bit more detail on that?

Lou Centofanti - Chairman and Chief Executive Officer
Yes, really all our facilities have limits on the license, you can only have so much enriched uranium, plutonium or certain radioactive isotopes and so when our clients, especially DOE, has large quantities of certain materials that have the limiting isotopes then we just have to plan the arrival and we can only have so much on site so we have to bring the waste in, treat it, then get out the door before we can accept more. So this is a – it’s a common limit we've had. Today we do a lot of very high activity materials and very specialized materials: plutonium and lot of transuranic waste. All of those have some significant limits on how much you could have on site. And so we then have to manage it in and out to avoid having problems with our license.

Michael Potter - Monarch Capital Group, LLC
But even though we are limited on what we could have on our site, don't we still have the work order? Or are they not issuing the work order until we are able to accept delivery?

Lou Centofanti - Chairman and Chief Executive Officer
No, we have the work order, but we cannot accept the waste, correct.

Michael Potter - Monarch Capital Group, LLC
So we have the work order-- so wouldn’t that be in your backlog?

Lou Centofanti - Chairman and Chief Executive Officer
No.

Ben Naccarato - Chief Financial Officer
Michael, our backlog has always been sort of unearned revenue number, it is waste on-site that has been received but not yet treated.

Michael Potter - Monarch Capital Group, LLC
I see.

Lou Centofanti - Chairman and Chief Executive Officer
You need to remember that we work off of… our contracts are open-ended and so they will give us a work order under that contract and, say, we have this month but until we receive it there is no guarantees that they will actually send it. Now they say we got 100 drums of this material and can you start taking? and we say we will take it over the next five months. So it works that way but you can’t recognize that because there is still limits of the contract that they could change in any time.

Michael Potter - Monarch Capital Group, LLC
It’s always the case right. It’s always been historical.

Lou Centofanti - Chairman and Chief Executive Officer
Correct, yes.

Ben Naccarato - Chief Financial Officer
In some cases the customer must get it done so we have a little more confidence that they won’t pull funding versus other time.

Lou Centofanti - Chairman and Chief Executive Officer
Right, but we are still working with record.

Ben Naccarato - Chief Financial Officer
Yes but the backlog is truly an unearned number.

Michael Potter - Monarch Capital Group, LLC
Okay. Can you give us a sense of how large a piece of businesses should be coming in the beginning of year?

Lou Centofanti - Chairman and Chief Executive Officer
Well I mean it is spread out, we have several commitments with some of the DOE sites where they have to move, specially like they have requirements they have to move a certain amount of material under the new rules DOE in space that pretty much guarantees we are going to get $5 million or $10 million a year out of them. So that's the kind of thing that we see we have, they have requirements, we’re the only option and they'll be sending us that amount over the next year. So that gives us a pretty strong [forecast;] we usually don't have that kind of commitment. It’s a nice steady number.

Ben Naccarato - Chief Financial Officer
I think the best way to answer, Michael, is we rarely have a commitment that can't be pulled off the table and this one still and more pressure on the generator to get that out but it's almost like we rarely have anything guaranteed and we sort of have a pretty good comfort level for $5 million to $10 million.

Michael Potter - Monarch Capital Group, LLC
Okay. I'm assuming that is the main factor because you guys have confidence in the guidance for 2016 of 50% increase in adjusted EBITDA?

Lou Centofanti - Chairman and Chief Executive Officer
Well that was… we’re seeing a lot of opportunity, yes that's one and that’s great to have it’s really the amount of opportunities were seeing on the commercial and on the international and– and then on the governmental side it is looking very positive right now. So we see a lot of opportunities.

Michael Potter - Monarch Capital Group, LLC
Okay. There was a recent article in the Wall Street Journal a few days ago, within the past week, on the issues that DOE’s having managing the sites and a lot of the waste that’s been built up and budget issues over the past two years and all that kind of good stuff that we’ve known for a long, long time. You want to add any comment to that Lou?

Lou Centofanti - Chairman and Chief Executive Officer
Well, déjà vu, it’s my own speech. I mean there is so much waste out there, specially at DOE - specially at department of defence, specially at the commercial sites, the [Army] Corps of engineers -- I mean it just I can go on and on and then and so you know that there was a lot of discussion in that article a lot about what was going on in California international labs and we’re in the middle of that right now with our service group.

We are running the health physics work out there and so we are in the middle of all that and that just goes back to what we see… is that we have on our service side --probably the premier group for health physics and managing the radiation control at sites. So that group is really blossoming right now and with it is coming a lot of work so and it’s leadership work, they are highly technical, fitting well with our treatment group and we are seeing that all bloom right now. So it’s a good place to be where we are and we just see that there is a need in the nuclear industry for more leadership and more technical approach and people are coming to us for that.

Michael Potter - Monarch Capital Group, LLC
Okay. All right guys. I’ll get back in the queue. Thanks.

Operator
Our next question is a follow-up question from Sam Rebotsky with SER. Please proceed with your question.

Sam Rebotsky - SER Asset Management
Yes, one question I didn’t ask as far as the Polish company, how many shares are outstanding. You said that’s trading around $10 and Digirad bought at $14, and we own 60%. What is the total number of shares outstanding that are tradable?

Lou Centofanti - Chairman and Chief Executive Officer
Approximately 1.3 million shares.

Sam Rebotsky - SER Asset Management
So 1.3 million shares, okay, so that’s a valuation of $13 million-plus for that [PFM], okay. Is it helpful to have that information more readily available in the financial data that we put out?

Lou Centofanti - Chairman and Chief Executive Officer
Well, since it’s totally consolidated it somewhat shows up, but not in terms of the value on our balance sheet.

Ben Naccarato - Chief Financial Officer
They are a subsidiary of our company so really our financial data represents Perma-Fix and that includes – the value of that is presumably in our stock price and in our valuation.

Sam Rebotsky - SER Asset Management
Well at this point in time the $13 million-plus valuation and if you're successful in accomplishing what trying to do this would have a greater valuation than is reflected in Perma-Fix, you reflect book value and not the market valuation. [Right.] All right, hopefully you're successful sooner than later.

Ben Naccarato - Chief Financial Officer
Okay, thank you.

Operator
Our next question comes from the line of Bill Nasgovitz with Heartland. Please proceed with your question.

Bill Nasgovitz - Heartland Advisors
Good morning. Lou, what was your estimate of EBITDA for this year?

Lou Centofanti - Chairman and Chief Executive Officer
$6 million to $7 million.

Bill Nasgovitz - Heartland Advisors
Okay, thank you.

End of Q&A
Operator
We have no further questions at this time. I’d now like to turn the floor back over to management for closing comments.

Lou Centofanti - Chairman and Chief Executive Officer
Once again I’d like to thank everyone for participating in our conference call with another quarter under our belt of sustained profitability; I can say confidently we’ve turned the corner. We are now on track to hit our guidance of $6 million to $7 million and encouraged by our prospects heading into the New Year. We are pursuing several large contracts in the service segment which we hope to announce soon and see a growing number of opportunities within treatment [segment].

We are very excited about our medical subsidiary based on the interest we received from the industry and are now finalizing plans for the FDA and look forward to providing you updates. Thank you all for participating and look forward to the next call. Thank you.

[Minding]

A summary reaction.

Kind regards,
Minding

================

From http://zolmax.com/investing/perma-fix-environmental-services-pesi-announces-quarterly-earnings-results/277791/

Perma-Fix Environmental Services (PESI) Announces Quarterly Earnings Results
Posted by Wayne Rhoads on Nov 4th, 2015 // No Comments

Perma-Fix Environmental Services logoPerma-Fix Environmental Services (NASDAQ:PESI) announced its earnings results on Wednesday. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.15 by $0.03, Analyst Ratings.Net reports. The business had revenue of $17.30 million for the quarter, compared to analysts’ expectations of $18.55 million.

Several analysts have commented on the stock. Zacks cut shares of Perma-Fix Environmental Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. TheStreet raised shares of Perma-Fix Environmental Services from a “sell” rating to a “hold” rating in a research report on Tuesday, August 25th.

Perma-Fix Environmental Services (NASDAQ:PESI) traded down 4.2329% during trading on Wednesday, reaching $4.0701. 179,800 shares of the company’s stock were exchanged. The firm’s 50-day moving average price is $4.15 and its 200-day moving average price is $3.84. The firm has a market cap of $46.91 million and a price-to-earnings ratio of 101.7525. Perma-Fix Environmental Services has a 12 month low of $3.32 and a 12 month high of $5.01.

Perma-Fix Environmental Services, Inc. is an environmental and environmental technology know how business. The Business operates in two segments: Treatment Section as well as the Services Segment. The therapy Section comprises nuclear, low level radioactive, mixed, dangerous and non-hazardous waste treatment, processing and disposal services. The Services Segment consists of specialized services onsite waste management and nuclear services. The business is also associated with the research and development (NASDAQ:PESI) and promotion of medical isotope technology (Technetium 99 or Tc-99m) through its Perma-Fix Medical S.A subsidiary company. Its subsidiary companies are Perma-Fix of Florida, Inc., Diversified Scientific Services, Inc., East Tennessee Substances & Energy Corporation, Perma Fix Northwest, Inc., Safety and Ecology Corporation Radcon Coalition, LLC and Safety and Ecology Corporation.

[rrat02]

CC was positive especially the broad guidance for 2016.

[Minding]

Actually Treatment was disappointing.

Minding

[Minding]

Perma-Fix Reports Adjusted EBITDA (as Defined Below) of $2.9 Million and Net Income from Continuing Operations of $1.3 Million or $0.12 Per Share for the Third Quarter of 2015

All cylinders firing.

Kind regards,
Minding

==============

From http://finance.yahoo.com/news/perma-fix-reports-adjusted-ebitda-123000861.html

Services Segment Revenue Increases 53.4% versus the Third Quarter of 2014

ATLANTA, GA--(Marketwired - November 04, 2015) - Perma-Fix Environmental Services, Inc. (PESI) (the "Company") today announced results for the third quarter ended September 30, 2015.

Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "I am pleased to report another quarter of profitability with $2.9 million of adjusted EBITDA and $1.3 million, or $0.12 per share, of net income from continuing operations. Importantly, we continue to see growth in our Services Segment, with revenue increasing 53.4% compared to the same period last year. We also experienced another solid quarter in our Treatment Segement, albeit slightly less than the same period last year due to the timing of waste shipments which is normal in our business. Looking ahead, we believe that our prior guidance of adjusted EBITDA in the range of $6 million to $7 million for 2015 can be achieved based on our estimated performance for the fourth quarter of 2015. I am especially pleased that our results are producing improved liquidity as evidenced by our cash flow from operations, working capital and debt reduction.

"We are also making continued progress advancing our new process for the production of Technetium-99m ("Tc-99m"). We recently announced that we completed another successful scale-up of our process, which confirmed our proprietary resin could withstand higher levels of radiation, up to 6 curies, while providing clinically useful doses of Tc-99m. We believe we have now overcome nearly all the technical hurdles and required validation testing related to our resin. As a result, we have received positive feedback from the industry and are actively evaluating potential industry partners, while finalizing our strategy for U.S. Food and Drug Administration ("FDA") and European Medicines Agency ("EMA") submission. We will provide additional updates on our strategy as they become available."

Financial Results

Revenue for the third quarter of 2015 was $17.3 million versus $16.9 million for the same period last year. Revenue for the Treatment Segment was $10.9 million compared to $12.7 million for the same period in 2014. In 2014, the Treatment Segment received waste which required a short processing deadline and thus produced higher revenue in the third quarter of 2014. Revenue from the Services Segment was $6.4 million versus $4.2 million for the same period in 2014.The increase in revenue was the result of increased commercial revenue.

Gross profit for the third quarter of 2015 was $4.9 million versus $5.6 million for the third quarter of 2014. Gross margin decreased to 28.6% for the three months ended September 30, 2015 from 33.0% for the same period last year primarily resulting from reduced revenue in our Treatment Segment.

Operating income for the third quarter of 2015 was $1.5 million as compared to an operating income of $2.6 million for the third quarter of 2014. Net income attributable to common stockholders for the third quarter of 2015 was $1.1 million or $0.09 per share, versus a net income of $1.9 million or $0.16 per share for the same period in 2014.

The Company's Adjusted EBITDA was $2.9 million from continuing operations for the quarter ended September 30, 2015, as compared to Adjusted EBITDA of $3.8 million for the same period of 2014. The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before research and development costs related to the Medical Isotope project and impairment charges on goodwill. Both EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with Generally Accepted Accounting Principles in the United States of America ("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 and Adjusted EBITDA is relevant and useful by enhancing the readers' ability to understand the Company's operating performance. The Company's management utilizes EBITDA and Adjusted EBITDA as a means to measure performance. The Company's measurements of EBITDA and Adjusted EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA and Adjusted EBITDA, both non-GAAP measures, to GAAP numbers for income (loss) from continuing operations for the three and nine months ended September 30, 2015 and 2014.


Quarter Ended Nine Months Ended
September 30, September 30,
(In thousands) 2015 2014 2015 2014
Income (loss) from continuing operations $ 1,284 $ 2,344 $ (322 ) $ (3,720 )


Adjustments:
Depreciation & amortization 912 973 2,821 3,282
Interest income (16 ) (7 ) (36 ) (20 )
Interest expense 124 138 390 505
Interest expense - financing fees 56 52 171 133
Income tax expense 53 30 124 90

EBITDA 2,413 3,530 3,148 270

Research and development costs related to Medical Isotope project 527 229 1,354 548
Impairment loss on goodwill -- -- -- 380

Adjusted EBITDA $ 2,940 $ 3,759 $ 4,502 $ 1,198

The tables below present certain unaudited financial information for the business segments, excluding allocation of corporate expenses and research and development costs related to our Medical Isotope project:


Three Months Ended Nine Months Ended
September 30, 2015 September 30, 2015
(In thousands) Treatment Services Treatment Services
Net revenues $ 10,866 $ 6,443 $ 31,702 $ 15,562
Gross profit 3,696 1,250 8,265 2,190
Segment profit 2,681 507 5,124 265

Three Months Ended Nine Months Ended
September 30, 2014 September 30, 2014
(In thousands) Treatment Services Treatment Services
Net revenues $ 12,705 $ 4,200 $ 29,773 $ 10,333
Gross profit 4,943 638 6,379 853
Segment profit (loss) 3,985 10 2,977 (1,981 )

Conference Call

Perma-Fix will host a conference call at 11:00 AM ET November 4, 2015. 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 November 11, 2015, and can be accessed by calling: 877-660-6853 (U.S. callers) or 201-612-7415 (international callers) and entering conference ID: 13624187.

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 Department of Energy ("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.

Through Perma-Fix Medical S.A., our majority-owned Polish subsidiary, we have also developed a new process to produce Tc-99m, a widely used medical isotope in the world. The new process is expected to solve worldwide shortages of Tc-99m as it is less expensive, does not require the use of government-subsidized, weapons-grade materials and can be easily deployed around the world.

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: adjusted EBITDA in the range of $6 million to $7 million for 2015; benefits of our Tc-99m process; and strategy for FDA and EMA approvals of our Tc-99m process. 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 technology; 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; commercialization of Tc-99m; and the "Risk Factors" discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2014 Form 10-K and Forms 10-Q for quarters ended March 31, 2015, June 30, 2015, and September 30, 2015. 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.

FINANCIAL TABLES FOLLOW


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) 2015 2014 2015 2014

Net revenues $ 17,309 $ 16,905 $ 47,264 $ 40,106
Cost of goods sold 12,363 11,324 36,809 32,874
Gross profit 4,946 5,581 10,455 7,232

Selling, general and administrative expenses 2,887 2,733 8,663 8,916
Research and development 583 253 1,500 941
Impairment loss on goodwill -- -- -- 380
Gain on disposal of property and equipment (23 ) (25 ) (23 ) (41 )
Income (loss) from operations 1,499 2,620 315 (2,964 )

Other income (expense):
Interest income 16 7 36 20
Interest expense (124 ) (138 ) (390 ) (505 )
Interest expense - financing fees (56 ) (52 ) (171 ) (133 )
Foreign currency loss (2 ) -- (7 ) --
Other 4 (63 ) 19 (48 )
Income (loss) from continuing operations before taxes 1,337 2,374 (198 ) (3,630 )
Income tax expense 53 30 124 90
Income (loss) from continuing operations, net of taxes 1,284 2,344 (322 ) (3,720 )

(Loss) income from discontinued operations, net of taxes (377 ) (473 ) (1,313 ) 1,633
Net income (loss) 907 1,871 (1,635 ) (2,087 )

Net loss attributable to non-controlling interest 163 -- 487 --

Net income (loss) attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 1,070 $ 1,871 $ (1,148 ) $ (2,087 )

Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic:
Continuing operations $ .12 $ .20 $ .01 $ (.32 )
Discontinued operations (.03 ) (.04 ) (.11 ) .14
Net income (loss) per common share $ .09 $ .16 $ (.10 ) $ (.18 )

Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted:
Continuing operations $ .12 $ .20 $ .01 $ (.32 )
Discontinued operations (.03 ) (.04 ) (.11 ) .14
Net income (loss) per common share $ .09 $ .16 $ (.10 ) $ (.18 )

Number of common shares used in computing net income (loss) per share:
Basic 11,526 11,449 11,506 11,434
Diluted 11,561 11,490 11,542 11,434
The accompanying notes are an integral part of these consolidated financial statements.


PERMA-FIX ENVIRONMENTAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
September 30, December 31,
(Amounts in Thousands, Except for Share and Per Share Amounts) 2015 2014
ASSETS
Current assets:
Cash and equivalents $ 2,100 $ 3,765
Account receivable, net of allowance for doubtful accounts of $1,880 and $2,170 8,462 8,272
Unbilled receivables 5,732 7,177
Other current assets 4,046 3,508
Deferred tax assets - current 385 385
Assets of discontinued operations included in current assets, net of allowance for doubtful accounts of $0 for each period 37 20
Total current assets 20,762 23,127

Net property and equipment 20,535 22,824
Property and equipment of discontinued operations, net of accumulated depreciation of $10 for each period 531 681
Intangibles and other assets 41,768 42,004
Total assets $ 83,596 $ 88,636

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 18,122 $ 20,233
Current liabilities related to discontinued operations 1,491 2,137
Total current liabilities 19,613 22,370

Long-term liabilities 16,861 19,341
Long-term liabilities related to discontinued operations 1,184 590
Total liabilities 37,658 42,301
Commitments and Contingencies
Series B Preferred Stock of subsidiary, $1.00 par value; 1,467,396 shares authorized, 1,284,730 shares issued and oustanding, liquidation value $1.00per share plus accrued and unpaid dividends of $851 and $803, 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; 30,000,000 shares authorized; 11,535,367 and 11,476,485 shares issued, respectively; 11,527,725 and 11,468,843shares outstanding, respectively 11 11
Additional paid-in capital 104,057 103,765
Accumulated deficit (60,906 ) (59,758 )
Accumulated other comprehensive (loss) income (81 ) 11
Less Common Stock in treasury at cost: 7,642 shares (88 ) (88 )
Total Perma-Fix Environmental Services, Inc. stockholders' equity 42,993 43,941
Non-controlling interest 1,660 1,109
Total stockholders' equity 44,653 45,050

Total liabilities and stockholders' equity $ 83,596 $ 88,636
Contact:


David K. Waldman
US Investor Relations
Crescendo Communications, LLC
[phone]

Herbert Strauss
European Investor Relations
[e-mail]
[phone]

[Minding]

Good color. Thanks.

Kind regards,
Minding

[rrat02]

Nice article. To build the facility in Janesville will require Shine to raise a huge amount of money which at this point appears unlikely. What's truly amazing is what PESI has so far accomplished while operating on a shoestring budget.

[value1008]

Good find!

[CrocHntr]

PESI - Found another article about one of the competitors (Shine). It's more about Phoenix Nuclear Labs and takes the approach that Phoenix is more than a one-trick pony and isn't dependent on Shine's success with mo-99.

Phoenix Nuclear Labs Looks to Diversify in Defense, Energy


I thought this was an interesting excerpt and almost seems like hedging in case Shine has to throw in the towel...

Despite having several other applications for its technology, Phoenix has placed many of its eggs in the isotope-making basket, and its fortunes are tied in part to Shine’s. Do outside experts think Shine will succeed in penetrating the market?

A nuclear chemist at Los Alamos National Laboratory, who asked not to be identified by name (he’s not involved with any of the companies seeking to produce molybdenum-99), says there are pros to Shine’s accelerator-based approach, such as the ease of turning off the system compared to a reactor. However, he says, “there are more easily achieved proposals against which they are competing,” which has resulted in financing being “extremely hard to secure” for a company going the accelerator route like Shine.

All the more reason, it seems, for Phoenix to diversify its product line.

[value1008]

>Will PESI create a new source that takes over the industry or will they be unable to successfully build a commercial model that gets sold?

Recall that mgmt specifically has suggested:

"We have several options on the table and several partners who are interested in possibly supplying us with their generator design or producing the generator for a royalty," Belcher said.

That is from the last paragraph of this article from a few weeks ago in that journal devoted to medical tech:
-------------------

http://www.auntminnie.com/index.aspx?sec=ser&sub=def&pag=dis&ItemID=111987

Perma-Fix advances Tc-99m production technology

By Wayne Forrest, AuntMinnie.com staff writer

October 2, 2015 -- Concern over the future supply of medical isotopes in the wake of recent worldwide shortages and aging nuclear reactors has spawned a kind of cottage industry among entrepreneurs. One such firm is Perma-Fix Medical, which is developing a method for producing technetium-99m (Tc-99m) that does not require uranium.

The company's neutron-capture production process is designed to activate natural molybdenum (Mo) to produce Mo-99, which then decays into Tc-99m. By removing uranium from the production chain, the new process can be performed locally using standard research and commercial nuclear reactors, rather than one of the five research reactors in the world currently capable of processing enriched uranium.

At the heart of the technology is the company's specialized resin, which is radiation resistant, holds large quantities of molybdenum, and releases almost 90% of the Tc-99m as it forms from the decayed Mo-99.

"It is a simple solution to a complex issue," said Stephen Belcher, Perma-Fix Medical's CEO. "It is taking a normal generator, replacing the aluminum core with this resin core, and then applying the radioactivity to this core. We can radiate it, have activated molybdenum, and apply it to our resin core."
Clean technology

Perma-Fix Medical, a subsidiary of Perma-Fix Environmental Services, is quick to tout its environmentally friendly process, as other isotope producers transition from the use of highly enriched uranium (HEU) to low-enriched uranium (LEU). Both HEU and LEU leave behind a fair amount of radioactive waste.

"We are a cleaner system," Belcher said. "Even the LEU process with its waste will demand more and more cost to convert the fuel and the targets at these reactors, which is expensive and laborious."

There also is the concern of rising Tc-99m prices as nuclear reactors transition to LEU, because it simply costs more to manufacture medical isotopes using LEU than highly enriched uranium. If prices continue to rise, there is the fear that clinicians will opt for other modalities, such as CT and MRI, for their imaging needs.

"The market cannot stand much more of an upward trend in pricing, at least in the United States, and continue to be healthy," Belcher said. "We would like to use our product to fix the pricing. It is not going to change every year. We believe we can bring some stabilization of pricing to the marketplace."

Minimal investment

Perma-Fix's generator technology was developed primarily in-house, with its validation affirmed by the University of Missouri Research Reactor (MURR). One advantage of the technology is that the generator shell can be purchased from any one of a number of suppliers. Perma-Fix's radiated core will function the same way to produce Tc-99m.

Perma-Fix developed the technology on a relatively tight budget, investing $1 million, according to Belcher, who recently retired from his position as vice president of Triad Isotopes, which he founded in 2007.

"We can radically change the way technetium is produced for the market, but not change the way the market functions and utilizes it," said John Climaco, Perma-Fix's executive vice president.

Climaco came to Perma-Fix Medical after having founded Axial Biotech, a molecular diagnostics company that developed a DNA-based test for idiopathic scoliosis. He is also a director at nuclear medicine firm Digirad, which invested $1 million in Perma-Fix in July. The transaction gives Digirad approximately 5.4% of the outstanding Perma-Fix common shares. Matt Molchan, president and CEO of Digirad, also joined Perma-Fix Medical's supervisory board.

If and when Perma-Fix's technology is approved and available, Digirad has agreed to purchase Tc-99m at a preferred rate for its nuclear imaging operations, either directly or in conjunction with its nuclear radiopharmacy supplier. "It is a nice infusion of cash, which validates PermaFix's technology," Climaco said, adding that the purchase of Tc-99m is Digirad's "biggest single cost after labor."

So far, so good
How is development of the technology going? In late August, Perma-Fix Medical successfully completed a scale-up of its process to produce Tc-99m from molybdenum.

The company confirmed that its proprietary resin could withstand levels of radiation up to 6 curies and provide clinically useful doses of Tc-99m. The two tests included one run using natural molybdenum and a second run using enriched molybdenum-98.
Perma-Fix has yet to decide how much further it will expand its capabilities, though Belcher speculated that it will work to perfect a 6- to 8-curie generator, as it heads toward regulatory submission.

"We have proven that we can do 6 curies on natural molybdenum," he added. "We can create larger generators, but we are trying to keep the core the same size for quicker approval" by the U.S. Food and Drug Administration (FDA).

Perma-Fix has two FDA consultants to compile the paperwork for FDA submission, and it's targeting the first quarter of 2016 for filing.

Over the next year or so, Perma-Fix plans to explore several parallel paths to advance the design and development of its product. This may include partnering with another firm for manufacturing of the generator, or keeping the design and production in-house, which would require more funding.

"We have several options on the table and several partners who are interested in possibly supplying us with their generator design or producing the generator for a royalty," Belcher said

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[Minding]

We're in agreement. My original point was that, for a sea change, the conditions need to be optimum. Certainly the technology is primary, but old-wave competition has sunk many a ship. (I'm stretching the metaphor, I know.)

Kind regards,
Minding

[Bobwins]

no problem. Certainly the ability of PESI to bring out a workable commercial process in a timely manner is the key to the medical division of the company. They are approaching a pivot point in the production of this vital substance for an entire industry. Will PESI create a new source that takes over the industry or will they be unable to successfully build a commercial model that gets sold?

That's the big question that PESI and several other competitors are trying to find out. It's surely not a slam dunk. Everything points to a successful result but it hasn't happened yet.

[Minding]

Bobwins, I certainly didn't mean to suggest they don't have a shot. I just meant to convey my fear that I would lose all my money in a disastrous trade! ;)

Kind regards,
Minding

[value1008]

Yes, Bobwins, the key there is Digirad CEO's statement:

Matt Molchan, President and CEO of Digirad, commented, "Perma-Fix Medical S.A. has made significant progress since we began our relationship and we look forward to working closely with them to bring this transformation process to market. We believe the Perma-Fix Medical S.A. process can develop into the standard of production of Tc-99m for many years into the future."

And of course PFM has come a long way since July when Matt went on record with this statement-- getting to the 6 curies test level.

[Bobwins]

I agree with your viewpoint. Timing could be huge because if PESI can't get the financing or takes too long to develop their process, competitors will fill the supply chain with product.

However this PR about the investment from Digirad tells me that PESI has a legitimate shot at filling the void. Bobwins

ATLANTA, GA--(Marketwired - July 27, 2015) - Perma-Fix Environmental Services, Inc. (PESI) today announced that its Polish subsidiary, Perma-Fix Medical, S.A., has completed its previously announced strategic partnership and investment from Digirad Corporation, one of the largest national providers of in-office nuclear cardiology imaging services. Digirad uses Technetium-99m (Tc-99m) in its nuclear imaging services business and provides imaging expertise to the medical community.

Under this partnership, Digirad invested $1 million into Perma-Fix Medical S.A., which is a publicly traded company listed on the NewConnect market of the Warsaw Stock Exchange. The investment constituted approximately 5.4% of the outstanding common shares of Perma-Fix Medical S.A. As part of the partnership and investment, Digirad appointed Matt Molchan, President and CEO of Digirad Corporation, to Perma-Fix Medical S.A.'s Supervisory Board. As part of the partnership, upon successful completion of development of the new Tc-99m resin, Digirad will purchase agreed upon quantities of Tc-99m for its nuclear imaging operations either directly or in conjunction with its preferred nuclear pharmacy supplier and Perma-Fix Medical S.A. will supply Digirad or its preferred nuclear pharmacy supplier with Tc-99m at a preferred rate.

Steve Belcher, CEO of Perma-Fix Medical S.A., commented, "We are pleased to have finalized our agreement with Digirad, which we believe will help accelerate development and commercialization of our new proprietary process to produce Tc-99m without the use of uranium. This new process does not use either highly enriched uranium (HEU) or low enriched uranium (LEU), and therefore addresses the major industry challenges of the current process, including waste production, proliferation risk, and a stable supply chain. As one of the leading users of Tc-99m, Digirad is an ideal partner with extensive industry knowledge and expertise to help finalize our development."

Dr. Centofanti, President and CEO of Perma-Fix Environmental Services, Inc. continued, "We are pleased to move forward with our strategic partnership with Digirad, especially in light of our recent tests at the 4 curie level, which confirmed that our proprietary resins could withstand higher levels of radiation. This milestone has gained significant attention within the industry and we are moving forward rapidly with plans to establish additional partners involved in the supply chain."

Matt Molchan, President and CEO of Digirad, commented, "Perma-Fix Medical S.A. has made significant progress since we began our relationship and we look forward to working closely with them to bring this transformation process to market. We believe the Perma-Fix Medical S.A. process can develop into the standard of production of Tc-99m for many years into the future."

About Tc-99m

Tc-99m is the most widely used medical isotope in the world. It allows medical practitioners to image internal body organs and is used in 80%-85% of the 25 million diagnostic nuclear medical procedures each year in the U.S. alone. Common procedures include: cardiac imaging; cancer detection; bone scans; gastrointestinal issues; imaging of the brain, kidney, spleen; and imaging for infections. The radioisotope market in Europe alone is expected to reach $1.6 billion in 2017, up from $1.1 billion in 2012.

Nearly all of the world's supply of Tc-99m comes from the thermal fission of HEU targets in a small number of highly specialized reactors. The current process is costly and from time to time, has experienced disruptions which has resulted in short-term shortages. The current process also raises serious proliferation concerns related to the threat associated with international production, transportation and/or use of HEU in the production of medical isotopes.

Perma-Fix Medical S.A.'s technology overcomes these issues by using neutron capture to activate natural molybdenum, a common metal, to produce Molybdenum 99 (Mo-99), which decays into Tc-99m. Unlike conventional processes, the Perma-Fix Medical S.A. process can be produced locally using standard research and commercial reactors, thereby eliminating the need for special purpose reactors. The new process encompasses the full production cycle, from reactor to final medical supply, and should be easily deployable around the world within the current industry infrastructure.

To overcome past issues with neutron activation of Mo-99, Perma-Fix Medical S.A. has developed a specialized resin that is radiation resistant and holds large quantities of Mo-99, but at the same time releases almost 90% of the Tc-99m as it forms from the decay of Mo-99. The resin, loaded with the activated Mo-99, is placed in a technetium generator and slowly washed with a saline based solution. The eluent solution containing Tc-99m has been shown to meet targeted United States Pharmacopeia (USP) standards for pertechnetate.

About Digirad

Digirad delivers convenient, effective, and efficient diagnostic solutions on an as needed, when needed, and where needed basis. Digirad is one of the largest national providers of in-office nuclear cardiology and ultrasound imaging services, and also provides cardiac event monitoring services. These services are provided to physician practices, hospitals and imaging centers through its Diagnostic Services business. Digirad also sells medical diagnostic imaging systems, including solid-state gamma cameras, for nuclear cardiology and general nuclear medicine applications, as well as provides service on the products sold through its Diagnostic Imaging business. For more information, please visit www.digirad.com. Digirad® and Cardius® are registered trademarks of Digirad Corporation.

About Perma-Fix Medical S.A.

Perma-Fix Medical S.A. is a subsidiary of Perma-Fix Environmental Services Inc., a NASDAQ listed company. It was formed to develop, obtain U.S. Food and Drug Administration (FDA) and other regulatory approvals and commercialize a new process to produce Tc-99m, the most widely used medical isotope in the world. The new process is expected to solve worldwide shortages of Tc-99m as it is less expensive, does not require the use of government-subsidized, weapons-grade materials and can be easily deployed around the world using standard research and commercial reactors, thereby eliminating the need for special purpose reactors. Please visit Perma Fix Medical S.A. at http://www.medical-isotope.com.

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 Department of Energy (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 Perma Fix Environmental Service at http://www.perma-fix.com.

[value1008]

That article seems to have been a local business piece written by a Wisconsin guy about two WI-based companies. PFM's process appears to be much safer, lest costly, logistically far superior.

I'm not concerned by the competition. I think PFM is going to grab more of the marketshare than anyone else.

[Minding]

The question lingering in my mind is about the competition who will reach the ground running before PESI. Yes, PESI has advantages but the timing could be a major drawback.

See http://www.xconomy.com/wisconsin/2015/10/12/shine-northstar-spar-as-medical-radioisotope-race-continues/

Kind regards,
Minding

[rrat02]

On the Perma Fix Medical website one can listen to the 2015 Q2 Business Update CC. The recently named CEO is very impressive. Sounds as if there will be a number of positive announcements within the next 6 months or so.

[rrat02]

PR today....significant news involving the medical sub.

[value1008]

Bigpike over at Savvy Trades board found this:

Info on PESI from DRAD earnings call:

Matt Molchan - President & CEO
Yes, Perma-Fix Medical actually the parent company to Perma-Fix Medical is Perma-Fix Environmental, which is local Atlanta-based business. Yes this was an opportunity that we came across and they have developed an interesting process that could dramatically decrease the pricing on rated pharmaceutical that we use in our DIS mobile nuclear service business.

And we thought that there was some opportunity for us to make an investment to also partner with Perma-Fix Medical to help them on a few things through the process to bring their process to commercialization and we're very excited about the potential opportunities with our partner in Perma-Fix Medical.

Larry Haimovitch - HMTC
Matt, what the main driver for that deal? Was it to secure supply? Was it to secure cheaper supply? Was it the investment potentially that Perma-Fix someday could be worth a lot more money and you might make some on the investment?

Can you characterize what was most important to you about that deal?

Matt Molchan - President & CEO
Yeah, you hit on all three. All three areas were important to us. I think the most important piece that we thought was the most interesting piece is, that there was opportunity for additional supply through this new process and that we could potentially get that at a -- or we would get that at a cheaper price.

As we look at our cost in our DIS business, our second largest cost is the purchase of radiopharmaceuticals and so that we felt that was a smart move to help secure our future gross margins.

Juan Molta - B. Riley & Company
Okay. Perfect all right and back to the question the first gentlemen asked about the Perma-Fix collaboration, do you at this time have any milestones that you can share with us in terms of when developments you expect to start bearing fruit and you will see some cost benefits?

Jeff Keyes - CFO
Yes as far as specific milestone obviously we are -- I don’t know if I am going to those details, but I will say that we're looking at this as an investment that has a... we're talking two year type or more type, two to three year type operational. We're hoping that we're working to speed that up, but we would say that that's the ballpark for that business.

There is still a variety of things that they need to do. They've got a great -- they've had some very good success. I think if you read some of their press releases, they've had good success in certain tests that they've made with their process and we're seeing continued success there, but we're still looking at a two-year horizon for that is my best understanding for that in terms of operation.

Now that could depend on a lot of -- that could change based on a lot of different factors, but that's -- at this point that's my answer to that.

[Minding]

Here's PESI's CC:

http://seekingalpha.com/article/3421006-perma-fix-environmental-services-pesi-ceo-lou-centofanti-on-q2-2015-results-earnings-call-transcript

Kind regards,
Minding

[Minding]

Every little bit helps. Still waiting for the big contracts.

Kind regards,
Minding

=============

Perma-Fix Announces Radiological Waste Removal, Asbestos Abatement, Demolition and Site Restoration Contract at a Technology Facility in Knoxville

ATLANTA, GA--(Marketwired - August 10, 2015) - Perma-Fix Environmental Services, Inc. (PESI) today announced that its wholly-owned subsidiary, Safety and Ecology Corporation, has been awarded a contract valued at approximately $1 million for demolition and decommissioning services at a technology development laboratory in Knoxville, TN. The facility was an analytical and engineering laboratory that served a wide variety of government and commercial clients that is now being closed and decommissioned. Perma-Fix's scope is to support closure of the existing facility, remove any radiological materials and equipment, perform asbestos abatement and other universal and hazardous waste removal, demolish the facilities and perform site restoration activities.

Dr. Louis F. Centofanti, Chief Executive Officer, stated, "This project is an excellent opportunity for us to utilize our local resources in support of closure of the facility. We are uniquely qualified to perform this project, and will provide our client with the advantage of a local waste management and technical services based company that facilitates the revitalization of prime real estate."

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.

Through its subsidiary, Perma-Fix Medical, the company has also developed a new process to produce Technetium-99, the most widely used medical isotope in the world. The new process is expected to solve worldwide shortages of Tc-99m as it is less expensive, does not require the use of government-subsidized, weapons-grade materials and can be easily deployed around the world.

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: Perma-Fix is uniquely qualified to perform this project and will provide our client with the advantage of a local waste management and technical services based company that facilitates the revitalization of prime real estate. 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; and the "Risk Factors" discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2014 Form 10-K and Form 10-Q for quarters ended March 31, 2015 and June 30, 2015. 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.
Contact:

David K. Waldman
US Investor Relations
Crescendo Communications, LLC
[phone]

Herbert Strauss
European Investor Relations
[e-mail]
[phone]

[value1008]

Yes, Lou talked specifically about reaching 6 curies-- i recall him saying a few months needed to do that, including full analysis and compilation of data.

[CrocHntr]

Had to miss the call, but wondered if they discussed if tests are still ongoing with their resin, or if 4 curie level was the highest they could attain? Sounds like 4 curies is sufficient to exceed industry requirements in emerging markets, but that 5 curies + may be needed to demonstrate superiority over traditional processes in the US / Europe.

I was hoping they'd push the envelope even further since they mentioned a couple of months ago that they had plans to scale up even further past the 4 curie level...