Exhibit 99.2

 

 

 

 

 

 

		Quarter Ended								Nine Months Ended
		September 30,								September 30,
(In thousands)		2012				2011				2012				2011
Net (loss) income from continuing operations		$	(343	)		$	4,421			$	(2,329	)		$	6,440
Adjustments:
Depreciation & amortization			1,079				1,171				4,522				3,503
Interest income			(10	)			(14	)			(31	)			(40	)
Interest expense			223				99				642				458
Interest expense - financing fees			23				22				84				178
Income tax (benefit) expense			(168	)			2,399				(1,126	)			3,504
EBITDA			804				8,098				1,762				14,043
Fair value of percentage of completion contract resulting from acquisition			521				—				1,249				—
Adjusted EBITDA		$	1,325			$	8,098			$	3,011			$	14,043

 

 

		Three Months Ended								Nine Months Ended
		September 30, 2012								September 30, 2012
(In thousands)		Treatment				Services				Treatment				Services
Net revenues		$	11,405			$	17,723			$	34,284			$	66,896
Gross profit			3,097				1,337				6,904				5,556
Segment profit			1,351				83				2,515				1,008

 

		Three Months Ended								Nine Months Ended
		September 30, 2011								September 30, 2011
(In thousands)		Treatment				Services				Treatment				Services
Net revenues		$	20,150			$	12,637			$	50,116			$	35,199
Gross profit			8,979				2,322				15,911				6,469
Segment profit			5,270				1,204				8,649				3,509

 

 

 

 

 

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(Amounts in Thousands, Except for Per Share Amounts)		2012				2011				2012				2011
Net revenues		$	29,128			$	32,787			$	101,180			$	85,315
Cost of goods sold			24,694				21,486				88,720				62,935
Gross profit			4,434				11,301				12,460				22,380
Selling, general and administrative expenses			4,198				4,022				13,825				10,829
Research and development			502				357				1,390				1,019
Loss on disposal of property and equipment			18				―				15				―
(Loss) income from operations			(284	)			6,922				(2,770	)			10,532
Other income (expense):
Interest income			10				14				31				40
Interest expense			(223	)			(99	)			(642	)			(458	)
Interest expense-financing fees			(23	)			(22	)			(84	)			(178	)
Other			9				5				10				8
(Loss) income from continuing operations before taxes			(511	)			6,820				(3,455	)			9,944
Income tax (benefit) expense			(168	)			2,399				(1,126	)			3,504
(Loss) income from continuing operations, net of taxes			(343	)			4,421				(2,329	)			6,440
Loss from discontinued operations, net of taxes			(61	)			(187	)			(258	)			(7	)
Gain on disposal of discontinued operations, net of taxes			―				1,777				―				1,777
Net (loss) income			(404	)			6,011				(2,587	)			8,210
Less: net income attributable to non-controlling interest			21				―				179				―
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders		$	(425	)		$	6,011			$	(2,766	)		$	8,210
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic:
Continuing operations		$	(.01	)		$	.08			$	(.04	)		$	.12
Discontinued operations		$	―			$	―			$	(.01	)		$	―
Disposal of discontinued operations		$	―			$	.03			$	―			$	.03
Net (loss) income per common share		$	(.01	)		$	.11			$	(.05	)		$	.15
Net (loss) income per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted:
Continuing operations		$	(.01	)		$	.08			$	(.04	)		$	.12
Discontinued operations		$	―			$	―			$	(.01	)		$	―
Disposal of discontinued operations		$	―			$	.03			$	―			$	.03
Net (loss) income per common share		$	(.01	)		$	.11			$	(.05	)		$	.15
Number of common shares used in computing net (loss) income per share:
Basic			56,140				55,174				56,099				55,137
Diluted			56,140				55,174				56,099				55,142

		September 30,				December 31,
(Amounts in Thousands, Except for Share and Per Share Amounts)		2012				2011
ASSETS
Current assets:
Cash		$	2,753			$	12,055
Restricted cash			35				1,535
Account receivable, net of allowance for doubtful accounts of $803 and $228			14,981				19,106
Unbilled receivables			8,694				9,871
Other current assets			6,920				6,589
Deferred tax assets - current			2,187				2,426
Assets of discontinued operations included in current assets, net of allowance for doubtful accounts of $47 and $48			526				693
Total current assets			36,096				52,275
Net property and equipment			36,487				39,835
Property and equipment of discontinued operations, net of accumulated depreciation of $60 and $62			1,614				1,650
Deferred tax asset, net of liabilities			1,211				1,295
Intangibles and other assets			73,100				69,548
Total assets		$	148,508			$	164,603
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities			27,781				37,999
Current liabilities related to discontinued operations			1,718				2,197
Total current liabilities			29,499				40,196
Long-term liabilities			24,793				28,084
Long-term liabilities related to discontinued operations			1,953				1,775
Total liabilities			56,245				70,055
Commitments and Contingencies
Preferred Stock of subsidiary, $1.00 par value; 1,467,396 shares authorized,1,284,730 shares issued and outstanding, liquidation value $1.00 per share plus accrued and unpaid dividends			1,285				1,285
Stockholders’ equity:
Preferred Stock, $.001 par value; 2,000,000 shares authorized,no shares issued and outstanding			—				—
Common Stock, $.001 par value; 75,000,000 shares authorized, 56,186,121 and 56,068,248 shares issued, respectively; 56,147,911 and 56,030,038outstanding, respectively			56				56
Additional paid-in capital			102,710				102,411
Accumulated deficit			(12,271	)			(9,505	)
Accumulated other comprehensive income			—				(3	)
Less Common Stock in treasury, at cost: 38,210 shares			(88	)			(88	)
Total Perma-Fix Environmental Services, Inc. stockholders' equity			90,407				92,871
Non-controlling interest			571				392
Total stockholders' equity			90,978				93,263
Total liabilities and stockholders' equity		$	148,508			$	164,603