Perma Fix Environmental Services (PESI) saw its loss narrow to $0.73 million, or $0.06 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.84 million, or $0.33 a share. Revenue during the quarter grew 26.59 percent to $12.71 million from $10.04 million in the previous year period. Gross margin for the quarter expanded 2106 basis points over the previous year period to 21.40 percent. Operating margin for the quarter stood at negative 4.09 percent as compared to a negative 35.87 percent for the previous year period.
Operating loss for the quarter was $0.52 million, compared with an operating loss of $3.60 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.84 million compared to negative $2.28 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 6.57 percent for the quarter compared to negative 22.70 percent in the last year period.
Dr. Louis F. Centofanti, chairman and chief executive officer, stated, "I am pleased to report a significant year-over-year improvement in revenue and cash flow for the first quarter of 2017, which is seasonally our weakest quarter of the year. Despite severe winter weather in the Pacific Northwest, we still achieved $835,000 of adjusted EBITDA (as defined below) or a $3.1 million improvement from first quarter of 2016."
Working capital increases sharply
Perma Fix Environmental Services has recorded an increase in the working capital over the last year. It stood at $1.70 million as at Mar. 31, 2017, up 516.73 percent or $1.42 million from $0.28 million on Mar. 31, 2016. Current ratio was at 1.09 as on Mar. 31, 2017, up from 1.02 on Mar. 31, 2016. Days sales outstanding went down to 38 days for the quarter compared with 53 days for the same period last year.
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