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April 15, 2014
07:37 EDTPESIPerma-fix reports Q4 EPS ($2.75), may not be comparable to consensus (1c)
Reports Q4 revenue $12.7M, one estimate $16.98M. Q4 EPS includes goodwill impairment charge of $26.7M. CEO Louis Centofanti stated, "2013 was a challenging year due to reduced government spending and two large projects that consumed a significant portion of the Department of Energy budget. In response to these challenges, we dramatically reduced our fixed expenses in 2013. Although we continued to feel the effects of delayed government spending in the first quarter of 2014, we are finally seeing a gradual improvement in waste shipments beginning in the second quarter of 2014. We expect to see continued improvement in the balance of the second quarter, and even more so in third quarter of 2014 due to an increase in the DOE's 2014 budget, which was only recently approved... We are optimistic the new DOE budget will translate to increased spending on discretionary projects, including waste treatment. With the Congressional budget now resolved, we also believe that the DOE will begin awarding service contracts that have been delayed, and we believe that we are very well positioned on a number of these projects."
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