Perma-Fix Environmental Services Inc. (NASDAQ:PESI) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 11:00 am ET

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Perma-Fix Environmental Services Inc. (NASDAQ:PESI) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to your Perma-Fix First Quarter 2020 Conference Call. [Operator Instructions]

At this time, it is my pleasure to turn the floor over to David Waldman, Investor Relations. Sir, the floor is yours.

Executive
David Waldman

Thank you, Christy. Good morning, everyone, welcome to Perma-Fix Environmental Services First Quarter 2020 Conference Call. On the call with us this morning are Mark Duff, President and CEO; Dr. Lou Centofanti, Executive Vice President of Strategic Initiatives; and Ben Naccarato, Executive Vice President and Chief Financial Officer.

The Company issued a press release this morning containing first quarter 2020 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 and include certain non-GAAP financial measures. All statements on this conference call other than a statement 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 as well as this morning's press release.

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. In addition, today's discussion will include references to non-GAAP measures. Perma-Fix believes that such information provides an additional measurement and consistent historical comparison of its performance. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is available in today's news release on our website.

I'd now like to turn the call over to Mark Duff. Please go ahead, Mark.

Executive
Mark Duff

All right. Thanks, David, and good morning. We achieved a very strong performance in the first quarter of 2020, reflecting growth within our Services segment, which increased more than eightfold versus the same period last year. As a result, we more than doubled our total revenue versus the same period last year as well and achieved a double-digit sequential increase in revenue versus the fourth quarter of 2019, even though the first quarter is historically a seasonally weak period.

Our sales pipeline for the Services segment remains robust with a number of ongoing and significant bidding opportunities while we continue to hold our own with the Treatment segment as well. As a result, we achieved revenue and EBITDA above our plan despite a significant slowdown at the end of March due to the COVID-19 virus. We felt the impact related to the COVID-19 pandemic beginning in March and into the second quarter, which we believe we have a handle on, and I'll talk more about this in just a moment. But first, let