Atlanta-based Perma-Fix Environmental Services posted a net loss of $321,000 on $23.62 million in revenue during the first quarter of 2011. During the same period in 2010, the firm posted a net income of $638,000 on $23.57 million in revenue.
“Although our revenue remained relatively flat, we have seen significant growth in new sales orders from $9.2 million in the first quarter of 2010 to over $15 million in the first quarter of 2011,” said Louis F. Centofanti, chairman and CEO of Perma-Fix, in a press release.
Centofanti added that Perma-Fix has trimmed expenses. “We have reduced over $2 million of annual expenses beginning in the second quarter and expect to benefit from the full effect of these significant cuts in the third quarter of this year,” Centofanti said in the press release. “As we grow revenue, our highly leverageable fixed cost infrastructure, coupled with our recent expense reductions, should allow us to improve the value to our shareholders.”