PESI - Earnings call transcript Q3 2019 | Perma-Fix Environmental Services, Inc.

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Operator

Ladies and gentlemen, good day, and thank you all for joining this Perma-Fix Environmental Services Third Quarter 2019 Business Update Conference Call. [Operator Instructions] And as a reminder, today's meeting is being recorded.

For opening remarks and introductions, I am pleased to turn the floor over to Mr. David Waldman with Investor Relations. Welcome, David.

David Waldman

you. Thank and Environmental everyone, XXXX Third to Call. Conference welcome morning, Services' Perma-Fix Quarter Good

with morning President us President call Financial the On this Dr. and Naccarato, Centofanti, Officer. Initiatives; and are Lou Executive Strategic Vice of Ben Chief CEO; Duff, Mark

issued morning third The financial a quarter the on release also is which posted press company's XXXX this company containing results, website.

after company, like any (XXX) about the please If Crescendo would XXX-XXXX. you additional or have the call any at contact questions Communications information

everyone are measures. remind call statement to and Act I'd unknown certain forward-looking subject statements other All within conference like financial factors, this on also risks, than uncertainties and non-GAAP of Reform this and of conference within that Securities may are statements include contained a of XXXX fact Litigation other release. deemed be call actual that statements. the to U.S. certain differ Exchange of results the filings with as bear morning's commitment or historical statements the after meaning Securities could as which and events known performance in statements company's statements forward-looking to hereof to any detailed press revisions well statements. to risks are this These Commission company makes forward-looking company disclose or date the and the circumstances upon cause such and facts, The forward-looking that any from no materially uncertainties Private

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

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

Mark Duff

success very We're our third to few of believe David. growth the demonstrates quarter earnings Thanks, years. our over strategy today, past which we the right. report All excited

our on our the spent for in set staff stage the team third as been has strategy objectives, these years. accomplishments as XXXX quarter by performance. growth are energy several implementation our well management the well significant next These to which time reach in performance as Our and entire as of has our company focused reflected and the been

Specifically, strong segments. in both quarter performance Treatment and and operational Perma-Fix financial achieved third I'm that report pleased the to Services

However, that perhaps even important very into is and positioned fourth more next well quarter heading we're the year.

me take later, highlights our Ben, of results to discuss financial minute some the recap and Let a will in more financial detail.

third the Our for quarter $XX.X revenue to XX% million. increased

increased to revenue segment $XX.X to million, and million. $XX.X XX% increased our Services increased -- Our XXX% revenue Treatment segment

$X.X last quarter of for the million for common lastly, to compared same last stockholders achieved for of to share EBITDA share adjusted or compared $X.X XXXX the $X.XX income third the a a generated $XXX,XXX or period period year. to we've $XXX,XXX million We net of same $X.XX year. attributable And

As a very growth that this remainder believe improved our backlog remains financial in XXXX Services result we of for contract XXXX of and our segment, within outlook the strong. the

segment performance, several through several Services the wins that both we've impacted directly operational financially. realized As have and months, contract wins successful the past Perma-Fix growth releases rapid . Department These announced press projects in Defense our contaminated soil in Program Canada, new a Department clients, several remediation of included commercial have of Cleanup with as well and projects conducting as has Energy

sectors years. client This projects future government opportunities. been growth align and the a in subcontractor Perma-Fix recent outlook opportunities which the that commercial prime procurements both coming for by the plethora bidding offering, Our reference development towards critical both that of resulted exciting bolstered provides directly with new an has the these for has positive managing in success in is base of momentum a and

to procurements. include key the relations performance Our Perma-Fix and also to new technicians team additional Services managers, our customer and project strengthen project through staff allowed has months with senior management segment X our engineers our the performance over to in past experienced X, bolster the

to In will new deployment able this our through procurement addition, our quarter [indiscernible] we've system successful XXXX. soil-sorting support been offering wins in including enhance that new with X technologies,

segment; we've broadened offering Treatment within capability of comprehensive expansion facility. new to treatment ongoing each plants X the equipment Within our through dismantlement our Northwest at include our

steps our efficiencies. This Continued improve at treatment Florida to several a vitrification our efficiency position very construction multiyear and and a DOE new at our us a procurements within support stream. at believe support offering increased the new working continue several waste unit enhance capability to allows as deployment performing upgrades well well, is targeted DoD incremental reactive our waste large and Oak conditions. government The of Ridge to we initiatives. storage inventory to provides broadening new substantial and Perma-Fix Northwest locations currently and to plant storage facility from new to facility We system increase significant these as backlog our us GeoMelt in to address

the in the inventories inventory Idaho discussed of I've Hanford in well Ridge. to including stream this as at As as here is and of waste million, large Oak estimated excess be at past, $XXX in

initiatives in second on We and both the of these of Once completed excess and quarter our of Tennessee third progress we continuing spending. or XXXX. capital the be Florida we in return complete, managing our to expect anticipate expansion on initiatives, XX% are locations, these to while investments for

For in we sectors. aggressive continue decommissioning within on utility both expanding the initiatives base focus marketing market treatment this and through reason, to segment, our

X finally of our As completed remaining treatment we facility, waste discussed M&EC -- our last the within which consolidates on the call, facilities. closure capabilities the

received M&EC of in under our closure as facility cash, held the this for $X financial million assurance policy. of result facility, collateral -- in previously we a As

and innovation remains that facilities on savings on safety team cost to growth projects clients while tangible all The our of focused in result Perma-Fix and our through value. continuing drive to

treatment in our next additional result capabilities financial and waste and in of services will and few anticipate both that offering. we the Over the growth announcement quarters, launch directly nuclear sustained stability

initiatives now years. past few our we're benefit up, the over wrap to So seeing strategic of the

our the to We're growth. seeing efficiencies organizations initiatives our strong to addition operational revenue improve benefit of as within our In well.

future visibility for achieved the XXXX. by which good market the we Overall, number to a we outlook pleased of streams we're provides us innovative income fixed quarters. and the continue business, same broaden I'm waste waste providing result, will treatment grow facilities, the encouraged million of business, nuclear $X.X net of time, report Services to our for into extremely we're our the our base. that At opportunities quarter a variety to leverage third advancing significant options for a treatment of As

and in the balance and further profitability into fourth anticipate our enhance and cash of XXXX. XXXX year-over-year quarter to continue We sheet flow heading growth, strong sustained

On will that financial Ben? over results discuss now in to turn note, call I'll detail. the Ben, more who the

Ben Naccarato

revenue. Thank you, I'll Mark. start with

higher increase compared increased past from from primarily contracts waste was pricing million in the to in segment, our operations continuing to prior This of million -- year. an just $XXX,XXX process a XX.X%. average This third and prior million Revenue year quarter million in result was from or was the That's project or revenue the was $XX.X the $XX.X direct $XX increase $X.X of was the work million. disposed. of $XX.X million segment of year, compared average the increase Service primarily total Our the the compared XXX%. from Revenue an for increase from million higher from segment awarded $X.X few Treatment prior to in quarters. $X.X

the the September with months revenue with the XX, our compared X compared prior -- our For Service increased is increasing XXX% total is increased $XX.X year. to Treatment work, have of ending while year both prior million from by up million our from revenue that revenues pricing. of $XX.X project average Both higher XX.X% in service segment segments' segment

$XX.X decrease of compared million a cost segment year. M&EC the of costs, result decreased $XXX,XXX offset $XX.X The which a our in closure in Our the prior expenses in Treatment in Cost to facility sales was our relates revenue. by $X.X of decrease last increases was to variable year. at million the million as

relatively While flat. our remained costs fixed facility

the segment result by in In increased revenue. of as $X sales our a million cost Service of increase

third $X.X $X.X That's of $X.X or million profit in compared the of for Our was increase the million gross XXX.X%. XXXX. quarter to quarter million an

expenses XX.X%. million by Excluding at the M&EC, $X.X million gross or reduction in closure $X.X profit increased

segments -- impacted in Gross in Service fixed the profits segment, significant the despite were were in costs as marginally increase only by increased both revenue higher revenue. higher

increase Our This result year-to-date both segments last closure gross profit expenses higher by sits in revenue million is at $XX.X year. the million at offset to higher compared reduction the $X.X of fixed costs. M&EC of and

payroll-related for Higher million XX% revenue revenue, property to million of was Our $X.X year, drivers from XX% last were compared expenses. main of the up in were revenue is XX.X% increase. or due $X.X $X.X SG&A and million million XX.X% of SG&A expense this our or Year-to-date, higher revenue or the for 'XX. labor-related $X.X of to or this quarter and

income diluted prior income per compared year. income the year. in -- prior to quarter continuing excuse million per operations taxes million had $X.XX $XXX,XXX income for was last million net was $X.X continuing prior to to net and operations a $X.X net basic income income for to compared $X.XX in compared share year, from was me. from Our was basis, Year-to-date to to and of the compared in We $X.XX share the in $X.X share $X.XX Year-to-date, last shareholders $X.X $XXX,XXX. million compared quarter the year, We common net $X.X year. per income income compared in $XXX,XXX prior of basic $X.XX On to net share attributable of million to year-to-date was quarter net year. last $X.XX common shareholders a net compared had diluted the income to the of of per for year's attributable

continuing adjusted Our compared our last this to million as defined adjusted $X.X is release, morning's million to the EBITDA year. from operations year-to-date prior the $X.X was we operations in And press EBITDA year. for $XXX,XXX compared from continuing in million quarter, $X.X

some Turning XX/XX/XX. sheet to to compared balance key activity

the $XXX,XXX $X.X Our Finite to improved operating the operating cash improvement. were balance the Risks that fund for the Cash sheet was million compared performance -- the main and drivers year-end. on from at

million in increased the increased Our and receivables reflecting activity accounts $X.X service segment. collectively receivable the have unbilled by

up company's from prepaid assets of current Our expenses, are renewal the program. to $XXX,XXX insurance primarily higher due the

the the the $X other lease facility. million, primarily a release Finite leases $X.X of ASC were million the of down operating Intangible of million, result assets $X.X $X.X of new and representing were release Risks from fund Our present lease value $X the million M&EC were sinking assets closure implementing the XXX as the operating million, and the from of right-of-use regulations. primarily -- of the

$XX.X September up million XXXX. in Our from down $X $X.X were the was from year-end, due operations current increases to liabilities segment. end Backlog up million, from million, at but Services continuing quarter at primarily at XX.X% the

value present from up $X.X lease primarily the liabilities million under new long-term of accounting of the liability. operating XXX, $X.X Our for our which, the from operations leases million, increase of continuing were ASC represents

Our $XXX,XXX shareholder debt total other which, was issuance end costs, to owed million excluding loan million, quarter to of for $X financing $X.X and debt. PNC debt Bank, $X our at is million

cash $X.X year-to-date continuing our to $XXX,XXX. Cash $XXX,XXX. financing lease summarize for 'XX. flow shareholder operations, and $XXX,XXX. $XXX,XXX, activity of and from our repayments payments up of Cash funds used discontinued the I'll operations activities our investing Cash payments of was revolver was net loan, received $XXX,XXX. investing continuing of is in financing for from was Next, from million. million, made was primarily $X $XXX,XXX, for Cash from of to made used in discontinued other capital, operations monthly $X.X XX our million September operations of used Cash term provided provided loan of this net from was

cost turn At decision between depreciation over that would closed, in while turned savings. segment closure. Treatment we opportunity call reductions we facility to million, the I'd to not a portion million now $X The expenses million. location. of in to $X.X cost fixed out fixed to for million. this the take about and to anticipated of this included fixed the like this -- cash savings in costs that total close $X.X the accounted the and costs result was The savings the noncash the questions, before facility is labor approximately M&EC resulted decrease fixed made XXXX Finally, in a from time be the I million The represented $X.X cash reduction labor $X the incurring amount, other discuss amortization M&EC, for of at including are

the So million realized. savings $X.X been have

changes was over expenses. strategic the has other the ago, and and evolved which other there's since announcement, increased segment X in been However, have years changes that operating

$X.X M&EC. new was come revenue $XX.X not this labor In of from at increased revenue, estimate that's million incurred Treatment XXXX, order by $XXX,XXX. cost, increases increased XXXX, payroll number business about about this we're has which of have increase and about million In health million. up $XX the gone other of to cost this care About that been new big was And trending year, at that and has the we've have additional million. course $X annualized generate living

at $X In moving addition, annualize and recur a year, million. have These been the unusual M&EC 'XX costs, costs costs through few this June incurred at about -- certain forward. other which there've of not should been

and million summary, fixed in increase. our of related million. from million. at of later, $X is M&EC, of of new in decrease comes $XX.X business -- approximately So inflationary costs XXXX partly sold a cost offset our are from million which run of these third years That goods $XX.X annualized X fixed new quarter the were costs rate by $X-plus

call over questions. turn With to the that, I'll operator, now

Operator

of we'll And Shields. Wellington Brous next Instructions] Howard line the with [Operator to go

Howard Brous

a on what Ben, been Mark. firm, the you whole you've of just Mark, quarter, congratulations doing not joined process great since but the only

impressed. So congratulations, much

Mark Duff

Thank that. you, Howard for appreciating

Howard Brous

say, I XXXX? for Could couple I but a for the some and questions. between look you but one, at give But and how that, of services, the treatment not split me -- basis, Mark, quarter, a please? fourth have one sense do XXXX going-forward of certainly, just on specifically,

Mark Duff

Yes. right to we'll the we're XX-XX have in range. close probably now, this I'd -- year say,

-- just are as And mean being Yes. be it's it'll XX% So we Services. much And the about increase, the next but steeper see much margins revenue Treatment year, as to a more XX% Services not XX%, half. I

XX% but XX-XX a So close year for the -- next years. and at to probably to least the in yes, following --

Howard Brous

Treatment? being XX-XX, being XX% Services, XX%

Mark Duff

Correct.

Howard Brous

some Ben, is Q Q, like way? the When questions, once about Okay. just and to you of a couple you the specific expect I'd out. others offline talk do by to the

BenNaccarato

after... to are it or get today shortly We hoping out

Howard Brous

fine. Okay,

free on of flow, tell So now give sense converting basis? to a sort EBITDA me cash going-forward some -- me a and

BenNaccarato

-- we Well, one our the of -- on capital you'll a is going-forward basis, some for you'll spending up see ramping caveat initiatives. it these are

be money generally, -- But the now. that So the the was will closure, flow. continue cash and the cash reduction to biggest EBITDA We we're past strong. Finite your be free pay from expect that really had bills we the much Risk from EBITDA would to of had to accumulated -- that to

we'll... So I think

Howard Brous

on basis, at a That's as say, I meant that. an what just realize -- I No, just looking going-forward XXXX example?

BenNaccarato

Right. Yes.

going probably so the you're -- the our while. is to got we've good not where I again, the think cap [indiscernible] EBITDA only for pretty for see we're spending, NOL, a paying taxes

spending, with cap -- the really, So not crazy not we're going going we're spending. to which cap

Our usual range. million in the used to $X we -- spend

for looking I some of a like going the we're think next new be at million because initiatives. more bit $X year the of to little

cap EBITDA in your So to factor cash I and free think you a million just take can flow. million about $X of estimates $X.X for spending

Howard Brous

you And think obviously, they million, that do When up of December time. very year. $X compared runs receivables, that over a Unbilled build right. All and to good last number it's off?

about that when to convert does talking revenue? just current, I'm So

BenNaccarato

our it of put Immediately, up. a is invoice of unbilled who with phone business, phone back takes because for It's invoice it's a books like an those book, small you of an process and of Howard, to every a backlog bit every Service together. -- the invoice -- month remember get most

the of a bill -- at the month. revenue book we the usually month. And slip end So approve -- about we we the the end in

the that's within -- side. And increase usually of a invoices XX days. that the yes, those flip -- So, reflection in Service within

Howard Brous

give up, when last part what just comes doubtful defer Ben, One offline. isn't of government you allowance Q call, to paying you? is I for right. question, and a accounts laugh, the and the have All I'll out

BenNaccarato

a not accrue we customers just Well, necessarily things are when government. where And get certain we other have that have model standard we aged.

pay, once government aging customers And like of and talking usually it dime some of with it's ages. those they to good us [indiscernible] reversing details how nickel go But do of sort have you're we paperwork to about we sometimes up. but and

of great concern that's now. nothing So right

Howard Brous

I now, you going-forward if XX% how end Treatment, year We to XX% at look One what certainly, XX% basis? last If talked about, the a the to revenues at at, say, looking think could we will I for I from XXXX of XX%, do look be Mark, of Services on please. may, kind company? a

Mark Duff

-- has to been million. -- at $XXX we've goal be of our that years set Howard, Well, the this some for been end X time quite X XXXX or annualized ago, actually, we goal by

and happen focus feel on basis, end basis. burn meeting our of goal, goal anticipate we an our a monthly been that can on next A things we like that's now, that track. of year, we're lot that between So annualized but on

Operator

Instructions] -- you're excuse of the Walter We'll me, private line a investor, move [Operator Shankar next to [ph] rather. at

Unidentified Analyst

which ramp as go contracts, people, become Sure. significant That's multi-period Service contracts, two larger these as That's curve Advisors. through you requires and a But to therefore, hiring more are contracts? contracts, profitability those through you and, that extent improve work as first MAZ you questions; efficient first, Capital of through a could work up number learning do people question. these the what

Mark Duff

Yes. quarters, the the hired you're tough right. quantify, at but XX Well, in April that's We've time past obviously about X frame. starting to people

we to require not of corporate willing support but having been new that as to that so well that as to but find here folks as field our and treatment lot hasn't so some projects far been folks. really on, a have hired on well much as train plants, And able of as road as operations people training. lot the go are in the the and the yet a for We've difficult

we're may that our it within projects schedule a off ramp-up, but running few all a we're proposals be in to we typically have so to a of that going ramp-up. couple weeks. far. certain for of of that most and inefficiency, into that our it's the And of build part, our train have impact of people, number weeks negligible we may the weeks we put of a So But few

Unidentified Analyst

Okay, good.

just color sentence. opportunities of significant same treatment opportunities some a providing be? innovative options. little what waste I'm more put read Can to you by a facilities might we're of number At time, those question, going our the Second a advancing to fixed leverage on treatment

Mark Duff

Sure.

For looking at new technologies. the plants themselves, plant, each we're

is doing all can't business been -- treated the few treat very efficiently. we a there, waste said I've which surprising out expensively. waste we've streams number or people well, either other As defining are that ago, thing in large streams a that at can't doing the are has well, be being treating treated inefficiently that more been -- or staff the it's surprisingly all calls our are or or fact, that being just treated aren't And very

or define sites at at at those deploying our least can And engineers less them then we're and technologies So inventories. looking those technical and of We of efficiently. each and in process ones. the expensively new we're folks those that our define do our

that marketing and We kinds the the and to when press in things. treat on going those Florida. and technologies we talk these other last at ones we'll waste got to them start here GeoMelt some did announce about them in water Crib when view. then similar go We've completed, of coming year through a into streams Freon And several program are get releases and treat

to that and can inventory each broaden hope So year improvement some we our type we have of each plant, treat.

Unidentified Analyst

hear happen might waiting Okay. at to expand to still at Hanford some point, are, what the... you And

Mark Duff

We it, Energy that at they that I'd -- be suspect in out time award. are. be about was It was probably were I'm keeps pushing And supposed there. to a time last sure supposed we we're it to the now. December-January frame. new is of date the what not talked from The conference delaying Department

So be a where take it is. be that to I'm guess And not as -- would when be. it all sure to speculation would

Operator

line Cast of Next, with Long from we'll the hear Advisers. Fisher Avi

Avram Fisher

a other good job again, the on Mark, turnarounds. you're what said, doing echoing people

Mark Duff

you. Thank

Avram Fisher

business. for managed industry on services thing sec; your had The sold AECOM just a it's

Just the Fluor are might is -- out shaping chat a through large the what about you What going if sale you see is I primes think shifting of just see changes. wondering theirs. in yourselves bit these industry? could of little you as as how Do acquirers? considering industry the do be

Mark Duff

industry the that's at question, don't Fluor more indicative AECOM, trends rest just firms big seems a kinds I and just And could are. Well, adjustments a make I things. those that and oil speculate margins really behalf. of and gas or right situations, But what like to on where speculation of some of had know indicative along have of be have all interesting they're whether those Avi. the say that and or ties of the changing that'd it based that way most make those to on my firms guys

It and really far of irrespective generally, in have it's who to we it -- evolve flat it team. of -- firms doesn't far years. change. As goes, been that concerned, impact subcontractors and of opportunities Cleanup has increased And smaller the team has And a amount we as as much the Energy or how Department -- lot as industry what years, our with Program last changed are hasn't who of to funding team provide an niche each on impact. their those normal. But -- of much. than couple partners somewhat prior same there's bid, that way what more the the It over does of we're

and Our niche services that same. waste protection rad the is and management stays the

as market staff, submarket has we more And So build to our -- that and been get growing. offer. we or technical

our -- along So technology. with

your answer -- has on a it's changing impact their each more us. of situation. indicative I is firm's to So think it specific And directly, more question limited really

Avram Fisher

that you ability gain share? to changes Do think your

Mark Duff

we're boys, $X throw contractors, prime going you Tier there. and be a not few on to big others Jacobs, going bid AECOM, in contract. the BWXT Fluor a They're could and to Not and billion really. Because X

a big it no, on doesn't have us So impact overall.

Operator

Steven a [ph]. [Operator Instructions] We'll next Mr. hear shareholder, from

Avram Fisher

guys. Congratulations,

Well, that calls, I didn't point happen. happened. think interesting the comments promised it have there been was previous what in

saying be beyond inflexion remember, the call, It's it I should is. think you I quarter. clearly, last my expectation. And Mark, the this greatest in

wonderful plan congratulations be forth. So and watch you to into it effect all. It's and a put so executed to to --

So I talk congrats. guess Service, ask Do is right? what's you the first, I've need again, this Mark, about and more I you, question very, -- to all interesting plants learn for very got as you Service? to find, company I when the

Mark Duff

No, we clearly as define Service, Steven, very project. a field

Services not or not are facilities, from at contracts site the or in are but a plant. our So projects in the offices, that in the support field client

Avram Fisher

Ben, X were a got would I've question to that do think for you. rebuild If we you cost? right now, much how the plants,

BenNaccarato

we lot It's tangible... Well, a get lot. question this a of

Avram Fisher

Ballpark?

BenNaccarato

Ballpark, $XX $XX million, probably million. million, $XX

Avram Fisher

all? That's

BenNaccarato

Maybe more. lawyers, It's it's time, permits.

You of cost. quantify intangibles got it's hard a probably number. to the lot that But that

Avram Fisher

Okay.

going I'm mean got in where guess road. business hear it Mark, stuff, Service the that down in you or essence, you hey, could is says, be I I neat could need you're when go but that so -- XX-XX not the don't say, down you road, that, you've I you means So to a going because a that, to that doing do me, some plant you're here

So...

Mark Duff

at -- I assume would yes, -- yes, I not No, would I that wouldn't all.

a that they're a waste doing plants doing -- into discriminator. right west for we're a out real together, the And doing niche And project real treatment. Our our to provide real and example, remediation it's where the very and now linked we're of entrée a services.

sure plant. I'm without a of but would process this that $XX that the was Lou million million, ballpark, company of agree So would no, be the that same those Ben I said, permitting millions dollars. And for tens are would $XX the say -- we not

equal probably to are actual value in permits facility. the So the

Avram Fisher

Okay, all right.

no, in gentleman And asked, to you're greater and something having you Service. a business business background by say that that when a going you one itself escalating business think cake. like you along, of you impact the on very looking icing you're a the or more, we proportion particularly great that's I esoteric you're that to more. it's is to through comes are is which and as you're government have at if business that to you're going is a what you're these of would the or that that as contract So known building esoteric the But have -- the your sustainable change evolving very Hanford, same treatment things the get esoteric. is because amazing, stand relative got treatments, do can time, me, looking thing approach because going have some but that the said, be is exciting you just capabilities government think like it's you there, at at And where

whole So million $XX and anyway, -- one of year, million? through In which the because you brought $XX year, last XX you. X I I $XX what, million what the think in you months to all point, ahead sales I say quarters, about to no have that's you did other did has million in $XX out, did don't the whole you did

Mark Duff

last me million Let Yes. guess, $XX year.

Avram Fisher

did you no quarters, X in okay? $XX point one's so up. Yes, So million that brought

keep exciting. henceforth, anyways, you So moving very an pressure it creates because we Yes, have escalating also sounds you've on to clearly which thing. forward. got But

Mark Duff

Thanks, Steven.

Operator

from audience. back we Mr. to team leadership I'd it our the And further or and any for signals no additional Duff turn like closing remarks. rest to at time, the this have of

Mark Duff

you. All I'd like participating right. Thank thank quarter third to everyone in call. conference for our

QX strategic XXXX. As past encouraged pleased And well results, the QX as outlook mentioned into of our the by business business as years. we reflects in two and which the development with we're remain highly over initiatives for earlier, success our I the

very So much. thank you

Perma-Fix Environmental Services (PESI) 12 Nov 192019 Q3 Earnings call transcript