Perma-Fix Shares Drop 19% After Missing Energy Dept Hanford Contract
By Chris Wack
Perma-Fix Environmental Services Inc. shares were down 19% at $7.93 after the company said it was advised on Thursday by the U.S. Department of Energy's Office of Environmental Management that its team wasn't awarded the Hanford Integrated Tank Disposition Contract.
The company said that despite the loss of the ITDC bid, it expects to continue to support a critical role in the closure mission regarding waste treatment, grouting and processing at the Hanford Site in Richland, Wash.
Perma-Fix shares closed Thursday's session down 17%, but are up 46% in the past 12 months.
Perma-Fix also said Friday that it has been awarded eight new contracts over the past few months, increasing the existing backlog for both the Services and Treatment Segments of the company.
The new awards include a contract to provide commercial reactor decommissioning, complex waste component processing and field projects for the Department of Energy, soil-sorting activities for the Department of Defense and Environmental Protection Agency, and large-volume transload activities for waste disposition.
The eight contracts total $15 million of revenue that is expected to be recognized in 2023, with additional option phases that have a potential value of over $14 million and could extend into 2024.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
April 14, 2023 13:08 ET (17:08 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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