Perma-Fix Environmental Service (NASDAQ:PESI)

Perma-Fix Environmental Service (NASDAQ:PESI) ($6.32; $76.6M market cap), a national environmental services company that provides unique mixed waste and industrial waste management services announced it has been selected by the U.S. Department of Energy to participate in a 10-year, multiple-award Indefinite Delivery/Indefinite Quantity (IDIQ) contract to provide nationwide Deactivation, Decommissioning and Removal of facilities, waste management and program support. The Jacobs and Perma-Fix team are among nine teams selected, making them eligible to compete for firm fixed price and cost reimbursement task orders with a maximum ceiling of $3 billion over a 10-year period.

"We are honored to partner with Jacobs on this 10-year IDIQ contract to support the DOE's important cleanup mission. Within the DD&R scope of work, Perma-Fix will provide value-added solutions to include waste support services such as waste characterization, packaging, and handling, along with radiation protection and facility characterization, all of which are within our core expertise. This award reflects our strong track record and success of our project team in establishing key industry partnerships to address the unique challenges at DOE in a safe and cost-effective manner."

You can see our brief past coverage on PESI here.

Dr. Centofanti concluded, "Looking ahead, we continue to position Perma-Fix at the forefront of the nuclear waste treatment and nuclear services industry. In addition to the opportunities in our base nuclear waste treatment business, we have identified sizeable opportunities treating higher activity wastes, as evidenced by recent shipments in the third and fourth quarters of these types of waste streams. We have also operated onsite at Hanford for over a year and we have built a solid reputation for our work at the site—reinforcing our capabilities to perform similar work at other DOE facilities. Overall, we are extremely encouraged by the outlook for the business as we continue to focus on growing revenue, increasing margins and paying down debt. Moreover, we have strong cash flow with a clean capital structure and no intention to raise additional capital for the foreseeable future. As a result, we believe we are positioned to continue the growth of our business."

Source: GlobeNewswire (March 10, 2010)