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RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2012
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS [Abstract] |
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | NOTE 1A RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS On November 13, 2013, management of Perma-Fix Environmental Services, Inc. (the "Company") concluded, in consultation with the Audit Committee of the Board of Directors ("Audit Committee") and BDO USA, LLP, the Company's independent registered public accounting firm, that the following financial statements previously filed by the Company with the Securities and Exchange Commission (the "Commission") should no longer be relied upon: the audited consolidated financial statements for the years ended December 31, 2012, 2011, and 2010 on its 2012 Form 10-K as filed with the Commission on March 22, 2013. During the process of reviewing and filing the Company's 2012 corporate income tax returns, the Company identified information related to certain deferred tax assets ("DTA") that were recorded as part of the acquisition of our Diversified Scientific Services, Inc. subsidiary ("DSSI") in 2000. Upon subsequent analysis of this information, the Company determined that there was not sufficient support for a portion of the DTA. The adjustment of DTA also resulted in re-evaluation and adjustments to valuation allowance and reserve for uncertain tax positions. The Company also performed a review of its deferred tax liabilities ("DTL") and determined that the reported DTL related to depreciation for fixed assets for 2011 was understated. To correct these errors, the Company reduced the beginning retained earnings balance in 2010 by approximately $1,600,000, reduced income tax expense by approximately $1,355,000 in 2010, recorded approximately $5,768,000 of income tax expense in 2011 and reversed $2,913,000 of income tax expense recorded in 2012. The restatement had no impact on the Company's previously reported cash and cash equivalents, revenue or income (loss) from continuing operations before income taxes. As a result of the reverse stock split, which was effective on October 15, 2013, all references in the consolidated financial statements and notes thereto to the number of shares outstanding, per share amounts, and shares subject to outstanding stock options and warrant, have been amended to refect the effect of the reverse stock for all periods presented as though the reverse stock split was in effect as of the periods or periods presented herein. The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Balance Sheets as of December 31, 2012 and December 31, 2011:
|  | December 31, 2012 |  |  | December 31, 2011 |
(Amounts in Thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Deferred tax assets - current |  | $ | 1,553 |  |  | $ | (237 | ) |  | $ | 1,316 |  |  | $ | 3,853 |  |  | $ | (488 | ) |  | $ | 3,365 |
Total current assets |  |  | 30,447 |  |  |  | (237 | ) |  |  | 30,210 |  |  |  | 50,762 |  |  |  | (488 | ) |  |  | 50,274 |
Deferred tax asset, net of liabilities |  |  | 1,103 |  |  |  | (1,103 | ) |  |  | - |  |  |  | 1,435 |  |  |  | (1,435 | ) |  |  | - |
Total assets |  |  | 141,031 |  |  |  | (1,340 | ) |  |  | 139,691 |  |  |  | 165,577 |  |  |  | (1,923 | ) |  |  | 163,654 |
Accrued expenses |  |  | 6,254 |  |  |  | 418 |  |  |  | 6,672 |  |  |  | 9,434 |  |  |  | - |  |  |  | 9,434 |
Total current liabilities |  |  | 27,140 |  |  |  | 418 |  |  |  | 27,558 |  |  |  | 42,740 |  |  |  | - |  |  |  | 42,740 |
Deferred tax liabilities |  |  | - |  |  |  | 1,340 |  |  |  | 1,340 |  |  |  | - |  |  |  | 4,088 |  |  |  | 4,088 |
Total long-term liabilities |  |  | 25,254 |  |  |  | 1,340 |  |  |  | 26,594 |  |  |  | 28,517 |  |  |  | 4,088 |  |  |  | 32,605 |
Total liabilities |  |  | 52,394 |  |  |  | 1,758 |  |  |  | 54,152 |  |  |  | 71,257 |  |  |  | 4,088 |  |  |  | 75,345 |
Accumulated deficit |  |  | (16,005 | ) |  |  | (3,098 | ) |  |  | (19,103 | ) |  |  | (9,733 | ) |  |  | (6,011 | ) |  |  | (15,744 | )
Total Perma-Fix Environmental |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services, Inc. stockholders' equity |  |  | 86,780 |  |  |  | (3,098 | ) |  |  | 83,682 |  |  |  | 92,643 |  |  |  | (6,011 | ) |  |  | 86,632 |
Total stockholders' equity |  |  | 87,352 |  |  |  | (3,098 | ) |  |  | 84,254 |  |  |  | 93,035 |  |  |  | (6,011 | ) |  |  | 87,024 |
Total liabilities and stockholders' equity |  | $ | 141,031 |  |  | $ | (1,340 | ) |  | $ | 139,691 |  |  | $ | 165,577 |  |  | $ | (1,923 | ) |  | $ | 163,654 |
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Operations for the years ended December 31, 2012, December 31, 2011 and December 31 2010:
|  | December 31, 2012 |  |  | December 31, 2011 |  |  | December 31, 2010 |
(Amounts in Thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Income tax expense (benefit) |  | $ | 1,250 |  |  | $ | (3,401 | ) |  | $ | (2,151 | ) |  | $ | (1,095 | ) |  | $ | 5,173 |  |  | $ | 4,078 |  |  | $ | 1,846 |  |  | $ | (1,611 | ) |  | $ | 235 |
(Loss) income from continuing operations |  | $ | (6,550 | ) |  | $ | 3,401 |  |  | $ | (3,149 | ) |  | $ | 11,572 |  |  | $ | (5,173 | ) |  | $ | 6,399 |  |  | $ | 3,271 |  |  | $ | 1,611 |  |  | $ | 4,882 |
Income (loss) from discontinued operations, net of taxes |  | $ | 458 |  |  | $ | (488 | ) |  | $ | (30 | ) |  | $ | 777 |  |  | $ | (595 | ) |  | $ | 182 |  |  | $ | (663 | ) |  | $ | (256 | ) |  | $ | (919 | )
Net (loss) income |  | $ | (6,092 | ) |  | $ | 2,913 |  |  | $ | (3,179 | ) |  | $ | 13,858 |  |  | $ | (5,768 | ) |  | $ | 8,090 |  |  | $ | 2,608 |  |  | $ | 1,355 |  |  | $ | 3,963 |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders |  | $ | (6,272 | ) |  | $ | 2,913 |  |  | $ | (3,359 | ) |  | $ | 13,836 |  |  | $ | (5,768 | ) |  | $ | 8,068 |  |  | $ | 2,608 |  |  | $ | 1,355 |  |  | $ | 3,963 |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (.60 | ) |  | $ | .30 |  |  | $ | (.30 | ) |  | $ | 1.04 |  |  | $ | (.46 | ) |  | $ | .58 |  |  | $ | .30 |  |  | $ | .14 |  |  | $ | .44 |
Discontinued operations |  | $ | .04 |  |  | $ | (.04 | ) |  | $ | - |  |  | $ | .07 |  |  | $ | (.06 | ) |  | $ | .01 |  |  | $ | (.06 | ) |  | $ | (.02 | ) |  | $ | (.08 | )
Net (loss) income per common share |  | $ | (.56 | ) |  | $ | .26 |  |  | $ | (.30 | ) |  | $ | 1.25 |  |  | $ | (.52 | ) |  | $ | .73 |  |  | $ | .24 |  |  | $ | .12 |  |  | $ | .36 |
Net (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders - diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (.60 | ) |  | $ | .30 |  |  | $ | (.30 | ) |  | $ | 1.04 |  |  | $ | (.46 | ) |  | $ | .58 |  |  | $ | .30 |  |  | $ | .14 |  |  | $ | .44 |
Discontinued operations |  | $ | .04 |  |  | $ | (.04 | ) |  | $ | - |  |  | $ | .07 |  |  | $ | (.06 | ) |  | $ | .01 |  |  | $ | (.06 | ) |  | $ | (.02 | ) |  | $ | (.08 | )
Net (loss) income per common share |  | $ | (.56 | ) |  | $ | .26 |  |  | $ | (.30 | ) |  | $ | 1.25 |  |  | $ | (.52 | ) |  | $ | .73 |  |  | $ | .24 |  |  | $ | .12 |  |  | $ | .36 |
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Comprehensive (Loss) Income years ended December 31, 2012, December 31, 2011 and December 31 2010:
|  | December 31, 2012 |  |  | December 31, 2011 |  |  | December 31, 2010 |
(Amounts in Thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Net (loss) income |  | $ | (6,092 | ) |  | $ | 2,913 |  |  | $ | (3,179 | ) |  | $ | 13,858 |  |  | $ | (5,768 | ) |  | $ | 8,090 |  |  | $ | 2,608 |  |  | $ | 1,355 |  |  | $ | 3,963 |
Comprehensive (loss) income |  | $ | (6,091 | ) |  | $ | 2,913 |  |  | $ | (3,178 | ) |  | $ | 13,855 |  |  | $ | (5,768 | ) |  | $ | 8,087 |  |  | $ | 2,608 |  |  | $ | 1,355 |  |  | $ | 3,963 |
Comprehensive (loss) income attributable to Perma-Fix Environmental Services, Inc. common stockholders |  | $ | (6,271 | ) |  | $ | 2,913 |  |  | $ | (3,358 | ) |  | $ | 13,833 |  |  | $ | (5,768 | ) |  | $ | 8,065 |  |  | $ | 2,608 |  |  | $ | 1,355 |  |  | $ | 3,963 |
The following table summarizes the impact of the restatements on each affected line of the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2012, December 31, 2011 and December 31 2010:
|  | December 31, 2012 |  |  | December 31, 2011 |  |  | December 31, 2010 |
(Amounts in Thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Net (loss) income |  | $ | (6,092 | ) |  | $ | 2,913 |  |  | $ | (3,179 | ) |  | $ | 13,858 |  |  | $ | (5,768 | ) |  | $ | 8,090 |  |  | $ | 2,608 |  |  | $ | 1,355 |  |  | $ | 3,963 |
Less: income (loss) on discontinued operations |  | $ | 458 |  |  | $ | (488 | ) |  | $ | (30 | ) |  | $ | 2,286 |  |  | $ | (595 | ) |  | $ | 1,691 |  |  | $ | (663 | ) |  | $ | (256 | ) |  | $ | (919 | )
(Loss) income from continuing operations |  | $ | (6,550 | ) |  | $ | 3,401 |  |  | $ | (3,149 | ) |  | $ | 11,572 |  |  | $ | (5,173 | ) |  | $ | 6,399 |  |  | $ | 3,271 |  |  | $ | 1,611 |  |  | $ | 4,882 |
Adjustment to reconcile net income from continuing operations to cash provided by operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax expense (benefit) |  | $ | 1,630 |  |  | $ | (1,864 | ) |  | $ | (234 | ) |  | $ | (3,230 | ) |  | $ | 5,173 |  |  | $ | 1,943 |  |  | $ | 1,819 |  |  | $ | (1,611 | ) |  | $ | 208 |
Prepaid expenses, inventories and other assets |  | $ | 4,800 |  |  | $ | (1,955 | ) |  | $ | 2,845 |  |  | $ | 1,494 |  |  | $ | - |  |  | $ | 1,494 |  |  | $ | 1,789 |  |  | $ | - |  |  | $ | 1,789 |
Accounts payable, accrued expenses and unearned revenue |  | $ | (12,049 | ) |  | $ | 418 |  |  | $ | (11,631 | ) |  | $ | 4 |  |  | $ | - |  |  | $ | 4 |  |  | $ | (7,289 | ) |  | $ | - |  |  | $ | (7,289 | )

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