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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Energy Services of America Corp.    ESOA

ENERGY SERVICES OF AMERICA CORP.

(ESOA)
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Energy Services of America : Files Annual Report

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12/17/2015 | 10:01am EDT

HUNTINGTON, W.Va., Dec. 17, 2015 /PRNewswire/ -- Energy Services of America (the "Company") (OTCQB: ESOA), parent company of C.J. Hughes Construction Company and Nitro Electric Company, announced today the filing of the Company's Annual Report on Form 10-K for the year ended September 30, 2015. Energy Services earned revenue of $116.8 million for fiscal year ended September 30, 2015. Gross profit and income from operations were $10.9 million and $4.3 million, respectively. Net income available to common shareholders, which included tax expense of $1.6 million, was $1.8 million. The company had EBITDA of $7.6 million, or $0.53 per share, and earnings per share of $0.13 on 14,239,836 common shares outstanding. The backlog at September 30, 2015 was $71.3 million. Please see Energy Services' December 17, 2015, Form 10-K filing for more details.

Douglas Reynolds, President, commented on the announcement. "We are very pleased with our earnings for fiscal year 2015. We increased revenues and income from continuing operations before tax by $23.5 million and $2.4 million, respectively, compared to fiscal year 2014. Also, the $71.3 million backlog entering fiscal year 2016 is a $19.5 million increase over the $51.8 million backlog entering fiscal year 2015. We expect to continue building on the past three year's success in fiscal year 2016."

Below is a comparison of the Company's unaudited operating results for fiscal year 2015 compared to fiscal year 2014:

                     Twelve Months Ended         Twelve Months Ended

                      September 30, 2015          September 30, 2014



    Revenue                         $116,800,046                 $93,273,139


    Gross profit                      10,864,205                   8,511,218


    Income from
     operations                     4,279,871                   2,155,609


    Income from
     continuing
     operations
     before
     income
     taxes                          3,711,522                   1,360,719


    Income tax
     expense
     (benefit)                      1,597,332                 (2,342,244)
                                    ---------                  ----------


    Income from
     continuing
     operations                     2,114,190                   3,702,963


    Dividends on
     preferred
     stock                            309,000                     386,250


    Income from
     continuing
     operations

       available to
        common
        shareholders                1,805,190                   3,316,713


    Income
     (loss) from
     discontinued
     operations

         net of tax
          expense                      26,340                    (54,766)



    Net income
     available
     to common
     shareholders                  $1,831,530                  $3,261,947
                                   ==========                  ==========

Please refer to the table below that reconciles EBITDA and EBITDA per share:

                             Twelve Months Ended       Twelve Months Ended

                             September 30, 2015         September 30, 2014



    Revenue                               $116,800,046                $93,273,139

    Cost of revenues                       105,935,841                 84,761,921

    Gross margin                            10,864,205                  8,511,218

    Selling and
     administrative expenses                 6,584,334                  6,355,609

    Income from operations                   4,279,871                  2,155,609

    Depreciation expense                     3,291,386                  3,384,504
                                             ---------                  ---------

    EBITDA                                  $7,571,257                 $5,540,113

    Common shares
     outstanding                            14,239,836                 14,239,836

    EBITDA per common share                      $0.53                      $0.39
                                                 =====                      =====

Certain statements contained in the release, including without limitation statements including the words "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/energy-services-of-america-files-annual-report-300193839.html

SOURCE Energy Services of America

© PRNewswire 2015

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