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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 Quarterly Report

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02/13/2020 | 12:01pm EDT

HUNTINGTON, W.Va., Feb. 13, 2020 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (OTC QB: ESOA), parent company of C.J. Hughes Construction Company and Nitro Construction Services, announced the filing of the Company's Quarterly Report on Form 10-Q for the three months ended December 31, 2019.  Net loss available to common shareholders was ($151,000) for the three months ended December 31, 2019, which was a $705,000 decrease from $554,000 in net income available to common shareholders for the same period in 2018.  Revenue was $25.8 million for the three months ended December 31, 2019, which was a $23.3 million decrease from $49.1 million for the same period in 2018.  The Company had an adjusted EBITDA of $856,000, or $0.06 per common share, and loss per common share of ($0.01) on a weighted average of 13,911,610 common shares outstanding at December 31, 2019.  The projected backlog at December 31, 2019 was $63.2 million

Douglas Reynolds, President, commented on the announcement.  "While the results for the three months ended December 31, 2019 turned out better than expected, it was still a considerable decrease from the same period in 2018.  First, most of the decrease can be attributed to the twenty-mile project in northern West Virginia that was in progress at December 31, 2018 and was completed in September 2019.  Secondly, the remaining major projects in fiscal year 2019 were completed by September 30, 2019.  Usually, our major projects in progress during the fourth quarter of a fiscal year will extend into the first quarter of the next.  Finally, few new projects started during the quarter ended December 31, 2019, so most of our work was routine maintenance."

Below is a comparison of the Company's unaudited operating results for the three months ended December 31, 2019 and 2018: 




Three Months Ended


Three Months Ended




December 31,


December 31,




2019


2018













Revenue

$           25,843,307


$          49,114,139







Cost of revenues

23,486,565


45,279,294








Gross profit

2,356,742


3,834,845







Selling and administrative expenses

2,595,772


2,756,391


(Loss) income from operations

(239,030)


1,078,454







Other income (expense)





Interest income

53,249


41,522


Other nonoperating expense

(33,938)


(32,995)


Interest expense

(186,845)


(204,349)


Gain on sale of equipment

295,991


25,752




128,457


(170,070)








(Loss) income before income taxes

(110,573)


908,384








Income tax (benefit) expense

(36,459)


277,000








Net (loss) income

(74,114)


631,384








Dividends on preferred stock

77,250


77,250







Net (loss) available to common shareholders

$               (151,364)


$              554,134








Weighted average shares outstanding-basic

13,911,610


14,135,900








Weighted average shares-diluted 

13,911,610


17,569,233


(Loss) earnings per share






available to common shareholders

$                  (0.011)


$                  0.039








(Loss) earnings per share-diluted






available to common shareholders

$                  (0.011)


$                  0.032







Please refer to the table below that reconciles adjusted EBITDA and adjusted EBITDA per common share with net (loss) income available to common shareholders:


Three Months Ended


Three Months Ended


December 31, 2019


December 31, 2018


Unaudited


Unaudited





Net (loss) income available to




  common shareholders

$               (151,364)


$                      554,134





Add: Income tax (benefit) expense

(36,459)


277,000





Add: Dividends on preferred stock

77,250


77,250





Add:  Interest expense

186,845


204,349





Less: Non-operating income

(315,302)


(34,279)





Add: Depreciation expense

1,095,282


1,022,367





Adjusted EBITDA

$                 856,252


$                   2,100,821

Weighted average shares outstanding

13,911,610


14,135,900

Adjusted EBITDA per common share

$                        0.06


$                             0.15

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.

Cision
View original content:http://www.prnewswire.com/news-releases/energy-services-of-america-files-quarterly-report-301004664.html

SOURCE Energy Services of America Corporation

© PRNewswire 2020

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