Energy Services of America Announces Financial Results for the Quarter Ended December 31, 2021
HUNTINGTON, W.Va., Feb. 11, 2022 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (OTCQB: ESOA), generated revenues of
Douglas Reynolds, President, commented on the announcement. We are very pleased with the Company's performance for the three months ended December 31, 2021, which represents the company's best fiscal first quarter in over 5-years." Reynolds continued, "Our goal remains to create shareholder value and we recently applied to list the Company's stock on the Nasdaq Capital Market with the expectation of increasing the visibility and appeal of our shares. From a business perspective, we are executing well and have an improved backlog that puts us in a strong position for fiscal 2022. I am excited about the company and our opportunities as well as our ability to create further value."
Below is a comparison of the Company's operating results for the three months ended December 31, 2021, compared to fiscal year 2020:
Three Months Ended | Three Months Ended | ||||
December 31, | December 31, | ||||
2021 | 2020 | ||||
(Unaudited) | (Unaudited) | ||||
Revenue | $ 42,659,125 | $ 32,009,796 | |||
Cost of revenues | 37,350,752 | 29,166,737 | |||
Gross profit | 5,308,373 | 2,843,059 | |||
Selling and administrative expenses | 3,632,595 | 3,595,830 | |||
Income (loss) from operations | 1,675,778 | (752,771) | |||
Other income (expense) | |||||
Interest income | 576 | 151,765 | |||
Other nonoperating expense | (153,428) | (52,623) | |||
Interest expense | (197,559) | (76,517) | |||
Gain on sale of equipment | 339,896 | 13,042 | |||
(10,515) | 35,667 | ||||
Income (loss) before income taxes | 1,665,263 | (717,104) | |||
Income tax expense (benefit) | 494,283 | (69,442) | |||
Net income (loss) | 1,170,980 | (647,662) | |||
Dividends on preferred stock | - | 77,250 | |||
Net income (loss) available to common shareholders | $ 1,170,980 | $ (724,912) | |||
Weighted average shares outstanding-basic | 16,247,898 | 13,621,406 | |||
Weighted average shares-diluted | 16,247,898 | 13,621,406 | |||
Earnings (loss) per share | |||||
available to common shareholders | $ 0.072 | $ (0.053) | |||
Earnings (loss) per share-diluted | |||||
available to common shareholders | $ 0.072 | $ (0.053) | |||
Please refer to the table below that reconciles adjusted EBITDA with net income available to common shareholders:
Three Months Ended | Three Months Ended | ||
December 31, 2021 | December 31, 2020 | ||
Unaudited | Unaudited | ||
Net income (loss) available to | |||
common shareholders | $ 1,170,980 | $ (724,912) | |
Add: Income benefit expense (benefit) | 494,283 | (69,442) | |
Add: Dividends on preferred stock | - | 77,250 | |
Add: Interest expense | 197,559 | 76,517 | |
Less: Non-operating income | (187,044) | (112,184) | |
Add: Depreciation expense | 1,304,496 | 1,083,853 | |
Adjusted EBITDA | $ 2,980,274 | $ 331,082 |
About Energy Services
Energy Services of America Corporation (OTCQB: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 700+ employees on a regular basis. The Company's core values are safety, quality, and production.
Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business 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.
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SOURCE Energy Services of America
