Business
Energy Services Of America Announces Earnings
HUNTINGTON, W.Va., May 14, 2020 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (OTC QB: ESOA), parent company of
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., May 14, 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 earnings for the three and six months ended March 31, 2020. Energy Services earned revenues of $18.1 million and $47.0 million for the three and six months ended March 31, 2020, respectively. Net loss available to common shareholders was ($1.8) million and ($1.9) million for the three and six months ended March 31, 2020, respectively. The Company had adjusted EBITDA of ($1.2) million (($0.08) per share) and ($296,000) (($0.02) per share) for the three and six months ended March 31, 2020, respectively. The backlog at March 31, 2020 was $92.4 million. \nDouglas Reynolds, President, commented on the announcement. \"Even before the global COVID-19 pandemic, we saw a large decrease in work coming for the six months ended March 31, 2020 as most of the bidding opportunities that we received were scheduled to start after March 2020.\" Reynolds continued, \"We can't easily measure the impact that the COVID-19 pandemic had on our second quarter, but we expect to see a more significant impact in the third and fourth quarters of fiscal year 2020 as several customers have delayed or cancelled projects. However, we do have customers that have elected to continue projects with greater safety precautions. The Company will start more than $25.0 million in new construction projects between April and early June 2020 and continues to receive bidding opportunities.\" \nBelow is a comparison of the Company's unaudited operating results for the three and six months ended March 31, 2020 and 2019: \nThree Months Ended\nThree Months Ended\nSix Months Ended\nSix Months Ended\nMarch 31, \nMarch 31, \nMarch 31, \nMarch 31, \n2020\n2019\n2020\n2019\nRevenue\n$ 18,072,400\n$ 46,955,444\n$ 43,915,707\n$ 96,069,583\nCost of revenues\n18,001,931\n46,364,050\n41,488,496\n91,643,344\nGross profit\n70,469\n591,394\n2,427,211\n4,426,239\nSelling and administrative expenses\n2,345,509\n2,012,282\n4,941,281\n4,768,673\nLoss from operations\n(2,275,040)\n(1,420,888)\n(2,514,070)\n(342,434)\nOther income (expense)\nInterest income\n-\n16,501\n53,249\n58,023\nOther nonoperating expense\n(42,741)\n(20,581)\n(76,679)\n(53,576)\nInterest ex...