Business
Energy Services of America Announces Financial Results
HUNTINGTON, W.Va., Aug. 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., Aug. 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 financial results for the three and nine months ended June 30, 2020. Energy Services earned revenues of $30.8 million and $74.7 million for the three and nine months ended June 30, 2020, respectively. Net loss available to common shareholders was ($95,000) and ($2.0) million for the three and nine months ended June 30, 2020, respectively. The Company had adjusted EBITDA of $1.4 million ($0.10 per share) and $1.1 million ($0.08 per share) for the three and nine months ended June 30, 2020, respectively. The backlog at June 30, 2020 was $69.8 million. \nDouglas Reynolds, President, commented on the announcement. \"The COVID-19 pandemic had a significant effect on the three months ended June 30, 2020. However, many of our customers have continued with projects and we are receiving new bid opportunities. Also, our employee count at June 30, 2020 was higher compared to March 31, 2020.\" Reynolds continued, \"While we are seeing positive signs, we could see a significant impact in the fourth quarter of fiscal year if there is a worsening of the pandemic.\" \nBelow is a comparison of the Company's unaudited operating results for the three and nine months ended June 30, 2020 and 2019: \nThree Months Ended\nThree Months Ended\nNine Months Ended\nNine Months Ended\nJune 30, \nJune 30, \nJune 30, \nJune 30, \n2020\n2019\n2020\n2019\nRevenue\n$ 30,762,725\n$ 40,187,978\n$ 74,678,432\n$ 136,257,561\nCost of revenues\n27,936,548\n36,936,926\n69,425,044\n128,580,270\nGross profit\n2,826,177\n3,251,052\n5,253,388\n7,677,291\nSelling and administrative expenses\n2,532,141\n2,021,359\n7,473,422\n6,790,032\nIncome (loss) from operations\n294,036\n1,229,693\n(2,220,034)\n887,259\nOther income (expense)\nInterest income\n83\n-\n53,332\n58,023\nOther nonoperating expense\n(53,793)\n(25,736)\n(130,472)\n(79,312)\nInterest expense\n(101,335)\n(331,067)\n(400,197)\n(744,541)\nGain on sale of equipment\n43,296\n68,672\n563,062\n206,241\n(111,749)\n(288,131)\n85,725\n(559,589)\nIncome (loss) before income taxes\n182,287\n941,562\n(2,134,309)\n327,670\nIncome tax expense (benefit)\n200,242\n455,805\n(347,629)\n334,987\nNet...