Business
Energy Services of America Announces Financial Results for the Fiscal Year Ended September 30, 2023
HUNTINGTON, W.V., Dec. 18, 2023 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), generated net
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.V., Dec. 18, 2023 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated net income of $7.4 million, fully diluted earnings per share of $0.44, revenues of $304.1 million, and adjusted EBITDA of $20.8 million for the twelve months ended September 30, 2023. The Company had a backlog of $229.8 million (unaudited) at September 30, 2023, as compared to $142.3 million (unaudited) at September 30, 2022.\n\nDouglas Reynolds, President, commented on the announcement. \"The financial results for the fiscal year ended September 30, 2023 are the best in the history of Energy Services. We are very proud of what our employees were able to accomplish and appreciate the support of our loyal shareholders.\" Reynolds continued, \"We have a backlog of $229.8 million (unaudited) at September 30, 2023 and look forward to continuing our success into fiscal year 2024.\"\nBelow is a comparison of the Company's operating results for the twelve months ended September 30, 2023 and 2022 (unaudited):\nYear Ended\nYear Ended\nSeptember 30, 2023\nSeptember 30, 2022\nRevenue\n$ 304,104,492\n$ 197,590,000\nCost of revenues\n267,291,157\n175,219,252\nGross profit\n36,813,335\n22,370,748\nSelling and administrative expenses\n23,776,898\n15,878,138\nIncome from operations\n13,036,437\n6,492,610\nOther income (expense)\nInterest income\n196\n576\nOther nonoperating expense\n(287,602)\n(248,006)\nInterest expense\n(2,406,839)\n(987,689)\nGain on sale of equipment\n34,478\n755,470\n(2,659,767)\n(479,649)\nIncome before income taxes\n10,376,670\n6,012,961\nIncome tax expense\n2,975,250\n2,262,646\nNet income\n$ 7,401,420\n$ 3,750,315\nWeighted average shares outstanding-basic\n16,646,086\n16,323,790\nWeighted average shares-diluted \n16,670,963\n16,323,790\nEarnings per share\n$ 0.44\n$ 0.24\nEarnings per share-diluted\n$ 0.44\n$ 0.24\nPlease refer to the table below that reconciles adjusted EBITDA with net income (unaudited):\nYear Ended\nYear Ended\nNet income\n$ 7,401,420\n$ 3,750,315\nAdd: Income tax expense\n2,975,250\n2,262,646\nAdd: Interest expense, net of interest income\n2,406,643\n987,113\nAdd: Non-operating expense\n287,602\n248,006\nLess: Gain on sale of equipment\n(34,478)\n(755,470)\nAdd: Depreciation and intangible asset amortization expense\n7,807,185\n6,013,494\nAdjuste...