Business
Energy Services of America Announces Financial Results for the Quarter Ended December 31, 2020
HUNTINGTON, W.Va., Feb. 16, 2021 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (OTC QB: ESOA) announced fiscal
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., Feb. 16, 2021 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (OTC QB: ESOA) announced fiscal first quarter financial results for the quarter ended December 31, 2020. Energy Services earned revenues of $32.0 million with a net loss available to common shareholders of ($725,000) for the first quarter and generated adjusted EBITDA of $331,000 during the period. \nOn December 31, 2020, Energy Services completed the acquisition of West Virginia Pipeline, Inc. The acquisition is reflected in the Company's first quarter financial statements, but it did not have a significant impact on the Company's operating results for the period. The Company's $60.7 million backlog at December 31, 2020 includes $5.5 million as a result of the acquisition. \nDouglas Reynolds, President, commented on the announcement. \"We are excited to welcome West Virginia Pipeline to Energy Services and view the acquisition an important step in our strategy of increasing our exposure in the water and natural gas distribution markets.\" Reynolds continued, \"At the same time, we are investing in the people and equipment needed to expand our existing business and we hope that the benefits of all these investments are clearer during the second half of fiscal year 2021.\"\nBelow is a comparison of the Company's unaudited operating results for the three months ended December 31, 2020 and 2019: \nThree Months Ended\nThree Months Ended\nDecember 31,\nDecember 31,\n2020\n2019\n (Unaudited) \nRevenue\n$ 32,009,796\n$ 25,843,307\nCost of revenues\n29,166,737\n23,486,565\nGross profit\n2,843,059\n2,356,742\nSelling and administrative expenses\n3,595,830\n2,595,772\nLoss income from operations\n(752,771)\n(239,030)\nOther income (expense)\nInterest income\n151,765\n53,249\nOther nonoperating expense\n(52,623)\n(33,938)\nInterest expense\n(76,517)\n(186,845)\nGain on sale of equipment\n13,042\n295,991\n35,667\n128,457\nLoss income before income taxes\n(717,104)\n(110,573)\nIncome tax benefit\n(69,442)\n(36,459)\nNet loss\n(647,662)\n(74,114)\nDividends on preferred stock\n77,250\n77,250\nNet loss available to common shareholders\n$ (724,912)\n$ (151,364)\nWeighted average shares outstanding-basic\n13,621,406\n13,911,610\nWeighted average shares-diluted \n13,621,406\n13,911,610\nLoss earnings per share\navailabl...