Business
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
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., Feb. 11, 2022 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (OTCQB: ESOA), generated revenues of $42.7 million, adjusted EBITDA of $3.0 million, net income available to common shareholders of $1.2 million and earnings per share of $0.07 for the three months ended December 31, 2021. The Company had backlog of $101.6 million at December 31, 2021. \nDouglas Reynolds, President, commented on the announcement. We are very pleased with the Company's performance for the three months ended December 31, 2021, which represents the company's best fiscal first quarter in over 5-years.\" Reynolds continued, \"Our goal remains to create shareholder value and we recently applied to list the Company's stock on the Nasdaq Capital Market with the expectation of increasing the visibility and appeal of our shares. From a business perspective, we are executing well and have an improved backlog that puts us in a strong position for fiscal 2022. I am excited about the company and our opportunities as well as our ability to create further value.\" \nBelow is a comparison of the Company's operating results for the three months ended December 31, 2021, compared to fiscal year 2020: \n \nThree Months Ended\nThree Months Ended\nDecember 31,\nDecember 31,\n2021\n2020\n (Unaudited) \n(Unaudited)\nRevenue\n$ 42,659,125\n$ 32,009,796\nCost of revenues\n37,350,752\n29,166,737\nGross profit\n5,308,373\n2,843,059\nSelling and administrative expenses\n3,632,595\n3,595,830\nIncome (loss) from operations\n1,675,778\n(752,771)\nOther income (expense)\nInterest income\n576\n151,765\nOther nonoperating expense\n(153,428)\n(52,623)\nInterest expense\n(197,559)\n(76,517)\nGain on sale of equipment\n339,896\n13,042\n(10,515)\n35,667\nIncome (loss) before income taxes\n1,665,263\n(717,104)\nIncome tax expense (benefit)\n494,283\n(69,442)\nNet income (loss)\n1,170,980\n(647,662)\nDividends on preferred stock\n-\n77,250\nNet income (loss) available to common shareholders \n$ 1,170,980\n$ (724,912)\nWeighted average shares outstanding-basic\n16,247,898\n13,621,406\nWeighted average shares-diluted \n16,247,898\n13,621,406\nEarnings (loss) per share\navailable to common shareholders\n$ 0.072\n$ (0.053)\nEarnings (loss) per share-diluted\navailable to common shareholders\n$ 0.072\n$ (0.053)\n \n \nPlease refer ...