Business
Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2021
HUNTINGTON, W.Va., Aug. 16, 2021 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (OTC QB: ESOA) announced
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., Aug. 16, 2021 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (OTC QB: ESOA) announced financial results for the three and nine months ended June 30, 2021. Energy Services generated revenues of $25.3 million and $82.9 million for the three and nine months ended June 30, 2021, respectively. Net income available to common shareholders was $9.2 million and $7.1 million with an adjusted EBITDA of $731,626 and $264,309 for the three and nine months ended June 30, 2021, respectively. Forgiveness on PPP loans accounted for $9.8 million in nonoperating income for the three and nine months ended June 30, 2021. Gross profit percentage increased from 9.2% to 10.7% and from 7.0% to 9.0% for the three and nine months ended June 30, 2021, as compared to 2020, respectively. \nDouglas Reynolds, President, commented on the announcement. \"Our increased focus on both organic and inorganic growth in gas and water distribution services led to year-over-year improvement in revenue and gross profit in these areas when compared to the same periods in 2020. However, offsetting these gains, we saw a decrease in the demand for our gas and petroleum transmission services due to fewer transmission projects available to bid along with greater competition.\" Reynolds continued, \"We expect our efforts to increase distribution revenues and profit along with modest improvement in transmission awards and expanded electrical, mechanical, and general construction services to result in improved results in our fiscal fourth quarter. Our backlog at June 30, 2021, was $73.1 million as compared to $61.2 million at March 31, 2021, with an additional $13.0 million in general construction contracts awarded subsequent to June 30, 2021.\"\nBelow is a comparison of the Company's unaudited operating results for the three and nine months ended June 30, 2021, and 2020: \nThree Months Ended\nThree Months Ended\nNine Months Ended\nNine Months Ended\nJune 30,\nJune 30,\nJune 30,\nJune 30,\n2021\n2020\n2021\n2020\nRevenue\n$ 25,285,951\n$ 30,762,725\n$ 82,901,159\n$ 74,678,432\nCost of revenues\n22,580,340\n27,936,548\n75,478,966\n69,425,044\nGross profit\n2,705,611\n2,826,177\n7,422,193\n5,253,388\nSelling and administrative expenses\n3,207,864\n2,532,141\n10,627,607\n7,473,422\n(Loss) income from operations\n(502...