Business
Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2022
HUNTINGTON, W.Va., Aug. 15, 2022 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), generated
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., Aug. 15, 2022 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated revenues of $51.2 million and $129.2 million, respectively, for the three and nine months ended June 30, 2022. Net income was $1.6 million and $2.2 million, respectively, and adjusted EBITDA was $4.0 million and $7.7 million, respectively, for the three and nine months ended June 30, 2022. The Company had earnings per share of $0.10 and $0.14, respectively, for the three and nine months ended June 30, 2022, and backlog of $135.0 million (unaudited) at June 30, 2022. \nDouglas Reynolds, President, commented on the announcement. \"Energy Services had a good third quarter and we are looking for a strong fourth quarter to finish out fiscal year 2022.\" Reynolds continued, \"Our acquisition of Tri-State Paving & Sealcoating, Inc. closed during the third quarter and is off to a great start. Our most recent acquisition, Ryan Construction Services, Inc., closed on August 11, 2022, and will broaden our geographic reach and diversify our construction services provided. We have also announced a share repurchase program that can begin after the June 30, 2022, earnings release. We believe all these things will be instrumental to the growth of both Energy Services and shareholder value.\" \nBelow is a comparison of the Company's operating results for the three and nine months ended June 30, 2022, as compared to the same periods in fiscal year 2021: \nThree Months Ended\nThree Months Ended\nNine Months Ended\nNine Months Ended\nJune 30,\nJune 30,\nJune 30,\nJune 30,\n2022\n2021\n2022\n2021\nUnaudited\nUnaudited\nUnaudited\nUnaudited\nRevenue\n$ 51,171,939\n$ 25,285,951\n$ 129,223,642\n$ 82,901,159\nCost of revenues\n44,754,346\n22,580,340\n114,632,057\n75,478,966\nGross profit\n6,417,593\n2,705,611\n14,591,585\n7,422,193\nSelling and administrative expenses\n3,821,043\n3,207,864\n10,870,677\n10,627,607\nIncome from operations\n2,596,550\n(502,253)\n3,720,908\n(3,205,414)\nOther income (expense)\nInterest income\n-\n108\n576\n151,877\nPaycheck Protection Program loan forgiveness\n-\n9,799,100\n-\n9,799,100\nOther nonoperating expense\n(174,957)\n(35,833)\n(438,195)\n(121,343)\nInterest expense\n(206,394)\n(136,995)\n(548,885)\n(356,505)\nGain on sale of equipment\n58,311\n135,269\n418,103\n62...