Business
Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2023
HUNTINGTON, W.Va., Aug. 14, 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.Va., Aug. 14, 2023 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated net income of $3.4 million, fully diluted earnings per share of $0.21, revenues of $85.5 million, and adjusted EBITDA of $7.5 million for the three months ended June 30, 2023. The Company had a backlog of $185.9 million (unaudited) at June 30, 2023, as compared to $142.3 million (unaudited) and $135.0 million (unaudited) at September 30, 2022 and June 30, 2022, respectively.\nDouglas Reynolds, President, commented on the announcement. \"We are very pleased with the results for our quarter ended June 30, 2023. The $85.5 million in revenue is the largest amount generated in any quarter by the Company in its history. Additionally, the $3.4 million in net income for the quarter is the second largest in the Company's history behind only the fourth quarter of fiscal year 2020. During the first six months of fiscal year 2023, we made an investment in personnel to increase business opportunities. We are starting to see the results of that investment with the quarter ended June 30, 2023.\" Reynolds continued, \"We have a backlog of $185.9 million (unaudited) at June 30, 2023 and continue to see opportunities across all of our business lines. We are looking forward to a strong close of fiscal year 2023 and continuing to grow the Company in fiscal year 2024.\"\nBelow is a comparison of the Company's operating results for the three and nine months ended June 30, 2023 and 2022 (unaudited): \nAs Restated\nAs Restated\nThree Months Ended\nThree Months Ended\nNine Months Ended\nNine Months Ended\nJune 30, 2023\nJune 30, 2022\nJune 30, 2023\nJune 30, 2022\nUnaudited\nUnaudited\nUnaudited\nUnaudited\nRevenue\n$ 85,529,892\n$ 51,171,939\n$ 199,245,920\n$ 129,223,642\nCost of revenues\n74,650,897\n44,754,346\n178,480,010\n114,632,057\nGross profit\n10,878,995\n6,417,593\n20,765,910\n14,591,585\nSelling and administrative expenses\n5,283,617\n3,821,043\n16,487,502\n10,870,677\nIncome from operations\n5,595,378\n2,596,550\n4,278,408\n3,720,908\nOther income (expense)\nInterest income\n-\n-\n196\n576\nOther nonoperating expense\n(72,338)\n(174,957)\n(163,525)\n(438,195)\nInterest expense\n(639,888)\n(231,265)\n(1,713,862)\n(623,498)\nGain on sale of equipment\n30,136\n58,311\n47,073\n418,103\n(682,0...