Business
Energy Services of America Announces Financial Results for the Three and Six Months Ended March 31, 2021
HUNTINGTON, W.Va., May 12, 2021 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (OTC QB: ESOA) announced financial
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., May 12, 2021 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (OTC QB: ESOA) announced financial results for the three and six months ended March 31, 2021. Energy Services generated revenues of $25.6 million and $57.6 million for the three and six months ended March 31, 2021, respectively. Net loss available to common shareholders was $1.4 million and $2.1 million with an adjusted EBITDA of ($798,399) and ($467,317) for the three and six months ended March 31, 2021, respectively. Gross profit percentage increased from 0.4% to 7.3% and from 5.5% to 8.2% for the three and six months ended March 31, 2021 as compared to 2020, respectively. \nDouglas Reynolds, President, commented on the announcement. \"We experienced an increased demand for our services across all our lines of business for the first and second quarters of fiscal year 2021, which resulted in increased revenue and gross profit when compared to the same periods in 2020. Our December 31, 2020 acquisition, West Virginia Pipeline, contributed immediately with $1.2 million in revenue and $394,000 in gross profit for the three months ended March 31, 2021.\" Reynolds continued, \"Our efforts to increase distribution revenues are paying off and we are expecting to be busy in our gas & water distribution and electrical & mechanical services for the second half of fiscal year 2021. At the same time, we have invested in growing the business by acquiring a solar installation company and establishing a general contractor subsidiary. Our backlog at March 31, 2021 was $61.2 million as compared to $60.7 million at December 31, 2020.\"\nBelow is a comparison of the Company's unaudited operating results for the three and six months ended March 31, 2021 and 2020: \nThree Months Ended\nThree Months Ended\nSix Months Ended\nSix Months Ended\nMarch 31,\nMarch 31,\nMarch 31,\nMarch 31,\n2021\n2020\n2021\n2020\nRevenue\n$ 25,605,412\n$ 18,072,400\n$ 57,615,208\n$ 43,915,707\nCost of revenues\n23,731,889\n18,001,931\n52,898,626\n41,488,496\nGross profit\n1,873,523\n70,469\n4,716,582\n2,427,211\nSelling and administrative expenses\n3,823,913\n2,345,509\n7,419,743\n4,941,281\nLoss from operations\n(1,950,390)\n(2,275,040)\n(2,703,161)\n(2,514,070)\nOther income (expense)\nInterest income\n4\n-\n151,769\n53,249\nOther nonoperating...