Business
Energy Services of America Announces Financial Results for the Three and Six Months Ended March 31, 2022
HUNTINGTON, W.Va., May 12, 2022 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), generated revenues
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., May 12, 2022 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated revenues of $35.3 million and $78.1 million, respectively, for the three and six months ended March 31, 2022. Net (loss) income was ($586,000) and $585,000, respectively, and adjusted EBITDA was $737,000 and $3.7 million, respectively, for the three and six months ended March 31, 2022. The Company had (loss) earnings per share of ($0.04) and $0.04, respectively, for the three and six months ended March 31, 2022, and backlog of $120.3 million (unaudited) at March 31, 2022. \nDouglas Reynolds, President, commented on the announcement, \"We are very pleased with the Company's performance for the first two quarters of the fiscal year, which are typically our slowest months. The $585,000 in net income for the six months ended March 31, 2022, represents the first positive earnings for the first six months of the fiscal year since 2017. With our backlog of $120.3 million (unaudited) at March 31, 2022, we are expecting a strong finish to the fiscal year.\" Reynolds continued, \"The Company recently completed two initiatives which we believe will help create shareholder value. First, the Company's common shares began trading on the Nasdaq Capital Market. Second, the Company completed the acquisition of Tri-State Paving & Sealcoat, LLC, which will increase our water service capabilities and contribute to the profitability of the Company. I am excited about the progress we've made and our opportunities to create further value.\" \nBelow is a comparison of the Company's operating results for the three and six months ended March 31, 2022, as compared to the same periods in fiscal year 2021: \nThree Months Ended\nThree Months Ended\nSix Months Ended\nSix Months Ended\nMarch 31,\nMarch 31,\nMarch 31,\nMarch 31,\n2022\n2021\n2022\n2021\nUnaudited\nUnaudited\nUnaudited\nUnaudited\nRevenue\n$ 35,392,578\n$ 25,605,412\n$ 78,051,703\n$ 57,615,208\nCost of revenues\n32,526,959\n23,731,889\n69,877,711\n52,898,626\nGross profit\n2,865,619\n1,873,523\n8,173,992\n4,716,582\nSelling and administrative expenses\n3,417,039\n3,823,913\n7,049,634\n7,419,743\n(Loss) income from operations\n(551,420)\n(1,950,390)\n1,124,358\n(2,703,161)\nOther income (expense)\nInterest income\n-\n4\n576\n151,769\nOther nonop...