Business
Energy Services of America Announces Financial Results for the Three and Six Months Ended March 31, 2023
HUNTINGTON, W.Va., May 31, 2023 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), generated net loss
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., May 31, 2023 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated net loss of ($1.9) million, fully diluted loss per share of ($0.11), revenues of $53.7 million, and adjusted EBITDA of ($120,000) for the three months ended March 31, 2023. The Company had a backlog of $224.6 million (unaudited) at March 31, 2023, as compared to $142.3 million (unaudited) and $120.3 million (unaudited) at September 30, 2022 and March 31, 2022, respectively.\nDouglas Reynolds, President, commented on the announcement. \"The first six months of fiscal year 2023 have largely been about preparing for the opportunities we are seeing in the third and fourth quarters of fiscal year 2023 and beyond. We have brought in a great deal of experience and talent into the organization to increase our gas transmission opportunities. We also have seen a significant increase in large-scale industrial and manufacturing construction opportunities.\" Reynolds continued, \"We have a strong backlog of $224.6 million (unaudited) at March 31, 2023 and are looking forward to the upcoming construction season and creating greater shareholder value.\"\nBelow is a comparison of the Company's operating results for the three and six months ended March 31, 2023 and 2022 (unaudited): \nAs Restated\nAs Restated\nThree Months Ended\nThree Months Ended\nSix Months Ended\nSix Months Ended\nMarch 31,\nMarch 31,\nMarch 31,\nMarch 31,\n2023\n2022\n2023\n2022\nUnaudited\nUnaudited\nUnaudited\nUnaudited\nRevenue\n$ 53,673,443\n$ 35,392,578\n$ 113,716,028\n$ 78,051,703\nCost of revenues\n49,772,790\n32,526,959\n103,829,113\n69,877,711\nGross profit\n3,900,653\n2,865,619\n9,886,915\n8,173,992\nSelling and administrative expenses\n5,887,747\n3,417,039\n11,203,885\n7,049,634\n(Loss) income from operations\n(1,987,094)\n(551,420)\n(1,316,970)\n1,124,358\nOther income (expense)\nInterest income\n124\n-\n196\n576\nOther nonoperating expense\n(10,524)\n(109,810)\n(91,187)\n(263,238)\nInterest expense\n(574,546)\n(169,530)\n(1,073,974)\n(392,233)\nGain on sale of equipment\n48,280\n19,896\n16,937\n359,792\n(536,666)\n(259,444)\n(1,148,028)\n(295,103)\n(Loss) income before income taxes\n(2,523,760)\n(810,864)\n(2,464,998)\n829,255\nIncome tax (benefit) expense\n(650,160)\n(200,463)\n(729,772)\n293,820\nNet (loss) ...