Business
Energy Services of America Announces Financial Results for the Three Months Ended December 31, 2022
HUNTINGTON, W.Va., Feb. 13, 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., Feb. 13, 2023 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated net income of $164,000, fully diluted earnings per share of $0.01, revenues of $60.0 million, and adjusted EBITDA of $2.6 million for the three months ended December 31, 2022. The Company had an unaudited backlog of $206.9 million at December 31, 2022, as compared to $101.6 million at December 31, 2021.\nDouglas Reynolds, President, commented on the announcement. \"While the first quarter of fiscal year 2023 did not meet our expectations, we believe our backlog has the Company poised for a strong year. Notably, we have several natural gas projects under contract along with an electric vehicle battery project and a new school construction project.\" Reynolds continued, \"Even beyond our current backlog, we are seeing tremendous opportunities to add additional work for this fiscal year and have added a considerable amount of construction experience and talent to our organization.\"\nBelow is a comparison of the Company's operating results for the three months ended December 31, 2022 and 2021 (unaudited): \nThree Months Ended\nThree Months Ended\nDecember 31, 2022\nDecember 31, 2021\nRevenue\n$ 60,042,585\n$ 42,659,125\nCost of revenues\n54,056,323\n37,350,752\nGross profit\n5,986,262\n5,308,373\nSelling and administrative expenses\n5,316,138\n3,632,595\nIncome from operations\n670,124\n1,675,778\nOther income (expense)\nInterest income\n72\n576\nOther nonoperating expense\n(80,663)\n(153,428)\nInterest expense\n(474,284)\n(197,559)\n(Loss) gain on sale of equipment\n(31,343)\n339,896\n(586,218)\n(10,515)\nIncome before income taxes\n83,906\n1,665,263\nIncome tax (benefit) expense \n(79,612)\n494,283\nNet income\n$ 163,518\n$ 1,170,980\nWeighted average shares outstanding-basic\n16,667,185\n16,247,898\nWeighted average shares-diluted \n16,667,185\n16,247,898\nEarnings per share\n$ 0.01\n$ 0.07\nEarnings per share-diluted\n$ 0.01\n$ 0.07\n \nPlease refer to the table below that reconciles adjusted EBITDA with net income (unaudited):\nThree Months Ended\nThree Months Ended\nDecember 31, 2022\nDecember 31, 2021\nNet income\n$ 163,518\n$ 1,170,980\nAdd: Income tax (benefit) expense\n(79,612)\n494,283\nAdd: Interest expense\n474,284\n197,559\nAdd (less): Non-operating expense (income)...