Business
Energy Services of America Announces Financial Results for the Three Months Ended December 31, 2023
HUNTINGTON, W.Va., Feb. 12, 2024 /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. 12, 2024 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated net income of $2.0 million, fully diluted earnings per share of $0.12, revenues of $90.2 million, and adjusted EBITDA of $5.8 million for the three months ended December 31, 2023. The Company had a backlog of $185.9 million (unaudited) at December 31, 2023, as compared to $206.9 million (unaudited) at December 31, 2022.\n\nDouglas Reynolds, President, commented on the announcement. \"The financial results for the three months ended December 31, 2023 mark the best first fiscal quarter in the history of Energy Services. We continue to be impressed by our employees' performance and are excited about the construction opportunities being received.\" Reynolds continued, \"Fiscal year 2024 is off to a great start and we are looking forward to providing superior services to our customers and maximizing shareholder value into the future.\"\nBelow is a comparison of the Company's operating results for the three months ended December 31, 2023 and 2022 (unaudited): \nThree Months Ended\nThree Months Ended\nDecember 31, 2023\nDecember 31, 2022\nRevenue\n$ 90,163,187\n$ 60,042,585\nCost of revenues\n79,324,226\n54,056,323\nGross profit\n10,838,961\n5,986,262\nSelling and administrative expenses\n7,198,720\n5,316,138\nIncome from operations\n3,640,241\n670,124\nOther income (expense)\nInterest income\n-\n72\nOther nonoperating income (expense)\n75,001\n(80,663)\nInterest expense\n(601,684)\n(499,428)\nLoss on sale of equipment\n(13,328)\n(31,343)\n(540,011)\n(611,362)\nIncome before income taxes\n3,100,230\n58,762\nIncome tax expense (benefit)\n1,058,035\n(79,612)\nNet income\n$ 2,042,195\n$ 138,374\nWeighted average shares outstanding-basic\n16,567,185\n16,667,185\nWeighted average shares-diluted \n16,607,185\n16,667,185\nEarnings per share\n$ 0.12\n$ 0.01\nEarnings per share-diluted\n$ 0.12\n$ 0.01\n \nPlease refer to the table below that reconciles adjusted EBITDA with net income (unaudited):\nThree Months Ended\nThree Months Ended\nDecember 31, 2023\nDecember 31, 2022\nNet income\n$ 2,042,195\n$ 138,374\nAdd (less): Income tax expense (benefit)\n1,058,035\n(79,612)\nAdd: Interest expense, net of interest income\n601,684\n499,356\n(Less) add: Non-operating (income) expense\n(75,001)\n80,6...