Business
Energy Services of America Announces Financial Results for the Year Ended September 30, 2022
HUNTINGTON, W.Va., Dec. 15, 2022 /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., Dec. 15, 2022 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), generated net income available to common shareholders of $3.9 million, fully diluted earnings per share of $0.24, revenues of $197.6 million, and adjusted EBITDA of $12.5 million for the fiscal year ended September 30, 2022 and plans to files its Annual Report on Form 10-K on December 22, 2022. The Company had an unaudited backlog of $142.3 million at September 30, 2022, as compared to $72.2 million at September 30, 2021.\nDouglas Reynolds, President, commented on the announcement. \"We are very pleased with the progress we made in fiscal year 2022 as we saw significant increases in revenue and gross profit. Our backlog at September 30, 2022 was $142.3 million and we are seeing tremendous opportunities for fiscal year 2023 and beyond.\" Reynolds continued, \"We are also very happy with our two acquisitions in fiscal year 2022, Tri-State Paving & Sealcoating, Inc. and Ryan Construction Services, Inc. We look forward to having another successful year of growing Energy Services and building shareholder value.\"\nBelow is a comparison of the Company's operating results for fiscal year 2022 compared to fiscal year 2021 (unaudited): \nYear Ended\nYear Ended\nSeptember 30, 2022\nSeptember 30, 2021\nRevenue\n$ 197,590,000\n$ 122,465,826\nCost of revenues\n175,219,252\n109,544,804\nGross profit\n22,370,748\n12,921,022\nSelling and administrative expenses\n15,878,138\n13,813,644\nIncome (loss) from operations\n6,492,610\n(892,622)\nOther income (expense)\nInterest income\n576\n286,645\nPaycheck Protection Program loan forgiveness\n-\n9,839,100\nOther nonoperating expense\n(248,006)\n(311,830)\nInterest expense\n(887,931)\n(534,820)\nGain on sale of equipment\n755,470\n681,653\n(379,891)\n9,960,748\nIncome before income taxes\n6,112,719\n9,068,126\nIncome tax expense (benefit)\n2,262,646\n(29,129)\nNet income\n3,850,073\n9,097,255\nDividends on preferred stock\n-\n284,238\nNet income available to common shareholders\n$ 3,850,073\n$ 8,813,017\nWeighted average shares outstanding-basic\n16,323,790\n13,621,406\nWeighted average shares-diluted \n16,323,790\n16,988,424\nEarnings per share\navailable to common shareholders\n$ 0.24\n$ 0.65\nEarnings per share-diluted\navailable to common shareholders\n$ ...