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.
Douglas 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."
Below is a comparison of the Company's operating results for the
three months ended December 31, 2023
and 2022 (unaudited):
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
|
|
|
|
Revenue
|
$
90,163,187
|
|
$
60,042,585
|
|
|
|
|
|
|
|
Cost of
revenues
|
79,324,226
|
|
54,056,323
|
|
|
|
|
|
|
|
Gross profit
|
10,838,961
|
|
5,986,262
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
7,198,720
|
|
5,316,138
|
|
Income from
operations
|
3,640,241
|
|
670,124
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
Interest
income
|
-
|
|
72
|
|
Other nonoperating
income (expense)
|
75,001
|
|
(80,663)
|
|
Interest
expense
|
(601,684)
|
|
(499,428)
|
|
Loss on sale of
equipment
|
(13,328)
|
|
(31,343)
|
|
|
|
(540,011)
|
|
(611,362)
|
|
|
|
|
|
|
|
Income before income
taxes
|
3,100,230
|
|
58,762
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
1,058,035
|
|
(79,612)
|
|
|
|
|
|
|
|
Net income
|
$
2,042,195
|
|
$
138,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding-basic
|
16,567,185
|
|
16,667,185
|
|
|
|
|
|
|
|
Weighted average
shares-diluted
|
16,607,185
|
|
16,667,185
|
|
|
|
|
|
|
|
Earnings per
share
|
$
0.12
|
|
$
0.01
|
|
|
|
|
|
|
|
Earnings per
share-diluted
|
$
0.12
|
|
$
0.01
|
|
|
|
|
|
|
Please refer to the table below that reconciles adjusted EBITDA
with net income (unaudited):
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
2,042,195
|
|
$
138,374
|
|
|
|
|
|
|
Add (less): Income tax
expense (benefit)
|
|
1,058,035
|
|
(79,612)
|
|
|
|
|
|
|
Add: Interest
expense, net of interest income
|
|
601,684
|
|
499,356
|
|
|
|
|
|
|
(Less) add:
Non-operating (income) expense
|
|
(75,001)
|
|
80,663
|
|
|
|
|
|
|
Add: Loss on sale
of equipment
|
|
13,328
|
|
31,343
|
|
Add: Depreciation and
intangible asset amortization expense
|
|
2,176,621
|
|
1,895,102
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
5,816,862
|
|
$
2,565,226
|
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance
with U.S. generally accepted accounting principles (GAAP), this
press release contains certain non-GAAP financial measures. The
reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP measures and other information relating to
these measures are included herein. We include these measurements
to enhance the understanding of our operating performance. We
believe that Adjusted EBITDA as presented herein, considered along
with net income (loss), is a relevant indicator of trends relating
to the cash generating activity of our operations. We believe that
excluding the costs herein provides a consistent comparison of the
cash generating activity of our operations. We believe that
Adjusted EBITDA is useful to investors as they facilitate a
comparison of our operating performance to other companies who also
use Adjusted EBITDA as supplemental operating measures. Non-GAAP
financial measures have limitations as analytical tools and should
not be considered in isolation or as a substitute for our financial
results prepared in accordance with GAAP.
About Energy Services
Energy Services of America Corporation (NASDAQ: ESOA),
headquartered in Huntington, WV,
is a contractor and service company that operates primarily in the
mid-Atlantic and Central regions of the
United States and provides services to customers in the
natural gas, petroleum, water distribution, automotive, chemical,
and power industries. Energy Services employs 1,000+ employees on a
regular basis. The Company's core values are safety, quality, and
production.
Certain statements contained in the release including, without
limitation, the words "believes," "anticipates," "intends,"
"expects" or words of similar import, constitute "forward-looking
statements" within the meaning of section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance or achievements of
the Company expressed or implied by such forward-looking
statements. Such factors include, among others, general economic
and business conditions, changes in business strategy or
development plans, the effect of the COVID-19 pandemic, the
integration of acquired business and other factors referenced in
this release, risks and uncertainties related to the restatement of
certain of our historical consolidated financial statements. Given
these uncertainties, prospective investors are cautioned not to
place undue reliance on such forward-looking statements. The
Company disclaims any obligation to update any such factors or to
publicly announce the results of any revisions to any of the
forward-looking statements contained herein to reflect future
events or developments.
View original
content:https://www.prnewswire.com/news-releases/energy-services-of-america-announces-financial-results-for-the-three-months-ended-december-31-2023-302059596.html
SOURCE Energy Services of America Corporation
