Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Energy Services of America CORP | form8k_21411.htm |
Huntington, W. Va. – February 14, 2011
Energy Services of America Corporation Announces results for the three
months ended December 31, 2010.
Energy Services of America (Amex: ESA) announced today that the company finished the first three months of its fiscal year at about breakeven with a loss of ($54,553) for the three months ended December 31, 2010. This was very comparable to the slight income of $637,563 for the three months ended December 31, 2009. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended December 31, 2010 totaled $1,866,680 compared to an EBITDA of $2,861,006 for the same quarter of 2009.
Marshall T. Reynolds, Chairman, noted he was pleased with the performance for the quarter. “The first two quarters of our fiscal year are normally low so we are pleased that we finished this quarter at about breakeven. Also, we are even more excited about the prospects for 2011 which appear to be very good. Our Backlog at December 31, 2010 was $41.4 million. Further, we currently have bids in excess of $120 million submitted to customers for consideration and the volumes coming up for bid that we are aware of are about double the amounts at the same time last year. While our success at winning the contracts always determines the revenue we ultimately will generate, with the increased volume of work available, we are very excited about our prospects for 2011. Our backlog last year at this time was higher due to two large 2010 projects being bid earlier than normal. However, as previously stated, with the large volume of known projects being bid currently and the anticipated additional projects planned for 2011, we feel that business conditions are the best we have seen since acquiring C J Hughes and ST Pipeline and our prospects for a profitable and successful 2011 are very good. ”
Edsel R. Burns, President of ESA, shared Mr. Reynolds’ thoughts. “We feel very good about the company’s current position. The Company continues to focus on improving our operating efficiencies and those efforts coupled with the anticipated strong demand for our services in 2011 should result in successful performance. Having gone through the difficulties of the 2009 economic meltdown and bounced back with the good performance in 2010, we feel the Company is well positioned to perform well into the future.” Key information at December 31, 2010 and for the three months ended December 31, 2010 is as follows:
|
Energy Services of America Corporation
|
||||||||
|
Key Financial Information
|
||||||||
|
--------Three Months-----------------
|
||||||||
|
Ended
|
Ended
|
|||||||
|
December 31,
|
December 31,
|
|||||||
|
2010
|
2009
|
|||||||
|
Revenues
|
$ | 33,955,121 | $ | 29,951,737 | ||||
|
Net Income (loss)
|
$ | (54,553 | ) | $ | 637,563 | |||
|
Earnings (loss) Per Share- Basic
|
$ | (0.005 | ) | $ | 0.053 | |||
|
Earnings (loss) Per Share-Diluted
|
$ | (0.005 | ) | $ | 0.053 | |||
|
Other Information at December 31, 2010:
|
||||||||
|
Shares Outstanding
|
12,092,307 | |||||||
|
Total Assets
|
$ | 109,579,121 | ||||||
|
Total Liabilities
|
$ | 49,495,991 | ||||||
|
Total Equity
|
$ | 60,083,130 | ||||||
|
Stated Book Value per share
|
$ | 4.97 | ||||||
|
Backlog December 31, 2010
|
$ | 41,400,000 | ||||||
-
Certain statements contained in the release, including without limitation statements including 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 and other factors referenced in this release. 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.