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| 8-K - FORM 8-K - Energy Services of America CORP | form8k_122211.htm |
Huntington, W. Va. – December 21, 2011
Energy Services of America Corporation Announces results for the three and twelve months ended September 30, 2011.
Energy Services of America (Amex: ESA) announced today that the company finished the year with a loss for the three months ended September 30, 2011 of ($1,126,834). This brings the total loss for the year ended September 30, 2011 to ($5,275,770). As stated in previous press releases this year, The year’s performance was greatly impacted by several items. First, we had a large project scheduled for 2011 that was delayed. Also, we had record breaking rainfall which hampered the performance on a number of larger jobs that the Company contracted to perform in
2011. Rainfall occurred on two larger jobs in over 50% of the days they were being performed. This led to cost overruns which drastically reduced the margins. While well below the $3.6 million of earnings in the three months ended September 30, 2010, the loss was better than of the loss of ( $1,447,686) for the comparable period in 2009. Likewise the loss for the 12 months ended September 30, 2011 was well below the September 30, 2010 net income of $5,772,350 but better than the loss of ($5,921,774) for the same period in 2009. Revenues were $143,426,097 for the twelve months ended September 30, 2011 versus $218,287,753 for the same period in 2010.
Marshall T. Reynolds, Chairman, noted that the project delays and severe rainfall resulted in low performance for the year. “We have survived this year despite the project delays and severe impact of rainfall at record levels but feel we are seeing signs of a strong 2012. Our Backlog currently is at $128.5 million compared to the 2010 backlog at year end of $47.8 million. While our success at winning the contracts always determines the revenue we ultimately will generate, with the large backlog and increased volume of work available, we are very excited about our prospects for 2012.”
Edsel R. Burns, President of ESA, shared Mr. Reynold’s thoughts. “We are disappointed at the 2011 performance but with the stronger backlog, increased work available, progress made internally to improve our operating efficiencies and efforts made to mitigate the weather factors on our work load, we believe that the Company should perform very well in 2012 . In addition, during 2011 we took actions that removed the equity overhang that resulted from the warrants we issued at the time we went Public. We believe that we enter 2012 with a strong and clean balance sheet and we are well positioned to take advantage of the business
opportunities that will arise during the next year.” Key information at September 30, 2011 and for the three and twelve months ended September 30, 2011 is as follows:
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Energy Services of America Corporation
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Key Financial Information
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--------Twelve Months-------------
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Ended
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Ended
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Ended
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Ended
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September 30,
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September 30,
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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Revenues
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$ | 49,653,640 | $ | 91,811,898 | $ | 143,426,097 | $ | 218,287,753 | ||||||||
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Net Income (loss)
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$ | (1,126,834 | ) | $ | 3,629,182 | $ | (5,275,770 | ) | $ | 5,772,350 | ||||||
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Earnings (loss) Per Share- Basic
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$ | (0.09 | ) | $ | 0.30 | $ | (0.44 | ) | $ | 0.48 | ||||||
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Earnings (loss) Per Share-Diluted
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$ | (0.09 | ) | $ | 0.30 | $ | (0.44 | ) | $ | 0.48 | ||||||
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Other Information at September 30, 2011:
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Shares Outstanding
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14,446,836 | |||||||||||||||
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Total Assets
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$ | 111,029,551 | ||||||||||||||
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Total Liabilities
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$ | 56,113,835 | ||||||||||||||
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Total Equity
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$ | 54,915,716 | ||||||||||||||
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Stated Book Value per Share
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$ | 3.80 | ||||||||||||||
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Backlog at September 2011
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$ | 128,500,000 | ||||||||||||||
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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.