Energy Services of America Corporation Announces Earnings for the Year Ended September 30, 2008
30 Dicembre 2008 - 3:00PM
PR Newswire (US)
HUNTINGTON, W.Va., Dec. 30 /PRNewswire-FirstCall/ -- Energy
Services of America Corporation ("Energy Services") (AMEX:ESA)
announced today that for the year ended September 30, 2008, the
company had earnings of $2,811,158 versus $1,381,062 for the year
ended September 30, 2007. The earnings per share for the year ended
September 30, 2008 was $0.26 per share basic and $0.21 per share
fully diluted compared to $0.13 and $0.11 respectively for the year
ended September 30, 2007. On August 15, 2008, Energy Services
completed the acquisitions of ST Pipeline and C J Hughes
Construction. The acquisitions were accounted for as purchases for
accounting purposes and their results are included in the
performance of Energy Services from August 15 through September 30,
2008. Prior to that time, Energy Services operated as a "Blank
Check Company". Key financial information for Energy Services is
included below. On a pro forma basis, assuming the acquisitions had
been completed for the full twelve months of 2008 and 2007,
revenues would have totaled $208,239,927 for the year ended
September 30, 2008 compared to $133,090,839 for the year ended
September 30, 2007. Net income on a pro forma basis would have
totaled $15,002,093 for the year ended September 30, 2008 compared
to $7,119,563 for the year ended September 30, 2007. Earnings per
share would have been $1.24 basic and $1.03 diluted for the year
ended September 30, 2008 compared to $0.59 and $0.51 respectively
for the year ended September 30, 2007. The balance sheet for Energy
Services reflects Stockholders' Equity of $60,257,217 and total
consolidated assets of $133,699,816. This balance sheet should
enable the Company to proceed with growth both internally and
externally. "We are very pleased with the Company's performance
during the short time since the acquisitions closed," said Marshall
T. Reynolds, Chairman of Energy Services. "The acquired companies
produced $2,093,087 in earnings during the period from the August
15, 2008 through September 30, 2008. We are excited about this
Company's prospects for growth internally and through acquisitions
over the next few years." Edsel Burns, president of Energy Services
stated, "Although we are coming into the winter months which
historically are the slowest period for performance for our type of
business due to the inclement weather which prohibits work being
completed, we remain very confident that we are positioned well and
have a bright future in serving America's energy providers."
Certain Statements contained in the release, including without
limitation statements including the word "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. Energy Services of America
Corporation Key Financial Information Year ended Year ended
September 30, September 30, Change 2008 2007 Percent Actual
Revenues $28,517,688 $- 100% Net Income $2,811,158 $1,381,062 104%
Earnings Per Share-Basic $0.26 $0.13 100% Earnings Per Share-
Diluted $0.21 $0.11 91% Pro Forma if the acquisitions had been
completed for a full year Revenues $208,239,927 $133,090,839 56%
Net Income $15,002,093 $7,119,563 111% Earnings Per Share-Basic
$1.24 $0.59 110% Earnings Per Share- Diluted $1.03 $0.51 102% Other
information Shares Outstanding $12,092,307 Total Assets
$133,699,816 Total Liabilities $73,442,599 Total Equity $60,257,217
Stated Book Value per Share $4.98 Backlog at September 30, 2008
$40,700,000 DATASOURCE: Energy Services of America Corporation
CONTACT: Larry Blount of Energy Services of America,
+1-304-399-6316
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