HUNTINGTON, W.Va., Feb. 14, 2011 /PRNewswire/ -- 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:
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Energy
Services of America Corporation
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Key
Financial Information
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Three
Months
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Ended
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Ended
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December
31,
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December
31,
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2010
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2009
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Revenues
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$33,955,121
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$29,951,737
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Net Income (loss)
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($54,553)
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$637,563
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Earnings (loss) Per Share-
Basic
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($0.005)
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$0.053
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Earnings (loss) Per
Share-Diluted
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($0.005)
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$0.053
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Other Information at December
31, 2010:
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Shares Outstanding
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12,092,307
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Total Assets
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$109,579,121
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Total Liabilities
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$49,495,991
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Total Equity
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$60,083,130
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Stated Book Value per
share
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$4.97
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Backlog December 31,
2010
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$41,400,000
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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.
SOURCE Energy Services of America Corporation