Energy Services of America Company Announces Results for the Three Months Ended December 31, 2008
17 Febbraio 2009 - 3:00PM
PR Newswire (US)
HUNTINGTON, W.V., Feb. 17 /PRNewswire-FirstCall/ -- Energy Services
of America (NYSE Alternext US: ESA) announced today that the
company had a loss of $2,194,509 for the three months ended
December 31, 2008 compared to a profit of $354,786 for the same
period in 2007. Marshall T. Reynolds, Chairman and Chief Executive
Officer, noted that while the company was not happy with incurring
the loss for the quarter, this industry normally has weak
performance in the fourth calendar quarter (first fiscal quarter
for ESA) as well as its weakest performance in the first calendar
quarter of the year, reflecting lower construction during the
winter season. "This loss was the result of two particular projects
at one of our operating subsidiaries which lost $3.2 million for
the quarter and those losses more than offset the normal
performance at the other subsidiaries. The losses resulted from
inclement weather and other adverse working conditions which
hampered progress on the work on these projects during the quarter.
Excluding the losses on those two projects, the results would have
been at close a loss of approximately $200 thousand or $0.02 per
share (basic and diluted). We believe that this was an unusual
occurrence and not indicative of future performance. The need for
additional pipelines to get natural gas to consumers still exists
and looks to continue in the foreseeable future." Edsel Burns,
president of ESA, echoed Mr. Reynolds comments. "While there was a
loss in the first quarter as a result of the two projects discussed
by Mr. Reynolds and while the second quarter normally has weaker
performance due to inclement weather, we remain optimistic about
the company's long term prospects and the excellent prospects in
the future." Key information at December 31, 2008 was as follows:
Energy Services of America Corporation Key Financial Information
Three months Three months Ended Ended December 31, December 31,
2008 2007 Actual Revenues $33,679,046 $- Net Income (loss)
($2,194,509) $354,786 Earnings (loss) Per Share-Basic ($0.18) $0.03
Earnings (loss) Per Share-Diluted ($0.18) $0.03 Other information
Shares Outstanding 12,092,307 Total Assets $109,382,367 Total
Liabilities $51,319,659 Total Equity $58,062,708 Stated Book Value
per Share $4.80 Backlog at December 31, 2008 $54,000,000 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. DATASOURCE: Energy Services of America
Corporation CONTACT: Larry Blount of Energy Services of America,
+1-304-399-6316
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