Energy Services of America Corporation Announces Results for the Three Months and Twelve Months ended September 30, 2009 as Well
11 Dicembre 2009 - 2:00PM
PR Newswire (US)
HUNTINGTON, W.Va., Dec. 11 /PRNewswire-FirstCall/ -- Energy
Services of America (AMEX:ESA) announced today that the company had
a loss of $1,447,686 for the three months ended September 30, 2009
compared to net income of $2,093,539 for the same period in 2008.
Fewer projects, reflecting the difficult economic environment
during the past 12 months resulted in the Company incurring a
$5,921,774 loss for the twelve months ended September 30, 2009
compared to a profit of $2,811,158 for the prior year for the same
twelve month period. The results for the three months ended
September 30, 2009 are unaudited, however, no material changes are
anticipated from the information presented in the press release.
Energy Services began as an operating company on August 15, 2008. A
summary of the Company's net income performance since that time is
as follows: August 15-September 30, 2008 $2,055,722 Quarter ended
December 31, 2008 (2,194,509) Quarter ended March 31, 2009
(2,868,042) Quarter ended June 30, 2009 588,463 Quarter ended
September 30, 2009 (1,447,686) Cumulative performance since August
15, 2008 ($3,866,052) As was noted in our report on form 10-Q for
the quarter ended December 31, 2008, our ST Pipeline subsidiary
experienced significant losses on two jobs. These losses were due
to unusual circumstances which management believes are non
recurring in nature. The net of tax losses on those two jobs
amounted to $1,932,383. Accordingly, excluding those two jobs, the
Company would have had a net loss of $1,933,669 for the period from
August 15, 2008 to September 30, 2009. While this performance
certainly is not at the levels hoped for by management, given the
severe recession, the performance is understandable given the
nature of the Company's business. Marshall T. Reynolds, Chairman
and Chief Executive Officer, noted that 2009 had been a difficult
year for the Company but that 2010 looked much better. "Given the
economic uncertainties that have plagued the entire market in 2009,
we are pleased to see our marketing efforts position Energy
Services favorably for 2010. This is evidenced by our backlog which
at this date stands at $144 million compared to a backlog of $41
million for the prior year. Further, we are still bidding on
several projects which, if we are successful, will further increase
our backlog. We are very encouraged that the current backlog and
additional bidding opportunities for 2010 should result in a strong
performance for the Company for 2010." Edsel R. Burns, president of
ESA echoed Mr. Reynolds comments. "The difficult economic
conditions at the start of 2009 severely impacted our results for
the year. However, with our current backlog levels, as well as the
known projects that we see coming up for bid in 2010 and beyond, we
are very encouraged. 2010 shows every indication of having a
performance in line with and perhaps exceeding, the original ESA
business plan that was stifled by the economic crisis in 2009." Key
preliminary information at September 30, 2009 was as follows:
Energy Services of America Corporation Key Financial Information
Three Months Three Months Twelve Months Twelve Months Ended Ended
Ended Ended September 30, September 30, September 30, September 30,
2009 2008 2009 2008 Actual Revenues $29,346,511 $28,517,688
$106,766,096 $28,517,668 Net Income (loss) ($1,447,686) $2,093,539
$(5,921,774) $2,811,158 Earnings (loss) Per Share-Basic ($0.12)
$0.19 $(0.49) $0.26 Earnings (loss) Per Share-Diluted ($0.12) $0.16
$(0.49) $0.21 Other information Shares Outstanding 12,092,307 Total
Assets $98,907,237 Total Liabilities $44,571,794 Total Equity
$54,335,443 Stated Book Value per Share $4.49 Backlog at September
2009 $144,000,000 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. DATASOURCE: Energy Services of
America CONTACT: Larry Blount, CFO, Energy Services of America,
+1-304-399-6316
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