Energy Services of America Corporation Announces Results for the Three Months Ended December 31, 2009
02 Febbraio 2010 - 3:05PM
PR Newswire (US)
HUNTINGTON, W. Va., Feb. 2 /PRNewswire-FirstCall/ -- Energy
Services of America (AMEX:ESA) announced today that the company had
net income of $637,563 for the three months ended December 31, 2009
compared to a loss of $2,194,509 for the same period in 2008.
Revenues were lower for the quarter ended December 31, 2009 than
during the prior year period, ($29,951,737 versus $33,679,046)
however, margins were positive for the quarter in 2009 resulting in
net income for the quarter. Losses during the quarter ended
December 31, 2008 were attributable to our ST Pipeline subsidiary
experiencing 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 which contributed greatly to the loss in the
first quarter of 2009 which ended December 31, 2008. Marshall T.
Reynolds, Chairman, noted that he was pleased that 2010 started on
a positive note. "With the economic uncertainties that led to 2009
being such a difficult year for the Company, it is great to start
2010 in a positive manner. Our backlog of $146 million at December
31, 2009 and the continued improvement in the demand for our
services, places the Company on track to have a successful 2010."
Edsel R. Burns, president of ESA, shared Mr. Reynolds thoughts. "We
are pleased that the Company is positioned to capitalize on the
stronger demand for our services. At December 31, 2008 our backlog
was $54 million compared to the backlog of $146 million at December
31, 2009. Accordingly, with a significantly improved backlog and
the known projects that we see coming up for bid in 2010, we are
very encouraged over the Company's prospects. 2010 shows every
indication of having a performance in line with and perhaps
exceeding, the original ESA business plan that was adversely
affected by the economic crisis in 2009 and recession." Key
information at December 31, 2009 was as follows: Energy Services of
America Corporation Key Financial Information Three Months Three
Months Ended Ended December 31, December 31, 2009 2008 ---- ----
Actual Revenues $29,951,737 $33,679,046 Net Income (loss) 637,563
($2,194,509) Earnings (loss) Per Share- Basic $0.05 ($0.18)
Earnings (loss) Per Share- Diluted $0.05 ($0.18) Other information
Shares Outstanding 12,092,307 Total Assets $98,604,639 Total
Liabilities $43,631,633 Total Equity $54,973,006 Stated Book Value
per Share $4.55 Backlog at December 2009 $146,000,000 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 of Energy Services of America,
+1-304-399-6316
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