HUNTINGTON, W.Va., May 10, 2011 /PRNewswire/ -- Energy Services of
America (Amex: ESA) announced today that for the quarter ended
March 31, 2011, the Company
experienced a loss of ($3,368,499)
compared to a loss of ($2,592,805)
for the three months ended December 31,
2010. For the six months ended March 31, 2011, the company's year to date loss
totaled ($3,423,052) compared to a
loss of ($1,955,245) for the six
months ended March 31, 2010.
Marshall T. Reynolds, Chairman,
discussed the performance for the quarter and six months.
"Due to the seasonal nature of our business and the
particularly severe winter weather of the last two years, the first
two quarters of our fiscal year are normally challenging.
Accordingly, our revenues are down below expected levels and
therefore our net income. We continue to be excited about the
Company's longer term prospects. Our Backlog at March 31, 2011 was $159.2
million which exceeded last year's backlog of $136 million. Further, we currently have
bids in excess of $158 million
submitted to customers for consideration and the volumes coming up
for bid that we are aware of continue to be strong. While our
success at winning contracts always determines the revenue we
ultimately will generate, with the increased volume of work
available, we are very excited about our long term prospects."
Edsel R. Burns, President of ESA,
shared Mr. Reynolds' thoughts. "Demand for our services
continues to be strong as evidenced by our backlog and projects
coming up for bid. However, inclement weather and project
timing have resulted in our revenues for the first six months
coming in below our desired levels. Management utilized down
time during the bad weather periods when work was shut down to
perform, at significant cost, a substantial amount of equipment
maintenance that further eroded financial results for the
quarter. However, this "investment" positions the company
well for anticipated business levels and may afford the company
better operating margins as jobs will be less likely to be
interrupted by maintenance issues that can significantly increase
job costs. The Company continues to focus on improving our
operating efficiencies and those efforts coupled with the
anticipated continued strong demand for our services should
result in successful long term performance . We feel
the Company is positioned to perform well into the future."
Key information at March 31,
2011 and for the three and six months ended March 31, 2011 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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Three
Months
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Six
Months
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Six
Months
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Ended
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Ended
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Ended
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Ended
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March
31,
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March
31,
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March
31,
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March
31,
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2011
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2010
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2011
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2010
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Actual
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Revenues
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$13,782,189
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$20,295,342
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$47,737,310
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$50,247,079
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Net Income (loss)
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(3,368,499)
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(2,592,805)
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(3,423,052)
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(1,955,245)
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Earnings (loss) Per
Share-Basic
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$
(0.28.)
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$
(0.21)
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$
(0.28)
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$
(0.16)
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Earnings (loss) Per
Share-Diluted
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$
(0.28)
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$
(0.21)
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$
(0.28)
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$
(0.16)
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Other information
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Shares Outstanding
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12,092,307
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Total Assets
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$101,504,620
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Total Liabilities
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$44,772,055
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Total Equity
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$56,732,565
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Stated Book Value per
Share
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$4.69
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Backlog at March 31 ,
2010
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$159,200,000
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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