HUNTINGTON, W.Va., Aug. 12, 2011 /PRNewswire/ -- Energy Services of
America (Amex: ESA) announced today that for the quarter ended
June 30, 2011, the Company
experienced a net loss of ($725,884)
compared to a net income of $4,098,413 for the three months ended
June 30, 2010. For the nine
months ended June 30, 2011, the
Company's year to date net loss totaled ($4,148,936) compared to a net income of
$2,143,168 for the nine months ended
June 30, 2010.
Marshall T. Reynolds, Chairman,
discussed the performance for the quarter and nine months.
"Weather, which normally is not an issue for the Company
during the third quarter, caused significant issues in the three
months ended June 30, 2011. In
general, rainfall in the Mid Atlantic region for the calendar year
has been 143% of the fifteen year average in areas where the
Company is currently engaged in projects. More specifically,
on two of the larger projects the company had going for the
quarter, the days of rain exceeded 50%. Accordingly, our
revenues are below expected levels and therefore our net income has
been adversely affected. We are hopeful that favorable
weather during the quarter ending September
30, 2011 should improve revenue levels and therefore improve
profitability as well. Our Backlog at June 30, 2011 was $134.7
million which exceeded last year's backlog of $87.7 million by $47
million (53.6%). Further, 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 caused
production delays and curtailed productivity which resulted in our
revenues and profits for the first nine months coming in below our
desired levels. 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 June 30, 2011 and for the three
and nine months ended June 30, 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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Nine
Months
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Nine
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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June
30,
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June
30,
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June
30,
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June
30,
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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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$46,035,147
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$76,228,776
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$93,772,457
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$126,475,855
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Net Income (loss)
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(725,884)
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4,098,413
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(4,148,936)
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2,143,168
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Earnings (loss) Per
Share-Basic
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($0.06)
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$0.34
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($0.34)
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$ 0.18
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Earnings (loss) Per
Share-Diluted
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($0.06)
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$0.34
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($0.34)
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$0.18
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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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$110,677,320
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Total Liabilities
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$54,652,705
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Total Equity
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$56,024,615
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Stated Book Value per
Share
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$4.63
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Backlog at March 31 ,
2010
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$134,700,000
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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