HUNTINGTON, W. Va.,
Dec. 21, 2011 /PRNewswire/
-- Energy Services of America (Amex: ESA) announced today that
the company finished the year with a loss for the three months
ended September 30, 2011 of
($1,126,834). This brings the
total loss for the year ended September 30,
2011 to ($5,275,770). As stated in previous
press releases this year, the year's performance was greatly
impacted by several items. First, we had a large
project scheduled for 2011 that was delayed. Also, we had
record breaking rainfall which hampered the performance on a number
of larger jobs that the Company contracted to perform in
2011. Rainfall occurred on two larger jobs in over 50% of the
days they were being performed. This led to cost overruns which
drastically reduced the margins. While well below the $3.6 million of earnings in the three months
ended September 30, 2010, the loss
was better than of the loss of ( $1,447,686) for the comparable period in 2009.
Likewise the loss for the 12 months ended September 30, 2011 was well below
the September 30, 2010 net income of $5,772,350 but better than the loss of
($5,921,774) for the same period in
2009. Revenues were $143,426,097 for the twelve months ended
September 30, 2011 versus
$218,287,753 for the same period in
2010.
Marshall T. Reynolds, Chairman,
noted that the project delays and severe rainfall resulted in low
performance for the year. "We have survived this year despite
the project delays and severe impact of rainfall at record levels
but feel we are seeing signs of a strong 2012. Our Backlog
currently is at $128.5 million
compared to the 2010 backlog at year end of $47.8 million. While our success at winning the
contracts always determines the revenue we ultimately will
generate, with the large backlog and increased volume of work
available, we are very excited about our prospects for 2012."
Edsel R. Burns, President of ESA,
shared Mr. Reynold's thoughts. "We are disappointed at the
2011 performance but with the stronger backlog, increased work
available, progress made internally to improve our operating
efficiencies and efforts made to mitigate the weather factors on
our work load, we believe that the Company should perform very well
in 2012. In addition, during 2011 we took actions that
removed the equity overhang that resulted from the warrants we
issued at the time we went Public. We believe that we
enter 2012 with a strong and clean balance sheet and we are well
positioned to take advantage of the business opportunities that
will arise during the next year." Key information at
September 30, 2011 and for the three
and twelve months ended September 30,
2011 is as follows:
Energy Services of America Corporation
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Key Financial Information
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--------Three Months--------
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--------Twelve 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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September 30,
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September 30,
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September 30,
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September 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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Revenues
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$49,653,640
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$91,811,898
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$143,426,097
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$218,287,753
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Net Income
(loss)
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($1,126,834)
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$3,629,182
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($5,275,770)
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$5,772,350
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Earnings
(loss) Per Share- Basic
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($0.09)
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$0.30
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($0.44)
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$0.48
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Earnings
(loss) Per Share-Diluted
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($0.09)
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$0.30
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($0.44)
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$0.48
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Other
Information at September 30, 2011:
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Shares
Outstanding
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14,446,836
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Total
Assets
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$111,029,551
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Total
Liabilities
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$56,113,835
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Total
Equity
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$54,915,716
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Stated
Book Value per Share
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$3.80
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Backlog at
September 2011
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$128,500,000
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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