HUNTINGTON, W.Va., Feb. 9, 2012 /PRNewswire/ -- Energy Services of
America (Amex: ESA) announced today that for the three months ended
December 31, 2011 it had a net income
of $1,133,422 or $0.08 per share. This compares to a loss of
($54,553) for the three months ended
December 31, 2010. EBITDA
(earnings before interest, taxes, depreciation and amortization)
for the quarter ended December 31,
2011 totaled $3,862,333
compared to an EBITDA of $1,866,680
for the same quarter of 2010. Per share information for the
quarter ended December 31, 2011
reflects the completion of the warrant exchange where basic shares
outstanding were 14,446,836 compared to 12,092,307 for the quarter
ended December 31, 2010.
Marshall T. Reynolds, Chairman,
noted he was pleased with the performance for the quarter.
"The first two quarters of our fiscal year are normally slow
so we are pleased that we finished this quarter in such a positive
manner. Also, we continue to be encouraged about the
prospects for 2012. Our Backlog at December 31, 2011 was $129.9 million compared to $41.4 million at the end of December of 2010.
With the first quarter's performance, the backlog level and
the volume of work available to bid on, we are very encouraged
about our prospects for 2012. While our success at winning
the contracts always determines the revenue we ultimately will
generate, with the increased volume of work available, we are very
optimistic about our prospects for 2012."
Edsel R. Burns, President of ESA,
shared Mr. Reynolds' thoughts. "We feel very good about the
company's current position. The Company continues to focus on
improving operating efficiencies and those efforts coupled with the
anticipated strong demand for our services in 2012 should result in
successful performance. Having survived the
difficulties of the economic environment over the last couple of
years, we feel the Company is well positioned to perform well into
the future." Key information at December 31, 2011 and for the three months ended
December 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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Ended
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Ended
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December
31,
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December
31,
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2011
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2010
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Revenues
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$49,550,437
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$33,955,121
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Net Income (loss)
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$1,133,422
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($54,553)
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Earnings (loss) Per Share-
Basic
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$0.078
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($0.005)
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Earnings (loss) Per
Share-Diluted
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$0.078
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($0.005)
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Other Information at December
31, 2011:
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Shares Outstanding
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14,446,836
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Total Assets
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$116,274,021
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Total Liabilities
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$60,206,949
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Total Equity
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$56,067,072
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Stated Book Value per
share
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$3.88
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Backlog December 31,
2011
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$129,900,000
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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