Energy Services of America Releases September 30, 2013 Results
HUNTINGTON, W.Va., Dec. 20, 2013 /PRNewswire/ -- Energy Services of America (OTC: ESOA) announced today that for the year ended September 30, 2013 the company earned $3,570,206 compared to a loss of $48,522,177 for the year ended September 30th, 2012. For the quarter ended September 30, 2013 the company earned $2,597,358 on revenue of $30,396,098; this compares to a loss of $43,732,481 on revenue of $26,791,399 for the quarter ended September 30, 2012.
Douglas V. Reynolds, President discussed the performance for the quarter and year. "We believe the results achieved in the fourth quarter are the first tangible fruits from our restructuring effort that we began at the beginning of the year. In the final quarter of the year we achieved increased revenue and margins at both Nitro Electric and CJ Hughes. We are committed to using our greatly improved capital position to deliver even better results for our customers and shareholders in 2014." Key information at September 30th, 2013 and for the three months and year end are as follows:
| ENERGY SERVICES OF AMERICA CORPORATION |
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| CONSOLIDATED STATEMENTS OF INCOME |
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| For the years ended September 30, 2013 and 2012 |
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| Three Months Ended |
Three Months Ended |
Twelve Months Ended |
Twelve Months Ended |
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| September 30, |
September 30, |
September 30, |
September 30, |
||||||
| 2013 |
2012 |
2013 |
2012 |
||||||
| Revenue |
$ 30,396,098 |
$ 26,791,399 |
$ 108,820,315 |
$ 109,019,856 |
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| Cost of revenues |
27,618,673 |
26,216,187 |
98,804,399 |
104,375,422 |
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| Gross profit |
2,777,425 |
575,212 |
10,015,916 |
4,644,434 |
|||||
| Selling and administrative expenses |
1,590,439 |
2,358,043 |
8,047,951 |
9,856,117 |
|||||
| Asset Impairment |
- |
32,736,658 |
- |
32,736,658 |
|||||
| Income (loss) from operations |
1,186,986 |
(34,519,489) |
1,967,965 |
(37,948,341) |
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| Other income (expense) |
|||||||||
| Interest income |
1,138 |
- |
1,368 |
2,534 |
|||||
| Other nonoperating income (expense) |
3,147 |
(799) |
(12,751) |
3,735 |
|||||
| Interest expense |
(355,543) |
(504,027) |
(1,739,689) |
(1,927,325) |
|||||
| Gain (loss) on sale of equipment |
(25,377) |
1,451 |
531,270 |
25,472 |
|||||
| (376,635) |
(503,375) |
(1,219,802) |
(1,895,584) |
||||||
| Gain (loss) from continuing operations before income taxes |
810,351 |
(35,022,864) |
748,163 |
(39,843,925) |
|||||
| Income tax expense (benefit) |
(1,548,948) |
3,428,019 |
(1,318,854) |
1,551,495 |
|||||
| Income (loss) from continuing operations |
2,359,299 |
(38,450,883) |
2,067,017 |
(41,395,420) |
|||||
| Income (loss) from discontinued operations |
|||||||||
| net of tax benefit |
238,059 |
(5,281,598) |
1,503,189 |
(7,126,757) |
|||||
| Net income (loss) |
$ 2,597,358 |
$ (43,732,481) |
$ 3,570,206 |
$ (48,522,177) |
|||||
| Weighted average shares outstanding-basic |
14,468,939 |
14,447,586 |
14,461,383 |
14,448,336 |
|||||
| Weighted average shares-diluted |
16,301,367 |
14,447,586 |
14,923,255 |
14,448,336 |
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| Earnings (loss) per share from continuing operations |
$ 0.163 |
$ (2.661) |
$ 0.143 |
$ (2.865) |
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| Earnings (loss) per share from continuing operations-diluted |
$ 0.145 |
$ (2.661) |
$ 0.139 |
$ (2.865) |
|||||
| Earnings (loss) per share |
$ 0.180 |
$ (3.027) |
$ 0.247 |
$ (3.358) |
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| Earnings (loss) per share-diluted |
$ 0.159 |
$ (3.027) |
$ 0.239 |
$ (3.358) |
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SOURCE Energy Services of America
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