HUNTINGTON, W.Va., May 14, 2012 /PRNewswire/ -- Energy Services
of America (Amex: ESA) announced today that for the quarter
ended March 31, 2012, the Company
experienced a loss of ($3,915,513) compared to a loss of ($3,368,499) for the three months ended
March 31, 2011. For
the six months ended March 31,
2012, the company's year to date loss totaled ($2,782,091) compared to a loss of ($3,423,052) for the six months ended
March 31, 2011.
Marshall T. Reynolds, Chairman,
discussed the performance for the quarter and six months. "Due
to the seasonal nature of our business and the difficulties of
winter weather, the first two quarters of our fiscal year are
normally challenging. The current quarter's results were adversely
effected by one job for one of the subsidiary companies which
showed a loss of $4.7 million for the
quarter. Excluding this one loss, the company would have
shown a much better performance for the quarter and year to date.
We believe that the losses from this one job are isolated and do
not reflect a trend. Despite that loss our earnings are still
$640,961 ahead of last year.
Our Backlog at March 31, 2012 was
$114.1 million. Also, the
volumes of projects 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, as noted by Mr. Reynolds, the one job
that experienced a significant loss, severely hurt our quarter
and six months performance. Now that we have recognized
what we believe to be the total losses relating to that particular
job, we are continuing to focus on our job performance and
ongoing projects. Further we continue to focus on
improving our operating efficiencies to enable us to
maximize our performance for the anticipated continued strong
demand for our services." Key information at
March 31, 2012 and for the three and
six months ended March 31, 2012 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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2012
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2011
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2012
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2011
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Actual
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Revenues
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$37,109,654
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$13,782,189
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$86,660,091
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$47,737,310
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Net Income
(loss)
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(3,915,513)
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(3,368,499)
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(2,782,091)
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(3,423,052)
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Earnings
(loss) Per Share-Basic
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$
(0.27)
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$
(0.28)
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$
(0.19)
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$
(0.28)
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Earnings
(loss) Per Share-Diluted
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$
(0.27)
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$
(0.28)
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$
(0.19)
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$
(0.28)
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Other
information
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Shares
Outstanding
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14,446,836
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Total
Assets
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$106,278,841
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Total
Liabilities
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$54,109,348
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Total
Equity
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$52,169,493
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Stated
Book Value per Share
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$3.61
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Backlog at
March 31 , 2012
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$114,100,000
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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 Corporation