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HUNTINGTON, W.Va., Aug. 15, 2022 /PRNewswire/ — Energy Services of America Corporation (the “Company” or “Energy Services”) (Nasdaq: ESOA), generated revenues of $51.2 million and $129.2 million, respectively, for the three and nine months ended June 30, 2022. Net income was $1.6 million and $2.2 million, respectively, and adjusted EBITDA was $4.0 million and $7.7 million, respectively, for the three and nine months ended June 30, 2022. The Company had earnings per share of $0.10 and $0.14, respectively, for the three and nine months ended June 30, 2022, and backlog of $135.0 million (unaudited) at June 30, 2022.

Douglas Reynolds, President, commented on the announcement. “Energy Services had a good third quarter and we are looking for a strong fourth quarter to finish out fiscal year 2022.” Reynolds continued, “Our acquisition of Tri-State Paving & Sealcoating, Inc. closed during the third quarter and is off to a great start. Our most recent acquisition, Ryan Construction Services, Inc., closed on August 11, 2022, and will broaden our geographic reach and diversify our construction services provided. We have also announced a share repurchase program that can begin after the June 30, 2022, earnings release. We believe all these things will be instrumental to the growth of both Energy Services and shareholder value.”

Below is a comparison of the Company’s operating results for the three and nine months ended June 30, 2022, as compared to the same periods in fiscal year 2021:

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2021

2022

2021

Unaudited

Unaudited

Unaudited

Unaudited

Revenue

$ 51,171,939

$ 25,285,951

$ 129,223,642

$ 82,901,159

Cost of revenues

44,754,346

22,580,340

114,632,057

75,478,966

Gross profit

6,417,593

2,705,611

14,591,585

7,422,193

Selling and administrative expenses

3,821,043

3,207,864

10,870,677

10,627,607

Income from operations

2,596,550

(502,253)

3,720,908

(3,205,414)

Other income (expense)

Interest income

–

108

576

151,877

Paycheck Protection Program loan forgiveness

–

9,799,100

–

9,799,100

Other nonoperating expense

(174,957)

(35,833)

(438,195)

(121,343)

Interest expense

(206,394)

(136,995)

(548,885)

(356,505)

Gain on sale of equipment

58,311

135,269

418,103

627,580

(323,040)

9,761,649

(568,401)

10,100,709

Income before income taxes

2,273,510

9,259,396

3,152,507

6,895,295

Income tax expense (benefit)

651,396

(53,844)

945,216

(458,812)

Net income

1,622,114

9,313,240

2,207,291

7,354,107

Dividends on preferred stock

–

77,250

–

231,750

Net income available to common shareholders

$ 1,622,114

$ 9,235,990

$ 2,207,291

$ 7,122,357

Weighted average shares outstanding-basic

16,449,829

13,621,406

16,270,499

13,621,406

Weighted average shares-diluted

16,449,829

17,089,722

16,270,499

17,089,722

Earnings per share

available to common shareholders

$ 0.10

$ 0.68

$ 0.14

$ 0.52

Earnings per share-diluted

available to common shareholders

$ 0.10

$ 0.54

$ 0.14

$ 0.42

Please refer to the table below that reconciles adjusted EBITDA with net income available to common shareholders:

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Unaudited

Unaudited

Unaudited

Unaudited

Net income available to

common shareholders

$ 1,622,114

$ 9,235,990

$ 2,207,291

$ 7,122,357

Less: Income tax expense (benefit)

651,396

(53,844)

945,216

(458,812)

Add: Dividends on preferred stock

–

77,250

–

231,750

Add: Interest expense

206,394

136,995

548,885

356,505

Less: Non-operating expense (income)

116,646

(9,898,644)

19,516

(10,457,214)

Add: Depreciation expense

1,413,638

1,233,879

4,006,663

3,469,723

Adjusted EBITDA

$ 4,010,188

$ 731,626

$ 7,727,571

$ 264,309

About Non-GAAP Financial Measures

We present Adjusted EBITDA, defined as earnings before interest expense, income tax expense (benefit), depreciation and amortization expense, dividends of preferred stock, and other non-operating expense (income), a non-GAAP financial measure, in this press release to provide a supplemental measure of our earnings. We believe that Adjusted EBITDA is a useful measure of the Company’s cash flow. These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation as a substitute for analysis of the Company’ results as reported under GAAP.

About Energy Services

Energy Services of America Corporation (Nasdaq: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 800+ employees on a regular basis. The Company’s core values are safety, quality, and production.

Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business 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

Huntington, WV July 6, 2022- Energy Services of America (the “Company” or “Energy Services”) (NASDAQ: ESOA), announced that the Company’s Board of Directors (the “Board”) authorized a share repurchase program (the “Share Repurchase Program” or “Program”), pursuant to which the Company may, from time to time, purchase shares of its common stock for an aggregate repurchase not to exceed 1,000,000 shares, which is approximately 6.0% of its outstanding common stock. The Program has no expiration date and will begin after the Company’s next earnings release in August 2022.

The Share Repurchase Program will permit shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission (“SEC”) and other applicable legal requirements. The Share Repurchase Program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.

Douglas Reynolds, President, commented on the announcement. “This Program demonstrates the Board’s confidence in our Company’s financial position and our commitment to maximizing value for our shareholders. It also reinforces the confidence that we have in our long-term growth plans and earnings potential.”

About Energy Services

Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 700+ employees on a regular basis. The Company’s core values are safety, quality, and production.

Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business 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

Contact: Douglas Reynolds, President

304-522-3868

Energy Services of America Appoints Three New Board Members

On April 20, 2022, the Board of Directors of Energy Services of America Corporation (the “Company”) appointed Amy E. Abraham, Patrick J. Farrell, and Mark S. Prince to the Company’s Board of Directors (the “Board”) effective immediately. The Board will not appoint Ms. Abraham and Mr. Farrell to any committees of the Company at this time. Mr. Prince will be appointed as Audit Committee Chairman and the designated Financial Expert.

Amy Abraham

Ms. Abraham has served as SVP and Chief Marketing Officer of World Fuel Services, a Fortune 100 company providing energy supply, logistics, energy management, renewable fuels and power sustainability services and technology solutions in the aviation, marine, government, commercial & industrial, and residential sectors since 2015. Ms. Abraham held various executive positions in the United States and United Kingdom for BP plc, one of the world’s leading oil and gas companies, from 1995 to 2015. Ms. Abraham earned a B.A. in Economics, Cum Laude from Duke University, and an M.B.A. in Finance from Indiana University Kelley School of Business. Ms. Abraham also completed executive education programs in leadership, marketing, and strategy at the University of Chicago and Stanford, Northwestern, and Columbia universities.

Patrick Farrell

Mr. Farrell is the founder and president of Savage Grant, a holding company investing in Appalachia through the energy, infrastructure, and technology industries since 2013. Mr. Farrell co-founded Mountain Point, a cloud technology consulting firm based in Charlotte, North Carolina, and Central App Technologies, an insourcing software development company with workers located throughout central Appalachia. Mr. Farrell also acquired and serves as the president of Service Pump and Supply, an industrial products and services company working to provide access to clean water, deal responsibly with wastewater, and manage stormwater for mining, industrial, and municipal customers. Mr. Farrell has also been a member of the Marshall University Board of Governors since 2017 and has served as Chairman of the Board since 2020. Mr. Farrell is a graduate of the United States Air Force Academy and earned his MBA from the Duke University Fuqua School of Business.

Mark Prince

Mr. Prince served as President and CEO of HB&W, Inc. Financial Services, a holding company, and oversaw all aspects of Security National Trust Company (OCC charter trust company), Security Capital Management (FINRA regulated broker-dealer), and Hazlett, Burt & Watson (SEC regulated investment firm) from 2011 until his retirement at the end of 2021. Mr. Prince was also Managing Director for JPMorgan Chase from 1995 to 2011. Mr. Prince earned a B.A. in Economics from Kenyon College and graduated with distinction from American Bankers Association Graduate Commercial Lending School.

Huntington, WV April 6, 2022- Energy Services of America Corporation (the “Company” or “Energy Services”) (Nasdaq: ESOA) formed a newly wholly owned subsidiary Tri-State Paving Acquisition Company, Inc., a West Virginia corporation, which has entered into an Asset Purchase Agreement with Tri-State Paving & Sealcoating, LLC (“Tri-State Paving” or “TSP”), a West Virginia corporation located in Hurricane, West Virginia to acquire substantially all of the assets of Tri-State Paving for $7.5 million in cash, a $1.0 million seller note, and $1.0 million in the Company’s common stock. The Company expects the transaction will close on April 29, 2022.

David Corns will continue his role as President of Energy Services’ new subsidiary and commented on the announcement. “This is the special type of business combination where everyone involved wins. Our customers, and especially our employees, will all benefit from the additional resources provided by our becoming part of the Energy Services family of companies. Over the last eighteen years TSP built our reputation around safety, quality, and customer service. We are a natural fit with Energy Services, and I am excited to see what the future holds for this new alliance.

Douglas Reynolds, President, commented on the announcement. “Tri-State Paving is a great company, and this acquisition extends and deepens our services offered to water distribution utilities. Increasing our exposure in the growing water market is a key strategic initiative for Energy Services, which makes Tri-State Paving a great fit.” Reynolds continued “We are also very pleased that David Corns had agreed to stay on with us. David has a tremendous amount of knowledge and experience in the industry, and we look forward to working with him.”

About Energy Services

Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 700+ employees on a regular basis. The Company’s core values are safety, quality, and production.

Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business 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.

Huntington, WV March 22, 2022- Energy Services of America Corporation (the “Company” or “Energy Services”) (ESOA), announced that The Nasdaq Stock Market, LLC (“Nasdaq”) has approved the Company’s common stock to begin trading on the Nasdaq Capital Market, under the symbol “ESOA”, effective Wednesday, March 23, 2022.

Douglas Reynolds, President, commented on the announcement. “We are very pleased that the Company’s stock has been approved to trade on Nasdaq. By uplisting our common stock, we expect shares will have a broader appeal and increased liquidity.” Reynolds continued, “This is the first of several initiatives the Company is looking to undertake in 2022 to drive shareholder value.”

About Energy Services

Energy Services of America Corporation (Ticker: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 700+ employees on a regular basis. The Company’s core values are safety, quality, and production.

Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business 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.

HUNTINGTON- A new career path is open for enrollment at Mountwest Community and
Technical College thanks to a collaboration with CJ Hughes Construction Company. The Utility
Construction Program is a new program that will offer students the opportunity to learn about the
utility construction industry and receive paid on the job training. The program will begin this fall
and will consist of an 11-month certificate with the option to continue on to receive an Associate
of Applied Science degree in the second year.
MacKenzie Morley, Director of Marketing for CJ Hughes, has been a part of the development of
the program. “CJ Hughes is growing, our industry has been brought to the forefront thanks to
the bipartisan infrastructure bill, and we need individuals who are ready and excited to work in a
field that is not just a job, but a career.” The bipartisan infrastructure bill is allotting billions of
dollars for West Virginia roads and bridges, broadband development, utility infrastructure repair
and replacement, water quality improvement, and transportation. “The work that needs to be
done with this money is work that we do every single day. We need enough qualified workers to
handle the workload, so that we can keep this work for our local businesses and employees. We
are elated to partner with Mountwest and keep these jobs close to home.”
Mountwest offers an array of programs that span numerous industries. The concept of a
partnership with a local business isn’t new to Mountwest; a maritime academy is offered through
Mountwest thanks to a collaboration with our local coast guard. “This is what we love to do,
create solutions for our community and our partners that will ultimately have a greater impact on
our region”, Dr. Joshua Baker, President of Mountwest comments. “State funding and grant
resources are what make this work, and we are fortunate to have these opportunities available to
us.”
Mountwest, originally established in 1975 as Marshall Community College, has been an
accredited institution since 2003 and has provided high quality learning for students in the
community. CJ Hughes is a pipeline construction contractor that has been in the industry for 75
years.
A press conference announcing the partnership is scheduled for Thursday, March 3rd at 3pm at
Mountwest with remarks from Senator Manchin, Senator Capito, as well as Mountwest and CJ
Hughes Leadership

HUNTINGTON, W.Va., Feb. 16, 2022 /PRNewswire/ — Energy Services of America Corporation (the “Company” or “Energy Services”) (OTCQB: ESOA), announced the appointment of R. Neil Riddle, 60, as Chief Operating Officer. With over thirty years of project management and executive experience, Mr. Riddle has an extensive knowledge of the heavy industrial, renewables, and nuclear and fossil power business lines.

Douglas Reynolds, President, commented on the announcement. “We are extremely excited that Neil has decided to join our Energy Services team. He is a proven leader with broad expertise in our markets and I am confident he will drive further growth and create shareholder value.”

About Energy Services

Energy Services of America Corporation (OTCQB: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 700+ employees on a regular basis. The Company’s core values are safety, quality, and production.

Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business 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

Huntington, WV January 27, 2022- Energy Services of America Corporation (the “Company” or “Energy Services”) (OTCQB: ESOA), announced that it submitted an application to list its common stock on the Nasdaq Capital Market®. The Company believes that it meets the financial, liquidity and corporate governance requirements for listing on the Nasdaq Capital Market®; however, any move to Nasdaq is contingent upon fulfilling those requirements and Nasdaq approval. The Company anticipates a decision on approval during the first quarter of calendar year 2022.

Douglas Reynolds, President, commented on the announcement. “Over the past year, Energy Services has made great strides in expanding our service offering and increasing our geographic reach through organic initiatives and acquisitions.” Reynolds continued, “In order to capitalize on our progress to date, we feel a potential uplisting to the Nasdaq Capital Market® will broaden the appeal of our shares while increasing our liquidity. This is one of several initiatives we are looking to undertake with the goal of increasing shareholders’ value.”

About Energy Services

Energy Services of America Corporation (OTCQB: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 700+ employees on a regular basis. The Company’s core values are safety, quality, and production.

Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business 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

Contact: Douglas Reynolds, President
(304)-522-3868

Huntington, WV December 9, 2021- Energy Services of America Corporation (the “Company” or “Energy Services”) (OTCQB: ESOA), generated revenues of $122.5 million, adjusted EBITDA of $3.8 million, net income available to common shareholders of $8.8 million and fully diluted earnings per share of $0.52 for the fiscal year ended September 30, 2021. The Company had backlog of $72.2 million at September 30, 2021.

Subsequent to the end of the fiscal year, the Company was awarded a $5.8 million verdict in a previously disclosed lawsuit against a former customer. The Company anticipates that a final judgement order will be issued during the first calendar quarter of 2022, which can be appealed up to thirty days after the judgement is entered. To date, the Company has not recognized the award in its financial statements.

Douglas Reynolds, President, commented on the announcement. “I am pleased with the progress we made during fiscal 2021 as we continue to build the foundation for future growth. During the year we expanded our gas and water distribution business geographically via acquisition and moved into both general contracting and solar installation in our core geographic markets. At the same time our balance sheet was strengthened with the forgiveness of the PPP loans, and we were able to simplify our capital structure by converting our preferred stock.” Reynolds continued, “Looking ahead we will continue to invest in the business and add talented people and business lines to grow the company and we anticipate that fiscal year 2022 will result in increased growth and profitability.”