News & Updates

Energy Services of America Announces Financial Results for the Three Months Ended December 31, 2023

Huntington, WV February 12, 2024- Energy Services of America Corporation (the “Company” or “Energy Services”) (Nasdaq: ESOA), generated a net income of $2.0 million, fully diluted earnings per share of $0.12, revenues of $90.2 million, and adjusted EBITDA of $5.8 million for the three months ended December 31, 2023. The Company had a backlog of $185.9 million (unaudited) on December 31, 2023, as compared to $206.9 million (unaudited) on December 31, 2022.

Douglas Reynolds, President, commented on the announcement. “The financial results for the three months ended December 31, 2023 mark the best first fiscal quarter in the history of Energy Services. We continue to be impressed by our employees’ performance and are excited about the construction opportunities being received.” Reynolds continued, “Fiscal year 2024 is off to a great start and we are looking forward to providing superior services to our customers and maximizing shareholder value into the future.”

Please find the full press release and a reconciliation of non-GAAP financial measures here https://www.sec.gov/Archives/edgar/data/1357971/000110465924014684/tm245760d1_ex99-1.htm

Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. The reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and other information relating to these measures are included herein. We include these measurements to enhance the understanding of our operating performance. We believe that Adjusted EBITDA as presented herein, considered along with net income (loss), is a relevant indicator of trends relating to the cash-generating activity of our operations. We believe that excluding the costs herein provides a consistent comparison of the cash-generating activity of our operations. We believe that Adjusted EBITDA is useful to investors as they facilitate a comparison of our operating performance to other companies who also use Adjusted EBITDA as supplemental operating measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our financial results prepared in accordance with 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 1,000+ employees on a regular basis. The Company’s core values are safety, quality, and production.
Forward-Looking Statements
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, risks and uncertainties related to the restatement of certain of our historical consolidated financial statements. 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

Energy Services of America Announces Financial Results for the Three Months Ended December 31, 2023 Read More »

Energy Services of America Announces Financial Results for the Fiscal Year Ended September 30, 2023

Energy Services of America Announces Financial Results for the Fiscal Year Ended September 30, 2023

Huntington, WV December 18, 2023- Energy Services of America Corporation (the “Company” or “Energy Services”) (Nasdaq: ESOA), generated net income of $7.4 million, fully diluted earnings per share of $0.44, revenues of $304.1 million, and adjusted EBITDA of $20.8 million for the twelve months ended September 30, 2023. The Company had a backlog of $229.8 million (unaudited) on September 30, 2023, as compared to $142.3 million (unaudited) on September 30, 2022.

Douglas Reynolds, President, commented on the announcement. “The financial results for the fiscal year ended September 30, 2023 are the best in the history of Energy Services. We are very proud of what our employees were able to accomplish and appreciate the support of our loyal shareholders.” Reynolds continued, “We have a backlog of $229.8 million (unaudited) on September 30, 2023 and look forward to continuing our success into fiscal year 2024.”

Please see the full earnings release along with the forward-looking and non-GAAP financial measure disclosures by clicking ” Read Article” Below.

Energy Services of America Announces Financial Results for the Fiscal Year Ended September 30, 2023 Read More »

ENERGY SERVICES OF AMERICA ANNOUNCES ANNUAL DIVIDEND

Huntington, WV November 16, 2023- Energy Services of America (the “Company” or “Energy Services”) (Nasdaq: ESOA), announced that on November 15, 2023, the Company’s board of directors declared an annual cash dividend of $0.06 per common share payable on January 2, 2024 to shareholders of record as of December 15, 2023.

Douglas Reynolds, President, commented on the announcement. “The Board of Directors of Energy Services would like to extend its appreciation to our shareholders as we continue to find ways to improve the Company and your return on investment. We believe the announcement of this dividend shows our commitment to provide value to our shareholders based on our strong financial position.”

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 1,000+ 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, risks and uncertainties related to the restatement of certain of our historical consolidated financial statements. 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

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Nucor Steel Groundbreaking

https://www.wsaz.com/2023/10/20/groundbreaking-ceremony-held-nucor-steel-west-virginia/

By Curtis Johnson
Published: Oct. 20, 2023 at 12:54 PM EDT
APPLE GROVE, W.Va. (WSAZ) — Nucor held its official groundbreaking ceremony Friday for its new scrap-fed electric arc furnace steel sheet mill to be located in the Mason County community of Apple Grove.

Samantha Saunders is an Apple Grove native and aspiring engineer. The company’s announcement, in 2022, that it would locate in her hometown prompted her to call its corporate office. Now she is a paid intern for the company with big dreams.

“This area, it’s my home and it’s really what I love, but the opportunities are slim,” she told WSAZ NewsChannel 3. “When this project was announced, it’s like my ‘Ah-ha’ moment. Like, ‘This is it.’ You know this is a great opportunity.”

Friday’s event featured remarks from Nucor executives and federal, state and local elected officials.

“People are going to see an explosion they can’t even imagine,” U.S. Sen. Joe Manchin, D-W.Va., told WSAZ.

The line of people holding shovels at the groundbreaking ceremony was the length of seven football fields, an official world record as adjudicated Friday by Guinness World Records.

Nucor recently received the final permit it needed to begin construction on its $3.1 billion steel mill.

It will be Nucor’s seventh steel mill, helping the Fortune 500 company reach its largest markets in the Midwest and Northeast.

“We build a facility, where we want to make a home. We look for communities that share Nucor’s values of family, trust and teamwork,” Rex Query, Nucor’s executive vice president for sheet products and talent resources, told attendees.

Query estimates every job created at the Nucor mill will create four to five other jobs in the area. At 800 full-time positions when production begins, that could mean big things for Mason County.

“It’s going to help the schools, it’s going to help the tax base, which means better infrastructure,” U.S. Sen. Shelley Moore Capito, R-W.Va., told WSAZ. “There’s already plans — restaurants being opened, there’s going to be more hotel space here because there’s going to be visiting people to come in and see. It’s just the sky’s the limit.”

The company has already established construction offices, temporary housing for construction workers and continues doing site prep work, but it couldn’t begin construction at the site until it had received that last permit.

For Saunders, who remembers driving past the empty field every day to high school, “it’s a hope for tomorrow, if nothing else. I really can’t wait to see what this does for the area.”

Company officials said work will begin immediately following the groundbreaking on what is expected to be two years of construction. It is expected to create 2,000 construction jobs.

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Energy Services of America Hosts Non-Deal Roadshow in New York City

New York City, NY   September 28, 2023- Energy Services of America Corporation (the “Company” or “Energy Services”) (Nasdaq: ESOA), hosted a non-deal roadshow at the Penn Club of NY in New York City.  During management’s trip, Douglas Reynolds, President, and Charles Crimmel, Chief Financial Officer, were able to meet with a few of the Company’s shareholders and other financial industry professionals.

The investor relations profile prepared for the occasion can be accessed from the stockholders’ menu on the Company’s website.

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Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2023

Huntington, WV   August 14, 2023- Energy Services of America Corporation (the “Company” or “Energy Services”) (Nasdaq: ESOA), generated net income of $3.4 million, fully diluted earnings per share of $0.21, revenues of $85.5 million, and adjusted EBITDA of $7.5 million for the three months ended June 30, 2023.  The Company had a backlog of $185.9 million (unaudited) at June 30, 2023, as compared to $142.3 million (unaudited) and $135.0 million (unaudited) at September 30, 2022 and June 30, 2022, respectively.

Douglas Reynolds, President, commented on the announcement. “We are very pleased with the results for our quarter ended June 30, 2023.  The $85.5 million in revenue is the largest amount generated in any quarter by the Company in its history.  Additionally, the $3.4 million in net income for the quarter is the second largest in the Company’s history behind only the fourth quarter of fiscal year 2020.  During the first six months of fiscal year 2023, we made an investment in personnel to increase business opportunities.  We are starting to see the results of that investment with the quarter ended June 30, 2023.”  Reynolds continued, “We have a backlog of $185.9 million (unaudited) at June 30, 2023 and continue to see opportunities across all of our business lines.  We are looking forward to a strong close of fiscal year 2023 and continuing to grow the Company in fiscal year 2024.”

Please see the Company’s full press release filed on August 14, 2023 for comparative income statements for the three and nine months ended June 30, 2023 and 2022 and a reconciliation of adjusted EBITDA.

https://www.sec.gov/Archives/edgar/data/1357971/000110465923091422/tm2323728d1_ex99-1.htm

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. The reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and other information relating to these measures are included herein. We include these measurements to enhance the understanding of our operating performance. We believe that Adjusted EBITDA as presented herein, considered along with net income (loss), is a relevant indicator of trends relating to the cash generating activity of our operations. We believe that excluding the costs herein provides a consistent comparison of the cash generating activity of our operations. We believe that Adjusted EBITDA is useful to investors as they facilitate a comparison of our operating performance to other companies who also use Adjusted EBITDA as supplemental operating measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our financial results prepared in accordance with 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 1,000+ 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, risks and uncertainties related to the restatement of certain of our historical consolidated financial statements. 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.

Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2023 Read More »

ENERGY SERVICES OF AMERICA ANNOUNCES SPECIAL DIVIDEND

HUNTINGTON, W.Va., Jan. 19, 2023 /PRNewswire/ — Energy Services of America (the “Company” or “Energy Services”) (Nasdaq: ESOA), announced that on January 18, 2023, the Company’s board of directors declared a special dividend of $0.05 per common share payable on February 15, 2023 to shareholders of record as of January 31, 2023.

Douglas Reynolds, President, commented on the announcement. “The Board of Directors of Energy Services would like to extend its appreciation to our shareholders as we continue to find ways to improve the Company and your return on investment. We believe the announcement of this dividend shows our commitment to provide value to our shareholders based on our strong financial position.”

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 1,000+ 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

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Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2022

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

Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2022 Read More »

Energy Services of America Announces Share Repurchase Program

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

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