CJ Hughes was named Nisource’s 2023 Supplier of the Year
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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.
Nucor Steel Groundbreaking Read More »
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.
Energy Services of America Hosts Non-Deal Roadshow in New York City Read More »
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.
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
ENERGY SERVICES OF AMERICA ANNOUNCES SPECIAL DIVIDEND Read More »
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 Announces Share Repurchase Program Read More »
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.
Energy Services of America Appoints Three New Board Members Read More »
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.
Energy Services of America Announces Acquisition Read More »
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.
ENERGY SERVICES OF AMERICA TO BEGIN TRADING ON NASDAQ CAPITAL MARKET ® Read More »