0000943374-11-000247.txt : 20110510 0000943374-11-000247.hdr.sgml : 20110510 20110510103854 ACCESSION NUMBER: 0000943374-11-000247 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110510 DATE AS OF CHANGE: 20110510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Energy Services of America CORP CENTRAL INDEX KEY: 0001357971 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 204606266 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32998 FILM NUMBER: 11826203 BUSINESS ADDRESS: STREET 1: 2450 FIRST AVENUE CITY: HUNTINGTON STATE: WV ZIP: 25703 BUSINESS PHONE: 304-528-2791 MAIL ADDRESS: STREET 1: 2450 FIRST AVENUE CITY: HUNTINGTON STATE: WV ZIP: 25703 FORMER COMPANY: FORMER CONFORMED NAME: Energy Services Acquisition Corp. DATE OF NAME CHANGE: 20060330 8-K 1 form8k_51011.htm FORM 8-K form8k_51011.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
————————————————
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 10, 2011
 
 
Energy Services of America Corporation
 
(Exact name of Registrant as specified in its charter)

Delaware
(State or Other Jurisdiction
of Incorporation)
001-32998 (Commission
File Number)
20-4606266
(I.R.S. Employer
Identification No.)

100 Industrial Lane, Huntington, West Virginia 25702-9694
 (Address of principal executive offices)

(304) 399-6315
Registrant's telephone number, including area code


(Former Name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
   
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
   


 
 

 

Item 2.02
Results of Operations and Financial Condition

On May 10, 2011, Energy Services of America Corporation issued a press release announcing its financial results for the three months and six months ended March 31, 2011.  The press release is attached as Exhibit 99.1 to this report.

This information, including the press release filed as Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01
Financial Statements and Exhibits

(a)
Financial Statements of businesses acquired.
 
Not Applicable.
 
(b)
Pro forma financial information.
 
Not Applicable.
 
(c)
Shell Company Transactions.
 
Not Applicable.
 
(d)
Exhibits.
 
 
The following Exhibit is attached as part of this report:
 
99.1           Press release of Energy Services of America Corporation datedMay 10, 2011
   



 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
ENERGY SERVICES OF AMERICA
CORPORATION
 
   
   
DATE: May 10, 2011  
    By: /s/ Edsel R. Burns
 
Edsel R. Burns
 
President
 
(Duly Authorized Representative)
 















 
 

 

 
EXHIBIT INDEX
 

99.1                                Press Release dated May 10, 2011



EX-99.1 2 exhibit99_51011.htm PRESS RELEASE exhibit99_51011.htm
Huntington, W. Va. – May   10, 2011
 
Energy Services of America Corporation Announces results for the three  months and six months  ended   March  31, 2011.
 
 Energy Services of America (Amex: ESA) announced today that for  the quarter ended March 31, 2011, the Company experienced  a loss of ($3,368,499) compared to a loss of ($2,592,805) for the three months ended December 31, 2010.  For the  six months ended March 31, 2011, the company’s year to date loss totaled ($3,423,052) compared to a loss of ($1,955,245) for the six months ended March 31, 2010.
 
Marshall T. Reynolds, Chairman, discussed  the performance for the quarter and six months.    “Due to the seasonal nature of our business and the particularly severe winter weather of the last two years, the first two quarters of our  fiscal year are normally challenging.     Accordingly, our revenues are down below expected levels and therefore our net income.  We continue to be excited about the Company’s longer term prospects.    Our Backlog at March 31, 2011 was $159.2 million which exceeded last year’s backlog of $136 million.  Further,   we currently  have bids in excess of $158 million submitted to customers for consideration and the volumes  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,  inclement weather and project timing have resulted in our revenues for the first six months coming in below our desired levels.   Management utilized down time during the bad weather periods when work was shut down to perform, at significant cost, a substantial amount of equipment maintenance that further eroded financial results for the quarter.  However, this “investment” positions the company well for anticipated business levels and may afford the company better operating margins as jobs will be less likely to be interrupted by maintenance issues that can significantly increase job costs.   The  Company continues to focus on improving our operating efficiencies  and those efforts coupled with the anticipated continued strong demand  for our services  should result  in  successful  long term performance .   We feel the Company is positioned to  perform well into the future.”  Key information at  March  31, 2011 and for the three and six  months ended  March 31, 2011 is as follows:
 

 
-
   
Energy Services of America Corporation
       
   
Key Financial Information
             
                         
   
Three Months
   
Three Months
   
Six Months
   
Six Months
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
March 31,
   
March 31,
   
March 31,
   
March 31,
 
   
2011
   
2010
   
2011
   
2010
 
Actual
                       
Revenues
  $ 13,782,189     $ 20,295,342     $ 47,737,310     $ 50,247,079  
Net Income (loss)
    (3,368,499 )     (2,592,805 )     (3,423,052 )     (1,955,245 )
Earnings (loss) Per Share-Basic
  $ (0.28. )   $ (0.21 )   $ (0.28 )   $ (0.16 )
Earnings (loss) Per Share-Diluted
  $ (0.28 )   $ (0.21 )   $ (0.28 )   $ (0.16 )
                                 
                                 
Other information
                               
Shares Outstanding
    12,092,307                          
Total Assets
  $ 101,504,620                          
Total Liabilities
  $ 44,772,055                          
Total Equity
  $ 56,732,565                          
Stated Book Value per Share
  $ 4.69                          
Backlog at March 31 , 2010
  $ 159,200,000                          



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.