UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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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 (see General Instruction A.2. below):
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) |
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 | Results of Operations |
On February 11, 2022, Energy Services of America Corporation (the “Company”) issued a press release disclosing its results of operations and financial condition at and for the three months ended December 31, 2021.
A copy of the press release dated February 11, 2022, is included as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed filed for any purpose.
Item 9.01 | Financial Statements and Exhibits |
(c) Exhibits
Exhibit 99.1 | Press Release dated February 11, 2022 | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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: February 11, 2022 | By: | s/Charles Crimmel |
Charles Crimmel | ||
Chief Financial Officer |
Exhibit 99.1
Energy Services of America Announces Financial Results for the Quarter Ended December 31, 2021
Huntington, WV February 11, 2022- Energy Services of America Corporation (the “Company” or “Energy Services”) (OTCQB: ESOA), generated revenues of $42.7 million, adjusted EBITDA of $3.0 million, net income available to common shareholders of $1.2 million and earnings per share of $0.07 for the three months ended December 31, 2021. The Company had backlog of $101.6 million at December 31, 2021.
Douglas Reynolds, President, commented on the announcement. We are very pleased with the Company’s performance for the three months ended December 31, 2021, which represents the company’s best fiscal first quarter in over 5-years.” Reynolds continued, “Our goal remains to create shareholder value and we recently applied to list the Company’s stock on the Nasdaq Capital Market with the expectation of increasing the visibility and appeal of our shares. From a business perspective, we are executing well and have an improved backlog that puts us in a strong position for fiscal 2022. I am excited about the company and our opportunities as well as our ability to create further value.”
Below is a comparison of the Company’s operating results for the three months ended December 31, 2021, compared to fiscal year 2020:
Three Months Ended | Three Months Ended | |||||||
December 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | (Unaudited) | |||||||
Revenue | $ | 42,659,125 | $ | 32,009,796 | ||||
Cost of revenues | 37,350,752 | 29,166,737 | ||||||
Gross profit | 5,308,373 | 2,843,059 | ||||||
Selling and administrative expenses | 3,632,595 | 3,595,830 | ||||||
Income (loss) from operations | 1,675,778 | (752,771 | ) | |||||
Other income (expense) | ||||||||
Interest income | 576 | 151,765 | ||||||
Other nonoperating expense | (153,428 | ) | (52,623 | ) | ||||
Interest expense | (197,559 | ) | (76,517 | ) | ||||
Gain on sale of equipment | 339,896 | 13,042 | ||||||
(10,515 | ) | 35,667 | ||||||
Income (loss) before income taxes | 1,665,263 | (717,104 | ) | |||||
Income tax expense (benefit) | 494,283 | (69,442 | ) | |||||
Net income (loss) | 1,170,980 | (647,662 | ) | |||||
Dividends on preferred stock | - | 77,250 | ||||||
Net income (loss) available to common shareholders | $ | 1,170,980 | $ | (724,912 | ) | |||
Weighted average shares outstanding-basic | 16,247,898 | 13,621,406 | ||||||
Weighted average shares-diluted | 16,247,898 | 13,621,406 | ||||||
Earnings (loss) per share | ||||||||
available to common shareholders | $ | 0.072 | $ | (0.053 | ) | |||
Earnings (loss) per share-diluted | ||||||||
available to common shareholders | $ | 0.072 | $ | (0.053 | ) |
Please refer to the table below that reconciles adjusted EBITDA with net income available to common shareholders:
Three Months Ended | Three Months Ended | |||||||
December 31, 2021 | December 31, 2020 | |||||||
Unaudited | Unaudited | |||||||
Net income (loss) available to | ||||||||
common shareholders | $ | 1,170,980 | $ | (724,912 | ) | |||
Add: Income benefit expense (benefit) | 494,283 | (69,442 | ) | |||||
Add: Dividends on preferred stock | - | 77,250 | ||||||
Add: Interest expense | 197,559 | 76,517 | ||||||
Less: Non-operating income | (187,044 | ) | (112,184 | ) | ||||
Add: Depreciation expense | 1,304,496 | 1,083,853 | ||||||
Adjusted EBITDA | $ | 2,980,274 | $ | 331,082 |
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
Cover |
Feb. 11, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Feb. 11, 2022 |
Entity File Number | 001-32998 |
Entity Registrant Name | Energy Services of America Corporation |
Entity Central Index Key | 0001357971 |
Entity Tax Identification Number | 20-4606266 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 75 West 3rd Ave. |
Entity Address, City or Town | Huntington |
Entity Address, State or Province | WV |
Entity Address, Postal Zip Code | 25701 |
City Area Code | 304 |
Local Phone Number | 522-3868 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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