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Energy Services Of America Corp (ESOA) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Energy Services Of America Corp

CIK: 1357971 Ticker: ESOA

 

Exhibit 99.1

 

Energy Services of America Announces Financial Results for the Quarter Ended December 31, 2020

 

Huntington, WV February 16, 2021- Energy Services of America Corporation (the “Company” or “Energy Services”) (OTC QB: ESOA) announced fiscal first quarter financial results for the quarter ended December 31, 2020. Energy Services earned revenues of $32.0 million with a net loss available to common shareholders of ($725,000) for the first quarter and generated adjusted EBITDA of $331,000 during the period.

 

On December 31, 2020, Energy Services completed the acquisition of West Virginia Pipeline, Inc. The acquisition is reflected in the Company’s first quarter financial statements, but it did not have a significant impact on the Company’s operating results for the period. The Company’s $60.7 million backlog at December 31, 2020 includes $5.5 million as a result of the acquisition.

 

Douglas Reynolds, President, commented on the announcement. “We are excited to welcome West Virginia Pipeline to Energy Services and view the acquisition an important step in our strategy of increasing our exposure in the water and natural gas distribution markets.” Reynolds continued, “At the same time, we are investing in the people and equipment needed to expand our existing business and we hope that the benefits of all these investments are clearer during the second half of fiscal year 2021.”

 

Below is a comparison of the Company’s unaudited operating results for the three months ended December 31, 2020 and 2019:

 

   Three Months Ended   Three Months Ended 
   December 31,   December 31, 
   2020   2019 
   (Unaudited)     
Revenue  $32,009,796   $25,843,307 
           
Cost of revenues   29,166,737    23,486,565 
           
Gross profit   2,843,059    2,356,742 
           
Selling and administrative expenses   3,595,830    2,595,772 
Loss income from operations   (752,771)   (239,030)
           
Other income (expense)          
Interest income   151,765    53,249 
Other nonoperating expense   (52,623)   (33,938)
Interest expense   (76,517)   (186,845)
Gain on sale of equipment   13,042    295,991 
    35,667    128,457 
           
Loss income before income taxes   (717,104)   (110,573)
           
Income tax benefit   (69,442)   (36,459)
           
Net loss   (647,662)   (74,114)
           
Dividends on preferred stock   77,250    77,250 
           
Net loss available to common shareholders  $(724,912)  $(151,364)
           
Weighted average shares outstanding-basic   13,621,406    13,911,610 
           
Weighted average shares-diluted   13,621,406    13,911,610 
Loss earnings per share available to common shareholders  $(0.053)  $(0.011)
           
Loss earnings per share-diluted available to common shareholders  $(0.053)  $(0.011)

 


The following information was filed by Energy Services Of America Corp (ESOA) on Thursday, February 18, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parentheticals)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Income
Acquisition
Acquisition (Tables)
Acquisition - Additional Information (Details)
Acquisition - Tangible And Intangible Assets Acquired And Liabilities Assumed, The Purchase Price Allocations (Details)
Business And Organization
Business And Organization (Policies)
Contract Balances
Contract Balances (Details)
Contract Balances (Tables)
Contract Balances - Additional Information (Details)
Disaggregation Of Revenue
Disaggregation Of Revenue (Details)
Disaggregation Of Revenue (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Income Taxes (Details)
Income Taxes - Summary Of Income Tax Effects Of Temporary Differences Giving Rise To The Deferred Tax Assets And Liabilities (Details)
Loss Per Share
Loss Per Share (Tables)
Loss Per Share - Summary Of Amounts Used To Compute Earnings Per Share (Details)
Performance Obligations
Performance Obligations (Details)
Revenue Recognition
Short-Term And Long-Term Debt
Short-Term And Long-Term Debt (Tables)
Short-Term And Long-Term Debt - Interest Rates (Details)
Short-Term And Long-Term Debt - Summary Of Short-Term And Long-Term Debt (Details)
Short-Term And Long-Term Debt - Summary Of Short-Term And Long-Term Debt (Parentheticals) (Details)
Subsequent Events
Subsequent Events (Details)
Uncompleted Contracts
Uncompleted Contracts (Tables)
Uncompleted Contracts - Backlog (Details)
Uncompleted Contracts - Summary Of Costs, Estimated Earnings, And Billings On Uncompleted Contracts (Details)

Material Contracts, Statements, Certifications & more

Energy Services Of America Corp provided additional information to their SEC Filing as exhibits

Ticker: ESOA
CIK: 1357971
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-21-064671
Submitted to the SEC: Tue May 11 2021 5:35:18 PM EST
Accepted by the SEC: Wed May 12 2021
Period: Wednesday, March 31, 2021
Industry: Water Sewer Pipeline Comm And Power Line Construction

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