Energy Services Of America Corp (ESOA) 10-K Annual Report Fri Dec 15 2017

Huntington, WV December 15, 2017- Energy Services of America Corporation (the “Company” or “Energy Services”) (OTC QB: ESOA), parent company of C.J. Hughes Construction Company, Inc. and Nitro Electric Company, Inc. announced today the filing of the Company’s Annual Report on Form 10-K for the year ended September 30, 2017. For the fourth quarter of fiscal year 2017, the Company had revenue of $41.9 million, gross profit of $3.0 million, and income available to common shareholders of $476,000. For fiscal year 2017, the Company had revenue of $140.5 million, gross profit of $7.8 million, and a loss available to common shareholders of $697,000. The Company had an adjusted EBITDA of $3.6 million, or $0.25 per share, and loss per share of $(0.05) on 14,239,836 common shares outstanding for fiscal year 2017. The backlog at September 30, 2017 was $62.5 million.

Douglas Reynolds, President, commented on the announcement. “After a rough third quarter, we were able to get back on track in the fourth quarter of fiscal year 2017. A widespread labor shortage in the pipeline industry and above average inclement weather led to significant production delays on two major projects. We absorbed those losses in the third quarter and were able to improve our estimates in the fourth quarter. We also had several very successful projects that helped to reduce the loss available to common shareholders for fiscal year 2017 while generating a positive EBITDA of $3.6 million.”

Below is a comparison of the Company’s unaudited operating results for fiscal year 2017 compared to fiscal year 2016:

	Three Months Ended			Three Months Ended			Year Ended			Year Ended
	September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016

Revenue	$	41,941,034		$	49,731,058		$	140,495,726		$	155,481,145

Cost of revenues		38,915,516			44,846,960			132,711,810			141,283,142

Gross profit		3,025,518			4,884,098			7,783,916			14,198,003

Selling and administrative expenses		1,666,427			1,647,071			7,401,769			7,293,323
Income from operations		1,359,091			3,237,027			382,147			6,904,680

Other income (expense)
Other nonoperating income (expense)		(55,874	)		(85,826	)		(162,422	)		(158,246	)
Interest expense		(275,326	)		(238,842	)		(833,424	)		(875,254	)
Gain on sale of equipment		50,313			130,791			145,575			268,448
		(280,887	)		(193,877	)		(850,271	)		(765,052	)

Income (loss) from continuing operations before income taxes		1,078,204			3,043,150			(468,124	)		6,139,628

Income tax (benefit) expense		524,930			1,367,573			(80,368	)		2,898,205

Income (loss) from continuing operations		553,274			1,675,577			(387,756	)		3,241,423

Dividends on preferred stock		77,250			77,250			309,000			309,000

Income (loss) from continuing operations available to common shareholders		476,024			1,598,327			(696,756	)		2,932,423

Income from discontinued operations net of tax expense		-			-			-			-

Net income (loss) available to common shareholders	$	476,024		$	1,598,327		$	(696,756	)	$	2,932,423

Weighted average shares outstanding-basic		14,239,836			14,239,836			14,239,836			14,239,836

Weighted average shares-diluted		17,673,169			17,673,169			14,239,836			17,673,169

Earnings (loss) per share available to common shareholders	$	0.033		$	0.112		$	(0.049	)	$	0.206

Earnings (loss) per share-diluted available to common shareholders	$	0.027		$	0.090		$	(0.049	)	$	0.166

The following information was filed by Energy Services Of America Corp (ESOA) on Friday, December 15, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: ESOA
CIK: 1357971
Form Type: 10-K Annual Report
Accession Number: 0001144204-17-063923
Submitted to the SEC: Fri Dec 15 2017 1:03:00 PM EST
Accepted by the SEC: Fri Dec 15 2017
Period: Saturday, September 30, 2017
Industry: Water Sewer Pipeline Comm And Power Line Construction

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Energy Services Of America Corp (ESOA) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 30, 2017

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