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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

Energy Services Of America Corp

CIK: 1357971 Ticker: ESOA

 

 Exhibit 99.1

 

ENERGY SERVICES OF AMERICA FILES ANNUAL REPORT

 

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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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parentheticals)
Consolidated Statements Of Income
Consolidated Statements Of Income (parentheticals)
Accounts Receivable
Accounts Receivable (tables)
Accounts Receivable - Summary Of Activity In Allowance For Doubtful Accounts (details)
Business And Organization
Business And Organization (detail Textuals)
Claims
Commitments And Contingencies
Condensed Parent Company Only Financial Statements
Condensed Parent Company Only Financial Statements (tables)
Condensed Parent Company Only Financial Statements - Balance Sheets (details)
Condensed Parent Company Only Financial Statements - Balance Sheets (parentheticals) (details)
Condensed Parent Company Only Financial Statements - Consolidated Statements Of Cash Flows (details 2)
Condensed Parent Company Only Financial Statements - Statements Of Income (details 1)
Credit Risk
Credit Risk (detail Textuals)
Discontinued Operations
Discontinued Operations (detail Textuals)
Discontinued Operations (tables)
Discontinued Operations - Cash Flows From Discontinued Operations (details 1)
Discontinued Operations - Components Of Asset And Liabilities Classified As Discontinued Operations (details)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Summary Of Amounts Used To Compute Basic And Diluted Earnings Per Share (details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (detail Textuals)
Income Taxes
Income Taxes (detail Textuals)
Income Taxes (tables)
Income Taxes - Components Of Income Taxes (details)
Income Taxes - Summary Of Income Tax Effects Of Temporary Differences Giving Rise To Deferred Tax Liabilities (details 2)
Income Taxes - Summary Of Provision For Income Taxes Differs From Amount Computed By Applying Federal Statutory Rate (details 1)
Lease Obligations
Lease Obligations (detail Textuals)
Lease Obligations (tables)
Lease Obligations - Future Minimum Lease Payments Under Operating Leases (details)
Long Term Incentive Plan
Long Term Incentive Plan (detail Textuals)
Major Customers
Major Customers (detail Textuals)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Summary Of Property And Equipment (details)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) -summary (details)
Related Party Transactions
Related Party Transactions (detail Textuals)
Retirement And Employee Benefit Plans
Retirement And Employee Benefit Plans (detail Textuals 1)
Retirement And Employee Benefit Plans (detail Textuals 2)
Retirement And Employee Benefit Plans (detail Textuals)
Retirement And Employee Benefit Plans (tables)
Retirement And Employee Benefit Plans - Summary Of Participation In Pension Fund Plan (details)
Short-term And Long-term Debt
Short-term And Long-term Debt (tables)
Short-term And Long-term Debt - Maturities Of Debt (details 1)
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)
Short-term Debt
Short-term Debt (detail Textuals)
Stock Purchase Plan
Stock Purchase Plan (detail Textuals)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (detail Textuals 1)
Summary Of Significant Accounting Policies (detail Textuals)
Summary Of Significant Accounting Policies (policies)
Uncompleted Contracts
Uncompleted Contracts (tables)
Uncompleted Contracts - Summary Of Costs, Estimated Earnings, And Billings On Uncompleted Contracts (details)
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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