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Energy Services Of America Corp (ESOA) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Energy Services Of America Corp

CIK: 1357971 Ticker: ESOA

Exhibit 99.1

 

ENERGY SERVICES OF AMERICA FILES QUARTERLY REPORT

  

Huntington, WV   August 14, 2018- Energy Services of America (the “Company” or “Energy Services”) (OTC QB: ESOA), parent company of C.J. Hughes Construction Company (“C.J. Hughes”) and Nitro Construction Services, Inc. (“Nitro”), announced the filing of the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2018. Energy Services earned revenues of $29.5 million and $85.2 million for the three and nine months ended June 30, 2018, respectively. Net income available to common shareholders was $1.0 million and $65,000 for the three and nine months ended June 30, 2018, respectively. The Company had adjusted EBITDA of $2.7 million ($0.19 per share) and $3.9 million ($0.27 per share) for the three and nine months ended June 30, 2018, respectively. The backlog at June 30, 2018 was $84.4 million; however, the backlog does not include $12.0 million in pipeline projects that were awarded in July 2018.

 

Below is a comparison of the Company’s operating results for the three and nine months ended June 30, 2018 and 2017:

 

   Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended 
   June 30,   June 30,   June 30,   June 30, 
   2018   2017   2018   2017 
                 
Revenue  $29,549,659   $35,686,215   $85,190,295   $98,554,692 
                     
Cost of revenues   26,166,268    37,124,756    78,775,352    93,796,294 
                     
Gross profit (loss)   3,383,391    (1,438,541)   6,414,943    4,758,398 
                     
Selling and administrative expenses   1,773,304    1,600,454    5,738,751    5,735,342 
Income (loss) from operations   1,610,087    (3,038,995)   676,192    (976,944)
                     
Other income (expense)                    
Interest income   -    -    132,342    - 
Other nonoperating expense   (55,016)   5,112    (157,163)   (106,548)
Interest expense   (190,781)   (183,583)   (730,333)   (558,098)
Gain on sale of equipment   7,572    26,431    395,947    95,262 
    (238,225)   (152,040)   (359,207)   (569,384)
                     
Income (loss) before income taxes   1,371,862    (3,191,035)   316,985    (1,546,328)
                     
Income tax expense (benefit)   275,595    (1,323,887)   19,793    (605,298)
                     
Net income (loss)   1,096,267    (1,867,148)   297,192    (941,030)
                     
Dividends on preferred stock   77,250    77,250    231,750    231,750 
                     
Net income (loss) available to common shareholders  $1,019,017   $(1,944,398)  $65,442   $(1,172,780)
                     
Weighted average shares outstanding-basic   14,239,836    14,239,836    14,239,836    14,239,836 
                     
Weighted average shares-diluted   17,673,169    14,239,836    17,673,169    14,239,836 
Earnings (loss) per share from continuing operations                    
available to common shareholders  $0.072   $(0.137)  $0.005   $(0.082)
                     
Earnings (loss) per share from continuing operations-diluted                    
available to common shareholders  $0.058   $(0.137)  $0.004   $(0.082)
                     
Earnings (loss) per share                    
available to common shareholders  $0.072   $(0.137)  $0.005   $(0.082)
                     
Earnings (loss) per share-diluted                    
available to common shareholders  $0.058   $(0.137)  $0.004   $(0.082)

 

Total revenues decreased by $6.2 million or 17.2% to $29.5 million for the three months ended June 30, 2018 from $35.7 million for the same period in 2017. Total gross profit increased by $4.8 million or 335.2% to $3.4 million for the three months ended June 30, 2018, from a $1.4 million gross loss for the same period in 2017.

 

Total revenues decreased by $13.4 million or 13.6% to $85.2 million for the nine months ended June 30, 2018 from $98.6 million for the same period in 2017. Total gross profit increased by $1.6 million or 34.8% to $6.4 million for the nine months ended June 30, 2018, from $4.8 million for the same period in 2017.


The following information was filed by Energy Services Of America Corp (ESOA) on Tuesday, August 14, 2018 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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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows Unaudited
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Income Unaudited
Accounting Policies (Policies)
Business And Organization
Business And Organization (Detail Textuals)
Claims
Discontinued Operations
Discontinued Operations (Detail Textuals)
Discontinued Operations (Tables)
Discontinued Operations - Components Of Asset And Liabilities Classified As Discontinued Operations (Details)
Earnings (Loss) Per Share - Summary Of Amounts Used To Compute Earnings Per Share (Details )
Earnings Per Share
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Detail Textuals)
Income Taxes
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 1)
Short-Term And Long-Term Debt
Short-Term And Long-Term Debt (Tables)
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)
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Uncompleted Contracts - Summary Of Costs, Estimated Earnings, And Billings On Uncompleted Contracts (Details)

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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: 0001144204-18-044549
Submitted to the SEC: Tue Aug 14 2018 2:30:19 PM EST
Accepted by the SEC: Tue Aug 14 2018
Period: Saturday, June 30, 2018
Industry: Water Sewer Pipeline Comm And Power Line Construction

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