HUNTINGTON, W.Va.,
Aug. 10, 2012 /PRNewswire/ -- Energy Services of America
(Amex: ESA) announced today that for the quarter ended
June 30, 2012, the Company
experienced a loss of ($2,007,605)
compared to a loss of ($725,884) for
the three months ended June 30,
2011. For the nine months ended June
30, 2012, the Company's loss totaled ($4,789,696) compared to a loss of ($4,148,936) for the nine months ended
June 30, 2011.
Marshall T. Reynolds, Chairman,
discussed the performance for the quarter and six
months. "The losses for the current period are disappointing.
We have experienced continued losses on the Job that
resulted in losses in the last quarter. We have also
experienced lower revenues for the quarter with the industry
slowdown. Although our backlog currently
totals $100,000,000, the larger portion of that will
result in revenues in the next fiscal year. We are
focusing on ways to restore the Company's profitability on a
sustained basis. These efforts include restructuring our
internal operations, looking at ways to diversify our product line
and reviewing potential expansion our
geographic locations. We have employed some financial
and management advisors to help us with this process, and are
working diligently towards that end."
Edsel R. Burns, President of ESA,
added. "Long term, there appears to be continued demand for
our services and also several opportunities to diversify
the company. The projects in which we have incurred
losses that hurt our performance are now almost completely
finished . As Chairman Reynolds noted, we currently are
focused on our internal structure and looking for ways to improve
our performance moving forward." Key information
at June 30, 2012 and for the three and nine months
ended June 30, 2012 is as follows:
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Energy
Services of America Corporation
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Key
Financial Information
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Three
Months
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Three
Months
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Nine
Months
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Nine
Months
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Ended
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Ended
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Ended
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Ended
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June
30,
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June
30,
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June
30,
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June
30,
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2012
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2011
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2012
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2011
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Actual
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Revenues
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$40,854,446
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$46,035,147
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$127,514,537
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$93,772,457
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Net Income
(loss)
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(2,007,605)
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(725,884)
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(4,789,696)
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(4,148,936)
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Earnings
(loss) Per Share-Basic
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$(0.14)
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$(0.06)
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$(0.33)
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$(0.34)
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Earnings
(loss) Per Share-Diluted
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$(0.14)
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$(0.06)
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$(0.33)
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$(0.34)
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Other
information
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Shares
Outstanding
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14,446,836
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Total
Assets
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$105,178,964
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Total
Liabilities
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$54,999,142
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Total
Equity
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$50,179,822
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Stated
Book Value per Share
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$3.47
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Backlog at
June 30 , 2012
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$100,000,000
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Certain statements contained in the release, including without
limitation statements including 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 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