HUNTINGTON, W.Va., Aug.10, 2012 /PRNewswire/ -- Energy Services of America (Amex: ESA) announced today that forthe 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'sloss totaled ($4,789,696) compared to a loss of ($4,148,936)for the nine months ended June 30, 2011.
Marshall T. Reynolds, Chairman, discussedthe performance for the quarter and six months. "The losses for the current period are disappointing. We have experiencedcontinued losses on the Job that resulted in losses inthe last quarter. We have also experienced lower revenuesfor the quarter with the industry slowdown. Although our backlog currently totals$100,000,000,the larger portion of that will result in revenuesin thenext 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 geographiclocations. 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 alsoseveralopportunities to diversify the company.The projects in which we have incurred losses that hurt our performanceare 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 atJune30, 2012 and for the three andnine months endedJune 30, 2012 is as follows:
Energy Services of America Corporation | |||||||
Key Financial Information | |||||||
Three Months | Three Months | Nine Months | Nine Months | ||||
Ended | Ended | Ended | Ended | ||||
June 30, | June 30, | June 30, | June 30, | ||||
2012 | 2011 | 2012 | 2011 | ||||
Actual | |||||||
Revenues | $40,854,446 | $46,035,147 | $127,514,537 | $93,772,457 | |||
Net Income (loss) | (2,007,605) | (725,884) | (4,789,696) | (4,148,936) | |||
Earnings (loss) Per Share-Basic | $(0.14) | $(0.06) | $(0.33) | $(0.34) | |||
Earnings (loss) Per Share-Diluted | $(0.14) | $(0.06) | $(0.33) | $(0.34) | |||
Other information | |||||||
Shares Outstanding | 14,446,836 | ||||||
Total Assets | $105,178,964 | ||||||
Total Liabilities | $54,999,142 | ||||||
Total Equity | $50,179,822 | ||||||
Stated Book Value per Share | $3.47 | ||||||
Backlog at June 30 , 2012 | $100,000,000 | ||||||
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
