Huntington, W. Va. May 14, 2009
Energy Services of America Corporation Announces results for the three months
and six months ended March 31,2009 Energy Services of America (ESA) announced
today that the company had a loss of $2,868,042 for the three months ended March
31, 2009 compared to a profit of $184,780 for the same period in 2008. The loss
for the six months ended March 31, 2009 totaled $5,062,551 compared to a profit
of $539,566 for the prior year for the same six month period.
Marshall T. Reynolds, Chairman and Chief Executive Officer, noted that the
quarter ended March 31 usually produces significantly lower revenues due to the
inclement winter weather which results in lower construction volumes and was
additionally affected by project delays. " The quarter ended March 31 is usually
slow due to the lower volumes and inclement weather. In addition current
economic uncertainties resulting from the recession have resulted in unusual
delays of many projects. These delays are having a negative affect on our 2009
volumes to date. However, long term, we feel good about the Company's future
given the continued need for additional energy infrastructure ( both natural gas
pipelines and electrical delivery systems)."
Edsel R. Burns, president of ESA echoed Mr. Reynolds comments. "While volumes
are off due to normal winter season issues, and the continued delays of projects
by customers will likely impact all of 2009, we believe strongly that the demand
for the company's services for 2010 and beyond will be strong. We continue to
explore all revenue opportunities. We remain optimistic about the company's long
term prospects ." Key information at March 31, 2009 was as follows:
Energy Services of America Corporation
Key Financial Information
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
2009 2008 2009 2008
Actual
Revenues $18,944,621 $ - $52,623,667 -
Net Income (loss) $(2,868,042) $184,780 $(5,062,551) $539,566
Earnings (loss) Per Share-Basic $(0.24) $0.02 $(0.42) $0.05
Earnings (loss) Per Share-Diluted $(0.24) $0.01 $(0.42) $0.04
Other information
Shares Outstanding 12,092,307
Total Assets $102,393,757
Total Liabilities $47,199,091
Total Equity $55,194,666
Stated Book Value per Share $4.56
Backlog at March 31 , 2009 $34,800,000
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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.