0001144204-17-042372.txt : 20170811 0001144204-17-042372.hdr.sgml : 20170811 20170811140122 ACCESSION NUMBER: 0001144204-17-042372 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170811 DATE AS OF CHANGE: 20170811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Energy Services of America CORP CENTRAL INDEX KEY: 0001357971 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 204606266 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32998 FILM NUMBER: 171024232 BUSINESS ADDRESS: STREET 1: 75 WEST 3RD AVE. CITY: HUNTINGTON STATE: WV ZIP: 25701 BUSINESS PHONE: (304) 522-3868 MAIL ADDRESS: STREET 1: 75 WEST 3RD AVE. CITY: HUNTINGTON STATE: WV ZIP: 25701 FORMER COMPANY: FORMER CONFORMED NAME: Energy Services Acquisition Corp. DATE OF NAME CHANGE: 20060330 10-Q 1 v472676_10q.htm FORM 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

(Mark One)

 

☒       Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2017

 

☐       Transition report pursuant to Section 13 or 15(d) of the Securities Exchange act of 1934

 

For the transition period from _______________ to _________________

 

Commission File Number: 001-32998

 

Energy Services of America Corporation

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   20-4606266  
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification Number)
     
75 West 3rd Ave., Huntington, West Virginia   25701
(Address of Principal Executive Office)   (Zip Code)

 

(304) 522-3868

(Registrant’s Telephone Number Including Area Code)

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days. YES ☒  NO ☐.

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  YES ☒  NO ☐.

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, or an “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer  ☐   Accelerated filer  
         
Non-accelerated filer  ☐ (Do not check if a smaller reporting company)
     
      Smaller reporting company  
         
      Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

 

As of August 1, 2017, there were 14,239,836 outstanding shares of the Registrant’s Common Stock.

 

 

 

     
Part I: Financial Information  
     
Item 1. Financial Statements (Unaudited):  
     
  Consolidated Balance Sheets 1
     
  Consolidated Statements of Income 2
     
  Consolidated Statements of Cash Flows 3
     
  Consolidated Statements of Changes in Shareholders’ Equity 4
     
  Notes to Unaudited Consolidated Financial Statements 5
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 24
     
Item 4. Controls and Procedures 24
     
Part II: Other Information  
     
Item 1. Legal Proceedings 25
     
Item 1A. Risk Factors 25
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25
     
Item 6. Exhibits 26
     
Signatures 27

 

 

 

Part I. Financial Information

 

Item 1. Financial Statements (Unaudited):

 

Energy Services of America Corporation 

Consolidated Balance Sheets

 

   June 30,   September 30, 
Assets  2017   2016 
   (Unaudited)     
Current assets          
Cash and cash equivalents  $4,035,584   $3,815,790 
Accounts receivable-trade   17,300,546    24,059,432 
Allowance for doubtful accounts   (108,200)   (133,500)
Retainages receivable   5,728,981    5,810,474 
Other receivables   100,300    106,837 
Costs and estimated earnings in excess of billings on uncompleted contracts   4,936,904    5,953,818 
Deferred tax asset   1,889,690    1,399,152 
Prepaid expenses and other   4,769,286    2,485,101 
Assets of discontinued operations   12,303    12,303 
Total current assets   38,665,394    43,509,407 
           
Property, plant and equipment, at cost   46,656,169    39,375,505 
less accumulated depreciation   (28,461,982)   (26,625,827)
Total fixed assets   18,194,187    12,749,678 
           
Long-term notes receivable   137,281    137,281 
           
Total assets  $56,996,862   $56,396,366 
           
Liabilities and shareholders’ equity          
Current liabilities          
Current maturities of long-term debt  $3,192,036   $2,867,898 
Lines of credit and short term borrowings   11,281,582    6,232,943 
Accounts payable   7,672,021    5,006,427 
Accrued expenses and other current liabilities   4,236,870    5,933,571 
Billings in excess of costs and estimated earnings on uncompleted contracts   2,523,446    3,410,548 
Income tax payable   -    1,076,440 
Liabilities of discontinued operations   28,671    28,671 
Total current liabilities   28,934,626    24,556,498 
           
Long-term debt, less current maturities   5,594,825    7,390,099 
Deferred income taxes payable   1,812,616    1,926,077 
Total liabilities   36,342,067    33,872,674 
           
Shareholders’ equity          
           
Preferred stock, $.0001 par value          
Authorized 1,000,000 shares, 206 issued for June 30, 2017 and September 30, 2016   -    - 
Common stock, $.0001 par value          
Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding for June 30, 2017 and September 30, 2016   1,484    1,484 
           
Treasury stock, 600,000 shares at June 30, 2017 and September 30, 2016   (60)   (60)
           
Additional paid in capital   61,289,260    61,289,260 
Retained earnings (deficit)   (40,635,889)   (38,766,992)
           
Total shareholders’ equity   20,654,795    22,523,692 
           
Total liabilities and shareholders’ equity  $56,996,862   $56,396,366 

 

The Accompanying Notes are an Integral Part of These Financial Statements

 

1 

 

 

Energy Services of America Corporation  

Consolidated Statements of Income

Unaudited

 

   Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended 
   June 30,   June 30,   June 30,   June 30, 
   2017   2016   2017   2016 
                 
                 
Revenue  $35,686,215   $43,370,975   $98,554,692   $105,750,087 
                     
Cost of revenues   37,124,756    39,391,420    93,796,294    96,436,182 
                     
Gross profit (loss)   (1,438,541)   3,979,555    4,758,398    9,313,905 
                     
Selling and administrative expenses   1,600,454    1,588,076    5,735,342    5,646,252 
Income (loss) from operations   (3,038,995)   2,391,479    (976,944)   3,667,653 
                     
Other income (expense)                    
Other nonoperating income (expense)   5,112    (48,358)   (106,548)   (72,420)
Interest expense   (183,583)   (204,491)   (558,098)   (636,412)
Gain on sale of equipment   26,431    24,136    95,262    137,657 
    (152,040)   (228,713)   (569,384)   (571,175)
                     
Income (loss) from continuing operations before income taxes   (3,191,035)   2,162,766    (1,546,328)   3,096,478 
                     
Income tax expense (benefit)   (1,323,887)   1,085,541    (605,298)   1,530,632 
                     
Income (loss) from continuing operations   (1,867,148)   1,077,225    (941,030)   1,565,846 
                     
Dividends on preferred stock   77,250    77,250    231,750    231,750 
                     
Income (loss) from continuing operations                    
available to common shareholders   (1,944,398)   999,975    (1,172,780)   1,334,096 
                     
Income from discontinued operations                    
net of tax expense   -    -    -    - 
                     
Net income (loss) available to common shareholders  $(1,944,398)  $999,975   $(1,172,780)  $1,334,096 
                     
Weighted average shares outstanding-basic   14,239,836    14,239,836    14,239,836    14,239,836 
                     
Weighted average shares-diluted   14,239,836    17,673,169    14,239,836    17,673,169 
                     
Earnings (loss) per share from continuing operations available to common shareholders  $(0.137)  $0.070   $(0.082)  $0.094 
                     
Earnings (loss) per share from continuing operations-diluted available to common shareholders  $(0.137)  $0.057   $(0.082)  $0.075 
                     
Earnings (loss) per share availableto common shareholders  $(0.137)  $0.070   $(0.082)  $0.094 
                     
Earnings (loss) per share-diluted available to common shareholders  $(0.137)  $0.057   $(0.082)  $0.075 

 

The Accompanying Notes are an Integral Part of These Financial Statements

 

2 

 

 

Energy Services of America Corporation 

Consolidated Statements of Cash Flows

Unaudited

 

   Nine Months Ended   Nine Months Ended 
   June 30,   June 30, 
Cash flows from operating activities:  2017   2016 
         
Net income (loss) available to common shareholders  $(1,172,780)  $1,334,096 
           
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
           
Depreciation expense   2,286,618    1,863,496 
Gain on sale/disposal of equipment   (95,262)   (137,657)
Provision for deferred taxes   (603,999)   1,215,278 
Decrease in contracts receivable   6,733,586    2,626,882 
Decrease in retainage receivable   81,493    96,616 
Decrease in other receivables   6,537    8,244 
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contracts   1,016,914    (4,955,596)
Increase in prepaid expenses   (2,284,185)   (1,580,208)
Increase in accounts payable   2,665,594    4,293,377 
Decrease in accrued expenses   (1,696,701)   (82,727)
Decrease in billings in excess of cost and estimated earnings on uncompleted contracts   (887,102)   (276,194)
(Decrease) increase in income taxes payable   (1,076,440)   45,947 
Net cash provided by operating activities   4,974,273    4,451,554 
           
Cash flows from investing activities:          
Investment in property & equipment   (7,144,371)   (2,609,747)
Proceeds from sales of property and equipment   213,771    257,955 
Net cash used in investing activities   (6,930,600)   (2,351,792)
           
           
Cash flows from financing activities:          
Dividends on common stock   (696,117)   (695,367)
Borrowings on lines of credit and short term debt, net of (repayments)   5,048,639    1,415,538 
Principal payments on long term debt   (2,176,401)   (1,877,154)
Net cash provided by (used in) financing activities   2,176,121    (1,156,983)
           
Increase in cash and cash equivalents   219,794    942,779 
Cash beginning of period   3,828,093    1,511,581 
Cash end of period  $4,047,887   $2,454,360 
           
Supplemental schedule of noncash investing and financing activities:          
Purchases of property & equipment under financing agreements  $705,265   $3,579,023 
Insurance premiums financed  $3,524,350   $2,565,020 
           
Supplemental disclosures of cash flows information:          
Cash paid during the year for:          
Interest  $558,098   $636,412 
Income taxes  $1,344,568   $241,065 
Insurance premiums  $2,475,711   $1,649,482 
Dividends paid on preferred stock  $309,000   $309,000 

 

The Consolidated Statements of Cash Flows includes the discontinued operation, S.T. Pipeline.

 

The Accompanying Notes are an Integral Part of These Financial Statements

 

3 

 

 

Energy Services of America Corporation 

Consolidated Statements of Changes in Shareholders’ Equity

For the nine months ended June 30, 2017 and 2016

 
                       Total 
   Common Stock   Additional Paid   Retained   Treasury   Shareholders’ 
   Shares   Amount   in Capital   Earnings (deficit)   Stock   Equity 
                         
Balance at September 30, 2015   14,239,836   $1,484   $61,289,260   $(41,004,048)  $(60)  $20,286,636 
                               
Net income available to common shareholders   -    -    -    1,334,096    -    1,334,096 
                               
Dividends on common stock ($0.05 per share on 13,907,340 shares; 332,496 common shares are part of preferred units and were not eligible for the common dividend)   -    -    -    (695,367)   -    (695,367)
                               
Balance at June 30, 2016   14,239,836   $1,484   $61,289,260   $(40,365,319)  $(60)  $20,925,365 
                               
Balance at September 30, 2016   14,239,836   $1,484   $61,289,260   $(38,766,992)  $(60)  $22,523,692 
                               
Net loss available to common shareholders   -    -    -    (1,172,780)   -    (1,172,780)
                              
Dividends on common stock ($0.05 per share on 13,922,336 shares; 317,500 common shares are part of preferred units and were not eligible for the common dividend)   -         -    (696,117)   -    (696,117)
                               
Balance at June 30, 2017   14,239,836   $1,484   $61,289,260   $(40,635,889)  $(60)  $20,654,795 

 

The Accompanying Notes are an Integral Part of These Financial Statements

 

4 

 

 

ENERGY SERVICES OF AMERICA CORPORATION

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

1. BUSINESS AND ORGANIZATION:

 

Energy Services of America Corporation (“Energy Services” or the “Company”) was formed in 2006 as a special purpose acquisition corporation, or blank check company. On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (“S.T. Pipeline”) and C.J. Hughes Construction Company, Inc. (“C.J. Hughes”).

 

Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, Inc. (“Nitro Electric”), a wholly owned subsidiary of C. J. Hughes, is an electrical and mechanical contractor that provides its services to the power, chemical and automotive industries. Nitro Electric operates primarily in the mid-Atlantic region of the United States. Contractors Rental Corporation (“Contractors Rental”), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes. All of the C.J. Hughes, Nitro Electric, and Contractors Rental production personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. S.T. Pipeline engaged in the construction of natural gas pipelines for utility companies in various states, mostly in the mid-Atlantic area of the country. On May 14, 2013, the Company liquidated the operation of S.T. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods.

 

The Company’s stock is quoted under the symbol “ESOA” on the OTC QB market place operated by the OTC Markets Group.

 

Interim Financial Statements

 

The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the years ended September 30, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and nine months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period.

  

5 

 

 

Principles of Consolidation

 

The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and nine months ended June 30, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.

 

Reclassifications

 

Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.

 

2. UNCOMPLETED CONTRACTS

 

Costs, estimated earnings, and billings on uncompleted contracts as of June 30, 2017, and September 30, 2016 are summarized as follows:

 

   June 30, 2017   September 30, 2016 
         
Costs incurred on uncompleted contracts  $131,064,078   $134,163,585 
           
Estimated earnings, net of estimated losses   10,061,448    16,592,644 
    141,125,526    150,756,229 
           
Less billing to date   138,712,068    148,212,959 
           
   $2,413,458   $2,543,270 
           
Costs and estimated earnings in excess of billings on uncompleted contracts  $4,936,904   $5,953,818 
          
Less billings in excess of costs and estimated earnings on uncompleted contracts   2,523,446    3,410,548 
           
   $2,413,458   $2,543,270 

 

Backlog at June 30, 2017 and September 30, 2016 was $68.2 million and $78.5 million, respectively.

 

6 

 

 

3. CLAIMS

 

The Company does not have any claims recorded as of June 30, 2017. Claims receivable is a component of cost and estimated earnings in excess of billing.

 

 

4. FAIR VALUE MEASUREMENTS

 

The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements.

 

Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.

 

As noted above, there is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

 

Level 1 — Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange.

 

Level 2 — Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data.

 

Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data.

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

The carrying amount for borrowings under the Company’s revolving credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. The fair value of the Company’s long term fixed-rate debt to unrelated parties was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $20.1 million at June 30, 2017 was $20.0 million.

  

The Company uses fair value measurements on a non-recurring basis in its assessment of goodwill and long-lived assets held and used. In accordance with its annual impairment test during the quarter ended September 30, 2012, the Company recorded a goodwill impairment charge of $36.9 million, which represented the entire amount of goodwill carried on the Company’s balance sheet. Refer to Note 4, Goodwill and Intangible Assets, of the Company’s Annual Report on Form 10-K for the year ended September 30, 2016 for further information.

 

7 

 

 

5. DISCONTINUED OPERATIONS

 

Due to organizational changes and operating losses incurred in fiscal year 2012, the Company decided to discontinue the operations of its wholly owned subsidiary S.T Pipeline. On May 14, 2013, the Company liquidated the operations of S.T. Pipeline and realized $1.9 million from the sale.

 

The Company did not have income from discontinued operations for the three and nine months ended June 30, 2017 and 2016.

 

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at June 30, 2017 and at September 30, 2016.

 

   June 30,   September 30, 
   2017   2016 
         
Cash  $12,303   $12,303 
Assets of discontinued operations-current   12,303    12,303 
Total assets of discontinued operations   12,303    12,303 
           
Accrued expenses and other current liabilities   28,671    28,671 
Liabilities of discontinued operations-current   28,671    28,671 
Total liabilities of discontinued operations   28,671    28,671 
           
Net liabilities  $(16,368)  $(16,368)

 

The $29,000 in accrued expenses and other current liabilities at June 30, 2017 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of June 30, 2017, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation.

  

8 

 

 

6. EARNINGS (LOSS) PER SHARE

 

The amounts used to compute the earnings per share for the three and nine months ended June 30, 2017 and 2016 are summarized below.

 

   Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended 
   June 30,   June 30,   June 30,   June 30, 
   2017   2016   2017   2016 
                 
Income (loss) from continuing operations  $(1,867,148)  $1,077,225   $(941,030)  $1,565,846 
                     
Dividends on preferred stock   77,250    77,250    231,750    231,750 
                     
Income (loss) available to common shareholders-continuing operations  $(1,944,398)  $999,975   $(1,172,780)  $1,334,096 
                     
Weighted average shares outstanding   14,239,836    14,239,836    14,239,836    14,239,836 
                     
Weighted average shares outstanding-diluted   14,239,836    17,673,169    14,239,836    17,673,169 
                     
Earnings (loss) per share from continuing operations available to common shareholders  $(0.137)  $0.070   $(0.082)  $0.094 
                     
Earnings (loss) per share from continuing operations available to common shareholders-diluted  $(0.137)  $0.057   $(0.082)  $0.075 
                     
Income from discontinued operations  $-   $-   $-   $- 
                     
Weighted average shares outstanding   14,239,836    14,239,836    14,239,836    14,239,836 
                     
Weighted average shares outstanding-diluted   14,239,836    14,239,836    14,239,836    14,239,836 
                     
Earnings per share from discontinued operations  $-   $-   $-   $- 
                     
Earnings per share from discontinued operations-diluted  $-   $-   $-   $- 
                     
Net income (loss)  $(1,867,148)  $1,077,225   $(941,030)  $1,565,846 
                     
Dividends on preferred stock   77,250    77,250    231,750    231,750 
                     
Net income (loss) available to common shareholders  $(1,944,398)  $999,975   $(1,172,780)  $1,334,096 
                     
Earnings (loss) per share available to common shareholders  $(0.137)  $0.070   $(0.082)  $0.094 
                     
Earnings (loss) per share available to common shareholders-diluted  $(0.137)  $0.057   $(0.082)  $0.075 

 

9 

 

 

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

You should read the following discussion of the financial condition and results of operations of Energy Services in conjunction with the “Financial Statements” appearing in this report as well as the historical financial statements and related notes contained elsewhere herein. Among other things, those historical consolidated financial statements include more detailed information regarding the basis of presentation for the following information. The term “Energy Services” refers to the Company, C.J. Hughes and C.J. Hughes’ wholly owned subsidiaries on a consolidated basis.

 

Forward Looking Statements

 

Within Energy Services’ consolidated financial statements and this discussion and analysis of the financial condition and results of operations, there are included statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “project,” “forecast,” “may,” “will,” “should,” “could,” “expect,” “believe,” “intend” and other words of similar meaning.

 

These forward-looking statements are not guarantees of future performance and involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or beyond Energy Services’ control. Energy Services has based its forward-looking statements on management’s beliefs and assumptions based on information available to management at the time the statements are made. Actual outcomes and results may differ materially from what is expressed, implied and forecasted by forward-looking statements and any or all of Energy Services’ forward-looking statements may turn out to be wrong. The accuracy of such statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties.

 

All of the forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements or that are otherwise included in this report. In addition, Energy Services does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report or otherwise.

 

Company Overview

 

Energy Services of America Corporation (“Energy Services” or the “Company”) was formed in 2006 as a special purpose acquisition corporation, or blank check company. On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (“S.T. Pipeline”) and C.J. Hughes Construction Company, Inc. (“C.J. Hughes”).

 

Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, Inc. (“Nitro Electric”), a wholly owned subsidiary of C. J. Hughes, is an electrical and mechanical contractor that provides its services to the power, chemical and automotive industries. Nitro Electric operates primarily in the mid-Atlantic region of the United States. Contractors Rental Corporation (“Contractors Rental”), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes. All of the C.J. Hughes, Nitro Electric, and Contractors Rental production personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. S.T. Pipeline engaged in the construction of natural gas pipelines for utility companies in various states, mostly in the mid-Atlantic area of the country. On May 14, 2013, the Company liquidated the operation of S.T. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods.

 

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Energy Services is engaged in providing contracting services for energy related companies. Currently Energy Services primarily services the gas, petroleum, power, chemical and automotive industries, though it does some other incidental work such as water and sewer projects. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and mechanical installations and repairs including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers and other ancillary work with regards thereto. Energy Services’ other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction. The majority of the Company’s customers are located in West Virginia, Virginia, Ohio, Pennsylvania, and Kentucky. The Company builds, but does not own, natural gas pipelines for its customers that are part of both interstate and intrastate pipeline systems that move natural gas from producing regions to consumption regions as well as build and replace gas line services to individual customers of the various utility companies.

 

Our consolidated operating revenues for the three months ended June 30, 2017 were $35.7 million of which 61.8% was attributable to gas & petroleum contract work, 32.6% to electrical and mechanical contract services and 5.6% to water and sewer contract installations and other ancillary services. The Company had consolidated operating revenues of $43.4 million for the three months ended June 30, 2016, of which 60.2% was attributable to gas & petroleum contract work, 32.2% to electrical and mechanical contract services, and 7.6% to water and sewer contract installations and other ancillary services.

 

Our consolidated operating revenues for the nine months ended June 30, 2017 were $98.6 million of which 55.6% was attributable to gas & petroleum contract work, 37.8% to electrical and mechanical contract services and 6.6% to water and sewer contract installations and other ancillary services. The Company had consolidated operating revenues of $105.8 million for the nine months ended June 30, 2016, of which 49.2% was attributable to gas & petroleum contract work, 41.0% to electrical and mechanical contract services, and 9.8% to water and sewer contract installations and other ancillary services.

  

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Energy Services’ customers include many of the leading companies in the industries it serves, including:

 

EQT Corporation

Rice Energy

Columbia Gas Transmission

Columbia Gas Distribution

Marathon Petroleum

American Electric Power

Toyota Motor Manufacturing

Bayer Chemical

Dow Chemical

Kentucky American Water

Various state, county and municipal public service districts.

  

The Company enters into various types of contracts, including competitive unit price, cost-plus (or time and materials basis) and fixed price (lump sum) contracts. The terms of the contracts will vary from job to job and customer to customer though most contracts are on the basis of either unit pricing, in which the Company agrees to do the work for a price per unit of work performed or for a fixed amount for the entire project. Most of the Company’s projects are completed within one year of the start of the work. On occasion, the Company’s customers will require the posting of performance and/or payment bonds upon execution of the contract, depending upon the nature of the work performed. The Company generally recognizes revenue on unit price and cost-plus contracts when units are completed or services are performed. Fixed price contracts usually result in recording revenues as work on the contract progresses on a percentage of completion basis. Under this accounting method, revenue is recognized based on the percentage of total costs incurred to date in proportion to total estimated costs at completion. Many contracts also include retention provisions under which a percentage of the contract price is withheld until the project is complete and has been accepted by the customer.

 

Energy Services’ sales force consists of industry professionals with significant relevant sales experience, who utilize industry contacts and available public data to determine how to most appropriately market the Company’s line of products. The Company relies on direct contact between its sales force and customers’ engineering and contracting departments in order to obtain new business.

  

Seasonality: Fluctuation of Results

 

Our revenues and results of operations can and usually are subject to seasonal variations. These variations are the result of weather, customer spending patterns, bidding seasons and holidays. The first quarter of the calendar year is typically the slowest in terms of revenues because inclement weather conditions causes delays in production and customers usually do not plan large projects during that time. While usually better than the first quarter, the second calendar year quarter often has some inclement weather which can cause delays in production, reducing the revenues the Company receives and/or increasing the production costs. The third and fourth calendar year quarters usually are less impacted by weather and usually have the largest number of projects underway. Many projects are completed in the fourth calendar year quarter and revenues are often impacted by customers seeking to either spend their capital budget for the year or scale back projects due to capital budget overruns.

  

12 

 

 

In addition to the fluctuations discussed above, the pipeline industry can be highly cyclical, reflecting variances in capital expenditures in proportion to energy price fluctuations. As a result, our volume of business may be adversely affected by where our customers are in the cycle and thereby their financial condition as to their capital needs and access to capital to finance those needs. Accordingly, our operating results in any particular quarter or year may not be indicative of the results that can be expected for any other quarter or any other year.

 

Forbearance Agreement and Financing Arrangements

 

On November 28, 2012, the Company entered into a Forbearance Agreement with United Bank, Inc. (West Virginia), Summit Community Bank (West Virginia), and First Guaranty Bank (Louisiana) related to our revolving line of credit and term debt as reported in the Company’s November 29, 2012 Form 8-K filing. The Forbearance Agreement, among other things, required the Company to close S.T. Pipeline and dispose of its assets. The Company was also required to prepare recommendations relating to the on-going operations of Nitro Electric, C.J. Hughes, and Contractors Rental, including refinancing, sale or liquidation of the companies by May 31, 2013.

 

On January 31, 2014, the Company entered into a financing arrangement (“Term Note”) with United Bank, Inc. and Summit Community Bank. The financing arrangement is a five-year term loan in the amount of $8.8 million. In addition, the Company entered into a separate five-year term loan agreement with First Guaranty Bank for $1.6 million. Taken together, the $10.4 million in new financings superseded the prior financing arrangements the Company had with United Bank, Inc. and other lenders. As a result of entering into the new financings, United Bank, Inc. and the other lenders of the Company agreed to terminate their Forbearance Agreement with the Company. This was reported in the Company’s February 4, 2014 Form 8-K filing.

 

On September 16, 2015, the Company entered into a $2.5 million Non-Revolving Note agreement with United Bank, Inc. This six-year agreement gave the Company access to a $2.5 million line of credit (“Equipment Line of Credit”), specifically for the purchase of equipment, for the period of one year with an interest rate of 5.0%. After the first year, all borrowings against the Equipment Line of Credit were converted to a five-year term note agreement with an interest rate of 5.0%. As of June 30, 2017, the Company had borrowed $2.46 million against this line of credit and made principal payments of $331,000.

 

On March 21, 2017, the Company entered into a financing agreement (“Operating Line of Credit (2017)”) with United Bank, Inc. to provide the Company with a $15.0 million revolving line of credit. The interest rate on the line of credit is the “Wall Street Journal” Prime Rate (the index) with a floor of 4.99%. The effective date of this agreement was February 27, 2017 and it replaced the $15.0 million revolving line of credit (“Operating Line of Credit (2016)”) entered into with United Bank, Inc. effective February 27, 2016. The Company had borrowed $6.0 million against the Operating Line of Credit (2016) as of September 30, 2016, and repaid $4.5 million for an outstanding balance of $1.5 million at December 31, 2016. The Company repaid the remaining $1.5 million on the Operating Line of Credit (2016) subsequent to December 31, 2016, and borrowed $10.0 million against the Operating Line of Credit (2017) as of June 30, 2017.

 

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Third Quarter Overview

 

The following is an overview of results from operations for the three and nine months ended June 30, 2017 and 2016.

 

   Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended 
   June 30,   June 30,   June 30,   June 30, 
   2017   2016   2017   2016 
                 
Continuing Operations                    
                     
Revenue  $35,686,215   $43,370,975   $98,554,692   $105,750,087 
Cost of revenues   37,124,756    39,391,420    93,796,294    96,436,182 
Gross (loss) profit   (1,438,541)   3,979,555    4,758,398    9,313,905 
Selling & administrative expenses   1,600,454    1,588,076    5,735,342    5,646,252 
Income (loss) from operations   (3,038,995)   2,391,479    (976,944)   3,667,653 
Other expense   (152,040)   (228,713)   (569,384)   (571,175)
Income (loss) before tax   (3,191,035)   2,162,766    (1,546,328)   3,096,478 
Income tax expense (benefit)   (1,323,887)   1,085,541    (605,298)   1,530,632 
Net income (loss) from continuing operations   (1,867,148)   1,077,225    (941,030)   1,565,846 
Dividends on preferred stock   77,250    77,250    231,750    231,750 
Net income (loss) from continuing operations available to common shareholders  $(1,944,398)  $999,975   $(1,172,780)  $1,334,096 
                     
Discontinued Operations                    
                     
Revenue  $-   $-   $-   $- 
Cost of revenues   -    -    -    - 
Gross profit   -    -    -    - 
Selling & administrative expenses   -    -    -    - 
Income from operations   -    -    -    - 
Other expense   -    -    -    - 
Income before income tax   -    -    -    - 
Income tax benefit   -    -    -    - 
Net income from discontinued operations  $-   $-   $-   $- 

 

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Results of Operations for the Three and Nine Months Ended June 30, 2017 Compared to the Three and Nine Months Ended June 30, 2016

 

Revenues. Total revenues from continuing operations decreased by $7.7 million or 17.7% to $35.7 million for the three months ended June 30, 2017 from $43.4 million for the same period in 2016. The decrease was primarily attributable to a $4.1 million revenue decrease in petroleum and gas work, a $2.3 million decrease in electrical and mechanical services, and a $1.3 million decrease in water and sewer projects and other ancillary services. Please see “Third Quarter Projects with Losses” below. The Company had no revenue from discontinued operations for the three months ended June 30, 2017 and 2016.

 

Total revenues from continuing operations decreased by $7.2 million or 6.8% to $98.6 million for the nine months ended June 30, 2017 from $105.8 million for the same period in 2016. The decrease was primarily attributable to a $6.1 million revenue decrease in electrical and mechanical services, a $4.0 million decrease in water and sewer projects and other ancillary services, partially offset by a $2.9 million increase in petroleum and gas work. The Company had no revenue from discontinued operations for the nine months ended June 30, 2017 and 2016.

 

Cost of Revenues. Total cost of revenues from continuing operations decreased by $2.3 million or 5.8% to $37.1 million for the three months ended June 30, 2017 from $39.4 million for the same period in 2016. The decrease was primarily attributable to a $2.2 million cost decrease in electrical and mechanical services, and a $1.5 million cost decrease in water and sewer projects and other ancillary services, and a $200,000 cost decrease in equipment and tool shop operations not allocated to projects, partially offset by a $1.6 million cost increase in petroleum and gas work. Please see “Third Quarter Projects with Losses” below. There was no cost of revenues from discontinued operations for the three months ended June 30, 2017 and 2016.

 

Total cost of revenues from continuing operations decreased by $2.6 million or 2.7% to $93.8 million for the nine months ended June 30, 2017 from $96.4 million for the same period in 2016. The decrease was primarily attributable to a $6.2 million cost decrease in electrical and mechanical services, a $3.3 million cost decrease in water and sewer projects and other ancillary services, and a $600,000 cost decrease in equipment and tool shop operations not allocated to projects, partially offset by a $7.5 million cost increase in petroleum and gas work. There was no cost of revenues from discontinued operations for the nine months ended June 30, 2017 and 2016.

 

Gross Profit (Loss). Total gross profit from continuing operations decreased by $5.4 million or 136.1% to a gross loss of $1.4 million for the three months ended June 30, 2017, from a gross profit of $4.0 million for the same period in 2016. The decrease was primarily attributable to a $5.6 million gross profit decrease in petroleum and gas work, and a $200,000 gross profit decrease in electrical and mechanical services, partially offset by a $200,000 gross profit increase in equipment and tool shop operations not allocated to projects, and a $200,000 gross profit increase in water and sewer projects and other ancillary services. Please see “Third Quarter Projects with Losses” below. There were no gross profits from discontinued operations for the three months ended June 30, 2017 and 2016.

 

Total gross profit from continuing operations decreased by $4.5 million or 48.9% to $4.8 million for the nine months ended June 30, 2017, from $9.3 million for the same period in 2016. The decrease was primarily attributable to a $4.6 million gross profit decrease in petroleum and gas work, and a $600,000 gross profit decrease in water and sewer and other ancillary services, partially offset by a $600,000 gross profit increase in equipment and tool shop operations costs not allocated to projects, and a $100,000 gross profit increase in electrical and mechanical services. There were no gross profits from discontinued operations for the nine months ended June 30, 2017 and 2016.

 

15 

 

 

Selling and administrative expenses. Total selling and administrative expenses from continuing operations increased by $12,000 or 0.8% to $1.6 million for the three months ended June 30, 2017, as compared to the same period in 2016. There were no selling and administrative expenses for discontinued operations for the three months ended June 30, 2017 and 2016.

 

Total selling and administrative expenses from continuing operations increased by $89,000 or 1.6% to $5.7 million for the nine months ended June 30, 2017, as compared to the same period in 2016. There were no selling and administrative expenses for discontinued operations for the nine months ended June 30, 2017 and 2016. The Company believes that any ongoing costs associated with closing discontinued operations will be immaterial.

 

Interest Expense. Interest expense decreased by $21,000 or 10.2% to $184,000 for the three months ended June 30, 2017 from $205,000 for the same period in 2016. Interest expense decreased by $78,000 or 12.3% to $558,000 for the nine months ended June 30, 2017 from $636,000 for the same period in 2016.

 

Net Income (Loss). Loss from continuing operations before income tax benefit was $3.2 million for the three months ended June 30, 2017, compared to income from continuing operations before income taxes of $2.2 million for the same period in 2016. Please see “Third Quarter Projects with Losses” below. There was no income from discontinued operations for the three months ended June 30, 2017 and 2016. Loss from continuing operations before income tax benefit was $1.5 million for the nine months ended June 30, 2017, compared to income from continuing operations before income taxes of $3.1 million for the same period in 2016. The decrease in net income before income taxes was due to the items mentioned above. There was no income from discontinued operations for the nine months ended June 30, 2017 and 2016.

 

Income tax benefit for the three months ended June 30, 2017 was $1.3 million compared to income tax expense of $1.1 million for the same period in 2016. The income tax benefit was due to the loss from continuing operations before income taxes. The effective income tax rate for the three months ended June 30, 2017 was 41.5%, as compared to 50.2% for the same period in 2016. Income tax benefit for the nine months ended June 30, 2017 was $605,000 compared to income tax expense of $1.5 million for the same period in 2016. The income tax benefit was due to the decrease in income from continuing operations before income taxes. The effective income tax rate for the nine months ended June 30, 2017 was 39.1%, as compared to 49.4% for the same period in 2016. Effective income tax rates are estimates and may vary from period to period due to changes in the amount of taxable income and non-deductible expenses.

 

Accrued dividends on preferred stock for the three months ended June 30, 2017 and 2016 were $77,250. Accrued dividends on preferred stock for the nine months ended June 30, 2017 and 2016 were $231,750.

 

Net loss available to common shareholders for the three months ended June 30, 2017 was $1.9 million, or $0.137 per share, as compared to a net income available to common shareholders of $1.0 million or $0.070 per share, for the same period in 2016. Net loss available to common shareholders for the nine months ended June 30, 2017 was $1.2 million, or $0.082 per share, as compared to a net income available to common shareholders of $1.3 million, or $0.094 per share, for the same period in 2016.

 

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Third Quarter Projects with Losses

 

The Company has two pipeline projects (“Project A” and “Project B”), both started in April 2017, that have recognized an estimated $5.8 million combined loss at June 30, 2017. The Company believes the total amount of expected loss has been recorded at June 30, 2017.

 

Project A had an estimated contract value of $9.5 million to install 19,000 feet of 24” pipe, 3,400 feet of 16” pipe, and 600 feet of 8” pipe. At June 30, 2017, the Company had recognized a $3.3 million loss on this project. Project B had an estimated contract value of $4.5 million to install 14,600 feet of 16” steel pipe. At June 30, 2017, the Company had recognized a $2.5 million loss on this project. Losses on both projects are primarily due to daily production significantly below historical results. The inefficient production was due to a shortage of qualified labor during an extremely busy time in the pipeline industry and more inclement weather than was estimated for the projects. This led to greater labor expense and longer project schedules than was estimated on the projects. These projects will be substantially completed during the fourth quarter of fiscal year 2017 with final cleanup scheduled for February 2018.

 

A summary of the projects for the three months ended June 30, 2017 is below:

 

   Earned   Cost of   Gross 
   Revenue   Revenues   Loss 
Project A  $1,986,986   $5,246,336   $(3,259,350)
                
Project B   1,788,448    4,257,789    (2,469,341)
                
Total  $3,775,434   $9,504,125   $(5,728,691)

 

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Comparison of Financial Condition at June 30, 2017 and September 30, 2016

 

The Company had total assets of $57.0 million at June 30, 2017, an increase of $600,000 from the prior fiscal year end balance of $56.4 million. The Company had net fixed assets of $18.2 million at June 30, 2017, an increase of $5.5 million from prior fiscal year end balance of $12.7 million. This increase was due to equipment purchases of $7.9 million, partially offset by depreciation of $2.3 million. Prepaid expenses and other was $4.8 million at June 30, 2017, an increase of $2.3 million from the prior fiscal year end balance of $2.5 million. This increase was primarily the result of prepaid insurance premiums financed by the Company. Cash and cash equivalents totaled $4.0 million at June 30, 2017, an increase of $220,000 from the prior fiscal year end balance of $3.8 million. Accounts receivable, which totaled $17.3 million at June 30, 2017, decreased by $6.8 million from the prior fiscal year end balance of $24.1 million. The decrease in accounts receivable was due to a decrease in revenue for the three and nine months ended June 30, 2017 compared to the same periods in 2016. Estimated earnings in excess of billings on uncompleted contracts totaled $4.9 million at June 30, 2017, a decrease of $1.1 million from the prior fiscal year end balance of $6.0 million. Retainages receivable totaled $5.7 million at June 30, 2017, a decrease of $100,000 from the prior fiscal year end balance of $5.8 million. The majority of the retainages receivable is expected to be collected in the Company’s fourth quarter of fiscal year 2017.

 

The Company had total liabilities of $36.3 million at June 30, 2017, an increase of $2.5 million from the prior fiscal year end balance of $33.9 million. Lines of credit and short-term borrowings totaled $11.3 million at June 30, 2017, an increase of $5.1 million from the prior fiscal year end balance of $6.2 million. This increase was primarily due to additional borrowings against the Operating Line of Credit (2017), compared to the Operating Line of Credit (2016). Accounts payable and accrued expenses totaled $11.9 million at June 30, 2017, an increase of $1.0 million from the prior fiscal year end balance of $10.9 million. Current maturities of long-term debt totaled $3.2 million at June 30, 2017, an increase of $324,000 from the prior fiscal year end balance of $2.9 million. Long-term debt totaled $5.6 million at June 30, 2017, a decrease of $1.8 million from the prior fiscal year end balance of $7.4 million. The decrease in long-term debt was due to principal repayments on debt. The Company had no income taxes payable at June 30, 2017, a decrease of $1.1 million from the prior year end balance of $1.1 million. Billings in excess of costs and estimated earning on uncompleted contracts was $2.5 million at June 30, 2017, a decrease of $887,000 from the prior fiscal year balance of $3.4 million.

 

Shareholders’ equity was $20.7 million at June 30, 2017, a decrease of $1.9 million from the prior fiscal year end balance of $22.5 million. This decrease was due to the net loss available to common shareholders of $1.2 million for the nine months ended June 30, 2017 in addition to $696,000 in dividend payments to common shareholders.

 

Liquidity and Capital Resources

 

Indebtedness

 

On January 31, 2014, the Company entered into a financing arrangement with United Bank, Inc. (West Virginia) and Summit Community Bank (West Virginia). The financing arrangement is a five-year term loan in the amount of $8.8 million and bears interest at an annual rate of 6.50%. In addition, the Company entered into a separate five-year term loan agreement with First Guaranty Bank (Louisiana) for $1.6 million and bears interest at an annual rate of 3.55%. Taken together, the $10.4 million in new financings superseded the prior financing arrangements the Company had with United Bank as well as the other lenders. As a result of entering into the new financings, United Bank and the other lenders of the Company agreed to terminate their Forbearance Agreement with the Company. This was reported in the Company’s February 4, 2014 Form 8-K filing.

 

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Under the terms of the financing agreement reached January 31, 2014, the Company must meet the following loan covenants:

 

1.Minimum tangible net worth of $10.0 million to be measured quarterly,

2.Minimum traditional debt service coverage of 1.50x to be measured quarterly on a rolling twelve-month basis,

3.Minimum current ratio of 1.30x to be measured quarterly,

4.Maximum debt to tangible net worth ratio (“TNW”) of 1.50x to be measured semi-annually.

 

On July 31, 2014, the bank group modified the calculation of the debt service coverage covenant in the loan agreement so that the Company is required to maintain a minimum debt service coverage ratio of no less than 1.50 to 1.0x tested quarterly, as of the end of each fiscal quarter, based upon the preceding four quarters.  Debt service coverage will be defined as the ratio of cash flow (net income plus depreciation, amortization and interest expense, plus or minus one-time/non-recurring income and expenses (determined at the bank group’s sole discretion)) divided by the annualized debt service requirements on the Company’s senior secured term debt (post refinance), actual interest paid on the Company’s senior secured revolving credit facility and the annualized payments on any other debt outstanding.

 

This modification applied as of June 30, 2014, as well as for future periods.  The Company was in compliance with, or received a waiver for, all loan covenants at June 30, 2017.

 

On December 16, 2014, the Company’s Nitro Electric subsidiary entered into a 20-year $1.2 million loan agreement with First Bank of Charleston, Inc. (West Virginia) to purchase the office building and property it had previously been leasing for $6,300 monthly. The interest rate on the new loan agreement is 4.75% with monthly payments of $7,800.

 

On September 16, 2015, the Company entered into a $1.2 million 41-month term note agreement with United Bank, Inc. to refinance the five-year term note agreement with First Guaranty Bank. The new agreement has an interest rate of 5.0% and is subject to the terms of the January 31, 2014 Term Note agreement discussed above.

 

Also on September 16, 2015, the Company entered into a $2.5 million Non-Revolving Note agreement with United Bank, Inc. This six-year agreement gave the Company access to a $2.5 million line of credit (“Equipment Line of Credit”), specifically for the purchase of equipment, for the period of one year with an interest rate of 5.0%. After the first year, all borrowings against the Equipment Line of Credit were converted to a five-year term note agreement with an interest rate of 5.0%. This agreement is subject to the terms of the January 31, 2014 Term Note agreement discussed above. At June 30, 2017, the Company had borrowed $2.46 million against this line of credit and made principal payments of $331,000.

 

On November 13, 2015, the Company entered into a 10-year $1.1 million loan agreement with United Bank, Inc. to purchase the fabrication shop and property Nitro Electric had previously been leasing for $12,900 each month. The interest rate on the new loan agreement is 4.25% with monthly payments of $11,500.

 

19 

 

 

On June 28, 2017, the Company entered into a 5-year $5.0 million loan agreement with United Bank, Inc. which gave the Company access to a $5.0 million line of credit (“Equipment Line of Credit (2017)”) specifically for the purchase of construction equipment. Under this agreement, the Company has three months, until September 28, 2017, to purchase equipment using the line of credit. After the initial three months, all borrowings against the Equipment Line of Credit (2017) will be converted to a 47-month term note agreement with an interest rate of 4.99%. This agreement is subject to the terms of the January 31, 2014 Term Note agreement discussed above. At June 30, 2017, the Company had not borrowed against this line of credit.

 

Operating Line of Credit

 

On March 21, 2017, the Company entered into a financing agreement (“Operating Line of Credit (2017)”) with United Bank, Inc. to provide the Company with a $15.0 million revolving line of credit. The interest rate on the line of credit is the “Wall Street Journal” Prime Rate (the index) with a floor of 4.99%. The effective date of this agreement was February 27, 2017 and it replaced the $15.0 million revolving line of credit (“Operating Line of Credit (2016)”) entered into with United Bank, Inc. effective February 27, 2016. The Company had borrowed $6.0 million against the Operating Line of Credit (2016) as of September 30, 2016, and repaid $4.5 million for an outstanding balance of $1.5 million at December 31, 2016. The Company repaid the remaining $1.5 million on the Operating Line of Credit (2016) subsequent to December 31, 2016, and borrowed $10.0 million against the Operating Line of Credit (2017) as of June 30, 2017.

 

Cash available under the Operating Line of Credit (2017) is calculated based on 70.0% of the Company’s eligible accounts receivable. Major items excluded from the calculation are receivables from bonded jobs and retainage as well as items greater than 90 days old. Under the terms of the agreement, the Company must meet the following loan covenants to access the first $12.5 million:

 

1.Minimum tangible net worth of $17.0 million to be measured quarterly,

2.Minimum traditional debt service coverage of 1.50x to be measured quarterly on a rolling twelve-month basis,

3.Minimum current ratio of 1.50x to be measured quarterly,

4.Maximum debt to tangible net worth ratio (“TNW”) of 1.50x to be measured semi-annually.

 

Under the terms of the Operating Line of Credit (2017), the Company must meet the following additional requirements for draw requests causing the borrowings to exceed $12.5 million:

 

1.Minimum tangible net worth of $19.0 million to be measured quarterly,

2.Minimum traditional debt service coverage of 2.0x to be measured quarterly on a rolling twelve-month basis,

3.Full review of accounts receivable aging report and work in progress. The results of the review shall be satisfactory to the lender in its sole and unfettered discretion.

 

The Company was in compliance with, or received a waiver for, all covenants and additional requirements for the $15.0 million Operating Line of Credit (2017) at June 30, 2017.

 

20 

 

 

Off-Balance Sheet Arrangements

 

Due to the nature of our industry, we often enter into certain off-balance sheet arrangements in the ordinary course of business that result in risks not directly reflected in our balance sheets. Though for the most part not material in nature, some of these are:

 

Leases

 

Our work often requires us to lease various facilities, equipment and vehicles. These leases usually are short-term in nature, with duration of one year or less, though at times we may enter into longer term leases when warranted. By leasing equipment, vehicles and facilities, we are able to reduce our capital outlay requirements for equipment, vehicles and facilities that we may only need for short periods of time. As of June 30, 2017, the Company had operating lease commitments of $239,000 with various expiration dates through March 2020.

 

Letters of Credit

 

Certain of our customers or vendors may require letters of credit to secure payments that the vendors are making on our behalf or to secure payments to subcontractors and vendors on various customer projects. At June 30, 2017, the Company did not have any letters of credit outstanding.

 

Performance Bonds

 

Some customers, particularly new ones or governmental agencies, require the Company to post bid bonds, performance bonds and payment bonds (collectively, performance bonds). These bonds are obtained through insurance carriers and guarantee to the customer that we will perform under the terms of a contract and that we will pay subcontractors and vendors. If the Company fails to perform under a contract or to pay subcontractors and vendors, the customer may demand that the insurer make payments or provide services under the bond. The Company must reimburse the insurer for any expenses or outlays it is required to make.

 

In February 2014, the Company entered into an agreement with a surety company to provide bonding which will suit the Company’s immediate needs. The ability to obtain bonding for future contracts is an important factor in the contracting industry with respect to the type and number of contracts that can be bid.

 

Depending upon the size and conditions of a particular contract, the Company may be required to post letters of credit or other collateral in favor of the insurer. Posting of these letters or other collateral will reduce our borrowing capabilities. The Company does not anticipate any claims against outstanding performance bonds in the foreseeable future. At June 30, 2017, the Company had $10.7 million in performance bonds outstanding.

 

Concentration of Credit Risk

 

In the ordinary course of business, the Company grants credit under normal payment terms, generally without collateral, to our customers, which include natural gas and oil companies, general contractors, and various commercial and industrial customers located within the United States. Consequently, the Company is subject to potential credit risk related to business and economic factors that would affect these companies. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosure, the Company may take title to the underlying assets in lieu of cash in settlement of receivables.

 

21 

 

 

The Company had three customers that exceeded 10.0% of revenues for the nine months ended June 30, 2017. These three customers, Marathon Petroleum, Columbia Gas Distribution, and EQT, represented 17.3%, 14.4%, and 10.4% of revenues, respectively at June 30, 2017. The Company had two customers, Rice Energy and Columbia Gas Distribution, which represented 16.1% and 15.4% of receivables net of retention, respectively, at June 30, 2017. The Company had two customers that exceeded 10.0% of revenues for the nine months ended June 30, 2016. These two customers, EQT and Marathon Petroleum, represented 14.2% and 13.1%, respectively, of revenues at June 30, 2016. Two customers accounted for more than 10% of receivables net of retention at June 30, 2016. These customers, Marathon Petroleum and Dow Chemical, represented 24.7%, and 10.3%, respectively, of receivables net of retention at June 30, 2016.

 

The Company’s consolidated operating revenues for the nine months ended June 30, 2017 were $98.6 million of which 55.6% was attributable to gas and petroleum contract work, 37.8% to electrical and mechanical contract services and 6.6% to water and sewer contract installations and other ancillary services. The Company’s consolidated operating revenues for the nine months ended June 30, 2016 were $105.8 million of which 49.2% was attributable to gas and petroleum contract work, 41.0% to electrical and mechanical contract services and 9.8% to water and sewer contract installations and other ancillary services.

 

Litigation

 

The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims, and proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. At June 30, 2017, the Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.

 

Related Party Transactions

 

We intend that all transactions between us and our executive officers, directors, holders of 10% or more of the shares of any class of our common stock and affiliates thereof, will be on terms no less favorable than those terms given to unaffiliated third parties and will be approved by a majority of our independent outside directors not having any interest in the transaction.

 

On December 16, 2014, the Company’s Nitro Electric subsidiary entered into a 20-year $1.2 million loan agreement with First Bank of Charleston, Inc. (West Virginia) to purchase the office building and property it had previously been leasing for $6,300 each month. Mr. Douglas Reynolds, President of Energy Services, is a director and secretary of First Bank of Charleston. Mr. Nester Logan and Mr. Samuel Kapourales, directors of Energy Services, are also directors of First Bank of Charleston. The interest rate on the new loan agreement is 4.75% with monthly payments of $7,800. As of June 30, 2017, we have paid approximately $95,000 in principal and approximately $139,000 in interest since the beginning of the loan.

 

There were no new material related party transactions during the nine months ended June 30, 2017.

 

22 

 

 

Inflation

 

Due to relatively low levels of inflation during the three and nine months ended June 30, 2017 and 2016, inflation did not have a significant effect on our results.

 

Critical Accounting Policies

 

The discussion and analysis of the Company’s financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities known to exist at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. We evaluate our estimates on an ongoing basis, based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates. Management believes the following accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.

 

Claims. Claims are amounts in excess of the agreed contract price that a contractor seeks to collect from customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders in dispute or unapproved as to both scope and price, or other causes of unanticipated additional costs. The Company records revenue on claims that have a high probability of success. Revenue from a claim is recorded only to the extent that contract costs relating to the claim have been incurred.

 

Revenue Recognition. Revenues from fixed price contracts are recognized using the percentage-of-completion method, measured by the percentage of costs incurred to date of total estimated costs at completion. These contracts provide for a fixed amount of revenues for the entire project. Such contracts provide that the customer accept completion of progress to date and compensate us for services rendered, measured in terms of units installed, hours expended or some other measure of progress. Contract costs include all direct material, labor and subcontract costs and indirect costs related to contract performance, such as indirect labor, tools and expendables. The cost estimates are based on the professional knowledge and experience of the Company’s engineers, project managers and financial professionals. Changes in job performance and job conditions affect the total estimated costs at completion. The effects of these changes are recognized in the period in which they occur. Provisions for the total estimated losses on uncompleted contracts are made in the period in which such losses are determined. The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed for fixed price contracts. The current liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized for fixed price contracts. Revenues on all costs plus and time and material contracts are recognized when services are performed or when units are completed.

 

Self-Insurance. The Company carries workers’ compensation, general liability and automobile insurance through a captive insurance company. While the Company believes that this arrangement has been beneficial in reducing and stabilizing insurance costs, the Company does have to maintain a restricted cash account to guarantee payments of premiums. That restricted account had a balance of $1.9 million as of June 30, 2017, and is classified as “Prepaid expenses and other” on the Company’s Consolidated Balance Sheets. Should the Company experience severe losses over an extended period, it could have a detrimental effect on the Company, notwithstanding the captive insurance company.

 

23 

 

 

Accounts Receivable and Provision for Doubtful Accounts. The Company provides an allowance for doubtful accounts when collection of an account is considered doubtful. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates relating to factors such as a customer’s access to capital, the customer’s willingness or ability to pay, general economic conditions and the ongoing relationship with the customer. While most of our customers are large well capitalized companies, should they experience material changes in their revenues and cash flows or incur other difficulties and become unable to pay the amounts owed, this could cause reduced cash flows and losses in excess of our current reserves. At June 30, 2017, management concluded that the allowance for doubtful accounts was adequate.

 

Outlook

 

The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.

 

The Company prepares weekly cash forecasts for our own benefit and for submission to our lenders. We anticipate that our current cash and the cash to be generated from collection of our receivables along with the existing Operating Line of Credit (2017) with United Bank, Inc. will be adequate to meet our cash needs for the Company’s 2017 fiscal year. The Company may borrow against the line of credit provided it meets certain borrowing base requirements, with $15.0 million being the maximum allowed. If the Company has borrowed more than the borrowing base allows, the Company must repay the excess borrowings to United Bank, Inc. As of June 30, 2017, the Company had borrowed $10.0 million against the Operating Line of Credit (2017). The Company does not expect the third quarter loss to affect access to the line of credit.

 

Currently, the Company is experiencing increased demand for its services due to the large amount of pipeline construction in the natural gas industry. However, the increased construction activity has made attracting and retaining skilled construction workers harder than in previous years. As the current labor shortage continues, the Company will need to adjust its current workforce and bid new work taking into consideration higher labor costs. The Company’s backlog at June 30, 2017 was $68.2 million. While adding new projects appears likely, no assurances can be given that the Company will be successful in bidding on projects that become available. Moreover, even if the Company obtains contracts, there can be no guarantee that the projects will go forward.

 

ITEM 3. Quantitative and Quantitative Disclosures About Market Risk

 

Not required for a smaller reporting company.

 

ITEM 4. Controls and Procedures

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that Energy Services of America Corporation files or submits under the Securities Exchange Act of 1934, is (1) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

 

24 

 

 

There has been no change in Energy Services of America Corporation’s internal control over financial reporting during Energy Services of America Corporation’s third quarter of fiscal year 2017 that has materially affected, or is reasonably likely to materially affect, Energy Services of America Corporation’s internal control over financial reporting.

 

PART II

 

OTHER INFORMATION

 

ITEM 1. Legal Proceedings

 

The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims, and proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. At June 30, 2017, we do not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.

 

ITEM 1A. Risk Factors

 

Please see the information disclosed in the “Risk Factors” section of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on December 15, 2016. There have been no material changes to the risk factors since the filing of the Annual Report on Form 10-K.

 

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

(a)    There have been no unregistered sales of equity securities during the period covered by the report.

 

(b)    None.

 

(c)    Energy Services of America Corporation did not repurchase any shares of its common stock during the relevant period.

 

25 

 

 

ITEM 6. Exhibits

   
31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

   

32

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

101.INS

 

101.SCH

 

101.CAL

 

101.DEF

 

101.LAB

 

101.PRE

 

XBRL Instance Document

 

XBRL Taxonomy Extension Schema Document

 

XBRL Taxonomy Extension Calculation Linkbase Document

 

XBRL Taxonomy Extension Definition Linkbase Document

 

XBRL Taxonomy Extension Label Linkbase Document

 

XBRL Taxonomy Extension Presentation Linkbase Document

 

26 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

ENERGY SERVICES OF AMERICA CORPORATION
     
Date: August 11, 2017 By: /s/ Douglas V. Reynolds 
     Douglas V. Reynolds
     Chief Executive Officer
     
Date: August 11, 2017 By: /s/ Charles P. Crimmel
         Charles P. Crimmel
     Chief Financial Officer

 

27 
EX-31.1 2 v472676_ex31-1.htm EXHIBIT 31.1

 

 

 Exhibit 31.1

 

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Douglas V. Reynolds, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Energy Services of America Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

  

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
   

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

     
Date: August 11, 2017 /s/ Douglas V. Reynolds  
   Douglas V. Reynolds  
   Chief Executive Officer  

 

 

EX-31.2 3 v472676_ex31-2.htm EXHIBIT 31.2

 

 

 Exhibit 31.2

 

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Charles P. Crimmel, certify that:

  

1.I have reviewed this Quarterly Report on Form 10-Q of Energy Services of America Corporation;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
   

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 11, 2017 /s/ Charles P. Crimmel  
   Charles P. Crimmel  
   Chief Financial Officer  

 

 

EX-32 4 v472676_ex32.htm EXHIBIT 32

 

 

Exhibit 32

 

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

  

Douglas V. Reynolds, Chief Executive Officer and Charles P. Crimmel, Chief Financial Officer of Energy Services of America Corporation (the “Company”) each certify in their capacity as officers of the Company that they have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, and that to the best of their knowledge:

 

1.the report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

     
Date: August 11, 2017 /s/ Douglas V. Reynolds  
   Douglas V. Reynolds  
   Chief Executive Officer  

 

Date: August 11, 2017 /s/ Charles P. Crimmel  
   Charles P. Crimmel  
   Chief Financial Officer  

 

 

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On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (&#8220;S.T. Pipeline&#8221;) and C.J. Hughes Construction Company, Inc. (&#8220;C.J. Hughes&#8221;).</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, Inc. (&#8220;Nitro Electric&#8221;), a wholly owned subsidiary of C. J. Hughes, is an electrical and mechanical contractor that provides its services to the power, chemical and automotive industries. Nitro Electric operates primarily in the mid-Atlantic region of the United States. Contractors Rental Corporation (&#8220;Contractors Rental&#8221;), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes. All of the C.J. Hughes, Nitro Electric, and Contractors Rental production personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. S.T. Pipeline engaged in the construction of natural gas pipelines for utility companies in various states, mostly in the mid-Atlantic area of the country. On May 14, 2013, the Company liquidated the operation of S.T. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">The Company&#8217;s stock is quoted under the symbol &#8220;ESOA&#8221; on the OTC QB market place operated by the OTC Markets Group.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;"><b>Interim Financial Statements</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;"><b>&#160;</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;) and should be read in conjunction with the Company&#8217;s audited financial statements and footnotes thereto for the years ended September 30, 2016 and 2015 included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on December 15, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company&#8217;s financial position and results of operations. The operating results for the three and nine months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;"><b>&#160;&#160;</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;"><b>Principles of Consolidation</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;"><b>&#160;</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and nine months ended June 30, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. 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Document and Entity Information - shares
9 Months Ended
Jun. 30, 2017
Aug. 01, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name Energy Services of America CORP  
Entity Central Index Key 0001357971  
Trading Symbol esoa  
Current Fiscal Year End Date --09-30  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   14,239,836
Document Type 10-Q  
Document Period End Date Jun. 30, 2017  
Amendment Flag false  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q3  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Current assets    
Cash and cash equivalents $ 4,035,584 $ 3,815,790
Accounts receivable-trade 17,300,546 24,059,432
Allowance for doubtful accounts (108,200) (133,500)
Retainages receivable 5,728,981 5,810,474
Other receivables 100,300 106,837
Costs and estimated earnings in excess of billings on uncompleted contracts 4,936,904 5,953,818
Deferred tax asset 1,889,690 1,399,152
Prepaid expenses and other 4,769,286 2,485,101
Assets of discontinued operations 12,303 12,303
Total current assets 38,665,394 43,509,407
Property, plant and equipment, at cost 46,656,169 39,375,505
less accumulated depreciation (28,461,982) (26,625,827)
Total fixed assets 18,194,187 12,749,678
Long-term notes receivable 137,281 137,281
Total assets 56,996,862 56,396,366
Current liabilities    
Current maturities of long-term debt 3,192,036 2,867,898
Lines of credit and short term borrowings 11,281,582 6,232,943
Accounts payable 7,672,021 5,006,427
Accrued expenses and other current liabilities 4,236,870 5,933,571
Billings in excess of costs and estimated earnings on uncompleted contracts 2,523,446 3,410,548
Income tax payable   1,076,440
Liabilities of discontinued operations 28,671 28,671
Total current liabilities 28,934,626 24,556,498
Long-term debt, less current maturities 5,594,825 7,390,099
Deferred income taxes payable 1,812,616 1,926,077
Total liabilities 36,342,067 33,872,674
Shareholders' equity    
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for June 30, 2017 and September 30, 2016
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding for June 30, 2017 and September 30, 2016 1,484 1,484
Treasury stock, 600,000 shares at June 30, 2017 and September 30, 2016 (60) (60)
Additional paid in capital 61,289,260 61,289,260
Retained earnings (deficit) (40,635,889) (38,766,992)
Total shareholders' equity 20,654,795 22,523,692
Total liabilities and shareholders' equity $ 56,996,862 $ 56,396,366
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Parentheticals) - $ / shares
Jun. 30, 2017
Sep. 30, 2016
Statement Of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued 206 206
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 14,839,836 14,239,836
Common stock, shares outstanding 14,839,836 14,239,836
Treasury stock, shares 600,000 600,000
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Income Unaudited - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenue $ 35,686,215 $ 43,370,975 $ 98,554,692 $ 105,750,087
Cost of revenues 37,124,756 39,391,420 93,796,294 96,436,182
Gross profit (loss) (1,438,541) 3,979,555 4,758,398 9,313,905
Selling and administrative expenses 1,600,454 1,588,076 5,735,342 5,646,252
Income (loss) from operations (3,038,995) 2,391,479 (976,944) 3,667,653
Other income (expense)        
Other nonoperating income (expense) 5,112 (48,358) (106,548) (72,420)
Interest expense (183,583) (204,491) (558,098) (636,412)
Gain on sale of equipment 26,431 24,136 95,262 137,657
Other income (expense), Total (152,040) (228,713) (569,384) (571,175)
Income (loss) from continuing operations before income taxes (3,191,035) 2,162,766 (1,546,328) 3,096,478
Income tax expense (benefit) (1,323,887) 1,085,541 (605,298) 1,530,632
Income (loss) from continuing operations (1,867,148) 1,077,225 (941,030) 1,565,846
Dividends on preferred stock 77,250 77,250 231,750 231,750
Income (loss) from continuing operations available to common shareholders (1,944,398) 999,975 (1,172,780) 1,334,096
Income from discontinued operations net of tax expense
Net income (loss) available to common shareholders $ (1,944,398) $ 999,975 $ (1,172,780) $ 1,334,096
Weighted average shares outstanding-basic (in shares) 14,239,836 14,239,836 14,239,836 14,239,836
Weighted average shares-diluted (in shares) 14,239,836 17,673,169 14,239,836 17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share) $ (0.137) $ 0.070 $ (0.082) $ 0.094
Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share) (0.137) 0.057 (0.082) 0.075
Earnings (loss) per share available to common shareholders (in dollars per share) (0.137) 0.070 (0.082) 0.094
Earnings (loss) per share-diluted available to common shareholders (in dollars per share) $ (0.137) $ 0.057 $ (0.082) $ 0.075
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows Unaudited - USD ($)
9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) available to common shareholders $ (1,172,780) $ 1,334,096
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense 2,286,618 1,863,496
Gain on sale/disposal of equipment (95,262) (137,657)
Provision for deferred taxes (603,999) 1,215,278
Decrease in contracts receivable 6,733,586 2,626,882
Decrease in retainage receivable 81,493 96,616
Decrease in other receivables 6,537 8,244
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contracts 1,016,914 (4,955,596)
Increase in prepaid expenses (2,284,185) (1,580,208)
Increase in accounts payable 2,665,594 4,293,377
Decrease in accrued expenses (1,696,701) (82,727)
Decrease in billings in excess of cost and estimated earnings on uncompleted contracts (887,102) (276,194)
(Decrease) increase in income taxes payable (1,076,440) 45,947
Net cash provided by operating activities 4,974,273 4,451,554
Cash flows from investing activities:    
Investment in property & equipment (7,144,371) (2,609,747)
Proceeds from sales of property and equipment 213,771 257,955
Net cash used in investing activities (6,930,600) (2,351,792)
Cash flows from financing activities:    
Dividends on common stock (696,117) (695,367)
Borrowings on lines of credit and short term debt, net of (repayments) 5,048,639 1,415,538
Principal payments on long term debt (2,176,401) (1,877,154)
Net cash provided by (used in) financing activities 2,176,121 (1,156,983)
Increase in cash and cash equivalents 219,794 942,779
Cash beginning of period 3,828,093 1,511,581
Cash end of period 4,047,887 2,454,360
Supplemental schedule of noncash investing and financing activities:    
Purchases of property & equipment under financing agreements 705,265 3,579,023
Insurance premiums financed 3,524,350 2,565,020
Cash paid during the year for:    
Interest 558,098 636,412
Income taxes 1,344,568 241,065
Insurance premiums 2,475,711 1,649,482
Dividends paid on preferred stock $ 309,000 $ 309,000
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
Common Stock
Additional Paid in Capital
Retained Earnings (deficit)
Treasury Stock
Total
Balance at Sep. 30, 2015 $ 1,484 $ 61,289,260 $ (41,004,048) $ (60) $ 20,286,636
Balance (in shares) at Sep. 30, 2015 14,239,836        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) available to common shareholders     1,334,096   1,334,096
Dividends on common stock ($0.05 per share on 13,907,340 and 13,922,336 shares; 332,496 and 317,500 common shares are part of preferred units and were not eligible for the common dividend for June 30, 2016 and 2017, respectively)     (695,367)   (695,367)
Balance at Jun. 30, 2016 $ 1,484 61,289,260 (40,365,319) (60) 20,925,365
Balance (in shares) at Jun. 30, 2016 14,239,836        
Balance at Sep. 30, 2016 $ 1,484 61,289,260 (38,766,992) (60) 22,523,692
Balance (in shares) at Sep. 30, 2016 14,239,836        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) available to common shareholders     (1,172,780)   (1,172,780)
Dividends on common stock ($0.05 per share on 13,907,340 and 13,922,336 shares; 332,496 and 317,500 common shares are part of preferred units and were not eligible for the common dividend for June 30, 2016 and 2017, respectively)     (696,117)   (696,117)
Balance at Jun. 30, 2017 $ 1,484 $ 61,289,260 $ (40,635,889) $ (60) $ 20,654,795
Balance (in shares) at Jun. 30, 2017 14,239,836        
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
BUSINESS AND ORGANIZATION
9 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
BUSINESS AND ORGANIZATION

1. BUSINESS AND ORGANIZATION:

 

Energy Services of America Corporation (“Energy Services” or the “Company”) was formed in 2006 as a special purpose acquisition corporation, or blank check company. On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (“S.T. Pipeline”) and C.J. Hughes Construction Company, Inc. (“C.J. Hughes”).

 

Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, Inc. (“Nitro Electric”), a wholly owned subsidiary of C. J. Hughes, is an electrical and mechanical contractor that provides its services to the power, chemical and automotive industries. Nitro Electric operates primarily in the mid-Atlantic region of the United States. Contractors Rental Corporation (“Contractors Rental”), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes. All of the C.J. Hughes, Nitro Electric, and Contractors Rental production personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. S.T. Pipeline engaged in the construction of natural gas pipelines for utility companies in various states, mostly in the mid-Atlantic area of the country. On May 14, 2013, the Company liquidated the operation of S.T. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods.

 

The Company’s stock is quoted under the symbol “ESOA” on the OTC QB market place operated by the OTC Markets Group.

 

Interim Financial Statements

 

The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the years ended September 30, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and nine months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period.

  

Principles of Consolidation

 

The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and nine months ended June 30, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.

 

Reclassifications

 

Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNCOMPLETED CONTRACTS
9 Months Ended
Jun. 30, 2017
Contractors [Abstract]  
UNCOMPLETED CONTRACTS

2. UNCOMPLETED CONTRACTS

 

Costs, estimated earnings, and billings on uncompleted contracts as of June 30, 2017, and September 30, 2016 are summarized as follows:

 

  June 30, 2017  September 30, 2016 
       
Costs incurred on uncompleted contracts $131,064,078  $134,163,585 
         
Estimated earnings, net of estimated losses  10,061,448   16,592,644 
   141,125,526   150,756,229 
         
Less billing to date  138,712,068   148,212,959 
         
  $2,413,458  $2,543,270 
         
Costs and estimated earnings in excess of billings on uncompleted contracts $4,936,904  $5,953,818 
        
Less billings in excess of costs and estimated earnings on uncompleted contracts  2,523,446   3,410,548 
         
  $2,413,458  $2,543,270 

 

Backlog at June 30, 2017 and September 30, 2016 was $68.2 million and $78.5 million, respectively.
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
CLAIMS
9 Months Ended
Jun. 30, 2017
Claims [Abstract]  
CLAIMS

3. CLAIMS

 

The Company does not have any claims recorded as of June 30, 2017. Claims receivable is a component of cost and estimated earnings in excess of billing.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
FAIR VALUE MEASUREMENTS
9 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

 

The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements.

 

Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.

 

As noted above, there is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

 

Level 1 — Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange.

 

Level 2 — Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data.

 

Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data.

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

The carrying amount for borrowings under the Company’s revolving credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. The fair value of the Company’s long term fixed-rate debt to unrelated parties was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $20.1 million at June 30, 2017 was $20.0 million.

  

The Company uses fair value measurements on a non-recurring basis in its assessment of goodwill and long-lived assets held and used. In accordance with its annual impairment test during the quarter ended September 30, 2012, the Company recorded a goodwill impairment charge of $36.9 million, which represented the entire amount of goodwill carried on the Company’s balance sheet. Refer to Note 4, Goodwill and Intangible Assets, of the Company’s Annual Report on Form 10-K for the year ended September 30, 2016 for further information.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
DISCONTINUED OPERATIONS
9 Months Ended
Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

5. DISCONTINUED OPERATIONS

 

Due to organizational changes and operating losses incurred in fiscal year 2012, the Company decided to discontinue the operations of its wholly owned subsidiary S.T Pipeline. On May 14, 2013, the Company liquidated the operations of S.T. Pipeline and realized $1.9 million from the sale.

 

The Company did not have income from discontinued operations for the three and nine months ended June 30, 2017 and 2016.

 

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at June 30, 2017 and at September 30, 2016.

 

  June 30,  September 30, 
  2017  2016 
       
Cash $12,303  $12,303 
Assets of discontinued operations-current  12,303   12,303 
Total assets of discontinued operations  12,303   12,303 
         
Accrued expenses and other current liabilities  28,671   28,671 
Liabilities of discontinued operations-current  28,671   28,671 
Total liabilities of discontinued operations  28,671   28,671 
         
Net liabilities $(16,368) $(16,368)

 

The $29,000 in accrued expenses and other current liabilities at June 30, 2017 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of June 30, 2017, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
EARNINGS (LOSS) PER SHARE
9 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

6. EARNINGS (LOSS) PER SHARE

 

The amounts used to compute the earnings per share for the three and nine months ended June 30, 2017 and 2016 are summarized below.

 

  Three Months Ended  Three Months Ended  Nine Months Ended  Nine Months Ended 
  June 30,  June 30,  June 30,  June 30, 
  2017  2016  2017  2016 
             
Income (loss) from continuing operations $(1,867,148) $1,077,225  $(941,030) $1,565,846 
                 
Dividends on preferred stock  77,250   77,250   231,750   231,750 
                 
Income (loss) available to common shareholders-continuing operations $(1,944,398) $999,975  $(1,172,780) $1,334,096 
                 
Weighted average shares outstanding  14,239,836   14,239,836   14,239,836   14,239,836 
                 
Weighted average shares outstanding-diluted  14,239,836   17,673,169   14,239,836   17,673,169 
                 
Earnings (loss) per share from continuing operations available to common shareholders $(0.137) $0.070  $(0.082) $0.094 
                 
Earnings (loss) per share from continuing operations available to common shareholders-diluted $(0.137) $0.057  $(0.082) $0.075 
                 
Income from discontinued operations $-  $-  $-  $- 
                 
Weighted average shares outstanding  14,239,836   14,239,836   14,239,836   14,239,836 
                 
Weighted average shares outstanding-diluted  14,239,836   14,239,836   14,239,836   14,239,836 
                 
Earnings per share from discontinued operations $-  $-  $-  $- 
                 
Earnings per share from discontinued operations-diluted $-  $-  $-  $- 
                 
Net income (loss) $(1,867,148) $1,077,225  $(941,030) $1,565,846 
                 
Dividends on preferred stock  77,250   77,250   231,750   231,750 
                 
Net income (loss) available to common shareholders $(1,944,398) $999,975  $(1,172,780) $1,334,096 
                 
Earnings (loss) per share available to common shareholders $(0.137) $0.070  $(0.082) $0.094 
                 
Earnings (loss) per share available to common shareholders-diluted $(0.137) $0.057  $(0.082) $0.075 
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACCOUNTING POLICIES (Policies)
9 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Interim Financial Statements

Interim Financial Statements

 

The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the years ended September 30, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and nine months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period.
Principles of Consolidation

Principles of Consolidation

 

The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and nine months ended June 30, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.
Reclassifications

Reclassifications

 

Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNCOMPLETED CONTRACTS (Tables)
9 Months Ended
Jun. 30, 2017
Contractors [Abstract]  
Schedule of costs, estimated earnings and billings on uncompleted contracts

  June 30, 2017  September 30, 2016 
       
Costs incurred on uncompleted contracts $131,064,078  $134,163,585 
         
Estimated earnings, net of estimated losses  10,061,448   16,592,644 
   141,125,526   150,756,229 
         
Less billing to date  138,712,068   148,212,959 
         
  $2,413,458  $2,543,270 
         
Costs and estimated earnings in excess of billings on uncompleted contracts $4,936,904  $5,953,818 
        
Less billings in excess of costs and estimated earnings on uncompleted contracts  2,523,446   3,410,548 
         
  $2,413,458  $2,543,270 
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
DISCONTINUED OPERATIONS (Tables)
9 Months Ended
Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of the components of asset and liabilities that are classified as discontinued operations
  June 30,  September 30, 
  2017  2016 
       
Cash $12,303  $12,303 
Assets of discontinued operations-current  12,303   12,303 
Total assets of discontinued operations  12,303   12,303 
         
Accrued expenses and other current liabilities  28,671   28,671 
Liabilities of discontinued operations-current  28,671   28,671 
Total liabilities of discontinued operations  28,671   28,671 
         
Net liabilities $(16,368) $(16,368)
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
EARNINGS PER SHARE (Tables)
9 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Schedule of basic and diluted earnings per share
 
  Three Months Ended  Three Months Ended  Nine Months Ended  Nine Months Ended 
  June 30,  June 30,  June 30,  June 30, 
  2017  2016  2017  2016 
             
Income (loss) from continuing operations $(1,867,148) $1,077,225  $(941,030) $1,565,846 
                 
Dividends on preferred stock  77,250   77,250   231,750   231,750 
                 
Income (loss) available to common shareholders-continuing operations $(1,944,398) $999,975  $(1,172,780) $1,334,096 
                 
Weighted average shares outstanding  14,239,836   14,239,836   14,239,836   14,239,836 
                 
Weighted average shares outstanding-diluted  14,239,836   17,673,169   14,239,836   17,673,169 
                 
Earnings (loss) per share from continuing operations available to common shareholders $(0.137) $0.070  $(0.082) $0.094 
                 
Earnings (loss) per share from continuing operations available to common shareholders-diluted $(0.137) $0.057  $(0.082) $0.075 
                 
Income from discontinued operations $-  $-  $-  $- 
                 
Weighted average shares outstanding  14,239,836   14,239,836   14,239,836   14,239,836 
                 
Weighted average shares outstanding-diluted  14,239,836   14,239,836   14,239,836   14,239,836 
                 
Earnings per share from discontinued operations $-  $-  $-  $- 
                 
Earnings per share from discontinued operations-diluted $-  $-  $-  $- 
                 
Net income (loss) $(1,867,148) $1,077,225  $(941,030) $1,565,846 
                 
Dividends on preferred stock  77,250   77,250   231,750   231,750 
                 
Net income (loss) available to common shareholders $(1,944,398) $999,975  $(1,172,780) $1,334,096 
                 
Earnings (loss) per share available to common shareholders $(0.137) $0.070  $(0.082) $0.094 
                 
Earnings (loss) per share available to common shareholders-diluted $(0.137) $0.057  $(0.082) $0.075 

 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
BUSINESS AND ORGANIZATION (Detail Textuals)
$ in Millions
May 14, 2013
USD ($)
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
Amount received from sale of assets of subsidiary $ 1.9
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNCOMPLETED CONTRACTS - Summary of costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Contractors [Abstract]    
Costs incurred on uncompleted contracts $ 131,064,078 $ 134,163,585
Estimated earnings, net of estimated losses 10,061,448 16,592,644
Costs of uncomplete contracts including net estimated earnings 141,125,526 150,756,229
Less billing to date 138,712,068 148,212,959
Unbilled contracts receivable 2,413,458 2,543,270
Costs and estimated earnings in excess of billings on uncompleted contracts 4,936,904 5,953,818
Less billings in excess of costs and estimated earnings on uncompleted contracts 2,523,446 3,410,548
Unbilled contracts receivable $ 2,413,458 $ 2,543,270
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
UNCOMPLETED CONTRACTS (Detail Textuals) - USD ($)
$ in Millions
Jun. 30, 2017
Sep. 30, 2016
Contractors [Abstract]    
Backlog $ 68.2 $ 78.5
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
FAIR VALUE MEASUREMENTS (Detail Textuals)
$ in Millions
9 Months Ended
Jun. 30, 2017
USD ($)
Fair Value Disclosures [Abstract]  
Aggregate principal amount of fixed-rate debt $ 20.1
Fair value of company's fixed rate debt 20.0
Goodwill impairment charge $ 36.9
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
DISCONTINUED OPERATIONS - Components of asset and liabilities classified as discontinued operations (Details) - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Assets of discontinued operations-current $ 12,303 $ 12,303
Liabilities of discontinued operations-current 28,671 28,671
S.T. Pipeline, Inc | Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash 12,303 12,303
Assets of discontinued operations-current 12,303 12,303
Total assets of discontinued operations 12,303 12,303
Accrued expenses and other current liabilities 28,671 28,671
Liabilities of discontinued operations-current 28,671 28,671
Total liabilities of discontinued operations 28,671 28,671
Net liabilities $ (16,368) $ (16,368)
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
DISCONTINUED OPERATIONS (Detail Textuals) - S.T. Pipeline, Inc - Discontinued Operations - USD ($)
May 14, 2013
Jun. 30, 2017
Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Gain on sale of discontinued operations $ 1,900,000    
Accrued expenses and other current liabilities   $ 28,671 $ 28,671
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
EARNINGS (LOSS) PER SHARE - Summary of amounts used to compute earnings per share (Details ) - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Earnings Per Share [Abstract]        
Income (loss) from continuing operations $ (1,867,148) $ 1,077,225 $ (941,030) $ 1,565,846
Dividends on preferred stock 77,250 77,250 231,750 231,750
Income (loss) available to common shareholders-continuing operations $ (1,944,398) $ 999,975 $ (1,172,780) $ 1,334,096
Weighted average shares outstanding (in shares) 14,239,836 14,239,836 14,239,836 14,239,836
Weighted average shares outstanding-diluted (in shares) 14,239,836 17,673,169 14,239,836 17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share) $ (0.137) $ 0.070 $ (0.082) $ 0.094
Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share) $ (0.137) $ 0.057 $ (0.082) $ 0.075
Income from discontinued operations
Weighted average shares outstanding (in shares) 14,239,836 14,239,836 14,239,836 14,239,836
Weighted average shares outstanding-diluted (in shares) 14,239,836 14,239,836 14,239,836 14,239,836
Earnings per share from discontinued operations (in dollars per share)
Earnings per share from discontinued operations-diluted (in dollars per share)
Net income (loss) $ (1,867,148) $ 1,077,225 $ (941,030) $ 1,565,846
Dividends on preferred stock 77,250 77,250 231,750 231,750
Net income (loss) available to common shareholders $ (1,944,398) $ 999,975 $ (1,172,780) $ 1,334,096
Earnings (loss) per share available to common shareholders (in dollars per share) $ (0.137) $ 0.070 $ (0.082) $ 0.094
Earnings (loss) per share available to common shareholders-diluted (in dollars per share) $ (0.137) $ 0.057 $ (0.082) $ 0.075
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