0001571049-16-017536.txt : 20160816 0001571049-16-017536.hdr.sgml : 20160816 20160816143908 ACCESSION NUMBER: 0001571049-16-017536 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160816 DATE AS OF CHANGE: 20160816 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32998 FILM NUMBER: 161835734 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 8-K 1 t1600528_8k.htm FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 11, 2016

 

Energy Services of America Corporation

(Exact Name of Registrant as Specified in its Charter)

 

Delaware 001-32998 20-4606266
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)

 

75 West 3rd Ave., Huntington, West Virginia 25701
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (304) 522-3868

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

  

Item 2.02 Results of Operations

 

On August 11, 2016, Energy Services of America, Inc. (the “Company”) issued a press release disclosing its results of operations and financial condition at and for the three and nine months ended June 30, 2016.

 

A copy of the press release dated August 11, 2016 is included as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed filed for any purpose. 

 

Item 9.01 Financial Statements and Exhibits

 

(c) Exhibits

 

Exhibit 99.1 Press Release dated August 11, 2016

 

 

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

 

  ENERGY SERVICES OF AMERICA CORPORATION
     
DATE:  August 16, 2016 By: s/Charles Crimmel
    Charles Crimmel
    Chief Financial Officer

 

 

 

 

EX-99.1 2 t1600528_ex99-1.htm EXHIBIT 99.1

 

 

Exhibit 99.1

 

ENERGY SERVICES OF AMERICA FILES QUARTERLY REPORT

 

 

Huntington, WV   August 11, 2016-  Energy Services of America (the “Company” or “Energy Services”) (OTC QB: ESOA), parent company of C.J. Hughes Construction Company and Nitro Electric Company, announced the filing of the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2016. Energy Services earned revenues of $43.4 million and $105.8 million for the three and nine months ended June 30, 2016, respectively. Gross profits were $4.0 million and $9.3 million for the three and nine months ended June 30, 2016, respectively. Net income available to common shareholders was $1.0 million and $1.3 million for the three and nine months ended June 30, 2016, respectively. The Company had adjusted EBITDA of $3.0 million ($0.21 per share) and $5.5 million ($0.39 per share) for the three and nine months ended June 30, 2016, respectively. The backlog at June 30, 2016 was $77.0 million.

 

Below is a comparison of the Company’s operating results for the three and nine months ended June 30, 2016 and 2015:

 

   Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended 
   June 30, 2016   June 30, 2015   June 30, 2016   June 30, 2015 
   Unaudited   Unaudited   Unaudited   Unaudited 
                     
Revenue  $43,370,975   $35,120,857   $105,750,087   $79,137,465 
                     
Cost of revenues   39,391,420    32,192,692    96,436,182    72,859,295 
                     
Gross profit   3,979,555    2,928,165    9,313,905    6,278,170 
Selling and administrative expenses   1,588,076    1,514,546    5,646,252    5,061,144 
Income from operations   2,391,479    1,413,619    3,667,653    1,217,026 
                     
Other income (expense)                    
Interest income   -    1,278    -    1,278 
Other nonoperating income (expense)   (48,358)   11,395    (72,420)   17,208 
Interest expense   (204,491)   (200,205)   (636,412)   (542,338)
Gain on sale of equipment   24,136    56,903    137,657    152,296 
    (228,713)   (130,629)   (571,175)   (371,556)
Income from continuing operations before income taxes   2,162,766    1,282,990    3,096,478    845,470 
                     
Income tax expense   1,085,541    503,352    1,530,632    405,260 
Income from continuing operations   1,077,225    779,638    1,565,846    440,210 
                     
Dividends on preferred stock   77,250    77,250    231,750    231,750 
Income from continuing operations available to common shareholders   999,975    702,388    1,334,096    208,460 
                     
Income from discontinued operations net of tax benefit   -    4,176    -    13,170 
Net income available to common shareholders  $999,975   $706,564   $1,334,096   $221,630 

 

Revenues for the three months ended June 30, 2016 increased $8.3 million compared to the same time period in 2015 primarily due to a $4.8 million revenue increase in petroleum and gas work, a $2.8 million revenue increase in electrical and mechanical services, and a $700,000 revenue increase in water and sewer and other ancillary projects. Revenues for the nine months ended June 30, 2016 increased $26.7 million compared to the same time period in 2015 primarily due to a $10.3 million revenue increase in petroleum and gas work, a $12.6 million revenue increase in electrical and mechanical services, and a $3.8 million revenue increase in water and sewer and other ancillary projects. Gross profit percentages for the three and nine months ended June 30, 2016 were 9.2% and 8.8%, respectively, compared to 8.3% and 7.9% for the same time periods in 2015.

 

 

 

  

Douglas Reynolds, President, commented on the announcement. “We are very excited with the operating results for the first nine months of fiscal year 2016. The $105.8 million in revenue represents the third largest volume of nine month revenue to start a fiscal year and the $9.3 million gross profit is the second largest for the first nine months of any fiscal year.” Reynolds continued, “We are currently working on several major projects and are pleased with how those are progressing. We are still expecting to be very busy through the first quarter of fiscal year 2017. At June 30, 2016, we had a backlog of $77.0 million, which does not include a $10.0 million recently awarded project that will begin in March 2017.”

 

Please refer to the table below that reconciles adjusted EBITDA and adjusted EBITDA per share:

 

   Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended 
   June 30, 2016   June 30, 2015   June 30, 2016   June 30, 2015 
   Unaudited   Unaudited   Unaudited   Unaudited 
                     
Net income available to common shareholders  $999,975   $706,564   $1,334,096   $221,630 
                     
Add: Income tax expense   1,085,541    499,176    1,530,632    392,090 
                     
Add: Dividends on preferred stock   77,250    77,250    231,750    231,750 
                     
Add:  Interest expense   204,491    200,205    636,412    542,338 
                     
Less: Non-operating (income) expense   24,222    (69,576)   (65,237)   (170,782)
                     
Add: Depreciation expense   637,884    842,130    1,863,496    2,582,252 
Adjusted EBITDA  $3,029,363   $2,255,749   $5,531,149   $3,799,278 
Common shares outstanding   14,239,836    14,239,836    14,239,836    14,239,836 
Adjusted EBITDA per common share  $0.21   $0.16   $0.39   $0.27 

 

Certain statements contained in the release, including without limitation statements including the words "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

 

Source: Energy Services of America

 

Contact:

Douglas Reynolds, President

304-522-3868