Energy Services of America Announces Financial Results for the Three and Nine Months Ended June 30, 2023
- Q2 2023 net income of $3.4 million, highest in company's history
- Revenues of $85.5 million, highest in company's history
- Backlog at $185.9 million
- Positive outlook for fiscal year 2023 and 2024
- None.
Douglas Reynolds, President, commented on the announcement. "We are very pleased with the results for our quarter ended June 30, 2023. The
Below is a comparison of the Company's operating results for the three and nine months ended June 30, 2023 and 2022 (unaudited):
As Restated | As Restated | |||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||
Revenue | $ 85,529,892 | $ 51,171,939 | $ 199,245,920 | $ 129,223,642 | ||||
Cost of revenues | 74,650,897 | 44,754,346 | 178,480,010 | 114,632,057 | ||||
Gross profit | 10,878,995 | 6,417,593 | 20,765,910 | 14,591,585 | ||||
Selling and administrative expenses | 5,283,617 | 3,821,043 | 16,487,502 | 10,870,677 | ||||
Income from operations | 5,595,378 | 2,596,550 | 4,278,408 | 3,720,908 | ||||
Other income (expense) | ||||||||
Interest income | - | - | 196 | 576 | ||||
Other nonoperating expense | (72,338) | (174,957) | (163,525) | (438,195) | ||||
Interest expense | (639,888) | (231,265) | (1,713,862) | (623,498) | ||||
Gain on sale of equipment | 30,136 | 58,311 | 47,073 | 418,103 | ||||
(682,090) | (347,911) | (1,830,118) | (643,014) | |||||
Income before income taxes | 4,913,288 | 2,248,639 | 2,448,290 | 3,077,894 | ||||
Income tax expense | 1,497,742 | 651,396 | 767,970 | 945,216 | ||||
Net income | $ 3,415,546 | $ 1,597,243 | $ 1,680,320 | $ 2,132,678 | ||||
Weighted average shares outstanding-basic | 16,602,556 | 16,449,829 | 16,659,169 | 16,270,499 | ||||
Weighted average shares-diluted | 16,602,556 | 16,449,829 | 16,659,169 | 16,270,499 | ||||
Earnings per share | $ 0.21 | $ 0.10 | $ 0.10 | $ 0.13 | ||||
Earnings per share-diluted | $ 0.21 | $ 0.10 | $ 0.10 | $ 0.13 |
Please refer to the table below that reconciles adjusted EBITDA with net income (unaudited):
As Restated | As Restated | ||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
Net income | $ 3,415,546 | $ 1,597,243 | $ 1,680,320 | $ 2,132,678 | |||
Add: Income tax expense | 1,497,742 | 651,396 | 767,970 | 945,216 | |||
Add: Interest expense | 639,888 | 231,265 | # | 1,713,862 | # | 623,498 | |
Add: Non-operating expense, net of interest income | 42,202 | 116,646 | 116,256 | 19,516 | |||
Add: Amortization of intangible assets | 135,820 | 111,842 | 401,221 | 307,698 | |||
Add: Depreciation expense | 1,727,055 | 1,413,638 | 5,356,166 | 4,006,663 | |||
Adjusted EBITDA | $ 7,458,253 | $ 4,122,030 | $ 10,035,795 | $ 8,035,269 |
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with
About Energy Services
Energy Services of America Corporation (NASDAQ: ESOA), headquartered in
Certain statements contained in the release including, without limitation, 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, the effect of the COVID-19 pandemic, the integration of acquired business and other factors referenced in this release, risks and uncertainties related to the restatement of certain of our historical consolidated financial statements. 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.
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SOURCE Energy Services of America Corporation