Energy Services of America Corporation Announces results for the three months and nine months ended June 30, 2012

HUNTINGTON, W.Va., Aug. 10, 2012 /PRNewswire/ -- Energy Services of America (Amex: ESA) announced today that for the quarter ended June 30, 2012, the Company experienced a loss of ($2,007,605) compared to a loss of ($725,884) for the three months ended June 30, 2011.  For the nine months ended June 30, 2012, the Company's loss totaled ($4,789,696) compared to a loss of ($4,148,936) for the nine months ended June 30, 2011.   

Marshall T. Reynolds, Chairman, discussed the performance for the quarter and six months.  "The losses for the current period are disappointing.  We have experienced continued losses on the Job that resulted in losses in the last quarter.  We have also experienced lower revenues for the quarter with the industry slowdown.  Although our backlog currently totals $100,000,000, the larger portion of that will result in revenues in the next fiscal year.  We are focusing on ways to restore the Company's profitability on a sustained basis.  These efforts include restructuring our internal operations, looking at ways to diversify our product line and reviewing potential expansion our geographic locations.  We have employed some financial and management advisors to help us with this process, and are working diligently towards that end."

Edsel R. Burns, President of ESA, added.  "Long term, there appears to be continued demand for our services and also several opportunities to diversify the company.  The projects in which we have incurred losses that hurt our performance are now almost completely finished .  As Chairman Reynolds noted, we currently are focused on our internal structure and looking for ways to improve our performance moving forward."  Key information at June 30, 2012 and for the three and nine months ended June 30, 2012 is as follows:

	Energy Services of America  Corporation
	Key Financial Information
	Three Months		Three Months		Nine Months		Nine Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
	2012		2011		2012		2011
Actual
Revenues	$40,854,446		$46,035,147		$127,514,537		$93,772,457
Net Income (loss)	(2,007,605)		(725,884)		(4,789,696)		(4,148,936)
Earnings (loss) Per Share-Basic	$(0.14)		$(0.06)		$(0.33)		$(0.34)
Earnings (loss) Per Share-Diluted	$(0.14)		$(0.06)		$(0.33)		$(0.34)
Other information
Shares Outstanding	14,446,836
Total Assets	$105,178,964
Total Liabilities	$54,999,142
Total Equity	$50,179,822
Stated Book Value per Share	$3.47
Backlog at June 30 , 2012	$100,000,000

 

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

SOURCE Energy Services of America

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