Shale Natural Gas, Oil and NGLs and ESA Message Board

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Gold/Mining/Energy : Shale Natural Gas, Oil and NGLs and ESA

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To: jrhana who wrote (152)	12/30/2008 9:48:21 AM
From: jrhana	Read Replies (1) of 6160

These numbers are excellent although confusing as I was trying to clumsily explain yesterday. The key figure is $1.03/share earnings on a pro forma basis for 2008 (compared to $.51 in 2007). Also interesting is the book value per share of $4.98 and the backlog as of 9/30 of 40.7 million. (From what I understand the backlog plus revenues booked for fiscal year 2009 is already considerably larger) The figure of $.21/share for ESA (on a non pro forma basis) represents earnings for the period 8/15 thru 9/30 plus the interest they earned on the money held in escrow while they were still a SPAC company from 10/17 thru 8/14/8. <"We are very pleased with the Company's performance during the short time since the acquisitions closed," said Marshall T. Reynolds, Chairman of Energy Services. "The acquired companies produced $2,093,087 in earnings during the period from the August 15, 2008 through September 30, 2008. We are excited about this Company's prospects for growth internally and through acquisitions over the next few years."> So according to Marshall Reynolds they had $2.09 million in earnings in just the 6 weeks of 8/15 through 9/30. So using their figure of 12.09 million shares outstanding that comes to .1728 per share for 6 weeks. Divide by 6 and multiple by 52 and you get earnings of about $1.50/share. This could be exaggerated because this represents their peak period. But regardless they could be in line to earn over $1.20/share. Could be worse if their clients suddenly stop spending. Could be better if they make some acquisitions that are accretive to earnings. If we have $1.20 in earnings at yesterdays close of $4.51 we have a forward p/e of 3.75. Looks cheap to me for a quality company.

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