Energy Services of America Corp. announces earnings up
herald-dispatch.com
December 30, 2008 @ 10:20 PM
The Herald-Dispatch
HUNTINGTON -- Energy Services of America Corp. reported Tuesday earnings were up for the year ending Sept. 30.
The company had earnings of $2.8 million, up from $1.38 million for the same period last year, according to a news release.
The earnings per share for the year were 26 cents per share basic and 21 cents per share fully diluted, compared to 13 cents and 11 cents, respectively, for last year.
In August 2008, Energy Services completed acquisitions of ST Pipeline and C J Hughes Construction. The acquisitions were accounted for as purchases and their results are included in the performance of Energy Services from Aug. 15 through Sept. 30, 2008.
"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 Aug. 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."
The balance sheet for Energy Services reflects stockholders' equity of $60,257,217 and total consolidated assets of $133,699,816.
"Although we are coming into the winter months which historically are the slowest period for performance for our type of business due to the inclement weather which prohibits work being completed, we remain very confident that we are positioned well and have a bright future in serving America's energy providers," said Edsel Burns, president of Energy Services. |
