Press Release: Energy Services of America Reports Fourth Quarter and Full Year Fiscal 2024 Results

Please refer to the table below that reconciles adjusted EBITDA with net income (unaudited):

 
                   Three Months Ended            Year Ended           Three Months Ended          Year Ended 
                   September 30, 2024        September 30, 2024       September 30, 2023      September 30, 2023 
 
 
 
Net income      $               6,658,016  $            25,105,010  $            5,721,100  $            7,401,420 
Add: Income 
 tax expense                    1,691,014                8,415,667               2,207,280               2,975,250 
Add: Interest 
 expense, net 
 of interest 
 income                           417,049                2,188,609                 692,977               2,406,643 
(Less) add: 
 Non-operating 
 (income) 
 expense                         (12,374)                   21,561                 124,077                 287,602 
Less: Income 
 from lawsuit 
 judgement                              -             (15,634,499)                       -                       - 
Add 
 (less): Loss 
 (gain) on 
 sale of 
 equipment                         31,064                (261,102)                  12,595                (34,478) 
Add: 
 Depreciation 
 and 
 intangible 
 asset 
 amortization 
 expense                        2,315,373                8,978,023               2,049,798               7,807,185 
Adjusted 
 EBITDA          $             11,100,142  $            28,813,269   $          10,807,827   $          20,843,622 
                =========================  =======================  ======================  ====================== 
 

Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. The reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and other information relating to these measures are included herein. We include these measurements to enhance the understanding of our operating performance. We believe that Adjusted EBITDA as presented herein, considered along with net income (loss), is a relevant indicator of trends relating to the cash generating activity of our operations. We believe that excluding the costs herein provides a consistent comparison of the cash generating activity of our operations. We believe that Adjusted EBITDA is useful to investors as they facilitate a comparison of our operating performance to other companies who also use Adjusted EBITDA as supplemental operating measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.

About Energy Services

Energy Services of America Corporation $(ESOA)$, headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 1,300+ employees on a regular basis. The Company's core values are safety, quality, and production.

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.

View original content:https://www.prnewswire.com/news-releases/energy-services-of-america-reports-fourth-quarter-and-full-year-fiscal-2024-results-302331879.html

SOURCE Energy Services of America Corporation

/CONTACT: Steven Hooser or John Beisler, Three Part Advisors, (214) 872-2710

(END) Dow Jones Newswires

December 16, 2024 09:00 ET (14:00 GMT)