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Energy Services of America Corporation Announces Earnings for the Year Ended September 30, 2008

Posted on: Tuesday, 30 December 2008, 08:00 CST

HUNTINGTON, W.Va., Dec. 30 /PRNewswire-FirstCall/ -- Energy Services of America Corporation ("Energy Services") (Amex: ESA) announced today that for the year ended September 30, 2008, the company had earnings of $2,811,158 versus $1,381,062 for the year ended September 30, 2007. The earnings per share for the year ended September 30, 2008 was $0.26 per share basic and $0.21 per share fully diluted compared to $0.13 and $0.11 respectively for the year ended September 30, 2007. On August 15, 2008, Energy Services completed the acquisitions of ST Pipeline and C J Hughes Construction. The acquisitions were accounted for as purchases for accounting purposes and their results are included in the performance of Energy Services from August 15 through September 30, 2008. Prior to that time, Energy Services operated as a "Blank Check Company". Key financial information for Energy Services is included below.

On a pro forma basis, assuming the acquisitions had been completed for the full twelve months of 2008 and 2007, revenues would have totaled $208,239,927 for the year ended September 30, 2008 compared to $133,090,839 for the year ended September 30, 2007. Net income on a pro forma basis would have totaled $15,002,093 for the year ended September 30, 2008 compared to $7,119,563 for the year ended September 30, 2007. Earnings per share would have been $1.24 basic and $1.03 diluted for the year ended September 30, 2008 compared to $0.59 and $0.51 respectively for the year ended September 30, 2007.

The balance sheet for Energy Services reflects Stockholders' Equity of $60,257,217 and total consolidated assets of $133,699,816. This balance sheet should enable the Company to proceed with growth both internally and externally.

"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."

Edsel Burns, president of Energy Services stated, "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."

Certain Statements contained in the release, including without limitation statements including the word "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.

Energy Services of America Corporation Key Financial Information Year ended Year ended September 30, September 30, Change 2008 2007 Percent Actual Revenues $28,517,688 $- 100% Net Income $2,811,158 $1,381,062 104% Earnings Per Share-Basic $0.26 $0.13 100% Earnings Per Share- Diluted $0.21 $0.11 91% Pro Forma if the acquisitions had been completed for a full year Revenues $208,239,927 $133,090,839 56% Net Income $15,002,093 $7,119,563 111% Earnings Per Share-Basic $1.24 $0.59 110% Earnings Per Share- Diluted $1.03 $0.51 102% Other information Shares Outstanding $12,092,307 Total Assets $133,699,816 Total Liabilities $73,442,599 Total Equity $60,257,217 Stated Book Value per Share $4.98 Backlog at September 30, 2008 $40,700,000

SOURCE Energy Services of America Corporation

Source: PR Newswire

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