Earnings release
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Exhibit 99.1 Energy Services of America Announces Financial Results for the Three and Six Months Ended March 31 , 2021 Huntington , WV May 12 , 2021- Energy Services of America Corporation ( the “ Company ” or “ Energy Services " ) ( OTC QB : ESOA ) announced financial results for the three and six months ended March 31 , 2021. Energy Services generated revenues of $ 25.6 million and $ 57.6 million for the three and six months ended March 31 , 2021 , respectively . Net loss available to common shareholders was $ 1.4 million and $ 2.1 million with an adjusted EBITDA of ( $ 798,399 ) and ( $ 467,317 ) for the three and six months ended March 31 , 2021 , respectively . Gross profit percentage increased from 0.4 % to 7.3 % and from 5.5 % to 8.2 % for the three and six months ended March 31 , 2021 as compared to 2020 , respectively . Douglas Reynolds , President , commented on the announcement . “ We experienced an increased demand for our services across all our lines of business for the first and second quarters of fiscal year 2021 , which resulted in increased revenue and gross profit when compared to the same periods in 2020. Our December 31 , 2020 acquisition , West Virginia Pipeline , contributed immediately with $ 1.2 million in revenue and $ 394,000 in gross profit for the three months ended March 31 , 2021. " Reynolds continued , “ Our efforts to increase distribution revenues are paying off and we are expecting to be busy in our gas & water distribution and electrical & mechanical services for the second half of fiscal year 2021. At the same time , we have invested in growing the business by acquiring a solar installation company and establishing a general contractor subsidiary . Our backlog at March 31 , 2021 was $ 61.2 million as compared to $ 60.7 million at December 31 , 2020. " Below is a comparison of the Company's unaudited operating results for the three and six months ended March 31 , 2021 and 2020 : Revenue Cost of revenues Gross profit Selling and administrative expenses Loss from operations Three Months Ended March 31 , 2021 Three Months Ended March 31 , 2020 Six Months Ended March 31 , Six Months Ended March 31 , 2021 2020 $ 25,605,412 $ 18,072,400 $ 57,615,208 $ 43,915,707 23,731,889 18,001,931 52,898,626 41,488,496 1,873,523 70,469 4,716,582 2,427,211 3,823,913 ( 1,950,390 ) 2,345,509 7,419,743 ( 2,275,040 ) ( 2,703,161 ) 4,941,281 ( 2,514,070 ) Other income ( expense ) Interest income 151,769 53,249 Other nonoperating expense ( 32,887 ) ( 42,741 ) ( 85,510 ) ( 76,679 ) Interest expense ( 142,993 ) ( 112,017 ) ( 219,510 ) ( 298,862 ) Gain on sale of equipment 479,269 223,775 492,311 519,766 303,393 69,017 339,060 197,474 Loss before income taxes ( 1,646,997 ) ( 2,206,023 ) ( 2,364,101 ) ( 2,316,596 ) Income tax benefit ( 335,526 ) ( 511,412 ) ( 404,968 ) ( 547,871 ) Net loss ( 1,311,471 ) ( 1,694,611 ) ( 1,959,133 ) ( 1,768,725 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Loss available to common shareholders $ ( 1,388,721 ) $ ( 1,771,861 ) $ ( 2,113,633 ) $ ( 1,923,225 ) Weighted average shares outstanding - basic 13,621,406 13,783,546 13,621,406 13,877,243 Weighted average shares - diluted 13,621,406 13,783,546 13,621,406 13,877,243 Loss per share available to common shareholders $ ( 0.102 ) $ ( 0.129 ) $ ( 0.155 ) $ ( 0.139 ) Loss per share - diluted available to common shareholders $ ( 0.102 ) $ ( 0.129 ) $ ( 0.155 ) $ ( 0.139 )