Energy Services of America CORP Files 2023 Annual Report

TL;DR

<b>Energy Services of America CORP has filed its annual 10-K report for the fiscal year ending September 30, 2023.</b>

AI Summary

Energy Services of America CORP (ESOA) filed a Annual Report (10-K) with the SEC on January 16, 2024. The company filed its 10-K report for the fiscal year ending September 30, 2023. The filing covers the period from October 1, 2022, to September 30, 2023. Energy Services of America CORP is incorporated in Delaware. The company's principal business address is 75 West 3rd Ave., Huntington, WV 25701. The SIC code for the company is 1623 (Water, Sewer, Pipeline, Comm and Power Line Construction).

Why It Matters

For investors and stakeholders tracking Energy Services of America CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — Energy Services of America CORP shows moderate risk based on this filing. The company operates in the construction industry, which can be subject to economic downturns and project delays, as indicated by its SIC code and business description.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's performance and outlook.

Key Numbers

• 2023-09-30 — Fiscal Year End (Conformed Period of Report)
• 2024-01-16 — Filing Date (Filed as of Date)
• 116 — Public Document Count (Total documents in the filing)
• 1623 — SIC Code (Water, Sewer, Pipeline, Comm and Power Line Construction)

Key Players & Entities

• Energy Services of America CORP (company) — Filer
• 2023-09-30 (date) — Fiscal Year End
• 2024-01-16 (date) — Filing Date
• 75 WEST 3RD AVE. (address) — Business Address
• HUNTINGTON (location) — Business Address City
• WV (location) — Business Address State
• 25701 (postal_code) — Business Address Zip
• 1623 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

The company operates in the construction sector, specifically focusing on water, sewer, pipeline, and power line construction.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year ended September 30, 2023.
2. Review any disclosed risk factors that could impact future performance.
3. Compare the current year's performance to previous periods if prior filings are available.

Key Dates

• 2023-09-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-01-16: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.0001 — ch Registered Common Stock, par value $0.0001per share ESOA The Nasdaq Stock Mark
• $304.1 million — had consolidated operating revenues of $304.1 million for the fiscal year ended September 30,
• $197.6 million — had consolidated operating revenues of $197.6 million for the fiscal year ended September 30,
• $13.1 million — r") in an aggregate principal amount of $13.1 million pursuant to the PPP (collectively, the
• $3.3 million — the Company unanimously voted to return $3.3 million of the PPP Loans after discussing the f
• $9.8 million — left the Company and subsidiaries with $9.8 million in PPP Loans to fund operations. During
• $9.8 m — ing due to the SBA inquiry for the full $9.8 million, plus accrued interest. During J
• $229.8 million — 2023, Energy Services had a backlog of $229.8 million of work to be completed on existing con
• $142.3 million — 30, 2022, the Company had a backlog of $142.3 million. Due to the timing of Energy Services'
• $2,500 — ductible per occurrence on equipment of $2,500 and $500 for damage to miscellaneous to
• $500 — r occurrence on equipment of $2,500 and $500 for damage to miscellaneous tools. The

Filing Documents

• esoa-20230930x10k.htm (10-K) — 2507KB
• esoa-20230930xex21.htm (EX-21) — 18KB
• esoa-20230930xex23.htm (EX-23) — 5KB
• esoa-20230930xex31d1.htm (EX-31.1) — 11KB
• esoa-20230930xex31d2.htm (EX-31.2) — 12KB
• esoa-20230930xex32d1.htm (EX-32.1) — 7KB
• 0001410578-24-000014.txt (&nbsp;) — 11684KB
• esoa-20230930.xsd (EX-101.SCH) — 90KB
• esoa-20230930_cal.xml (EX-101.CAL) — 69KB
• esoa-20230930_def.xml (EX-101.DEF) — 260KB
• esoa-20230930_lab.xml (EX-101.LAB) — 642KB
• esoa-20230930_pre.xml (EX-101.PRE) — 495KB
• esoa-20230930x10k_htm.xml (XML) — 2434KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 8 ITEM 1B. Unresolved Staff Comments 15 ITEM 2.

Properties

Properties 15 ITEM 3.

Legal Proceedings

Legal Proceedings 16 ITEM 4. Mine Safety Disclosures 16 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 ITEM 6. Reserved 17 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 ITEM 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 32 ITEM 9A.

Controls and Procedures

Controls and Procedures 32 ITEM 9B. Other Information 33 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 33 ITEM 10. Directors, Executive Officers and Corporate Governance 34 ITEM 11.

Executive Compensation

Executive Compensation 34 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 34 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 34 ITEM 14. Principal Accountant Fees and Services 34 ITEM 15. Exhibits and Financial Statement Schedules 35 ITEM 16. Annual Report on Form 10-K Summary 36 Signatures . 37 2 Table of Contents

Forward Looking Statements

Forward Looking Statements Within Energy Services' (as defined below) consolidated financial statements and this Annual Report on Form 10-K, there are included statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events that are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "project," "forecast," "may," "will," "should," "could," "expect," "believe," "intend" and other words of similar meaning . These forward-looking statements do not guarantee future performance and involve or rely on risks, uncertainties, and assumptions that are difficult to predict or beyond Energy Services' control. Energy Services has based its forward-looking statements on management's beliefs and assumptions based on information available to management at the time the statements are made. Actual outcomes and results may differ materially from what is expressed, implied, and forecasted by forward-looking statements and any or all of Energy Services' forward-looking statements may turn out to be wrong. The accuracy of such statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties. All the forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements or that are otherwise included in this report. In addition, Energy Services does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report or otherwise. PART I

Business

ITEM 1. Business Overview Energy Services of America Corporation ("Energy Services" or the "Company"), formed in 2006, 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. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and mechanical installations and repairs including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers, and other ancillary work with regards thereto. Energy Services' other pipeline services include corrosion protection services, horizontal drilling services, liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction. The Company has also added the ability to install broadband and solar electric systems and perform civil and general contracting services. The Company had consolidated operating revenues of $304.1 million for the fiscal year ended September 30, 2023, of which 48.8% was attributable to electrical, mechanical, and general contract services, 30.3% to gas and petroleum transmission projects, and 20.9% to gas & water distributions services. The Company had consolidated operating revenues of $197.6 mi

View Full Filing

View this 10-K filing on SEC EDGAR