Energy Services of America Files 2024 10-K
Ticker: ESOA · Form: 10-K · Filed: Dec 19, 2024 · CIK: 1357971
Sentiment: neutral
Topics: 10-K, annual-report, construction
TL;DR
ESOA filed its 2024 10-K, check financials for pipeline construction biz.
AI Summary
Energy Services of America CORP filed its 10-K for the fiscal year ending September 30, 2024. The company, incorporated in Delaware, operates in the water, sewer, pipeline, and power line construction industry. Its principal executive offices are located at 75 West 3rd Ave., Huntington, WV. The filing covers the period up to December 19, 2024, and includes financial data for the fiscal year ending September 30, 2024.
Why It Matters
This 10-K filing provides a comprehensive overview of Energy Services of America CORP's financial performance and operational status for the fiscal year ending September 30, 2024, crucial for investors and stakeholders to assess the company's health and future prospects.
Risk Assessment
Risk Level: low — This filing is a standard annual report and does not contain immediate red flags or significant negative news.
Key Numbers
- FY 2024 — Fiscal Year End (Reporting period for the 10-K)
Key Players & Entities
- Energy Services of America CORP (company) — Filer of the 10-K
- 20240930 (date) — Fiscal year end
- 20241219 (date) — Filing date
- 75 WEST 3RD AVE., HUNTINGTON, WV 25701 (address) — Principal business address
- WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] (industry) — Standard Industrial Classification
FAQ
What is the primary business of Energy Services of America CORP?
Energy Services of America CORP is involved in WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION, as indicated by its Standard Industrial Classification code [1623].
When did Energy Services of America CORP file its 10-K?
The 10-K filing was made on December 19, 2024.
What fiscal year does this 10-K report cover?
This 10-K report covers the fiscal year ending on September 30, 2024.
Where is Energy Services of America CORP headquartered?
The company's business address is listed as 75 WEST 3RD AVE., HUNTINGTON, WV 25701.
Has the company's name changed previously?
Yes, the company was formerly known as Energy Services Acquisition Corp. and its name changed on March 30, 2006.
Filing Stats: 4,383 words · 18 min read · ~15 pages · Grade level 14.1 · Accepted 2024-12-19 16:19:47
Key Financial Figures
- $0.0001 — ch Registered Common Stock, par value $0.0001per share ESOA The Nasdaq Stock Mark
- $351.9 million — had consolidated operating revenues of $351.9 million for the fiscal year ended September 30,
- $304.1 million — had consolidated operating revenues of $304.1 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
- $243.2 million — 2024, Energy Services had a backlog of $243.2 million of work to be completed on existing con
- $229.8 million — 30, 2023, the Company had a backlog of $229.8 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-20240930x10k.htm (10-K) — 2761KB
- esoa-20240930xex19.htm (EX-19) — 35KB
- esoa-20240930xex21.htm (EX-21) — 17KB
- esoa-20240930xex23d1.htm (EX-23.1) — 4KB
- esoa-20240930xex23d2.htm (EX-23.2) — 4KB
- esoa-20240930xex31d1.htm (EX-31.1) — 11KB
- esoa-20240930xex31d2.htm (EX-31.2) — 11KB
- esoa-20240930xex32d1.htm (EX-32.1) — 7KB
- esoa-20240930xex97.htm (EX-97) — 21KB
- 0001410578-24-002104.txt ( ) — 12039KB
- esoa-20240930.xsd (EX-101.SCH) — 87KB
- esoa-20240930_cal.xml (EX-101.CAL) — 75KB
- esoa-20240930_def.xml (EX-101.DEF) — 232KB
- esoa-20240930_lab.xml (EX-101.LAB) — 633KB
- esoa-20240930_pre.xml (EX-101.PRE) — 461KB
- esoa-20240930x10k_htm.xml (XML) — 2491KB
Business
Business 3 ITEM 1A.
Risk Factors
Risk Factors 8 ITEM 1B. Unresolved Staff Comments 15 ITEM 1C. Cybersecurity 15 ITEM 2.
Properties
Properties 17 ITEM 3.
Legal Proceedings
Legal Proceedings 17 ITEM 4. Mine Safety Disclosures 18 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 ITEM 6. Reserved 18 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 18 ITEM 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 34 ITEM 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 34 ITEM 9A.
Controls and Procedures
Controls and Procedures 34 ITEM 9B. Other Information 35 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 ITEM 10. Directors, Executive Officers and Corporate Governance 36 ITEM 11.
Executive Compensation
Executive Compensation 36 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 36 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 36 ITEM 14. Principal Accountant Fees and Services 36 ITEM 15. Exhibits and Financial Statement Schedules 37 ITEM 16. Form 10-K Summary 38 Signatures. 39 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 $351.9 million for the fiscal year ended September 30, 2024, of which 53.2% was attributable to electrical, mechanical, and general contract services, 23.5% to gas and petroleum transmission projects, and 23.3% to gas & water distributions services. The Company had consolidated operating revenues of $304.1 mi