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Energy Services of America reports loss in quarter

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HUNTINGTON, WV — Energy Services of America reported a net loss of $1.2 million in the second quarter of its fiscal year compared with $3.9 million in the second quarter of the previous fiscal year.

According to documents filed with the Securities and Exchange Commission on May 10, the company had a net loss from operations of $154,779 in the quarter versus $1,009,835 a year ago.

Energy Service's filing said it is exploring options to remain active in the oil and gas industries with the discontinuance of S.T. Pipeline.  The company believes there is opportunity within the gas industry given the current projections of pipelines being built.

For the oil industry, Energy Services provides a variety of services relating to pipeline, storage facilities and plant work.  For the electrical industry, it provides a range of electrical installations and repairs including substation and switchyard services, site preparation, packaged buildings, transformers and other ancillary work with regards thereto.

Energy Services' other services include 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.

Most of Energy Services' customers are in West Virginia, Virginia, Ohio, Kentucky and Pennsylvania.

A forbearance agreement requires Energy Services to sell, refinance, or liquidate both Nitro Electric and C.J. Hughes no later than May 31, 2014, and begin the sale S.T. Pipeline's equipment on or before May 14, 2013.

The company has signed a contract with an auction house to sell off S.T. Pipeline's equipment on May 14, 2013.  The Company expects the proceeds from the sale to be in the range of $8 million to $10 million.  All net proceeds will go to the bank group to reduce the balance of the company's line of credit and term note.

The SEC filing said Energy Services is also having discussions with investment banking groups relative to a capital raise or the marketing of Nitro Electric and C.J. Hughes, but no definitive plan has been established.  After the disposition of S.T. Pipeline's assets, the Company will have better perspective as to the likelihood of being able to operate Nitro Electric and C.J. Hughes.

 

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