Energy Services of America reported net income of $637,000, or $0.05 per share, in the fourth quarter of 2009. The earnings generated by the company were a strong improvement over the net loss of $2.1 million, or $0.18 per share, in the same quarter last year.
Revenues declined to $29.5 million for the quarter, down from $33.6 million in the same quarter in 2008, but higher margins lifted the company to a profit.
“With the economic uncertainties that led to 2009 being such a difficult year for the Company, it is great to start 2010 in a positive manner. Our backlog of $146 million at December 31, 2009 and the continued improvement in the demand for our services, places the Company on track to have a successful 2010,” said Marshall T. Reynolds, the Chairman of Energy Services of America.
Energy Services of America reported an increase in its backlog of business to $146 million at the end of 2009, up from only $54 million at the end of 2008.
Energy Services of America was founded in 2006 and provides specialized construction services to the electric, water, natural gas and sewer industries. The company operates under several different brand names including Contractors Rental Corporation, the C.J. Hughes Construction Company, Inc., Nitro Electric Company and S.T. Pipeline.