Energy Services of America CORP
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
ESOA$8.62+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001410578-25-001193
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001410578-25-001673
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 190 previous paragraphs and 190 current paragraphs.
100 unchanged; 79 reworded; 8 added; 9 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 27 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Three and Nine Months Ended June 30, 2025 and 2024 Overview
Current report
Electrical, Mechanical, & General construction services cost of revenues totaled $44.4 million for the three months ended June 30, 2025, a $4.2 million increase from $40.2 million for the three months ended June 30, 2024. Electrical, Mechanical, & General construction services cost of revenues totaled $132.9 million for the nine months ended June 30, 2025, a $9.3 million increase from $123.7 million for the nine months ended June 30, 2024. The cost of revenues increases for the three and nine months ended June 30, 2025 were primarily related to an increase in services performed, as compared to the same periods in the prior year.
Current report
Gas & Petroleum Transmission cost of revenues totaled $14.2 million for the three months ended June 30, 2025, a $1.7 million increase from $12.5 million for the three months ended June 30, 2024. The increase in cost of revenues was primarily due to less efficient production on work performed and less work to cover fixed project management costs for the three months ended June 30, 2025, as compared to the same period in the prior year.
Current report
Total gross profit decreased by $3.3 million to $12.0 million for the three months ended June 30, 2025, as compared to $15.3 million for the three months ended June 30, 2024. Total gross profit decreased by $10.1 million to $22.3 million for the nine months ended June 30, 2025, as compared to $32.4 million for the nine months ended June 30, 2024. The decreases in gross profit were primarily related to less efficient performance during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year. The Company was significantly impacted by inclement weather during the second quarter of fiscal year 2025 and Gas & Petroleum Transmission work starting later in fiscal year 2025 as compared to the prior fiscal year.
Current report
Gas & Water Distribution gross profit totaled $6.7 million for the three months ended June 30, 2025, a $284,000 increase from a $6.4 million gross profit for the three months ended June 30, 2024. The increase in gross profit was primarily due to an increase in water work performed; however, gross profit decreased as a percentage of revenue.
Current report
Gas & Water Distribution gross profit totaled $10.9 million for the nine months ended June 30, 2025, a $1.9 million decrease from $12.8 million for the nine months ended June 30, 2024. The decrease in gross profit was primarily due to less efficient production during the nine months ended June 30, 2025 and significantly more inclement weather during the second quarter of fiscal year 2025, as compared to the same periods in the prior fiscal year.
Current report
Electrical, Mechanical, & General construction services gross profit totaled $5.3 million for the three months ended June 30, 2025, a $754,000 decrease from $6.0 million for the three months ended June 30, 2024. Electrical, Mechanical, & General construction services gross profit totaled $13.9 million for the nine months ended June 30, 2025, a $338,000 decrease from $14.2 million for the nine months ended June 30, 2024. The decreases in gross profit were primarily related to a large electrical project nearing completion during the three months ended June 30, 2024 which was more profitable than expected while profit margins during the three and nine months ended June 30, 2025 have been in line with expected profit margins over a larger volume of revenue.
Current report
Income from lawsuit judgement. During the three and nine months ended June 30, 2024, the Company received and recognized $15.6 million from a previously disclosed lawsuit judgement. No such event occurred during the three and nine months ended June 30, 2025.
Removed paragraphs (9)
Previous report
Three and Six Months Ended March 31, 2025 and 2024 Overview
Previous report
Electrical, Mechanical, & General construction services cost of revenues totaled $42.4 million for the three months ended March 31, 2025, a $54,000 increase from $42.4 million for the three months ended March 31, 2024. Electrical, Mechanical, & General construction services cost of revenues totaled $88.5 million for the six months ended March 31, 2025, a $5.0 million increase from $83.4 million for the six months ended March 31, 2024. Electrical, Mechanical, & General construction services were less impacted by inclement weather during the three months ended March 31, 2025, and results were comparable to the same periods in the prior year. The cost of revenues increase for the six months ended March 31, 2025 was primarily related to an increase in Electrical, Mechanical, & General construction services performed during the first half of fiscal year 2025, as compared to the same periods in the prior year.
Previous report
Total gross profit decreased by $6.1 million to $78,000 for the three months ended March 31, 2025, as compared to $6.2 million for the three months ended March 31, 2024. Total gross profit decreased by $6.7 million to $10.3 million for the six months ended March 31, 2025, as compared to $17.1 million for the six months ended March 31, 2024.
Previous report
Gas & Water Distribution gross loss totaled ($911,000) for the three months ended March 31, 2025, a $3.3 million decrease from a $2.4 million gross profit for the three months ended March 31, 2024. Gas & Water Distribution gross profit totaled $4.3 million for the six months ended March 31, 2025, a $2.1 million decrease from $6.4 million for the six months ended March 31, 2024. The gross profit decreases were primarily related to a decrease in productivity for water distribution services performed, primarily related to inclement weather, and a decrease in the volume efficiency of water-related paving services during the three and six months ended March 31, 2025, as compared to the same period in 2024. Water-related paving services were impacted by both inclement weather and a temporary shift in a customer’s spending cycle which caused crews in Lexington, Kentucky to be temporarily assigned to Charleston, West Virginia, which increased costs for the Company.
Previous report
Electrical, Mechanical, & General construction services gross profit totaled $3.8 million for the three months ended March 31, 2025, a $962,000 decrease from $4.7 million for the three months ended March 31, 2024. The gross profit decrease was primarily related to a mechanical services project performed in Kokomo, Indiana during the three months ended March 31, 2024 that was not replaced in fiscal year 2025.
Previous report
Electrical, Mechanical, & General construction services gross profit totaled $8.6 million for the six months ended March 31, 2025, a $416,000 increase from $8.2 million for the six months ended March 31, 2024. The gross profit increase was primarily related to an increase in mechanical and electrical services performed during the first fiscal year quarter of 2025, as compared to the same period in the prior fiscal year.
Previous report
New Accounting Pronouncements
Previous report
On October 28, 2021, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2021-08,Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments of this ASU require entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The amendments are effective for public business entities for the fiscal years, including interim periods within those the fiscal years, beginning after December 15, 2022. For all other entities they are effective for the fiscal years, including interim periods within those the fiscal years, beginning after December 15, 2023. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption is permitted, including in any interim period, for public business entities for periods for which financial statements have not yet been issued, and for all other entities for periods for which financial statements have not yet been made available for issuance. ASU 2021-08 has not had a significant impact on the Company’s results of operations, financial position or cash flows.
Previous report
In April 2025, the Company repurchased 106.392 common shares of stock at an average price of $7.99.
Reworded paragraphs (79)
Previous wording
The following is an overview of results from operations for the three and six months ended March 31, 2025 and 2024:
Current wording
The following is an overview of results from operations for the three and nine months ended June 30, 2025 and 2024:
Previous wording
Results of Operations for the Three and Six Months Ended March 31, 2025 Compared to the Three and Six Months Ended March 31, 2024
Current wording
Results of Operations for the Three and Nine Months Ended June 30, 2025 Compared to the Three and Nine Months Ended June 30, 2024
Previous wording
Revenues. A table comparing the Company’s revenues for the three and six months ended March 31, 2025 compared to the three and six months ended March 31, 2024 is below:
Current wording
Revenues. A table comparing the Company’s revenues for the three and nine months ended June 30, 2025 compared to the three and nine months ended June 30, 2024 is below:
Previous wording
Total revenues increased by $5.6 million to $76.7 million for the three months ended March 31, 2025, as compared to $71.1 million for the three months ended March 31, 2024. The increase was a result of a $12.8 million increase in Gas & Water Distribution, partially offset by a $6.4 million decrease in Gas & Petroleum Transmission work and a $908,000 decrease in Electrical, Mechanical, & General construction services for the three months ended March 31, 2025 as compared to the same period in 2024.
Current wording
Total revenues increased by $17.7 million to $103.6 million for the three months ended June 30, 2025, as compared to $85.9 million for the three months ended June 30, 2024. The increase was a result of a $16.0 million increase in Gas & Water Distribution and a $3.5 million increase in Electrical, Mechanical, & General construction services, partially offset by a $1.8 million decrease in Gas & Petroleum Transmission work for the three months ended June 30, 2025 as compared to the same period in 2024.
Previous wording
Total revenues increased by $16.0 million to $177.3 million for the six months ended March 31, 2025, as compared to $161.3 million for the six months ended March 31, 2024. The increase was a result of a $27.0 million increase in Gas & Water Distribution and a $5.5 million increase in Electrical, Mechanical, & General construction services, partially offset by a $16.5 million decrease in Gas & Petroleum Transmission work for the six months ended March 31, 2025 as compared to the same period in 2024.
Current wording
Total revenues increased by $33.7 million to $280.9 million for the nine months ended June 30, 2025, as compared to $247.2 million for the nine months ended June 30, 2024. The increase was a result of a $43.1 million increase in Gas & Water Distribution and a $8.9 million increase in Electrical, Mechanical, & General construction services, partially offset by an $18.3 million decrease in Gas & Petroleum Transmission work for the nine months ended June 30, 2025 as compared to the same period in 2024.
Previous wording
Gas & Water Distribution revenues totaled $27.1 million for the three months ended March 31, 2025, a $12.8 million increase from $14.3 million for the three months ended March 31, 2024. Gas & Water Distribution revenues totaled $58.4 million for the six months ended March 31, 2025, a $27.0 million increase from $31.4 million for the six months ended March 31, 2024. The revenue increases were primarily related to increased water distribution services performed during the three and six months ended March 31, 2025, as compared to the same period in 2024.
Current wording
Gas & Water Distribution revenues totaled $38.6 million for the three months ended June 30, 2025, a $16.0 million increase from $22.5 million for the three months ended June 30, 2024. Gas & Water Distribution revenues totaled $97.0 million for the nine months ended June 30, 2025, a $43.1 million increase from $53.9 million for the nine months ended June 30, 2024. The revenue increases were primarily related to increased water distribution services performed during the three and nine months ended June 30, 2025, as compared to the same periods in 2024.
Previous wording
Electrical, Mechanical, & General construction services revenues totaled $46.2 million for the three months ended March 31, 2025, a $908,000 decrease from $47.1 million for the three months ended March 31, 2024. The decrease was primarily due to less general construction work during the three months ended March 31, 2025 as compared to the same period in the prior year. Electrical, Mechanical, & General construction services revenues totaled $97.1 million for the six months ended March 31, 2025, a $5.5 million increase from $91.6 million for the six months ended March 31, 2024. The revenue increase was primarily related to an increase in electrical & mechanical services performed during the six months ended March 31, 2025, as compared to the same period in the prior year.
Current wording
Electrical, Mechanical, & General construction services revenues totaled $49.7 million for the three months ended June 30, 2025, a $3.5 million increase from $46.2 million for the three months ended June 30, 2024. Electrical, Mechanical, & General construction services revenues totaled $146.8 million for the nine months ended June 30, 2025, a $8.9 million increase from $137.9 million for the nine months ended June 30, 2024. The revenue increases were primarily related to an increase in electrical & mechanical services performed during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Previous wording
Gas & Petroleum Transmission revenues totaled $3.4 million for the three months ended March 31, 2025, a $6.4 million decrease from $9.8 million for the three months ended March 31, 2024. Gas & Petroleum Transmission revenues totaled $21.9 million for the six months ended March 31, 2025, a $16.5 million decrease from $38.3 million for the six months ended March 31, 2024. The revenue decreases were primarily due to more transmission work being completed by the end of fiscal year 2024 and not extending into the first half of fiscal year 2025. Additionally, bid opportunities and project awards on transmission work are being received later compared to previous fiscal years.
Current wording
Gas & Petroleum Transmission revenues totaled $15.3 million for the three months ended June 30, 2025, a $1.8 million decrease from $17.1 million for the three months ended June 30, 2024. Gas & Petroleum Transmission revenues totaled $37.2 million for the nine months ended June 30, 2025, an $18.3 million decrease from $55.5 million for the nine months ended June 30, 2024. The revenue decreases were primarily due to more transmission work being completed by the end of fiscal year 2024 and not extending into the first half of fiscal year 2025. Additionally, bid opportunities and project awards on transmission work were received later compared to previous fiscal years.
Previous wording
*Cost of Revenues.*A table comparing the Company’s costs of revenues for the three and six months ended March 31, 2025, compared to the three and six months ended March 31, 2024, is below:
Current wording
*Cost of Revenues.*A table comparing the Company’s costs of revenues for the three and nine months ended June 30, 2025, compared to the three and nine months ended June 30, 2024, is below:
Previous wording
Total cost of revenues increased by $11.7 million to $76.6 million for the three months ended March 31, 2025, as compared to $64.9 million for the three months ended March 31, 2024. Total cost of revenues increased by $22.8 million to $167.0 million for the six months ended March 31, 2025, as compared to $144.2 million for the six months ended March 31, 2024. The cost of revenues increases was partially the result of increased work in the Gas & Water Distribution and Electrical, Mechanical, & General business categories, partially offset by a decrease in Gas & Petroleum Transmission work.
Current wording
Total cost of revenues increased by $21.0 million to $91.6 million for the three months ended June 30, 2025, as compared to $70.6 million for the three months ended June 30, 2024. Total cost of revenues increased by $43.8 million to $258.6 million for the nine months ended June 30, 2025, as compared to $214.8 million for the nine months ended June 30, 2024. The cost of revenues increased primarily as the result of increased work in the Gas & Water Distribution and Electrical, Mechanical, & General business categories and, additionally, due to less efficient work across all models of business.
Previous wording
Gas & Water Distribution cost of revenues totaled $28.0 million for the three months ended March 31, 2025, a $16.1 million increase from $11.9 million for the three months ended March 31, 2024. Gas & Water Distribution cost of revenues totaled $54.1 million for the six months ended March 31, 2025, a $29.2 million increase from $25.0 million for the six months ended March 31, 2024. The cost of revenues increase was primarily related to increased water distribution services performed during the three and six months ended March 31, 2025, as compared to the same periods in 2024. Additionally, the three months ended March 31, 2025 was heavily impacted by inclement weather that resulted in a significant amount of lost workdays and lower productivity on projects.
Current wording
Gas & Water Distribution cost of revenues totaled $31.9 million for the three months ended June 30, 2025, a $15.7 million increase from $16.1 million for the three months ended June 30, 2024. Gas & Water Distribution cost of revenues totaled $86.0 million for the nine months ended June 30, 2025, a $44.9 million increase from $41.1 million for the nine months ended June 30, 2024. The cost of revenues increase was primarily related to increased water distribution services performed during the three and nine months ended June 30, 2025, as compared to the same periods in 2024. Additionally, the second quarter of fiscal year 2025 was heavily impacted by inclement weather that resulted in a significant amount of lost workdays and lower productivity on projects.
Previous wording
Gas & Petroleum Transmission cost of revenues totaled $4.6 million for the three months ended March 31, 2025, a $4.9 million decrease from $9.5 million for the three months ended March 31, 2024. Gas & Petroleum Transmission cost of revenues totaled $22.1 million for the six months ended March 31, 2025, a $12.6 million decrease from $34.7 million for the six months ended March 31, 2024. The cost of revenues decreases was primarily due to more transmission work being completed by the end of fiscal year 2024 and not extending into the first quarter of fiscal year 2025 and bid opportunities and project awards on transmission work are being received later compared to previous fiscal years. Additionally, Gas & Petroleum work was more impacted by inclement weather in the first and second fiscal quarters of 2025, as compared to the same periods in the prior fiscal year. This resulted in less efficient production and more costs than expected.
Current wording
Gas & Petroleum Transmission cost of revenues totaled $36.3 million for the nine months ended June 30, 2025, a $10.9 million decrease from $47.2 million for the nine months ended June 30, 2024. The decrease in cost of revenues was primarily due to more transmission work being completed by the end of fiscal year 2024 and not extending into the first half of fiscal year 2025 and bid opportunities and project awards on transmission work being received later compared to previous fiscal years.
Previous wording
Unallocated shop expenses totaled $1.6 million for the three months ended March 31, 2025, a $451,000 increase from $1.1 million for the three months ended March 31, 2024. Unallocated shop expenses totaled $2.2 million for the six months ended March 31, 2025, a $1.1 million increase from $1.1 million for the six months ended March 31, 2024. The increases in unallocated shop expenses were primarily due to a decrease in the amount of internal equipment charged to projects for the three and six months ended March 31, 2025, as compared to the same periods in the prior year.
Current wording
Unallocated shop expenses totaled $1.1 million for the three months ended June 30, 2025, a $600,000 decrease from $1.7 million for the three months ended June 30, 2024. Unallocated shop expenses totaled $3.3 million for the nine months ended June 30, 2025, a $500,000 increase from $2.8 million for the nine months ended June 30, 2024. The variances in unallocated shop expenses were primarily due to changes in the amount of internal equipment charged to projects and small tool purchases which are allocated to projects over time based on a percentage of labor costs during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Previous wording
Gross Profit (Loss).* *A table comparing the Company’s gross profit for the three and six months ended March 31, 2025, compared to the three and six months ended March 31, 2024, is below:
Current wording
Gross Profit (Loss).* *A table comparing the Company’s gross profit for the three and nine months ended June 30, 2025, compared to the three and nine months ended June 30, 2024, is below:
Previous wording
Gas & Petroleum Transmission gross loss totaled ($1.2 million) for the three months ended March 31, 2025, a $1.4 million decrease from a gross profit of $231,000 for the three months ended March 31, 2024. Gas & Petroleum Transmission gross loss totaled $271,000 for the six months ended March 31, 2025, a $3.9 million decrease from a gross profit of $3.6 million for the six months ended March 31, 2024. The gross profit decreases were primarily due to a lower volume of transmission work being performed during the three and six months ended March 31, 2025, as compared to the same periods in the prior year. Transmission work under contract was impacted by inclement weather during the three and six months ended March 31, 2025. Additionally, new transmission work is being sent out for bid and awarded later as compared to previous fiscal years.
Current wording
Gas & Petroleum Transmission gross profit totaled $1.1 million for the three months ended June 30, 2025, a $3.5 million decrease from a gross profit of $4.6 million for the three months ended June 30, 2024. Gas & Petroleum Transmission gross profit totaled $852,000 for the nine months ended June 30, 2025, a $7.4 million decrease from a gross profit of $8.2 million for the nine months ended June 30, 2024. The decreases in gross profit were primarily due to a lower volume of transmission work being performed during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year. Transmission work under contract was significantly impacted by inclement weather during the second quarter of fiscal year 2025. Additionally, new transmission work was sent out for bid and awarded later as compared to previous fiscal years.
Previous wording
Gross loss attributable to unallocated shop expenses totaled ($1.6 million) for the three months ended March 31, 2025, a $451,000 increase from ($1.1 million) for the three months ended March 31, 2024. Gross loss attributable to unallocated shop expenses totaled ($2.2 million) for the six months ended March 31, 2025, a $1.1 million increase from ($1.1 million) for the six months ended March 31, 2024. The increase in gross loss related to unallocated shop expenses was primarily due to a decrease in the amount of internal equipment charged to projects for the three and six months ended March 31, 2025, as compared to the same periods in the prior year.
Current wording
Gross loss attributable to unallocated shop expenses totaled ($1.1 million) for the three months ended June 30, 2025, a $610,000 decrease from ($1.7 million) for the three months ended June 30, 2024. Gross loss attributable to unallocated shop expenses totaled ($3.3 million) for the nine months ended June 30, 2025, a $509,000 increase from ($2.8 million) for the nine months ended June 30, 2024. The variances in unallocated shop expenses were primarily due to changes in the amount of internal equipment charged to projects and small tool purchases which are allocated to projects over time based on a percentage of labor costs during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Previous wording
Selling and administrative expenses. Total selling and administrative expenses increased by $848,000 to $8.2 million for the three months ended March 31, 2025, as compared to $7.3 million for the same period in the prior year. Total selling and administrative expenses increased by $2.3 million to $16.8 million for the six months ended March 31, 2025, as compared to $14.5 million for the same period in the prior year. The increases were primarily related to additional personnel hired to secure and manage work for expected growth and increased consulting and audit fees due to becoming an accelerated filer which requires a separate internal controls audit. The Company’s latest acquisition, Tribute, also accounted for $273,000 and $553,000 of the increase, respectively, for the three and six months ended March 31, 2025, as compared to the same periods in the prior year.
Current wording
Selling and administrative expenses. Total selling and administrative expenses increased by $2.0 million to $8.8 million for the three months ended June 30, 2025, as compared to $6.8 million for the same period in the prior year. Total selling and administrative expenses increased by $4.3 million to $25.6 million for the nine months ended June 30, 2025, as compared to $21.3 million for the same period in the prior year. The increases were primarily related to additional personnel hired to secure and manage work for expected growth and increased consulting and audit fees due to becoming an accelerated filer which requires a separate internal controls audit. The Company’s latest acquisition, Tribute, also accounted for $600,000 and $1.2 million of the increase, respectively, for the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Previous wording
Other non-operating expense.* *Other non-operating expenses totaled $21,000 for the three months ended March 31, 2025, as compared to $81,000 for the same period in the prior year. The decrease for the three months ended March 31, 2025 was primarily due to a reduction in contributions and sponsorships, as compared the same period in the prior year. Other non-operating expenses totaled $69,000 for the six months ended March 31, 2025, as compared to $6,000 for the same period in the prior year. The increase for the six months ended March 31, 2025, as compared to the same period in the prior year, was primarily related to a minor legal settlement received during the first quarter of fiscal year 2024 that recouped employee benefit costs expended in a prior period.
Current wording
Other non-operating expense.* *Other non-operating expenses totaled $36,000 for the three months ended June 30, 2025, as compared to $27,000 for the same period in the prior year. Other non-operating expenses totaled $105,000 for the nine months ended June 30, 2025, as compared to $34,000 for the same period in the prior year. The increase for the nine months ended June 30, 2025, as compared to the same period in the prior year, was primarily related to a minor legal settlement received during the first quarter of fiscal year 2024 that recouped employee benefit costs expended in a prior period.
Previous wording
Interest expense.* *Interest expense totaled $876,000 for the three months ended March 31, 2025, an increase of $253,000 from $623,000 for the same period in the prior year. Interest expense totaled $1.4 million for the six months ended March 31, 2025, an increase of $135,000 from $1.2 million for the same period in the prior year. The increases were primarily related to financing the acquisition of Tribute.
Current wording
Interest expense. Interest expense totaled $781,000 for the three months ended June 30, 2025, an increase of $234,000 from $547,000 for the same period in the prior year. Interest expense totaled $2.1 million for the nine months ended June 30, 2025, an increase of $369,000 from $1.8 million for the same period in the prior year. The increases were primarily related to financing the acquisition of Tribute.
Previous wording
(Loss) gain on sale of equipment. Loss on sale of equipment totaled ($17,000) for the three months ended March 31, 2025, a decrease of $322,000 from a gain of $305,000 for the same period in the prior year. Gain on sale of equipment totaled $179,000 for the six months ended March 31, 2025, a decrease of $112,000 from $292,000 for the same period in the prior year. The Company sold certain underutilized or non-working pieces of equipment during the first quarter of fiscal year 2025, with no comparable sale occurring during the same period in 2024.
Current wording
(Loss) gain on sale of equipment. Loss on sale of equipment totaled ($128,000) for the three months ended June 30, 2025, compared to a gain on sale of $1,000 for the same period in the prior year. Gain on sale of equipment totaled $51,000 for the nine months ended June 30, 2025, a decrease of $242,000 from $292,000 for the same period in the prior year. The Company sold certain underutilized or non-working pieces of equipment during the first quarter of fiscal year 2024, with no comparable sale occurring during the same period in 2025.
Previous wording
Net (loss) income.* *Loss before income taxes was ($9.0 million) for the three months ended March 31, 2025, as compared to ($1.5 million) for the same period in the prior year. Loss before income taxes was ($7.7 million) for the six months ended March 31, 2025, as compared to a net income of $1.6 million for the same period in the prior year. The decreases were primarily related to the items mentioned above.
Current wording
Net income (loss).* *Income before income taxes was $2.2 million for the three months ended June 30, 2025, as compared to $23.6 million for the same period in the prior year. Loss before income taxes was ($5.5 million) for the nine months ended June 30, 2025, as compared to a net income of $25.2 million for the same period in the prior year. The decreases were primarily related to the items mentioned above.
Previous wording
Income tax (benefit) expense for the three months ended March 31, 2025, was ($2.5 million) compared to ($373,000) for the same period in the prior year. Income tax (benefit) expense for the six months ended March 31, 2025, was ($2.0 million) compared to $685,000 for the same period in the prior year. The increase in income tax benefit and the decrease in income tax expense for the three and six months ended March 31, 2025, respectively, as compared to the same periods in the prior year were due to a decrease in taxable income during the three and six months ended March 31, 2025, as compared to the same periods in the prior year.
Current wording
Income tax expense (benefit) for the three months ended June 30, 2025, was $683,000 compared to $6.0 million for the same period in the prior year. Income tax (benefit) expense for the nine months ended June 30, 2025, was ($1.1 million) compared to $6.7 million for the same period in the prior year. The decrease in income tax expense and the increase in income tax benefit for the three and nine months ended June 30, 2025, respectively, as compared to the same periods in the prior year were due to a decrease in taxable income during the three and nine months ended June 30, 2025, as compared to the same periods in the prior year.
Previous wording
Net (loss) income for the three months ended March 31, 2025, was ($6.5 million), as compared to ($1.1 million) for the same period in the prior year. Net (loss) income for the six months ended March 31, 2025, was ($5.7 million), as compared to $933,000 for the same period in the prior year.
Current wording
Net income for the three months ended June 30, 2025, was $1.5 million, as compared to $17.5 million for the same period in the prior year. Net (loss) income for the nine months ended June 30, 2025, was ($4.4 million), as compared to $18.4 million for the same period in the prior year.
Previous wording
The Company had total assets of $170.2 million at March 31, 2025, an increase of $12.0 million from the prior fiscal year end balance of $158.2 million.
Current wording
The Company had total assets of $189.1 million at June 30, 2025, an increase of $30.9 million from the prior fiscal year end balance of $158.2 million.
Previous wording
The Company had net property, plant and equipment of $52.3 million at March 31, 2025, an increase of $14.2 million from the prior fiscal year end balance of $38.1 million. The increase was due to $14.9 million in asset additions related to the Tribute acquisition, $5.3 million in other asset additions, partially offset by $5.6 million in depreciation and net equipment disposals of $417,000.
Current wording
The Company had net property, plant and equipment of $54.1 million at June 30, 2025, an increase of $16.0 million from the prior fiscal year end balance of $38.1 million. The increase was due to $14.9 million in asset additions related to the Tribute acquisition, $10.4 million in other asset additions, partially offset by $8.7 million in depreciation and net equipment disposals of $674,000.
Previous wording
Accounts receivable, net of allowance for doubtful accounts, totaled $51.5 million at March 31, 2025, a decrease of $4.6 million from the prior fiscal year end balance of $56.1 million. The decrease was primarily due to the timing of cash collections and project invoicing since September 30, 2024, partially offset by $3.8 million in accounts receivable related to Tribute at March 31, 2025.
Current wording
Accounts receivable, net of allowance for doubtful accounts, totaled $57.7 million at June 30, 2025, an increase of $1.6 million from the prior fiscal year end balance of $56.1 million. The increase was primarily due to the timing of cash collections and project invoicing since September 30, 2024.
Previous wording
Cash and cash equivalents totaled $9.9 million at March 31, 2025, a decrease of $3.0 million from the prior fiscal year end balance of $12.9 million. The decrease was primarily due to a net $10.0 million provided by operating activities, and a net $12.3 million
Current wording
Cash and cash equivalents totaled $15.3 million at June 30, 2025, an increase of $2.4 million from the prior fiscal year end balance of $12.9 million. The increase was primarily due to a net $13.4 million provided by operating activities, and a net $18.2 million provided by financing activities, partially offset by a $20.8 million investment in the acquisition of Tribute and a net $8.4 million investment in equipment, less proceeds from the sale of equipment.
Previous wording
Retainage receivable totaled $13.9 million at March 31, 2025, an increase of $2.2 million from the prior fiscal year end balance of $11.7 million. The increase was primarily due to $3.2 million in retainage receivables related to the acquisition of Tribute at March 31, 2025, partially offset by net retainages received as of March 31, 2025.
Current wording
Retainage receivable totaled $16.3 million at June 30, 2025, an increase of $4.6 million from the prior fiscal year end balance of $11.7 million. The increase was primarily due to the timing of retention collections and project invoicing since September 30, 2024.
Previous wording
Other receivables totaled $1.1 million at March 31, 2025, an increase of $23,000 from the prior fiscal year end balance of $1.0 million.
Current wording
Other receivables totaled $1.1 million at June 30, 2025, an increase of $47,000 from the prior fiscal year end balance of $1.0 million.
Previous wording
Intangible assets, net totaled $3.8 million at March 31, 2025, an increase of $705,000 from the prior fiscal year end balance of $3.1 million. The increase was primarily due to intangible assets acquired as part of the Tribute acquisition, partially offset by the amortization of intangible assets during the six months ended March 31, 2025.
Current wording
Intangible assets, net totaled $3.6 million at June 30, 2025, an increase of $541,000 from the prior fiscal year end balance of $3.1 million. The increase was primarily due to intangible assets acquired as part of the Tribute acquisition, partially offset by the amortization of intangible assets during the nine months ended June 30, 2025.
Previous wording
Right-of-use assets totaled $2.5 million at March 31, 2025, a decrease of $31,000 from the prior fiscal year end balance. The decrease was primarily due to the amortization of operating leases, partially offset by an increase in leased vehicles during the six months ended March 31, 2025.
Current wording
Right-of-use assets totaled $2.4 million at June 30, 2025, a decrease of $153,000 from the prior fiscal year end balance of $2.5 million. The decrease was primarily due to the amortization of operating leases, partially offset by an increase in leased vehicles during the nine months ended June 30, 2025.
Previous wording
Contract assets totaled $22.7 million at March 31, 2025, a decrease of $1.9 million from the prior fiscal year end balance of $24.6 million. The decrease was due to a difference in the timing of project billings at March 31, 2025, compared to September 30, 2024.
Current wording
Contract assets totaled $26.7 million at June 30, 2025, an increase of $2.1 million from the prior fiscal year end balance of $24.6 million. The increase was due to a difference in the timing of project billings at June 30, 2025, compared to September 30, 2024.
Previous wording
Prepaid expenses and other totaled $5.1 million at March 31, 2025, an increase of $1.0 million from the prior fiscal year end balance of $4.1 million. The increase was primarily due to prepaid insurance payments, partially offset by insurance expensed during the six months ended March 31, 2025.
Current wording
Prepaid expenses and other totaled $4.6 million at June 30, 2025, an increase of $474,000 from the prior fiscal year end balance of $4.1 million. The increase was primarily due to prepaid insurance payments, partially offset by insurance expensed during the nine months ended June 30, 2025.
Previous wording
The Company had total liabilities of $116.4 million at March 31, 2025, an increase of $16.9 million from the prior fiscal year end balance of $99.6 million.
Current wording
The Company had total liabilities of $134.6 million at June 30, 2025, an increase of $35.0 million from the prior fiscal year end balance of $99.6 million.
Previous wording
The aggregate balance of current maturities of long-term debt and long-term debt totaled $40.4 million at March 31, 2025, an increase of $16.8 million from the prior fiscal year-end balance of $23.6 million. The increase was primarily due to $16.0 million related to financing the acquisition of Tribute and assumption of $3.8 million of Tribute equipment debt, $200,000 in additional equipment financing and $1.3 million in line of credit borrowings, partially offset by $4.5 million in long-term debt payments.
Current wording
The aggregate balance of current maturities of long-term debt and long-term debt totaled $48.7 million at June 30, 2025, an increase of $25.2 million from the prior fiscal year-end balance of $23.6 million. The increase was primarily due to $16.0 million related to financing the acquisition of Tribute and assumption of $3.8 million of Tribute equipment debt, $5.0 million in additional equipment financing and $7.1 million in line of credit borrowings, partially offset by $6.8 million in long-term debt payments.
Previous wording
Contract liabilities totaled $22.9 million at March 31, 2025, an increase of $6.0 million from the prior fiscal year end balance of $17.0 million. The increase was due to a difference in the timing of project billings at March 31, 2025, as compared to September 30, 2024.
Current wording
Contract liabilities totaled $27.7 million at June 30, 2025, an increase of $10.7 million from the prior fiscal year end balance of $17.0 million. The increase was due to a difference in the timing of project billings at June 30, 2025, as compared to September 30, 2024.
Previous wording
Accounts payable totaled $22.6 million at March 31, 2025, a decrease of $1.1 million from the prior fiscal year end balance of $23.7 million. The decrease was due to the timing of accounts payable payments as compared to September 30, 2024.
Current wording
Accounts payable totaled $24.4 million at June 30, 2025, an increase of $679,000 from the prior fiscal year end balance of $23.7 million. The increase was due to the timing of accounts payable payments as compared to September 30, 2024.
Previous wording
Income tax payable totaled $304,000 at March 31, 2025, a decrease of $1.9 million from the prior fiscal year end balance of $2.2 million. The decrease was primarily related to income tax payments made during the first six months of fiscal year 2025 and a taxable loss generated during the six months ended March 31, 2025.
Current wording
Income tax payable totaled $413,000 at June 30, 2025, a decrease of $1.8 million from the prior fiscal year end balance of $2.2 million. The decrease was primarily related to income tax payments made during the first nine months of fiscal year 2025 and a taxable loss generated during the nine months ended June 30, 2025.
Previous wording
Current and long-term operating lease liabilities totaled $2.5 million at March 31, 2025, a decrease of $28,000 from the prior fiscal year end balance. The decrease was primarily due to payments made during the six months ended March 31, 2025, partially offset by an increase in leased vehicles.
Current wording
Current and long-term operating lease liabilities totaled $2.4 million at June 30, 2025, a decrease of $152,000 from the prior fiscal year end balance. The decrease was primarily due to payments made during the nine months ended June 30, 2025, partially offset by an increase in leased vehicles.
Previous wording
Lines of credit and short-term borrowings totaled $10.3 million at March 31, 2025, an increase of $50,000 from the prior fiscal year end balance. The increase was due to interest accrued on PPP Loans. Refer to Note 3 “Accounting for PPP Loans” in the accompanying consolidated financial statements for additional details.
Current wording
Lines of credit and short-term borrowings totaled $10.4 million at June 30, 2025, an increase of $75,000 from the prior fiscal year end balance. The increase was due to interest accrued on PPP Loans. Refer to Note 3 “Accounting for PPP Loans” in the accompanying consolidated financial statements for additional details.
Showing the first 40 of 79 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
*Less than 10.0% and included in “All other” if applicable
Current report — wording carried from elsewhere
the principal balance remaining and shall be at the stated rate of 3.5% per year. The Company has made $750,000 in principal payments on this note as of June 30, 2025. David Corns retired as president of Tri-State Paving & Sealcoating, Inc. in May 2025.
Current report — wording carried from elsewhere
The Company received significant bid opportunities for water and wastewater projects and electrical, mechanical, and general construction projects during the first nine months of fiscal year 2025. At June 30, 2025, the Company had an unaudited backlog of $133.0 million in electrical, mechanical, and general construction projects and $125.0 million in water projects.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
provided by financing activities, partially offset by a $20.8 million investment in the acquisition of Tribute and a net $4.5 million investment in equipment, less proceeds from the sale of equipment.
Previous report — wording carried elsewhere
benefits as a result of a lapse of the applicable statute of limitations. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in general and administrative expenses.