Turnaround of the Year
The Turnaround Management Association/Ohio Chapter has recognized Centrus with the 2014 The Turnaround Management Association/Ohio Chapter has recognized Centrus with the 2014 Turnaround of the Year Award. The Centrus turnaround team was lead by Bob Cohen, supported by Jerry Norton and Terry Humphrey. This award is bestowed upon the turnaround professional to recognize the enhancement of corporate value, preservation of jobs, establish effective operations, implement solid management, improve cash flow and increase production, in addition to the countless other factors that contribute to the triumphant recovery of a struggling company. is bestowed upon the turnaround professional to recognize the enhancement of corporate value, preservation of jobs, establish effective operations, implement solid management, improve cash flow and increase production, in addition to the countless other factors that contribute to the triumphant recovery of a struggling company.
Our Client: Energy Services of America
Energy Services of America Corporation (ESA) services the gas, oil and electrical industries. Centrus, along with the directors and officers of ESA, developed and implemented a strategy resulting in the successful turnaround of the company. The 18-month effort resulted in the stabilization of revenue at $108 million, generating net profit of $3.8 million after $40 million in total net losses in prior two years, relisting on the stock exchange, exited forbearance with secured lenders and reduced total secured debt by approximately $20 million.