Able Energy Reports Record Sales And Earnings
Rockaway, New Jersey (February 12, 2003) - Able Energy, Inc. today announced its results for the six-month period ending December 31, 2002. The Company reported record sales of $12.5 million for the quarter as compared to $7.3 million for the quarter ending December 31, 2001, an increase of 70.56%. The Company reported income from operations of over $1 million for the period and EBITDA of $1.3 million. Sales increased due to continued aggressive sales activities resulting in a larger customer base, colder weather during the October to December quarter, and a more favorable pricing structure.
| SELECTED FINANCIAL DATA | |||||||
| Six Months Ended Dec 31 | Three Months Ended Dec 31 | ||||||
|
2002 |
|
2001 |
2002 |
2001 | |||
|
Sales |
$18,687,071 |
$12,568,749 |
$12,453,732 |
$ 7,301,452 | |||
|
Gross Profit |
3,349,743 |
2,124,157 |
2,519,229 |
1,576,906 | |||
|
Operating Income (Loss) |
324,554 |
(1,010,388) |
1,002,972 |
(44,861) | |||
|
Net Income (Loss) |
194,582 |
(1,017,305) |
924,408 |
(66,295) | |||
|
Basic Income (Loss) Per Common Share |
0.10 |
(0.51) |
0.46 |
(0.03) | |||
|
EBITDA (1) |
919,225 |
(442,581) |
1,300,237 |
224,725 | |||
(1) Earnings Before Interest, Income Taxes, Depreciation, and Amortization.
Commenting on these results, Timothy Harrington, Able's Chief Executive Officer, stated, "We have surged ahead of our projections for fiscal 2003. We are very proud of this accomplishment and are dedicated to continuing this trend of dramatically increasing our sales and profits. Our third quarter, which began on January 1, 2003, is also showing a strong trend ahead of plan. This accomplishment is in addition to the successes of our newest subsidiary, PriceEnergy, which is surpassing last year's volume by 100%." Harrington continued, "Our recently announced partnership with BJ's Wholesale Club will bring even greater successes to PriceEnergy, as BJ's is using PriceEnergy to power BJ's exclusive heating oil program in the northeast."
Reflecting on the Company's performance over the past two years, Harrington stated "We took a planned approach by building our technological and operational infrastructure to effectively handle our larger business model. We invested heavily in our business the last two years and are now beginning to see the results of that investment. Our future looks bright."
Able is a holding company for five operating subsidiaries which are engaged in the retail distribution of, and the provision of services relating to, home heating oil, fuel oil, and propane gas, in addition, Able provides complete HVAC installation and repair.
Able's common stock is traded on the Nasdaq SmallCap Market under the Symbol "ABLE" and on the Boston Stock Exchange under the Symbol "AEI".
The statements contained in this Press Release contain certain forward-looking statements, including statements regarding Able and its subsidiaries expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to Able's management as of the date hereof and actual results may vary based upon future events, both within and without Able management's control.
For information contact
Timothy Harrington, Chief Executive Officer
(973) 625-1012