Able Energy Announces Fiscal Year 2002 Results
Rockaway, New Jersey (September 26, 2002) - Able Energy, Inc. ("Able") today announced its results for the fiscal year ended June 30, 2002. The Company reported sales of $26.7 million for the year as compared to $33.9 million in the same period ended June 30, 2001, a decrease of 21%. This is due primarily to record high winter temperatures, which affected the company's busy season. While the Company reported a net loss from operations for the period, this is an improvement of 6% over the results from the prior year. EBITDA was ($290,067) and of that, the Company had $100,458 in bad debt write off's, and $167,331 related to non-recurring expenses in the operations of the PriceEnergy subsidiary. This resulted in net loss per share of $.76 vs. a .81 loss per share for the prior year.
Commenting on these results, Timothy Harrington, Able's Chief Executive Officer, stated, "Our operations continue to improve. While our results for this past year have shown improvement in certain key areas, we were faced with the difficult challenge of working through the warmest winter season in 125 years. Heating degree-days (an index measurement to reflect the demand for energy to heat homes & businesses) were off by over 25%, however, our heating related gallons sales for the year were only off by 9.9%. This is good news and is the result of our Company's continued growth in its core customer base. In addition, through our new margin management policy, our gross profit percentage increased to 19% from 15.2% last year. Our Selling, General, and Administrative expenses decreased by $618,367 or 10.4% from last year."
Harrington continued, "We are also excited about several new developments within our organization which will enhance profitability and reduce expenses. Among these to be implemented by the end of this coming year is a new, more straightforward way of billing for burner related services in our HVAC group, an automated voice recognition portion of our call center designed to enhance our customer service, and the opportunity to work with a key retail channel partner to quickly develop our PriceEnergy subsidiary."
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