Able Announces 9 Months Results Ending 3.31.04
ABLE ENERGY REPORTS ITS NINE
MONTHS
RESULTS FOR THE QUARTER ENDED MARCH 31, 2004
Rockaway, New Jersey (May 21, 2004) – Able Energy, Inc. announced its results for the nine-month period ending March 31, 2004. The Company reported sales of $17.5 million for the quarter as compared to $19.5 million for the quarter ending March 31, 2003, a decrease of 10.24%. The Company reported income from operations of $857,967 and a net income $3.5 million for the period. Earnings before interest, income taxes, depreciation, and amortization for the three months ended March 31, 2004 were $4.0 million vs. $1.5 million for the same period a year ago primarily as a result of the sale of one of the company’s subsidiaries during the quarter.
S E L E C T E D F I N A N C I A L D A T A
| Nine Months Ended Mar. 31 | Three Months Ended Mar. 31 | |||||||
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2004 |
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2003 |
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2004 |
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2003 |
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Sales |
$36,772,902 |
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$38,177,651 |
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$17,495,340 |
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$ 19,470,580 |
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Gross Profit |
5,469,413 |
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6,960,342 |
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3,032,107 |
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3,610,599 |
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Operating Income (Loss) |
(524,595) |
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1,870,412 |
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857,967 |
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1,545,858 |
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Net Income (Loss) (2) |
1,366,130 |
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1,275,747 |
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3,469,622 |
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1,081,165 |
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Basic Income (Loss) Per Common Share |
0.68 |
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0.63 |
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1.72 |
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0.54 |
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EBITDA (1) |
2,990,550 |
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2,442,111 |
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4,043,314 |
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1,449,109 |
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(1) Earnings Before Interest, Income Taxes, Depreciation, and Amortization.
(2) Net income for the nine and three months ended March 31, 2004 includes income of $2,668,490 resulting from the sale of the business of the Company’s subsidiary, Able Propane, LLC.
Commenting on these results, Timothy Harrington, Able’s Chief Executive Officer, stated, "We are excited about the positive momentum yielded by our current results. With the sale of our propane subsidiary, we have greatly improved our debt position and reached a fair settlement with the State of New Jersey". "Additionally," Harrington noted, "the success with our PriceEnergy business is continuing, as that subsidiary began to turn a profit this past season and we have surpassed last year’s sales by 100%. Our partnership with BJ’s Wholesale Club has yielded amazing results, and makes us the exclusive heating oil provider in eight states from Maine to Pennsylvania and growing through the addition of more club stores to the program each month."
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, diesel fuel, kerosene, and 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