Able Announces Results Ending 3.31.05
Rockaway, New Jersey (May 20, 2005) – Able Energy, Inc. announced its results for three-month period ending March 31, 2005. The Company reported record sales of $23.67 million for the quarter as compared to $16.65 million for the quarter ending March 31, 2004, an increase of 42.16%. The Company reported income from operations of $807,126 for the period, which resulted in net income per share of $.28.
SELECTED FINANCIAL DATA
| 2005 | 2004 | ||||||
| Sales |
$23,668,771 |
$16,645,044 |
|
| |||
| Gross Profit |
2,745,538 |
2,837,892 |
|
| |||
| Operating Income (Loss) |
807,126 |
762,879 |
|
| |||
| Net Income (Loss) |
569,461 |
3,125,303 |
|
| |||
| Less extra ordinary gain (1) |
-0- |
2,688,490 |
|
| |||
| Ordinary income |
569,461 |
436,813 |
|
| |||
| Ordinary income (Loss) Per Common Share |
.28 |
.22 |
|||||
| EBITDA (2) | 925,327 | 3,655,261 | |||||
Consolidated Balance Sheet |
Mar 31 |
Mar 31 | |||||
| 2005 | 2004 | ||||||
| Cash |
$ 263,130 |
$1,166,560 |
|||||
| Current Assets |
6,267,566 |
6,679,344 |
|||||
| Current Liabilities |
5,149,281 |
4,918,508 |
|||||
| Total Assets |
12,662,791 |
13,594,630 |
|||||
| Long Term Liabilities |
3,647,962 |
3,822,700 |
|||||
| Total Stockholder's Equity |
3,683,613 |
4,853,422 |
(1) The net income for the three months ended March 31, 2004, includes a gain on sale of the Company's subsidiary, Able Propane, LLC of $ 2,688,490. Without the gain, the basic net income is $436,813 and basic income new share is .22.
(2) Earnings Before Interest, Income Taxes, Depreciation, and Amortization.
Commenting on these results, Christopher P. Westad, Able's President, stated, "Our sales increase over the same period last year represents our aggressive trend toward cornering a sizable measure of the marketplace. While sales dollars increased, we were able to decrease our expenses by 6.5 %. We continue to realize the efforts of our margin management and our budget process. With the envelopment of our new operating systems, both operational and financial, along with our existing technology, we look forward to continued growth."
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".
For information contact
Christopher P. Westad, President
(973) 625-1012