Able Energy, Inc. Announces Fiscal Year 2005 Earnings
| FOR THE YEAR ENDED JUNE 30, | ||||||
| 2005 | 2004 | 2003 | ||||
| Results of Operation Data | ||||||
| Sales | 61,964,825 | 42,882,327 | 43,409,488 | |||
| Gross Profit | 5,946,324 | 5,614,858 | 6,504,093 | |||
| Operating Income (Loss) | (1,142,598) | (1,971,745) | 328,463 | |||
| Net Income (Loss) from Continuing Operation | (2,110,257) | (2,700,102) | 53,322 | |||
| Per share: Net Income (Loss) from Continuing Operations |
(0.99) | (1.34) | (0.03) | |||
| Depreciation and Amortization | 1,183,144 | 1,152,906 | 1,070,046 | |||
| Interest Expense | 449,776 | 576,578 | 435,992 | |||
| Weighted Average Number of Shares Outstanding | 2,140,813 | 2,013,250 | 2,012,708 | |||
| Balance Sheet Data | ||||||
| Cash | 1,754,318 | 1,309,848 | 400,033 | |||
| Current Assets | 6,230,307 | 5,577,508 | 5,504,366 | |||
| Current Liabilities | 6,550,350 | 5,320,953 | 8,678,829 | |||
| Total Assets | 12,754,560 | 12,443,695 | 12,612,582 | |||
| Long-Term Liabilities | 4,146,095 | 3,724,691 | 446,461 | |||
| Total Stockholders' Equity | 2,058,115 | 3,398,051 | 3,487,292 | |||
Commenting on these results, Christopher Westad, President and Acting CEO, stated, "We are pleased that we have improved both gross profit and net income vs. prior year, despite the record increases in the cost for petroleum based products. Although we sustained a loss, we note that as part of this loss, $1,135,000 of it was due to one-time extraordinary expenses including losses associated with the 2003 accident and professional fees. We successfully refinanced our line of credit and long-term debt at better terms during the period, and were able to raise additional working capital through the issuance of debentures. We believe that these financings will help us fund our current operations plus expand our current product lines. More importantly, our focus will be to become vertically integrated into new lines of business through previously announced acquisitions." Westad concluded, "We are especially excited about our potential acquisition of the Kentucky based Somerset Oil and Refinery. We also anticipate acquisitions, which will significantly grow our core business this year."
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