Able Energy Reports Its Three Months Results For The Quarter Ended September 30, 2005
Able Energy, Inc. ("Able") announced its results for three-months ending September 30, 2005. The Company reported record sales of $13.1 million for the quarter ending September 30, 2005 as compared to $8.2 million for the same quarter in 2004, an increase of 59.8%.
SELECTED FINANCIAL DATA
Three Months Ended Sept. 30
| 2005 | 2004 | |
| Net sales | $13,131,413 | $8,221,845 |
| Balance Sheet Data | ||
| Cash | 4,668,493 | 1,754,318 |
| Current Assets | 12,267,741 | 6,230,307 |
| Current Liabilities | 9,834,916 | 6,550,350 |
| Total Assets | 18,959,068 | 12,754,560 |
| Long-Term Liabilities | 6,561,535 | 4,146,095 |
| Total Stockholders’ Equity | 2,562,617 | 2,058,115 |
Commenting on these results, Gregory Frost, Able’s Chief Executive Officer, stated, "We are pleased with the continued improvement in our sale and the revenue generated from this increase in sales. The strength in our sales has continued to improve our balance sheet. However, due to the seasonal nature of our business our first quarter is traditionally slow and we sustained a loss during the period of $1,063,499 million or $(0.47) per share compared to a net loss of approximately $872,899 million or $(0.43) per share a year ago." Frost concluded, "We continue to be especially excited about our potential acquisition of the Kentucky based Somerset Oil and Refinery as well as the introduction of the sale of bio-diesel blended home heating oil. 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".
This announcement includes forward-looking statements based on current expectations. Actual results may differ materially. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, the closing of future financing rounds, the possibility of continuing operating losses, the ability to adapt to rapid technological change, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products and the ability to establish and maintain strategic partner relationships.
For information contact Christopher P. Westad, President (973) 625-1012