Able Energy Reports Its Three Months Results For The Quarter Ended December 31, 2005
Rockaway, New Jersey (February. 16, 2006) -- Able Energy, Inc. ("Able") today announced financial results for the second quarter ended December 31, 2005. Net sales for the six months were $35,471,589 compared to $27,209,943 a year ago. Net loss for the six months was $(3,242,539) or $(1.25) per share compared to $(819,018) or $(0.41) per share in the year earlier. Net sales for the three months were $22,340,176 compared to $18,988,098 a year ago. Net loss for the three months was $(1,900,507) or $(0.74) per share compared to net income of $53,881 or $0.03 per share in the year earlier.
Net loss for the quarter and the six months included approximately $1.3 million and $1.6 million, respectively, of non cash charges related to the convertible debentures sold in July 2005 and the conversion of a note payable.
Selected Financial Data
Three Months Ended Six Months Ended
December 31, December 31,
------------------------- -------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Net sales $22,340,176 $18,988,098 $35,471,589 $27,209,943
(Loss) income
from operations (393,578) 66,616 (1,329,837) (745,638)
Net (Loss) Income (1,900,507) 53,881 (3,242,539) (819,018)
Basic and diluted
(loss) income
per common share (.74) .03 (1.25) (.41)
December 31,
-------------------------
2005 2004
------------ ------------
Cash $ 2,931,568 $ 753,582
Current Assets 12,148,146 7,152,913
Current
Liabilities 10,599,628 7,393,188
Total Assets 19,027,838 13,819,035
Long-Term
Liabilities 4,265,226 3,846,814
Total
Stockholders'
Equity 4,162,984 2,579,033
Commenting on these results, Gregory Frost, Able's Chief Executive Officer, stated, "We are pleased with the continued improvement in our sales and the revenue generated from this increase in sales. The strength in our sales has continued to improve our balance sheet. In addition, through February 15, 2006, we have converted approximately $2.3 million of the convertible debentures into shares of the company's common stock. This conversion into equity will further improve our balance sheet. However, due to the exceptionally warm weather experienced in the Northeast this quarter our business produced a loss from operations for the second quarter of ($393,578) compared to a gain from operations of $66,616 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 concluding our transaction with All American Plazas, which will significantly grow our 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 Capital 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.
Contact: Able Energy, Inc. Christopher P. Westad, President, 973/625-1012