Able Announces Record First Quarter Results.Business Editors ROCKAWAY Rockaway, narrow peninsula, c.10 mi (16 km) long, SW Long Island, SE N.Y., in Queens borough of New York City. Separating Jamaica Bay from the Atlantic Ocean and isolated from the rest of New York City, the densely populated peninsula owes its growth to road and rail , NJ--(BUSINESS WIRE)--May 16, 2000 Able Energy, Inc. ("Able") today announced its results for the first quarter of 2000. The Company reported record sales of $11.1 million for the quarter as compared to $6.1 million in the first quarter of 1999, an increase of 45%. The Company reported income from operations of over $1 million for the period, which resulted in net income per share of $.40. Commenting on these results, Timothy Harrington, Ables's Chief Executive Officer, stated, "We have surged ahead of our projections of for fiscal 2000. We are proud of this accomplishment and dedicated to continuing on this trend of dramatically increasing our sales and profits. The Company currently has a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of approximately $10 million. Considering our tremendous results as well as having nearly $2.5 million in the bank, plus the introduction of our exciting new e-Commerce subsidiary - PriceEnergy.com, we are confident that the value of our stock will significantly improve." In addition, for the three months ended March 31, 2000 Able is reporting assets exclusive of good will in excess of $10.8 million and liabilities of $4.3 million resulting in net equity in excess of $6 million. Mr. Harrington commented that "we believe these results clearly reflect that our stock is highly undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. ". Able successfully completed its initial public offering of common stock on June 25, 1999. The offering consisted of 1 million shares of common stock at an initial offering price of $7.00 per share. Able is a holding company for five operating subsidiaries which are engaged in the retail distribution of, and the provision of services relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc , home heating oil, fuel oil, and propane gas, in addition, Able provides complete HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free installation and repair. Able's common stock is traded on the Nasdaq SmallCap Market under the Symbol "ABLE" and on the Boston Stock Exchange The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. under the Symbol "AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute ". The statements contained in this Press Release contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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. |
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