Able Announces Second 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 , N.J.--(BUSINESS WIRE)--Aug. 23, 2000 Able Energy, Inc. ("Able") today announced its results for the first half of 2000. The Company reported record sales of $15.97 million for the six months as compared to $9.56 million in the first half of 1999, an increase of 67%. The Company reported an operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from operations of $570,676 for the period, which resulted in net income of $.24 per share.
SELECTED FINANCIAL DATA
SIX MONTHS ENDED JUNE 30,
2000 1999 1998
---- ---- ----
Consolidated Statement of Income
Sales $15,966,984 $ 9,557,695 $ 8,601,102
Gross profit 2,923,966 2,251,810 1,925,779
Operating income 590,676 697,370 416,965
Pretax Income 595,655 668,484 339,861
Net Income 475,005 396,474 201,611
Net Income Per Share .24 .38 .20
Weighted Average Number of
Shares Outstanding 2,000,000 1,044,198 1,000,000
Consolidated Balance Sheet
Cash $ 2,266,980 $ 6,107,665 $ 565,240
Working Capital 1,719,013 5,041,460 (531,416)
Total Assets 10,995,486 9,808,637 3,730,411
Total Stockholders' Equity 6,258,941 6,602,132 599,871
THREE MONTHS ENDED JUNE 30,
2000 1999
---- ----
Consolidated Statement of Income
Sales 4,851,781 3,376,760
Gross profit 846,077 498,052
Operating income (433,289) (247,564)
Pretax Income (421,166) (267,114)
Net Income (236,216) (160,514)
Net Income Per Share (.12) (.15)
Weighted Average Number of
Shares Outstanding 2,000,000 1,044,198
Commenting on these results, Timothy Harrington, Able's Chief Executive Officer, stated, "We realized record sales volume in our second quarter this year along with an offsetting temporary increase in expenses while we build for our future growth. Ours is a seasonal industry and our second quarter operating results, while significantly less than the first quarter, were within expectations. The company is experiencing a one time temporary increase in expenses as it builds and develops its new modern call center to be opened this Fall. Our new 'Call and Administrative Support Center' will further support our growth strategies and enable us to eliminate duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. of services. We are also continuing to work through and correct the issues created by our EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. computer system conversion during October of 1999. In addition, Able is supporting the birth and development of PriceEnergy.com, which will be launched in the 3rd quarter, and will revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the way businesses and consumers purchase liquid energy products. Beginning in 2001, the investment that we are making in our consolidation will yield greater economies of scale and operating efficiencies from the actions we are taking today." 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 An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. 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 propane, CH3CH2CH3, colorless, gaseous alkane. It is readily liquefied by compression and cooling. It melts at −189.9°C; and boils at −42.2°C;. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion