Able Energy CEO Selected as Entrepreneur of the Year Finalist by Ernst and Young.Business Editors ROCKAWAY, N.J.--(BUSINESS WIRE)--May 15, 2001 Able Energy, Inc. ("Able") today announced that its CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Timothy Harrington, has been selected as a finalist for the Ernst & Young Entrepreneur of the Year Award for 2001. This prestigious annual award recognizes the best entrepreneurs throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , particularly individuals who have developed companies from a concept stage to industry leaders. Each year successful and innovative entrepreneurs strive for this esteemed honor. Previous years' winners include the entrepreneurial leaders behind companies including Amazon.com, Southwest Airlines This article is about the American airline. For the former Japanese airline, see Japan Transocean Air. For the British airline, see Air Southwest. Southwest Airlines Co. , Enterprise Rent-a-Car, QUALCOMM, Inc., Starbucks Corporation and others. Timothy G. Harrington, Able's Chairman of the Board and CEO, developed the company from a one-truck operation operating from his parents home to a Nasdaq listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → and regional industry leader with revenues in excess of $31 million. More recently, Mr. Harrington has focused his attention to the expansion of Able's majority-owned on-line distribution company, PriceEnergy.com, Inc. PriceEnergy uses a proprietary technology to provide fully automated and integrated distribution of liquid energy products, such as home heating oil, propane, and diesel fuel throughout the Northeast. Able had sales of $31.7 million in fiscal year 2000, an increase of 61.3% over the prior year's revenues of $19.7 million. Although the company reported a net loss for the period ended December 31st 2000, Able would have reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $125,084 for the year, if not for its significant investment in the development and expansion of PriceEnergy. Able has continued to experience strong sales through the first quarter of 2001 that suggest strong potential for this year's operations in light of management's expected reduction in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and continuing expansion of PriceEnergy. Able Energy's CEO and Chairman of the Board, Timothy G. Harrington commented, "I am honored to once again be an Entrepreneur Of The Year finalist. It has given me great pleasure to build and expand Able's operations. I look forward to continuing that growth through development of our PriceEnergy subsidiary. We are excited that PriceEnergy is fully operational and is enabling us to efficiently expand our operations to new areas of the Northeast this year. We look forward to continued growth and success for both Able and PriceEnergy." Able is a holding company for five operating subsidiaries that are engaged in the retail sales, distribution, and provision of services to customers using 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 sales, installation, maintenance, 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 ". This press release contains certain forward-looking statements, including those regarding Able Energy, Inc. and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future performance. 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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