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Able Energy (ABLE)
Able Energy, Inc's recent stock appreciation and potential acquisition.
Able Energy, Inc. ("Able") announced its intention to acquire All American Plazas, Inc., a privately held company headquartered in Myerstown, Pennsylvania as well as its results for its second fiscal period ending December 31, 2004.
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Able believes that the potential acquisition of All American Plazas will enhance the ability of the combined entity to improve marketing opportunities for heating and motor fuels along with greater financial market recognition with combined revenues of the new entity approaching approximately $200 million. All American Plazas owns and operates interstate travel plazas in four Northeastern States with annual revenues in excess of $130 million for its fiscal year ending September 30, 2004.
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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 Energy anticipates making the acquisition through a tax-free exchange with the shareholders of All American Plazas. If the acquisition is finalized, Able will acquire the All American Plazas shares for a purchase price of approximately $30. If the acquisition is completed, All American Plazas will be a wholly owned operating subsidiary of Able.
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Able Energy, Inc. also announced Friday its results for its second fiscal period ending December 31, 2004. The Company reported record sales of $18.9 million for the quarter as compared to $11.8 million for the quarter ending December 31, 2004, an increase of 60.17%. The Company reported income from operations of $108,013 for the period, which resulted in net income per share of $.03. Timothy Harrington, Able's Chief Executive Officer, stated, "We have significantly surpassed our sales compared to the same quarter last year. We are very encouraged by our net income, which, for the six months this year vs. last year, is trending $922,649 ahead along with a profit for the 2nd quarter of 53,881. Our December 31st balance sheet shows cash balance, which is up $362,000 over the same period last year, an increase of 90%. Considering our encouraging results as well as our recent affiliation with All American Plazas, our edge in the marketplace is only getting stronger."
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Profile |
Operates in the retail distribution of fuel oil, propane gas and natural gas through All Energy Marketing Company. Additional services include complete HVAC installation and repair and marketing of petroleum products to commercial customers.
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