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| Able Energy, Inc. |
| 344 Route 46, Rockaway, NJ 07866 * (973) 625-1012 |
| Business Description | The company's operating entitles are engaged in the retail distribution of and the provision of services relating to, fuel oil, propane gas and natural gas through a joint venture with ALLEnergy, LLC, a division of New England Electric Systems, Inc. |
| Offering Information Company has | |||
| Trading As | ABLE (NASSCM) | Industry | Retail (SIC 5983) |
| Type of Stock Offered | Common Shares | Filing Date | 07/14/1998 |
| Domestic Shares Offered | 1,000,000 | Offer Date | 06/21/1999 |
| Foreign Shares Offered | 0 | Filing Price | $4.13 |
| Company Shares | 1,000,000 | Offer Price | $7.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.700 |
| Gross Proceeds | $7,000,000 | Selling | - - |
| Expenses | $216,563 | Reallowance | - - |
| Post-IPO Shares | 3,775,000 | Employees | 63 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Kashner Davidson Securities Corporation | Lead Manager | (941) 951-2626 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1997 | 03/31/1997 | 03/31/1998 | ||||
| Revenues | - | - | - | - | 16.500 | 5.343 | 5.505 |
| Income from Oper. | - | - | - | - | 0.218 | 0.330 | 0.501 |
| Net Income | - | - | - | - | 0.076 | 0.162 | 0.268 |
| E.P.S | - | - | - | 0.127 | 0.109 | 0.165 | 0.250 |
| Revenue Growth (%) | - | - | - | - | 3.03 | ||
| Net Income Growth (%) | - | - | - | - | 64.93 | ||
| Oper. Profit Margin (%) | - | - | - | - | 1.32 | 9.09 | 6.18 |
| Net Profit Margin (%) | - | - | - | - | 0.46 | 4.87 | 3.04 |
| Cash Flow - Oper. | 0.54 | 0.28 | 0.51 | ||||
| Cash Flow - Inv. | -0.41 | -0.07 | -0.03 | ||||
| Cash Flow - Fin. | -0.13 | 0.19 | -0.04 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1998 | Financial Ratios | ||||
| Total Assets | 3.55 | Current Assets | 1.35 | Current Ratio | 0.73 |
| Total Liab. | 3.15 | Current Liab. | 1.87 | Debt Ratio | 88.79% |
| Total Equity | 0.40 | Working Cap. | -0.51 | Debt to Equity Ratio | 7.92 |
| Cash | 0.60 | Return on Assets | 7.54% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for acquisitions, new products and business lines, sales and marketing, addition of new terminal space, computer hardware and software and installation, purchase of real property, hiring of additional personnel, and for working capital and general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Sichenzia, Ross & Friedman LLP |
| Bank's Law Firm | Goldstein & Digioia, L.L.P. |
| Registrar/Transfer Agent | Continental Stock Transfer & Trust Co |
| Auditor | Simontacchi & Co. LLP |
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| Industry Competition |
The Company's business is highly competitive. In addition to competition from alternative energy sources, the Company competes with distributors offering a broad range of services and prices, from full service distributors similar to the Company, to those offering delivery only. Competition with other companies in the propane industry is based primarily on customer service and price. Longstanding customer relationships are typical in the retail home heating oil and propane industry. Many companies in the industry, including the Company, deliver fuel oil or propane to their customers based upon weather conditions and historical consumption patterns without the customers having to make an affirmative purchase decision each time fuel oil or propane is needed. In addition, most companies, including the Company, provide equipment repair service on a twenty-four hours-a-day basis, which tends to build customer loyalty. As a result, the Company may experience difficulty in acquiring new retail customers due to existing relationships between potential customers and other fuel oil or propane distributors. |
| Business Plan |
The Company's strategy to expand its operations includes (i) the acquisition of select operators in the Company's present markets as well as other markets; (ii) capturing market share from competitors through increased advertising and other means; (iii) diversifying its products; (iv) diversifying its customer base; and (iv) replicating its marketing and service formula in new geographic areas either directly or through franchise arrangements. |
| Additional Underwriter Compensation |
| Warrant to purchase 87,500 shares/units at $8.75 per share/unit. |
| Exercise price of $12.38 for 4 year(s), 1 year(s) from 06/21/1999. |
| $166,000.00 consulting agreement for 2 year(s). |