Keystoner
15 years ago
Morris County, Real-Time News, Sussex County »
Rockaway fuel oil company Able Energy leaves N.J. customers fuming
By Dan Goldberg/For The Star-Ledger
February 17, 2010, 6:15AM
Fuel oil trucks are parked at Able's headquarters in Rockaway
Morris and Sussex residents are reporting that Able Energy, a residential and commercial oil service company, has stopped making its regular deliveries of home-heating oil, leaving many customers clamoring for answers.
Some have received as little as five gallons -- enough for about one day -- after repeated calls to Able. Others have not been so fortunate.
“We can’t get a hold of anyone,” said Betty Pearson, an Andover resident. “My husband and I are in our 70’s. We don’t need this extra worry.”
As of 2008, Able served approximately 16,000 customers in New Jersey, primarily in Morris and Sussex County. The Rockaway-based company served an additional 13,000 customers in New York and Pennsylvania, according to a report filed with the Securities and Exchange Commission.
Like others who have tried in vain to contact Able, the Pearsons turned to another oil company to provide them with a relatively quick fix.
“We were desperate,” Pearson said.
It has been a boon to surrounding businesses as several oil companies are now competing for former Able customers.
“There are a lot of oil dealers in the northwest part of the state who have picked up business because of Able’s inability to deliver to its customers,” said Eric DeGesero, executive director of the Fuel Merchants Association of New Jersey, an industry trade group, of which Able is not a member.
“It’s almost like a feeding frenzy right now,” said Charles Brand, President of Hart & Iliff, based in Newton.
Mark Fredericks, president of Fredericks Oil in Oak Ridge, said for the past two weeks he has been receiving approximately seven to 10 calls a day from Able customers like Rick Green who are as desperate for oil as they are angry at Able.
Green, who said he had been an Able customer for almost 20 years, never had a problem with service until this winter.
He said he would like to tell Able he is leaving but has not been able to speak with anyone directly, despite repeated attempts.
“If I could notify them that I severed my relationship, I would,” Green said, “but they won’t even answer the phone.”
At their office in Rockaway Tuesday morning, administrative staff could be heard on the phone apologizing to customers.
Neither Able CEO Gregory Frost nor company President Louis Aponte responded to calls seeking comment and customers said they have received no official explanation as to why their service stopped.
Able had incurred losses of approximately $12.9 million and $6.6 million during the years that ended June 30, 2008 and 2007, respectively, according to its most recent annual report filed with the SEC.
Able Energy suspended its obligation to file with the SEC in February 2009.
Last December, a group of minority shareholders, led by former owner Tim Harrington, attempted to oust the company’s board of directors.
Harrington, who sold the company in 2004, said shareholders were unhappy with the performance of current management after it “orchestrated a questionable merger with All American Plazas,” a truck stop company, “sold valuable assets, and became the subject of an SEC inquiry,”
The effort failed because Harrington did not have enough shareholder votes.
Jeff Fricchione, a Sparta resident and former Able customer who ran out of oil last week, said he is out hundreds of dollars for the up-front payments he made to Able.
DeGesero said he wasn’t sure to whom customers like Fricchione could file their complaint.
“To the best of my knowledge, it’s never happened,” DeGesero said. “Most oil companies have been operating for generations and have always been on the honor system.”
Pearson said she and her husband plan to send an angry letter to Able executives.
“They should at least have the respect or decency to contact their customers and let them know they’re having a problem.”
Related coverage:
• Shareholders for Rockaway heating-oil firm concede not having enough votes for takeover
• Shareholders fight for control of Rockaway home-heating oil firm Able Energy
• Former officials at Rockaway home-heating oil firm file wrongful termination suit
Golden Cross
19 years ago
Able Energy Subsidiary, PriceEnergy Expands Relationship with BJ's Wholesale Club
Wednesday May 31, 4:33 pm ET
ROCKAWAY, N.J.--(BUSINESS WIRE)--May 31, 2006--Able Energy announced today that its e-commerce subsidiary, PriceEnergy and BJ's Wholesale Club have extended their contract to provide home heating oil and related services to BJ's members throughout the Northeast U.S. This industry-leading program was started in 2002 and has grown to over 70 BJ's locations in 8 northeastern states. This agreement extension now paves the way to expand the program to over 100 BJ's locations in the Northeast.
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"We look forward to our continued relationship with BJ's and are excited about the economic potential of this agreement," stated Gregory Frost, Chairman and CEO of Able Energy. "Our new agreement provides the incentive for us to aggressively expand the number of BJ's members we serve while also adding new products and services to the program. This agreement is consistent with our commitment to growing both revenue and profitability in all of our operating subsidiaries."
PriceEnergy operates a fully automated, internet based home heating oil ordering system, complimented by a network of fuel distributors, making PriceEnergy uniquely qualified to provide services to BJ's and other similar channel partners. BJ's Wholesale Club has grown to become the leading warehouse chain in the eastern Unitied States.
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, and kerosene. In addition, Able provides complete HVAC installation and repair.
Able's common stock is traded on the NASDAQ Capital Market under the symbol "ABLE" and on the Boston Stock Exchange under the symbol "AEI".
This announcement includes forward-looking statements based on current expectations. Actual results may differ materially. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, the closing of future financing rounds, the possibility of continuing operating losses, the ability to adapt to rapid technological change, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products and the ability to establish and maintain strategic partner relationships.
Contact:
Able Energy
Christopher P. Westad, 973-625-1012
--------------------------------------------------------------------------------
Source: Able Energy
Golden Cross
19 years ago
Able Energy Reports Results for the Quarter Ended March 31, 2006
Monday May 15, 6:35 pm ET
ROCKAWAY, N.J.--(BUSINESS WIRE)--May 15, 2006--Able Energy, Inc. ("Able") today announced financial results for the third quarter ended March 31, 2006. Net sales for the three months were $26.3 million compared to $23.7 million in the comparable period in the prior year. Net loss for the three months was $(1.5) million or $(0.52) per common share (basic and diluted) compared to net income of $569,000 or $0.28 per common share (basic and diluted) in the previous year. Net sales for the nine months were $61.7 million compared to $50.9 million in the comparable period in the prior year. Net loss for the nine months was $(4.8) million or $(1.76) per common share (basic and diluted) compared to $(250,000) or $(0.12) per common share (basic and diluted) in the previous year.
Net loss for the quarter and the nine months ended March 31, 2006 were substantially impacted by one-time charges of approximately $1 million and $2.4 million, respectively, for non cash charges related to the amortization of debt discount for conversion rights of the convertible debentures sold in July 2005 and the value of warrants issued in connection with the convertible debentures and conversion of a note payable.
Selected Financial Data
Three Months Ended Nine Months Ended
March 31, March 31,
------------------------- -------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
Net sales $26,265,365 $23,668,771 $61,736,954 $50,878,714
(Loss) income from
operations (478,508) 630,982 (1,812,990) (114,656)
Net (Loss) Income (1,521,016) 569,461 (4,763,555) (249,557)
Basic and diluted
(loss) income per
common share (.52) .28 (1.76) (.12)
March 31, June 30,
--------------------------
2006 2005
------------ -------------
Cash $1,605,404 $1,754,318
Current Assets 9,035,220 6,297,647
Current
Liabilities 6,761,965 6,697,369
Total Assets 15,523,171 12,821,900
Long-Term
Liabilities 3,927,360 4,066,416
Total
Stockholders'
Equity 4,833,846 2,058,115
Commenting on these results, Gregory D. Frost, Able's Chief Executive Officer, stated, "Although the Company's revenues increased substantially during this quarter, we were unable to realize our projected profit margins due to record warm temperatures which significantly affected our home heating oil deliveries. Certain additional selling, general and administrative expenses for professional fees related to the Company's proposed purchase of All American Plazas, Inc. were recorded in the period. The All American acquisition, when completed, should allow the Company to diversify its business to allow for consistent year round revenues and a substantial increase of our revenues. While we have experienced a difficult quarter, our financial base remains strong as evidenced by the growth of our stockholders' equity as a result of the conversion of convertible debentures and exercise of options and warrants and we remain excited about our future which includes the marketing introduction of environmentally friendly, home grown, bio-diesel and bio-heat." Frost concluded, "Our anticipated financial resources present the opportunity for us to actively participate in the expected consolidation within our industry."
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, and kerosene. In addition, Able provides complete HVAC installation and repair.
Able's common stock is traded on the NASDAQ Capital Market under the symbol "ABLE" and on the Boston Stock Exchange under the symbol "AEI".
This announcement includes forward-looking statements based on current expectations. Actual results may differ materially. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, the closing of future financing rounds, the possibility of continuing operating losses, the ability to adapt to rapid technological change, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products and the ability to establish and maintain strategic partner relationships.
Contact:
Able Energy, Inc.
Christopher P. Westad, President, 973-625-1012
--------------------------------------------------------------------------------
Source: Able Energy, Inc.
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