Genie Energy Ltd. Reports Third Quarter 2017 Results

NEWARK, N.J., Nov. 2, 2017

3Q17 OPERATIONAL AND FINANCIAL HIGHLIGHTS
(All results are for 3Q17 and are compared to 3Q16 unless otherwise noted)

• The Genie Energy Board of Directors has appointed Michael Stein, the Company's Chief Operating Officer and CEO of Genie Retail Energy (GRE), as the CEO of Genie Energy Ltd., effective immediately.  Howard Jonas will continue to serve as Chairman of the Board of Genie Energy.
• Genie Retail Energy added a net thirty-six thousand RCEs and sixteen thousand meters during 3Q17 through both meter acquisition programs and the previously announced acquisition of Mirabito Natural Gas, a Florida-based commercial gas supplier;
• GRE increased revenue to $69.5 million from $57.2 million (+21.6%).  3Q17 was GRE's sixth consecutive quarter of year-over-year revenue increases;
• GRE contributed income from operations of $4.8 million and Adjusted EBITDA* of $5.4 million, while investing significantly in new customer acquisition.  In 3Q16, income from operations and Adjusted EBITDA were $7.9 million and $8.0 million, respectively;
• Consolidated income from operations was $1.4 million compared to a loss from operations of $37.1 million.  Consolidated Adjusted EBITDA was $3.3 million compared to $5.2 million in 3Q16;
• In Israel, Genie Energy's Afek subsidiary continues to work toward a revised target depth at its first exploratory well in the Northern portion of its license area;
• Genie Energy's Board of Directors has declared a quarterly dividend of $0.075 per share on Genie Energy's Class A and Class B common stock to be paid on or about November 17, 2017. 

COMMENTS OF MICHAEL STEIN, CEO OF GENIE ENERGY
"Genie Retail Energy achieved outsized increases in our customer base during the third quarter acquiring meters organically and through a strategic acquisition.  In the past year, we have increased our RCE base by 35% to 325,000 – the highest level since before the Polar Vortex early in 2014.  We also continue to diversify our geographic base and portfolio of product offerings.  In Israel, we expect to complete drilling the Ness 10 exploratory well and report preliminary results with our fourth quarter and year end results.

"I want to thank Howard Jonas and Genie's Board of Directors for the honor and privilege of leading the outstanding Genie organization.  With our retail energy business poised to open new markets and Afek drilling Ness 10, I'm looking forward to working with the Board and our management teams to fully exploit the abundant opportunities before us.  I appreciate the confidence shown in me, and I am excited to help achieve our goals."

CONSOLIDATED RESULTS ARIVA.DE Börsen-Geflüster Kurse Genie Energy B 16,16 $ 0,00%
$ in millions, except EPS	3Q17	2Q17**	3Q16		3Q17 -3Q16 Change (%/$)
Revenue	$69.5	$50.2	$57.2		+21.6%
Gross profit	$21.8	$12.1	$20.2		+7.8%
Gross margin percentage	31.3%	24.1%	35.4%		(410) BP
SG&A expense (including stock-based compensation)	$19.5	$24.7	$14.9		+30.3%
Stock-based compensation	$1.4	$1.1	$1.2		+21.6%
Exploration expense***	$0.8	$1.0	$1.3		(43.0)%
Write-off of capitalized exploration costs	-	-	$41.0		$(41.0)
Income (loss) from operations	$1.4	$(13.6)	$(37.1)		+$38.5
Adjusted EBITDA*	$3.3	$(11.9)	$5.2		(36.5)%
Net income (loss) attributable to Genie Energy common stockholders	$0.4	$(12.9)	$(32.5)		$32.9
Diluted earnings (loss) per share attributable to Genie Energy common stockholders	$0.02	$(0.55)	$(1.43)		+$1.45
Capitalized exploration costs	$2.3	$2.2	$0.1		+$2.2
Net cash provided by (used in) operating activities	$6.6	$(6.9)	$(1.7)		+$8.3

*Adjusted EBITDA for all periods is a non-GAAP measure intended to provide useful information that supplements the core operating results in accordance with GAAP of Genie Energy or the relevant segment.  Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of Adjusted EBITDA and reconciliation to the most directly comparable GAAP measure.

** Genie Energy identified an error in its reported financial statements for 1Q17 and 2Q17. The error impacted revenue by $2.0 million, gross profit, income (loss) from operations and Adjusted EBITDA by $1.2 million and net income by $1.1 million. The error caused an understatement by those amounts in 1Q17, and an overstatement by the same amounts in 2Q17, resulting in no impact for the six-month period ended June 30, 2017. The results in the table above are the corrected amounts.  Genie Energy will be filing amended Forms 10-Q for the first and second quarters of 2017 to reflect the correction of the error.

*** Genie Energy's Afek Oil & Gas subsidiary accounts for its oil and gas exploration activities under the "successful efforts" method of accounting.  Under this method, acquisition costs, costs of drilling exploratory wells, and exploratory-type stratigraphic test wells are capitalized on the balance sheet as "Capitalized exploration costs – unproved oil and gas property" pending determination of whether the well has found proved reserves.  Exploration costs, other than exploration drilling costs, are charged to expense in the statement of operations as "Exploration expense".

BALANCE SHEET AND CASH FLOW HIGHLIGHTS
At September 30, 2017, Genie Energy had $120.2 million in total assets, including $31.1 million in cash, cash equivalents and restricted cash (short and long term).  Liabilities totaled $50.9 million, and working capital (current assets less current liabilities) totaled $33.0 million.  

Genie Energy's net cash provided by operating activities in 3Q17 was $6.6 million compared to net cash used in operating activities of $1.7 million in the year ago quarter.

DIVIDEND ON GENIE ENERGY COMMON STOCK
Genie Energy's Board of Directors has declared a 3Q17 dividend of $0.075 per share of Class A and Class B common stock with a record date of November 13, 2017.  The dividend will be paid on or about November 17, 2017.  The distribution will be treated as a return of capital for income tax purposes.

RESULTS BY SEGMENT
$ in millions	3Q17	2Q17**	3Q16		3Q17-3Q16 Change (%/$)
Genie Retail Energy
Total revenue	$69.5	$50.2	$57.2		+21.6% Werbung Mehr Nachrichten zur Genie Energy B Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 23.04.24 - PR Newswire Mid Wynd International Investment Trust Plc - Transaction in Own Shares 23.04.24 - PR Newswire Invesco Bond Income Plus Ltd - Issue of Equity 23.04.24 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Portfolio Update Der KI-Boom ist vorbei!    Aber dieser heiße Sektor verspricht, weiter zu wachsen... weiterlesen» Anzeige wo-site-teaser-box-16737_site-teaser-box_2024-04-23_09%253A00%253A00_2024-04-24_09%253A00%253A59