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Genie Energy Ltd. - Results For First Quarter Fiscal 2012

Genie Energy Ltd., (NYSE: GNE) reported net income attributable to GNE of $1.9 million ($0.09 per diluted share) for its first quarter of fiscal 2012, the three months ended October 31, 2011.

FIRST QUARTER FISCAL 2012 SUMMARY

$ in millions, except EPS

       

1Q12

       

1Q11

       

YoY Change (%/$)

Revenues         $45.8         $43.4         +5.6%
Gross profit         $16.8         $14.7         +14.0%
Gross margin percentage         36.7%         34.0%         +270 basis points
SG&A expense         $10.1         $6.3         +59.0%
Research and Development Expense and Equity in the Net Loss of AMSO, LLC         $2.7         $2.5         +7.5%
EBITDA and income from operations         $4.0         $5.8         (31.9)%
Net income attributable to GNE         $1.9         $2.7         (40.8)%
Diluted EPS attributable to GNE         $0.09         $0.12         ($0.03)
Net cash (used in) provided by operating activities         $(0.9)         $2.0         ($2.9)
                       

MANAGEMENT COMMENTS

Claude Pupkin, Genie Energy’s CEO, said, “We are delighted to be an independent, publicly traded company and pleased to report solid first quarter results even as we continued our significant investment in research and development of unconventional fuel resources. IDT Energy delivered a strong quarter, while our oil shale projects in Colorado and Israel continue to advance. Barring unanticipated delays, AMSO expects to begin its pilot test in Colorado’s Piceance Basin by the end of the year. In Israel, IEI is making progress on the design and permitting required to begin construction of its pilot test facility.”

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