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Genie Energy Ltd. Reports Results For Five Month Transition Period

Stocks in this article: GNE

Genie Energy Ltd., (NYSE: GNE) reported net income attributable to Genie of $0.8 million ($0.04 per diluted share) for the five month period ended December 31, 2011.

In January of this year, Genie changed its fiscal year-end to December 31 st and announced that it would issue a transition report on Form 10-Q covering the period between its former fiscal year, which ended on July 31, 2011 and December 31, 2011. Going forward, Genie Energy’s fiscal quarters will end on the last day of March, June, September and December of each year.

Genie Energy also announced that it will maintain the current dividend level of $0.05 per quarter. For the two month period (November and December 2011) between the end of its last reported fiscal quarter on October 31, 2011, and December 31, 2011, Genie will pay a pro-rated ordinary cash dividend of $0.033 per share (representing 2/3 rd the previously announced quarterly dividend) on April 3, 2012 to stockholders of Class A and Class B Common stock as of the record date, March 26, 2012. The ex-dividend date will be March 22, 2012.

                       

FIVE MONTH TRANSITION PERIOD FINANCIAL SUMMARY (August through December 2011)

 

$ in millions, except EPS

     

2011

     

2010

     

YoY Change (%/$)

Revenues       $76.8       $74.9       +2.5%
Gross profit       $24.3       $21.5       +13.3%
Gross margin percentage       31.7%       28.7%       +300 basis points
SG&A expense       $17.8       $11.2       +59.3%
Research and development expense       $2.6       $3.0       (13.0)%
Equity in the net loss of AMSO, LLC       $2.1       $1.7       +26.4
EBITDA       $1.7       $5.6       (68.7)%
Income from operations       $1.7       $5.6       (68.9)%
Net income attributable to Genie       $0.8       $1.7       $(0.9)
Diluted EPS attributable to Genie       $0.04       $0.08       $(0.04)
Net cash (used in) provided by operating activities       $(2.4)       $0.1       $(2.5)
 
 

MANAGEMENT COMMENTS

Claude Pupkin, Genie Energy’s CEO, said, “I’m very pleased that Genie Energy remained profitable despite the unseasonably warm weather during this period and a one time tax accrual which, in aggregate, reduced the company’s consolidated EBITDA by approximately $3.1 million below the level it would have achieved absent those factors. Moreover, we continued to make significant investments to grow our retail energy business’s customer base and advance our unconventional fuel initiatives. Reflecting our underlying strength, Genie’s Energy’s board is maintaining the dividend at the current level. Our $0.05 dividend will be pro-rated to $0.033 to cover the two months of the transition period not covered by our previous quarterly dividend.”

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