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Genie Energy Ltd. Reports Second Quarter Results

Genie Energy Ltd., (NYSE: GNE) reported a second quarter 2012 net loss of $3.3 million ($0.15 loss per diluted share) for the three month period ended June 30, 2012.

HIGHLIGHTS

  • IDT Energy added 20,000 net new meters during 2Q12
  • Revenues of $42.8 million - a 10.6% increase compared to 2Q11
  • Gross profit of $11.6 million – an 18.7% increase compared to 2Q11
  • SG&A expenses of $13.0 million - a 54.2% increase compared to 2Q11 reflecting significant additional gross customer acquisition costs
  • Loss from operations of $5.0 million – compared to an operating loss of $2.6 million in 2Q11
  • Loss per diluted share of $0.15 - compared to a loss of $0.11 in 2Q11
  • Net cash provided by operating activities of $0.1 million – compared to $5.4 million in 2Q11

MANAGEMENT COMMENTS

Claude Pupkin, Genie Energy’s CEO, said, “Genie’s retail energy provider business, IDT Energy, continued to rapidly expand its customer base. At Genie Oil and Gas, the AMSO pilot test has been delayed to improve the expected reliability of the underground heater by addressing issues identified in the commissioning process earlier this year.”

Geoff Rochwarger, Vice Chairman of Genie Energy and CEO of IDT Energy, said, “The second quarter is a shoulder period between the peak heating and cooling seasons and typically generates our lowest revenues and profits of the year. Nevertheless, IDT Energy continued to benefit from our growing customer base with increased revenue and gross profit compared to the year ago quarter. We also again invested heavily in customer acquisitions - adding 20,000 net new meters. Following the close of the quarter, we began operations in our fourth state, Maryland.”

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