This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.”

1 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs