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Genie Energy Ltd. Reports Third Quarter Results

Genie Energy Ltd., (NYSE: GNE, GNEPRA) reported EBITDA and income from operations of $3.5 million for its third quarter ended September 30, 2012. The third quarter net loss attributable to Genie Energy Ltd., was $2.6 million ($0.13 per diluted share) including, among other items, the impact of a non-cash income tax provision of $4.0 million.

HIGHLIGHTS

  • IDT Energy added 28,000 net meters during 3Q12
  • IDT Energy launched service in Maryland
  • Strong revenue ($63.7 million), gross profit ($21.4 million) and EBITDA ($3.5 million) generation
  • AMSO LLC, Genie Oil and Gas’s oil shale development project in Colorado, has substantially completed improvements to its in-ground heater and expects to initiate its pilot test by year-end
  • At IEI, Genie Oil and Gas’s oil shale development project in Israel, the Supreme Court of Israel dismissed one of two pending legal challenges to IEI’s exploration license

MANAGEMENT COMMENTS

Claude Pupkin, Genie Energy’s CEO, said, “IDT Energy delivered solid results while continuing to aggressively invest in growth in the third quarter, adding over 28,000 net meters, entering its fourth state, Maryland, and expanding into another electric utility territory in Pennsylvania. At Genie Oil and Gas, we expect that our AMSO LLC oil shale pilot test in Colorado will start the heating process as early as the fourth quarter. In Israel, IEI won a key test before the Supreme Court which rejected the first of two legal challenges to the permitting process for IEI’s oil shale development project.”

Geoff Rochwarger, Genie Energy’s Vice Chairman and IDT Energy’s CEO, said, “IDT Energy’s continuing investment in customer growth drove strong year over year increases in meters, revenues and gross profit. Following the close of the quarter, Hurricane Sandy pummeled our service region, initially knocking out power to millions of people, including tens of thousands of our customers. The storm will likely have a negative impact on revenues, gross profit and customer acquisitions in the fourth quarter, but at present it is too early to quantify.”

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