August 5, 2019 - 7:30 AM EDT
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Genie Energy Ltd. Reports Second Quarter 2019 Results

NEWARK, N.J., Aug. 5, 2019 /PRNewswire/ -- Genie Energy Ltd. (NYSE: GNE, GNEPRA) reported a second quarter 2019 net loss of $0.29 per share on revenue of $61.0 million

Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&P company with an active exploratory program in Northern Israel.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

(Throughout this release, 2Q19 results are compared to 2Q18 results unless otherwise noted)

  • Global customers increased during 2Q19 by 24 thousand RCEs (+7%) to 357 thousand RCEs and by 49 thousand meters (+12%) to 448 thousand meters;
  • Average monthly churn declined to 4.4% from 5.3% in 1Q19 and 5.7% in 2Q18;
  • Following the quarter close, Genie Retail Energy (GRE) commenced customer acquisition activities in Texas' electricity market and obtained a license to operate in certain Michigan gas territories;
  • Revenue increased 8.1% to $61.0 million from $56.4 million;
  • Consolidated loss from operations increased to $10.2 million from a loss of $2.2 million.  Consolidated negative Adjusted EBITDA* of $9.1 million compared to positive $1.8 million;
  • Genie Energy's Board of Directors has declared a second quarter 2019 dividend of $0.075 per share.

COMMENTS OF MICHAEL STEIN, CEO

"Genie Energy made good operational progress in the second quarter as we continued to invest in growth across the company.  We generated notable increases in our customer bases in both our US and overseas markets.  Through the first half of the year, we have added 101 thousand RCEs, increasing our customer base by 39%.   Following the quarter close, we launched operations in Texas' deregulated electricity market and obtained a license to supply natural gas in Michigan.

"The second quarter is typically the lowest consumption quarter of the year, and the mild weather this spring further reduced domestic retail profitability while our investments in customer acquisition materially increased SG&A expense.  Our P&L was also impacted by declines in wholesale electricity and natural gas markets during the quarter which also triggered mark-to-market losses of approximately $1.8 million on the unrealized value of our commodity hedges. While this combination of factors resulted in weaker than usual results this quarter, the fundamentals of our business remain strong and our outlook remains positive.

 

CONSOLIDATED RESULTS


$ in millions, except EPS

2Q19

1Q19

2Q18


2Q19 -2Q18

Change (%/$)

Revenue

$61.0

$86.6

$56.4


+8.1%

Gross profit

$9.0

$25.6

$16.1


(44.1)%

Gross margin percentage

14.7%

29.5%

28.5%


(1380) BP

SG&A expense (including stock-based compensation)

$18.2

$15.8

$15.4


+18.2%

Stock-based compensation included in SG&A

$0.3

$0.4

$1.3


$(1.0)

Research and development

$0.1

$0.1

-


+$0.1

Write-down of assets held for sale to fair value

-

-

$2.3


$(2.3)

Depreciation and amortization

$0.9

$0.9

$0.6


+$0.3

(Loss) income from operations 

$(9.3)

$9.8

$(1.6)


$(7.7)

Adjusted EBITDA*

$(9.1)

$10.4

$1.8


$(10.9)

Equity in the net loss in equity method investees**

$(1.1)

$(0.8)

$(0.7)


$(0.4)

Benefit from (provision for) income taxes

$1.7

$(2.9)

$(0.3)


+$2.0

Net (loss) income attributable to Genie Energy c
ommon stockholders

$(7.8)

$5.6

$(2.3)


$(5.5)

(Loss) earnings per share attributable to Genie Energy
common stockholders

$(0.29)

$0.21

$(0.09)


$(0.20)

Net cash (used in) provided by operating activities

$(3.1)

$7.0

$3.4


$(6.5)


*Adjusted EBITDA for all periods is a non-GAAP measure intended to provide useful information that supplements the core operating results in accordance with GAAP of Genie Energy or the relevant segment.  Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release for an explanation of Adjusted EBITDA and reconciliation to the most directly comparable GAAP measure.


* * Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K. and Atid, a drilling services business based in Israel in which it holds a minority stake, under the equity method of accounting. Under this method, Genie Energy records its share in the net income or loss of the venture. Therefore, revenue generated, and expenses incurred are not reflected in Genie Energy's consolidated revenue and expenses, but the customers are included in metrics regarding our customer base.

 

METERS AND RCEs

Genie Energy's global customer base increased sequentially and year-over-year driven by robust customer acquisition programs in the U.S. and overseas markets.  Genie Energy's global RCE and meter totals are provided in the chart below.

Global RCEs and Meters
at End of Quarter (in
thousands)*

June 30,
2019

March 31,
2019

December 31,
2018

September 30,
2018

June 30,
2018

Electricity RCEs

290

271

197

216

219

Natural gas RCEs

67

62

59

59

64

Total RCEs

357

333

256

275

283







Electricity meters

361

322

249

269

282

Natural gas meters

87

77

74

73

81

Total meters

448

399

323

342

363


*Includes RCEs and meters acquired and served by Genie Energy's domestic and international retail energy
provider businesses including operations at ventures and joint ventures in the U.K., Finland and Japan.

 

Consolidated Take-Aways

  • Consolidated revenue increased to $61.0 million from $56.4 million in 2Q18 driven by the expansion of Genie's international retail energy supply and energy services businesses;
  • Genie Energy's gross profit decreased to $9.0 million from $16.1 million in 2Q18 primarily because of a generally weaker consumption and pricing environment in electricity and natural gas in the quarter and a marked-to-market loss on the forward hedge book at GRE;
  • SG&A expense increased to $18.2 million from $15.4 million in 2Q18 reflecting increased customer acquisition expense;
  • Consolidated loss from operations increased to $9.3 million from a loss of $1.6 million in 2Q18. Adjusted EBITDA was negative $9.1 million compared to positive $1.8 million.  The losses primarily reflect decreased consumption per meter, compressed margins at GRE, increased customer acquisition expense at GRE and GRE International, and the marked-to-market loss on GRE's forward hedge book. 

SEGMENT RESULTS

Genie Retail Energy (GRE)

  • Gross meter adds during the quarter totaled 91,000 compared to 57,000 in 2Q18;
  • Average monthly average churn decreased to 4.4% from 5.3% in 1Q19 and 5.7% in 2Q18. Churn has been favorably impacted by the increasing proportion of fixed rate customers in GRE's portfolio as well as the addition of meters acquired in a municipal aggregation deal in 1Q19. 
  • The loss from operations in 2Q19 was $5.4 million compared to income from operations of $4.1 million in 2Q18.  Negative Adjusted EBITDA was $5.1 million compared to positive Adjusted EBITDA of $4.7 million in 2Q18.  The decreases primarily reflect the impact of a generally weaker consumption and pricing environment in electricity and natural gas in the quarter, a marked to market loss on the forward hedge book and increased customer acquisition expense.

 

GRE's financial results are summarized in the chart below:


Genie Retail Energy

$ in millions

2Q19

1Q19

2Q18


2Q19-2Q18

Change (%/$)

Total revenue

$54.4

$76.5

$55.9


(2.7)%

   Electricity revenue

$49.2

$57.8

$48.5


1.5%

   Natural gas revenue

$5.2

$18.7

$7.4


(29.4)%

Gross profit

$8.2

$24.7

$15.8


(48.1)%

Gross margin percentage

15.1%

32.3%

28.3%


(1320) BP

SG&A expense

$13.7

$11.2

$11.7


+17.0%

(Loss) income from operations

$(5.4)

$13.5

$4.1


$(9.5)

Adjusted EBITDA

$(5.1)

$13.8

$4.7


$(9.8)

 

Genie Energy Services (GES)

  • GES' revenue increased to $3.7 million from $557 thousand in 2Q18 reflecting the impact of the Prism Solar acquisition in 4Q18;
  • GES' loss from operations was $682 thousand compared to a loss from operations $88 thousand in 2Q18;
  • GES generated negative Adjusted EBITDA of $438 thousand compared to negative Adjusted EBITDA of $81 thousand in 2Q18.

Genie Retail Energy International (GRE International)
(Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K., under the equity method of accounting. Revenue generated, and expenses incurred are not reflected in segment revenue and operating expenses. RCEs and meters reported do, however, include Orbit Energy customers).

  • GRE International served 39 thousand RCEs and 69 thousand meters at June 30th, compared to 33 thousand RCEs and 55 thousand meters at March 31st.  The increases resulted primarily from organic growth at Orbit Energy in the U.K. and Lumo Energia in Finland;
  • GRE International's revenue increased to $2.9 million compared to nil in 2Q18 reflecting the impact of the Lumo Energia acquisition;
  • Equity in the net loss of Orbit Energy was $867 thousand compared to $716 thousand in 2Q18;   
  • GRE International's loss from operations increased to $1.6 million from a loss from operations of $53 thousand in 2Q18.  Negative Adjusted EBITDA was $1.9 million compared to $597 thousand in 2Q18.  The increased losses reflect increased meter acquisition expense.

Genie Oil and Gas (GOGAS)

  • Operations at Genie Energy's Afek oil and gas exploration subsidiary remain suspended pending the permitting required for final testing on an existing well;
  • Loss from operations was $381 thousand compared to a loss from operations of $3.4 million in 2Q18 including an impairment charge of $2.3 million.  Negative Adjusted EBITDA was $571 thousand compared to negative Adjusted EBITDA of $930 thousand in 2Q18.  The improvements reflect the suspension of oil and gas exploration activities at Afek and a positive equity contribution from Genie's minority stake in drilling services company Atid.

Corporate

  • Corporate loss from operations was $1.2 million compared to a loss of $2.2 million in 2Q18.  The loss narrowed on a decline in corporate stock-based compensation, which decreased to $122 thousand dollars from $1.1 million in the year ago quarter.  Negative Adjusted EBITDA was $1.1 million in 2Q19 and in 2Q18.

BALANCE SHEET HIGHLIGHTS

At June 30, 2019, Genie Energy had $147.6 million in total assets, including $39.9 million in cash, cash equivalents and restricted cash.  Liabilities totaled $58.9 million and working capital (current assets less current liabilities) totaled $42.7 million

DIVIDEND ON GENIE ENERGY COMMON STOCK

Genie Energy's Board of Directors has declared a 2Q19 dividend of $0.075 per share of Class A and Class B common stock with a record date of August 16, 2019.  The dividend will be paid on or about August 23, 2019.  The distribution will be treated as an ordinary dividend for income tax purposes.

GENIE ENERGY EARNINGS CONFERENCE CALL

This earnings press release is available for download in the "Investors" section of the Genie Energy website (https://genie.com/investors/investor-relations/) and has been filed on a current report (Form 8-K) with the SEC.  

At 8:30 AM Eastern time today, August 5, 2019, Genie Energy's management will host a conference call to discuss financial and operational results, business outlook and strategy.  The call will begin with management's remarks followed by Q&A with investors. 

To participate in the conference call, dial toll-free 1-888-348-6472 (from the US) or 1-412-902-4240 (international) and request the Genie Energy conference call.

The call replay will be available at 1-844-512-2921 (US toll-free) or 1-412-317-6671 (international) through August 12, 2019.  The replay PIN is 10133751.  A recording of the call - in MP3 format - will also be available for playback on the "Investors" section of the Genie Energy website.

Investors can sign up through the Genie Energy website to have earnings releases and other press releases e-mailed directly to them. 

ABOUT GENIE ENERGY LTD.

Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global [CONSIDER WHETHER REFERRING TO GENIE AS "GLOBAL" IS A BIT MUCH] provider of energy services.  The Genie Retail Energy division supplies electricity and natural gas primarily to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in Europe and Asia.  The Genie Energy Services division includes Diversegy, a commercial brokerage and marketing services company, and Genie Solar Energy, a provider of solar generation systems.  For more information, visit Genie.com.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K.  We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

 

GENIE ENERGY LTD. 
CONSOLIDATED BALANCE SHEETS
(Unaudited)




June 30,

2019



December 31,

2018




(in thousands)


Assets







Current assets:







Cash and cash equivalents


$

32,947



$

41,601


Restricted cash—short-term



6,072




1,653


Trade accounts receivable, net of allowance for doubtful accounts of $2,410 and $2,003 at
June 30, 2019 and December 31, 2018, respectively



35,208




35,920


Inventory



10,854




9,893


Prepaid expenses



8,263




6,167


Other current assets



2,844




2,670


Total current assets



96,188




97,904


Property and equipment, net



4,092




4,301


Goodwill



13,054




11,082


Other intangibles, net



8,015




6,321


Investment in equity method investees



1,132




2,208


Restricted cash—long-term



854




943


Deferred income tax assets, net



14,848




15,625


Other assets



9,378




8,480


Total assets


$

147,561



$

146,864


Liabilities and equity









Current liabilities:









Notes payable


$

910



$

923


Trade accounts payable



19,958




18,508


Accrued expenses



26,024




25,242


Income taxes payable



952




1,463


Due to IDT Corporation



206




234


Other current liabilities



5,401




4,416


Total current liabilities



53,451




50,786


Revolving line of credit



2,515




2,516


Other liabilities



2,887




900


Total liabilities



58,853




54,202


Commitments and contingencies









Equity:









Genie Energy Ltd. stockholders' equity:









Preferred stock, $0.01 par value; authorized shares—10,000:









Series 2012-A, designated shares—8,750; at liquidation preference, consisting of 2,322
shares issued and outstanding at June 30, 2019 and December 31, 2018



19,743




19,743


Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued
and outstanding at June 30, 2019 and December 31, 2018



16




16


Class B common stock, $0.01 par value; authorized shares—200,000; 25,883 and 25,544
shares issued and 25,633 and 25,294 shares outstanding at June 30, 2019 and December 31,
2018, respectively



258




255


Additional paid-in capital



139,000




136,629


Treasury stock, at cost, consisting of 250 shares of Class B common stock at June 30, 2019
and December 31, 2018



(1,624)




(1,624)


Accumulated other comprehensive income



3,135




2,591


Accumulated deficit



(60,456)




(53,939)


Total Genie Energy Ltd. stockholders' equity



100,072




103,671


Noncontrolling interests



(11,364)




(11,009)


Total equity



88,708




92,662


Total liabilities and equity


$

147,561



$

146,864


 

 

GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)



Three Months Ended

June 30,



Six Months Ended

June 30,



2019



2018



2019



2018



(in thousands, except per share data)

Revenues:












Electricity

$

52,055



$

48,514


$

114,669


$

113,849


Natural gas


5,194




7,362



23,900



30,791


Other


3,760




557



9,057



1,062


Total revenues


61,009




56,433



147,626



145,702


Cost of revenues


52,031




40,361



113,057



105,171


Gross profit


8,978




16,072



34,569



40,531


Operating expenses and losses:














Selling, general and administrative (i)


18,195




15,369



33,903



32,467


Research and development


59






108




Impairment of assets (Note 5)





2,291





2,291


Exploration





17





244


(Loss) income from operations


(9,276)




(1,605)



558



5,529


Interest income


189




108



281



189


Interest expense


(178)




(81)



(319)



(173)


Equity in the net loss in equity method investees, net


(1,071)




(716)



(1,868)



(1,221)


Other income, net


157




58



232



100


Loss before income taxes


(10,179)




(2,236)



(1,116)



4,424


Benefit from (provision for) income taxes


1,678




(258)



(1,225)



(1,057)


Net (loss) income


(8,501)




(2,494)



(2,341)



3,367


Loss attributable to noncontrolling interests


1,035




575



944



870


Net (loss) income attributable to Genie Energy Ltd.


(7,466)




(1,919)



(1,397)



4,237


Dividends on preferred stock


(370)




(370)



(740)



(740)


Net (loss) income attributable to Genie Energy Ltd. common
stockholders

$

(7,836)



$

(2,289)


$

(2,137)



3,497
















(Loss) earnings per share attributable to Genie Energy Ltd. common
stockholders:














Basic

$

(0.29)



$

(0.09)


$

(0.08)



0.14


Diluted

$

(0.29)



$

(0.09)


$

(0.08)



0.14


Weighted-average number of shares used in calculation of (loss)
earnings per share:














Basic


26,595




24,584



26,614



24,440


Diluted


26,595




24,584



26,614



24,598
















Dividends declared per common share

$

0.075



$

0.075


$

0.150



0.150


(i) Stock-based compensation included in selling, general and
administrative expenses

$

323



$

1,257


$

772



2,605


 

GENIE ENERGY LTD. 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 




Six Months Ended

June 30,




2019



2018




(in thousands)


Operating activities







Net (loss) income


$

(2,341)



$

3,367


Adjustments to reconcile net income to net cash provided by operating activities:









Depreciation and amortization



1,855




1,183


Impairment of assets






2,291


Deferred income taxes



777




113


Provision for doubtful accounts receivable



314




502


Gain on sale of property and equipment






(18)


Stock-based compensation



772




2,605


Equity in the net loss in equity method investees



1,868




1,221


Change in assets and liabilities:









Trade accounts receivable



2,917




13,088


Inventory



(961)




(3,779)


Prepaid expenses



(2,069)




(7)


Other current assets and other assets



(698)




120


Trade accounts payable, accrued expenses and other current liabilities



1,991




(7,639)


Due to IDT Corporation



(42)




(74)


Income taxes payable



(511)




(904)


Net cash provided by operating activities



3,872




12,069


Investing activities









Capital expenditures



(329)




(370)


Proceeds from sale of property and equipment






62


Payments for business acquisition, net of cash acquired



(1,852)




(745)


Investments in notes receivables



(177)





Repayment of notes receivable



282




54


Net cash used in investing activities



(2,076)




(999)


Financing activities









Dividends paid



(4,809)




(4,483)


Repayment of short-term debt—Lumo Energia



(2,260)





Exercise of stock options



965





Proceeds from sale of Class B common stock and warrants






6,000


Repayment of notes payable



(28)





Net cash (used in) provided by financing activities



(6,132)




1,517


Effect of exchange rate changes on cash, cash equivalents, and restricted cash



12




(77)


Net (decrease) increase in cash, cash equivalents, and restricted cash



(4,324)




12,510


Cash, cash equivalents, and restricted cash at beginning of period



44,197




31,927


Cash, cash equivalents, and restricted cash at end of period


$

39,873



$

44,437


Supplemental Schedule of Non-Cash Financing Activities









Liability incurred for acquisitions


$

2,260



$


Purchase of equity of subsidiary


$



$

(4,139)


 

Reconciliation of Non-GAAP Financial Measure for the Second Quarter 2019

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy also disclosed for the second quarter 2019, as well as for comparable periods, Adjusted EBITDA, which is a non-GAAP measure. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

Genie Energy's measure of Adjusted EBITDA consists of gross profit less selling, general and administrative expense, exploration expense and equity in the net loss of in equity method investees, net, plus depreciation, amortization and stock-based compensation (which are included in selling, general and administrative expense). Another way of calculating Adjusted EBITDA is to start with income from operations and add depreciation, amortization and stock-based compensation and subtract equity in net loss in equity method investees, net.

Management believes that Genie Energy's Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy's or the relevant segment's core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA to evaluate operating performance in relation to Genie Energy's competitors. Disclosure of this financial measure may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting at this time.

Management refers to Adjusted EBITDA, as well as the GAAP measures gross profit, income (loss) from operations and net income (loss), on a segment and/or consolidated level to facilitate internal and external comparisons to the segments' and Genie Energy's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. While Genie Energy's oil and gas exploration business may be capital intensive, Genie Energy does not expect to incur significant depreciation or depletion expense for the foreseeable future. Genie Energy's operating results exclusive of depreciation and amortization is therefore a useful indicator of its current performance.

Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie Energy's calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie Energy's core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees' compensation that impacts their performance.

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie Energy's measurements of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Following is the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, which is income from operations, for Genie Energy's reportable segments and net income for Genie Energy on a consolidated basis.

 

Genie Energy Ltd.
Reconciliation of Adjusted EBITDA to Net Income (Loss)

(unaudited)
$ in thousands



Total


Genie
Retail
Energy

GES

GRE Inter-

national

GOGAS

Corporate

Three Months Ended June 30, 2019

(2Q19)








Adjusted EBITDA

$   (9,098)


$   (5,124)

$    (438)

$  (1,899)

$   (571)

$ (1,066)

Subtract:








Stock-based compensation

323


108

-

93

-

122

Depreciation and amortization

926


186

244

482

14

-

Add:








Equity in the net loss of equity method
investees

1,071




867

204


Loss from operations

$   (9,276)


$  (5,418)

$     (682)

$   (1,607)

$     (381)

$ (1,188)

Equity in the net loss of equity method

investees

(1,071)







Interest income

189







Interest expense

(178)







Other income, net

157







Income taxes

1,678







Net income

(8,501)







Net loss attributable to noncontrolling interests

1,035







Net income attributable to Genie Energy Ltd.

$    (7,466)
















Total


Genie
Retail
Energy

GES

GRE Inter-

national

GOGAS

Corporate

Three Months Ended March 31, 2019

(1Q19)








Adjusted EBITDA

$   10,395


$   13,775

$       45

$  (2,257)

$     124

$ (1,292)

Subtract:








Stock-based compensation

448


116

-

94

-

238

Depreciation and amortization

910


156

277

463

14

-

Add:








Equity in the net loss of equity method
investees

797




1,070

(274)


Income (loss) from operations

$    9,834


$  13,503

$     (232)

$   1,744

$     (163)

$ (1,530)

Equity in the net loss of equity method

investees

797







Interest income

93







Interest expense

(140)







Other income, net

73







Income taxes

(2,903)







Net income

6,160







Net loss attributable to noncontrolling interests

(91)







Net income attributable to Genie Energy Ltd.

$    6,069







 


Total


Genie
Retail
Energy

GES

GRE Inter-

national

GOGAS

Corporate

Three Months Ended June 30, 2018

(2Q18)








Adjusted EBITDA

$     1,818


$   4,675

$      (81)

$      (769)

$   (930)

$ (1,077)

Subtract:








Stock-based compensation

1,257


119

-

-

-

1,138

Depreciation and amortization

590


431

7

-

151

-

     Impairment of assets

2,291





2,291


Add:








Equity in the net loss of equity method
investees

716




716



Income (loss) from operations

$    (1,605)


$  4,125

$       (88)

$       (53)

$  (3,372)

$ (2,215)

Gain equity in the net loss of equity method

investees

(716)







Interest income

108







Interest expense

(81)







Other income, net

58







Income taxes

(258)







Net income

(2,494)







Net loss attributable to noncontrolling interests

575







Net loss attributable to Genie Energy Ltd.

$    (1,919)







 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/genie-energy-ltd-reports-second-quarter-2019-results-300896129.html

SOURCE Genie Energy Ltd.


Source: PR Newswire (August 5, 2019 - 7:30 AM EDT)

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