Genie Energy Ltd. Reports Second Quarter 2015 Results
NEWARK, NJ -- (Marketwired) -- 08/06/15 -- Genie Energy Ltd. (NYSE: GNE) (NYSE: GNEPRA) reported second quarter 2015 revenue of $39.5 million, negative Adjusted EBITDA* of $2.6 million, and a net loss attributable to common stockholders of $4.9 million ($0.22) per basic and diluted share.
- Genie Energy's Afek subsidiary has completed drilling the second well of its multi-well exploratory program in Northern Israel. Hydrocarbons were found in both the first and second wells. While Afek continues to analyze the core samples and other data, the evidence to date is consistent with pre-drilling models that suggest a large resource with the potential for substantial volumes of oil in place. Determination of the nature of the resource, its volume and commercial potential will require further analysis and additional exploratory wells;
- Genie Retail Energy (GRE), which operates Genie Energy's retail provider businesses, increased its meter base by 19,000 meters during the quarter to 377,000;
- GRE generated Adjusted EBITDA* of $0.3 million in 2Q15 including the impact of a $1.5 million accrual on a legal matter;
- In light of the progress achieved by Afek in Northern Israel and abundant growth potential at Genie Retail Energy, Genie Energy is sharpening its strategic focus on these two opportunities. Accordingly, Genie Energy is scaling back operations in Mongolia and suspending the dividend on Genie Energy common stock in order to preserve cash resources. The quarterly dividend on Genie Energy preferred stock has not changed.
MANAGEMENT COMMENTS
Howard Jonas, Genie Energy's Chairman and CEO, said, "Our Afek subsidiary has completed drilling of its second well in Northern Israel and is continuing to analyze the data from both wells. Based on preliminary results from the first two wells, including the presence of hydrocarbons from vertical sections at both sites, we are excited by the potential of the resource. However, we will likely have to drill at least several more wells and analyze the results before we are able to adequately characterize the nature and commercial potential of the resource. Genie Retail Energy is back in growth mode, adding 19,000 net meters in the second quarter, while delivering strong margins on sales of both electricity and natural gas. Looking ahead, we expect to continue to add net meters in our current territories, and are looking carefully at a number of options for geographic expansion. As we sharpen our strategic focus on the opportunities at Afek and Genie Retail Energy, we are reducing or eliminating expenditures in less promising projects and conserving cash."
GENIE ENERGY 2nd QUARTER 2015 CONSOLIDATED RESULTS
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2Q15 -2Q14
$ in millions, except EPS 2Q15 1Q15 2Q14 Change (%/$)
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Revenue $39.5 $74.4 $48.8 (19.0)%
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Gross profit $14.0 $17.2 $11.5 +22.1%
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Gross margin percentage 35.4% 23.1% 23.5% +1,190 BP
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SG&A expense (including
stock-based compensation) $16.5 $16.6 $13.4 +22.7%
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Stock-based compensation $1.6 $1.2 $1.7 (7.5)%
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Research and development
expense** $0.6 $0.7 $1.4 (59.1)%
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Exploration expense** $1.3 $1.6 $1.0 +26.7%
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Adjusted EBITDA* $(2.6) $(0.4) $(2.6) NA
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Loss from operations $(4.3) $(1.7) $(4.3) NA
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Net loss attributable to
Genie Energy common
stockholders $(4.9) $(2.4) $(5.2) +$0.3
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Basic and diluted loss per
share attributable to Genie
Energy's common
stockholders $(0.22) $(0.11) $(0.24) +$0.02
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Net cash provided by (used
in) operating activities $5.8 $(9.3) $22.6 $(16.8)
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* 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 a complete explanation of Adjusted EBITDA and reconciliation to the most directly comparable GAAP measure.
** Genie Energy's Afek subsidiary accounts for its oil and gas exploration activities under the "successful efforts" method of accounting. Under this method, acquisition costs, costs of drilling exploratory wells, and exploratory-type stratigraphic test wells are capitalized on the balance sheet as "Capitalized exploration costs -- unproved oil and gas property" pending determination of whether the well has found proved reserves. Exploration costs, other than exploration drilling costs, are charged to expense in the statement of operations as "Exploration expense." In the three months ended June 30, 2015, Afek capitalized $6.7 million of drilling expenses and recorded $1.3 million of "Exploration expense" in the consolidated statements of operations.
In addition, in the consolidated statements of operations, $1.0 million in the three months ended June 30, 2014 relating to Afek's oil and gas activities previously included as "Research and development expense" were reclassified to "Exploration expense" to conform to the current year's presentation.
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
At June 30, 2015, Genie Energy had $147.6 million in total assets, including $73.2 million in cash, cash equivalents, restricted cash (short and long term), and certificates of deposit. Liabilities totaled $34.5 million with no long term debt, and working capital (current assets less current liabilities) totaled $91.8 million.
Net cash provided by operating activities in 2Q15 was $5.8 million compared to $22.6 million in 2Q14. Net cash used in operating activities in 1Q15 was $9.3 million. The change from the previous year reflects the impact of the polar vortex in 2014 where receivables grew significantly in the first quarter and were collected in the second quarter.
RESULTS BY SEGMENT
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2Q15 -2Q14
Change
$ in millions 2Q15 1Q15 2Q14 (%/$)
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Genie Retail Energy
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Total revenue $39.5 $74.4 $48.8 (19.0)%
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Electricity revenue $33.8 $47.3 $39.5 (14.5)%
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Natural gas revenue $5.0 $26.2 $8.8 (43.1)%
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Other revenue $0.7 $0.9 $0.5 46.6%
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Gross profit $14.0 $17.2 $11.5 22.1%
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Gross margin percentage 35.4% 23.1% 23.5% +1,190 BP
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SG&A expense $13.9 $13.7 $10.5 +32.5%
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Adjusted EBITDA $0.3 $3.6 $1.1 $(0.8)
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Income from operations $0.1 $3.5 $0.9 $(0.8)
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Afek
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SG&A expense $0.1 $0.2 $0 +$0.1
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Exploration expense $1.3 $1.6 $1.0 +$0.3
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Adjusted EBITDA $(1.4) $(1.8) $(1.1) $(0.3)
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Loss from operations $(1.4) $(1.8) $(1.1) $(0.3)
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Capitalized exploration costs $6.7 $4.3 $0 +$6.7
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GOGAS
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SG&A expense $0.2 $0.3 $0.4 $(0.2)
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Research and development expense $0.6 $0.7 $1.3 $(0.7)
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Adjusted EBITDA $(0.7) $(0.8) $(1.5) +$0.8
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Loss from operations $(0.8) $(0.9) $(1.7) +$0.9
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Corporate
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SG&A expense $2.2 $2.5 $2.5 $(0.3)
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Non-cash compensation in SG&A $1.3 $1.1 $1.4 $(0.1)
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Adjusted EBITDA $(0.9) $(1.4) $(1.1) +$0.2
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Loss from operations $(2.2) $(2.5) $(2.5) +$0.3
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Genie Retail Energy
Genie Retail Energy produced solid net meter (+19,000) and RCE (+10,000) growth in 2Q15 reflecting a significant increase in the pace of gross meter additions. Genie Retail added 79,000 gross meters compared to 55,000 meters in 2Q14 and 52,000 meters in 1Q15. The sequential increase reflects seasonal factors, increases in sales of green electricity, and the early success of "IDT Energy® SmartBudget" and other offerings with fixed rate characteristics as well as approximately 9,000 net electric meters acquired via a new sales channel that offers geographically concentrated opportunities for meters acquisitions with reduced customer acquisition costs and fixed rates.
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Meters and RCEs at
End of Quarter June 30, March 31, December 31, September 30, June 30,
(in thousands) 2015 2015 2014 2014 2014
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Electricity meters 250 232 234 235 238
Natural gas meters 127 126 129 127 126
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Total meters 377 358 363 362 364
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Electricity RCEs 168 158 160 165 174
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Natural gas RCEs 83 83 83 83 86
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Total RCEs 251 241 243 248 260
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Genie Retail Energy's average monthly customer churn increased to 6.3% in 2Q15 from 5.9% in 1Q15 but remained well below the 8.1% in 2Q14 following the polar vortex of 2014 and ensuing market volatility. The increase in churn reflects the accelerated pace of meter acquisitions. On average, newly acquired meters exhibit higher rates of churn than long tenured meters. Meters enrolled in fixed rate offerings constituted approximately 11% of GRE's electric load at June 30, 2015.
Decreases in revenue per kWh of electricity and per therm of natural gas and lower consumption of both commodities decreased revenue year over year by 19.0% to $39.5 million. However, Genie Retail increased gross margins as the underlying costs of both commodities decreased faster than revenues per unit sold. As a result, Genie Retail Energy's gross profit climbed 22.1% year over year to $14.0 million.
Genie Retail Energy's SG&A expense in 2Q15 increased 32.5% year over year to $13.9 million from $10.5 million in 2Q14. The increase was primarily due to a non-routine accrual of $1.5 million for estimated regulatory and legal expenses, as well as increases in personnel expense and customer acquisition costs associated with the increase in the rate of gross meter additions.
Genie Retail Energy generated Adjusted EBITDA of $0.3 million in 2Q15 compared $1.1 million in the year ago quarter as the increase in SG&A expense more than offset the increase in gross profit. Income from operations in 2Q15 was $0.1 million compared $0.9 million in 2Q14.
Afek
Genie Energy's Afek subsidiary is characterizing a conventional oil and gas resource in Northern Israel. Afek has completed two wells in its multi-well exploratory drilling program in Northern Israel, and is continuing to analyze core samples and other data collected to date. Afek expects to spud its third well (Ness 6) during 3Q15, and to spud at least one additional well during the calendar year. The analysis to date suggests that the presence of several target zones containing hydrocarbons within the formation. The volume of the resources and the extent they may be extractable cannot yet be determined. As such, the resources do not yet constitute proved, probable or possible reserves.
In 2Q15, Afek capitalized $6.7 million of drilling expenses and recorded $1.3 million of exploration expense. Afek's exploration expense was $1.0 million in 2Q14 and $1.6 million in 1Q15.
Genie Oil and Gas (GOGAS)
The GOGAS segment is comprised of oil shale projects in Mongolia and Israel's Shfela Basin, as well as of Genie Energy's minority stake in a joint venture to develop oil shale in Colorado's Piceance Basin. The oil shale exploration project in the Shfela is not active at present, and GOGAS is scaling back its operations in Mongolia to sharpen the company's focus on the operations at Afek, where there is, potentially, a shorter-term path to commercial operations.
The GOGAS segment's financial results no longer consolidate its Afek subsidiary, which is now a separate reporting segment and has been removed from the GOGAS presentation for all periods presented.
The GOGAS segment's loss from operations in 2Q15 was $790 thousand compared to $1.7 million in 2Q14.
Corporate
Genie Energy's corporate G&A expense in 2Q15 decreased compared to the year ago quarter to $2.2 million in 2Q15, including $1.3 million in non-cash compensation expense related primarily to stock-based compensation arrangements with Howard Jonas, Genie Energy's Chairman and Chief Executive Officer. In 2Q14, corporate G&A expense was $2.5 million including $1.4 million in non-cash compensation.
GENIE ENERGY EARNINGS CONFERENCE CALL
This release is available for download in the "Investors" section of the Genie Energy website (www.genie.com/investors/investor-relations) and has been filed in a current report (Form 8-K) with the SEC.
At 8:30 AM Eastern daylight time today, 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 analysts and investors.
To participate in the call, dial toll-free 1-888-348-6472 (from the US) or 1-412-902-4240 (international) and request the Genie Energy conference call.
An audio file of the call in MP3 format replay will be available on the "Investors" section of the Genie Energy website approximately one hour after the call concludes. In addition, a teleconference replay will be available through August 13, 2015 at 1-877-870-5176 (US toll free) or 1-858-384-5517 (international). Callers should ask for conference call #10070327.
Investors can sign up through the Genie Energy website http://genie.com/investors/email-alerts/ to have earnings releases and other press releases emailed directly to them.
ABOUT GENIE ENERGY LTD.
Genie Energy Ltd. (NYSE: GNE) (NYSE: GNEPRA) is comprised of Genie Retail Energy (GRE) and Genie Oil and Gas (GOGAS). GRE operates retail energy provider, brokerage and marketing services. GRE's retail energy provider businesses market electricity and natural gas to residential and small business customers primarily in the Eastern United States. GOGAS is an oil and gas exploration company including an exploratory drilling program in Northern Israel. For more information, visit www.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
June 30, December 31,
2015 2014
------------- -------------
(Unaudited)
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 56,005 $ 71,895
Restricted cash-short-term 11,018 10,609
Certificates of deposit 4,685 4,669
Trade accounts receivable, net of allowance
for doubtful accounts of $210 and $227 at
June 30, 2015 and December 31, 2014,
respectively 24,970 31,427
Inventory 9,930 11,166
Prepaid expenses 8,655 5,713
Deferred income tax assets, net 1,650 1,463
Other current assets 7,855 5,430
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Total current assets 124,768 142,372
Property and equipment, net 1,718 1,902
Capitalized exploration costs-unproved oil and
gas property 11,315 -
Goodwill 3,663 3,663
Restricted cash-long-term 1,466 1,023
Other assets 4,681 3,968
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Total assets $ 147,611 $ 152,928
============= =============
Liabilities and equity
Current liabilities:
Trade accounts payable $ 10,556 $ 14,881
Accrued expenses 15,958 10,913
Advances from customers 142 403
Income taxes payable 557 543
Due to IDT Corporation 166 542
Energy hedging contracts 3,634 4,003
Other current liabilities 1,987 797
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Total current liabilities 33,000 32,082
Other liabilities 1,494 1,503
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Total liabilities 34,494 33,585
Commitments and contingencies
Equity:
Genie Energy Ltd. stockholders' equity:
Preferred stock, $.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, 2015 and December 31, 2014 19,743 19,743
Class A common stock, $.01 par value;
authorized shares-35,000; 1,574 shares
issued and outstanding at June 30, 2015
and December 31, 2014 16 16
Class B common stock, $.01 par value;
authorized shares-200,000; 23,212 and
23,178 shares issued and 23,015 and 22,984
shares outstanding at June 30, 2015 and
December 31, 2014, respectively 232 232
Additional paid-in capital 121,880 114,322
Treasury stock, at cost, consisting of 197
shares and 194 shares of Class B common
stock at June 30, 2015 and December 31,
2014, respectively (1,565) (1,543)
Accumulated other comprehensive income 582 10
Accumulated deficit (17,957) (7,759)
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Total Genie Energy Ltd. stockholders'
equity 122,931 125,021
Noncontrolling interests:
Noncontrolling interests (6,314) (4,678)
Receivables for issuance of equity (3,500) (1,000)
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Total noncontrolling interests (9,814) (5,678)
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Total equity 113,117 119,343
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Total liabilities and equity $ 147,611 $ 152,928
============= =============
GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
(in thousands, except per share data)
Revenues:
Electricity $ 33,804 $ 39,516 $ 81,140 $ 135,298
Natural gas 5,011 8,808 31,175 43,021
Other 712 486 1,641 839
----------- ----------- ----------- -----------
Total revenues 39,527 48,810 113,956 179,158
Direct cost of revenues (25,551) (37,359) (82,780) (157,811)
----------- ----------- ----------- -----------
Gross profit 13,976 11,451 31,176 21,347
Operating expenses:
Selling, general and
administrative (i) 16,469 13,426 33,108 27,715
Research and
development 553 1,354 1,256 2,540
Exploration 1,286 1,015 2,859 1,929
----------- ----------- ----------- -----------
Loss from operations (4,332) (4,344) (6,047) (10,837)
Interest income 102 99 201 192
Financing fees (555) (583) (1,289) (1,528)
Other expense, net (145) (45) (134) (29)
----------- ----------- ----------- -----------
Loss before income taxes (4,930) (4,873) (7,269) (12,202)
Benefit from (provision
for) income taxes 204 (134) 113 46
----------- ----------- ----------- -----------
Net loss (4,726) (5,007) (7,156) (12,156)
Net loss attributable
to noncontrolling
interests 228 136 648 499
----------- ----------- ----------- -----------
Net loss attributable to
Genie Energy Ltd (4,498) (4,871) (6,508) (11,657)
Dividends on preferred
stock (370) (306) (740) (611)
----------- ----------- ----------- -----------
Net loss attributable to
Genie Energy Ltd. common
stockholders $ (4,868) $ (5,177) $ (7,248) $ (12,268)
=========== =========== =========== ===========
Basic and diluted loss
per share attributable
to Genie Energy Ltd.
common stockholders $ (0.22) $ (0.24) $ (0.33) $ (0. 58)
=========== =========== =========== ===========
Weighted-average number
of shares used in
calculation of basic and
diluted loss per share 22,125 21,174 22,116 21,172
=========== =========== =========== ===========
Dividends declared per
common share $ 0.06 $ - $ 0.12 $ -
=========== =========== =========== ===========
(i) Stock-based
compensation included in
selling, general and
administrative expenses $ 1,595 $ 1,724 $ 2,833 $ 3,563
=========== =========== =========== ===========
GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
June 30,
------------------------
2015 2014
----------- -----------
(in thousands)
Operating activities
Net loss $ (7,156) $ (12,156)
Adjustments to reconcile net loss to net cash used
in operating activities:
Depreciation 219 59
Provision for doubtful accounts receivable (7) -
Deferred income taxes (187) (80)
Stock-based compensation 2,833 3,563
Change in assets and liabilities:
Restricted cash (817) 4,014
Trade accounts receivable 6,465 12,999
Inventory 1,236 (1,374)
Prepaid expenses (2,942) 195
Other current assets and other assets (2,785) 330
Trade accounts payable, accrued expenses and
other current liabilities 305 (11,656)
Advances from customers (262) (880)
Due to IDT Corporation (376) (286)
Income taxes payable 13 (1,830)
----------- -----------
Net cash used in operating activities (3,461) (7,102)
Investing activities
Capital expenditures (304) (766)
Investments in capitalized exploration costs-
unproved oil and gas property (10,900) -
Issuance of note receivable - (50)
Proceeds from maturities of certificates of
deposit - 2,600
----------- -----------
Net cash (used in) provided by investing
activities (11,204) 1,784
Financing activities
Dividends paid (3,690) (611)
Payments for acquisition (220) (574)
Proceeds from exercise of stock options 81 27
Proceeds from exercise of GOGAS stock option 2,500 -
Advance on sale of interest in subsidiary - 300
Repurchases of Class B common stock from
employees (22) -
----------- -----------
Net cash used in financing activities (1,351) (858)
Effect of exchange rate changes on cash and cash
equivalents 126 87
----------- -----------
Net decrease in cash and cash equivalents (15,890) (6,089)
Cash and cash equivalents at beginning of period 71,895 73,885
----------- -----------
Cash and cash equivalents at end of period $ 56,005 $ 67,796
=========== ===========
Supplemental Schedule of Non-Cash Financing and
Investing Activities
Receivable for issuance of equity of
subsidiaries $ 2,500 $ -
=========== ===========
Reconciliation of Non-GAAP Financial Measure for the Second Quarter 2015
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 of 2015, 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, research and development expense, and exploration expense, plus depreciation and stock-based compensation (which are included in selling, general and administrative expense). Another way of calculating Adjusted EBITDA is to start with income (loss) from operations and add depreciation and stock-based compensation.
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 is considered an operating cost under GAAP, it primarily represents 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 in the future, Genie Energy does not expect to incur significant depreciation or depletion expense for the foreseeable future. Genie Energy's operating results exclusive of depreciation 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 (loss) from operations, cash flow from operating activities, net income (loss), basic and diluted earnings (loss) 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 (loss) from operations for Genie Energy's reportable segments and net income (loss) for Genie Energy on a consolidated basis.
Genie Energy Ltd.
Reconciliation of Adjusted EBITDA to Net Loss
(unaudited)
$ in thousands
----------------------------------- ----------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
---------- ----------------------------------------
Three Months Ended June
30, 2015 (2Q15)
Adjusted EBITDA $ (2,622) $ 319 $ (656) $ (1,377) $ (908)
Subtract:
Stock-based
compensation 1,595 209 111 - 1,275
Depreciation 115 60 23 32 -
---------- ----------------------------------------
(Loss) income from
operations (4,332) $ 50 $ (790) $ (1,409) $ (2,183)
Interest income 102
Financing fees (555)
Other expense, net (145)
Benefit from income taxes 204
----------
Net loss (4,726)
Net loss attributable to
noncontrolling interests 228
----------
Net loss attributable to
Genie Energy Ltd. $ (4,498)
---------- ----------------------------------------
---------- ----------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
---------- ----------------------------------------
Three Months Ended March
31, 2015 (1Q15)
Adjusted EBITDA $ (373) $ 3,614 $ (761) $ (1,787) $ (1,439)
Subtract:
Stock-based
compensation 1,238 40 120 - 1,078
Depreciation 104 69 23 12 -
---------- ----------------------------------------
(Loss) income from
operations (1,715) $ 3,505 $ (904) $ (1,799) $ (2,517)
Interest income 99
Financing fees (734)
Other income, net 11
Provision for income
taxes (91)
----------
Net loss (2,430)
Net loss attributable to
noncontrolling interests 420
----------
Net loss attributable to
Genie Energy Ltd. $ (2,010)
---------- ----------------------------------------
---------- ----------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
---------- ----------------------------------------
Three Months Ended June
30, 2014 (2Q14)
Adjusted EBITDA $ (2,591) $ 1,120 $ (1,514) $ (1,091) $ (1,106)
Subtract:
Stock-based
compensation 1,724 177 138 - 1,409
Depreciation 29 3 25 1 -
---------- ----------------------------------------
(Loss) income from
operations (4,344) $ 940 $ (1,677) $ (1,092) $ (2,515)
Interest income 99
Financing fees (583)
Other expense, net (45)
Provision for income
taxes (134)
----------
Net loss (5,007)
Net loss attributable to
noncontrolling interests 136
----------
Net loss attributable to
Genie Energy Ltd. $ (4,871)
----------------------------------- ----------------------------------------
Genie Energy Ltd.
Reconciliation of Adjusted EBITDA to Net Loss
(unaudited)
$ in thousands
----------------------------------------------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
---------- ----------------------------------------
Six Months Ended June 30,
2015
Adjusted EBITDA $ (2,996) $ 3,932 $ (1,416) $ (3,165) $ (2,347)
Subtract:
Stock-based
compensation 2,833 249 231 - 2,353
Depreciation 218 127 47 44 -
---------- ----------------------------------------
(Loss) income from
operations (6,047) $ 3,556 $ (1,694) $ (3,209) $ (4,700)
Interest income 201
Financing fees (1,289)
Other expense, net (134)
Benefit from income taxes 113
----------
Net loss (7,156)
Net loss attributable to
noncontrolling interests 648
----------
Net loss attributable to
Genie Energy Ltd. $ (6,508)
---------- ----------------------------------------
---------- ----------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
---------- ----------------------------------------
Six Months Ended June 30,
2014
Adjusted EBITDA $ (7,215) $ 356 $ (2,870) $ (2,007) $ (2,694)
Subtract:
Stock-based
compensation 3,563 319 276 - 2,968
Depreciation 59 6 50 2 1
---------- ----------------------------------------
(Loss) income from
operations (10,837) $ 31 $ (3,196) $ (2,009) $ (5,663)
Interest income 192
Financing fees (1,528)
Other expense, net (29)
Benefit from income taxes 46
----------
Net loss (12,156)
Net loss attributable to
noncontrolling interests 499
----------
Net loss attributable to
Genie Energy Ltd. $ (11,657)
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Contact:Genie Energy Investor RelationsBill UlreyP: (973) 438-3848 E-mail: Email contact
Source: Genie Energy