Genie Energy (NYSE: GNE) reported Q4 EPS of $0.47, versus ($0.01) reported last year. Revenue for the quarter came in at $62.8 million, versus $73.1 million reported last year.

• During 4Q18, Genie acquired a majority stake in Prism Solar Technologies, a solar solutions company and domestic manufacturer of high-efficiency bi-facial solar panels;
• In January 2019, Genie acquired a controlling interest in Helsinki-based Lumo Energia, a Finnish provider of retail electricity;
• Consolidated revenue in 4Q18 decreased to $62.8 million from $73.1 million. Full year 2018 revenue increased to $280.3 million from $264.2 million;
• Consolidated loss from operations in 4Q18 was $1.8 million compared to income from operations of $430 thousand. Full year 2018 income from operations was $8.5 million compared to a loss from operations of $6.5 million;
• Consolidated Adjusted EBITDA* in 4Q18 was negative $554 thousand compared to positive $8.9 million. Full year 2018 Adjusted EBITDA increased to $17.9 million from $7.3 million;
• Earnings per diluted share were $0.47 in 4Q18 compared to a loss per share of $0.01. Full year 2018 earnings per diluted share were $0.83 compared to a loss per share of $0.36. EPS in 4Q18 was positively impacted by the release of a valuation allowance on a deferred tax asset;
• Genie Energy's Board of Directors has declared a fourth quarter dividend of $0.075 per share.

COMMENTS OF MICHAEL STEIN, CEO OF GENIE ENERGY

"Throughout 2018, we continued our strategic focus on building and diversifying our retail energy and services business. We invested the strong cash flows generated by our domestic energy supply operations in promising growth opportunities, both domestic and international, while significantly strengthening our balance sheet.

"Our recent investment initiatives include expansion of our retail supply operations into new international markets. Following the end of the quarter, we acquired a majority stake in Lumo Energia, a Finnish retail energy supplier. Lumo brings us its existing customer base and a platform to address the 12-plus million deregulated meters in the Scandinavian market. In February, we began to enroll new customers in Japan's fully deregulating and extensive retail market. With our joint venture in the UK ramping up its meter acquisition program, we had over 50,000 international meters as of the end of February and footholds in several of the world's most promising deregulated retail energy markets.

"Domestically, we plan to return to meter growth in 2019. As part of that effort, we are working to expand our service footprint in certain states we already serve and to obtain licenses to operate in additional deregulated states. Late last year, we secured a license to operate in Texas, one of the nation's largest deregulated retail electricity markets, and we expect to begin enrolling meters there during the first half of 2019.

"In addition, we are intensifying our customer acquisition efforts in our current territories while maintaining our discipline and focus on higher consumption meters. This effort generated strong positive net meter growth through the first two months of 2019.

"Within our energy services business, we are very excited by the potential and progress of Prism Solar Technologies, the manufacturer of high efficiency, bi-facial solar panels in which we acquired a controlling stake during the fourth quarter.

"On a consolidated bases, Genie Energy delivered solid financial results for the full year 2018 including significant gains in revenue, income from operations, and EPS. Fourth quarter results were in-line with our expectations although not at the level of our performance in the year ago quarter.

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