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Genie Energy Ltd. Reports First Quarter 2019 Results

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NEWARK, N.J., May 6, 2019 /PRNewswire/ -- Genie Energy Ltd. (NYSE:GNE, GNEPRA)) reported first quarter 2019 net income of $0.21 per share on revenue of $86.6 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, 1Q19 results are compared to 1Q18 results unless otherwise noted)

  • Genie Energy's global customer base increased by 77 thousand RCEs during 1Q19 to 333 thousand at March 31st.  Global meters served climbed by 76 thousand to 399 thousand;
  • Genie Energy continued to expand its global footprint, closing on the acquisition of Finnish retail energy provider Lumo Energia and launching operations in Japan;
  • Consolidated revenue decreased to $86.6 million from $89.3 million;
  • Consolidated income from operations increased to $9.8 million from $7.1 million.  Consolidated Adjusted EBITDA* increased to $10.4 million from $8.6 million;
  • Earnings per share decreased to $0.21 per basic and diluted share from $0.24;
  • Genie Energy's Board of Directors has declared a first quarter 2019 dividend of $0.075 per share.

COMMENTS OF MICHAEL STEIN, CEO OF GENIE ENERGY
"Genie Energy had an excellent first quarter.  Income from operations and Adjusted EBITDA both increased significantly even as we continued to invest in expansion of our customer base and building out our solar solutions business.  These investments also further mitigate our commodity and geography-linked risks.

"Looking ahead, we are working to further expand our domestic meter base and expect to launch service in Texas in the second quarter.  Internationally, our customer acquisition programs are progressing in the U.K, and Japan while our Finnish retail supplier business provides a platform to address additional markets in Scandinavia."

CONSOLIDATED RESULTS

$ in millions, except EPS

1Q19   

4Q18   

1Q18    


1Q19 -1Q18

Change (%/$)

Revenue

$86.6

$62.8

$89.3


(3.0%)

Gross profit

$25.6

$14.7

$24.5


+4.6%

Gross margin percentage

29.5%

23.5%

27.4%


+210 BP

SG&A expense (including stock-based compensation)

$15.8

$15.2

$17.1


(7.8)%

Stock-based compensation included in SG&A

$0.4

$0.8

$1.3


(66.7)%

Exploration expense

-

-

$0.2


$(0.2)

Depreciation and amortization

$0.9

$0.4

$0.6


+53.3%

Equity in the net loss of joint ventures *

$(0.8)

$(1.3)

$(0.5)


$(0.3)

Income (loss) from operations 

$9.8

$(0.5)

$7.1


+37.9%

Adjusted EBITDA**

$10.4

$(0.6)

$8.6


+$21.3%

Benefit from (provision for) income taxes

$(2.9)

$14.1

$(0.8)


$(2.1)

Net income attributable to Genie Energy common
stockholders

$5.7

$12.3

$5.8


$(0.1)

Earnings per share attributable to Genie Energy
common stockholders

$0.21

$0.47

$0.24


$(0.03)

Net cash provided by (used in) operating activities

$7.0

$(0.9)

$8.6


$(1.6)

* Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the UK 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.

* *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.

METERS AND RCEs

Genie Energy's global customer base increased sequentially and year-over-year driven by the acquisition of Finish electricity provider Lumo Energia during the quarter, the expansion of Orbit Energy, a joint venture supplying electricity and natural gas in the UK, and robust domestic customer base growth driven, in part, by a municipal aggregation agreement in New Jersey.  Genie Energy's global RCE and meter totals are provided in the chart below.

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

March 31, 2019

December 31, 2018

September 30, 2018

June 30, 2018

March 31, 2018

Electricity RCEs

271

197

216

219

218

Natural gas RCEs

62

59

59

64

67

Total RCEs

333

256

275

283

285







Electricity meters

322

249

269

282

284

Natural gas meters

77

74

73

81

89

Total meters

399

323

342

363

373

*Includes RCEs and meters acquired and served by Genie Energy's domestic and international retail energy provider businesses including its JV operating in the UK, Orbit Energy.

Consolidated Take-Aways

  • Consolidated revenue decreased to $86.6 million from $89.3 million in 1Q18.  The change reflected the year over year decrease in domestic retail energy revenues substantially offset by revenue contributions from Prism Solar and Lumo Energia, acquired in 4Q18 and 1Q19 respectively.
  • Genie Energy's gross profit increased to $25.6 million from $24.5 million in 1Q18 primarily from increased margins on domestic gas sales and the impact of the Prism Solar acquisition.
  • SG&A expense declined to $15.8 million from $17.1 million in 1Q18 reflecting decreases in domestic customer acquisition expense and corporate-level stock-based compensation.
  • Consolidated income from operations increased to $9.8 million from $7.1 million in 1Q18 and Adjusted EBITDA increased to $10.4 million from $8.6 million

SEGMENT RESULTS
Genie Energy's segment reporting in 1Q19 and prior periods has been revised to reflect recent changes in its business operations and structure:

  • Genie Retail Energy (GRE) comprises domestic retail energy supply businesses;
  • Genie Energy Services (GES) comprises Genie Solar, Prism Solar Technologies, and Diversegy, a retail brokerage and advisory business;
  • Genie Retail Energy International (GRE International) comprises overseas retail energy supply businesses including interests in Lumo Energia (Finland), Genie Energy Japan and results from Orbit Energy, a joint venture operating in the UK;  
  • Genie Oil and Gas (GOGAS) comprises Afek's currently suspended oil and gas exploration venture in Israel (formerly a separate segment), a minority stake in a drilling services company based in Israel and inactive legacy exploration ventures;
  • Corporate is Genie Energy's corporate overhead. 

Genie Retail Energy (GRE)

  • Gross meter adds during the quarter totaled 85 thousand including a municipal aggregation deal in New Jersey which added approximately 34 thousand meters;
  • Average monthly average churn decreased to 5.3% from 7.1% in 4Q18. Churn was favorably impacted by the municipal aggregation agreement as these meters are typically characterized by relatively low rates of churn, and by relatively low rates of new customer acquisition in recent quarters.  The churn rate in the prior quarter was negatively impacted by the expiration of a municipal aggregation agreement. Excluding the impact of that expiration, average monthly churn for the prior quarter would have been approximately 6.1%. Average monthly churn in the year ago quarter was 7.6% including the impact of a regulatorily mandated relinquishment of low-income customers in New York.
  • GRE increased income from operations to $13.5 million from $11.0 million in 1Q18.  Adjusted EBITDA increased to $13.8 million from $11.6 million in 1Q18.  The increases reflect margin improvement on natural gas sales and decreased customer acquisition expense.

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

Genie Retail Energy

$ in millions

1Q19   

4Q18  

1Q18   


1Q19-1Q18

Change (%/$)

Total revenue

$76.5

$58.8

$88.8


(13.8)%

   Electricity revenue

$57.8

$46.7

$65.3


(11.5)%

   Natural gas revenue

$18.7

$12.1

$23.4


(20.2)%

Gross profit

$24.7

$14.5

$24.2


+2.1%

Gross margin percentage

32.3%

24.7%

27.2%


+510 BP

SG&A expense

$11.2

$11.2

$13.1


(14.9)%

Income from operations

$13.5

$3.4

$11.0


+22.3%

Adjusted EBITDA

$13.8

$3.8

$11.6


+18.9%

Genie Energy Services (GES)

  • GES revenue increased to $5.3 million from $502 thousand in 1Q18 reflecting the impact of the Prism Solar acquisition in 4Q18;
  • GES' loss from operations was $232 thousand in 1Q19 compared to a loss from operations $92 thousand in 1Q18. 
  • GES generated positive Adjusted EBITDA of $45 thousand compared to negative Adjusted EBITDA of $85 thousand in 1Q18.

Genie Retail Energy International (GRE International)

  • GRE International served 33 thousand RCEs and 55 thousand meters at March 31st, compared to 4 thousand RCEs and 8 thousand meters at December 31st.  The increases resulted from the acquisition of Lumo Energy and organic growth at Orbit Energy;
  • GRE International's revenue increased to $4.8 million compared to nil in 1Q18 on the Lumo Energia acquisition;
  • Equity in the loss of Orbit Energy was $1.1 million compared to $506 thousand in 1Q18;   
  • GRE International's loss from operations increased to $1.7 million from a loss from operations of $91 thousand in 1Q18.  Negative Adjusted EBITDA was $2.3 million compared to $597 thousand in 1Q18.  The increased losses reflect increased meter acquisition expense at Orbit Energy and Lumo Energia and buildout operations at Genie Japan.

Genie Oil and Gas (GOGAS)

  • Operations at Genie Energy's Afek oil and gas exploration subsidiary remain suspending pending the permitting required for final testing on an existing well;
  • Exploration expense was nil in the 1Q19 compared to $227 thousand in 1Q18;
  • Loss from operations was $163 thousand compared to a loss from operations of $1.4 million in 1Q18.  Adjusted EBITDA was $124 thousand compared to negative Adjusted EBITDA of $1.2 million in 1Q18.  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 $1.5 million compared to a loss of $2.4 million in 1Q18.  The loss narrowed on a decline in corporate stock-based compensation, which decreased to $238 thousand dollars from $1.2 million in the year ago quarter.  Negative Adjusted EBITDA was $1.3 million compared to $1.1 million in 1Q18.

BALANCE SHEET HIGHLIGHTS
At March 31, 2019, Genie Energy had $154.2 million in total assets, including $44.5 million in cash, cash equivalents and restricted cash.  Liabilities totaled $55.9 million and working capital (current assets less current liabilities) totaled $51.7 million

DIVIDEND ON GENIE ENERGY COMMON STOCK
Genie Energy's Board of Directors has declared a 1Q19 dividend of $0.075 per share of Class A and Class B common stock with a record date of May 20, 2019.  The dividend will be paid on or about May 31, 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 (www.genie.com/investor-relations) and has been filed on a current report (Form 8-K) with the SEC.  

At 8:30 AM Eastern time today, May 6, 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 May 13, 2019.  The replay PIN is 10130656.  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 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
(in thousands, except per share amounts) 



March 31,
2019


December 31,
2018



(Unaudited)



Assets





Current assets:





Cash and cash equivalents


$

37,540


$

41,601

Restricted cash—short-term



6,058



1,653

Trade accounts receivable, net of allowance for doubtful accounts of $2,139 and $2,003 at
March 31, 2019 and December 31, 2018, respectively



41,921



35,920

Inventory



9,685



9,893

Prepaid expenses



4,874



6,167

Other current assets



2,126



2,670

Total current assets



102,204



97,904

Property and equipment, net



4,371



4,301

Goodwill



13,023



11,082

Other intangibles, net



8,509



6,321

Investment in equity method investees



1,470



2,208

Restricted cash—long-term



865



943

Deferred income tax assets, net



13,184



15,625

Other assets



10,610



8,480

Total assets


$

154,236


$

146,864

Liabilities and equity







Current liabilities:







Notes payable


$

918


$

923

Trade accounts payable



20,044



18,508

Accrued expenses



24,402



25,242

Income taxes payable



1,923



1,463

Due to IDT Corporation



138



234

Other current liabilities



3,082



4,416

Total current liabilities



50,507



50,786

Revolving line of credit



2,516



2,516

Other liabilities



2,842



900

Total liabilities



55,865



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 March 31, 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 March 31, 2019 and December 31, 2018



16



16

Class B common stock, $0.01 par value; authorized shares—200,000; 25,767 and 25,544
shares issued and 25,517 and 25,294 shares outstanding at March 31, 2019 and December
31, 2018, respectively



258



255

Additional paid-in capital



137,789



136,629

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



(1,624)



(1,624)

Accumulated other comprehensive income



2,881



2,591

Accumulated deficit



(50,464)



(53,939)

Total Genie Energy Ltd. stockholders' equity



108,599



103,671

Noncontrolling interests



(10,228)



(11,009)

Total equity



98,371



92,662

Total liabilities and equity


$

154,236


$

146,864

 

 

GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)


Three Months Ended
March 31,


2019

2018


(in thousands, except per
share data)

Revenues:



Electricity

$

62,614

$

65,335

Natural gas


18,706


23,428

Other


5,297


505

Total revenues


86,617


89,268

Cost of revenues


61,026


64,810

Gross profit


25,591


24,458

Operating expenses and losses:





Selling, general and administrative (i)


15,708


17,098

Research and development


49


Exploration



227

Income from operations


9,834


7,133

Interest income


93


81

Interest expense


(140)


(92)

Gain Equity in the net loss of equity method investees, net


(797)


(506)

Other income, net


73


42

Income before income taxes


9,063


6,658

Provision for income taxes


(2,903)


(799)

Net income


6,160


5,859

Net income attributable to noncontrolling interests


(91)


295

Net income attributable to Genie Energy Ltd.


6,069


6,154

Dividends on preferred stock


(370)


(370)

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

$

5,699

$

5,784






Earnings per share attributable to Genie Energy Ltd. common stockholders:





Basic

$

0.21

$

0.24

Diluted

$

0.21

$

0.24

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





Basic


26,532


24,239

Diluted


27,240


24,295






Dividends declared per common share

$

0.075

$

0.075

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

$

448

$

1,347

 

 

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



Three Months Ended
March 31,



2019

2018



(in thousands)

Operating activities




Net income


$

6,160

$

5,859

Adjustments to reconcile net income to net cash provided by (used in) operating activities:






Depreciation and amortization



921


594

Deferred income taxes



2,442


113

Provision for doubtful accounts receivable



72


295

Gain on sale of property and equipment




(18)

Stock-based compensation



448


1,347

Equity in the net loss of equity method investees



797


506

Change in assets and liabilities:






Trade accounts receivable



(3,554)


3,886

Inventory



208


(1,690)

Prepaid expenses



1,320


511

Other current assets and other assets



(1,041)


2,903

Trade accounts payable, accrued expenses and other current liabilities



(1,115)


(6,328)

Due to IDT Corporation



(100)


(94

Income taxes payable



460


754

Net cash provided by operating activities



7,018


8,638

Investing activities






Capital expenditures



(325)


(344)

Proceeds from sale of property and equipment




62

Payments for business acquisition, net of cash acquired



(1,852)


Investments in notes receivables



(177)


Repayment of notes receivable



122


54

Net cash (used in) investing activities



(2,232)


(228)

Financing activities






Dividends paid



(2,377)


(2,235)

Repayment of short-term debt - Lumo



(2,260)


Exercise of stock options



172


Repayment of notes payable



(20)


Net cash used in financing activities



(4,485)


(2,235)

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



(35)


(19)

Net increase in cash, cash equivalents, and restricted cash



266


6,156

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



44,197


31,927

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


$

44,463

$

38,083

Supplemental Schedule of Non-Cash Financing Activities






Liability incurred for acquisitions


$

2,260

$

 

Reconciliation of Non-GAAP Financial Measure for the First 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 first 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 March 31, 2019

(1Q19)








Adjusted EBITDA

$  10,395


$  13,775

$       45

$  (2,257)

$     124

$ (1,293)

Subtract:








Stock-based compensation

448


116

-

94

-

238

Depreciation and amortization

910


156

277

463

14

-

Add:








Gain 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)

Gain 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 December 31, 2018

(4Q18)








Adjusted EBITDA

$      (554)


$   3,791

$    (480)

$    (1,731)

$ (1,110)

$ (1,024)

Subtract:








Stock-based compensation

448


190

-

-

-

646

Depreciation and amortization

910


244

157

-

14

-

Add:








Gain equity in the net loss of equity method
Investees

1,348




 

1,002

346


Income (loss) from operations

$    (458)


$  3,357

$     (637)

$       (729)

$     (778)

$ (1,671)

Gain equity in the net loss of equity method

Investees

1,348







Interest income

557







Interest expense

(401)







Gain on extinguishment of liability

164







Other income, net              

156







Benefit from income taxes

12,376







Net income

21,400







Net loss attributable to noncontrolling interests

(1,385)







Net income attributable to Genie Energy Ltd.

$    22,785










Total


Genie Retail Energy

GES

GRE Inter-

national



GOGAS

Corporate

Three Months Ended March 31, 2018

(1Q18)








Adjusted EBITDA

$     8,568


$   11,588

$      (85)

$      (597)

$ (1,206)

$ (1,132)

Subtract:








Stock-based compensation

1,347


119

-


-

1,229

Depreciation and amortization

594


431

7


155

-

Add:








Gain equity in the net loss of equity method
investees

506




506



Income (loss) from operations

$    7,133


$  11,038

$       (92)

$       (91)

$  (1,361)

$ (2,361)

Gain equity in the net loss of equity method

investees

506







Interest income

81







Interest expense

(92)







Other income, net

42







Income taxes

(799)







Net income

5,859







Net loss attributable to noncontrolling interests

295







Net income attributable to Genie Energy Ltd.

$    6,154







 

 

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SOURCE Genie Energy Ltd.

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