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07 December, 2023 18:41 IST
Genie Energy Ltd. first-quarter earnings plunge by 38.67 percent on a YOY basis
Source: IRIS | 13 Jun, 2017, 04.25PM

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Genie Energy Ltd. (GNE) has reported 38.67 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $3.48 million, or $0.13 a share in the quarter, compared with $5.67 million, or $0.22 a share for the same period last year.

Revenue during the quarter grew 17.94 percent to $69.44 million from $58.88 million in the previous year period. Gross margin for the quarter contracted 682 basis points over the previous year period to 34.02 percent. Total expenses were 94.29 percent of quarterly revenues, up from 89.81 percent for the same period last year. That has resulted in a contraction of 447 basis points in operating margin to 5.71 percent.

Operating income for the quarter was $3.97 million, compared with $6 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $5.68 million compared with $0.32 million in the prior year period. At the same time, adjusted EBITDA margin improved 763 basis points in the quarter to 8.18 percent from 0.55 percent in the last year period.

HOWARD JONAS, chairman and chief executive officer of GENIE ENERGY, said "Genie Retail Energy continued its string of solid operational and financial results. We returned to organic meter growth by aggressively ramping up our meter acquisition activities in the territories we entered with our acquisition of Town Square Energy while delivering strong revenue growth and positive bottom line results. In Israel, drilling of our Ness 10 exploratory well ��" the first in the Northern portion of our license area and the sixth overall - is underway. Our models suggest that the resource identified in the South may be present in the North at significantly greater depths, and we are hopeful that the results from Ness 10, when fully analyzed, will validate that theory."


Operating cash flow drops significantly
Genie Energy Ltd. has generated cash of $3.64 million from operating activities during the quarter, down 60.09 percent or $ 5.48 million, when compared with the last year period.

The company has spent $1 million cash to meet investing activities during the quarter as against cash outgo of $8.18 million in the last year period.

The company has spent $2.07 million cash to carry out financing activities during the quarter as against cash outgo of $1.98 million in the last year period.

Cash and cash equivalents stood at $35.97 million as on Mar. 31, 2017, down 5.09 percent or $1.93 million from $37.90 million on Mar. 31, 2016.

Working capital declines
Genie Energy Ltd. has witnessed a decline in the working capital over the last year. It stood at $
57.12 million as at Mar. 31, 2017, down 21.80 percent or $15.93 million from $73.05 million on Mar. 31, 2016. Current ratio was at 2.40 as on Mar. 31, 2017, down from 3.08 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 20 days for the quarter from 35 days for the last year period. Days sales outstanding went down to 39 days for the quarter compared with 43 days for the same period last year.

Days inventory outstanding has decreased to 7 days for the quarter compared with 24 days for the previous year period. At the same time, days payable outstanding went down to 26 days for the quarter from 32 for the same period last year.


Debt comes down significantly
Genie Energy Ltd. has recorded a decline in total debt over the last one year. It stood at $
1.16 million as on Mar. 31, 2017, down 42 percent or $0.84 million from $2 million on Mar. 31, 2016. Short-term debt stood at $1.16 million as on Mar. 31, 2017. Total debt was 0.94 percent of total assets as on Mar. 31, 2017, compared with 1.26 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.01 as on Mar. 31, 2017, when compared with the last year.


Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
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