NEWARK, N.J., March 8, 2017 /PRNewswire/ -- Genie Energy
Ltd. (NYSE: GNE, GNEPRA) reported fourth quarter 2016 revenue of
$51.5 million and a net loss
attributable to common stockholders of $1.2
million -- $0.05 per basic and
diluted share. For the full year 2016, Genie Energy reported
revenue of $212.1 million and a net
loss attributable to common stockholders of $26.0 million -- $1.14 per basic and diluted share.
HIGHLIGHTS
- Genie Energy's Board of Directors has increased the
quarterly dividend on Genie Energy's Class A and Class B common
stock by 25% and declared a 4Q16 dividend of $0.075 to be paid on or about March 24, 2017. The Board also named
Michael Stein as the company's Chief
Operating Officer.
- Genie Retail Energy (GRE) generated $2.7 million in income from operations in 4Q16
compared to $0.9 million in the year
ago quarter. Full year 2016 income from operations was
$26.5 million compared to
$11.1 million in 2015;
- In November 2016, GRE acquired
a privately held retail energy provider operating as Town Square
Energy (TSE) for cash of $9.5 million
plus $1.6 million for TSE's net
working capital.
- TSE contributed approximately 51 thousand electric-only RCEs
and 44 thousand electric meters at December
31, 2016, more than offsetting more modest organic declines
in GRE's RCEs and meters compared to September 30, 2016. Including TSE's customer
base, GRE added 42 thousand RCEs and 29 thousand net meters in the
fourth quarter. For the full year 2016, Genie Retail Energy
added 24 thousand RCEs and 20 thousand net meters served;
- Including the acquisition of TSE, GRE expanded its
geographic footprint to five new states during 2016– Ohio, New
Hampshire, Rhode Island,
Massachusetts and Connecticut.
- In Israel, Genie Energy's
Afek subsidiary expects to spud the Ness 10 exploratory well in the
Northern region of its license area later this month and complete
the well during the second quarter. Afek's exploratory
license has been extended until April, 2018.
COMMENTS OF HOWARD JONAS, CHAIRMAN AND CEO OF GENIE
ENERGY
"GRE racked up another strong quarter, including a
significant expansion of its customer base and geographic footprint
through the acquisition of Town Square Energy. GRE's revenue,
income from operations and Adjusted EBITDA all increased
substantially compared to the year ago quarter. For the full year,
GRE greatly improved its bottom line performance, generating
$26.5 million in income from
operations compared to $11.1 million
in 2015. In Israel, our Afek Oil and Gas subsidiary will soon
begin drilling an exploratory well in the northern portion of our
license area where the geology may be more favorable to the
development of mature hydrocarbons.
"Genie Energy's Board of Directors has raised the quarterly
dividend on our common stock to $0.075 in light of our retail energy business's
continued robust performance and positive outlook as well as the
sharpened focus of our oil and gas exploration effort in northern
Israel. These developments have
enhanced our free cash flow generation and, in combination with our
strong and liquid balance sheet, position us to return more cash to
our stockholders even as we explore new growth opportunities."
|
CONSOLIDATED
RESULTS
|
|
$ in millions,
except EPS
|
4Q16
|
3Q16
|
4Q15
|
4Q16 -
4Q15
Change
(%/$)
|
|
Full
Year
2016
|
Full
Year
2015
|
Full
Year
Change
(%/$)
|
|
Revenue**
|
$51.5
|
$57.2
|
$44.6
|
+15.6%
|
|
$212.1
|
$213.1
|
(0.4)%
|
|
Gross
profit
|
$14.6
|
$20.2
|
$15.5
|
(6.2)%
|
|
$76.9
|
$66.6
|
+15.4%
|
|
Gross margin
percentage
|
28.3%
|
35.4%
|
34.8%
|
(650) BP
|
|
36.3%
|
31.3%
|
+500 BP
|
|
SG&A expense
(including stock-based
compensation)
|
$14.7
|
$14.9
|
$17.0
|
(13.6)%
|
|
$61.6
|
$66.0
|
(7.2)%
|
|
Stock-based compensation
|
$1.3
|
$1.2
|
$1.2
|
+13.9%
|
|
$4.8
|
$5.2
|
(8.0)%
|
|
Research and
development expense
|
$(0.5)
|
$0
|
$0.3
|
$(0.8)
|
|
$(0.3)
|
$2.0
|
$(2.3)
|
|
Exploration
expense***
|
$1.6
|
$1.3
|
$2.2
|
(24.8)%
|
|
$6.1
|
$6.6
|
(7.5)%
|
|
Write-off of
capitalized exploration costs
|
-
|
$41.0
|
-
|
-
|
|
$41.0
|
-
|
+$41.0
|
|
Loss from
operations
|
$(1.3)
|
$(37.1)
|
$(4.2)
|
+$2.9
|
|
$(30.5)
|
$(8.3)
|
$(22.2)
|
|
Adjusted
EBITDA*
|
$0.3
|
$5.2
|
$(3.0)
|
+$3.3
|
|
$14.7
|
$(2.7)
|
+$17.4
|
|
Net loss attributable
to Genie Energy
common stockholders
|
$(1.2)
|
$(32.5)
|
$(4.2)
|
+$3.0
|
|
$(26.0)
|
$(8.9)
|
$(17.1)
|
|
Basic and diluted
loss per share
attributable to Genie Energy common
stockholders
|
$(0.05)
|
$(1.43)
|
$(0.19)
|
$0.14
|
|
$(1.14)
|
$(0.40)
|
$(0.74)
|
|
Net cash provided by
(used in) operating
activities
|
$3.9
|
$(1.7)
|
$(3.6)
|
+$7.5
|
|
$15.6
|
$(3.1)
|
+$18.7
|
|
*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 Measures at the end of this release for a
complete explanation of Adjusted EBITDA and reconciliation to the
most directly comparable GAAP measure.
**
Revenue and cost of revenue were adjusted for a correction in
treatment of Gross Receipts Tax that was previously reported as a
reduction in electricity revenue, in the amount of $0.7 million in
4Q15 and $2.9 million in the year ended December 31,
2015.
*** Genie Energy's Afek Oil & Gas
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".
|
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
At December 31, 2016, Genie Energy
had $121.8 million in total assets,
including $47.1 million in cash, cash
equivalents and restricted cash (short and long term).
Liabilities totaled $41.9 million,
and working capital (current assets less current liabilities)
totaled $56.7 million.
Net cash provided by operating activities in 4Q16 was
$3.9 million compared to net cash
used in operating activities of $3.6
million in the year ago quarter. For the full year
2016, net cash provided by operating activities totaled
$15.6 million compared to net cash
used in operating activities of $3.1
million in 2015.
DIVIDEND ON GENIE ENERGY COMMON STOCK
On March 7, 2017, Genie Energy's Board of Directors
declared a 4Q16 dividend of $0.075
for the holders of Class A and Class B common stock of record on
March 20, 2017. The dividend
will be paid on March 24, 2017.
The ex-dividend date will be March 16,
2017. The distribution will be treated as an ordinary
dividend for income tax purposes.
GENIE ENERGY NAMES MICHAEL STEIN AS CHIEF OPERATING
OFFICER
The Board of Directors of Genie Energy has appointed
Michael Stein as the company's Chief
Operating Officer. In addition to his new responsibilities, Mr.
Stein will continue to serve as Chief Executive Officer of Genie
Retail Energy, a position he has held since May of 2015.
|
RESULTS BY
SEGMENT
|
|
$ in
millions
|
4Q16
|
3Q16
|
4Q15
|
4Q16
-4Q15
Change
(%/$)
|
|
2016
|
2015
|
|
Genie Retail
Energy
|
|
|
|
|
|
|
|
|
Total
revenue**
|
$51.5
|
$57.2
|
$44.6
|
+15.6%
|
|
$212.1
|
$213.1
|
|
Electricity revenue**
|
$41.0
|
$55.1
|
$37.5
|
+9.4%
|
|
$179.5
|
$170.3
|
|
Natural
gas revenue
|
$10.1
|
$1.8
|
$7.3
|
+38.3%
|
|
$31.0
|
$40.8
|
|
Other
revenue
|
$0.4
|
$0.3
|
$(0.2)
|
+$0.6
|
|
$1.6
|
$2.0
|
|
Gross
profit
|
$14.6
|
$20.2
|
$15.5
|
(6.2)%
|
|
$76.9
|
$66.6
|
|
Gross margin
percentage
|
28.3%
|
35.4%
|
34.8%
|
(650) BP
|
|
36.3%
|
31.3%
|
|
SG&A
expense
|
$11.8
|
$12.3
|
$14.6
|
(19.2)%
|
|
$50.4
|
$55.6
|
|
Income from
operations
|
$2.7
|
$7.9
|
$0.9
|
+206.8%
|
|
$26.5
|
$11.1
|
|
Adjusted
EBITDA*
|
$3.1
|
$8.0
|
$1.0
|
+207.6%
|
|
$27.3
|
$11.8
|
|
|
|
|
|
|
|
|
|
Afek
|
|
|
|
|
|
|
|
|
G&A
expense
|
$0.3
|
$0.3
|
$0.2
|
+29.3%
|
|
$1.1
|
$0.8
|
|
Exploration
expense***
|
$1.6
|
$1.3
|
$2.2
|
(24.8)%
|
|
$6.1
|
$6.6
|
|
Write-off of
capitalized
exploration costs
|
-
|
$41.0
|
-
|
-
|
|
$41.0
|
-
|
|
Loss from
operations
|
$(2.0)
|
$(42.7)
|
$(2.4)
|
(17.3)%
|
|
$(48.3)
|
$(7.5)
|
|
Adjusted
EBITDA*
|
$(1.9)
|
$(1.6)
|
$(2.4)
|
(20.1)%
|
|
$(7.0)
|
$(7.4)
|
|
Capitalized
exploration costs***
|
-
|
$0.1
|
$9.2
|
$(9.2)
|
|
$12.9
|
$27.0
|
|
|
|
|
|
|
|
|
|
GOGAS
|
|
|
|
|
|
|
|
|
G&A
expense
|
$0.3
|
$0.1
|
$-
|
+$0.3
|
|
$0.9
|
$0.7
|
|
Research and
development
expense
|
$(0.5)
|
$0.0
|
$0.3
|
+$0.8
|
|
$(0.3)
|
$1.9
|
|
Equity in the loss of
AMSO,
LLC
|
-
|
-
|
$(0.3)
|
$(0.3)
|
|
$(0.2)
|
$(0.4)
|
|
Income (loss) from
operations
|
$0.2
|
$(0.1)
|
$(0.6)
|
+$0.8
|
|
$0.4
|
$(3.1)
|
|
Adjusted
EBITDA*
|
$0.2
|
$(0.1)
|
$(0.6)
|
+$0.8
|
|
$(0.8)
|
$(2.7)
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
G&A
expense
|
$2.3
|
$2.2
|
$2.1
|
+10.6%
|
|
$9.2
|
$8.9
|
|
Non-cash compensation
in G&A
|
$1.2
|
$1.1
|
$1.1
|
+10.8%
|
|
$4.4
|
$4.5
|
|
Loss from
operations
|
$(2.3)
|
$(2.2)
|
$(2.1)
|
+10.6%
|
|
$(9.2)
|
$(8.9)
|
|
Adjusted
EBITDA*
|
$(1.1)
|
$(1.1)
|
$(1.0)
|
+10.3%
|
|
$(4.8)
|
$(4.4)
|
|
*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.
**
Revenue and cost of revenue were adjusted for a correction in
treatment of Gross Receipts Tax that was previously reported as a
reduction in electricity revenue, in the amount of $0.7 million in
4Q15 and $2.9 million in the year ended December 31,
2015.
*** Genie Energy's Afek Oil & Gas
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".
|
Genie Retail Energy
Genie Retail Energy – 4Q16 and Full Year 2016 Results of
Operations
Genie Retail Energy's RCEs increased from the
prior quarter's end to 283,000 at December
31, 2016, while meters served increased to 412,000.
The increase was primarily due to the impact of the TSE acquisition
in November 2016 which more than
offset organic decreases in REC's and meters at the other brands.
At December 31, 2016, TSE accounted
for approximately 51,000 electric RCEs and 44,000 electric
meters.
|
RCEs and Meters at
End
of Quarter (in thousands)
|
December
31,
2016
|
September
30,
2016
|
June
30,
2016
|
March
31,
2016
|
December
31,
2015
|
|
Electricity
RCEs
|
218
|
174
|
172
|
175
|
178
|
|
Natural gas
RCEs
|
65
|
67
|
67
|
72
|
81
|
|
Total RCEs
|
283
|
241
|
239
|
247
|
259
|
|
|
|
|
|
|
|
Electricity
meters
|
296
|
263
|
268
|
267
|
264
|
|
Natural gas
meters
|
116
|
120
|
122
|
126
|
128
|
|
Total
meters
|
412
|
383
|
390
|
393
|
392
|
Meters enrolled in offerings with fixed rate characteristics
constituted approximately 32% of GRE's electric load during
December, 2016 compared to 15% of GRE's electric load during
September, 2016. The increase resulted from the addition of
TSE's electric meters, a significant portion of which have fixed
rate characteristics.
GRE's average monthly customer churn increased to 6.7% in 4Q16
compared to 6.3% in the year ago quarter, and increased from 6.4%
in 3Q16. For the full year 2016, average monthly churn increased to
6.4% compared to 6.3% in 2015.
As in prior quarters, GRE generated all of the Genie Energy's
revenue and gross profit.
GRE's 4Q16 revenue increased to $51.5
million from $44.6 million in
4Q15 on increased sales of both electricity and natural gas.
Electricity revenue increased to $41.0
million in 4Q16 from $37.5
million in 4Q15. Kilowatt hours sold increased
substantially on increases in both average consumption per meter
and electricity meters served, more than offsetting a decrease in
average revenue per kilowatt hour sold.
Gas sales in 4Q16 increased to $10.1
million from $7.3 million in
4Q15 on higher consumption per meter and increased average revenue
per therm sold.
Full year 2016 revenue was $212.1
million, a slight decrease from $213.1 million in 2015 as an increase in
electricity revenue was narrowly offset by a decrease in gas
revenue.
Electricity revenue increased to $179.5
million in 2016 from $170.3
million in 2015. Increases in the electric meter
base drove an increase in kilowatt hours sold, which more than
offset a decrease in average revenue per kilowatt hour sold.
Natural gas revenue decreased to $31.0
million in 2016 from $40.8
million in 2015 as both average revenue per therm sold and
therms sold declined.
GRE's gross margin percentage in 4Q16 was 28.3% compared to
34.8% in 4Q15. The gross margin on electricity sales declined
from 39.3% in 4Q15 to 27.1% in 4Q16. The average revenue per
kilowatt hour sold declined even as the underlying commodity cost
increased reflecting intensification of competition in key markets,
and an increase in the proportion of customers on plans with fixed
rate characteristics. The gross margin on natural gas sales
more than doubled from 15.8% to 31.9% over the same period mostly
due to an increase in average revenue per therm.
For the full year 2016, GRE's gross margin percentage increased
to 36.3% from 31.3% in 2015. The full year gross margin on
electricity sales increased to 37.0% from 33.8%, and the gross
margin on gas sales jumped to 30.5% from 22.7%.
GRE's gross profit in 4Q16 was $14.6
million compared to $15.5
million in 4Q15. Gross profit for the full year 2016
increased to $76.9 million from
$66.6 million in
2015.
GRE's SG&A expense decreased to $11.8
million in 4Q16 from $14.6
million in 4Q15 driven by reductions in employee
compensation and customer acquisition costs. Full year 2016
SG&A expense decreased to $50.4
million from $55.6 million in
2015 reflecting a decrease in regulatory and legal expense, reduced
employee compensation, and reduced customer acquisition costs. In
2015, SG&A expense included an accrual of $2.7 million for regulatory and legal
matters.
GRE's income from operations increased to $2.7 million in 4Q16 from $894 thousand in the year ago quarter reflecting
the reduction in SG&A expense that more than offset the decline
in gross profit. Adjusted EBITDA increased to $3.1 million in 4Q16 from $1.0 million in 4Q15. Full year income from
operations jumped to $26.5 million in
2016 from $11.1 million in 2015 on
increased gross profit and decreased SG&A expense. Full
year 2016 Adjusted EBITDA was $27.3
million compared to $11.8
million the year before.
Genie Retail Energy – New York Regulatory Update
In
December 2016, the New York State Public Service Commission (NY
PSC) issued an order prohibiting retail energy providers from
serving customers enrolled in New
York's utility low-income assistance programs (low-income
customers) throughout New York State. The December order
largely replicated a NY PSC order issued in July of 2016 that was
subsequently stayed by a ruling of a New
York court on procedural grounds. The REP industry has
filed a legal challenge to the NY PSC's December order. On
January 25, 2017, the NY PSC granted
an industry request to delay implementation of the order until
May 26, 2017 to allow time for
judicial review.
The NY PSC has also undertaken a broader examination of the role
played by REPs in retail energy markets which may result in
additional restrictions on REP operations in New York State.
In July 2016, a New York court struck down key provisions of a
NY PSC order barring REPs from serving any customer unless their
price was equal to or below the incumbent utility provider's price
except where the offering met certain renewable energy
requirements.
Afek
In April 2013, the Israeli
Ministry of Energy and Water awarded Genie Energy's Afek Oil and
Gas subsidiary an exclusive, three-year, petroleum exploration
license covering 396.5 square kilometers in the southern portion of
the Golan Heights in Northern
Israel. The license has now been extended through April,
2018.
Afek has completed drilling five exploratory wells in the
southern portion of its license area. Analysis of the results
confirms the presence of a consistent and substantial resource of
early-stage maturated organics, primarily bitumen and heavy
oil.
Afek is preparing to drill a sixth exploratory well, Ness 10
which will be the first well located north of the Sheikh-Ali
Fault. Reprocessed seismic and other data indicate that the
source rock that contained the resource in the southern portion of
the license area extends north of the fault, but at significantly
greater depths than in the southern portion. The planned
drilling at Ness 10 seeks to confirm the presence of organics at
the site and to determine whether the geological conditions
necessary to convert early-stage maturated organics to light crude
are present.
Also in Israel, Genie Energy's
newly formed drilling services subsidiary, Atid Drilling, is proceeding to purchase the rig
utilized to drill Afek's exploratory wells. Atid will be conducting
the drilling of Ness 10 following the successful completion of a
water well for Mei Golan, the water
authority cooperative in northern Israel.
G&A expense at Afek in 4Q16 was $277
thousand compared to $214
thousand in 4Q15. Full year 2016 G&A expense was
$1.1 million compared to $811 thousand in 2015.
Exploration expense in 4Q16 was $1.6
million compared to $2.2
million in the year ago quarter reflecting the slower rate
of drilling activity. Full year exploration expense was
$6.1 million in 2016 compared to
$6.6 million in 2015.
Afek's loss from operations in 4Q16 was $2.0 million compared to a loss from operations
of $2.4 million in 4Q15. The
year over year improvement primarily reflected the reduction in
exploration expense. Adjusted EBITDA in 4Q16 was negative
$1.9 million compared to Adjusted
EBITDA of negative $2.4 million in
4Q15.
The full year 2016 loss from operations of $48.3 million included a $41.0 million write-off of capitalized
exploration costs. The loss from operations in 2015 was
$7.5 million. Adjusted EBITDA
in 2016 was negative $7.0 million
compared to negative $7.4 million in
2015.
During 4Q16, Afek did not capitalize exploration costs. In
4Q15, capitalized exploration costs totaled $9.2 million. For the full year 2016, Afek
capitalized $12.9 million in
exploration costs compared to $27.0
million in the prior year.
Genie Oil and Gas (GOGAS)
The GOGAS segment is
comprised of inactive oil shale projects in Israel's Shfela Basin, Mongolia and Western
Colorado's Piceance Basin.
The GOGAS segment's income from operations in 4Q16 was
$217 thousand including the reversal
of accrued expenses related to the dissolution of the AMSO, LLC oil
shale development project compared to a loss from operations of
$635 thousand in 4Q15. Income from
operations for the full year 2016 was $438
thousand including a $1.3
million gain on the consolidation of AMSO, LLC in
2Q16. The loss from operations in 2015 was $3.1 million.
Corporate
Genie Energy's consolidated results
include corporate overhead. In 4Q16, corporate G&A
expense was $2.3 million including
$1.2 million in non-cash
compensation. The comparable results for 4Q15 were
$2.1 million and $1.1 million respectively. For the full
year 2016, corporate G&A expense was $9.2 million including $4.4 million in non-cash compensation. In
2015, corporate G&A expense was $8.9
million including $4.5 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 on
a current report (Form 8-K) with the SEC.
At 8:30 AM Eastern time today,
March 8, 2017, 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.
A replay of the call will be available at 1-844-512-2921 (US
toll free) or 1-412-317-6671 (international) through March 15, 2017. The replay PIN is:
10099832. An audio file recording of the call - in MP3 format
- will also be posted on the "Investors" section of the Genie
Energy website.
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,
GNEPRA) operates two primary businesses - Genie Retail Energy (GRE)
and Genie Oil and Gas (GOGAS). GRE operates retail energy provider,
brokerage and marketing businesses. GRE's retail energy
provider businesses market electricity and natural gas to
residential and small business customers primarily in the Eastern
United States. GOGAS, through its Afek Oil & Gas
subsidiary, is conducting an oil and gas exploration project in
Northern Israel pursuant to an
exclusive exploration license issued by the government of
Israel, along with other smaller
operations. 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
|
|
December 31
(in thousands)
|
|
2016
|
|
2015
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents..........................................................
|
|
$
|
35,192
|
|
$
|
38,786
|
|
|
Restricted
cash—short-term.........................................................
|
|
|
10,813
|
|
|
10,894
|
|
|
Certificates of
deposit..............................................................
|
|
|
—
|
|
|
8,850
|
|
|
Trade accounts
receivable, net of allowance for doubtful accounts of $171 and $182
at
December 31, 2016 and 2015,
respectively.........................................................
|
|
|
36,858
|
|
|
27,222
|
|
|
Inventory.......................................................................
|
|
|
5,989
|
|
|
11,440
|
|
|
Prepaid
expenses.................................................................
|
|
|
4,026
|
|
|
11,328
|
|
|
Other current
assets...............................................................
|
|
|
4,932
|
|
|
6,104
|
|
|
TOTAL CURRENT
ASSETS.....................................................
|
|
|
97,810
|
|
|
114,624
|
|
|
Property and
equipment,
net.........................................................
|
|
|
1,617
|
|
|
1,347
|
|
|
Capitalized
exploration costs—unproved oil and gas
property...............................
|
|
|
—
|
|
|
26,878
|
|
|
Goodwill........................................................................
|
|
|
8,728
|
|
|
3,663
|
|
|
Other intangibles,
net..............................................................
|
|
|
4,277
|
|
|
150
|
|
|
Restricted
cash—long-term..........................................................
|
|
|
1,047
|
|
|
1,802
|
|
|
Deferred income tax
assets,
net.......................................................
|
|
|
1,781
|
|
|
1,642
|
|
|
Other
assets.....................................................................
|
|
|
6,553
|
|
|
5,709
|
|
|
TOTAL
ASSETS................................................................
|
|
$
|
121,813
|
|
$
|
155,815
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Revolving line of
credit.............................................................
|
|
$
|
711
|
|
$
|
—
|
|
|
Trade accounts
payable.............................................................
|
|
|
17,274
|
|
|
12,642
|
|
|
Accrued
expenses.................................................................
|
|
|
16,301
|
|
|
19,424
|
|
|
Advances from
customers..........................................................
|
|
|
781
|
|
|
1,055
|
|
|
Income taxes
payable..............................................................
|
|
|
2,426
|
|
|
923
|
|
|
Due to IDT
Corporation............................................................
|
|
|
141
|
|
|
438
|
|
|
Energy hedging
contracts...........................................................
|
|
|
1,727
|
|
|
2,192
|
|
|
Other current
liabilities.............................................................
|
|
|
1,784
|
|
|
878
|
|
|
TOTAL CURRENT
LIABILITIES................................................
|
|
|
41,145
|
|
|
37,552
|
|
|
Revolving credit loan
payable........................................................
|
|
|
—
|
|
|
2,000
|
|
|
Other
liabilities...................................................................
|
|
|
803
|
|
|
1,566
|
|
|
TOTAL
LIABILITIES...........................................................
|
|
|
41,948
|
|
|
41,118
|
|
|
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 December 31, 2016 and
2015............................................
|
|
|
19,743
|
|
|
19,743
|
|
|
Class A common
stock, $.01 par value; authorized shares—35,000; 1,574 shares
issued and outstanding at December 31, 2016 and
2015......................................................
|
|
|
16
|
|
|
16
|
|
|
Class B common stock,
$.01 par value; authorized shares—200,000; 23,274 and 23,239
shares
issued and 23,073 and 23,041 shares outstanding at December 31,
2016 and 2015, respectively..........
|
|
|
233
|
|
|
232
|
|
|
Additional paid-in
capital...........................................................
|
|
|
128,243
|
|
|
124,449
|
|
|
Treasury stock, at
cost, consisting of 201 and 198 shares of Class B common at
December 31, 2016 and 2015,
respectively.................................................................
|
|
|
(1,599)
|
|
|
(1,570)
|
|
|
Accumulated other
comprehensive
income..............................................
|
|
|
1,465
|
|
|
154
|
|
|
Accumulated
deficit...............................................................
|
|
|
(51,567)
|
|
|
(19,647)
|
|
|
Total Genie Energy
Ltd. stockholders'
equity............................................
|
|
|
96,534
|
|
|
123,377
|
|
|
Noncontrolling
interests:
|
|
|
|
|
|
|
|
|
Noncontrolling
interests............................................................
|
|
|
(15,002)
|
|
|
(7,013)
|
|
|
Receivable for
issuance of
equity.....................................................
|
|
|
(1,667)
|
|
|
(1,667)
|
|
|
Total noncontrolling
interests........................................................
|
|
|
(16,669)
|
|
|
(8,680)
|
|
|
TOTAL
EQUITY................................................................
|
|
|
79,865
|
|
|
114,697
|
|
|
TOTAL LIABILITIES
AND
EQUITY.............................................
|
|
$
|
121,813
|
|
$
|
155,815
|
|
|
GENIE ENERGY
LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Year ended
December 31,
|
|
|
(in thousands,
except per share data)
|
|
2016
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
(Revised,
see below)
|
|
|
(Revised,
see below)
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity.......................
|
|
$
|
179,467
|
|
$
|
170,283
|
|
$
|
220,443
|
|
|
Natural
gas......................
|
|
|
31,031
|
|
|
40,757
|
|
|
57,868
|
|
|
Other...........................
|
|
|
1,614
|
|
|
2,016
|
|
|
2,652
|
|
|
Total
revenues....................
|
|
|
212,112
|
|
|
213,056
|
|
|
280,963
|
|
|
Cost of
revenues..................
|
|
|
135,172
|
|
|
146,409
|
|
|
231,586
|
|
|
GROSS
PROFIT................
|
|
|
76,940
|
|
|
66,647
|
|
|
49,377
|
|
|
OPERATING
EXPENSES, (GAINS)
AND LOSSES:
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative (i) .
|
|
|
61,569
|
|
|
66,011
|
|
|
61,682
|
|
|
Research and
development..........
|
|
|
(269)
|
|
|
1,985
|
|
|
5,538
|
|
|
Exploration......................
|
|
|
6,088
|
|
|
6,583
|
|
|
6,971
|
|
|
Write-off of
capitalized exploration costs
...............................
|
|
|
41,041
|
|
|
—
|
|
|
—
|
|
|
Goodwill
impairment..............
|
|
|
—
|
|
|
—
|
|
|
3,562
|
|
|
Adjustment to
estimated contingent
payments...............................
|
|
|
—
|
|
|
—
|
|
|
(206)
|
|
|
Other operating loss,
net............
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
Gain on consolidation
of AMSO, LLC
|
|
|
(1,262)
|
|
|
—
|
|
|
—
|
|
|
Equity in the net
loss of AMSO, LLC.
|
|
|
222
|
|
|
397
|
|
|
—
|
|
|
Loss from
operations..............
|
|
|
(30,513)
|
|
|
(8,329)
|
|
|
(28,170)
|
|
|
Interest
income...................
|
|
|
332
|
|
|
411
|
|
|
469
|
|
|
Other income
(expense), net.........
|
|
|
207
|
|
|
(193)
|
|
|
389
|
|
|
Loss before income
taxes...........
|
|
|
(29,974)
|
|
|
(8,111)
|
|
|
(27,312)
|
|
|
Provision for income
taxes..........
|
|
|
(2,218)
|
|
|
(525)
|
|
|
(95)
|
|
|
NET
LOSS.....................
|
|
|
(32,192)
|
|
|
(8,636)
|
|
|
(27,407)
|
|
|
Net loss attributable
to noncontrolling interests.........................
|
|
|
7,667
|
|
|
1,179
|
|
|
921
|
|
|
NET LOSS
ATTRIBUTABLE TO
GENIE ENERGY LTD. ..........
|
|
|
(24,525)
|
|
|
(7,457)
|
|
|
(26,486)
|
|
|
Dividends on
preferred stock........
|
|
|
(1,481)
|
|
|
(1,481)
|
|
|
(1,416)
|
|
|
NET LOSS
ATTRIBUTABLE TO
GENIE ENERGY LTD. COMMON STOCKHOLDERS..............
|
|
$
|
(26,006)
|
|
$
|
(8,938)
|
|
$
|
(27,902)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share attributable to Genie Energy Ltd. common
stockholders:...............................
|
|
$
|
(1.14)
|
|
$
|
(0.40)
|
|
$
|
(1.31)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares used in calculation of basic and diluted loss per
share...............................
|
|
|
22,804
|
|
|
22,135
|
|
|
21,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Stock-based
compensation included in selling, general and administrative
expenses...............................
|
|
$
|
4,813
|
|
$
|
5,229
|
|
$
|
10,758
|
|
|
In the consolidated
statement of operations, Pennsylvania gross receipt tax was
previously recorded as a reduction to electricity revenue instead
of as cost of revenues. Electricity revenues and cost of revenues
were adjusted to correct the classification by reflecting
additional revenue and cost of revenues in the consolidated
statement of operations in the amounts of $2.9 million and $5.9
million in the years ended December 31, 2015 and 2014,
respectively.
|
|
|
GENIE ENERGY
LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Year ended
December 31,
|
|
|
(in
thousands)
|
|
2016
|
|
2015
|
|
2014
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss.........................................
|
|
$
|
(32,192)
|
|
$
|
(8,636)
|
|
$
|
(27,407)
|
|
|
Adjustments to
reconcile net loss to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization........................
|
|
|
581
|
|
|
428
|
|
|
132
|
|
|
Goodwill
impairment..............................
|
|
|
—
|
|
|
—
|
|
|
3,562
|
|
|
Gain on adjustment to
estimated contingent payments....
|
|
|
—
|
|
|
—
|
|
|
(206)
|
|
|
Deferred income
taxes..............................
|
|
|
(139)
|
|
|
(180)
|
|
|
(622)
|
|
|
Provision for
doubtful accounts receivable..............
|
|
|
8
|
|
|
(29)
|
|
|
310
|
|
|
Stock-based
compensation...........................
|
|
|
4,813
|
|
|
5,229
|
|
|
10,758
|
|
|
Loss on disposal of
property.........................
|
|
|
25
|
|
|
156
|
|
|
—
|
|
|
Gain from repayment
of revolving credit loan payable.....
|
|
|
(200)
|
|
|
—
|
|
|
—
|
|
|
Write-off of
capitalized exploration costs...............
|
|
|
41,041
|
|
|
—
|
|
|
—
|
|
|
Gain on consolidation
of AMSO, LLC................
|
|
|
(1,262)
|
|
|
—
|
|
|
—
|
|
|
Equity in the net
loss of AMSO, LLC.................
|
|
|
222
|
|
|
397
|
|
|
—
|
|
|
Change in assets and
liabilities, net of effect of acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash....................................
|
|
|
905
|
|
|
(1,062)
|
|
|
3,923
|
|
|
Trade accounts
receivable............................
|
|
|
(6,030)
|
|
|
4,234
|
|
|
11,189
|
|
|
Inventory........................................
|
|
|
5,737
|
|
|
(274)
|
|
|
(7,822)
|
|
|
Prepaid
expenses..................................
|
|
|
7,539
|
|
|
(5,615)
|
|
|
(2,306)
|
|
|
Other current assets
and other assets...................
|
|
|
2,863
|
|
|
(2,346)
|
|
|
(2,664)
|
|
|
Trade accounts
payable, accrued expenses and other current
liabilities....................................
|
|
|
(9,292)
|
|
|
3,689
|
|
|
(5,718)
|
|
|
Advances from
customers...........................
|
|
|
(274)
|
|
|
652
|
|
|
(700)
|
|
|
Due to IDT
Corporation............................
|
|
|
(298)
|
|
|
(104)
|
|
|
1
|
|
|
Income taxes
payable...............................
|
|
|
1,503
|
|
|
380
|
|
|
(1,532)
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
15,550
|
|
|
(3,081)
|
|
|
(19,102)
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures...............................
|
|
|
(586)
|
|
|
(324)
|
|
|
(1,437)
|
|
|
Investments in
capitalized exploration costs – unproved oil and gas
property.....................................
|
|
|
(12,884)
|
|
|
(26,969)
|
|
|
—
|
|
|
Proceeds from
disposal of property....................
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
Cash acquired from
consolidation of AMSO, LLC.......
|
|
|
702
|
|
|
—
|
|
|
—
|
|
|
Capital contribution
to AMSO, LLC received from Total..
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|
Capital contributions
to AMSO, LLC.................
|
|
|
(63)
|
|
|
(250)
|
|
|
—
|
|
|
Payment for
acquisition, net of cash acquired............
|
|
|
(8,700)
|
|
|
—
|
|
|
—
|
|
|
Repayment of notes
receivable.......................
|
|
|
50
|
|
|
50
|
|
|
—
|
|
|
Issuance of notes
receivable..........................
|
|
|
—
|
|
|
—
|
|
|
(82)
|
|
|
Purchases of
certificates of deposit....................
|
|
|
(2,974)
|
|
|
(8,820)
|
|
|
(4,655)
|
|
|
Proceeds from
maturities of certificates of deposit........
|
|
|
11,900
|
|
|
4,688
|
|
|
4,334
|
|
|
Net cash used in
investing activities
|
|
|
(9,528)
|
|
|
(31,625)
|
|
|
(1,840)
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid....................................
|
|
|
(7,395)
|
|
|
(4,431)
|
|
|
(2,825)
|
|
|
Payment for
acquisitions............................
|
|
|
(227)
|
|
|
(358)
|
|
|
(1,138)
|
|
|
Proceeds from
revolving line of credit and loan payable...
|
|
|
3,650
|
|
|
2,000
|
|
|
—
|
|
|
Repayment of
revolving line of credit and loan payable....
|
|
|
(6,690)
|
|
|
—
|
|
|
—
|
|
|
Proceeds from sales
of Class B common stock to Howard S.
Jonas............................................
|
|
|
—
|
|
|
—
|
|
|
24,552
|
|
|
Proceeds from
exercise of stock options................
|
|
|
—
|
|
|
174
|
|
|
28
|
|
|
Proceeds from sales
of equity of subsidiaries............
|
|
|
1,000
|
|
|
2,500
|
|
|
—
|
|
|
Collection of
receivables for issuance of equity ..........
|
|
|
—
|
|
|
1,912
|
|
|
—
|
|
|
Payment for option to
purchase noncontrolling interests ..
|
|
|
—
|
|
|
(175)
|
|
|
—
|
|
|
Repurchases of Class
B common stock................
|
|
|
(29)
|
|
|
(27)
|
|
|
(1,070)
|
|
|
Net cash (used in)
provided by financing activities
|
|
|
(9,691)
|
|
|
1,595
|
|
|
19,547
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
75
|
|
|
2
|
|
|
(595)
|
|
|
Net decrease in cash
and cash equivalents...............
|
|
|
(3,594)
|
|
|
(33,109)
|
|
|
(1,990)
|
|
|
Cash and cash
equivalents at beginning of period........
|
|
|
38,786
|
|
|
71,895
|
|
|
73,885
|
|
|
Cash and cash
equivalents at end of period..........
|
|
$
|
35,192
|
|
$
|
38,786
|
|
$
|
71,895
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
Cash payments made
for interest......................
|
|
$
|
19
|
|
$
|
10
|
|
$
|
3
|
|
|
Cash payments made
for income taxes.................
|
|
$
|
745
|
|
$
|
49
|
|
$
|
2,647
|
|
|
SUPPLEMENTAL
SCHEDULE OF NON-CASH
FINANCING AND INVESTING
ACTIVITIES...................
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary equity
grant reclassified to liability
|
|
$
|
1,689
|
|
$
|
1,200
|
|
$
|
—
|
|
|
Receivables for
issuance of equity of subsidiaries........
|
|
$
|
—
|
|
$
|
2,500
|
|
$
|
—
|
|
Reconciliation of Non-GAAP Financial Measures for the Fourth
Quarter and Full Year 2016 and 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 full year and fourth
quarter of 2016, 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, exploration expense and equity in the net
loss of AMSO, LLC, 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 (loss) income from operations, add depreciation
and amortization, stock-based compensation and the write-off of
capitalized exploration costs, and deduct the gain from the
consolidation of AMSO, LLC.
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, (loss) income from operations and net (loss)
income, 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.
The write-off of capitalized exploration costs, which is a
component of (loss) income from operations, is also excluded from
the calculation of Adjusted EBITDA. The write-off of capitalized
exploration costs is primarily dictated by events and circumstances
outside the control of management that trigger an impairment
analysis. While there may be similar charges in other periods, the
nature and magnitude of these charges can fluctuate markedly and do
not reflect the performance of Genie Energy's continuing
operations.
The gain from the consolidation of AMSO, LLC, which is a
component of (loss) income from operations, is excluded from the
calculation of Adjusted EBITDA. Genie Energy's equity in the net
loss of AMSO, LLC was included in Adjusted EBITDA because it was
the result of ongoing operations of AMSO, LLC. The gain from the
consolidation of AMSO, LLC was a non-routine result of Total's
withdrawal from AMSO, LLC. The gain is not part of Genie Energy's
or the relevant segment's core operating results.
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 (loss) income from
operations for Genie Energy's reportable segments and net (loss)
income for Genie Energy on a consolidated basis.
|
Genie Energy
Ltd.
Reconciliation of
Adjusted EBITDA to Net Loss
(unaudited)
$ in
thousands
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
|
Three Months Ended
December 31, 2016
(4Q16)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
322
|
|
$
3,130
|
$ 226
|
$ (1,896)
|
$ (1,138)
|
|
Subtract:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
1,316
|
|
137
|
2
|
-
|
1,177
|
|
Depreciation and
amortization
|
287
|
|
251
|
6
|
30
|
-
|
|
Other operating loss,
net
|
64
|
|
-
|
-
|
64
|
-
|
|
(Loss) income from
operations
|
(1,345)
|
|
$ 2,742
|
$
218
|
$
(1,990)
|
$ (2,315)
|
|
Interest
income
|
75
|
|
|
|
|
|
|
Other income,
net
|
36
|
|
|
|
|
|
|
Provision for income
taxes
|
(53)
|
|
|
|
|
|
|
Net loss
|
(1,287)
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
469
|
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$
(818)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
|
Three Months Ended
September 30, 2016
(3Q16)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
5,197
|
|
$
8,039
|
$
(131)
|
$ (1,594)
|
$ (1,117)
|
|
Subtract:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
1,161
|
|
88
|
9
|
-
|
1,064
|
|
Depreciation
|
97
|
|
58
|
8
|
31
|
-
|
|
Write-off of
capitalized exploration costs
|
41,041
|
|
-
|
-
|
41,041
|
-
|
|
(Loss) income from
operations
|
(37,102)
|
|
$ 7,893
|
$
(148)
|
$ (42,666)
|
$ (2,181)
|
|
Interest
income
|
70
|
|
|
|
|
|
|
Other income,
net
|
333
|
|
|
|
|
|
|
Provision for income
taxes
|
(475)
|
|
|
|
|
|
|
Net loss
|
(37,174)
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
5,035
|
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$ (32,139)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
|
Three Months Ended
December 31, 2015
(4Q15)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
(2,984)
|
|
$ 1,018
|
$
(599)
|
$ (2,371)
|
$ (1,032)
|
|
Subtract:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
1,155
|
|
65
|
28
|
-
|
1,062
|
|
Depreciation
|
103
|
|
59
|
8
|
36
|
-
|
|
(Loss) income from
operations
|
(4,242)
|
|
$ 894
|
$
(635)
|
$ (2,407)
|
$ (2,094)
|
|
Interest
income
|
105
|
|
|
|
|
|
|
Other expense,
net
|
(83)
|
|
|
|
|
|
|
Benefit from income
taxes
|
114
|
|
|
|
|
|
|
Net loss
|
(4,106)
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
311
|
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$
(3,795)
|
|
|
|
|
|
|
Genie Energy
Ltd.
Reconciliation of
Adjusted EBITDA to Net Loss
(unaudited)
$ in
thousands
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
|
Year Ended
December 31, 2016
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
14,724
|
|
$ 27,350
|
$
(758)
|
$ (7,043)
|
$ (4,825)
|
|
Subtract
(Add):
|
|
|
|
|
|
|
|
Stock-based
compensation
|
4,813
|
|
420
|
36
|
-
|
4,357
|
|
Depreciation and
amortization
|
581
|
|
427
|
30
|
124
|
-
|
|
Write-off of
capitalized exploration costs
|
41,041
|
|
-
|
-
|
41,041
|
-
|
|
Other operating loss,
net
|
64
|
|
-
|
-
|
64
|
-
|
|
Gain from
consolidation of AMSO, LLC
|
(1,262)
|
|
-
|
(1,262)
|
-
|
-
|
|
(Loss) income from
operations
|
(30,513)
|
|
$ 26,503
|
$
438
|
$ (48,272)
|
$ (9,182)
|
|
Interest
income
|
332
|
|
|
|
|
|
|
Other income,
net
|
207
|
|
|
|
|
|
|
Provision for income
taxes
|
(2,218)
|
|
|
|
|
|
|
Net loss
|
(32,192)
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
7,667
|
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$ (24,525)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
|
Year Ended
December 31, 2015
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
(2,672)
|
|
$ 11,768
|
$ (2,673)
|
$ (7,354)
|
$ (4,413)
|
|
Subtract:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
5,229
|
|
427
|
307
|
-
|
4,495
|
|
Depreciation
|
428
|
|
246
|
78
|
104
|
-
|
|
(Loss) income from
operations
|
(8,329)
|
|
$ 11,095
|
$ (3,058)
|
$ (7,458)
|
$ (8,908)
|
|
Interest
income
|
411
|
|
|
|
|
|
|
Other expense,
net
|
(193)
|
|
|
|
|
|
|
Provision for income
taxes
|
(525)
|
|
|
|
|
|
|
Net loss
|
(8,636)
|
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
1,179
|
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$
(7,457)
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/genie-energy-ltd-reports-fourth-quarter-and-full-year-2016-results-300420119.html
SOURCE Genie Energy Ltd.