By Business Wirevia The Motley Fool
Filed under: Investing
Genie Energy Ltd. Reports Fourth Quarter and Year End 2012 Results
NEWARK, N.J.–(BUSINESS WIRE)– Genie Energy Ltd. (NYSE: GNE, GNEPRA) reported EBITDA and income from operations of $1.9 million and net income attributable to common stockholders of $1.8 million for the fourth quarter, the three months ended December 31, 2012. For the full year 2012, Genie Energy reported EBITDA of $3.2 million and income from operations of $3.0 million. The full year net loss attributable to common stockholders was $3.5 million.
Genie Energy‘s Board of Directors has declared a quarterly dividend of $0.1594 per share of Series 2012-A Preferred Stock (NYS: GNEPRA) for the first quarter of its 2013 fiscal year, the three months ending March 31, 2013. The quarterly dividend will be paid on May 15, 2013 to shareholders of record as of the close of business on May 8, 2013. The ex-dividend date is May 6, 2013. The tax treatment of the dividend will be announced on the investor relations page of the Genie Energy website prior to the payment date. On February 15, 2013 Genie distributed $0.1317 per preferred share which will be treated as a return of capital and not as a dividend for tax purposes.
RECENT AND 4Q12 HIGHLIGHTS
- Consolidated revenues (+$21.8 million), gross profit (+$7.7 million) and EBITDA (+$4.8 million) increased strongly year over year on higher gas and electric consumption
- IDT Energy increased EBITDA by $6.4 million compared to 4Q11, to $7.9 million
- In early March, 2013, AMSO, LLC initiated start up of its oil shale pilot test in Colorado.
- On February 20, 2013, the government of Israel awarded a Genie Energy subsidiary an exclusive petroleum exploration license covering 396.5 square kilometers in the Southern portion of the Golan Heights. The Company believes that the license area may contain significant quantities of conventional oil and gas in relatively tight formations
- Also in Israel, the Supreme Court rejected both pending legal challenges to IEI‘s oil shale exploration license during 4Q12