NEWARK, N.J., Nov. 8, 2019 /PRNewswire/ -- Genie Energy Ltd. (NYSE: GNE, GNEPRA) reported third quarter 2019 net income of $0.18 per share on revenue of $85.7 million.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
(Throughout this release, 3Q19 results are compared to 3Q18 results unless otherwise noted)
COMMENTS OF MICHAEL STEIN, CEO
"Across the Company, Genie Energy continued its strong performance with a solid third quarter. Domestically, we increased our customer base within our existing markets and entered a huge new deregulated market ? Texas, with over seven million addressable meters. Internationally, we continued our rapid expansion. Within our energy services division, Prism Solar is rapidly expanding its business through its solar panel supply agreement with JP Morgan Chase. Our robust financial results and strong balance sheet enabled us to repurchase over 470 thousand shares of our outstanding common stock during the third quarter for $3.4 million while maintaining our quarterly dividend."
CONSOLIDATED RESULTS
$ in millions, except EPS | 3Q19 | 2Q19 | 3Q18 | 3Q19 -3Q18 Change (%/$) | |
Revenue | $85.7 | $61.0 | $71.8 | +19.3% | |
Gross profit | $26.4 | $9.0 | $21.3 | +23.9% | |
Gross margin percentage | 30.7% | 14.7% | 29.6% | +110 BP | |
SG&A expense (including stock-based compensation) | $19.4 | $18.2 | $13.9 | +39.2% | |
Stock-based compensation included in SG&A | $0.3 | $0.3 | $1.1 | $(0.8) | |
Research and development | - | $0.1 | - | - | |
Write-down of assets held for sale to fair value | - | - | $0.5 | $(0.5) | |
Depreciation and amortization | $0.9 | $0.9 | $0.5 | +$0.4 | |
Income (loss) from operations | $6.9 | $(9.3) | $6.9 | NC | |
Adjusted EBITDA* | $8.0 | $(9.1) | $8.0 | NC | |
Equity in the net loss in equity method investees** | $(0.2) | $(1.1) | $(0.9) | +$0.6 | |
(Provision for) benefit from income taxes | $(1.9) | $1.7 | $(0.7) | $(1.2) | |
Net income (loss) attributable to Genie Energy common stockholders | $4.9 | $(7.8) | $5.5 | $(0.6) | |
Earnings (loss) per share attributable to Genie Energy common stockholders | $0.18 | $(0.29) | $0.21 | $(0.03) | |
Net cash provided by (used in) operating activities | $12.1 | $(3.1) | $8.2 | +$3.9 |
*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.
* * Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K. 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, but the customers are included in metrics regarding our customer base.
METERS AND RCEs
Genie Energy's global customer base increased sequentially and year-over-year driven by investment in customer acquisition in U.S. and overseas markets. Genie Energy's global RCE and meter totals are provided in the chart below.
Global RCEs and | September 30, | June 30, | March 31, | December 31, | September 30, |
Electricity RCEs | 309 | 290 | 271 | 197 | 216 |
Natural gas RCEs | 75 | 67 | 62 | 59 | 59 |
Total RCEs | 384 | 357 | 333 | 256 | 275 |
Electricity meters | 392 | 361 | 322 | 249 | 269 |
Natural gas meters | 100 | 87 | 77 | 74 | 73 |
Total meters | 492 | 448 | 399 | 323 | 342 |
*Includes RCEs and meters acquired and served by Genie Energy's domestic and international retail energy provider businesses including operations at ventures in Finland and Japan and at our joint ventures in the U.K..
SEGMENT RESULTS
Genie Retail Energy (GRE)
GRE's financial results are summarized in the chart below:
Genie Retail Energy $ in millions | 3Q19 | 2Q19 | 3Q18 | 3Q19-3Q18 Change (%/$) | |
Total revenue | $81.7 | $54.4 | $71.0 | +15.0% | |
Electricity revenue | $78.5 | $49.2 | $67.3 | +16.6% | |
Natural gas revenue | $3.2 | $5.2 | $3.7 | (14.4)% | |
Gross profit | $25.7 | $8.2 | $20.9 | +22.9% | |
Gross margin percentage | 31.5% | 15.1% | 29.5% | +200 BP | |
SG&A expense | $14.8 | $13.7 | $10.4 | +42.1% | |
Income (loss) from operations | $10.9 | $(5.4) | $10.5 | +$0.4 | |
Adjusted EBITDA* | $11.2 | $(5.1) | $11.0 | +$0.2 |
Genie Energy Services (GES)
Genie Retail Energy International (GRE International)
(Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K., under the equity method of accounting. Revenue generated, and expenses incurred are not reflected in segment revenue and operating expenses. RCE and meter counts do, however, include Orbit Energy customers).
Genie Oil and Gas (GOGAS)
Corporate
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
At September 30, 2019, Genie Energy had $150.2 million in total assets, including $45.3 million in cash, cash equivalents and restricted cash. Liabilities totaled $62.4 million and working capital (current assets less current liabilities) totaled $46.6 million.
During the quarter, Genie Energy repurchased 470,147 shares of its Class B common stock representing approximately 1.7% of the shares outstanding, for $3.4 million.
Cash provided by operating activities in 3Q19 increased to $12.1 million from $8.2 million in 3Q18.
DIVIDEND ON GENIE ENERGY COMMON STOCK
Genie Energy's Board of Directors has declared a 3Q19 dividend of $0.075 per share of Class A and Class B common stock with a record date of November 18, 2019. The dividend will be paid on or about November 29, 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 (https://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, November 8, 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 November 15, 2019. The replay PIN is 10136262. 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, including electricity from renewable resources, and natural gas 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 and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial solar solutions. 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) | |||||
September 30, 2019 | December 31, 2018 | ||||
(Unaudited) | |||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 38,826 | $ | 41,601 | |
Restricted cash?short-term | 5,961 | 1,653 | |||
Trade accounts receivable, net of allowance for doubtful accounts of $2,461 and $2,003 at September 30, 2019 and December 31, 2018, respectively | 39,593 | 35,920 | |||
Inventory | 9,629 | 9,893 | |||
Prepaid expenses | 6,588 | 6,167 | |||
Other current assets | 3,119 | 2,670 | |||
Total current assets | 103,716 | 97,904 | |||
Property and equipment, net | 3,821 | 4,301 | |||
Goodwill | 12,775 | 11,082 | |||
Other intangibles, net | 7,444 | 6,321 | |||
Investment in equity method investees | 908 | 2,208 | |||
Restricted cash?long-term | 521 | 943 | |||
Deferred income tax assets, net | 14,034 | 15,625 | |||
Other assets | 7,011 | 8,480 | |||
Total assets | $ | 150,230 | $ | 146,864 | |
Liabilities and equity | |||||
Current liabilities: | |||||
Notes payable | $ | 901 | $ | 923 | |
Trade accounts payable | 20,012 | 18,508 | |||
Accrued expenses | 25,813 | 25,242 | |||
Income taxes payable | 2,026 | 1,463 | |||
Due to IDT Corporation, net | 153 | 234 | |||
Other current liabilities | 8,208 | 4,416 | |||
Total current liabilities | 57,113 | 50,786 | |||
Revolving line of credit | 2,516 | 2,516 | |||
Other liabilities | 2,817 | 900 | |||
Total liabilities | 62,446 | 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 September 30, 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 September 30, 2019 and December 31, 2018 | 16 | 16 | |||
Class B common stock, $0.01 par value; authorized shares?200,000; 25,944 and 25,544 shares issued and 25,196 and 25,294 shares outstanding at September 30, 2019 and December 31, 2018, respectively | 259 | 255 | |||
Additional paid-in capital | 139,774 | 136,629 | |||
Treasury stock, at cost, consisting of 748 and 250 shares of Class B common stock at September 30, 2019 and December 31, 2018 | (5,354) | (1,624) | |||
Accumulated other comprehensive income | 3,051 | 2,591 | |||
Accumulated deficit | (57,621) | (53,939) | |||
Total Genie Energy Ltd. stockholders' equity | 99,868 | 103,671 | |||
Noncontrolling interests | (12,084) | (11,009) | |||
Total equity | 87,784 | 92,662 | |||
Total liabilities and equity | $ | 150,230 | $ | 146,864 |
GENIE ENERGY LTD. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(in thousands, except per share data) | ||||||||||||
Revenues: | ||||||||||||
Electricity | $ | 81,473 | $ | 67,292 | $ | 196,142 | $ | 181,141 | ||||
Natural gas | 3,169 | 3,702 | 27,069 | 34,492 | ||||||||
Other | 1,071 | 848 | 10,127 | 1,911 | ||||||||
Total revenues | 85,713 | 71,842 | 233,338 | 217,544 | ||||||||
Cost of revenues | 59,360 | 50,572 | 172,417 | 155,743 | ||||||||
Gross profit | 26,353 | 21,270 | 60,921 | 61,801 | ||||||||
Operating expenses and losses: | ||||||||||||
Selling, general and administrative (i) | 19,364 | 13,912 | 53,266 | 46,379 | ||||||||
Research and development | 44 | ? | 153 | ? | ||||||||
Impairment of assets | ? | 451 | ? | 2,742 | ||||||||
Exploration | ? | ? | ? | 244 | ||||||||
Income from operations | 6,945 | 6,907 | 7,502 | 12,436 | ||||||||
Interest income | 163 | 195 | 445 | 384 | ||||||||
Interest expense | (161) | (89) | (479) | (261) | ||||||||
Equity in the net loss in equity method investees, net | (238) | (861) | (2,106) | (2,082) | ||||||||
Gain on extinguishment of liability | ? | 164 | ? | 164 | ||||||||
Other income, net | (85) | 25 | 147 | 123 | ||||||||
Income before income taxes | 6,624 | 6,341 | 5,509 | 10,764 | ||||||||
Provision for income taxes | (1,916) | (675) | (3,142) | (1,733) | ||||||||
Net income | 4,708 | 5,666 | 2,367 | 9,031 | ||||||||
Loss attributable to noncontrolling interests | 539 | 251 | 1,484 | 1,122 | ||||||||
Net income attributable to Genie Energy Ltd. | 5,247 | 5,917 | 3,851 | 10,153 | ||||||||
Dividends on preferred stock | (370) | (370) | (1,111) | (1,111) | ||||||||
Net income attributable to Genie Energy Ltd. common stockholders | $ | 4,877 | $ | 5,547 | $ | 2,740 | $ | 9,042 | ||||
Earnings per share attributable to Genie Energy Ltd. common stockholders: | ||||||||||||
Basic | $ | 0.18 | $ | 0.21 | $ | 0.10 | $ | 0.36 | ||||
Diluted | $ | 0.18 | $ | 0.21 | $ | 0.10 | $ | 0.36 | ||||
Weighted-average number of shares used in calculation of earnings per share: | ||||||||||||
Basic | 26,683 | 25,805 | 26,603 | $ | 24,895 | |||||||
Diluted | 27,669 | 26,442 | 27,541 | $ | 25,225 | |||||||
Dividends declared per common share | $ | 0.075 | $ | 0.075 | $ | 0.225 | $ | 0.225 | ||||
(i) Stock-based compensation included in selling, general and administrative expenses | $ | 335 | $ | 1,082 | $ | 1,106 | $ | 3,686 |
GENIE ENERGY LTD. | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(Unaudited) | ||||||
Nine Months Ended September 30, | ||||||
2019 | 2018 | |||||
(in thousands) | ||||||
Operating activities | ||||||
Net income | $ | 2,367 | $ | 9,031 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 2,797 | 1,645 | ||||
Impairment of assets | ? | 2,742 | ||||
Deferred income taxes | 1,591 | 113 | ||||
Provision for doubtful accounts receivable | 453 | 610 | ||||
Gain on sale of property and equipment | ? | (18) | ||||
Stock-based compensation | 1,106 | 3,686 | ||||
Equity in the net loss in equity method investees | 2,106 | 2,082 | ||||
Gain on extinguishment of liability | ? | (164) | ||||
Change in assets and liabilities: | ||||||
Trade accounts receivable | (1,607) | 6,648 | ||||
Inventory | 264 | (3,926) | ||||
Prepaid expenses | (395) | 143 | ||||
Other current assets and other assets | 1,243 | 2,417 | ||||
Trade accounts payable, accrued expenses and other current liabilities | 5,530 | (4,404) | ||||
Due to IDT Corporation | (81) | (138) | ||||
Income taxes payable | 563 | (228) | ||||
Net cash provided by operating activities | 15,937 | 20,239 | ||||
Investing activities | ||||||
Capital expenditures | (343) | (575) | ||||
Proceeds from sale of property and equipment | ? | 62 | ||||
Payments for business acquisition, net of cash acquired | (1,852) | ? | ||||
Payment for intangible acquisition | ? | (745) | ||||
Investment in equity method investee | (719) | (658) | ||||
Investments in notes receivables | (214) | (1,225) | ||||
Cash transferred to Atid | ? | (209) | ||||
Repayment of notes receivable | 132 | 80 | ||||
Net cash used in investing activities | (2,996) | (3,270) | ||||
Financing activities | ||||||
Dividends paid | (7,220) | (6,870) | ||||
Repayment of short-term debt?Lumo Energia | (2,260) | ? | ||||
Exercise of stock options | 1,405 | ? | ||||
Purchase of Class B common stock | (3,415) | ? | ||||
Proceeds from sale of Class B common stock and warrants | ? | 6,000 | ||||
Purchase of Class B common stock from employees | (315) | ? | ||||
Repayment of notes payable | (37) | (783) | ||||
Net cash used in financing activities | (11,842) | (1,653) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 12 | (36) | ||||
Net increase in cash, cash equivalents, and restricted cash | 1,111 | 15,280 | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 44,197 | 31,927 | ||||
Cash, cash equivalents, and restricted cash at end of period | $ | 45,308 | $ | 47,207 | ||
Supplemental Schedule of Non-Cash Financing Activities | ||||||
Liability incurred for acquisitions | $ | 2,260 | $ | ? | ||
Purchase of equity of subsidiary | $ | ? | $ | (4,139) | ||
Carrying value of assets contributed to New Atid | $ | ? | $ | 1,000 | ||
Class B common stock issued for GRE deferred units | $ | ? | $ | 1,886 |
Reconciliation of Non-GAAP Financial Measure for the Third 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 third 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.
Total | GRE | GES | GRE | GOGAS | Corporate | |||
Three months ended September 30, 2019 (3Q19) | ||||||||
Net income attributable to Genie Energy Limited | $ 5,247 | |||||||
Net loss attributable to non-controlling interests | 539 | |||||||
Net income | $ 4,708 | |||||||
Provision for income taxes | 1,916 | |||||||
Other income, net | 85 | |||||||
Interest expense | 161 | |||||||
Interest income | (163) | |||||||
Equity in the net loss of equity method investees | $ 238 | |||||||
Income from operations | $ 6,945 | $ 10,856 | $ (798) | $ (1,560) | $ (283) | $ (1,270) | ||
Add: | ||||||||
Stock-based compensation | 335 | 116 | 94 | 125 | ||||
Depreciation and amortization | 933 | 187 | 243 | 488 | 15 | |||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 238 | 148 | 90 | |||||
Adjusted EBITDA | $ 7,975 | $ 11,159 | $ (555) | $ (978) | $ (416) | $ (1,235) | ||
Total | GRE | GES | GRE | GOGAS | Corporate | |||
Three months ended June 30, 2019 (2Q19) | ||||||||
Net loss attributable to Genie Energy Limited | $ (7,466) | |||||||
Net loss attributable to non-controlling interests | (1,035) | |||||||
Net loss | $ (8,501) | |||||||
Benefit from income taxes | (1,678) | |||||||
Other income, net | (157) | |||||||
Interest expense | 178 | |||||||
Interest income | (189) | |||||||
Equity in the net loss of equity method investees | 1,071 | |||||||
Loss from operations | $ (9,276) | $ (5,418) | $ (682) | $ (1,607) | $ (381) | $ (1,188) | ||
Add: | ||||||||
Stock-based compensation | 323 | 108 | 93 | 122 | ||||
Depreciation and amortization | 926 | 186 | 244 | 482 | 14 | |||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 1071 | 867 | 204 | |||||
Adjusted EBITDA | $ (9,098) | $ (5,124) | $ (438) | $ (1,899) | $ (571) | $ (1,066) | ||
Total | GRE | GES | GRE | GOGAS | Corporate | |||
Three months ended September 30, 2018 (3Q18) | ||||||||
Net income attributable to Genie Energy Limited | $ 5,917 | |||||||
Net loss attributable to non-controlling interests | 251 | |||||||
Net income | $ 5,666 | |||||||
Provision for income taxes | 675 | |||||||
Gain on extinguishment of liability | (164) | |||||||
Other income, net | (25) | |||||||
Interest expense | 89 | |||||||
Interest income | (195) | |||||||
Equity in the net loss of equity method investees | 861 | |||||||
Income from operations | $ 6,907 | $ 10,469 | $ (165) | $ (328) | $ (1,022) | $ (2,046) | ||
Add: | ||||||||
Stock-based compensation | 1,082 | 136 | 946 | |||||
Depreciation and amortization | 462 | 430 | 7 | 25 | ||||
Impairment | 451 | 451 | ||||||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 861 | 767 | 93 | |||||
Adjusted EBITDA | $ 8,041 | $ 11,035 | $ (158) | $ (1,095) | $ (639) | $ (1,100) |
SOURCE Genie Energy Ltd.
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