Crius Energy Reports Slight Uptick in Customer Growth

Crius Energy reported a slight uptick in customer growth for the three months ended September 30, 2013.

Specifically, Crius reported 610,000 Residential Customer Equivalents (RCEs) as of September 30, 2013, versus 596,000 RCEs as of June 30, 2013.

This increase of nearly 15,000 RCEs from June 30 to September 30 was up from the net growth of about 13,000 RCEs from March 31, 2013 to June 30, 2013, but still off the growth seen earlier in the year. Growth from December 31, 2012 to March 31, 2013 had been 49,000 RCEs.

The net growth of about 15,000 RCEs from June 30 to September 30 came on gross additions of 78,000 RCEs and gross losses of 63,000 RCEs.

Electric RCEs as of September 30 were 539,000; natural gas RCEs were 72,000

Crius reported Adjusted EBITDA of $10.5 million for the three months ended September 30, 2013, which was impacted by $5.0 million due to weather variation from historical norms in July and August. Normalizing for weather impacts, Adjusted EBITDA for the quarter would have been $15.5 million.

Gross margin for the three months ended September 30, 2013 was $30.0 million, representing 20.6% of $145.6 million in revenue.

Crius sold 1.5 million MWh of electricity and 0.4 million MMBtu of natural gas during the three months ended September 30, 2013.

Crius also announced that it was launching a program under which it will have a presence in brick-and-mortar retail stores, click here for related story today