Genie Retail Energy Customer Count Slips on Colder Weather, Churn Steady

Genie Retail Energy, the parent of IDT Energy and several other retail energy brands, saw its customer count decline marginally during the three months ended March 31, 2015 on lower gross additions, which customer churn was steady versus the prior sequential quarter.

As of March 31, 2015, Genie Retail was serving 358,000 meters, versus 363,000 meters as of December 31, 2014 and 391,000 meters a year ago.

The slight decline versus the December 31, 2014 total reflected lower gross additions, with the slowdown attributed to colder weather which negatively impacted door-to-door sales. Genie Retail added 52,000 gross meters during the quarter ended March 31, 2014, versus gross additions of 55,000 meters in the quarter ending December 31, 2014.

Genie Retail continues to expect positive net meter growth this year. Genie Retail's average monthly customer churn decreased compared to 1Q14, falling to 5.9% from 1Q14’s 7.2%, while remaining unchanged compared to 4Q14.

As of March 31, 2015, Genie Retail was serving 232,000 electric meters, and 126,000 natural gas meters.

On a Residential Customer Equivalent basis, Genie Retail was serving 241,000 RCEs as of March 31 2015.

Genie Retail reported that nearly 7% of its electric load is enrolled in its new SmartBudget plans, which share many attributes of fixed-rate offerings. The SmartBudget programs were initially rolled out in Pennsylvania and have now been expanded in most of Genie Retail's service territories.

Genie Retail Energy gross profit was $17.2 million for the quarter ending March 31, 2015, versus $9.9 million a year ago.

Genie Retail Energy Adjusted EBITDA was $3.6 million for the quarter ending March 31, 2015, versus Adjusted EBITDA of negative $800,000 a year ago.

Genie Retail Energy net income was $3.5 million for the quarter ending March 31, 2015, versus a loss of $900,000 a year ago.