Retail Supplier Parent Suspends Dividend On Common Stock

Genie Energy, the parent of IDT Energy and several exploration and production companies, announced today in reporting earnings that it would suspend the dividend on Genie Energy common stock to preserve cash resources for growth opportunities.

"In light of the progress achieved by Afek in Northern Israel and abundant growth potential at Genie Retail Energy, Genie Energy is sharpening its strategic focus on these two opportunities. Accordingly, Genie Energy is scaling back operations in Mongolia and suspending the dividend on Genie Energy common stock in order to preserve cash resources. The quarterly dividend on Genie Energy preferred stock has not changed," the company said.