HomeAugust 17, 2015
Crius: Acquisitions Remain a "Core" Strategy
Copyright 2015 EnergyChoiceMatters.com.
"Acquisitions remain a core strategy," for Crius Energy, CEO Michael Fallquist said during an earnings call on Friday.
Fallquist said that Crius continues to evaluate "multiple" acquisition opportunities.
Fallquist noted the increased competition for retail books in recent months.
At June 30, 2015, Crius Energy had 790,000 residential customer equivalents, up from 581,000 at the beginning of the quarter as a result of both organic and acquisitive growth. Organic growth was responsible for net growth of 9,000 RCEs during the quarter, on gross additions of 88,000 RCEs
For the quarter ending June 30, 2015, Crius recorded adjusted EBITDA of $13.8 million, compared to $13.2 million in the second quarter of 2014. Gross margin for the quarter was $39.9 million, or 24.0% of revenue, compared to $33.7 million, or 25.2% of revenue, in the second quarter of 2014.
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