Genie Energy Ltd. Reports Fourth Quarter and Full Year 2016 Results - News

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  • Genie Energy’s Board of Directors has increased the quarterly dividend on Genie Energy’s Class A and Class B common stock by 25% and declared a 4Q16 dividend of $0.075 to be paid on or about March 24, 2017.  The Board also named Michael Stein as the company’s Chief Operating Officer.
  • Genie Retail Energy (GRE) generated $2.7 million in income from operations in 4Q16 compared to $0.9 million in the year ago quarter.  Full year 2016 income from operations was $26.5 million compared to $11.1 million in 2015;
  • In November 2016, GRE acquired a privately held retail energy provider operating as Town Square Energy (TSE) for cash of $9.5 million plus $1.6 million for TSE’s net working capital.
  • TSE contributed approximately 51 thousand…

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