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Genie Energy, parent company of retail energy provider IDT Energy, recently released its second-quarter financial results, which showed that although the company had a net loss of $3.3 million, or 15 cents per share, it had much to celebrate at the end of the quarter.
In the second quarter alone, IDT added 20,000 new meters, and increased its revenues to $42.8 million – a 10.6 percent increase from the same period in 2011. Gross profit was also higher, up 18.7 percent to $11.6 million. This, however, came amid a 54.2 percent increase in expenses associated with bringing on new customers.
"Genie's retail energy provider business, IDT Energy, continued to rapidly expand its customer base," said Claude Pupkin, CEO of Genie.
Geoff Rochwarger, CEO of IDT Energy, added that the second quarter is typically a slow season, as it is in between periods of major heating and cooling. This period is typically associated with the year's lowest revenues and profits.
IDT operates primarily in the Northeastern U.S. where several states, including New York, New Jersey and Connecticut, have introduced energy deregulation laws.