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IDT Energy Reports Second Consecutive Quarter of Customer Growth
June 14, 2011
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IDT Energy reported $8.6 million in income from operations for the quarter ending April 30, 2011, versus $9.9 million a year ago, due to higher marketing expenses and well as a decrease in natural gas gross margin.
IDT Energy served approximately 378,000 meters as of April 30, 2011, versus 373,000 as of January 31, 2011, and 364,000 as of April 30, 2010.
The net growth of 5,000 meters is the second consecutive quarter of net additions, following net growth of 8,000 meters from October 31, 2010 through January 31, 2011.
As of April 30, 2011, electric meters were 210,000 (versus 211,000 as of January 31, 2011), and gas meters were 168,000 (versus 162,000 as of January 31, 2011).
Gross meter acquisitions in the quarter ending April 31, 2011 were approximately 56,000, up from 47,000 in the quarter ending January 31, 2011 and 32,000 a year ago.
In terms of Residential Customer Equivalents, IDT Energy was serving 119,000 electric RCEs and 94,000 gas RCEs as of April 31, 2011.
Gross profit for the quarter increased to $16.8 million, up from $15.7 million a year ago, due to higher electric gross margin, reflecting favorable wholesale pricing.
The increase in electric gross margin was partially offset by decreased gas margin, as IDT Energy reduced its gas pricing to facilitate new customer acquisitions and reduce churn among existing customers during the latter part of the heating season.
Selling, general, and administrative expenses in the quarter were $8.2 million, versus $5.7 million a year ago, primarily reflecting higher customer acquisition and marketing costs associated with the continued expansion into New Jersey and Pennsylvania.
Quarterly revenues were $53.8 million, the same as in the year-ago period.
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