Just Energy Group, Inc. (JE.TO), a competitive retailer of
natural gas and electricity, today announced results for its fiscal
2013 fourth quarter and year end.
Fourth Quarter Highlights
Gross margin was $157.7 million, down 8% from a year
Base EBITDA from continuing operations (after all selling and
marketing costs) decreased 7% to $69.6 million for the fourth
quarter of fiscal 2013, down from $74.7 million in the prior
comparable quarter. This was primarily a result of lower gross
margin from energy marketing due to lower cash receipts from
weather option derivatives and lower gross margin per commercial
customer. Adjusted EBITDA from continuing operations was $87.5
million for fourth quarter of fiscal 2013, an 18% decrease from
$107.1 million in the prior comparable quarter. Despite lower
quarterly EBITDA, strong net customer additions led to a 3%
increase in embedded gross margin over the quarter.
Sales increased by 11% quarter over quarter to $877.5 million
from $794.0 million. Quarterly sales from energy marketing and home
services divisions increased by 10% and 78%, respectively, versus
the prior comparable quarter.
Fiscal 2013 Highlights:
Record energy customer additions of 1,355,000, increased 24%
year over year
Strong National Home Services growth with installed base of
235,000, increased 42% year over year
Customer base growth to 4.46 million, increased 10% year over
Gross Margin of $525.9 million, increased 5% year over year
Embedded Gross Margin of $2.27 billion ($15.77 per share),
increased 15% year over year
Base EBITDA from continuing operations of $163.1 million,
decreased 16% year over year
Earnings per Share on continuing operations (basic) of $4.30
increased from a loss of $0.93 last year
Shares are up 37 cents to $6.63.
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