Just Energy Second Quarter Fiscal 2010 Results
Universal Acquisition Drives Continued Growth Gross Margin up 43% per unit
Distributable Cash after Margin Replacement up 26% per unit Record Quarterly Customer Additions
Highlights for the three months ended September 30, 2009 included:
• Sales (seasonally adjusted) of $562.1 million, up 46% year over year.
• Gross margin (seasonally adjusted) of $107.5 million, up 74% year over year
(43% per unit).
• Distributable cash after gross margin replacement of $52.3 million ($0.39 per
unit), 50% year over year (26% per unit).
• Distributable cash after all marketing expenses of $41.3 million ($0.31 per unit),
up 19% per unit.
• Net income of $110.7 million ($0.82 per unit) which includes the impact of the
mark-to-market gain on financial instruments.
• Addition of 430,000 long term customers through the Universal Energy Group
acquisition.
• Gross customer additions through marketing of 140,000, the highest quarter in
the history of Just Energy.
• Net customer additions of 36,000 up from 9,000 marketed additions in Q2
F2009 and 11,000 in Q1 F2010
• Continued strong GEO product sales with penetration of 41% of new customers
taking an average of 78% GEO supply.
• Expect to declare a Special Distribution of $0.10 to $0.15 on December 31.
Just Energy Second Quarter Fiscal 2010 Results
Just Energy Income Fund announced its results for the three months and six months
ended September 30, 2009
Just Energy has completed a strong quarter of growth. A highlight was the smooth
merger of our business with that of our most recent acquisition, Universal Energy
Group. The second quarter results are the first that consolidate the Universal
business and they demonstrate the accretion inherent in that transaction.
Operating measures showed strong results with growth in all key financial measures.
There were two reasons for this, accretion from the acquisition of Universal Energy
Group (“Universal”) and very successful marketing by our team of independent sales
contractors.
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