Third quarter highlighted by successful closing of U.S. Gas & Electric acquisition, adding 350,000 customers and enhancing available cashflow through expected after-tax synergies of $55 million to $60 million over a three-year period

Q3 2017 Highlights

  • Achieved net customer growth of 418,000 customers in the third quarter, representing 41% quarter-over-quarter growth, with total customers reaching 1,446,000
  • Adjusted EBITDA and Distributable Cash were $18.3 million and $13.2 million respectively, resulting in a payout ratio of 61% for the last twelve months
  • Announced a 2% distribution increase during the quarter reflecting the confidence that both Management and the Board have in the long-term outlook for the Company
  • Completed the acquisition of U.S. Gas & Electric, and Management expects to achieve after-tax synergies to Distributable Cash of $55 million to $60 million over a three-year period

"Our third quarter was highlighted by the successful acquisition of U.S. Gas & Electric. We were able to identify significant after-tax synergies to Distributable Cash in the range of $55 million to $60 million over a three-year period with annual run-rate after-tax cash synergies of $12 to $14 million, which will materially enhance cashflow available to the company moving forward. While we experienced unusually mild temperatures in our core markets during the third quarter, we remain confident in the longterm outlook for Crius Energy as our core deregulated energy business remains strong and growing, and we continue to see positive developments in our solar business".

Michael Fallquist,
CEO of Crius Energy Trust