Spark Energy, Inc. (NASDAQ:SPKE) came out with figures Monday morning, causing its shares to slide in the early going.
The Houston-based Spark, an independent retail energy services company, recorded $20.1 million in Adjusted EBITDA, $50.2 million in retail gross margin, and $15.3 million in net loss for the fourth quarter 2018
CEO Nathan Kroeker said, "We have significantly improved the health and stability of the business in 2018, strengthened our balance sheet, and positioned Spark to grow in 2019 and beyond.
"Despite a challenging first quarter, we achieved our key objectives for the year, which included reducing our exposure to extreme weather risk, simplifying our brands and operating footprint, refocusing on growing our mass market business, and delivering on significant G&A savings across the organization.
"We also executed three tuck-in acquisitions that required minimal integration and had an immediate positive impact to our Adjusted EBITDA.
"We recently upsized our credit facility to $217.5 million, which gives us the flexibility to continue to be opportunistic on the M&A front. When you combine this with our disciplined approach to unit margin improvement and anticipated cost savings, we have a lot to look forward to."
Spark’s Board of Directors declared quarterly dividends of $0.18125 per share of Class A common stock payable on March 15, 2019, and $0.546875 per share of Series A Preferred Stock payable on April 15, 2019.
Shares in SPKE lost 45 cents, or 4.4%, to $9.74
