N. MIAMI BEACH, Fla.--(BUSINESS WIRE)--U.S. Gas & Electric, Inc. (“USG&E”), a leading provider of natural gas and electricity to residential and small commercial customers in a growing number of states, announced today that it expects fiscal year ending December 31, 2013 to be its most profitable ever. The Company’s underlying operating performance has enabled it to consistently generate strong cash flows. USG&E’s commitment to its customers has enabled it to grow its customer base from less than 3,000 customers in 2005 to more than 308,000 customers to date in 2013, allowing customer savings of nearly $38 million to date.
The Company has continued to deliver strong growth in customers, sales volume, gross margin and EBITDA – good indicators of fundamental value creation, while maintaining business disciplines and very low leverage (< 0.3x leverage, based on trailing twelve month EBITDA).
“Despite a competitive industry, our talented management team has fostered USG&E’s growth and free cash flow generation that have enabled significant debt reduction and shareholder dividends,” said Doug Marcille, President and CEO of USG&E. “Without our loyal shareholders, our board and our team, these results would not be possible.”
ABOUT U.S. GAS & ELECTRIC
U.S. Gas & Electric, its subsidiaries and family of companies (“USG&E”) is a leading retail energy supplier to commercial and residential customers in Connecticut, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, and Washington DC. USG&E provides energy to customers with wide ranges of energy usage patterns and requirements and gives them the benefit of being a part of a large wholesale buying pool. The company relies on their market knowledge, internal efficiencies, and core capabilities to provide customers with the best possible pricing plans for the energy they provide. To date, USG&E has saved customers nearly $38 million on their natural gas and electricity supply. MVC Capital, Inc. is USG&E’s largest shareholder. For more information, visit www.USGandE.com or contact Doug Marcille, President & CEO at (305) 947-7880.