Good afternoon and welcome to Genie Energy’s Fourth Quarter and Full Year 2013 Earnings Conference Call. All participants will be in listen-only mode. (Operator’s Instructions). After today’s presentation by Genie Energy’s management there will be an opportunity to ask questions. (Operator’s Instructions). In this presentation Genie Energy’s management team will discuss financial and operational results for the three-month quarter and 12 months full year ended December 31, 2013. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risk and uncertainties include but are not limited to specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC. Genie Energy assumes no obligation, either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. Please note that Genie Energy earnings release is available on the investor relations page of the Genie Corporation website, www.Genie.com. The earnings release has also been filed on a Form 8-K with the SEC. Please note that this event is being recorded. I will turn the conference over to Howard Jonas, Genie Energy's Chief Executive Officer and the Genie Energy Management team. Please go ahead, Mr. Jonas.

Hi, I am glad to be speaking to our shareholders for the first time as the CEO of Genie. It's my first quarter, so I hope I do well. I want to thank my predecessor, Claude Pupkin. I think he did an excellent job establishing the company and running it. I am glad he will be staying on to help us and to guide AMSO. I think this was the right time for a change in management of IDT, [Vincent] and Bill have basically been in charge of the business until now. I think they will do a great job actually having control of everything and I expect great things there. I think the challenges at Genie are well suited to my abilities. I like challenges. I am looking forward to growing GOGAS and making into I hope the major energy producer in the world which should maximize shareholder value and I am looking forward to rebuilding IDT Energy into a growth company in three ways, by building out our direct acquisition channels, which are Diversegy, a leading energy broker, and Epiq, a network marketing company, which is the way I think energy should be sold, you should buy from your friends and we plan to strengthen our brand and we also plan to enter into new territories. All those things should lead to an expansion in the business. So even though we have taken some knocks this last quarter as the entire energy business did from the Arctic cold that swept across the country and in some cases drove costs up by eight times the normal level, causing bills to go up for customers, causing customer churn, and causing losses for particular periods of time that we had to deliver the commodity. Cold doesn't last forever. It was an…

Thank you, Howard. I will begin my discussion by focusing on IDT Energy and then close with updates on our four oil and gas projects. I am going to frame my remarks on IDT Energy somewhat differently than in the past. Rather than delve into the quantitative results I will leave the discussion of results and metrics largely to Avi. I will focus instead on the broader strategic picture that will drive growth going forward. But first IDT Energy generated $25.7 million in EBITDA in fiscal 2013 delivering on the high end of our 2013 target. We managed to achieve our target in spite of two significant headwinds, increased competition in certain key markets which pressured our margins and a loss of meters served year-over-year as gross meter adds slowed reflecting the fact that we did not receive regulatory approval to enter additional territories during the year. Despite these challenges in 2013 we executed well on the fundamentals of our business to deliver strong results. Looking ahead, we are excited about our long term growth prospects. One reason for our optimism is the acquisition of Diversegy and Epiq Energy during the end of the fourth quarter of 2013. We believe that both companies will become significant drivers of growth in the long term and we have been working diligently since the acquisition to incorporate and build out the respective platforms and teams. In particular, our early emphasis is on the build out of the Epiq Energy platform. Epiq is a network marketing company that is focused on retail customer acquisition. The re-launch of Epiq as a new operating entity under Genie is now underway. The launch will be gradual eventually covering most of the states with de-regulated energy markets. Over the course of this calendar year we expect Epiq to…

Thank you, Geoff and thanks to everyone on the call for joining us this afternoon. My remarks will cover our financial results for the fourth quarter and full year of 2013. I'll begin by addressing IDT Energy's financial performance that's built on the solid recent quarters to meet our target for the year. As in prior quarters IDT Energy generates all of Genie Energy's revenue, cost of goods sold and gross profit. Revenue for the fourth quarter increased to $67.1 million from $65.4 million in the fourth quarter of 2012. While RCEs declined from 333,000 to 315,000 and consequently we sold less electricity and gas than in the year ago quarter, the average sell price per unit of both commodities increased more than enough to compensate. For the full year, revenue increased to $279.2 million from $229.5 million in 2012 as both per unit revenue and consumption increased. Electric revenue in Q4 increased 3.9% to $50.1 million from $48.2 million in the year ago quarter. Kilowatt-hour sold decreased 6.7% year-over-year reflecting the lower RCEs and relatively warmer weather in the fourth quarter of 2013 compared to the year ago. But average revenue per kilowatt-hour sold increased 10.7% as the cost of the underlying commodity increased. For the full year 2013 electric revenue was $216.7 million compared to $174.3 million in 2012 reflecting increases in both kilo hour sold and revenue per kilowatt hour. Gas revenue decreased to $17 million in the fourth quarter of 2013 from $17.2 million in the year ago quarter and accounted for 25% of total revenue. Gas therms sold in the fourth quarter decreased 5.6% compared to the year ago quarter more than offsetting a 4.7% increase in revenue per therm. For all of 2013 gas revenue increased 13.3% to $62.5 million and $55.2 million in…

We will now begin the question and answer session. (Operator Instructions). At this time we will pause momentarily to assemble our roster. And our first question comes from Marco Rodriguez of Stonegate Securities. Please go ahead.

Good afternoon guys. Thanks for taking my questions here. One, if you could provide a little bit more color surrounding the new territory that you just gained approval in. Any sort of metrics as far as potential RCEs or meters and can you discuss also your pipeline of new markets for IDT Energy?

Sure. So you have heard us talk for a few quarters about these natural gas territories in Pennsylvania that we've been working on getting regulatory approval for. And if you go back over the past year, year and half we've had a pretty good degree of success on the electric side in Pennsylvania and we were looking to get these gas territories so that we could start selling the dual-meter product and converting some of our electric customers to dual-meter customers within those markets. It's hard to quantify exactly what the impact is going to be but it's something that we expect to start seeing take affect within the second half of this year. It would be a little bit quicker but we need to see how things shake out for us from the weather we've had in that market. So like I said it's something we expect to hit -- have a positive impact from meters within the second half of the year and it's something that we think will help us as we look to convert these electricity meters in to dual meters and also grow deeper into that market.

Okay. And then in regard to your comments, the prepared comments on the net meter growth in the second half of this year, do you expect net meter growth for the full year or is it going to be a net loss?

I think for the full year I would say the expectation is we're probably going to end up somewhere with maybe small positive to breakeven year. The early part of this year is going to be very difficult for us and we will have more color on that when we report first quarter in a couple of months. And it's really going to be hard for us to say specifically until we see how that fully shakes out. But we're very excited about what Epiq and Diversegy bring to the table and we think that Epiq combined with the impact of these natural gas territories is going to start really hitting positively for us in the second half.

Okay. And you mentioned the extreme winter weather that most of the country, especially northeast experienced here. What -- can you talk a little bit of how you guys are thinking to that as it relates to your marketing efforts? I mean I understand the impact it's going to have on your net meters but just trying to think through competitive dynamics between yourself and then obviously just going back to the utilities?

So the answer is that what we're experiencing is what we expected which is that is going to be a difficult short-term period, meaning that right now with the variable rate product, it's difficult for us to demonstrate a competitive position relative to the utility, but we are doing everything we can in making strategic decisions to ameliorate the impact as it hits the customer and also when customer calls come in we are offering a rebate program really trying to educate people as to what we expect to happen on a go forward basis which is that as utility start to build what's happening into their rate basis, which has a lag as Geoff mentioned, we are going to expect to see their rates coming up and we'll have the ability to offer more competitive position relative to the utility and to fixed rate providers in the coming months.

Got it, and then shifting gears here to the acquisition of Diversegy and Epiq, can you talk a little bit more, provide a little more color perhaps in regards to how -- what are the specifics behind how you are going to build out the sales network and any timing aspects would be great and then what is the level of investment expected next year for that?

So we are expecting them to be -- the investment period sort of span 2014, we are not expecting significant investment past that. So we are really expecting these acquisitions to start to hit within the second half of this year. Just wanted to take Epiq for a moment, it's really a sort of blocking and tackling type of position what we are looking to build sales team, we are looking to find key personnel within all the regions where we want to operate, with a focus initially on the IDT Energy territories because that's where this can have the most impact in bringing as Geoff mentioned that additional sales channel which not only does it target the slices of the customer base, that we're not able to get at with outbound telemarketing in door-to-door, but it also as Geoff mentioned has much more attractive churn characteristics historically. So it's really going to be sort of a very measured, yet aggressive push into these markets. We are expecting to see the first impact hopefully within the Illinois territory where we are operating with IDT Energy and you should start hearing some positive indications from us as we get deeper into 2014.

And what sort of ramp are you expecting -- I am sorry, yeah?

No, no we're still here.

Okay. What sort of ramp are you expecting on the RCE side from Diversegy and Epiq in fiscal '15?

I don't want to get -- yeah I will just say you will find that, I don't want to get too far into specifics, because it's a little bit early to tell within the lifecycle of the acquisitions but the second half of this year is where we really expect to be able to demonstrate some of the positive impacts.

Got it and lastly I was just wondering in regard to the prepared remarks on some of the things Howard that you are focused on one in particular strengthening the brand, I am assuming that's going to be focused on the IDT Energy branding. Any more color you could provide on what efforts you will be doing there?

No.

Okay, thanks.

(Operator Instructions). This concludes our question-and-answer session and the conference call. Thank you for attending today's presentation. You may now disconnect.