You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Today, we will discuss our operational and financial results for the three months ended March 31st, 2020.
Avi Goldin, our Chief Financial Officer, will follow my discussion with a deeper dive into the quarter's financial results.
My remarks today will focus on our operational results.
I will also review the effects of the restrictions imposed, due to the COVID-19 pandemic, which had its first full month of impact in April following the quarter close.
Finally, I'll touch on some of our promising growth opportunities.
Genie Energy achieved very strong first quarter results.
Robust growth in our customer base and strong electricity margins here in the US helped us achieve record levels of revenue and gross profit.
Our global customer base surpassed both the 400,000 RCE and 500,000 meter milestones, powered by expansion in both our domestic markets and overseas books.
Here in the US, Genie Retail Energy added a net 20,000 RCEs and 15,000 meters during the quarter.
The RCE over meter ratio has increased from our historical levels, reflecting our recent focus on adding high-quality, high consumption meters.
GRE closed the quarter serving 330,000 RCEs comprising 384,000 meters.
Overseas, where more of our customer base resides in apartments and average consumption is significantly lower, GRE International added 7,000 RCEs and 20,000 meters to close the quarter serving 72,000 RCEs comprising 148,000 meters.
By March 31st, we had increased our global customer base to 401,000 RCEs served and 532,000 meters.
During the trailing 12 months, we increased our RCEs served by 20% or just over 68,000 and increased global meters served by 33% or 133,000 meters.
Part of our success, growing our customer base is attributable to improvements in domestic customer churn profile that we have achieved over the past couple of years.
We have put into place initiatives across our business to mitigate churn, including customer service processes, acquisition and offering mix.
Customer churn in the first quarter decreased again to 4.7% per month from 5.3% per month in the first quarter of 2019.
For additional perspective, our average churn over the past 12 months is 5.4% versus 6.6% in the 12 months proceeding.
At Genie Energy Services, our Prism Solar unit delivered most of its outstanding orders to JP Morgan Chase.
As the solar market continues to evolve, we've begun to rightsize overhead and streamline Prism's operations.
Diversity, meanwhile, continues to progress toward profitability after delivering the most successful year in its history in 2019.
At GOGAS, we still hope to complete the final well test in Northern Israel, as early as the close of the second quarter.
We have reduced cost and overhead to the bare minimum in the interim.
Turning now to the impact of the coronavirus.
Due to the timing of the impact, COVID-19 and associated public health measures did not significantly affect customer acquisition activities this quarter.
We suspended all door-to-door customer acquisition toward the end of March, at about the same time as most, if not all, other retail providers who use that channel.
We then pivoted to focus more resources on our other acquisition channels.
In April, after the quarter closed, the near-term impact of the pandemic became clear.
With quarantines in place in all of our markets, we nevertheless had a strong month highlighted by three developments.
First, we benefited from an increase in per-meter electricity consumption, compared to the seasonally adjusted averages.
Residential customers who comprise the great majority of our book are spending more time at home and consequently using more electricity.
Second, suspension of door-to-door customer acquisition across all of our geographic markets reduced our customer acquisition expense in April.
Door-to-door is typically our most expensive acquisition channel in the US and the alternative channels that we have transitioned to have lower costs.
And finally, because one of the most potent drivers of the customer churn is door-to-door customer activity, engaged in by our competitors, the industrywide suspension of door-to-door programs further reduced our churn rate in April.
On the downside, the rate of gross customer additions here in the US has slowed somewhat, and the UK and Japan has virtually stopped.
The pandemic impact on customer acquisition is evolving rapidly, but we may see net meter attrition in the coming months.
In addition, we are closely monitoring the margin strength of the meters we have been adding through alternative channels.
Overall, the near-term impact of the pandemic has demonstrated the resilience of our business.
We have made rapid adjustments to the evolving marketplace, and our steps are bearing fruit.
That said, like almost all businesses, we will do better over the long-term when our customers are prospering.
But we are well positioned to meet the challenges ahead and pursue our growth opportunities.
Historically, Genie Energy's growth has been driven primarily by access to new markets.
We are fortunate to have recently entered the large and dynamic electricity market in Texas, and our customer acquisition program there is performing well.
We've already added approximately 10,000 in our seasonal Lone Star State.
Outside of Texas, we are looking at entering several new utility territories in the second quarter.
And later in the year, two new states, Michigan and Georgia.
Overseas, through our finish-based REP Lumo, we entered the electricity market in Sweden last month and have only just begun to scratch the surface of our two largest international markets, the UK and Japan.
To wrap up, the first quarter was exceptional with robust RCE and meter growth, lower churn, and as Avi will detail, strong financial results.
We have taken decisive action to calibrate our operations to address the early challenges of the pandemic and have abundant opportunities for growth, particularly in new markets.
As a result, our outlook remains positive.
Our geographically diversified markets, liquid balance sheet and very low level of long-term debt put us in a great position to build on the first quarter's momentum.
Genie's Board of Directors has been vigilant about returning value to shareholders.
Last year, in addition to paying $0.30 in aggregate dividends to our common stockholders, we repurchased $5.6 million of common stock.
Today, in light of the resilience of our business, its underlying strength and the abundant growth opportunities, Genie's Board of Directors has increased our quarterly dividend to $0.085, a 13% increase.
Now with more on this quarter's financial results, here is our Chief Financial Officer, Avi Goldin.
My remarks today will cover our financial results for the three months ended March 31st, 2020.
Throughout my remarks, I compare the first quarter 2020 results to the first quarter of 2019, focusing on the year-over-year rather than sequential comparisons removes from consideration the seasonal factors that are characteristic of our retail energy business.
The first quarter includes the peak heating season and is typically characterized by relatively high levels of electricity consumption, the highest level of natural gas consumption of any quarter of the year.
The first quarter's financial results were strong and included record levels of revenue and gross profit.
As the timing of events were skewed toward the second half of March, the COVID-19 pandemic did not significantly impact our first quarter financial results.
Consolidated revenue in the first quarter increased $17.4 million to $104.1 million.
$12.7 million of the increase was contributed by our Genie Energy Services division.
Revenue jumped to $18 million on the fulfillment of outstanding solar panel orders by our Prism Solar subsidiary.
Going forward, we do not anticipate comparable order volumes or revenue.
And as Michael indicated, we are taking steps to reduce costs and position that business for the future.
Genie Retail Energy contributed $79.1 million in revenue, an increase of $2.6 million, compared to the year ago quarter.
Robust growth in our electric meter customer base over the past 12 months drove a 17% increase in kilowatt hours sold, more than offsetting a slight decrease in per unit revenue.
This was partially offset by a decline in revenue contribution from the gas book as we experienced lower consumption and pricing per therm.
At Genie Retail Energy International, revenue totaled $7 million, an increase of $2.1 million from the year ago quarter.
The increase reflects customer base expansion at both Lumo and Finland and Genie Japan.
And its results of operations are not consolidated in our revenue, gross profit or SG&A.
Consolidated gross profit in the first quarter increased $3.3 million to $28.9 million, also a record for the company.
GRE contributed $27.6 million of that total, an increase of $2.9 million from the year ago quarter, predominantly reflecting the increase in kilowatt hours sold, a modest increase in margin per kilowatt hour and a decrease in cost per therm sold.
Increased rates of customer acquisition at GRE drove an increase in consolidated SG&A expense to $19.5 million in the first quarter, $3.7 million higher than the year ago period.
Equity and the net loss of investees, which is comprised of our investments in Orbit Energy and our minority stake in Atid, decreased to $379,000 from $797,000 in the first quarter of 2019, as we made no additional investments in either entity during the quarter.
We now expect to provide Orbit with some additional growth capital later this year.
Our consolidated income from operations came in at $9.2 million, compared to $9.8 million in the year ago quarter, as the increase in customer acquisition expense narrowly offset the gain in gross profit.
Adjusted EBITDA was $10.3 million, effectively even with the year ago quarter.
EPS was $0.20 per diluted share, $0.01 below the year ago quarter.
Our balance sheet remains very strong.
At March 31st, we reported $157.2 million in total assets, including $36.4 million in cash, cash equivalents and restricted cash.
Liabilities totaled $71.5 million, of which just $2.2 million were non-current.
And net working capital totaled $51.5 million, an increase of $10.3 million from our total three months ago.
Cash used in operating activities was $2.7 million in the first quarter of 2020, compared to cash provided by operating activities of $7 million in the year ago period.
The first quarter's operating cash flow is negatively impacted by the deliveries of Prism Solar, as we received payment for this activity upfront at the end of 2019, as well as the posting of cash collateral in support of certain hedge positions at GRE.
To wrap up, the strong financial results this quarter reflect the impact of our sustained investment in meter acquisition over the past year.
Looking ahead, and as Michael discussed, though the COVID-19 pandemic creates uncertainty, its impact is likely to be mixed in the near-term with certain factors, improving performance and others working against it.
While the long-term holds a greater uncertainty, we are confident that Genie is well positioned to continue to realize value for shareholders.
As Michael mentioned, supported by a strong outlook, the Board of Directors has approved an increase in the quarterly dividend to $0.085 a share, a 13% increase.
The indicative annual dividend rate is now $0.34 per share.

user
genie energy q1 earnings per share $0.20.
q1 revenue rose 20.1 percent to $104.1 million.
q1 earnings per share $0.20.
at march 31, 2020, genie energy had $157.2 million in total assets, including $36.4 million in cash, cash equivalents and restricted cash.
has declared a q1 dividend of $0.085, a $0.01 increase from prior quarters.
genie energy - with our diversified markets, liquid balance sheet,very low level of long-term debt, are positioned to build on q1's terrific momentum.
genie's board of directors has increased our quarterly dividend 13% to $0.085 per share.
our outlook remains positive.
anticipate that covid-19 will have a mixed impact on our business operations and financial results.

assistant