Just Energy Group Inc. Announces Adjustment of Accounts Receivable
JUST ENERGY GROUP (JE)
Last just energy group earnings: 2/10 07:00 am
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US:NYSE Investor Relations:
justenergygroup.com
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Source: GlobeNewswire
TORONTO, July 23, 2019 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“Just Energy”) announced today that as part of the previously announced Strategic Review process, management identified customer enrolment and non-payment issues, primarily in Texas, over the past 12 months. As management identified these issues, more robust operational controls were put in place, culminating in numerous improvements being implemented during June and July 2019. Due to the identified issues, management is updating its provisioning methodology used to estimate its reserve for trade receivables. Management expects an incremental impairment of the Texas residential accounts receivable of approximately CAD $45 to $50 million as of June 30, 2019. “The enrolment and non-payment issues have been remediated and management is confident in the business and operational controls currently in place. These issues will not have a continuing effect on future cash flows,” said Rebecca MacDonald, Just Energy’s E
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