Record Revenues of $60.3 Million for the First Quarter of 2006, an
11.9% Increase Over Prior Year's Quarter RENO, Nev., May 9
/PRNewswire-FirstCall/ -- ORMAT Technologies, Inc. (NYSE:ORA) today
announced financial results for the first quarter ended March 31,
2006. For the first quarter, total revenues were $60.3 million as
compared to $53.9 million for the first quarter of 2005, an
increase of 11.9%. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)
Electricity segment revenues for the quarter were $43.7 million, an
increase of 8.1% as compared to $40.5 million for the same quarter
in 2005. The increase in revenues was primarily attributed to
revenue generated from the Burdette plant, whose construction was
completed in November 2005 and commercial operation was declared on
February 28, 2006, and higher energy rates for power supplied under
the power purchase agreement of the Puna project. Net income for
the quarter ended March 31, 2006 was $7.9 million or $0.25 per
share of common stock as compared with net income of $3.9 million
or $0.12 per share of common stock for the same quarter in 2005.
For the quarter ended March 31, 2006, the Company's gross margin
was 38.0% compared to 36.4% for the same quarter in 2005. Operating
income for the quarter ended March 31, 2006 was $14.8 million as
compared with $13.4 million for the same quarter in 2005. Adjusted
EBITDA for the quarter ended March 31, 2006 was $28.5 million as
compared with $26.3 million for the same quarter in 2005. Adjusted
EBITDA includes consolidated EBITDA and the Company's share in the
operating income and depreciation and amortization totaling $4.1
million and $4.0 million for the quarters ended March 31, 2006 and
2005, respectively, related to the Company's unconsolidated
investment interest of 50% in the Mammoth project in California,
and 80% in the Leyte project in the Philippines. The reconciliation
of GAAP net income to Adjusted EBITDA is set forth below in this
release. As of March 31, 2006, the Company had cash, cash
equivalents and marketable securities of $28.2 million compared to
$70.5 million as of December 31, 2005. The decrease in the
Company's cash position was principally due to the combination of
funding capital expenditures in the amount of $39.7 million,
investment in Orzunil of $15.4 million and repayment of long-term
debt. In April 2006, the Company closed the sale of 4,025,000
shares of its common stock, at $35.50 per share in a follow-on
public offering (including the exercise of the underwriters'
over-allotment option). This resulted in net proceeds of
approximately $135.0 million, which the Company will use to pursue
its corporate growth strategies. On May 9, 2006, Ormat's Board of
Directors approved the payment of a quarterly cash dividend of
$0.04 per share, which is a per share increase of $0.01 pursuant to
the Company's dividend policy, which targets an annual payout ratio
of at least 20% of the Company's net income, subject to Board
approval. The dividend will be paid on May 30, 2006 to shareholders
of record as of the close of business on May 23, 2006. The Company
expects to pay a dividend of $0.04 per share, in the next three
quarters as well. Commenting on first quarter results, Dita
Bronicki, President and Chief Executive Officer of Ormat, said,
"Our results this quarter are consistent with our growth plans."
Ms. Bronicki continued, "We continue to focus on construction of
new projects as well as enhancements to existing projects, which we
expect will contribute to a significant increase in total
generating capacity in 2006. Specifically, in the second quarter,
we expect to add 3 MW to the Heber complex from Heber 1. In
addition, we started selling electricity from the Gould 2 plant and
are in the commissioning phase of Gould 1, which when complete will
increase the generating capacity of the Heber complex by an
additional 6 MW. We expect to complete our Desert Peak 2 project in
the second quarter, and expect that it will generate approximately
15 MW. Finally, in the second quarter we expect to connect four
additional wells to the power plant at the Ormesa project, and
expect our enhancement efforts to increase output by an additional
10 MW by the end of the year. In total, we expect to add 113 MW in
2006 and we continue to implement planning that we anticipate will
enable growth in 2007 and beyond. "Product backlog was driven by
key sales, including an $11.5 million contract with PacifiCorp
Energy for a 10 MW Ormat Energy Converter, a $7.7 million contract
with Tauropaki Power Company of New Zealand for an air-cooled OEC
unit, and the receipt of a notice to proceed in connection with a
contract with US Geothermal for their Raft River project in Idaho.
In the field of Recovered Energy Generation, we entered into the
Sumas Power Purchase Agreement for the supply of 5 MW of power."
Commenting on the outlook for 2006, Ms. Bronicki said, "We expect
our 2006 electricity segment revenue to increase by $9 million to
$204 million, as a result of the consolidation of the Zunil
project. We also expect an additional $18 million of revenue from
our share of electricity revenue generated by Mammoth and Leyte,
which are accounted for under the equity method. With regard to our
products segment, we currently expect that our 2006 revenue will be
between $60 million and $70 million." Conference Call Details Ormat
will host a conference call to discuss its financial results and
other matters discussed in this press release at 9:00 a.m. U.S.
E.S.T. on Wednesday, May 10, 2006. The call will be available as a
live, listen-only webcast at http://www.ormat.com/. A 30-day
archive of the webcast will be available approximately 2 hours
after the conclusion of the live call. To listen to a replay,
please call 1-877-519-4471 in the United States and Canada and
1-973-341-3080 for international callers and utilize code 7332731.
About Ormat Technologies Ormat Technologies, Inc. is a vertically
integrated company primarily engaged in the geothermal and
recovered energy power business. The Company designs, develops,
builds, owns and operates geothermal power plants. It also designs,
develops and builds, and plans to own and operate, recovered
energy-based power plants. Additionally, the Company designs,
manufactures and sells geothermal and recovered energy power units
and other power generating equipment, and provides related
services. Ormat products and systems are covered by more than 70
patents. ORMAT currently operates the following geothermal power
plants: in the United States -- Brady, Desert Peak, Heber, Mammoth,
Ormesa, Puna and Steamboat; in the Philippines -- Leyte; in
Guatemala -- Zunil; in Kenya -- Olkaria; and in Nicaragua --
Momotombo. Safe Harbor Statement Information provided in this press
release may contain statements relating to current expectations,
estimates, forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for
future operations and are based upon its management's current
estimates and projections of future results or trends. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties. For a discussion of such
risks and uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 28, 2006 and the
Prospectus Supplement filed with the Securities and Exchange
Commission on April 5, 2006. These forward-looking statements are
made only as of the date hereof, and we undertake no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise. About
non-GAAP financial measures This press release includes a financial
measure defined as a non-GAAP financial measure by the Securities
and Exchange Commission: adjusted EBITDA. This measure may be
different from non-GAAP financial measures used by other companies.
The presentation of this financial information is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Management of Ormat Technologies, Inc. believes that adjusted
EBITDA provides meaningful supplemental information that both
management and investors benefit from in assessing Ormat
Technologies' ability to service and/or incur debt. Ormat
Technologies Contact: Investor Relations Contact Dita Bronicki Jeff
Corbin/Todd Fromer CEO and President KCSA Worldwide +1-775-356-9029
212-896-1214/212-896-1215 / Ormat Technologies, Inc. and
Subsidiaries Condensed Consolidated Statements of Operations For
the three month periods ended March 31, 2006 and 2005 (Dollars in
thousands, except per share amounts) (Unaudited) Three Months Ended
March 31, 2006 2005 (in thousands, except per share amounts)
Revenues: Electricity: Energy and capacity $25,165 $24,509 Lease
portion of energy and capacity 17,897 15,943 Lease income 671 --
Total electricity 43,733 40,452 Products: Related party 3,503 --
Other 13,085 13,444 Total products 16,588 13,444 Total revenues
60,321 53,896 Cost of revenues: Electricity: Energy and capacity
17,174 16,273 Lease portion of energy and capacity 8,382 7,339
Lease expense 1,311 -- Total electricity 26,867 23,612 Products
10,532 10,683 Total cost of revenues 37,399 34,295 Gross margin
22,922 19,601 Operating expenses: Research and development expenses
773 380 Selling and marketing expenses 2,695 2,208 General and
administrative expenses 4,684 3,627 Operating income 14,770 13,386
Other income (expense): Interest income 1,115 810 Interest expense:
Parent (2,226) (2,775) Other (5,227) (7,523) Foreign currency
translation and transaction losses (8) (83) Other non-operating
income 103 40 Income before income taxes, and equity in income of
investees 8,527 3,855 Income tax provision (1,914) (1,480) Equity
in income of investees 1,279 1,533 Net income $7,892 $3,908
Earnings per share - basic and diluted $0.25 $0.12 Weighted average
number of shares used for computation of earnings per share: Basic
31,563 31,563 Diluted 31,697 31,572 Ormat Technologies, Inc. and
Subsidiaries Consolidated Balance Sheets (Unaudited) March 31,
December 31, 2006 2005 (in thousands) Assets Current assets: Cash
and cash equivalents $19,094 $26,976 Marketable securities 9,070
43,560 Restricted cash, cash equivalents and marketable securities
39,569 36,732 Receivables: Trade 35,079 33,515 Related entities
3,077 524 Other 2,311 2,629 Inventories, net 6,191 5,224 Costs and
estimated earnings in excess of billings on uncompleted contracts
1,290 8,883 Deferred income taxes 3,675 1,663 Prepaid expenses and
other 3,509 3,256 Total current assets 122,865 162,962
Unconsolidated investments 40,241 47,235 Deposits and other 13,349
13,489 Deferred income taxes 4,685 5,376 Property, plant and
equipment, net 541,061 491,835 Construction-in-process 155,778
128,256 Deferred financing and lease costs, net 17,764 17,412
Intangible assets, net 47,210 47,915 Total assets $942,953 $914,480
Liabilities and Stockholders' Equity Current liabilities:
Short-term bank credit $-- $3,996 Accounts payable and accrued
expenses 58,350 50,048 Billings in excess of costs and estimated
earnings on uncompleted contracts 5,198 12,657 Current portion of
long-term debt: Limited and non-recourse 8,054 2,888 Full recourse
1,000 1,000 Senior secured notes (non-recourse) 23,754 23,754 Due
to Parent, including current portion of notes payable to Parent
33,080 32,003 Total current liabilities 129,436 126,346 Long-term
debt, net of current portion: Limited and non-recourse 28,972
11,252 Full recourse 2,000 2,000 Senior secured notes
(non-recourse) 324,645 324,645 Notes payable to Parent, net of
current portion 133,162 140,162 Other liabilities -- 1,309 Deferred
lease income 80,897 81,569 Deferred income taxes 25,403 22,004
Liabilities for severance pay 11,858 11,409 Asset retirement
obligation 12,339 11,461 Total liabilities 748,712 732,157 Minority
interest in net assets of subsidiaries 4,798 64 Stockholders'
equity: Common stock, par value $0.001 per share; 200,000,000
shares authorized; 31,562,496 shares issued and outstanding 31 31
Additional paid-in capital 124,066 124,008 Unearned stock-based
compensation -- (153) Retained earnings 62,769 55,824 Accumulated
other comprehensive income 2,577 2,549 Total stockholders' equity
189,443 182,259 Total liabilities and stockholders' equity $942,953
$914,480 Ormat Technologies, Inc. and Subsidiaries Reconciliation
of adjusted EBITDA (Unaudited) (Dollars in thousands) EBITDA
represents net income before interest, taxes, depreciation and
amortization. Adjusted EBITDA includes operating income,
depreciation and amortization of our equity investments in the
Mammoth and Leyte projects. EBITDA and adjusted EBITDA are
presented because we believe it is frequently used by securities
analysts, investors and other interested parties in the evaluation
of a Company's ability to service and/or incur debt. However, other
companies in our industry may calculate EBITDA and adjusted EBITDA
differently than we do. EBITDA and adjusted EBITDA are not
measurements of financial performance under accounting principles
generally accepted in the United States of America and should not
be considered as an alternative to cash flow from operating
activities or as a measure of liquidity or an alternative to net
earnings as indicators of our operating performance or any other
measures of performance derived in accordance with accounting
principles generally accepted in the United States of America. The
following table reconciles net income to EBITDA and adjusted
EBITDA, for the three month periods ended March 31, 2006 and 2005:
Three months Three months ended ended March 31, 2006 March 31, 2005
Net income $7,892 $3,908 Adjusted for: Equity in income of
investees (1,279) (1,533) Interest expense, net (including
amortization of deferred financing costs) 6,338 9,571 Other
non-operating income (103) (40) Income tax provision 1,914 1,480
Depreciation and amortization 9,559 8,955 EBITDA 24,321 22,341
Equity in income of Mammoth-Pacific L.P. and Ormat Leyte 1,553
1,325 Depreciation, amortization, interest and taxes attributable
to our equity in Mammoth-Pacific L.P. and Ormat Leyte 2,588 2,668
Adjusted EBITDA $28,462 $26,334
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO and President of Ormat Technologies,
Inc., +1-775-356-9029, ; or Jeff Corbin, +1-212-896-1214, , or Todd
Fromer, +1-212-896-1215, , both of KCSA Worldwide, for Ormat
Technologies, Inc. Web site: http://www.ormat.com/
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