RENO, Nevada, Feb. 26 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) today announced financial results for the fourth
quarter and full year ended December 31, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) For the
fourth quarter of 2007, total revenues were $70.6 million, an
increase of 6.0% over the fourth quarter of 2006. Electricity
Segment revenues for the quarter increased 19.2% over the fourth
quarter of 2006. Net income for the quarter ended December 31, 2007
was $8.9 million compared to $4.2 million in the fourth quarter
last year. For the year ended December 31, 2007, total revenues
were $296.0 million, a 10.0% increase over total revenues of $268.9
million for the year ended December 31, 2006. Net income for the
year ended December 31, 2007 was $27.4 million compared with $34.4
million for the year ended December 31, 2006. "The strong
performance experienced by us beginning in the second quarter
continued into the fourth quarter," said Dita Bronicki, President
and Chief Executive Officer of Ormat. "We added 44 MW of new
capacity to our ownership portfolio in 2007 and started the year
2008 with an additional 17 MW from our Galena III project out of a
total of 128 MW we expect to add in 2008. Other significant
achievements of last year include securing substantial land
positions for future development, extensive exploration activity in
a number of geothermal sites, and entering into new power purchase
agreements for five projects that may add up to 256 MW of new
capacity, our largest addition of PPAs in one year. These
achievements contribute to maintaining our growth momentum." "In
our Products Segment, we made progress in the development of the
Sarulla project and in the first quarter of 2008, we received a $20
million limited notice to proceed from a US customer for an
engineering, procurement and construction contract that we expect
to finalize shortly. Over the past few years, we have seen growth
in the geothermal industry with new smaller players entering the
market. We believe this industry wide growth holds potential for
Ormat's Products Segment." On February 26, 2008, Ormat's Board of
Directors approved the payment of a quarterly cash dividend of
$0.05 per share 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
March 27, 2008 to shareholders of record as of the close of
business on March 14, 2008. The Company expects to pay a dividend
of $0.05 per share in the next three quarters. Dita Bronicki
continued: "The renewable energy market is growing and is expected
to continue to do so for years to come. There is increasing demand
for clean, baseload power that is driven, in part, by a favorable
regulatory environment in the United States and abroad. This
reality provides strong support for our own growth plans. Our goals
over the next few years are to continue to lead in innovation, to
drive sustainable growth in our Electricity Segment and to secure
new orders in our Products Segment. With our strong technical and
financial base, we have a solid foundation for building our
business over the long-term." Electricity Segment revenues for the
fourth quarter of 2007 were $55.5 million, an increase of 19.2% as
compared to $46.6 million during the same quarter in 2006. Products
Segment revenues for the fourth quarter of 2007 were $15.1 million,
a decrease of 24.8% as compared to $20.1 million for the same
quarter in 2006. Net income for the quarter ended December 31, 2007
was $8.9 million, or $0.22 per share of common stock (basic and
diluted) compared with net income of $4.2 million, or $0.12 per
share of common stock (basic and diluted) for the quarter ended
December 31, 2006. Net income for the quarter ended December 31,
2007 includes $1.2 million, or $0.03 per share (basic and diluted),
of unrealized other-than-temporary loss related to certain auction
rate securities, as described below. In the quarters ended December
31, 2007 and 2006, there were 40.9 million and 36.2 million,
respectively, weighted average shares used in the computation of
diluted earnings per share. Electricity Segment revenues for the
year ended December 31, 2007 were $216.0 million, an increase of
10.5% as compared to $195.5 million for the year ended December 31,
2006. Products Segment revenues for the year ended December 31,
2007 were $80.0 million, an increase of 8.8% as compared to $73.5
million for the year ended December 31, 2006. Net income for the
year ended December 31, 2007 was $27.4 million ($0.71 per share of
common stock - basic and $0.70 per share of common stock - diluted)
compared with net income of $34.4 million ($1.00 per share of
common stock - basic and $0.99 per share of common stock - diluted)
for the year ended December 31, 2006. Net income for the year ended
December 31, 2007 includes $1.2 million, or $0.03 per share (basic
and diluted), of unrealized other than temporary loss related to
certain auction rate securities, as described below. In the years
ended December 31, 2007 and 2006, there were 38.9 million and 34.7
million weighted average shares, respectively, used in the
computation of diluted earnings per share. Adjusted EBITDA for the
quarter ended December 31, 2007 was $25.2 million as compared with
$22.5 million for the quarter ended December 31, 2006. Adjusted
EBITDA includes operating income and depreciation and amortization
totaling $2.0 million and $4.4 million for the quarters ended
December 31, 2007 and 2006, 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. For the
year ended December 31, 2007, the Company's gross margin was 26.8%
compared to 34.7% for the year ended December 31, 2006. Operating
income for the year ended December 31, 2007 was $43.5 million as
compared with $61.9 million for the year ended December 31, 2006, a
decrease of 29.8%. The reduction in operating income is primarily
attributable to increased costs in our Electricity Segment mainly
in the first quarter and in the Products Segment during the whole
year. Adjusted EBITDA for the year ended December 31, 2007 was
$107.2 million as compared with $119.8 million for the year ended
December 31, 2006. Adjusted EBITDA includes operating income and
depreciation and amortization totaling $14.6 million and $16.0
million for the years ended December 31, 2007 and 2006,
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. As of December 31, 2007, the
Company had cash, cash equivalents and short- term marketable
securities of $60.7 million compared to $116.7 million as of
December 31, 2006. This decrease is principally due to our use of
$216.4 million of cash resources to fund capital expenditures and
$131.8 million to repay long-term debt to our parent and to third
parties (including the $50.7 million capital note on December 3,
2007) during 2007. The decrease in our cash resources was partially
offset by the $137.2 million net proceeds from our sale of
3,000,000 shares of common stock in October 2007, the $17.5 million
net proceeds from our sale of 381,254 shares to our parent, the
$69.2 million net proceeds from the OPC tax monetization
transaction, and $56.5 million derived from operating activities in
the year ended December 31, 2007. The decrease in the Company's
cash, cash equivalents and short-term marketable securities is also
partially due to the deterioration in the market for auction rate
securities. Although the auction rate securities that the Company
holds continue to pay current interest based on valuation models
and an analysis of other-than-temporary impairment factors, the
Company has recorded a pre-tax impairment charge of $2.0 million in
the fourth quarter of 2007. In addition, the Company has recorded
an unrealized pre-tax loss of approximately $0.8 million in other
comprehensive loss as a result of other auction rate securities
whose decline in fair value is deemed temporary. The portion of the
Company's auction rate securities associated with failed interest
rate reset auctions has been included in long-term assets in the
consolidated balance sheets as of December 31, 2007. Commenting on
the outlook for 2008, Ms. Bronicki said, "We expect our 2008
Electricity Segment revenues to be approximately $245 million. We
also expect an additional $9 million of revenues from our share of
electricity revenue generated by a subsidiary, which is accounted
for under the equity method. With regard to our Products Segment,
we currently expect that our 2008 revenues will be between $70
million and $80 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. E.S.T. on Wednesday,
February 27, 2008. The call will be available as a live, listen-
only webcast at http://www.ormat.com/. During the webcast,
management will refer to slides that will be posted on the web
site. The slides and accompanying webcast can be accessed through
the Event Calendar in the Investor Relations section of Ormat's
website. 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 (800) 642-1687 in the United States
and Canada and (706) 645-9291 for international callers and utilize
code 33479880. 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 and 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 and recovered energy-based power
plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna,
Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; 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 our periodic
reports under the Exchange Act and our other filings with the
Securities and Exchange Commission. Ormat Technologies, Inc. and
Subsidiaries Condensed Consolidated Statements of Operations For
the Three and Twelve-months periods Ended December 31, 2007 and
2006 (Unaudited) Three Months Ended Year Ended December 31,
December 31, 2007 2006 2007 2006 (in thousands, except per share
amounts) Revenues: Electricity $55,545 $46,581 $215,969 $195,483
Products 15,108 20,101 79,950 73,454 Total revenues 70,653 66,682
295,919 268,937 Cost of revenues: Electricity 38,193 34,234 148,698
124,356 Products 12,852 17,946 68,036 51,215 Total cost of revenues
51,045 52,180 216,734 175,571 Gross margin 19,608 14,502 79,185
93,366 Operating expenses: Research and development expenses 946
494 3,663 2,983 Selling and marketing expenses 2,794 2,430 10,645
10,361 General and administrative expenses 5,528 4,736 21,416
18,094 Operating income 10,340 6,842 43,461 61,928 Other income
(expense): Interest income 2,358 1,655 6,565 6,560 Interest expense
(5,147) (7,420) (26,983) (30,961) Foreign currency translation and
transaction gains (losses) (568) 306 (1,339) (704) Impairment of
auction rate securities (2,020) (2,020) Other non-operating income
295 322 890 694 Income before income taxes, minority interest, and
equity in income of investees 5,258 1,705 20,574 37,517 Income tax
benefit (provision) 475 2,009 (1,822) (6,403) Minority interest
2,297 - 3,882 (813) Equity in income of investees 878 507 4,742
4,146 Net income $8,908 $4,221 $27,376 $34,447 Earnings per share:
Basic $0.22 $0.12 $0.71 $1.00 Diluted $0.22 $0.12 $0.70 $0.99
Weighted average number of shares used in computation of earnings
per share: Basic 40,670 36,056 38,762 34,593 Diluted 40,852 36,175
38,880 34,707 Net income for the quarters ended December 31, 2007
and 2006 includes stock-based compensation expense of $1.0 million,
or $0.02 per share (basic and diluted) and $0.5 million, or $0.01
per share (basic and diluted). respectively. Net income for the
years ended December 31, 2007 and 2006 includes stock- based
compensation expense of $3.2 million, or $0.08 per share (basic and
diluted) and $1.5 million, or $0.04 per share (basic and diluted),
respectively. Ormat Technologies, Inc. and Subsidiaries Condensed
Consolidated Balance Sheets As of December 31, 2007 and December
31, 2006 (Unaudited) December 31, 2007 2006 (in thousands) Assets
Current assets: Cash and cash equivalents $47,227 $20,254
Marketable securities 13,489 96,486 Restricted cash, cash
equivalents and marketable securities 29,236 56,425 Receivables:
Trade 46,519 36,463 Related entities 385 879 Other 9,008 5,277 Due
to Parent 253 1,459 Inventories, net 10,312 7,403 Costs and
estimated earnings in excess of billings on uncompleted contracts
3,608 11,216 Deferred income taxes 1,732 1,819 Prepaid expenses and
other 7,059 4,911 Total current assets 168,828 242,592 Long-term
marketable securities 2,762 - Restricted cash, cash equivalents and
marketable securities 5,605 - Unconsolidated investments 30,560
37,207 Deposits and other 15,294 15,081 Deferred income taxes
14,675 6,172 Property, plant and equipment, net 743,386 624,089
Construction-in-process 234,014 169,075 Deferred financing and
lease costs, net 14,044 15,800 Intangible assets, net 47,989 50,086
Total assets $1,277,157 $1,160,102 Liabilities and Stockholders'
Equity Current liabilities: Accounts payable and accrued expenses
$75,836 $70,445 Billings in excess of costs and estimated earnings
on uncompleted contracts 4,818 5,803 Current portion of long-term
debt: Limited and non-recourse 7,667 8,482 Full recourse 1,000
1,000 Senior secured notes (non- recourse) 25,475 40,054 Due to
Parent, including current portion of notes payable to Parent 31,695
82,379 Total current liabilities 146,491 208,163 Long-term debt,
net of current portion: Limited and non-recourse 14,490 22,157 Full
recourse - 1,000 Senior secured notes (non-recourse) 273,840
299,316 Notes payable to Parent, net of current portion 26,200
57,841 Deferred lease income 76,198 78,883 Deferred income taxes
22,928 21,674 Liability for unrecognized tax benefits 5,330 -
Liabilities for severance pay 15,201 13,378 Asset retirement
obligation 13,014 16,832 Total liabilities 593,692 719,244 Minority
interest 65,382 64 Commitments and contingencies (Notes 5, 6 and
10) Stockholders' equity: Common stock 41 38 Additional paid-in
capital 513,109 353,399 Retained earnings 103,545 85,053
Accumulated other comprehensive income 1,388 2,304 Total
stockholders' equity 618,083 440,794 Total liabilities and
stockholders' equity $1,277,157 $1,160,102 Ormat Technologies, Inc.
and Subsidiaries Reconciliation of adjusted EBITDA (Unaudited) We
calculate EBITDA as net income before interest, taxes, depreciation
and amortization, equity income of investees, minority interest and
other non- operating expense (income). We calculate adjusted EBITDA
to include operating income, depreciation and amortization,
interest and taxes attributable to our equity investments in the
Mammoth and Leyte Projects. 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.
EBITDA and adjusted EBITDA are presented because we believe they
are 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.
The following table reconciles net income to EBITDA and adjusted
EBITDA, for the three and twelve month periods ended December 31,
2007 and 2006: Three Months Ended Year Ended December 31, December
31, 2007 2006 2007 2006 (in thousands) (in thousands) Net income
$8,908 $4,221 $27,376 $34,447 Adjusted for: Equity in income of
investees (878) (507) (4,742) (4,146) Minority interest (2,297) -
(3,882) 813 Interest expense, net (including amortization of
deferred financing costs) 4,809 5,765 20,418 24,401 Other
non-operating income (loss) 273 (628) 449 10 Income tax provision
(benefit) (475) (2,009) 1,822 6,403 Depreciation and amortization
12,917 11,302 49,111 41,822 EBITDA 23,257 18,144 90,552 103,750
Equity in income of Mammoth-Pacific L.P. and Ormat Leyte 878 507
4,742 4,420 Depreciation, amortization, interest and taxes
attributable to the Company's equity in Mammoth-Pacific L.P. and
Ormat Leyte 1,105 3,881 9,881 11,625 Adjusted EBITDA $25,240
$22,532 $105,175 $119,795 Ormat Technologies Contact: Investor
Relations Contact Dita Bronicki Todd Fromer / Marybeth Csaby CEO
KCSA Strategic Communications 775-356-9029 212-896-1215 /
212-896-1236 /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGODATASOURCE:
Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO of Ormat
Technologies, +1-775-356-9029, ; Investor Relations Contact: Todd
Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, ,
both of KCSA Strategic Communications Web site:
http://www.ormat.com/
Copyright
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Ormat Technologies (NYSE:ORA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024