ORA Ormat Technologies Inc

In the news release, Ormat Technologies, Inc. (NYSE:ORA) Reports Fourth Quarter 2007 and Year-End Results, issued earlier today by Ormat Technologies, Inc. over PR Newswire, we are advised by the company that in the table titled "Reconciliation of adjusted EBITDA," under "Year Ended December 31, 2007" the "Interest expense, net (including amortization of deferred financing costs)," should read "22,438" rather than "20,418" and the "Adjusted EBITDA" should read "107,195" rather than "$105,175" as originally issued inadvertently. The complete corrected table follows. 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 22,438 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 $107,195 $119,795 DATASOURCE: Ormat Technologies, Inc. Web site: http://www.ormat.com/

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