ORA Ormat Technologies Inc

Annual net income increased to $68.6 million Annual revenue increased 20.4% to $415.2 million Q4 2008 and full year 2008 restated RENO, Nevada, Feb. 24 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today announced results for the fourth quarter and full year ended December 31, 2009. Highlights of the Company performance include. -- Revenues increased 20.4% for the year to $415.2 million and remained consistent with the fourth quarter of 2008. -- Annual net income increased to $68.6 million and fourth quarter net income increased to $16.1 million (in each case, after giving effect to the restatement described below). -- Earnings per share (diluted) increased to $1.51 per share of common stock for the year and to $0.35 per share of common stock in the quarter (in each case, after giving effect to the restatement described below). -- Total generation increased by 14% to 3.4 million MWh during 2009. -- The Product Segment backlog as of today is approximately $90 million. Commenting on the annual results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "Ormat reported record revenues for the year and Product Segment revenue was exceptionally strong during 2009. While we do not expect revenues and corresponding margins in the Product Segment to continue at this level in 2010, the improving global economy combined with funding and regulatory benefits in the United States should contribute to our future revenues in this segment. We had success in improving the performance of our existing power plants. Generation in our Electricity Segment increased year-over-year by 14% from improved performance of existing power plants and new power plants that came on-line in 2009. Revenue for the segment was stable even when taking into account that the Puna power plant experienced lower availability due to maintenance related issues. We are in varying stages of exploration and development on land where we have been acquiring rights to use the geothermal resource over the past few years. Results from several sites are encouraging and should yield several commercial projects over the next few years. Closing of the purchase of the Hot Sulphur Springs ("HSS") project is expected by the end of the first quarter 2010. This acquisition includes a project in an advanced stage of development and is expected to come online in 2012 and sell its output under a long-term PPA that we recently signed with NV Energy." 2008 Restatement Through the third quarter of 2009, we accounted for exploration and development costs using an accounting method that is analogous to the full cost method used in the oil and gas industry. Under that method, we capitalized costs incurred in connection with the exploration and development of geothermal resources on an "area-of-interest" basis. Each area of interest included a number of potential projects in the state of Nevada that were planned to be operated together with the same operation and maintenance team. Impairment tests were performed on an area-of-interest basis rather than at a single site. Under this methodology, costs associated with projects that we have determined are not economically feasible remained capitalized as long as the area-of-interest was not subject to impairment. Following a periodic review performed by the Securities and Exchange Commission ("SEC") Staff, we concluded that this accounting treatment was inappropriate in certain respects. Accordingly, on February 23, 2010, our Audit Committee and Board of Directors, based on management recommendations, concluded that our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2008 require restatement and should no longer be relied upon. The impact of the restatement is a decrease of approximately $6.2 million in net income (or $0.14 per share) during the year end and the fourth quarter ended December 31, 2008. This decrease represents a reduction of 12.6% from our originally reported net income of $49.5 million in 2008 and a reduction of 53.6% from our originally reported net income of $11.6 million in the fourth quarter of 2008. The Company is filing a Report on Form 8-K and intends to effect the above mentioned restatement in its annual report on Form 10-K for the year ended December 31, 2009. The Company also plans to revise its financial statements as of and for the three and nine months ended September 30, 2009 to reduce net income by approximately $1.5 million (or $0.03 per share). In connection with the filing of its Annual Report on Form 10-K for the year ended December 31, 2009, the Company will revise the third quarter unaudited financial information included in the notes to the financial statements to reflect the expensing of such costs in that interim period. Annual Results For the year ended December 31, 2009, total revenues were $415.2 million, an increase of 20.4% from $344.8 million for the year ended December 31, 2008, consisting of a 72.2% increase in Product Segment revenues and a 1.4% increase in Electricity Segment revenues. Net income for the year ended December 31, 2009 was $68.6 million, or $1.51 per share of common stock (diluted), compared to $43.3 million, or $0.98 per share of common stock (diluted), for the year ended December 31, 2008 (as restated), which represents an increase of 58.4% in net income. The increase in net income is primarily attributable to our Product Segment and to a $13.3 million gain from the extinguishment of a liability associated with the sale of equity interests in OPC LLC, as a result of our acquisition of Class B membership units from Lehman Brothers. Electricity revenues for the year ended December 31, 2009 were $255.9 million, an increase of 1.4% from $252.3 million for the year ended December 31, 2008. Revenues in our Electricity Segment in the year ended December 31, 2009 were impacted by a decline in the average revenue rate from $86 to $76 per MWh due to the effect of lower oil prices on the Puna power plant's energy rates, as well as a decline in production due to the enhancement and repair of the geothermal well field which we are undertaking to increase availability at the plant. Revenues from the Product Segment for the year ended December 31, 2009 were $159.4 million, compared to $92.6 million for the year ended December 31, 2008, an increase of 72.2%. The increase in product sales was primarily attributable to engineering, procurement and construction (EPC) contracts for the construction of three large binary geothermal projects in Nevada, New Zealand and Costa Rica. For the year ended December 31, 2009, the Company's gross margin was 29.5%, compared to 29.6% for the year ended December 31, 2008. Operating income for the year ended December 31, 2009 was $68.8 million, compared to $50.8 million for the year ended December 31, 2008 (as restated), an increase of 35.4%. The increase in operating income is primarily attributable to an increase in revenues and gross margin of our Product Segment. Adjusted EBITDA for the year ended December 31, 2009 increased to $167.0 million compared to $121.9 million for the year ended December 31, 2008 (as restated). Adjusted EBITDA includes consolidated EBITDA and the Company's share in the interest, taxes, depreciation and amortization related to the Company's unconsolidated 50% interest in the Mammoth complex in California. As further described in "Reconciliation of EBITDA and Adjusted EBITDA and Additional Cash Flows Information" below, we changed the method for calculating EBITDA and adjusted EBITDA beginning in the third quarter of 2009. Cash and cash equivalents as of December 31, 2009 increased to $46.3 million from $34.4 million as of December 31, 2008. In addition, as of December 31, 2009, we have available committed lines of credit with commercial banks aggregating $362.5 million, of which $175.0 million is unused. On February 23, 2010, Ormat's Board of Directors approved the payment of a quarterly cash dividend of $0.12 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 25, 2010, to shareholders of record as of the close of business on March 16, 2010. The Company expects to pay a dividend of $0.05 per share in the next three quarters. Commenting on the outlook for 2010, Ms. Bronicki said, "We expect our 2010 Electricity Segment revenues to be between $275 million and $285 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 Product Segment, we expect that our 2010 revenues will be between $75 million and $85 million." Fourth Quarter Results For the fourth quarter of 2009, total revenues were $95.3 million, consistent with the fourth quarter of 2008. Net income for the quarter was $16.1 million, or $0.35 per share of common stock (diluted), compared to $5.4 million, or $0.12 per share of common stock (basic and diluted) for the same quarter last year (as restated). Revenues attributable to our Electricity Segment for the fourth quarter of 2009 were $63.9 million, an increase of 2.9%, compared to $62.1 million for the same quarter last year. Product Segment revenues for the fourth quarter of 2009 were $31.4 million, a decrease of 6.1%, compared to $33.4 million for the same quarter last year. Adjusted EBITDA for the fourth quarter of 2009 increased to $41.8 million compared to $20.1 million in the same quarter last year (as restated). Adjusted EBITDA includes consolidated EBITDA and the Company's share in the interest, taxes, depreciation and amortization related to the Company's unconsolidated 50% interest in the Mammoth complex in California. As further described in "Reconciliation of EBITDA and Adjusted EBITDA and Additional Cash Flows Information" below, we changed the method for calculating EBITDA and adjusted EBITDA beginning in the third quarter of 2009. Conference Call Details Ormat will host a conference call to discuss its financial results and other matters discussed in this press release from 10:00 a.m. to 12:00 p.m. U.S. EST today, Wednesday, February 24, 2010. 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. A replay will be available from 1:00 pm EST on February 24, 2010 through 11:59 p.m. EST, March 3, 2010. Please call: (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (International) and enter the code 53390852. About Ormat Technologies Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has built over approximately 1,200 MW of plants half for its own account and half as supplies to utilities and developers. Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat, North Brawley, OREG 1, OREG 2 and Peetz; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria III and in Nicaragua - Momotombo. Ormat's 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 2, 2009. 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. 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 / Ormat Technologies, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For the Three and Twelve-Month Periods Ended December 31, 2009 and 2008 (Unaudited) Three Months Ended Year Ended December 31, December 31, ---------------- ------------------- 2008 2008 (As Restated) (As Restated) 2009 (1) 2009 (1) ---- ------- ---- -------- (in thousands, (in thousands, except per except per share amounts) share amounts) Revenues: Electricity $63,940 $62,126 $255,855 $252,256 Product 31,352 33,373 159,389 92,577 ------ ------ ------- ------ Total revenues 95,292 95,499 415,244 344,833 ------ ------ ------- ------- Cost of revenues: Electricity 46,920 45,129 180,156 170,053 Product 25,185 25,271 112,450 72,755 ------ ------ ------- ------ Total cost of revenues 72,105 70,400 292,606 242,808 ------ ------ ------- ------- Gross margin 23,187 25,099 122,638 102,025 Operating expenses: Research and development expenses 3,351 1,220 10,502 4,595 Selling and marketing expenses 3,675 2,699 14,584 10,885 General and administrative expenses 6,858 6,399 26,412 25,938 Write-off of unsuccessful exploration activities - 9,828 (2) 2,367 9,828 (2) --- ----- -------- ----- Operating income 9,303 4,953 (2) 68,773 50,779 (2) Other income (expense): Interest income 54 383 639 3,118 Interest expense, net (4,178) (2,291) (16,241) (14,945) Foreign currency translation and transaction gains (losses) (222) (5,151) 1,107 (7,721) Impairment of auction rate securities - (1,822) (279) (4,195) Income attributable to sale of tax benefits 3,112 4,959 15,515 18,118 Gain from extinguishment of liability 13,348 - 13,348 - Other non-operating income (expense), net (446) 443 479 771 ---- --- --- --- Income before income taxes and equity in income of investees 20,971 1,474 (2) 83,341 45,925 (2) Income tax benefit (provision) (5,485) 3,513 (2) (16,924) (4,358) (2) Equity in income of investees, net 640 406 2,136 1,725 --- --- ----- ----- Net income 16,126 5,393 (2) 68,553 43,292 (2) Net loss attributable to noncontrolling interest 62 79 298 316 --- --- --- --- Net income attributable to the Company's stockholders $16,188 $5,472 (2) $68,851 $43,608 (2) ======= ====== ======== ======= Earnings per share attributable to the Company's stockholders: Basic $0.36 $0.12 (2) $1.52 $0.99 (2) ===== ===== ======== ===== Diluted $0.35 $0.12 (2) $1.51 $0.98 (2) ===== ===== ======== ===== Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: Basic 45,426 45,347 45,391 44,182 ====== ====== ====== ====== Diluted 45,623 45,423 45,533 44,298 ====== ====== ====== ====== Ormat Technologies, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of December 31, 2009 and December 31, 2008 (Unaudited) December 31, -------------------------- 2008 2009 (As Restated) (1) ---- ----------------- (in thousands) Assets Current assets: Cash and cash equivalents $46,307 $34,393 Restricted cash, cash equivalents and marketable securities 40,955 24,439 Receivables: Trade 53,423 49,839 Related entities 441 338 Other 7,884 15,654 Due from Parent 422 1,085 Inventories 15,486 13,724 Costs and estimated earnings in excess of billings on uncompleted contracts 14,640 6,982 Deferred income taxes 3,617 3,003 Prepaid expenses and other 12,080 16,222 ------ ------ Total current assets 195,255 165,679 Long-term marketable securities 652 1,994 Restricted cash, cash equivalents and marketable securities 2,512 2,951 Unconsolidated investments 35,527 30,559 Deposits and other 18,314 16,876 Deferred income taxes 22,532 13,965 Property, plant and equipment, net 998,693 940,635 Construction-in-process 518,595 394,224 (2) Deferred financing and lease costs, net 20,940 19,240 Intangible assets 41,981 44,853 ------ ------ Total assets $1,855,001 $1,630,976 (2) ========== ========== Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $73,993 $103,336 Billings in excess of costs and estimated earnings on uncompleted contracts 3,351 15,670 Current portion of long-term debt: Limited and non-recourse 19,191 6,676 Full recourse 12,823 - Senior secured notes (non- recourse) 20,227 20,085 Due to Parent, including current portion of notes payable to Parent 10,018 16,616 ------ ------ Total current liabilities 139,603 162,383 Long-term debt, net of current portion: Limited and non-recourse 129,152 7,814 Full recourse 77,177 - Revolving credit lines with banks (full recourse) 134,000 100,000 Senior secured notes (non-recourse) 231,872 252,060 Notes payable to Parent - 9,600 Liability associated with sale of equity interests 73,246 113,327 Deferred lease income 72,867 74,427 Deferred income taxes 44,530 29,627 (2) Liability for unrecognized tax benefits 4,931 3,425 Liabilities for severance pay 18,332 17,640 Asset retirement obligation 14,238 13,438 Other long-term liabilities 3,358 - ----- --- Total liabilities 943,306 783,741 (2) ------- ------- Equity: The Company's stockholders' equity: Common stock 46 45 Additional paid-in capital 709,354 701,273 Retained earnings 196,950 138,241 (2) Accumulated other comprehensive income 622 645 --- --- 906,972 840,204 (2) Noncontrolling interest 4,723 7,031 ----- ----- Total equity 911,695 847,235 (2) ------- ------- Total liabilities and equity $1,855,001 $1,630,976 (2) ========== ========== (1) Amounts have been reclassified to reflect the implementation of the new accounting guidance for noncontrolling interests in consolidated financial statements. (2) As described above, the 2008 financial statements have been restated to write-off unsuccessful exploration and development costs for sites where we determined not to pursue further development during 2008. The effect of the restatement on our results of operations for the three-months period and the year ended December 31, 2008 and the balance sheet as of December 31, 2008 is as follows: Consolidated Statements of Operations: Three Months Ended December 31, 2008 ------------------------------------------------------------ As Restated Before Application As of New Application of Originally Restatement Accounting New Accounting As Reported Adjustment Standard Standard (1) Restated ---------- ----------- ------------ --------------- -------- (In thousands) Write-off of unsuccessful exploration activities $- $(9,828) $(9,828) $- $(9,828) --- ------- ------- --- ------- Operating income 14,781 (9,828) 4,953 - 4,953 ------ ------ ----- --- ----- Other income (expense): Interest income 383 - 383 - 383 Interest expense, net (348) - (348) (1,943) (2,291) Foreign currency translation and transaction losses (5,151) - (5,151) - (5,151) Income attributable to sale of equity interests - - - 4,959 4,959 Other non- operating expense, net (1,379) - (1,379) - (1,379) ------ --- ------ --- ------ Income before income taxes and equity in income of investees 8,286 (9,828) (1,542) 3,016 1,474 Income tax benefit (provision) (91) 3,604 3,513 - 3,513 Minority interest 3,095 - 3,095 (3,095) - Equity in income of investees, net 406 - 406 - 406 --- --- --- --- --- Net income 11,696 (6,224) 5,472 (79) 5,393 Net loss attributable to noncontrolling interest - - - 79 79 --- --- --- --- --- Net income attributable to the Company's stockholders $11,696 $(6,224) $5,472 $- $5,472 ======= ======= ====== === ====== Year Ended December 31, 2008 ------------------------------------------------------------ As Restated Before Application As of New Application of Originally Restatement Accounting New Accounting As Reported Adjustment Standard Standard (1) Restated ---------- ----------- ----------- --------------- --------- (In thousands) Write-off of unsuccessful exploration activities $- $(9,828) $(9,828) $- $(9,828) --- ------- ------- --- ------- Operating income 60,607 (9,828) 50,779 - 50,779 ------ ------ ------ --- ------ Other income (expense): Interest income 3,118 - 3,118 - 3,118 Interest expense, net (7,677) - (7,677) (7,268) (14,945) Foreign currency translation and transaction losses (7,721) - (7,721) - (7,721) Income attributable to sale of equity interests - - - 18,118 18,118 Other non- operating expense, net (3,424) - (3,424) - (3,424) ------ --- ------ --- ------ Income before income taxes and equity in income of investees 44,903 (9,828) 35,075 10,850 45,925 Income tax provision (7,962) 3,604 (4,358) - (4,358) Minority interest 11,166 - 11,166 (11,166) - Equity in income of investees, net 1,725 - 1,725 - 1,725 ----- --- ----- --- ----- Net income 49,832 (6,224) 43,608 (316) 43,292 Net loss attributable to noncontrolling interest - - - 316 316 --- --- --- --- --- Net income attributable to the Company's stockholders $49,832 $(6,224) $43,608 $- $43,608 ======= ======= ======= === ======= Consolidated Balance Sheet December 31, 2008 ------------------------------------------------------------ As Restated Before Application As of New Application of Originally Restatement Accounting New Accounting As Reported Adjustment Standard Standard (1) Restated ---------- ----------- ------------ --------------- -------- (In thousands) Assets Construction -in-process $404,052(2) $(9,828) $394,224 $- $394,224 Deferred financing and lease costs, net 16,127 - 16,127 3,113 19,240 ------ --- ------ ----- ------ Total assets $1,637,691 $(9,828) $1,627,863 $3,113 $1,630,976 ========== ======= ========== ====== ========== Liabilities and equity Liability associated with sale of equity interests $- $- $- $113,327 $113,327 Deferred income taxes 33,231 (3,604) 29,627 - 29,627 ------ ------ ------ --- ------ Total liabilities 674,018 (3,604) 670,414 113,327 783,741 ------- ------ ------- ------- ------- Minority interest 117,245 - 117,245 (117,245) - Equity: The Company's stockholders' equity: Common stock 45 - 45 - 45 Additional paid-in equity 701,273 - 701,273 - 701,273 Retained earnings 144,465 (6,224) 138,241 - 138,241 Accumulated other comprehensive income 645 - 645 - 645 --- --- --- --- --- 846,428 (6,224) 840,204 - 840,204 Noncontrolling interest - - - 7,031 7,031 --- --- --- ----- ----- Total equity 846,428 (6,224) 840,204 7,031 847,235 ------- ------ ------- ----- ------- Total liabilities and equity $1,637,691 $(9,828) $1,627,863 $3,113 $1,630,976 ========== ======= ========== ====== ========== (1) We adopted the new accounting guidance for noncontrolling interests in a subsidiary on January 1, 2009. (2) Reflects a reclassification of $17.2 million of up-front bonus lease costs from property, plant and equipment to construction-in-process as of December 31, 2008. Ormat Technologies, Inc. and Subsidiaries Reconciliation of EBITDA and Adjusted EBITDA and Additional Cash Flows Information (Unaudited) We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate adjusted EBITDA to include depreciation and amortization, interest and taxes attributable to our equity investments in the Mammoth complex. EBITDA and adjusted EBITDA are not measurements of financial performance or liquidity 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 cash provided by operating activities to EBITDA and adjusted EBITDA, for the three and twelve-month periods ended December 31 2009, and 2008 (after giving effect to the restatement): Three Months Ended Year Ended December 31, December 31, ---------------------- --------------------- 2008 2008 2009 (As Restated) 2009 (As Restated) ------ ------------- ---- ------------- (in thousands) Net cash provided by operating activities $33,076 $27,052 $110,772 $116,949 Adjusted for: Interest expense, net (excluding amortization of deferred financing costs) 3,422 1,849 13,623 13,590 Interest income (54) (383) (639) (3,118) Income tax provision (benefit) 5,485 (3,513) 16,924 4,358 Adjustments to reconcile net income to net cash provided by operating activities (excluding depreciation and amortization) (1,132) (5,849) 22,392 (13,529) ------ ------ ------ ------- EBITDA 40,797 19,156 163,072 118,250 Interest, taxes, depreciation and amortization attributable to the Company's equity in Mammoth- Pacific L.P. 1,048 900 3,891 3,636 ----- --- ----- ----- Adjusted EBITDA $41,845 $20,056 $166,963 $121,886 ======= ======= ======== ======== Net cash used in investing activities $(37,155) $(95,289) $(286,036) $(398,991) ======== ======== ========= ========= Net cash provided by financing activities $30,117 $64,565 $187,036 $269,286 ======= ======= ======== ======== We previously calculated EBITDA to exclude equity income of investees and other non-operating expense (income) and adjusted EBITDA to exclude other non-operating expense (income). In addition, we now reconcile EBITDA and adjusted EBITDA to our net cash provided by operating activities for each of the periods shown, rather than net income amounts we have used for reconciliation in prior periods. Accordingly, the information in the tables below is not directly comparable to similar reconciliation information we have reported for prior periods not reflected in the tables below. The change in the way we now calculate EBITDA and adjusted EBITDA results in higher EBITDA and adjusted EBITDA for each of the periods shown above than we would have reported using our prior method for calculating EBITDA and adjusted EBITDA. The following table shows, for each period reported above, the differences in our reported EBITDA and adjusted EBITDA resulting from the change in our method for computing these amounts. Three Months Ended Year Ended December 31, December 31, -------------------- -------------------- 2008 2008 2009 (As Restated) 2009 (As Restated) ---- ------------- ---- ------------- (in thousands) EBITDA, as previously calculated, giving effect to the restatement $37,916 $20,321 (1) $144,114 $109,552 (1) Adjusted for inclusion: Equity in income of investees 640 406 2,136 1,725 Other non-operating income (expense) 2,241 (1,571) 16,822 6,973 ----- ------ ------ ----- EBITDA, as currently calculated $40,797 $19,156 $163,072 $118,250 ======= ======= ======== ======== Adjusted EBITDA, as previously calculated, giving effect to the restatement $39,604 $21,627 (1) $150,141 $114,913 (1) Adjusted for inclusion: Equity in Mammoth- Pacific L.P. Other non-operating income (expense) 2,241 (1,571) 16,822 6,973 ----- ------ ------ ----- Adjusted EBITDA, as currently calculated $41,845 $20,056 $166,963 $121,886 ======= ======= ======== ======== (1) As a result of the restatement, previously reported EBITDA and Adjusted EBITDA decreased by $9,828,000. This comparative non-GAAP information is provided to assist investors in evaluating the impact of the change in the way we calculate these amounts in performing their financial analysis of our operations for the periods presented. This information should not be considered in isolation or as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP or other non-GAAP financial measures. (Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc. CONTACT: Dita Bronicki, CEO of Ormat Technologies, +1-775-356-9029, , or Investor Relations, Todd Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of KCSA Strategic Communications, both for Ormat Technologies Web Site: http://www.ormat.com/

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