RENO, Nev., Nov. 2, 2010 /PRNewswire-FirstCall/ -- Ormat
Technologies, Inc. (NYSE: ORA) today announced financial results
for the third quarter 2010.
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Quarterly Highlights:
- A 23% increase in Electricity Segment revenues;
- Net income of $32 million
(including after tax capital gain of $23
million);
- Received cash grant of $108
million for North Brawley
under the ARRA in September
2010;
- Substantial progress in moving prospective projects into "start
of construction".
Commenting on the results, Dita Bronicki, Chief Executive
Officer of Ormat, stated: "In the third quarter we continued to
make progress in the acquisition and development of new sites. We
also started construction on two additional sites that we believe
will qualify for an ITC cash grant, which brings the total expected
capacity already in the status of 'start of construction' to 120
MW."
"In the financing area, we completed a bond offering of
$142 million, received a $108 million ITC cash grant under the ARRA and
made progress in a $350 million DOE
loan guarantee to finance three of our Nevada projects which are already under
construction."
"The otherwise good performance of our operating power plants
continued to be impacted by North
Brawley, even though its output increased to 25 MW, and
while we continue to make improvements in the plant, its negative
impact on gross margin is expected to continue through 2011."
Financial Summary
Third Quarter Results
For the three-month period ended September 30, 2010, total revenues were
$101.5 million, compared to
$119.0 million in the third quarter
of 2009. Electricity Segment revenues increased by 22.7% to
$83.4 million up from $67.9 million in the third quarter of 2009.
Total output increased by almost 20% from 783,532 MWh in the
third quarter of 2009 to 937,402 MWh in the third quarter of 2010.
The average revenue rate of the Company's electricity portfolio
increased from $87 per MWh in the
third quarter of 2009 to $89 per MWh
in the third quarter of 2010.
Product Segment revenues for the three-month period ended
September 30, 2010 were $18.1 million, compared to $51.1 million in the same period in 2009. As
noted in recent earnings releases, the Company expects revenues in
the Product Segment to be down from last year's unusual high level
throughout the rest of the year.
For the quarter, the Company reported net income of $32.4 million or $0.71 per share (basic and diluted), compared to
net income of $21.9 million, or
$0.48 per share (basic and diluted),
for the same period in 2009 (as revised). The increase is
principally attributable to an after-tax capital gain of
$22.6 million, related to the
acquisition of controlling interest in the Mammoth complex in
California. The pre-tax gain
of $36.9 million is equal to the
difference between the acquisition-date fair value of the
previously-held investment in the Mammoth complex and the
acquisition-date book value of such investment. The North Brawley power plant had an after-tax
loss of approximately $4.0 million,
or $0.09 per share, for the
quarter.
Adjusted EBITDA for the third quarter of 2010 was $78.8 million, compared to $48.0 million (as revised) for the same period
last year. 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. The reconciliation of GAAP net
cash provided by operating activities to Adjusted EBITDA and
additional cash flows information is set forth below in this
release.
Cash and cash equivalents as of September
30, 2010 were $49.2 million.
The Company has available committed lines of credit with commercial
banks aggregating $402.5 million, of
which $222.7 million is unused.
On November 2, 2010, Ormat's Board
of Directors approved the payment of a quarterly 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. The dividend will be paid
on November 30, 2010 to shareholders
of record as of the close of business on November 17, 2010.
Commenting on the outlook for 2010, Ms. Bronicki said, "We
currently expect 2010 Electricity Segment revenues to be between
$290 million and $295 million. This
number does not include our share in the revenues of the Mammoth
complex of approximately $6 million
for the first seven months of 2010 that was accounted by the equity
method. With regard to the Product Segment, we expect 2010
revenues to be approximately $80
million."
Nine-Month Results
For the nine-month period ended September
30, 2010, total revenues were $280.4
million a decrease of 11.8% from $317.8 million in the same period last year. Net
income for the period was $32.7
million, or $0.72 per share
(basic and diluted), compared to net income of $52.4 million, or $1.16 per share (basic and diluted), in the same
period in 2009 (as revised).
Electricity Segment revenues for the nine-month period ended
September 30, 2010 were $218.3 million, compared to $189.8 million in the same period a year ago.
Product Segment revenues for the first nine months of 2010 were
$62.1 million, compared to
$128.0 million in the same period in
2009.
Adjusted EBITDA for the nine-month period ended September 30, 2009 was $134.9 million, compared to $125.1 million (as revised) for the same period a
year ago. 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. The reconciliation of GAAP net
cash provided by operating activities to Adjusted EBITDA and
additional cash flows information is set forth below in this
release.
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. EDT on Wednesday, November 3, 2010. The call will
be available as a live, listen-only webcast at 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 Webcast & Presentations 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 available from 1 p.m.
EDT on November 3, 2010
through 11:59 p.m. EST, November 10, 2010. Please call: (800)
642-1687 (U.S. and Canada) (706)
645-9291 (International) and enter the Reply code: 17704060
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 engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1300 MW of gross capacity.
Ormat's current generating portfolio includes the following
geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG
1, OREG 2, OREG 3 and OREG 4; 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
8, 2010.
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
|
Marybeth Csaby/Rob
Fink
|
|
|
CEO
|
KCSA Strategic
Communications
|
|
|
775-356-9029
|
212-896-1236 (Marybeth)
/212-896-1206 (Rob)
|
|
|
dbronicki@ormat.com
|
mcsaby@kcsa.com/rfink@kcsa.com
|
|
|
|
|
Ormat Technologies, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Operations
For the Three and Nine-Month
Periods Ended September 30, 2010 and 2009
(Unaudited)
|
|
|
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
|
|
|
2010
|
|
2009 (As
Revised) (1)
|
|
2010
|
|
2009 (As
Revised) (1)
|
|
|
|
|
|
(in
thousands, except per share amounts)
|
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Electricity
|
$ 83,357
|
|
$
67,913
|
|
$ 218,269
|
|
$ 189,799
|
|
|
Product
|
18,120
|
|
51,113
|
|
62,128
|
|
128,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
101,477
|
|
119,026
|
|
280,397
|
|
317,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
Electricity
|
61,530
|
|
44,085
|
|
179,551
|
|
132,489
|
|
|
Product
|
14,764
|
|
35,780
|
|
41,316
|
|
87,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of
revenues
|
76,294
|
|
79,865
|
|
220,867
|
|
219,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
25,183
|
|
39,161
|
|
59,530
|
|
98,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
expenses
|
1,252
|
|
3,863
|
|
8,133
|
|
7,151
|
|
|
Selling and marketing
expenses
|
3,333
|
|
3,393
|
|
9,221
|
|
10,909
|
|
|
General and administrative
expenses
|
5,780
|
|
6,437
|
|
19,796
|
|
19,554
|
|
|
Write-off of unsuccessful
exploration activities
|
-
|
|
2,367
|
|
3,050
|
|
2,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
14,818
|
|
23,101
|
|
19,330
|
|
58,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
140
|
|
157
|
|
432
|
|
585
|
|
|
Interest expense, net
|
(10,961)
|
|
(4,358)
|
|
(30,101)
|
|
(12,063)
|
|
|
Foreign currency translation and
transaction gains (losses)
|
1,074
|
|
25
|
|
475
|
|
(1,324)
|
|
|
Income attributable to sale of
tax benefits
|
2,183
|
|
3,869
|
|
6,392
|
|
12,403
|
|
|
Gain on acquisition of
controlling interest
|
36,928
|
|
-
|
|
36,928
|
|
-
|
|
|
Other non-operating income
(expense), net
|
233
|
|
246
|
|
(47)
|
|
646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
and equity in income
(losses) of investees
|
44,415
|
|
23,040
|
|
33,409
|
|
58,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
|
(11,931)
|
|
(2,935)
|
|
(6,009)
|
|
(10,232)
|
|
|
Equity in income (losses) of
investees, net
|
(83)
|
|
591
|
|
942
|
|
1,496
|
|
|
|
|
Income from continuing
operations
|
32,401
|
|
20,696
|
|
28,342
|
|
49,612
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of related tax
|
-
|
|
1,251
|
|
14
|
|
2,815
|
|
|
Gain on sale of a subsidiary in
New Zealand, net of related tax
|
-
|
|
-
|
|
4,336
|
|
-
|
|
|
|
|
Net income
|
32,401
|
|
21,947
|
|
32,692
|
|
52,427
|
|
|
|
|
Net income attributable to
noncontrolling interest
|
58
|
|
80
|
|
168
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to the Company's stockholders
|
$ 32,459
|
|
$
22,027
|
|
$ 32,860
|
|
$
52,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable
to the Company's stockholders - basic and diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
$ 0.71
|
|
$
0.45
|
|
$
0.62
|
|
$
1.10
|
|
|
Income from discontinued
operations
|
-
|
|
0.03
|
|
0.10
|
|
0.06
|
|
|
Net income
|
$ 0.71
|
|
$
0.48
|
|
$
0.72
|
|
$
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares used in computation of earnings
|
|
|
|
|
|
|
|
|
|
per share
attributable to the Company's stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
45,431
|
|
45,413
|
|
45,431
|
|
45,379
|
|
|
Diluted
|
45,450
|
|
45,564
|
|
45,452
|
|
45,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Revision of the financial
statements for three and nine-month periods ended September 30,
2009
|
|
|
|
|
|
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 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 SEC Staff, we concluded that this accounting
treatment was inappropriate in certain respects and restated the
consolidated financial statements for the year ended December
31, 2008 to write-off capitalized costs for projects we determined
are not economically feasible in the period such determination was
made. We also revised our financial statements for the three and
nine-month period ended September 30, 2009 to give effect to a
write-off of costs associated with a project which we determined in
the third quarter of 2009 would not support commercial
operations.
|
|
|
|
|
|
The effect of the revision on
the results of operations in those periods is as
follows:
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, 2009
|
|
|
|
|
As
Originally
Reported
(2)
|
|
Adjustment
|
|
As
Revised
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Write-off of unsuccessful
exploration activities
|
$
-
|
|
$
(2,367)
|
|
$
(2,367)
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
25,468
|
|
(2,367)
|
|
23,101
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income
|
157
|
|
-
|
|
157
|
|
|
Interest expense, net
|
(4,358)
|
|
-
|
|
(4,358)
|
|
|
Foreign currency translation and
transaction gains
|
25
|
|
-
|
|
25
|
|
|
Income attributable to sale of
tax benefits
|
3,869
|
|
-
|
|
3,869
|
|
|
Other non-operating income,
net
|
246
|
|
-
|
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations, before income taxes and equity in income of
investees
|
25,407
|
|
(2,367)
|
|
23,040
|
|
|
Income tax provision
|
(3,803)
|
|
868
|
|
(2,935)
|
|
|
Equity in income of investees,
net
|
591
|
|
-
|
|
591
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
22,195
|
|
(1,499)
|
|
20,696
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of tax
|
1,251
|
|
-
|
|
1,251
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
23,446
|
|
(1,499)
|
|
21,947
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
noncontrolling interest
|
80
|
|
-
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the
Company’s stockholders
|
$
23,526
|
|
$
(1,499)
|
|
$
22,027
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to the Company's stockholders - basic and
diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
$
0.49
|
|
$
(0.04)
|
|
$
0.45
|
|
|
Income from discontinued
operations
|
0.03
|
|
-
|
|
0.03
|
|
|
Net income
|
$
0.52
|
|
$
(0.04)
|
|
$
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30, 2009
|
|
|
|
|
As
Originally
Reported
(2)
|
|
Adjustment
|
|
As
Revised
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Write-off of unsuccessful
exploration activities
|
$
-
|
|
$
(2,367)
|
|
$
(2,367)
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
60,468
|
|
(2,367)
|
|
58,101
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest income
|
585
|
|
-
|
|
585
|
|
|
Interest expense, net
|
(12,063)
|
|
-
|
|
(12,063)
|
|
|
Foreign currency translation and
transaction gains
|
(1,324)
|
|
-
|
|
(1,324)
|
|
|
Income attributable to sale of
tax benefits
|
12,403
|
|
-
|
|
12,403
|
|
|
Other non-operating income,
net
|
646
|
|
-
|
|
646
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations, before income taxes and equity in income of
investees
|
60,715
|
|
(2,367)
|
|
58,348
|
|
|
Income tax provision
|
(11,100)
|
|
868
|
|
(10,232)
|
|
|
Equity in income of investees,
net
|
1,496
|
|
-
|
|
1,496
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
51,111
|
|
(1,499)
|
|
49,612
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of tax
|
2,815
|
|
-
|
|
2,815
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
53,926
|
|
(1,499)
|
|
52,427
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
noncontrolling interest
|
236
|
|
-
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the
Company’s stockholders
|
$
54,162
|
|
$
(1,499)
|
|
$
52,663
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to the Company's stockholders - basic and
diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
$
1.14
|
|
$
(0.04)
|
|
$
1.10
|
|
|
Income from discontinued
operations
|
0.06
|
|
-
|
|
0.06
|
|
|
Net income
|
$
1.20
|
|
$
(0.04)
|
|
$
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
In January 2010, we sold our
interest in our New Zealand subsidiary, Geothermal development
Limited ("GDL"). As a result of such sale, the operations of
GDL have been included in discontinued operations in the three and
nine-month periods ended September 30, 2010.
|
|
|
|
|
|
|
Ormat Technologies, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
As of September 30, 2010 and
December 31, 2009
(Unaudited)
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
49,240
|
|
$
46,307
|
|
|
Restricted cash, cash
equivalents and marketable securities
|
64,332
|
|
40,955
|
|
|
Receivables:
|
|
|
|
|
|
|
Trade
|
59,223
|
|
53,423
|
|
|
|
Related entities
|
274
|
|
441
|
|
|
|
Other
|
10,395
|
|
7,884
|
|
|
Due from Parent
|
182
|
|
422
|
|
|
Inventories
|
14,615
|
|
15,486
|
|
|
Costs and estimated earnings in
excess of billings on uncompleted contracts
|
771
|
|
14,640
|
|
|
Deferred income taxes
|
3,410
|
|
3,617
|
|
|
Prepaid expenses and
other
|
16,329
|
|
12,080
|
|
|
|
|
Total current assets
|
218,771
|
|
195,255
|
|
|
Long-term marketable
securities
|
1,289
|
|
652
|
|
|
Restricted cash, cash
equivalents and marketable securities
|
1,740
|
|
2,512
|
|
|
Unconsolidated investments
|
2,040
|
|
35,188
|
|
|
Deposits and other
|
20,862
|
|
18,653
|
|
|
Deferred charges
|
30,064
|
|
22,532
|
|
|
Property, plant and equipment,
net
|
1,289,137
|
|
998,693
|
|
|
Construction-in-process
|
341,507
|
|
518,595
|
|
|
Deferred financing and lease
costs, net
|
19,093
|
|
20,940
|
|
|
Intangible assets
|
40,206
|
|
41,981
|
|
|
|
|
Total assets
|
$
1,964,709
|
|
$
1,855,001
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
$
86,414
|
|
$
73,993
|
|
|
Billings in excess of costs and
estimated earnings on uncompleted contracts
|
4,771
|
|
3,351
|
|
|
Current portion of long-term
debt:
|
|
|
|
|
|
|
Limited and
non-recourse
|
14,918
|
|
19,191
|
|
|
|
Full recourse
|
13,010
|
|
12,823
|
|
|
|
Senior secured notes
(non-recourse)
|
20,583
|
|
20,227
|
|
|
Due to Parent, including current
portion of notes payable to Parent
|
-
|
|
10,018
|
|
|
|
|
Total current
liabilities
|
139,696
|
|
139,603
|
|
|
Long-term debt, net of current
portion:
|
|
|
|
|
|
Limited and
non-recourse
|
120,690
|
|
129,152
|
|
|
Full recourse:
|
|
|
|
|
|
Senior unsecured
bonds
|
142,003
|
|
-
|
|
|
Other
|
69,166
|
|
77,177
|
|
|
Revolving credit lines with
banks (full recourse)
|
116,464
|
|
134,000
|
|
|
Senior secured notes
(non-recourse)
|
224,005
|
|
231,872
|
|
|
Liability associated with sale
of tax benefits
|
70,965
|
|
73,246
|
|
|
Deferred lease income
|
71,673
|
|
72,867
|
|
|
Deferred income taxes
|
24,969
|
|
44,530
|
|
|
Liability for unrecognized tax
benefits
|
5,648
|
|
4,931
|
|
|
Liabilities for severance
pay
|
19,840
|
|
18,332
|
|
|
Asset retirement
obligation
|
18,508
|
|
14,238
|
|
|
Other long-term
liabilities
|
2,267
|
|
3,358
|
|
|
|
|
Total liabilities
|
1,025,894
|
|
943,306
|
|
|
Equity:
|
|
|
|
|
|
The Company's stockholders'
equity:
|
|
|
|
|
|
|
Common stock
|
46
|
|
46
|
|
|
|
Additional paid-in
capital
|
713,991
|
|
709,354
|
|
|
|
Retained earnings
|
219,122
|
|
196,950
|
|
|
|
Accumulated other comprehensive
income
|
1,101
|
|
622
|
|
|
|
|
|
934,260
|
|
906,972
|
|
|
Noncontrolling
interest
|
4,555
|
|
4,723
|
|
|
|
|
Total equity
|
938,815
|
|
911,695
|
|
|
|
|
Total liabilities and
equity
|
$
1,964,709
|
|
$
1,855,001
|
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc. and
Subsidiaries
|
|
|
Reconciliation of EBITDA and
Adjusted EBITDA and Additional Cash Flows
Information
|
|
|
For the Three and Nine-Month
Periods Ended September 30, 2010 and 2009
|
|
|
(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
nine-month periods ended September 30, 2010, and 2009:
|
|
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
Six Months
Ended June 30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
(in
thousands)
|
|
(in
thousands)
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
$ 20,710
|
|
$ 22,364
|
|
$
79,644
|
|
$
77,696
|
|
$
58,934
|
|
$
55,332
|
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net (excluding
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of deferred
financing costs)
|
10,271
|
|
4,074
|
|
28,046
|
|
10,201
|
|
17,775
|
|
6,127
|
|
|
Interest income
|
(140)
|
|
(157)
|
|
(432)
|
|
(585)
|
|
(292)
|
|
(428)
|
|
|
Income tax provision
|
11,931
|
|
3,472
|
|
8,015
|
|
11,439
|
|
(3,916)
|
|
7,967
|
|
|
Adjustments to reconcile net
income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provided by operating
activities (excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation and
amortization)
|
35,823
|
|
17,184
|
|
17,509
|
|
23,525
|
|
(18,314)
|
|
6,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
78,595
|
|
46,937
|
|
132,782
|
|
122,276
|
|
54,187
|
|
75,339
|
|
|
Interest, taxes, depreciation
and amortization attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to the Company's equity in
Mammoth-Pacific L.P.
|
203
|
|
1,020
|
|
2,115
|
|
2,843
|
|
1,912
|
|
1,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$ 78,798
|
|
$ 47,957
|
|
$
134,897
|
|
$ 125,119
|
|
$
56,099
|
|
$
77,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities
|
$ (44,006)
|
|
$ (90,479)
|
|
$
(153,020)
|
|
$ (248,881)
|
|
$ (109,014)
|
|
$ (158,402)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
financing activities
|
$ 18,341
|
|
$ 42,400
|
|
$
76,309
|
|
$ 156,919
|
|
$
57,968
|
|
$ 114,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Ormat Technologies, Inc.