RENO, Nev., Feb. 23, 2012 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) today announced financial results for the fourth
quarter and full year ended December 31,
2011.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
The highlights for the year and recent
developments:
- Total revenues increased 17 percent to $437.0 million;
- Operating income of $64.0 million
and an Adjusted EBITDA of $166.7
million;
- Net income excluding a non-cash tax-related valuation allowance
was $18.8 million;
- The net loss after the valuation allowance was $42.7 million;
- Record Product backlog of approximately $240 million; and
- Completed 26 MW of new geothermal generation.
For the year ended December 31,
2011, total revenues increased 17.1 percent from
$373.2 million in 2010 to
$437.0 million in 2011. Product
revenues increased 39.0 percent to $113.2
million, up from $81.4 million
in the year ended December 31, 2010.
Electricity revenues increased by 11.0 percent to
$323.8 million, up from $291.8 million in the year ended December 31, 2010.
The 2011 results include a non-cash tax-related valuation
allowance in the amount of approximately $61.5 million, which was recorded against the
company's U.S. deferred tax assets.
Realization of these deferred tax assets is dependent on
generating sufficient taxable income in the U.S. prior to the
expiration of the tax credits. An analysis was performed in order
to confirm the ability of the company to realize deferred tax
assets, and it was determined that a valuation allowance of
$61.5 million against the U.S. tax
assets as of December 31, 2011 is
required. Although a valuation allowance is recorded against these
deferred tax assets, no economic loss has occurred as the
underlying net operating loss carryforwards and other tax credits
remain available to reduce future U.S. taxes to the extent income
is generated.
Commenting on the results, Dita Bronicki, Chief Executive
Officer of Ormat, stated: "2011 was highlighted by major
improvements in most operational areas of the company: 26 MW
added capacity in Tuscarora and
Puna, an increase in EBITDA at almost all of our operating plants,
and strong performance of the product segment contributed to the 17
percent growth in total revenues. Product segment revenues in 2011
grew 39 percent, and we forecast an additional 40 percent increase
for 2012. Cash flows from operations and new financing
secured in 2011 provide us with sufficient cash to support our
capital expenditure program for 2012."
"We made important progress in our construction projects
including the 30 MW McGinness Hills project where the field
development has been completed, and the 36 MW expansion to the
Olkaria project where 75% of the geothermal production is already
secured," continued Dita Bronicki. "Lease acquisition and
greenfield development remain key to our long-term
objectives. In 2011, we added 346,000 acres and our
exploration land portfolio totals over 675,000 acres. Our
exploration efforts continue, and we added new prospects in
Chile, New Zealand and the U.S. We currently have 42
prospects in various stages of exploration. Going into 2012, we
have the largest ever product backlog in Ormat's history."
"And finally, in terms of our future outlook, based on current
SRAC forecasts, we expect our 2012 electricity revenues to be
between $315 and $330 million, and
between $150 and $165 million from
our product segment."
Financial Summary
Annual Results
For the year ended December 31,
2011, total revenues increased 17.1 percent from
$373.2 million in 2010 to
$437.0 million in 2011. Product
revenues increased 39.0 percent to $113.2
million, up from $81.4 million
in the year ended December 31, 2010.
Electricity revenues increased by 11.0 percent to
$323.8 million, up from $291.8 million in the year ended December 31, 2010. The average revenue rate of
the company's electricity portfolio increased from $78 per MWh in 2010 to $83 per MWh in 2011.
Operating income for the year ended December 31, 2011 increased by $40.4 million to $64.0
million from $23.6 million for
the year ended December 31, 2010. The
increase is principally attributable to higher rates and lower
operating costs in our electricity segment and higher volumes of
customer orders in our product segment.
For the year ended December 31,
2011, the company reported income before tax of $6.8 million and a net loss of $42.7 million, or $0.95 per share (basic and diluted), mainly due
to the $61.5 million valuation
allowance. Excluding the impact of the valuation allowance, the
company would have recorded a net income of $18.8 million, compared to a net income of
$37.2 million, or $0.82 per share (basic and diluted), for the year
ended December 31, 2010, which
included a $36.9 million gain from
the acquisition of the controlling interest of the Mammoth complex
in California.
Adjusted EBITDA for the year ended December 31, 2011 was $166.7 million compared to $164.3 million for the year ended December 31, 2010. Adjusted EBITDA includes
consolidated EBITDA and the company's share in the interest, taxes,
depreciation and amortization related to the company's
unconsolidated 50 percent interest in the Mammoth complex in
California for the period from
January 1, 2010 to August 1, 2010, the date we acquired the
remaining 50 percent interest. 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.
As of December 31, 2011, cash, cash equivalents and
marketable securities were $118.4
million. In addition, as of December 31, 2011, the
company had available committed lines of credit with commercial
banks aggregating $409.0 million, of
which $70.1 million is unused.
As of today, we have a product backlog of approximately
$240 million, which includes revenues
for the period between January 1,
2012 and today. This amount includes an EPC contract in the
amount of $21.4 million related to
the Thermo 1 with Cyrq Energy, Inc. for which revenues will only be
recognized upon reasonable assurance of payment by the customer,
and $27 million related to a
geothermal supply contract, which is subject to the customer
finalizing its financing arrangements for the project.
Fourth Quarter Results
For the three-month period ended December
31, 2011, total revenues increased 33.3 percent from
$92.8 million in the fourth quarter
of 2010 to $123.7 million in the
fourth quarter of 2011. Product revenues increased 139.4 percent to
$46.2 million from $19.3 million in the fourth quarter of 2010.
Electricity revenues increased 5.5 percent to $77.6 million from $73.6
million in the fourth quarter of 2010.
For the quarter, the company reported net loss of $43.0 million or $0.95 per share (basic and diluted), compared to
net income of $4.5 million, or
$0.10 per share (basic and diluted),
for the same period in 2010.
Adjusted EBITDA for the fourth quarter of 2011 was $45.1 million, compared to $29.4 million for the same period last year. 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.
In accordance with the company's debt covenants, on February 22, 2012, Ormat's Board of Directors
decided not to declare a quarterly dividend for the fourth quarter
of 2011. However, the company expects to pay a dividend of
$0.04 per share in the next three
quarters.
Conference Call Details
Ormat will host a conference call to discuss its financial
results and other matters discussed in this press release at
10:00 A.M. EST on Thursday, February 23, 2012. 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.
Webcast will be available approximately two hours after the
conclusion of the live call. A replay will be available from
available from 1 p.m. EST on
February 23, 2012. Please call: (855)
859-2056 (U.S. and Canada) (404)
537-3406 (International) and enter the Reply code: 47730580.
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 82 U.S. patents. Ormat has engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1430 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, Jersey Valley, Mammoth, Ormesa, Puna,
Steamboat, OREG 1, OREG 2, OREG 3, OREG 4 and Tuscarora; 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 February 28, 2011.
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, Inc. and
Subsidiaries
|
|
Condensed Consolidated
Statements of Operations
|
|
For the Three and Twelve-Month
Periods Ended December 31, 2011 and 2010
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
(In
thousands,
|
|
(In
thousands,
|
|
|
except per
share data)
|
|
except per
share data)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity
|
$
|
77,576
|
|
$
|
73,551
|
|
$
|
323,849
|
|
$
|
291,820
|
|
Product
|
|
46,158
|
|
|
19,282
|
|
|
113,160
|
|
|
81,410
|
|
Total revenues
|
|
123,734
|
|
|
92,833
|
|
|
437,009
|
|
|
373,230
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity
|
|
57,947
|
|
|
62,775
|
|
|
244,037
|
|
|
242,326
|
|
Product
|
|
32,796
|
|
|
11,961
|
|
|
76,072
|
|
|
53,277
|
|
Total cost of revenues
|
|
90,743
|
|
|
74,736
|
|
|
320,109
|
|
|
295,603
|
|
Gross margin
|
|
32,991
|
|
|
18,097
|
|
|
116,900
|
|
|
77,627
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
1,673
|
|
|
1,987
|
|
|
8,801
|
|
|
10,120
|
|
Selling and
marketing expenses
|
|
6,882
|
|
|
4,226
|
|
|
16,207
|
|
|
13,447
|
|
General and
administrative expenses
|
|
7,130
|
|
|
7,646
|
|
|
27,885
|
|
|
27,442
|
|
Write-off of
unsuccessful exploration activities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,050
|
|
Operating income
|
|
17,306
|
|
|
4,238
|
|
|
64,007
|
|
|
23,568
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
138
|
|
|
(89)
|
|
|
1,427
|
|
|
343
|
|
Interest expense,
net
|
|
(15,028)
|
|
|
(10,372)
|
|
|
(69,459)
|
|
|
(40,473)
|
|
Foreign currency
translation and transaction gains (losses)
|
|
196
|
|
|
1,082
|
|
|
(1,350)
|
|
|
1,557
|
|
Impairment of
auction rate securities
|
|
—
|
|
|
(137)
|
|
|
—
|
|
|
(137)
|
|
Income
attributable to sale of tax benefits
|
|
3,850
|
|
|
2,337
|
|
|
11,474
|
|
|
8,729
|
|
Gain on acquisition
of controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,928
|
|
Other
non-operating income (expense), net
|
|
206
|
|
|
314
|
|
|
671
|
|
|
267
|
|
Income (loss) from continuing operations, before income
taxes and equity in
|
|
|
|
|
|
|
|
|
|
|
|
|
income (losses) of investees
|
|
6,668
|
|
|
(2,627)
|
|
|
6,770
|
|
|
30,782
|
|
Income tax benefit
(expense)
|
|
(49,261)
|
|
|
7,107
|
|
|
(48,535)
|
|
|
1,098
|
|
Equity in income (losses) of
investees, net
|
|
(407)
|
|
|
56
|
|
|
(959)
|
|
|
998
|
|
Income (loss) from continuing operations
|
|
(43,000)
|
|
|
4,536
|
|
|
(42,724)
|
|
|
32,878
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of related tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
Gain on sale of a
subsidiary in New Zealand, net of related tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,336
|
|
Net income (loss)
|
|
(43,000)
|
|
|
4,536
|
|
|
(42,724)
|
|
|
37,228
|
|
Net (income) loss attributable to noncontrolling
interest
|
|
(80)
|
|
|
(78)
|
|
|
(332)
|
|
|
90
|
|
Net income (loss) attributable to the Company's
stockholders
|
$
|
(43,080)
|
|
$
|
4,458
|
|
$
|
(43,056)
|
|
$
|
37,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share
attributable to the Company's stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
(0.95)
|
|
$
|
0.10
|
|
$
|
(0.95)
|
|
$
|
0.72
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.10
|
|
Net income
(loss)
|
$
|
(0.95)
|
|
$
|
0.10
|
|
$
|
(0.95)
|
|
$
|
0.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
(0.95)
|
|
$
|
0.10
|
|
$
|
(0.95)
|
|
$
|
0.72
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.10
|
|
Net income
(loss)
|
$
|
(0.95)
|
|
$
|
0.10
|
|
$
|
(0.95)
|
|
$
|
0.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares used in computation of earnings (loss) per share
attributable to
the Company's stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
45,431
|
|
|
45,431
|
|
|
45,431
|
|
|
45,431
|
|
Diluted
|
|
45,431
|
|
|
45,450
|
|
|
45,431
|
|
|
45,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc. and
Subsidiaries
|
|
Condensed Consolidated Balance
Sheets
|
|
As of December 31, 2011 and
2010
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2011
|
|
2010
|
|
|
|
|
(In
thousands)
|
|
ASSETS
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
99,886
|
|
$
|
82,815
|
|
Marketable
securities
|
|
|
18,521
|
|
|
—
|
|
Restricted cash,
cash equivalents and marketable securities
|
|
|
75,521
|
|
|
23,309
|
|
Receivables:
|
|
|
|
|
|
|
|
Trade
|
|
|
51,274
|
|
|
54,495
|
|
Related entity
|
|
|
287
|
|
|
303
|
|
Other
|
|
|
9,415
|
|
|
8,173
|
|
Due from
Parent
|
|
|
260
|
|
|
272
|
|
Inventories
|
|
|
12,541
|
|
|
12,538
|
|
Costs and
estimated earnings in excess of billings on uncompleted
contracts
|
|
|
3,966
|
|
|
6,146
|
|
Deferred income
taxes
|
|
|
1,842
|
|
|
1,674
|
|
Prepaid expenses
and other
|
|
|
18,672
|
|
|
14,929
|
|
Total current assets
|
|
|
292,185
|
|
|
204,654
|
|
Long-term marketable
securities
|
|
|
—
|
|
|
1,287
|
|
Restricted cash, cash
equivalents and marketable securities
|
|
|
—
|
|
|
1,740
|
|
Unconsolidated
investments
|
|
|
3,757
|
|
|
4,244
|
|
Deposits and other
|
|
|
22,194
|
|
|
21,353
|
|
Deferred income taxes
|
|
|
—
|
|
|
17,087
|
|
Deferred charges
|
|
|
40,236
|
|
|
37,571
|
|
Property, plant and equipment,
net
|
|
|
1,518,532
|
|
|
1,425,467
|
|
Construction-in-process
|
|
|
370,551
|
|
|
270,634
|
|
Deferred financing and lease
costs, net
|
|
|
28,482
|
|
|
19,017
|
|
Intangible assets,
net
|
|
|
38,781
|
|
|
40,274
|
|
Total assets
|
|
$
|
2,314,718
|
|
$
|
2,043,328
|
|
LIABILITIES
AND EQUITY
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
and accrued expenses
|
|
$
|
105,112
|
|
$
|
85,549
|
|
Billings in excess
of costs and estimated earnings on uncompleted contracts
|
|
|
33,104
|
|
|
3,153
|
|
Current portion of
long-term debt:
|
|
|
|
|
|
|
|
Limited and non-recourse
|
|
|
13,547
|
|
|
15,020
|
|
Full recourse
|
|
|
20,543
|
|
|
13,010
|
|
Senior secured notes (non-recourse)
|
|
|
21,464
|
|
|
20,990
|
|
Total current liabilities
|
|
|
193,770
|
|
|
137,722
|
|
Long-term debt, net of current
portion:
|
|
|
|
|
|
|
|
Limited and
non-recourse
|
|
|
100,585
|
|
|
114,132
|
|
Full
recourse:
|
|
|
|
|
|
|
|
Senior unsecured bonds
|
|
|
250,042
|
|
|
142,003
|
|
Other
|
|
|
63,623
|
|
|
84,166
|
|
Revolving credit
lines with banks
|
|
|
214,049
|
|
|
189,466
|
|
Senior secured
notes (non-recourse)
|
|
|
341,157
|
|
|
210,882
|
|
Liability associated with sale
of tax benefits
|
|
|
69,269
|
|
|
66,587
|
|
Deferred lease income
|
|
|
68,955
|
|
|
71,264
|
|
Deferred income taxes
|
|
|
54,665
|
|
|
30,878
|
|
Liability for unrecognized tax
benefits
|
|
|
5,875
|
|
|
5,431
|
|
Liabilities for severance
pay
|
|
|
20,547
|
|
|
20,706
|
|
Asset retirement
obligation
|
|
|
21,284
|
|
|
19,903
|
|
Other long-term
liabilities
|
|
|
4,253
|
|
|
4,961
|
|
Total liabilities
|
|
|
1,408,074
|
|
|
1,098,101
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
The
Company's stockholders' equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
46
|
|
|
46
|
|
Additional paid-in capital
|
|
|
725,746
|
|
|
716,731
|
|
Retained earnings
|
|
|
172,331
|
|
|
221,311
|
|
Accumulated other comprehensive income
|
|
|
595
|
|
|
1,044
|
|
|
|
|
898,718
|
|
|
939,132
|
|
Noncontrolling
interest
|
|
|
7,926
|
|
|
6,095
|
|
Total equity
|
|
|
906,644
|
|
|
945,227
|
|
Total liabilities and equity
|
|
$
|
2,314,718
|
|
$
|
2,043,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc. and
Subsidiaries
|
|
Reconciliation of EBITDA and
Adjusted EBITDA and Additional Cash Flows
Information
|
|
For the Three and Twelve-Month
Periods Ended December 31, 2011 and 2010
|
|
(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 flows 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, 2011 and 2010:
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Year Ended
December 31,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
(in
thousands)
|
|
Net cash provided by operating
activities
|
|
$
|
34,220
|
|
$
|
21,759
|
|
$
|
132,734
|
|
$
|
101,403
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net (excluding
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of deferred
financing costs)
|
|
|
13,874
|
|
|
9,544
|
|
|
65,920
|
|
|
37,590
|
|
Interest income
|
|
|
(138)
|
|
|
89
|
|
|
(1,427)
|
|
|
(343)
|
|
Income tax provision
(benefit)
|
|
|
49,261
|
|
|
(7,107)
|
|
|
48,535
|
|
|
908
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provided by operating
activities (excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
depreciation and
amortization)
|
|
|
(52,083)
|
|
|
5,077
|
|
|
(79,060)
|
|
|
22,586
|
|
EBITDA
|
|
|
45,134
|
|
|
29,362
|
|
|
166,702
|
|
|
162,144
|
|
Interest, taxes, depreciation
and amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to the
Company's equity interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Mammoth-Pacific
L.P.
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,115
|
|
Adjusted EBITDA
|
|
$
|
45,134
|
|
$
|
29,362
|
|
$
|
166,702
|
|
$
|
164,259
|
|
Net cash used in investing
activities
|
|
$
|
(102,816)
|
|
$
|
(50,800)
|
|
$
|
(341,002)
|
|
$
|
(203,820)
|
|
Net cash provided by
financing activities
|
|
$
|
109,405
|
|
$
|
62,616
|
|
$
|
225,339
|
|
$
|
138,925
|
|
Depreciation and
amortization
|
|
$
|
25,137
|
|
$
|
22,300
|
|
$
|
96,398
|
|
$
|
86,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ormat Technologies
Contact:
|
Investor Relations
Contact:
|
|
Dita Bronicki
|
Todd Fromer/Rob Fink
|
|
CEO
|
KCSA Strategic
Communications
|
|
775-356-9029
|
212-896-1215 (Todd)
/212-896-1206 (Rob)
|
|
dbronicki@ormat.com
|
tfromer@kcsa.com
/ rfink@kcsa.com
|
|
|
|
SOURCE Ormat Technologies, Inc.