Ormat Technologies, Inc. Reports First Quarter 2005 Results
Revenues of $53.9 Million for the Quarter Ended March 31, 2005 Net
Income of $0.12 Per Share SPARKS, Nev., May 11
/PRNewswire-FirstCall/ -- ORMAT Technologies, Inc. (NYSE:ORA) today
announced financial results for the first quarter ended March 31,
2005. For the quarter, total revenues were $53.9 million as
compared to $47.6 million for the same period in 2004, an increase
of 13.2%. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO )
Electricity segment revenues for the quarter were $40.5 million, an
increase of 20.9% as compared to $33.5 million during the same
period in 2004. This increase is primarily attributable to revenues
from the Steamboat 2/3 project, which was acquired on February 13,
2004, the Steamboat Hills project and the Puna project, which were
acquired during the second quarter of 2004. Product segment
revenues for the quarter were $13.4 million compared to $14.1
million during the same period in 2004. This decrease reflects
fluctuation of the revenues generated from our Products Segment.
Net income for the quarter ended March 31, 2005 was $3.9 million or
$0.12 per share of common stock as compared with $2.7 million or
$0.12 per share of common stock during the same period in 2004.
There were 31.6 million weighted average shares outstanding during
the first quarter in 2005 and 23.2 million during the same period
in 2004. For the quarter ended March 31, 2005, the Company's gross
margin was 36.4% compared to 35.5% during the same period in 2004.
Operating income for the quarter ended March 31, 2005 was $13.4
million as compared with $12.4 million for the same period in 2004,
an increase of 8.0%. Adjusted EBITDA for the first quarter 2005 was
$26.3 million. Adjusted EBITDA includes operating income,
depreciation and amortization totaling $4.0 million 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. The reconciliation of GAAP net income to Adjusted
EBITDA is set forth below in this release. As of March 31, 2005,
the Company had cash, cash equivalents and marketable securities of
$73.5 million compared to $125.9 million as of December 31, 2004.
The decrease in the Company's cash position was principally due to
the repayment of long-term debt and capital expenditures. On May
10, 2005, Ormat's Board of Directors approved the payment of a
quarterly cash dividend of $0.03 per common 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 June 6, 2005 to shareholders
of record as of the close of business on May 23, 2005. The Company
expects to pay the same dividend, of $0.03 per common share, in the
next two quarters as well. Commenting on the results, Dita
Bronicki, President and Chief Executive Officer of Ormat said,
"During the first quarter we continued to successfully implement
our growth strategy, which is reflected by a number of large
product orders and commitments. We also made significant progress
towards the completion of our projects under construction and
enhancement. "We entered into a $25 million contract for the supply
of equipment and its construction for a new geothermal power plant
on Sao Miguel Island in the Azores. The construction of this plant,
our third on the island, characterizes the growing demand for the
development of cost-effective, clean and renewable energy sources."
With regard to the Company's electricity segment business, Ms.
Bronicki said, "We recently started site construction on two
geothermal power plants -- the Galena plant which is expected to be
complete during the fourth quarter of 2005 and will add 13MW of
electricity to our generating portfolio; and the Heber plant which
we expect will be complete by the end of 2005 and will add 18MW of
electricity." She continued, "We are very excited by the number of
successes that we saw in the area of recovered energy which is
electricity generated from residual heat from compressor stations
along natural gas pipelines. We believe this represents a
significant opportunity for the future growth of Ormat. A utility
in the Northwestern United States signed a letter of intent to
acquire an ORMAT Recovered Energy Generation System facility for
approximately $13 million. Separately, we entered into a 25-year
Power Purchase Agreement with Basin Electric to supply
approximately 22 MW from recovered energy generation power plants.
We expect that recovered energy will become an increasingly
important component of our activity in both our Electricity and
Products segments, allowing Ormat and our prospective customers to
benefit from the production of electricity from recovered energy."
Commenting on the outlook for 2005, Ms. Bronicki said, "Ormat is in
a solid position both with regard to our product backlog and
projects under construction. Accordingly, we continue to expect
that our 2005 revenues will be approximately $170 million in our
electricity segment where quarterly revenues are seasonal in
nature. We expect that an additional $18 million of revenues from
electricity will be our share in revenues generated by subsidiaries
accounted for by the equity method. With regard to our products
segment, we currently expect our revenues for 2005 to be between
$53 and $60 million." Ms. Bronicki concluded, "As we have seen
during the first quarter and to date, Ormat is succeeding in taking
advantage of the worldwide opportunity that exists for geothermal
and recovered energy. Given Ormat's position as the only pure-play
geothermal energy company that provides both, products and
electricity as well as our strong financial standing, we are
confident in our ability to grow our Company." 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. U.S. E.D.T. on Wednesday, May 11, 2005. The call will be
available as a live, listen-only webcast at http://www.ormat.com/
and http://www.kcsa.com/. An archive of the webcast and conference
call will be available approximately 2 hours after the conclusion
of the live call. To listen to the replay, please call (877)
519-4471 in the United States and Canada and +1 (973) 341-3080 for
international callers and utilize code 5993976. 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 power plants. It also designs, develops and
builds, and plans to own and operate, 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
has operations in the United States, Israel, the Philippines,
Guatemala, Kenya, and Nicaragua. 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 the Company's plans,
objectives and expectations for future operations and are based
upon 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 the Company's 10-KA filed with the Securities and
Exchange Commission on April 12, 2005. 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.
About non-GAAP financial measures This press release includes a
financial measure defined as a non-GAAP financial measure by the
Securities and Exchange Commission: adjusted EBITDA. This measure
may be different from non-GAAP financial measures used by other
companies. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP. Management of Ormat Technologies, Inc. believes that adjusted
EBITDA provides meaningful supplemental information that both
management and investors benefit in assessing Ormat Technologies'
ability to service and/or incur debt. Ormat Technologies Contact:
Investor Relations Contact Dita Bronicki Jeff Corbin/Todd Fromer
CEO and President KCSA Worldwide +1-775-356-9029
212-896-1214/212-896-1215 / Ormat Technologies, Inc. and
Subsidiaries Condensed Consolidated Statements of Operations Data
(Unaudited) Three Months Ended March 31, 2005 2004 (in thousands,
except per share amounts) Revenues: Electricity: Energy and
capacity $24,509 $23,366 Lease portion of energy and capacity
15,943 10,093 Total electricity 40,452 33,459 Products 13,444
14,146 Total revenues 53,896 47,605 Cost of revenues: Electricity:
Energy and capacity 16,273 14,577 Lease portion of energy and
capacity 7,339 4,813 Total electricity 23,612 19,390 Products Total
cost of revenues 34,295 30,718 Gross margin 19,601 16,887 Operating
expenses: Research and development expenses 380 302 Selling and
marketing expenses 2,208 1,854 General and administrative expenses
3,627 2,332 Operating income 13,386 12,399 Other income (expense):
Interest income 810 244 Interest expense (10,298) (8,523) Foreign
currency translation and transaction losses (83) (321) Other
non-operating income (expense) 40 (24) Income before income taxes,
minority interest, and equity in income of investees 3,855 3,775
Income tax provision (1,480) (1,479) Minority interest in earnings
of subsidiaries -- (108) Equity in income of investees 1,533 549
Net income $3,908 $2,737 Basic and diluted income per share: Net
income $0.12 $0.12 Weighted average number of shares outstanding
31,563 23,214 Ormat Technologies, Inc. and Subsidiaries Condensed
Consolidated Balance Sheet Data March 31, December 31, 2005 2004
(Unaudited) (in thousands, except share and per share amounts)
Assets Current assets: Cash and cash equivalents $44,447 $36,750
Marketable securities 29,045 89,166 Restricted cash, cash
equivalents and marketable securities 21,768 3,676 Receivables:
Trade 29,450 26,913 Related entities 2,539 2,413 Other 3,092 1,816
Inventories, net 6,521 6,046 Costs and estimated earnings in excess
of billings on uncompleted contracts 5,320 3,164 Deferred income
taxes 1,043 1,001 Prepaid expenses and other 1,756 2,377 Total
current assets 144,981 173,322 Restricted cash, cash equivalents
and marketable securities 12,374 19,339 Unconsolidated investments
50,018 48,818 Deposits and other 13,543 13,759 Deferred income
taxes 3,888 3,044 Property, plant and equipment, net 457,790
466,826 Construction-in-process 80,308 60,177 Deferred financing
costs, net 17,240 15,873 Intangible assets, net 48,253 48,930 Total
assets $828,395 $850,088 Liabilities and Stockholders' Equity
Current Liabilities: Accounts payable and accrued expenses $51,183
$37,565 Billings in excess of costs and estimated earnings on
uncompleted contracts 6,076 6,139 Current portion of long-term
debt: Limited and non-recourse 9,840 8,295 Full recourse 1,021
24,361 Senior secured notes (non-recourse) 6,090 6,090 Due to
Parent, including current portion of notes payable to Parent 31,094
40,531 Total current liabilities 105,304 122,981 Long-term debt,
net of current portion: Limited and non-recourse 157,103 159,370
Full recourse 3,000 3,000 Senior secured notes (non-recourse)
183,399 183,399 Notes payable to Parent, net of current portion
164,809 171,809 Other liabilities 1,369 1,389 Deferred income taxes
19,759 18,368 Liabilities for severance pay 11,519 11,129 Asset
retirement obligation 10,853 10,665 Total liabilities 657,115
682,110 Minority interest in net assets of subsidiaries 64 64
Commitments and contingencies Stockholders' equity: Common stock,
par value $0.001 per share; 200,000,000 shares authorized;
31,562,495 shares issued and outstanding 31 31 Additional paid-in
capital 124,008 124,008 Unearned stock-based compensation (219)
(244) Retained earnings 47,402 44,441 Accumulated other
comprehensive loss (6) (322) Total stockholders' equity 171,216
167,914 Total liabilities and stockholders' equity $828,395
$850,088 Ormat Technologies, Inc. and Subsidiaries Reconciliation
of adjusted EBITDA (Dollars in thousands) (Unaudited)
Reconciliation from net income to adjusted EBITDA: EBITDA
represents net income before interest, taxes, depreciation and
amortization. Adjusted EBITDA includes operating income,
depreciation and amortization of our equity investments in the
Mammoth and Leyte projects. EBITDA and adjusted EBITDA are
presented because we believe it is 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. 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. The
following table reconciles net income to EBITDA and adjusted
EBITDA, for the three months ended March 31, 2005: Three months
ended March 31, 2005 Net income $3,908 Adjusted for: Equity in
income of investee (1,533) Financing expenses, net (including
amortization of deferred financing costs) 9,571 Other non-operating
income (40) Income tax provision 1,480 Minority interest in
earnings of subsidiaries 0 Depreciation and amortization 8,955
EBITDA 22,341 Equity in income of investees 1,325 Depreciation,
amortization, interest and taxes attributable to our equity in
Mammoth-Pacific L.P. and Ormat Leyte 2,668 Adjusted EBITDA 26,334
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO and President of Ormat Technologies,
+1-775-356-9029, ; or Investor Relations, Jeff Corbin,
+1-212-896-1214, , or Todd Fromer, +1-212-896-1215, , both of KCSA
Worldwide, for Ormat Technologies, Inc. Web site:
http://www.ormat.com/
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