Record Revenues of $64.1 Million for the Second Quarter of 2006, a
14.4% Increase Over Prior Year's Quarter RENO, Nev., Aug. 6
/PRNewswire-FirstCall/ -- ORMAT Technologies, Inc. (NYSE:ORA) today
announced financial results for the second quarter ended June 30,
2006. For the second quarter, total revenues were $64.1 million
compared to $56.0 million for the second quarter of 2005, an
increase of 14.4 %. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO )
Electricity segment revenues for the quarter were $48.8 million, an
increase of 15.0% compared to $42.4 million for the same quarter in
2005. Product segment revenues for the quarter were $15.3 million,
an increase of 12.4% compared to $13.6 million for the same quarter
in 2005. The increase in revenues was primarily attributed to
revenues generated from the Zunil project in Guatemala (which was
consolidated as of March 13, 2006) and from the Burdette plant
(whose construction was completed in November 2005 and commercial
operation declared on February 28, 2006), as well as higher energy
rates, coupled with increased capacity for power supplied under the
power purchase agreement of the Puna project. Net income for the
quarter ended June 30, 2006 was $8.4 million, or $0.24 per share of
common stock, compared with net income of $4.1 million, or $0.13
per share of common stock, for the same quarter in 2005. There were
35.3 million weighted average number of shares used in computation
of diluted earnings per share in the first quarter of 2006 and 31.6
million shares in the same quarter in 2005. For the quarter ended
June 30, 2006, the Company's gross margin was 36.8%, compared to
30.0% for the same quarter in 2005. Operating income for the
quarter ended June 30, 2006 was $15.5 million compared with $11.5
million for the same quarter in 2005. Adjusted EBITDA for the
quarter ended June 0, 2006 was $29.1 million compared with $24.8
million for the same quarter in 2005. Adjusted EBITDA includes
consolidated EBITDA and the Company's share in the operating income
and depreciation and amortization totaling $3.4 million and $4.9
million for the quarters ended June 30, 2006 and 2005,
respectively, related to the Company's unconsolidated investment
interests 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.
For the six months ended June 30, 2006, total revenues were $124.4
million, a 13.2% increase over total revenues of $109.9 million for
the same period in 2005. Net income for the six months ended June
30, 2006 was $16.3 million or $0.49 per share of common stock
compared with $8.0 million or $0.25 per share for the same period
of 2005. There were 33.5 million weighted average number of shares
used in computation of diluted earnings per share in the first half
of 2006 and 31.6 million shares during the same period in 2005. For
the six months ended June 30, 2006 the Company's gross margin was
37.4%, compared with 33.1% during the same period in 2005.
Operating income for the six months ended June 30, 2006 was $30.2
million compared with $24.9 million for the same period in 2005.
Adjusted EBITDA for the six months ended June 30, 2006 was $57.5
million compared with $50.9 million for the same period in 2005.
Adjusted EBITDA includes operating income, depreciation and
amortization totaling $7.5 million and $8.9 million, for the six
months ended June 30, 2006 and 2005, respectively, related to the
Company's unconsolidated investment interests 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 June 30, 2006, the
Company had cash, cash equivalents and marketable securities of
$108.6 million compared to $70.5 million as of December 31, 2005.
The increase in the Company's cash position was principally due to
the closing of the sale of 4,025,000 shares of common stock at
$35.50 per share in a follow-on public offering (including the
exercise of the underwriters' over-allotment option) in April 2006.
This resulted in net proceeds of approximately $135.1 million,
which the Company expects to use to pursue its corporate growth
strategies. Additionally, Ormat utilized a portion of its cash
position to fund capital expenditures in the amount of $80.0
million, investment in Orzunil of $15.4 million and repayment of
long-term debt. On August 6, 2006, Ormat's Board of Directors
approved the payment of a quarterly cash dividend of $0.04 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 August 30,
2006 to shareholders of record as of the close of business on
August 23, 2006. The Company expects to pay a dividend of $0.04 per
share in the next quarter as well. Commenting on second quarter
results, Dita Bronicki, President and Chief Executive Officer of
Ormat, said, "Ormat continued to position itself in the second
quarter for future growth. Both our business segments generated
increased revenues during the second quarter. We added $41 million
from new orders to our product backlog, positioning Ormat for added
growth in its products segment. In addition, by winning the tender
for the 340 MW Sarulla project in Indonesia, expected to be the
world's largest geothermal power project, we expect to secure
significant revenues for our product segment for the period between
2008 and 2011 and we continue to demonstrate Ormat's leadership
role in the global geothermal business." Commenting on Ormat's
progress in its newest business initiative, Mrs. Bronicki said, "We
are particularly pleased with the results of our recovered energy
power generation business in the first six months of 2006, having
recognized revenues of approximately $9.2 million during this
period compared to $0.6 million in the same period last year."
Ormat also announced that it signed two 20-year power purchase
agreements with Sierra Pacific for up to 30 MW each of geothermal
power. Both contracts stem from Sierra Pacific's outstanding
request for proposal from last year, where Sierra evaluated not
only geothermal, but also energy produced from wind, solar and
other renewable sources. Commenting on the outlook for 2006, Mrs.
Bronicki said, "We expect that our 2006 electricity segment
revenues will be 1.0%-2.0% lower than our previously reported
estimate of $204.0 million due to delays in the completion of some
of our projects under construction. We also expect an additional
$18 million of revenue from our share of electricity revenue
generated by Mammoth and Leyte, which are accounted for under the
equity method. With regard to our products segment, we currently
expect that our 2006 revenue will be between $65 million and $70
million." 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 Monday, August 7,
2006. The call will be available as a live, listen-only webcast at
http://www.ormat.com/ . A 30-day archive of the webcast will be
available approximately 2 hours after the conclusion of the live
call. To listen to a replay, please call 1-877-519-4471 in the
United States and Canada and 1-973-341-3080 for international
callers and utilize code 7610837. 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 operates the
following geothermal power plants: in the United States -- Brady,
Desert Peak, Heber, Mammoth, Ormesa, Puna and Steamboat; in the
Philippines -- Leyte; in Guatemala -- Zunil; in Kenya -- Olkaria;
and in Nicaragua -- Momotombo. 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 28, 2006
and the Prospectus Supplement filed with the Securities and
Exchange Commission on April 5, 2006. 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 from in assessing Ormat
Technologies' ability to service and/or incur debt. Ormat
Technologies Contact: Investor Relations Contact Dita Bronicki Todd
Fromer / Marybeth Csaby CEO and President KCSA Worldwide
+1-775-356-9029 212-896-1215 / 212-896-1236 / Ormat Technologies,
Inc. and Subsidiaries Condensed Consolidated Statements of
Operations For the three and six month periods ended June 30, 2006
and 2005 (Unaudited) Three Months Ended Six Months Ended June 30,
June 30, 2006 2005 2006 2005 (in thousands, (in thousands, except
per except per share amounts) share amounts) Revenues: Electricity:
Energy and capacity $28,857 $25,457 $54,022 $49,966 Lease portion
of energy and capacity 19,238 16,650 37,135 32,593 Lease income 672
287 1,343 287 Total electricity 48,767 42,394 92,500 82,846
Products 15,319 13,631 31,907 27,075 Total revenues 64,086 56,025
124,407 109,921 Cost of revenues: Electricity: Energy and capacity
20,368 19,782 37,542 36,055 Lease portion of energy and capacity
9,258 7,394 17,640 14,733 Lease expense 1,310 615 2,621 615 Total
electricity 30,936 27,791 57,803 51,403 Products 9,580 11,427
20,112 22,110 Total cost of revenues 40,516 39,218 77,915 73,513
Gross margin 23,570 16,807 46,492 36,408 Operating expenses:
Research and development expenses 890 714 1,663 1,094 Selling and
marketing expenses 2,826 1,651 5,521 3,859 General and
administrative expenses 4,404 2,975 9,088 6,602 Operating income
15,450 11,467 30,220 24,853 Other income (expense): Interest income
2,347 1,075 3,462 1,885 Interest expense (7,741) (9,502) (15,194)
(19,800) Foreign currency translation and transaction gains
(losses) (69) 39 (77) (44) Other non-operating income 204 72 307
112 Income before income taxes, minority interest, and equity in
income of investees 10,191 3,151 18,718 7,006 Income tax provision
(2,156) (1,154) (4,070) (2,634) Minority interest in earnings of
subsidiaries (571) -- (571) -- Equity in income of investees 931
2,097 2,210 3,630 Net income $8,395 $4,094 $16,287 $8,002 Earnings
per share - basic and diluted $0.24 $0.13 $0.49 $0.25 Weighted
average number of shares used in computation of earnings per share:
Basic 35,105 31,563 33,343 31,563 Diluted 35,254 31,579 33,475
31,576 Ormat Technologies, Inc. and Subsidiaries Consolidated
Balance Sheets As of June 30, 2006 and December 31, 2005
(Unaudited) June 30 December 31, 2006 2005 (in thousands) Assets
Current assets: Cash and cash equivalents $24,736 $26,976
Marketable securities 83,823 43,560 Restricted cash, cash
equivalents and marketable securities 36,126 36,732 Receivables:
Trade 36,879 33,515 Related entities 1,642 524 Other 2,620 2,629
Inventories, net 5,117 5,224 Costs and estimated earnings in excess
of billings on uncompleted contracts 2,493 8,883 Deferred income
taxes 4,246 1,663 Prepaid expenses and other 5,397 3,256 Total
current assets 203,079 162,962 Unconsolidated investments 38,189
47,235 Deposits and other 14,386 13,489 Deferred income taxes 7,108
5,376 Property, plant and equipment, net 594,732 491,835
Construction-in-process 132,443 128,256 Deferred financing and
lease costs, net 16,862 17,412 Intangible assets, net 46,505 47,915
Total assets $1,053,304 $914,480 Liabilities and Stockholders'
Equity Current liabilities: Short-term bank credit $-- $3,996
Accounts payable and accrued expenses 44,008 50,048 Billings in
excess of costs and estimated earnings on uncompleted contracts
9,827 12,657 Current portion of long-term debt: Limited and
non-recourse 8,503 2,888 Full recourse 1,000 1,000 Senior secured
notes (non-recourse) 24,091 23,754 Due to Parent, including current
portion of notes payable to Parent 31,181 32,003 Total current
liabilities 118,610 126,346 Long-term debt, net of current portion:
Limited and non-recourse 26,560 11,252 Full recourse 1,000 2,000
Senior secured notes (non-recourse) 315,280 324,645 Notes payable
to Parent, net of current portion 123,572 140,162 Other liabilities
-- 1,309 Deferred lease income 80,226 81,569 Deferred income taxes
25,758 22,004 Liabilities for severance pay 12,668 11,409 Asset
retirement obligation 12,578 11,461 Total liabilities 716,252
732,157 Minority interest in net assets of subsidiaries 5,373 64
Stockholders' equity: Common stock, par value $0.001 per share;
200,000,000 shares authorized; 35,587,496 and 31,562,496 shares
issued and outstanding, respectively 35 31 Additional paid-in
capital 259,545 124,008 Unearned stock-based compensation -- (153)
Retained earnings 69,741 55,824 Accumulated other comprehensive
income 2,358 2,549 Total stockholders' equity 331,679 182,259 Total
liabilities and stockholders' equity $1,053,304 $914,480 Ormat
Technologies, Inc. and Subsidiaries Reconciliation of 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 and six month periods ended June 30, 2006 and
2005: Three Months Ended Six Months Ended June 30, June 30, 2006
2005 2006 2005 (in thousands) (in thousands) Net income $8,395
$4,094 $16,287 $8,002 Adjusted for: Equity in income of investees
(931) (2,097) (2,210) (3,630) Minority interest in earnings of
subsidiaries 571 -- 571 -- Interest expense, net (including
amortization of deferred financing costs) 5,463 8,388 11,809 17,959
Other non-operating income (204) (72) (307) (112) Income tax
provision 2,156 1,154 4,070 2,634 Depreciation and amortization
10,227 8,447 19,786 17,188 EBITDA 25,677 19,914 50,006 42,041
Equity in income of Mammoth- Pacific L.P. and Ormat Leyte 931 1,885
2,484 3,210 Depreciation, amortization, interest and taxes
attributable to the Company's equity in Mammoth- Pacific L.P. and
Ormat Leyte 2,461 3,016 5,049 5,684 Adjusted EBITDA $29,069 $24,815
$57,539 $50,935
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, Todd Fromer,
+1-212-896-1215, , or Marybeth Csaby. +1-212-896-1236, , , both of
KCSA Worldwide, for Ormat Technologies Web site:
http://www.ormat.com/
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