Record Revenues of $268.9 Million for the Year Ended 2006, Up 13%
Over 2005; RENO, Nev., Feb. 27 /PRNewswire-FirstCall/ -- Ormat
Technologies, Inc. (NYSE:ORA) today announced financial results for
the fourth quarter and full year ended December 31, 2006. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) Annual
Results For the year ended December 31, 2006, total revenues were
$268.9 million, a 13.0% increase over total revenues of $238.0
million for the year ended December 31, 2005. Net income for the
year ended December 31, 2006 rose to $34.4 million compared with
$15.2 million for the year ended December 31, 2005. Dita Bronicki,
President and Chief Executive Officer of Ormat, commented: "Our
results for 2006 reflect strong growth in both our Products and
Electricity Segments as we continue to execute on our business
strategy. In 2006, we demonstrated our ability to provide viable
solutions in both renewable power, through our geothermal projects,
and energy efficiency, through Recovered Energy Generation (REG), a
marketplace that we have identified as an additional growth
opportunity going forward." Electricity Segment revenues for the
year ended December 31, 2006 were $195.5 million, an increase of
10.2% as compared to $177.4 million for the year ended December 31,
2005. Products Segment revenues for the year ended December 31,
2006 were $73.5 million, an increase of 21.2% as compared to $60.6
million for the year ended December 31, 2005. Net income for the
year ended December 31, 2006 was $34.4 million ($1.00 per share of
common stock - basic; $0.99 - diluted) compared with net income of
$15.2 million ($0.48 per share of common stock basic and diluted)
for the year ended December 31, 2005, after giving effect to a
non-recurring, after-tax charge of $10.3 million relating to the
refinancing of the debt relating to the Heber Projects. Net income
for the year ended December 31, 2005 was $25.5 million ($0.81 per
share of common stock - basic and diluted), excluding the effect of
that charge. Net income for the year ended December 31, 2006
includes compensation expenses of $1.6 million, or $0.04 per share
of common stock, as a result of our adoption of Statement of
Financial Accounting Standards No. 123R. There were 34.7 million
and 31.6 million weighted average shares used in the computation of
diluted earnings per share in the year ended December 31, 2006 and
2005, respectively. For the year ended December 31, 2006, the
Company's gross margin was 34.7% compared to 37.5% for the year
ended December 31, 2005. Operating income for the year ended
December 31, 2006 was $61.9 million as compared with $63.9 million
for the year ended December 31, 2005, a decrease of 3.1%. The
reduction in operating income is primarily attributable to
unexpected operational issues experienced at some of our power
plants, such as the Puna project (which restored its output to 30
MW in the first quarter of 2007) and a delay in the commercial
operation of the Desert Peak 2 project. Adjusted EBITDA for the
year ended December 31, 2006 was $119.8 million as compared with
$114.3 million for the year ended December 31, 2005. Adjusted
EBITDA includes operating income and depreciation and amortization
totaling $16.0 million and $16.4 million for the years ended
December 31, 2006 and 2005, respectively, 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. As of
December 31, 2006, the Company had cash, cash equivalents and
marketable securities of $116.7 million compared to $70.5 million
as of December 31, 2005. The increase in the Company's cash
position was due primarily to the combination of the $135.1 million
net proceeds from the follow-on offering in April 2006 and the
$92.4 million net proceeds from the sale of shares to Lehman
Brothers in a block trade in December 2006. During the year ended
December 31, 2006, the Company used a substantial amount of its
cash resources to fund capital expenditures and acquisitions, and
to repay long-term debt. Ms. Bronicki continued: "Looking back on
last year, which was a good year for Ormat, we added approximately
51 megawatts to our project portfolio. These additional megawatts
include capacity from the first Ormat owned Recovered Energy
Generation (REG) project -- the 22 MW OREG 1 Project, which began
commercial operation in the fourth quarter of 2006." "Sales in our
Product Segment were strong as we received several orders for our
Ormat Energy Converters for use in geothermal and recovered energy
generation power plants, as well as for our turnkey geothermal
solutions. What is especially notable about this increase is that
several of these orders were from repeat customers, which we
believe speaks well of the quality of our technology and our
ability to deliver." "We remain focused on profitable growth, and,
as such, we continued to make the investments required to achieve
this goal in the years to come. During the year, we increased our
inventory of development leases in California, Nevada and Texas. We
also signed three new long-term power purchase agreements and an
option on others for a total of 80 MW to 100 MW of capacity."
Commenting on the outlook for 2007, Ms. Bronicki said, "We are
pleased with our achievements in 2006 and we believe in the
long-term promise of renewable energy and our ability to increase
our participation in this sector. During the first quarter of 2007,
projects with a capacity of 57 MW have completed construction and
are in start up and testing phases, and we expect them to reach
commercial operation during the first half of 2007. We expect our
2007 Electricity Segment revenues to be approximately $220 million
based on today's oil prices. We also expect an additional $18
million of revenues from our share of electricity revenue generated
by subsidiaries, which are accounted for under the equity method.
With regard to our Products Segment, we currently expect that our
2007 revenues will be between $65 million and $72 million." Fourth
Quarter Results For the fourth quarter of 2006, total revenues were
$66.7 million as compared to $58.8 million for the same period in
2005, an increase of 13.4%. Electricity Segment revenues for the
quarter were $46.6 million, an increase of 8.0% as compared to
$43.1 million during the same period in 2005. Products Segment
revenues for the quarter were $20.1 million, an increase of 28.5%
as compared to $15.6 million for the same period in 2005. Net
income for the quarter ended December 31, 2006 was $4.2 million, or
$0.12 per share of common stock (basic and diluted), including
compensation expenses of $0.5 million, or $0.01 per share of common
stock (basic and diluted). The net loss for the fourth quarter of
2005 was $5.1 million or $0.16 per share of common stock (basic and
diluted), which includes the aforementioned non-recurring,
after-tax charge relating to the refinancing of the Beal Bank debt
relating to the Heber Projects. There were 36.2 million and 31.6
million weighted average shares used in the computation of diluted
earnings per share in the quarters ended December 31, 2006 and
2005, respectively. On February 27, 2007, Ormat's Board of
Directors approved the payment of a quarterly cash dividend of
$0.07 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 29, 2007 to shareholders of record as of the close of
business on March 21, 2007. The Company expects to pay a dividend
of $0.05 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. U.S. E.S.T. on Wednesday, February 28, 2007. 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 8391719.
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. Ormat is a
pioneer in Organic Rankine Cycle (ORC) technology and a leader in
the manufacture of ORC power equipment. It also designs, develops
and builds, and owns and operates, 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 approximately 70 patents. Ormat
currently operates the following geothermal power plants: in the
United States -- Brady, Heber, Mammoth, Ormesa, Puna and Steamboat;
in the Philippines -- Leyte; in Guatemala -- Zunil; in Kenya --
Olkaria; and in Nicaragua -- Momotombo. In the U.S., Ormat owns and
operates four OREG1 Recovered Energy Generation plants. 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 Supplements filed with the Securities and Exchange
Commission on April 5 and December 14, 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.
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 twelve-months periods
Ended December 31, 2006 and 2005 (Unaudited) Three Months Ended
Year Ended December 31, December 31, 2006 2005 2006 2005 (in
thousands, except per share amounts) Revenues: Electricity $46,581
$43,138 $195,483 $177,369 Products 20,101 15,643 73,454 60,623
Total revenues 66,682 58,781 268,937 237,992 Cost of revenues:
Electricity 34,234 26,357 124,356 103,615 Products 17,946 11,053
51,215 45,236 Total cost of revenues 52,180 37,410 175,571 148,851
Gross margin 14,502 21,371 93,366 89,141 Operating expenses:
Research and development expenses 494 1,165 2,983 3,036 Selling and
marketing expenses 2,430 2,083 10,361 7,876 General and
administrative expenses 4,736 4,330 18,094 14,320 Gain on sale of
geothermal resource rights -- -- -- -- Operating income 6,842
13,793 61,928 63,909 Other income (expense): Interest income 1,655
1,053 6,560 4,308 Interest expense (7,420) (26,506) (30,961)
(55,317) Foreign currency translation and transaction losses 306
(374) (704) (439) Other non-operating income 322 347 694 512 Income
(loss) before income taxes, minority interest, and equity in income
of investees 1,705 (11,687) 37,517 12,973 Income tax (provision)
benefit 2,009 4,921 (6,403) (4,690) Minority interest in earnings
of subsidiaries -- -- (813) -- Equity in income of investees 507
1,623 4,146 6,894 Net income (loss) $4,221 $(5,143) $34,447 $15,177
Earnings (loss) per share: Basic $0.12 $(0.16) $1.00 $0.48 Diluted
$0.12 $(0.16) $0.99 $0.48 Weighted average number of shares used in
computation of earnings per share: Basic 36,056 31,563 34,593
31,563 Diluted 36,175 31,563 34,707 31,609 Ormat Technologies, Inc.
and Subsidiaries Consolidated Balance Sheets As of December 31,
2006 and December 31, 2005 December 31, 2006 2005 (in thousands)
Assets Current assets: Cash and cash equivalents $20,254 $26,976
Marketable securities 96,486 43,560 Restricted cash, cash
equivalents and marketable securities 56,425 36,732 Receivables:
Trade 36,463 33,515 Related entities 879 524 Other 5,277 2,629 Due
to Parent 1,459 -- Inventories, net 7,403 5,224 Costs and estimated
earnings in excess of billings on uncompleted contracts 11,216
8,883 Deferred income taxes 1,819 1,663 Prepaid expenses and other
4,911 3,256 Total current assets 242,592 162,962 Unconsolidated
investments 37,207 47,235 Deposits and other 15,081 13,489 Deferred
income taxes 6,172 5,376 Property, plant and equipment, net 624,089
491,835 Construction-in-process 169,075 128,256 Deferred financing
and lease costs, net 15,800 17,412 Intangible assets, net 50,086
47,915 Total assets $1,160,102 $914,480 Liabilities and
Stockholders' Equity Current liabilities: Short-term bank credit
$-- $3,996 Accounts payable and accrued expenses 70,445 50,048
Billings in excess of costs and estimated earnings on uncompleted
contracts 5,803 12,657 Current portion of long-term debt: Limited
and non-recourse 8,482 2,888 Full recourse 1,000 1,000 Senior
secured notes (non-recourse) 40,054 23,754 Due to Parent, including
current portion of notes payable to Parent 82,379 32,003 Total
current liabilities 208,163 126,346 Long-term debt, net of current
portion: Limited and non-recourse 22,157 11,252 Full recourse 1,000
2,000 Senior secured notes (non-recourse) 299,316 324,645 Notes
payable to Parent, net of current portion 57,841 140,162 Other
liabilities -- 1,309 Deferred lease income 78,883 81,569 Deferred
income taxes 21,674 22,004 Liabilities for severance pay 13,378
11,409 Asset retirement obligation 16,832 11,461 Total liabilities
719,244 732,157 Minority interest in net assets of subsidiaries 64
64 Commitments and contingencies (Notes 5, 6 and 10) 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 38 31 Additional paid-in capital 353,399
124,008 Unearned stock-based compensation -- (153) Retained
earnings 85,053 55,824 Accumulated other comprehensive income 2,304
2,549 Total stockholders' equity 440,794 182,259 Total liabilities
and stockholders' equity $1,160,102 $914,480 Ormat Technologies,
Inc. and Subsidiaries Reconciliation of Adjusted EBITDA (Dollars in
thousands) (Unaudited) We calculate EBITDA as net income before
interest, taxes, depreciation and amortization. We calculate
adjusted EBITDA to include operating income, depreciation and
amortization of our equity investments in the Mammoth and Leyte
Projects. 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. 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. The following table
reconciles net income to EBITDA and adjusted EBITDA, for the three
and twelve-month periods ended December 31, 2006 and 2005: Three
Months Ended Year Ended December 31, December 31, 2006 2005 2006
2005 (in thousands) (in thousands) Net income $4,221 $(5,143)
$34,447 $15,177 Adjusted for: Equity in income of investees (507)
(1,623) (4,146) (6,894) Minority interest in earnings of
subsidiaries -- -- 813 -- Interest expense, net (including
amortization of deferred financing costs) 5,765 25,453 24,401
51,009 Other non-operating income (628) 27 10 (73) Income tax
provision (2,009) (4,921) 6,403 4,690 Depreciation and amortization
11,302 8,164 41,822 34,025 EBITDA 18,144 21,957 103,750 97,934
Equity in income of Mammoth-Pacific L.P. and Ormat Leyte 507 1,844
4,420 6,478 Depreciation, amortization, interest and taxes
attributable to the Company's equity in Mammoth-Pacific L.P. and
Ormat Leyte 3,881 1,494 11,625 9,922 Adjusted EBITDA $22,532
$25,295 $119,795 $114,334
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,
Inc., +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, Inc. Web site:
http://www.ormat.com/
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