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Ormat Technologies Inc.

Published : August 07th, 2013

Reports 2013 Second Quarter Results

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Ormat Technologies has added a news release to its Investor Relations
website.

Title: Ormat Technologies Reports 2013 Second Quarter Results

Date(s): 7-Aug-2013 12:36 AM

For a complete listing of our news releases, please visit:
http://investor.ormat.com/phoenix.zhtml?c=181999&p=irol-news&nyo=0


 Quarterly revenues increased 20.5% to a record $152.7 million

 Quarterly dividend payments are resumed

 RENO, Nev., Aug. 6, 2013 (GLOBE NEWSWIRE) --Ormat Technologies, Inc.
(NYSE:ORA) today announced financial results for the second quarter of 2013.

 Quarterly financial highlights compared to the same quarter last year:

 
  Total revenues grew 20.5%,


 
 
   Product revenue grew 44.9% and reached $65.0 million

  
 
   Electricity revenue grew 7.1% and reached 87.7 million
 


 
  Operating income grew 55.3% to $37.9 million

 
 
  Net income attributable to the Company's shareholders amounted to $25.2
million or $0.55 per share compared to $8.6 million or $0.19 per share; Net
income attributable to the Company's shareholders, excluding a $3.6 million
after-tax gain related to oil and gas derivative instruments and a $3.6
million after-tax gain on the sale of the Momotombo plant in Nicaragua, was
$18.0 million compared to $4.8 million or $0.41 per share compared to $0.11
per share.

 
 
  EBITDA grew 37.3% to $69.7 million


 Operational highlights and recent developments:

 
  Increased electricity generation by 12.9% to 1.1 million MWh, driven by
new capacity coming on line at Olkaria III Plant 2 in Kenya and McGinness
Hills in Nevada.

 
 
  Exceeded the expected capacity in both McGinness Hills and Olkaria III
complex which are contributing additional 6 MW, bringing the total
generating capacity to 595 MW.

 
 
  Accelerated the handover of the 22 MW Momotombo power plant in Nicaragua
that was scheduled for mid- 2014.

 
 
  Signed the Sarulla project agreements and secured our role as a supplier
for approximately $254 million of equipment;

 
 
  Signed a 20-year PPA with Southern California Public Power Authority
(SCPPA) for our 16 MW Wild Rose project in Nevada


 Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat,
stated: "We are pleased with the good operational performance and the strong
financial results achieved this quarter. In the electricity segment, our
focus on prudently expanding generation capacity is paying off as reflected
in the results. In May 2013, we commenced commercial operation of the 36 MW
Olkaria III Plant 2 in Kenya. The addition of Olkaria combined with the
impact of McGinness Hills, which commenced operations in July 2012, drove a
12.9% year-over-year increase in generation capacity in the quarter. As we
increase capacity, we are also improving operational efficiencies at our
plants attaining a gross margin of 33.1%."

 "In the product segment a greater progress in a number of contracts
resulting in exceptionally strong quarterly revenues. Our backlog remains
strong and stands at approximately $170 million with approximately $90 to
$100 million for recognition in 2014."

 Ms. Bronicki added, "For the full year 2013, we are updating our
electricity segment guidance, in light of the sale of the Momotombo plant,
which reduced our expected revenues for the full year by $11.0 million. We
expect the electricity segment revenues to be between $325 million and $335
million. In the product segment we are increasing our guidance to be between
$185 million and $195 million. The total revenue for the full year 2013 is
expected to be between $510 million to $530 million."

 Financial Summary

 For the three months ended June 30, 2013, total revenues increased 20.5% to
$152.7 million from $126.7 million in the second quarter of 2012. Product
revenues increased 44.9% to $65.0 million from $44.8 million in the three
months ended June 30, 2012. Electricity revenues increased 7.1% to $87.7
million from $81.9 million in the three months ended June 30, 2012.

 Operating income for the three months ended June 30, 2013 was $37.9
million, compared to operating income of $24.4 million for the three months
ended June 30, 2012.

 For the three months ended June 30, 2013, the company reported net income
attributable to the Company's shareholders of $25.2 million or $0.55 per
share, compared to net income of $8.6 million or $0.19 per share for the
three months ended June 30, 2012. Second quarter 2013 results include an
after-tax capital gain of $3.6 million from the sale of the Momotombo
geothermal power plant.

 EBITDA for the three months ended June 30, 2013 were $69.7 million,
compared to $50.8 million for the three months ended June 30, 2012. The
reconciliation of GAAP net cash provided by operating activities to EBITDA
and Adjusted EBITDA and additional cash flows information is set forth below
in this release.

 Net cash provided by operating activities was $20.0 million in the six
months ended June 30, 2013, compared to $72.1 million in the six months
ended June 30, 2012.

 On August 6, 2013, ORMAT's Board of Directors approved a payment of a
quarterly dividend of $0.04 per share pursuant to the company's dividend
policy, which targets an annual payoff ratio of at least 20% of the
company's net income. The dividend will be paid on August 29, 2013 to
shareholders of record as of closing of business on August 19, 2013. The
company expects to pay a dividend of $0.04 per share in the next quarter.

 As of June 30, 2013 cash, cash equivalents and a short-term bank deposit
were $31.9 million. In addition, as of June 30, 2013, the company had
available committed lines of credit with commercial banks aggregating $484.3
million, of which $185.7 million is unused.

 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
Wednesday, August 7, 2013. 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.

 An archive of the webcast will be available approximately 10 minutes after
the conclusion of the live call.

 About Ormat Technologies

 With over four decades of experience, Ormat Technologies, Inc. is a leading
geothermal company and the only vertically integrated company solely engaged
in geothermal and recovered energy generation (REG). The company owns,
operates, designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter--a power generation unit that
converts low-, medium- and high-temperature heat into electricity. With over
82 U.S. patents, Ormat's power solutions have been refined and perfected
under the most grueling environmental conditions. Ormat has over 500
employees in the United States and about 600 overseas. Ormat's flexible,
modular solutions for geothermal power and REG are ideal for the vast range
of resource characteristics. The company has engineered, manufactured and
constructed power plants, which it currently owns or has supplied to
utilities and developers worldwide, totaling approximately 1600 MW of gross
capacity. Ormat's current generating portfolio of 589 MW (net) is spread
globally in the U.S., Guatemala and Kenya.

 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 11, 2013.

 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 Six and Three-Month Periods Ended June 30, 2013 and 2012
  
   
  
   
  
   
 
 
  
    (Unaudited)
  
   
  
   
  
   
  
   
 
 
  
   
  
   

    Three Months Ended

    June 30,
  
   

    Six Months Ended

    June 30,
 
 
  
   
  
    2013
  
    2012
  
    2013
  
    2012
 
 
  
   
  
    (In thousands, except per share data)
  
    (In thousands, except per share data)
 
 
  
    Revenues:
  
   
  
   
  
   
  
   
 
 
  
    Electricity
  
    $87,713
  
    $81,882
  
    $156,011
  
    $161,225
 
 
  
    Product
  
    64,966
  
    44,826
  
    115,574
  
    94,931
 
 
  
    Total revenues
  
    152,679
  
    126,708
  
    271,585
  
    256,156
 
 
  
    Cost of revenues:
  
   
  
   
  
   
  
   
 
 
  
    Electricity
  
    58,641
  
    56,565
  
    113,729
  
    112,795
 
 
  
    Product
  
    43,657
  
    31,818
  
    80,698
  
    66,445
 
 
  
    Total cost of revenues
  
    102,298
  
    88,383
  
    194,427
  
    179,240
 
 
  
    Gross margin
  
    50,381
  
    38,325
  
    77,158
  
    76,916
 
 
  
    Operating expenses:
  
   
  
   
  
   
  
   
 
 
  
    Research and development expenses
  
    1,608
  
    1,464
  
    2,608
  
    2,512
 
 
  
    Selling and marketing expenses
  
    3,777
  
    4,570
  
    15,286
  
    9,406
 
 
  
    General and administrative expenses
  
    7,134
  
    6,757
  
    13,718
  
    14,031
 
 
  
    Write-off of unsuccessful exploration activities
  
    --
  
    1,151
  
    --
  
    1,919
 
 
  
    Operating income
  
    37,862
  
    24,383
  
    45,546
  
    49,048
 
 
  
    Other income (expense):
  
   
  
   
  
   
  
   
 
 
  
    Interest income
  
    87
  
    336
  
    128
  
    724
 
 
  
    Interest expense, net
  
    (17,504)
  
    (14,263)
  
    (33,367)
  
    (29,141)
 
 
  
    Foreign currency translation and transaction gains (losses)
  
    904
  
    (1,756)
  
    2,586
  
    (1,742)
 
 
  
    Income attributable to sale of tax benefits
  
    5,783
  
    2,589
  
    9,315
  
    5,106
 
 
  
    Other non-operating expense, net
  
    29
  
    286
  
    1,446
  
    122
 
 
  
    Income (loss), before income taxes and equity in losses of investees
  
    27,161
  
    11,575
  
    25,654
  
    24,117
 
 
  
    * Income tax provision
  
    (5,780)
  
    (3,884)
  
    (9,827)
  
    (9,060)
 
 
  
    Equity in losses of investees, net
  
    9
  
    (157)
  
    9
  
    (297)
 
 
  
    Income from continuing operations
  
    21,390
  
    7,534
  
    15,836
  
    14,760
 
 
  
    Discontinued operations:
  
   
  
   
  
   
  
   
 
 
  
    Income from discontinued operations (including gain on disposal
of $3,646, $0, $3,646 and $0, respectively)
  
    4,480
  
    1,613
  
    5,311
  
    2,693
 
 
  
    Income tax provision
  
    (363)
  
    (425)
  
    (614)
  
    (706)
 
 
  
    Total income from discontinued operations
  
    4,117
  
    1,188
  
    4,697
  
    1,987
 
 
  
   
  
   
  
   
  
   
  
   
 
 
  
    * Net income
  
    25,507
  
    8,722
  
    20,533
  
    16,747
 
 
  
    Net income attributable to noncontrolling interest
  
    (322)
  
    (81)
  
    (407)
  
    (211)
 
 
  
    Net income attributable to the Company's stockholders
  
    $25,185
  
    $8,641
  
    $20,126
  
    $16,536
 
 
  
   
  
   
  
   
  
   
  
   
 
 
  
    Earnings per share attributable to the Company's stockholders -- basic
and diluted:
  
   
  
   
  
   
  
   
 
 
  
    Income from continuing operations
  
    $0.46
  
    $0.16
  
    $0.34
  
    $0.32
 
 
  
    Discontinued operations
  
    0.09
  
    0.03
  
    0.10
  
    0.04
 
 
  
    Earnings (loss) per share attributable to the Company's stockholders
-- basic and diluted:
  
    $0.55
  
    $0.19
  
    $0.44
  
    $0.36
 
 
  
    Weighted average number of shares used in computation of earnings per
share attributable to the Company's stockholders:
  
   
  
   
  
   
  
   
 
 
  
    Basic
  
    45,431
  
    45,431
  
    45,431
  
    45,431
 
 
  
    Diluted
  
    45,448
  
    45,438
  
    45,443
  
    45,438
 
 
  
   
  
   
  
   
  
   
  
   
 
 
  
    * The "income tax provision" for the six months ended June 30 2013
includes a correction of $3.1 million (increase) for the three-month period
ended March 31, 2013 previously reported by the Company, and a corresponding
reduction in net income. The Company is currently evaluating the manner in
which the correction will be reported in the financial statements for the
first quarter of 2013.
 




 
  
   
  
   
  
   
 
 
  
    Ormat Technologies, Inc. and Subsidiaries
  
   
  
   
 
 
  
    Condensed Consolidated Balance Sheets
  
   
  
   
 
 
  
    As of June 30, 2013 and December 31, 2012
  
   
  
   
 
 
  
    (Unaudited)
  
   
  
   
 
 
  
   
  
    June 30,
  
    December 31,
 
 
  
   
  
    2013
  
    2012
 
 
  
   
  
   
  
    As Revised
 
 
  
   
  
    (In thousands)
 
 
  
    ASSETS
  
   
  
   
 
 
  
    Current assets:
  
   
  
   
 
 
  
    Cash and cash equivalents
  
    $28,893
  
    $66,628
 
 
  
    Short-term bank deposit
  
    3,021
  
    3,010
 
 
  
    Restricted cash, cash equivalents and marketable securities
  
    85,512
  
    76,537
 
 
  
    Receivables:
  
   
  
   
 
 
  
    Trade
  
    67,545
  
    55,680
 
 
  
    Related entity
  
    419
  
    373
 
 
  
    Other
  
    12,191
  
    8,632
 
 
  
    Due from Parent
  
    468
  
    311
 
 
  
    Inventories
  
    17,906
  
    20,669
 
 
  
    Costs and estimated earnings in excess of billings on uncompleted
contracts
  
    16,323
  
    9,613
 
 
  
    Deferred income taxes
  
    368
  
    637
 
 
  
    Prepaid expenses and other
  
    35,839
  
    34,144
 
 
  
    Total current assets
  
    268,485
  
    276,234
 
 
  
    Unconsolidated investments
  
    3,524
  
    2,591
 
 
  
    Deposits and other
  
    38,361
  
    36,187
 
 
  
    Deferred income taxes
  
    17,729
  
    21,283
 
 
  
    Deferred charges
  
    34,705
  
    35,351
 
 
  
    Property, plant and equipment, net
  
    1,415,163
  
    1,252,873
 
 
  
    Construction-in-process
  
    295,635
  
    396,141
 
 
  
    Deferred financing and lease costs, net
  
    30,437
  
    31,371
 
 
  
    Intangible assets, net
  
    33,861
  
    35,492
 
 
  
    Total assets
  
    $2,137,900
  
    $2,087,523
 
 
  
    LIABILITIES AND EQUITY
  
   
  
   
 
 
  
    Current liabilities:
  
   
  
   
 
 
  
    Accounts payable and accrued expenses
  
    $90,651
  
    $98,001
 
 
  
    Deferred income taxes
  
    20,428
  
    20,392
 
 
  
    Billings in excess of costs and estimated earnings on uncompleted
contracts
  
    10,970
  
    25,408
 
 
  
    Current portion of long-term debt:
  
   
  
   
 
 
  
    Limited and non-recourse:
  
   
  
   
 
 
  
    Senior secured notes
  
    39,568
  
    28,231
 
 
  
    Other loans
  
    18,214
  
    11,453
 
 
  
    Full recourse
  
    28,760
  
    28,649
 
 
  
    Total current liabilities
  
    208,591
  
    212,134
 
 
  
    Long-term debt, net of current portion:
  
   
  
   
 
 
  
    Limited and non-recourse:
  
   
  
   
 
 
  
    Senior secured notes
  
    288,001
  
    312,926
 
 
  
    Other loans
  
    277,349
  
    242,815
 
 
  
    Full recourse:
  
   
  
   
 
 
  
    Senior unsecured bonds
  
    250,751
  
    250,904
 
 
  
    Other loans
  
    67,934
  
    82,344
 
 
  
    Revolving credit lines with banks (full recourse)
  
    80,247
  
    73,606
 
 
  
    Liability associated with sale of tax benefits
  
    70,479
  
    51,126
 
 
  
    Deferred lease income
  
    64,938
  
    66,398
 
 
  
    Deferred income taxes
  
    49,688
  
    45,059
 
 
  
    Liability for unrecognized tax benefits
  
    8,354
  
    7,280
 
 
  
    Liabilities for severance pay
  
    22,883
  
    22,887
 
 
  
    Asset retirement obligation
  
    20,047
  
    19,289
 
 
  
    Other long-term liabilities
  
    4,923
  
    5,148
 
 
  
    Total liabilities
  
    1,414,185
  
    1,391,916
 
 
  
   
  
   
  
   
 
 
  
    Equity:
  
   
  
   
 
 
  
    The Company's stockholders' equity:
  
   
  
   
 
 
  
    Common stock
  
    46
  
    46
 
 
  
    Additional paid-in capital
  
    734,997
  
    732,140
 
 
  
    Retained earnings
  
    (24,200)
  
    (44,326)
 
 
  
    Accumulated other comprehensive income
  
    567
  
    651
 
 
  
   
  
    711,410
  
    688,511
 
 
  
    Noncontrolling interest
  
    12,305
  
    7,096
 
 
  
    Total equity
  
    723,715
  
    695,607
 
 
  
    Total liabilities and equity
  
    $2,137,900
  
    $2,087,523
 




 
  
   
 
 
  
    Ormat Technologies, Inc. and Subsidiaries
 
 
  
    Reconciliation of EBITDA, Adjusted EBITDA and Additional Cash Flows
Information
 
 
  
    For the Three-Month Periods Ended June 30, 2013 and 2012
 
 
  
    (Unaudited)
 
 
  
   
 
 
  
    We calculate EBITDA as net income before interest, taxes, depreciation
and amortization. We calculate Adjusted EBITDA as net income before
interest, taxes, depreciation and amortization, excluding impairment of
long-lived assets and one-time termination fee. EBITDA and Adjusted EBITDA
are not a measurement 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 six and three-month periods ended June 30, 2013 and 2012:
 
 
  
   
 




 
  
   
  
    Three Months Ended June 30,
  
    Six Months Ended June 30,
 
 
  
   
  
    2013
  
    2012
  
    2013
  
    2012
 
 
  
   
  
   
  
   
  
   
  
   
 
 
  
   
  
    (in thousands)
  
    (in thousands)
 
 
  
    Net cash provided by operating activities
  
    $1,734
  
    $30,205
  
    $19,950
  
    $72,079
 
 
  
    Adjusted for:
  
   
  
   
  
   
  
   
 
 
  
    Interest expense, net (excluding amortization
  
   
  
   
  
   
  
   
 
 
  
    of deferred financing costs)
  
    15,626
  
    13,082
  
    29,962
  
    26,729
 
 
  
    Interest income
  
    (87)
  
    (336)
  
    (128)
  
    (724)
 
 
  
    Income tax provision
  
    6,143
  
    4,309
  
    10,441
  
    9,766
 
 
  
    Adjustments to reconcile net income or loss to net cash
  
   
  
   
  
   
  
   
 
 
  
    provided by operating activities (excluding
  
   
  
   
  
   
  
   
 
 
  
    depreciation and amortization)
  
    46,303
  
    3,530
  
    46,246
  
    (5,575)
 
 
  
    EBITDA
  
    $69,719
  
    $50,790
  
    $106,471
  
    $102,275
 
 
  
    Interest, taxes, depreciation and amortization
  
   
  
   
  
   
  
   
 
 
  
    attributable to the Company's equity interest
  
   
  
   
  
   
  
   
 
 
  
    Termination fee
  
    --
  
    --
  
    8,979
  
    --
 
 
  
    Adjusted EBITDA
  
    $69,719
  
    $50,790
  
    $115,450
  
    $102,275
 
 
  
    Net cash used in investing activities
  
    $(4,925)
  
    $(4,695)
  
    $(103,169)
  
    $(67,028)
 
 
  
    Net cash (used in) provided by financing activities
  
    $(25,543)
  
    $(43,406)
  
    $45,484
  
    $(38,253)
 
 
  
    Depreciation and amortization
  
    $22,747
  
    $25,013
  
    $45,884
  
    $49,757
 


CONTACT: Ormat Technologies Contact:
         Dita Bronicki
         CEO
         775-356-9029
         dbronicki@ormat.com

         Investor Relations Contact:
         Todd Fromer/Rob Fink
         KCSA Strategic Communications
         212-896-1215 (Todd) /212-896-1206 (Rob)
         tfromer@kcsa.com / rfink@kcsa.com

 
   
 
Ormat Technologies, Inc.

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Ormat Technologies Inc.

CODE : ORA
ISIN : US6866881021
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Ormat technologies is based in United states of america.

Ormat technologies holds various exploration projects in Indonesia and in USA.

Its main exploration properties are HEBER in USA and SARULLA in Indonesia.

Ormat technologies is listed in Germany and in United States of America. Its market capitalisation is US$ 4.6 billions as of today (€ 4.0 billions).

Its stock quote reached its highest recent level on February 26, 2021 at US$ 98.73, and its lowest recent point on December 02, 2022 at US$ 91.00.

Ormat technologies has 50 597 124 shares outstanding.

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