02.08.12

Ormat Technologies: Financial results for Q2 and H1 2012

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Reno, Nevada - Quarterly highlights and recent developments:

•    Total revenues increased 24 percent to $129.8 million
•    Cash flow from operations totals $30.2 million
•    Operating income increased 34 percent to $26.0 million
•    EBITDA of $50.8 million
•    Robust product backlog of $242 million as of August 1, 2012
•    30MW McGinness Hills power plant in Nevada is operating at full power
•    Received $72.2 million cash grant for three projects

Commenting on the results, Dita Bronicki, chief executive officer of Ormat, stated:  "We had a very good second quarter.  Total revenues increased 24 percent period-over-period. Operating income significantly improved. Our organic growth and improved operations results offset the impact of low natural gas prices on our energy rates under the SO#4 PPAs in California.

"We achieved a number of key milestones during the second quarter.  On the product side, we continued to win orders and strengthen our already robust backlog. In July, we announced the closing of a $61.4 million engineering, procurement and construction contract with Enel Green Power North America, maintaining our robust product backlog of $242 million. On the electricity side, we recently received off-taker approval of the commercial operation date for our Tuscarora power plant. In addition, we successfully completed the construction of the 30-MW McGinness Hills geothermal power plant demonstrating the strength of our vertically integrated structure to move from green field to production.  The 30 MW McGinness Hills power plant that is in full operation since June, increased the total generating capacity of our portfolio to 586 MW."

Financial Summary

Second Quarter Results

For the three months ended June 30, 2012, total revenues increased by 24.1 percent to $129.8 million from $104.6 million in the second quarter of 2011.  Product revenues almost doubled to $44.8 million, from $23.4 million in the three months ended June 30, 2011. Electricity revenues increased 4.7 percent to $85.0 million, up from $81.2 million in the three months ended June 30, 2011.
Operating income for the three months ended June 30, 2012 increased by $6.6 million to $26.0 million from $19.4 million for the three months ended June 30, 2011. The increase is principally attributed to lower maintenance costs in our electricity segment and higher revenues in our product segment due to the increase in new customer orders that were secured in 2011.
For the quarter, the company reported net income of $8.7 million, or $0.19 per share (basic and diluted), compared to $8.2 million, or $0.18 per share (basic and diluted), for the same quarter a year ago.
EBITDA for the second quarter of 2012 was $50.8 million, compared to $47.7 million for the same quarter last year. The reconciliation of GAAP net cash provided by operating activities to EBITDA and additional cash flows information is set forth below.

As of June 30, 2012, cash, cash equivalents and marketable securities were $71.9 million. In addition, as of June 30, 2012, the company has available, committed lines of credit with commercial banks aggregating $466.8 million, of which $64.8 million is unused.

On August 1, 2012, Ormat's Board of Directors approved the payment of a quarterly dividend of $0.04 per share pursuant to the company's dividend policy, which targets an annual payout ratio of at least 20 percent of the company's net income.  The dividend will be paid on August 23, 2012 to shareholders of record as of the close of business on August 14, 2012.  The company expects to pay a dividend of $0.04 per share in the next quarter.

Commenting on the outlook for 2012, Bronicki said, "We currently maintain our 2012 product revenues to be $165 to $175 million.  We narrow the range of our expected electricity forecast to be between $320 and $330 million."

Six-Month Results

For the six months ended June 30, 2012, total revenues increased 29.5 percent to $262.2 million from $202.4 million in the six months ended June 30, 2011. Net income for the period was $16.7 million, or $0.36 per share (basic and diluted), compared to net loss of $0.7 million, or $0.02 per share (basic and diluted), in the same period in 2011. The increase is principally attributable to the $29.2 million increase in operating income.

Product revenues more than doubled to $94.9 million, from $43.0 million in the six months ended June 30, 2011.  Electricity revenues increased 4.9 percent to $167.3 million, up from $159.5 million in the six months ended June 30, 2011.
EBITDA for the six months ended June 30, 2012 was $102.3 million, compared to $74.8 million for the same period last year. The reconciliation of GAAP net cash provided by operating activities to EBITDA and additional cash flows information is set forth below.

Conference Call Details

Ormat will host a conference call to discuss its financial results and other matters included in this press release at 10 a.m. EDT on Thursday, August 2, 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.
The webcast will be available approximately two hours after the conclusion of the live call. A replay will be available from 11 a.m. EDT on August 2, 2012. Please call: (855) 859-2056 (U.S. and Canada) (404) 537-3406 (International) and enter the replay code: 99938996.

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 over 1,500 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, McGinness Hills, Ormesa, Puna, Steamboat, Tuscarora, OREG 1, OREG 2, OREG 3, and OREG 4; 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 29, 2012.
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/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

 
Ormat Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three and Six-Month Periods Ended June 30, 2012 and 2011
(Unaudited)
            
     Three Months Ended June 30,          Six Months Ended June 30,
                                  2012        2011        2012        2011
     (In thousands, except per share data)          (In thousands, except per share data)
 Revenues:                                             
     Electricity    $  85,011        $ 81,190        $ 167,258        $ 159,458
     Product        44,826            23,424            94,931            42,976
          Total revenues        129,837            104,614            262,189            202,434
 Cost of revenues:                                             
     Electricity        57,953            62,212            115,884            128,149
     Product        31,818            9,249            66,445            26,139
          Total cost of revenues        89,771            71,461            182,329            154,288
          Gross margin        40,066            33,153            79,860            48,146
 Operating expenses:                                             
     Research and development expenses        1,464            2,575            2,512            4,782
     Selling and marketing expenses        4,666            3,725            9,588            6,385
     General and administrative expenses        6,793            7,479            14,107            14,486
     Write-off of unsuccessful exploration
     activities        1,151            —            1,919            —
          Operating income        25,992            19,374            51,734            22,493
 Other income (expense):                                             
     Interest income        336            716            724            851
     Interest expense, net        (14,263)            (17,442)            (29,141)            (30,522)
     Foreign currency translation and
     transaction gains (losses)        (1,756)            596            (1,742)            1,113
     Income attributable to sale of tax
     benefits        2,589            3,141            5,106            5,280
     Other non-operating expense, net        290            915            129            118
           Income (loss), before income
           taxes and equity in  losses of
           investees        13,188            7,300            26,810            (667)
Income tax provision        (4,309)            1,007            (9,766)            421
Equity in losses of investees, net        (157)            (69)            (297)            (481)
          Net income (loss)        8,722            8,238            16,747            (727)
          Net income attributable to
          noncontrolling interest        (81)            (105)            (211)            (115)
          Net income (loss) attributable to
          the Company's stockholders    $    8,641        $    8,133        $    16,536        $    (842)
                                            
Earnings (loss) per share attributable to the Company's stockholders — basic and diluted:    $    0.19        $    0.18        $    0.36        $    (0.02)
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        45,438            45,443            45,438            45,431
 
Ormat Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
As of June 30, 2012 and December 31, 2011
(Unaudited)
                
         June 30,          December 31,
        2012        2011
             (In thousands)
 ASSETS
 Current assets:                         
     Cash and cash equivalents        $    66,684        $    99,886
     Marketable securities            5,221            18,521
     Restricted cash, cash equivalents and marketable securities            97,792            75,521
      Receivables:                         
          Trade            42,315            51,274
          Related entity            329            287
          Other            8,064            9,415
     Due from Parent            161            260
     Inventories            18,119            12,541
     Costs and estimated earnings in excess of billings on uncompleted
     contracts            10,051            3,966
     Deferred income taxes            2,260            1,842
     Prepaid expenses and other            24,467            18,672
               Total current assets            275,463            292,185
Unconsolidated investments            3,783            3,757
Deposits and other            25,477            22,194
Deferred charges            39,711            40,236
Property, plant and equipment, net            1,560,127            1,518,532
Construction-in-process            325,206            370,551
Deferred financing and lease costs, net            27,188            28,482
Intangible assets, net            37,145            38,781
               Total assets        $    2,294,100        $    2,314,718
 LIABILITIES AND EQUITY
 Current liabilities:                         
     Accounts payable and accrued expenses        $    106,264        $    105,112
     Billings in excess of costs and estimated earnings on uncompleted
     contracts            25,272            33,104
     Current portion of long-term debt:                        
       Limited and non-recourse:                        
          Senior secured notes (non-recourse)            32,460            21,464
          Other loans            13,677            13,547
     Full recourse            20,647            20,543
               Total current liabilities            198,320            193,770
Long-term debt, net of current portion:                        
   Limited and non-recourse:                        
     Senior secured notes (non-recourse)            330,161            341,157
     Other loans            93,714            100,585
  Full recourse:                        
      Senior unsecured bonds            249,888            250,042
      Other loans            53,273            63,623
      Revolving credit lines with banks (full recourse)            203,369            214,049
Liability associated with sale of tax benefits            60,247            69,269
Deferred lease income            67,686            68,955
Deferred income taxes            59,755            54,665
Liability for unrecognized tax benefits            6,712            5,875
Liabilities for severance pay            20,857            20,547
Asset retirement obligation            22,118            21,284
Other long-term liabilities            3,789            4,253
               Total liabilities            1,369,889            1,408,074
                        
 Equity:                         
      The Company's stockholders' equity:                         
          Common stock            46            46
          Additional paid-in capital            728,873            725,746
          Retained earnings            187,048            172,331
          Accumulated other comprehensive income            482            595
            916,449            898,718
     Noncontrolling interest            7,762            7,926
          Total equity            924,211            906,644
          Total liabilities and equity        $    2,294,100        $    2,314,718
 
Ormat Technologies, Inc. and Subsidiaries
Reconciliation of EBITDA and Additional Cash Flows Information
For the Three and Six-Month Periods Ended June 30, 2012 and 2011
(Unaudited)

We calculate EBITDA as net income before interest, taxes, depreciation and amortization. EBITDA is 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 is 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 differently than we do. The following table reconciles net cash provided by operating activities to EBITDA for the three and six-month periods ended June 30, 2012 and 2011:
                
                
         Three Months Ended June 30,          Six Months Ended June 30,
        2012        2011        2012        2011
         (in thousands)          (in thousands)
Net cash provided by operating activities        $    30,205        $    26,440        $    72,079        $    39,506
Adjusted for:                                                
Interest expense, net (excluding amortization
 of deferred financing costs)            13,082            16,528            26,729            28,824
Interest income            (336)            (716)            (724)            (851)
Income tax provision (benefit)            4,309            (1,007)            9,766            (421)
Adjustments to reconcile net income or loss to net cash provided by operating activities (excluding depreciation and amortization)            3,530            6,433            (5,575)            7,772
EBITDA        $    50,790        $    47,678        $    102,275        $    74,830
Net cash used in investing activities        $    (4,695)        $    (27,817)        $    (67,028)        $    (135,741)
Net cash provided by  financing activities        $    (43,406)        $    5,040        $    (38,253)        $    57,758
Depreciation and amortization        $    25,013        $    24,635        $    49,757        $    48,005

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