Einfach E-Mail-Adresse eintragen und auf "Abschicken" klicken - willkommen!
Ormat Technologies: Quartalsbilanz vorgelegt
Ein rückläufiges Ergebnis für das erste Quartal des laufenden Fiskaljahres hat das US-Unternehmen Ormat Technologies Inc. veröffentlicht. Lesen Sie dazu die Original-Meldung der Spezialistin für geothermische Kraftwerke aus Reno in englischer Sprache.
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Company Reiterates Full-Year Revenue and Adjusted EBITDA Guidance
Product Segment Backlog Reaches a Record $387.0 Million
RENO, Nev., May 6, 2015 -- Ormat Technologies, Inc. (NYSE:ORA) today announced financial results for the first quarter ended March 31, 2015.
First Quarter Highlights and Recent Developments:
Electricity revenues of $90.0 million, compared to $94.8 million in the first quarter of 2014;
Product Segment revenues of $30.3 million, compared to $47.6 million in the first quarter of 2014;
Cash flow from operation was $83.1 million, an increase of 22.1% compared to $68.1 million in the first quarter of 2014;
Adjusted EBITDA of $65.3 million, compared to $73.4 million in the first quarter of 2014;
Declared a quarterly dividend of $0.06 per share for the first quarter of 2015;
Product segment backlog reached a record $387.0 million as of May 6, 2015;
Entered into a 20-year PPA with Southern California Public Power Authority (SCPPA) for the second phase of Don A. Campbell project; management expects to complete this project by the end of 2015, approximately three months earlier than previously expected;
Completed the share exchange transaction with Ormat Industries Ltd, pursuant to the Share Exchange Agreement and Plan of Merger by and among Ormat Industries and Ormat Systems;
McGinness Hills complex annual generating capacity increased to approximately 72MW following the initiation of commercial operation in February 2015 of the Phase 2 geothermal power plant; and
Closed and received $162.3 million cash from Northleaf Capital Partners for a 36.75% equity investment in certain power plants.
Isaac Angel, chief executive officer of Ormat, stated, “As expected, this quarter faced headwinds related to lower oil and natural gas prices and lower generation at Puna due to last summer’s hurricane that reduced revenues by $6.6 million and $3.1 million, respectively. On the expense side, we had a one-time expense of $3.4 million associated with our restructuring transaction. In addition, normal fluctuations in revenue recognition inherent within our product division resulted in lower revenues for the quarter compared to last year. We expect revenues will be stronger during the second half of 2015.”
“During the first quarter we accelerated construction of the second phase of the Don A. Campbell project, and as a result, we expect to begin generating electricity towards the end of 2015, approximately three months ahead of schedule,” continued Mr. Angel. “Subsequent to the end of the quarter, our product segment backlog as of May 6, 2015, increased to a record of approximately $387.0 million.”
“We also began executing a multi-year plan to set the stage for our next growth phase,” continued Mr. Angel. “Central to this plan is our focus on expanding our geographic reach. We are also focused on technology diversification, capturing a larger share of the high temperature geothermal resource market with our proven binary system. I am increasingly excited about the opportunities before us, and believe Ormat is uniquely positioned to succeed in the evolving renewable energy market.”
Guidance
Mr. Angel added, “We reiterate our 2015 revenue guidance despite the current oil and natural gas prices, which translates to a $26.6 million reduction in revenues compared to last year, and we expect the electricity segment revenues to be between $380.0 million and $390.0 million, and product segment revenues to be between $180.0 million and $190.0 million. We reiterate our 2015 Adjusted EBITDA guidance of $280.0 to $290.0 million for the full year, which is also impacted by current oil and natural gas prices.”
First Quarter Financial Summary
Total revenues for the three months ended March 31, 2015 were $120.2 million, compared to $142.4 million for the three months ended March 31, 2014, which represented a 15.6% decrease. Electricity revenues decreased 5.1% to $90.0 million in the three months ended March 31, 2015, from $94.8 million in the three months ended March 31, 2014. Product revenues decreased 36.4% to $30.3 million in the three months ended March 31, 2015, from $47.6 million in the three months ended March 31, 2014.
The revenue decline was primarily attributable to lower energy rates resulting from the decline in natural gas and oil prices, lower generation at the company’s Puna power plant due to the hurricane and the timing of revenue recognition in the company’s product segment. The lower commodity prices had an approximate $6.6 million impact on revenues and the lower generation in Puna had a $3.1 million impact on revenues. The decrease was partially offset by $3.6 million additional revenues from the commencement of operations of McGinness Hills phase 2 power plant in Nevada in February 2015 and a reduction in net loss on derivative contracts on oil and natural gas prices from a net loss of $2.4 million in the first quarter of 2014 to a net gain of $0.3 million in the first quarter of 2015.
The company reported net income attributable to the company’s shareholders of $10.0 million or $0.21 per share in the first quarter of 2015 compared to $21.6 million or $0.47 per share for the first quarter of 2014. Net income for the first quarter of 2015 included approximately $3.4 million in non-recurring charges related to the share exchange transaction recorded in general and administrative expenses and $1.4 million foreign currency translation and transaction losses compared to $0.6 million in the first quarter of 2014.
Adjusted EBITDA for the three months ended March 31, 2015 was $65.3 million, compared to $73.4 million for the three months ended March 31, 2014. The reconciliation of GAAP net cash provided by operating activities and net income to EBITDA and Adjusted EBITDA and additional cash flows information is set forth below in this release.
On May 6, 2015, ORMAT’s Board of Directors approved a payment of a quarterly dividend of $0.06 per share pursuant to the company’s dividend policy. The dividend will be paid on May 27, 2015 to shareholders of record as of the close of business on May 19, 2015. In addition, the company expects to pay quarterly dividends of $0.06 per share in each of the next two quarters.
Webcast Conference Details
Ormat will host a listen-only webcast to discuss its financial results and other matters discussed in this press release at 9 a.m. ET on Thursday, May 7, 2015. The live, listen-only webcast will be available at www.ormat.com. During the webcast, management will refer to slides that will be posted on the website. The slides and accompanying webcast can be accessed through the Events & Presentations in the Investor Relations section of Ormat's website.
An archive of the webcast will be made available on the website under Events & Presentations in the Investor Relations tab.
Participant Telephone Numbers
Participant Dial In (Toll Free): 1-877-511-6790
Participant International Dial In: 1-412-902-4141
Canada Toll Free 18556699657
Please ask to be joined into the Ormat Technologies, Inc. call.
CONFERENCE REPLAY
US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 10064470
About Ormat Technologies
With five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company currently engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. 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 69 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 470 employees in the United States and over 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 installed to utilities and developers worldwide, totaling approximately 2,000 MW of gross capacity. Ormat’s current 647 MW generating portfolio 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 February 26, 2015.
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 Three-Month Period Ended March 31, 2015 and 2014
(Unaudited)
Three Months Ended March 31
2015 2014
(In thousands, except per share data)
Revenues:
Electricity $ 89,953 $ 94,817
Product 30,278 47,619
Total revenues 120,231 142,436
Cost of revenues:
Electricity 55,581 57,034
Product 20,625 31,943
Total cost of revenues 76,206 88,977
Gross margin 44,025 53,459
Operating expenses:
Research and development expenses (income) 363 (87 )
Selling and marketing expenses 3,433 3,379
General and administrative expenses 10,204 7,596
Write-off of unsuccessful exploration activities 174 —
Operating income 29,851 42,571
Other income (expense):
Interest income 9 111
Interest expense, net (17,828 ) (20,518 )
Foreign currency translation and transaction gains (losses) (1,366 ) (638 )
Income attributable to sale of tax benefits 5,552 6,717
Other non-operating expense, net 283 63
Income before income taxes and equity in
losses of investees 16,501 28,306
Income tax provision (5,459 ) (6,320 )
Equity in losses of investees, net (775 ) (197 )
Net income 10,267 21,789
Net income attributable to noncontrolling interest (235 ) (237 )
Net income attributable to the Company's stockholders $ 10,032 $ 21,552
Earnings per share attributable to the Company's stockholders - Basic and diluted:
Net Income $ 0.21 $ 0.47
Weighted average number of shares used in computation of earnings per share
attributable to the Company's stockholders:
Basic 47,244 45,479
Diluted 48,079 45,660
Ormat Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
As of March 31, 2015 and December 31, 2014
(Unaudited)
March 31, December 31,
2015 2014
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 70,724 $ 40,230
Restricted cash, cash equivalents and marketable securities 115,530 93,248
Receivables:
Trade 56,300 48,609
Related entity — 451
Other 9,732 10,141
Due from Parent — 1,337
Inventories 17,286 16,930
Costs and estimated earnings in excess of billings on uncompleted contracts 7,426 27,793
Deferred income taxes 496 251
Prepaid expenses and other 29,566 34,884
Total current assets 307,060 273,874
Deposits and other 17,963 20,044
Deferred charges 37,301 37,567
Property, plant and equipment, net 1,535,757 1,437,637
Construction-in-process 230,037 296,722
Deferred financing and lease costs, net 27,369 27,057
Intangible assets, net 27,846 28,655
Total assets $ 2,183,333 $ 2,121,556
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 83,676 $ 88,276
Deferred income taxes 975 974
Short-term revolving credit lines with banks (full recourse) 30,600 20,300
Billings in excess of costs and estimated earnings on uncompleted contracts 57,861 24,724
Current portion of long-term debt:
Limited and non-recourse:
Senior secured notes 36,544 34,368
Other loans 17,995 17,995
Full recourse 17,203 19,116
Total current liabilities 244,854 205,753
Long-term debt, net of current portion:
Limited and non-recourse:
Senior secured notes 355,776 360,366
Other loans 260,125 264,625
Full recourse:
Senior unsecured bonds 250,212 250,289
Other loans 32,684 34,351
Unconsolidated investments 7,688 3,617
Liability associated with sale of tax benefits 33,685 39,021
Deferred lease income 59,815 60,560
Deferred income taxes 70,247 66,220
Liability for unrecognized tax benefits 7,190 7,511
Liabilities for severance pay 18,499 20,399
Asset retirement obligation 19,514 19,142
Other long-term liabilities 3,872 2,956
Total liabilities 1,364,161 1,334,810
Equity:
The Company's stockholders' equity:
Common stock 49 46
Additional paid-in capital 771,591 742,006
Retained earnings 47,673 41,539
Accumulated other comprehensive income (11,971 ) (8,668 )
807,342 774,923
Noncontrolling interest 11,830 11,823
Total equity 819,172 786,746
Total liabilities and equity $ 2,183,333 $ 2,121,556
Ormat Technologies, Inc. and Subsidiaries
Reconciliation of EBITDA, Adjusted EBITDA and Additional Cash Flows Information
For the Three-Month Period Ended March 31, 2015 and 2014
(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, adjusted for (i) write-off of unsuccessful exploration activities,(ii) any mark-to-market gains or losses from accounting for derivatives, (iii) merger and acquisition transaction cost, (iv) stock-based compensation,. 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 tables reconcile net cash provided by operating activities and net income to EBITDA and Adjusted EBITDA for the three-month period ended March 31, 2015 and March 31, 2014:
Three Months Ended March 31
2015 2014
(in thousands)
Net cash provided by operating activities $ 83,147 $ 68,076
Adjusted for:
Interest expense, net (excluding amortization
of deferred financing costs) 15,972 19,176
Interest income (9 ) (111 )
Income tax provision 5,459 6,320
Adjustments to reconcile net income or loss to net cash
provided by operating activities (excluding
depreciation and amortization). (47,220 ) (22,870 )
EBITDA $ 57,349 $ 70,591
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices 4,129 225
Stock-based compensation 1,127 1,440
Share exchange transaction costs 3,400 —
Write-off of unsuccessful exploration activities 174 —
Mark to market on derivatives which represents currency forward contracts (860 ) 1,177
Adjusted EBITDA $ 65,319 $ 73,433
Net cash used in investing activities $ (47,257 ) $ (35,323 )
Net cash used in financing activities $ (5,396 ) $ (42,180 )
Three Months Ended March 31
2015 2014
(in thousands)
Net income $ 10,267 $ 21,789
Adjusted for:
Interest expense, net (including amortization
of deferred financing costs) 17,819 20,407
Income tax provision 5,459 6,320
Depreciation and amortization 23,804 22,075
EBITDA $ 57,349 $ 70,591
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices 4,129 225
Stock-based compensation 1,127 1,440
Share exchange transaction costs 3,400 —
Write-off of unsuccessful exploration activities 174 —
Mark to market on derivatives which represents currency forward contracts (860 ) 1,177
Adjusted EBITDA $ 65,319 $ 73,433
Ormat Technologies Contact:
Smadar Lavi
Investor Relations
775-356-9029
[email protected]
Investor Relations Agency Contact:
Miri Segal/Brett Maas
MS/Hayden - IR
917-607-8654/646-536-7331
[email protected] / [email protected]
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Company Reiterates Full-Year Revenue and Adjusted EBITDA Guidance
Product Segment Backlog Reaches a Record $387.0 Million
RENO, Nev., May 6, 2015 -- Ormat Technologies, Inc. (NYSE:ORA) today announced financial results for the first quarter ended March 31, 2015.
First Quarter Highlights and Recent Developments:
Electricity revenues of $90.0 million, compared to $94.8 million in the first quarter of 2014;
Product Segment revenues of $30.3 million, compared to $47.6 million in the first quarter of 2014;
Cash flow from operation was $83.1 million, an increase of 22.1% compared to $68.1 million in the first quarter of 2014;
Adjusted EBITDA of $65.3 million, compared to $73.4 million in the first quarter of 2014;
Declared a quarterly dividend of $0.06 per share for the first quarter of 2015;
Product segment backlog reached a record $387.0 million as of May 6, 2015;
Entered into a 20-year PPA with Southern California Public Power Authority (SCPPA) for the second phase of Don A. Campbell project; management expects to complete this project by the end of 2015, approximately three months earlier than previously expected;
Completed the share exchange transaction with Ormat Industries Ltd, pursuant to the Share Exchange Agreement and Plan of Merger by and among Ormat Industries and Ormat Systems;
McGinness Hills complex annual generating capacity increased to approximately 72MW following the initiation of commercial operation in February 2015 of the Phase 2 geothermal power plant; and
Closed and received $162.3 million cash from Northleaf Capital Partners for a 36.75% equity investment in certain power plants.
Isaac Angel, chief executive officer of Ormat, stated, “As expected, this quarter faced headwinds related to lower oil and natural gas prices and lower generation at Puna due to last summer’s hurricane that reduced revenues by $6.6 million and $3.1 million, respectively. On the expense side, we had a one-time expense of $3.4 million associated with our restructuring transaction. In addition, normal fluctuations in revenue recognition inherent within our product division resulted in lower revenues for the quarter compared to last year. We expect revenues will be stronger during the second half of 2015.”
“During the first quarter we accelerated construction of the second phase of the Don A. Campbell project, and as a result, we expect to begin generating electricity towards the end of 2015, approximately three months ahead of schedule,” continued Mr. Angel. “Subsequent to the end of the quarter, our product segment backlog as of May 6, 2015, increased to a record of approximately $387.0 million.”
“We also began executing a multi-year plan to set the stage for our next growth phase,” continued Mr. Angel. “Central to this plan is our focus on expanding our geographic reach. We are also focused on technology diversification, capturing a larger share of the high temperature geothermal resource market with our proven binary system. I am increasingly excited about the opportunities before us, and believe Ormat is uniquely positioned to succeed in the evolving renewable energy market.”
Guidance
Mr. Angel added, “We reiterate our 2015 revenue guidance despite the current oil and natural gas prices, which translates to a $26.6 million reduction in revenues compared to last year, and we expect the electricity segment revenues to be between $380.0 million and $390.0 million, and product segment revenues to be between $180.0 million and $190.0 million. We reiterate our 2015 Adjusted EBITDA guidance of $280.0 to $290.0 million for the full year, which is also impacted by current oil and natural gas prices.”
First Quarter Financial Summary
Total revenues for the three months ended March 31, 2015 were $120.2 million, compared to $142.4 million for the three months ended March 31, 2014, which represented a 15.6% decrease. Electricity revenues decreased 5.1% to $90.0 million in the three months ended March 31, 2015, from $94.8 million in the three months ended March 31, 2014. Product revenues decreased 36.4% to $30.3 million in the three months ended March 31, 2015, from $47.6 million in the three months ended March 31, 2014.
The revenue decline was primarily attributable to lower energy rates resulting from the decline in natural gas and oil prices, lower generation at the company’s Puna power plant due to the hurricane and the timing of revenue recognition in the company’s product segment. The lower commodity prices had an approximate $6.6 million impact on revenues and the lower generation in Puna had a $3.1 million impact on revenues. The decrease was partially offset by $3.6 million additional revenues from the commencement of operations of McGinness Hills phase 2 power plant in Nevada in February 2015 and a reduction in net loss on derivative contracts on oil and natural gas prices from a net loss of $2.4 million in the first quarter of 2014 to a net gain of $0.3 million in the first quarter of 2015.
The company reported net income attributable to the company’s shareholders of $10.0 million or $0.21 per share in the first quarter of 2015 compared to $21.6 million or $0.47 per share for the first quarter of 2014. Net income for the first quarter of 2015 included approximately $3.4 million in non-recurring charges related to the share exchange transaction recorded in general and administrative expenses and $1.4 million foreign currency translation and transaction losses compared to $0.6 million in the first quarter of 2014.
Adjusted EBITDA for the three months ended March 31, 2015 was $65.3 million, compared to $73.4 million for the three months ended March 31, 2014. The reconciliation of GAAP net cash provided by operating activities and net income to EBITDA and Adjusted EBITDA and additional cash flows information is set forth below in this release.
On May 6, 2015, ORMAT’s Board of Directors approved a payment of a quarterly dividend of $0.06 per share pursuant to the company’s dividend policy. The dividend will be paid on May 27, 2015 to shareholders of record as of the close of business on May 19, 2015. In addition, the company expects to pay quarterly dividends of $0.06 per share in each of the next two quarters.
Webcast Conference Details
Ormat will host a listen-only webcast to discuss its financial results and other matters discussed in this press release at 9 a.m. ET on Thursday, May 7, 2015. The live, listen-only webcast will be available at www.ormat.com. During the webcast, management will refer to slides that will be posted on the website. The slides and accompanying webcast can be accessed through the Events & Presentations in the Investor Relations section of Ormat's website.
An archive of the webcast will be made available on the website under Events & Presentations in the Investor Relations tab.
Participant Telephone Numbers
Participant Dial In (Toll Free): 1-877-511-6790
Participant International Dial In: 1-412-902-4141
Canada Toll Free 18556699657
Please ask to be joined into the Ormat Technologies, Inc. call.
CONFERENCE REPLAY
US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 10064470
About Ormat Technologies
With five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company currently engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. 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 69 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 470 employees in the United States and over 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 installed to utilities and developers worldwide, totaling approximately 2,000 MW of gross capacity. Ormat’s current 647 MW generating portfolio 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 February 26, 2015.
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 Three-Month Period Ended March 31, 2015 and 2014
(Unaudited)
Three Months Ended March 31
2015 2014
(In thousands, except per share data)
Revenues:
Electricity $ 89,953 $ 94,817
Product 30,278 47,619
Total revenues 120,231 142,436
Cost of revenues:
Electricity 55,581 57,034
Product 20,625 31,943
Total cost of revenues 76,206 88,977
Gross margin 44,025 53,459
Operating expenses:
Research and development expenses (income) 363 (87 )
Selling and marketing expenses 3,433 3,379
General and administrative expenses 10,204 7,596
Write-off of unsuccessful exploration activities 174 —
Operating income 29,851 42,571
Other income (expense):
Interest income 9 111
Interest expense, net (17,828 ) (20,518 )
Foreign currency translation and transaction gains (losses) (1,366 ) (638 )
Income attributable to sale of tax benefits 5,552 6,717
Other non-operating expense, net 283 63
Income before income taxes and equity in
losses of investees 16,501 28,306
Income tax provision (5,459 ) (6,320 )
Equity in losses of investees, net (775 ) (197 )
Net income 10,267 21,789
Net income attributable to noncontrolling interest (235 ) (237 )
Net income attributable to the Company's stockholders $ 10,032 $ 21,552
Earnings per share attributable to the Company's stockholders - Basic and diluted:
Net Income $ 0.21 $ 0.47
Weighted average number of shares used in computation of earnings per share
attributable to the Company's stockholders:
Basic 47,244 45,479
Diluted 48,079 45,660
Ormat Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
As of March 31, 2015 and December 31, 2014
(Unaudited)
March 31, December 31,
2015 2014
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 70,724 $ 40,230
Restricted cash, cash equivalents and marketable securities 115,530 93,248
Receivables:
Trade 56,300 48,609
Related entity — 451
Other 9,732 10,141
Due from Parent — 1,337
Inventories 17,286 16,930
Costs and estimated earnings in excess of billings on uncompleted contracts 7,426 27,793
Deferred income taxes 496 251
Prepaid expenses and other 29,566 34,884
Total current assets 307,060 273,874
Deposits and other 17,963 20,044
Deferred charges 37,301 37,567
Property, plant and equipment, net 1,535,757 1,437,637
Construction-in-process 230,037 296,722
Deferred financing and lease costs, net 27,369 27,057
Intangible assets, net 27,846 28,655
Total assets $ 2,183,333 $ 2,121,556
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 83,676 $ 88,276
Deferred income taxes 975 974
Short-term revolving credit lines with banks (full recourse) 30,600 20,300
Billings in excess of costs and estimated earnings on uncompleted contracts 57,861 24,724
Current portion of long-term debt:
Limited and non-recourse:
Senior secured notes 36,544 34,368
Other loans 17,995 17,995
Full recourse 17,203 19,116
Total current liabilities 244,854 205,753
Long-term debt, net of current portion:
Limited and non-recourse:
Senior secured notes 355,776 360,366
Other loans 260,125 264,625
Full recourse:
Senior unsecured bonds 250,212 250,289
Other loans 32,684 34,351
Unconsolidated investments 7,688 3,617
Liability associated with sale of tax benefits 33,685 39,021
Deferred lease income 59,815 60,560
Deferred income taxes 70,247 66,220
Liability for unrecognized tax benefits 7,190 7,511
Liabilities for severance pay 18,499 20,399
Asset retirement obligation 19,514 19,142
Other long-term liabilities 3,872 2,956
Total liabilities 1,364,161 1,334,810
Equity:
The Company's stockholders' equity:
Common stock 49 46
Additional paid-in capital 771,591 742,006
Retained earnings 47,673 41,539
Accumulated other comprehensive income (11,971 ) (8,668 )
807,342 774,923
Noncontrolling interest 11,830 11,823
Total equity 819,172 786,746
Total liabilities and equity $ 2,183,333 $ 2,121,556
Ormat Technologies, Inc. and Subsidiaries
Reconciliation of EBITDA, Adjusted EBITDA and Additional Cash Flows Information
For the Three-Month Period Ended March 31, 2015 and 2014
(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, adjusted for (i) write-off of unsuccessful exploration activities,(ii) any mark-to-market gains or losses from accounting for derivatives, (iii) merger and acquisition transaction cost, (iv) stock-based compensation,. 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 tables reconcile net cash provided by operating activities and net income to EBITDA and Adjusted EBITDA for the three-month period ended March 31, 2015 and March 31, 2014:
Three Months Ended March 31
2015 2014
(in thousands)
Net cash provided by operating activities $ 83,147 $ 68,076
Adjusted for:
Interest expense, net (excluding amortization
of deferred financing costs) 15,972 19,176
Interest income (9 ) (111 )
Income tax provision 5,459 6,320
Adjustments to reconcile net income or loss to net cash
provided by operating activities (excluding
depreciation and amortization). (47,220 ) (22,870 )
EBITDA $ 57,349 $ 70,591
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices 4,129 225
Stock-based compensation 1,127 1,440
Share exchange transaction costs 3,400 —
Write-off of unsuccessful exploration activities 174 —
Mark to market on derivatives which represents currency forward contracts (860 ) 1,177
Adjusted EBITDA $ 65,319 $ 73,433
Net cash used in investing activities $ (47,257 ) $ (35,323 )
Net cash used in financing activities $ (5,396 ) $ (42,180 )
Three Months Ended March 31
2015 2014
(in thousands)
Net income $ 10,267 $ 21,789
Adjusted for:
Interest expense, net (including amortization
of deferred financing costs) 17,819 20,407
Income tax provision 5,459 6,320
Depreciation and amortization 23,804 22,075
EBITDA $ 57,349 $ 70,591
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices 4,129 225
Stock-based compensation 1,127 1,440
Share exchange transaction costs 3,400 —
Write-off of unsuccessful exploration activities 174 —
Mark to market on derivatives which represents currency forward contracts (860 ) 1,177
Adjusted EBITDA $ 65,319 $ 73,433
Ormat Technologies Contact:
Smadar Lavi
Investor Relations
775-356-9029
[email protected]
Investor Relations Agency Contact:
Miri Segal/Brett Maas
MS/Hayden - IR
917-607-8654/646-536-7331
[email protected] / [email protected]