Ormat Technologies: Record Fourth Quarter 2008 and Year-End Results

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Ormat Technologies, Inc. announced results for the fourth quarter and full year ended December 31, 2008.

Highlights of the company performance include:

    * Revenues increased 35.2% for the quarter to $95.5 million and 16.5% for the year to $344.8 million.
    * Net income increased 31.3% to $11.7 million in the quarter and 82.0% to $49.8 million for the year.
    * Earnings per share increased 18.2 % to $0.26 in the quarter and 60% to $1.12 for the year.
    * Product backlog reached a record high of $194.0 million.
    * Ormat-owned generating capacity increased by 109 MW, an increase of over 25% during 2008.

Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "It was a good year and quarter for Ormat, as reflected in our financial results. The fundamental business of the Company is in excellent condition and the benefits of the new Stimulus Act will further improve our future results. We substantially grew and improved the profitability of our Electricity and Products Segments, significantly increased the generating capacity in our Electricity Segment and ended the year with a record backlog in the Products Segment.

"In our Electricity Segment, we have substantially completed the construction of several projects that have increased our generating portfolio by 109 MW to 505 MW. This organic growth includes:

    * phase II of the Olkaria III project in Kenya, which was completed during the fourth quarter of 2008 and is now in commercial operation;
    * the 50 MW North Brawley project, which reached the start up phase and will ramp up gradually with full capacity expected in the second quarter of 2009;
    * 18 MW in 2 different geothermal projects; and
    * 5.5 MW in the first of four OREG 2 recovered energy generation (REG) projects."

Ms. Bronicki continued: "Looking ahead to 2009, in our Electricity Segment we expect to add approximately 34 MW to our generating portfolio. We had hoped to complete the 30 MW East Brawley project in 2009, but this project has been pushed back to 2010 due to permitting delays.

"In support of future growth we have added 150,000 acres of new leases to our development inventory during 2008, a large acreage for future exploration activity. We have in place the capital resources to fund our CapEx requirement of about $250 million for our present growth plans in 2009", Ms. Bronicki concluded.

Electricity revenues for the fourth quarter of 2008 were $62.1 million, an increase of 11.8%, compared to $55.5 million in the fourth quarter of 2007. The increase in electricity revenues is primarily attributable to a net increase in domestic electricity generation to 645,826 MWh for the quarter, up from 533,110 MWh in the same period of 2007 as a result of new plants coming on line and enhanced performance of existing plants. In addition, increased energy rates at the Puna project due to higher oil prices also helped boost electricity revenues. Current lower oil prices will reduce our revenues from the Puna project in 2009.

Revenues from the Products Segment for the three-month period ended December 31, 2008 were $33.4 million, compared to $15.1 million in the same period in 2007, an increase of 120.9%. Most of the increase in revenues was derived from two large geothermal projects, the Blue Mountain project in Nevada and the Centennial Binary Plant in New Zealand.

Adjusted EBITDA for the fourth quarter of 2008 was $31.5 million, compared to $25.2 million in the same quarter last year. Adjusted EBITDA includes operating income and depreciation and amortization totaling $1.3 million and $2.0 million for the quarters ended December 31, 2008 and 2007, respectively, related to the Company's unconsolidated investments. The reconciliation of GAAP net income to Adjusted EBITDA is set forth below in this release.

Cash, cash equivalents and marketable securities as of December 31, 2008 decreased to $34.4 million from $60.7 million as of December 31, 2007. In addition, we have unutilized committed bank lines of credits aggregating $222.5 million.

On February 24, 2009, 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 26, 2009, to shareholders of record as of the close of business on March 16, 2009. The Company expects to pay a dividend of $0.06 per share in the next three quarters, compared to $0.05 per quarter in 2008.

Annual Results

For the year ended December 31, 2008, total revenues were $344.8 million, an increase of 16.5% from $296.0 million for the year ended December 31, 2007. Net income for the year ended December 31, 2008 was $49.8 million, or $1.12 per share (diluted), compared to $27.4 million, or $0.70 per share (diluted), for the year ended December 31, 2007. There were 44.3 million weighted average shares used in the computation of diluted earnings per share in the year ended December 31, 2008 and 38.9 million weighted average shares in the year ended December 31, 2007.

Electricity Segment revenues for the year ended December 31, 2008, were $252.3 million, an increase of 16.8% from $216.0 million for the year ended December 31, 2007. Products Segment revenues for the year ended December 31, 2008 were $92.6 million, an increase of 15.8% from $80.0 million in the year ended December 31, 2007.

For the year ended December 31, 2008, the Company's gross margin was 29.6%, compared to 26.8% for the year ended December 31, 2007. Operating income for the year ended December 31, 2008 was $60.6 million, compared with $43.5 million for the year ended December 31, 2007, an increase of 39.5%. The increase in operating income is primarily attributable to increased revenues in both our Electricity and Products Segments as well as increased gross margins.

Adjusted EBITDA for the year ended December 31, 2008, was $124.7 million dollars, compared to $107.2 million for the year ended December 31, 2007. Adjusted EBITDA includes consolidated EBITDA and the Company's share in the operating income and depreciation and amortization totaling $5.4 million and $14.6 million for the year ended December 31, 2008 and 2007, respectively, related to the Company's unconsolidated investments.

Commenting on the outlook for 2009, Ms. Bronicki said, "We expect our 2009 Electricity Segment revenues to be between $280 million and $290 million. We also expect an additional $9 million of revenues from our share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. With regard to our Products Segment, we expect that our 2009 revenues will be between $100 million and $120 million."

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. EST. on Wednesday, February 25, 2009. 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 Event Calendar in the Investor Relations section of Ormat's website.

A 30-day archive of the webcast will be available approximately 2 hours after the conclusion of the live call. A replay will be available from 12:00 p.m. EST on February 25, 2009 through 11:59 p.m. EST, March 1, 2009. Please call: (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (International) and enter the code 82882042.

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 more than 75 patents. Ormat currently operates the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; in Nicaragua - Momotombo; and in New Zealand - GDL.

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 5, 2008 and on Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 6, 2008.

    Ormat Technologies Contact:         Investor Relations Contact
    Dita Bronicki                       Todd Fromer / Marybeth Csaby
    CEO                                 KCSA Strategic Communications
    775-356-9029                        212-896-1215 / 212-896-1236
    dbronicki@ormat.com                 tfromer@kcsa.com / mcsaby@kcsa.com

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the Three and Twelve-months periods Ended December 31, 2008 and 2007

(Unaudited)

                                        Three Months Ended    Year Ended
                                            December 31,      December 31,
                                         ------------------   ------------
                                           2008     2007      2008      2007
                                           ----     ----      ----      ----
                                      (in thousands, except per share amounts)

    Revenues:
      Electricity                       $62,126  $55,545  $252,256  $215,969
      Products                           33,373   15,108    92,577    79,950
                                         ------   ------    ------    ------
          Total revenues                 95,499   70,653   344,833   295,919
                                         ------   ------   -------   -------

    Cost of revenues:
      Electricity                        45,129   38,193   170,053   148,698
      Products                           25,271   12,852    72,755    68,036
                                         ------   ------    ------    ------
          Total cost of revenues         70,400   51,045   242,808   216,734
                                         ------   ------   -------   -------
          Gross margin                   25,099   19,608   102,025    79,185

    Operating expenses:
      Research and development expenses   1,220      946     4,595     3,663
      Selling and marketing expenses      2,699    2,794    10,885    10,645
      General and administrative expenses 6,399    5,528    25,938    21,416
                                          -----    -----    ------    ------

          Operating income               14,781   10,340    60,607    43,461

    Other income (expense):
      Interest income                       383    2,358     3,118     6,565
      Interest expense                     (348)  (5,147)   (7,677)  (26,983)
      Foreign currency translation and
       transaction losses                (5,151)    (568)   (7,721)   (1,339)
      Impairment of auction rate
       securities                        (1,822)  (2,020)   (4,195)   (2,020)
      Other non-operating income            443      295       771       890
                                            ---      ---       ---       ---

          Income before income taxes,
           minority interest, and
           equity in income  of
           investees                      8,286    5,258    44,903    20,574

    Income tax provision (benefit)          (91)     475    (7,962)   (1,822)
    Minority interest                     3,095    2,297    11,166     3,882
    Equity in income of investees           406      878     1,725     4,742
                                            ---      ---     -----     -----
          Net income                    $11,696   $8,908   $49,832   $27,376
                                        =======   ======   =======   =======
      Earnings per share:
        Basic                             $0.26    $0.22     $1.13     $0.71
                                          =====    =====     =====     =====
        Diluted                           $0.26    $0.22     $1.12     $0.70
                                          =====    =====     =====     =====

      Weighted average number of
       shares used in computation
       of earnings per share:
        Basic                            45,347   40,670    44,182    38,762
                                         ======   ======    ======    ======
        Diluted                          45,423   40,852    44,298    38,880
                                         ======   ======    ======    ======

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of December 31, 2008 and December 31, 2007

(Unaudited)

                                                     December 31,
                                                     ------------
                                                    2008       2007
                                                    ----       ----

                                                     (in thousands)
    Assets
    Current assets:
      Cash and cash equivalents                   $34,393    $47,227
      Marketable securities                            --     13,489
      Restricted cash, cash equivalents and
       marketable securities                       24,439     29,236
      Receivables:
        Trade                                      49,839     46,519
        Related entities                              338        385
        Other                                      15,654      9,008
      Due from Parent                               1,085        253
      Inventories, net                             13,724     10,312
      Costs and estimated earnings in excess
       of billings on uncompleted contracts         6,982      3,608
      Deferred income taxes                         3,003      1,732
      Prepaid expenses and other                   16,222      7,059
                                                   ------      -----
          Total current assets                    165,679    168,828
    Long-term marketable securities                 1,994      2,762
    Restricted cash, cash equivalents and
     marketable securities                          2,951      5,605
    Unconsolidated investments                     30,559     30,560
    Deposits and other                             16,876     15,294
    Deferred income taxes                          13,965     12,427
    Property, plant and equipment, net            958,186    743,386
    Construction-in-process                       386,501    234,014
    Deferred financing and lease costs, net        16,127     14,044
    Intangible assets, net                         44,853     47,989
                                                   ------     ------
          Total assets                         $1,637,691 $1,274,909
                                               ========== ==========
    Liabilities and Stockholders' Equity
    Current liabilities:
      Accounts payable and accrued expenses      $103,336    $75,836
      Billings in excess of costs and
       estimated earnings on uncompleted
       contracts                                   15,670      4,818
      Current portion of long-term debt:
        Limited and non-recourse                    6,676      7,667
        Full recourse                                   -      1,000
        Senior secured notes (non-recourse)        20,085     25,475
      Due to Parent, including current
       portion of notes payable to Parent          16,616     31,695
                                                   ------     ------
          Total current liabilities               162,383    146,491
    Long-term debt, net of current portion:
      Limited and non-recourse                      7,814     14,490
      Revolving credit line with banks            100,000          -
      Senior secured notes (non-recourse)         252,060    273,840
    Notes payable to Parent, net of current
     portion                                        9,600     26,200
    Deferred lease income                          74,427     76,198
    Deferred income taxes                          33,231     20,680
    Liability for unrecognized tax benefits         3,425      5,330
    Liabilities for severance pay                  17,640     15,201
    Asset retirement obligation                    13,438     13,014
                                                   ------     ------
          Total liabilities                       674,018    591,444
                                                  -------    -------
    Minority interest                             117,245     65,382
                                                  -------     ------

    Commitments and contingencies

    Stockholders' equity:
      Common stock                                     45         41
      Additional paid-in capital                  701,273    513,109
      Retained earnings                           144,465    103,545
      Accumulated other comprehensive income          645      1,388
                                                      ---      -----
          Total stockholders' equity              846,428    618,083
                                                  -------    -------
          Total liabilities and stockholders'
           equity                              $1,637,691 $1,274,909
                                               ========== ==========

Ormat Technologies, Inc. and Subsidiaries

Reconciliation of adjusted EBITDA

(Unaudited)

We calculate EBITDA as net income before interest, taxes, depreciation and amortization, equity income of investees, minority interest and other non-operating expense (income). We calculate adjusted EBITDA to include operating income, depreciation and amortization, interest and taxes attributable to 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 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 income to EBITDA and adjusted EBITDA, for the three and twelve month periods ended December 31, 2008 and 2007:

                                       Three Months Ended      Year Ended
                                           December 31,        December 31,
                                           ------------        ------------
                                           2008     2007      2008      2007
                                           ----     ----      ----      ----
                                          (in thousands)     (in thousands)

    Net income                          $11,696   $8,908   $49,832   $27,376
    Adjusted for:
      Equity in income of investees        (406)    (878)   (1,725)   (4,742)
      Minority interest                  (3,095)  (2,297)  (11,166)   (3,882)
      Interest expense, net
       (including Amortization of
       deferred financing costs)          1,787    4,809     8,754    22,438
      Other non-operating expense         4,708      273     6,950       449
      Income tax provision (benefit)         91     (475)    7,962     1,822
      Depreciation and amortization      15,368   12,917    58,773    49,111
                                         ------   ------    ------    ------
    EBITDA                               30,149   23,257   119,380    92,572
    Equity in income of Mammoth-Pacific
     L.P. and Ormat Leyte                   406      878     1,725     4,742
    Depreciation, amortization, interest
     and taxes attributable to the
     Company's equity in Mammoth-Pacific
     L.P. and Ormat Leyte                   900    1,105     3,636     9,881
                                            ---    -----     -----     -----
    Adjusted EBITDA                     $31,455  $25,240  $124,741  $107,195
                                        =======  =======  ========  ========


Source: Ormat Technologies, Inc.
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