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Ormat Technologies Reports 2011 Year End and Fourth Quarter 2011 Results

Operating Income Increased 172% to $64 million


News provided by

Ormat Technologies, Inc.

Feb 23, 2012, 04:10 ET

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RENO, Nev., Feb. 23, 2012 /PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the fourth quarter and full year ended December 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)

The highlights for the year and recent developments:

  • Total revenues increased 17 percent to $437.0 million;
  • Operating income of $64.0 million and an Adjusted EBITDA of $166.7 million;
  • Net income excluding a non-cash tax-related valuation allowance was $18.8 million;
  • The net loss after the valuation allowance was $42.7 million;
  • Record Product backlog of approximately $240 million; and
  • Completed 26 MW of new geothermal generation.

For the year ended December 31, 2011, total revenues increased 17.1 percent from $373.2 million in 2010 to $437.0 million in 2011.  Product revenues increased 39.0 percent to $113.2 million, up from $81.4 million in the year ended December 31, 2010.  Electricity revenues increased by 11.0 percent to $323.8 million, up from $291.8 million in the year ended December 31, 2010.

The 2011 results include a non-cash tax-related valuation allowance in the amount of approximately $61.5 million, which was recorded against the company's U.S. deferred tax assets.

Realization of these deferred tax assets is dependent on generating sufficient taxable income in the U.S. prior to the expiration of the tax credits. An analysis was performed in order to confirm the ability of the company to realize deferred tax assets, and it was determined that a valuation allowance of $61.5 million against the U.S. tax assets as of December 31, 2011 is required. Although a valuation allowance is recorded against these deferred tax assets, no economic loss has occurred as the underlying net operating loss carryforwards and other tax credits remain available to reduce future U.S. taxes to the extent income is generated. 

Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "2011 was highlighted by  major improvements in most operational areas of the company:  26 MW added capacity in Tuscarora and Puna, an increase in EBITDA at almost all of our operating plants, and strong performance of the product segment contributed to the 17 percent growth in total revenues. Product segment revenues in 2011 grew 39 percent, and we forecast an additional 40 percent increase for 2012.  Cash flows from operations and new financing secured in 2011 provide us with sufficient cash to support our capital expenditure program for 2012."

"We made important progress in our construction projects including the 30 MW McGinness Hills project where the field development has been completed, and the 36 MW expansion to the Olkaria project where 75% of the geothermal production is already secured," continued Dita Bronicki.  "Lease acquisition and greenfield development remain key to our long-term objectives.  In 2011, we added 346,000 acres and our exploration land portfolio totals over 675,000 acres. Our exploration efforts continue, and we added new prospects in Chile, New Zealand and the U.S. We currently have 42 prospects in various stages of exploration. Going into 2012, we have the largest ever product backlog in Ormat's history."

"And finally, in terms of our future outlook, based on current SRAC forecasts, we expect our 2012 electricity revenues to be between $315 and $330 million, and between $150 and $165 million from our product segment."

Financial Summary

Annual Results

For the year ended December 31, 2011, total revenues increased 17.1 percent from $373.2 million in 2010 to $437.0 million in 2011.  Product revenues increased 39.0 percent to $113.2 million, up from $81.4 million in the year ended December 31, 2010.  Electricity revenues increased by 11.0 percent to $323.8 million, up from $291.8 million in the year ended December 31, 2010. The average revenue rate of the company's electricity portfolio increased from $78 per MWh in 2010 to $83 per MWh in 2011.

Operating income for the year ended December 31, 2011 increased by $40.4 million to $64.0 million from $23.6 million for the year ended December 31, 2010. The increase is principally attributable to higher rates and lower operating costs in our electricity segment and higher volumes of customer orders in our product segment.

For the year ended December 31, 2011, the company reported income before tax of $6.8 million and a net loss of $42.7 million, or $0.95 per share (basic and diluted), mainly due to the $61.5 million valuation allowance. Excluding the impact of the valuation allowance, the company would have recorded a net income of $18.8 million, compared to a net income of $37.2 million, or $0.82 per share (basic and diluted), for the year ended December 31, 2010, which included a $36.9 million gain from the acquisition of the controlling interest of the Mammoth complex in California.

Adjusted EBITDA for the year ended December 31, 2011 was $166.7 million compared to $164.3 million for the year ended December 31, 2010. Adjusted EBITDA includes consolidated EBITDA and the company's share in the interest, taxes, depreciation and amortization related to the company's unconsolidated 50 percent interest in the Mammoth complex in California for the period from January 1, 2010 to August 1, 2010, the date we acquired the remaining 50 percent interest. The reconciliation of GAAP net cash provided by operating activities to Adjusted EBITDA and additional cash flows information is set forth below in this release.

As of December 31, 2011, cash, cash equivalents and marketable securities were $118.4 million. In addition, as of December 31, 2011, the company had available committed lines of credit with commercial banks aggregating $409.0 million, of which $70.1 million is unused.

As of today, we have a product backlog of approximately $240 million, which includes revenues for the period between January 1, 2012 and today. This amount includes an EPC contract in the amount of $21.4 million related to the Thermo 1 with Cyrq Energy, Inc. for which revenues will only be recognized upon reasonable assurance of payment by the customer, and $27 million related to a geothermal supply contract, which is subject to the customer finalizing its financing arrangements for the project.

Fourth Quarter Results

For the three-month period ended December 31, 2011, total revenues increased 33.3 percent from $92.8 million in the fourth quarter of 2010 to $123.7 million in the fourth quarter of 2011. Product revenues increased 139.4 percent to $46.2 million from $19.3 million in the fourth quarter of 2010. Electricity revenues increased 5.5 percent to $77.6 million from $73.6 million in the fourth quarter of 2010.

For the quarter, the company reported net loss of $43.0 million or $0.95 per share (basic and diluted), compared to net income of $4.5 million, or $0.10 per share (basic and diluted), for the same period in 2010.

Adjusted EBITDA for the fourth quarter of 2011 was $45.1 million, compared to $29.4 million for the same period last year. The reconciliation of GAAP net cash provided by operating activities to Adjusted EBITDA and additional cash flows information is set forth below in this release.

In accordance with the company's debt covenants, on February 22, 2012, Ormat's Board of Directors decided not to declare a quarterly dividend for the fourth quarter of 2011. However, the company expects to pay a dividend of $0.04 per share in the next three quarters.

Conference Call Details

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release at 10:00 A.M. EST on Thursday, February 23, 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.

Webcast will be available approximately two hours after the conclusion of the live call. A replay will be available from available from 1 p.m. EST on February 23, 2012. Please call: (855) 859-2056 (U.S. and Canada) (404) 537-3406 (International) and enter the Reply code: 47730580.

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 approximately 1430 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, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3, OREG 4 and Tuscarora; 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 28, 2011.

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 and Twelve-Month Periods Ended December 31, 2011 and 2010

(Unaudited)














Three Months Ended


Year Ended


 December 31,


 December 31,


2011


2010


2011


2010


(In thousands,


(In thousands,


except per share data)


except per share data)

Revenues:












    Electricity

$

77,576


$

73,551


$

323,849


$

291,820

    Product


46,158



19,282



113,160



81,410

         Total revenues


123,734



92,833



437,009



373,230

Cost of revenues:












    Electricity


57,947



62,775



244,037



242,326

    Product


32,796



11,961



76,072



53,277

         Total cost of revenues


90,743



74,736



320,109



295,603

         Gross margin


32,991



18,097



116,900



77,627

Operating expenses:












    Research and development expenses


1,673



1,987



8,801



10,120

    Selling and marketing expenses


6,882



4,226



16,207



13,447

    General and administrative expenses


7,130



7,646



27,885



27,442

    Write-off of unsuccessful exploration activities


—



—



—



3,050

         Operating income


17,306



4,238



64,007



23,568

Other income (expense):












    Interest income


138



(89)



1,427



343

    Interest expense, net


(15,028)



(10,372)



(69,459)



(40,473)

    Foreign currency translation and transaction gains (losses)


196



1,082



(1,350)



1,557

    Impairment of auction rate securities


—



(137)



—



(137)

    Income attributable to sale of tax benefits


3,850



2,337



11,474



8,729

   Gain on acquisition of controlling interest


—



—



—



36,928

    Other non-operating income (expense), net


206



314



671



267

          Income (loss) from continuing operations, before income taxes and equity in  












              income (losses) of investees


6,668



(2,627)



6,770



30,782

Income tax benefit (expense)


(49,261)



7,107



(48,535)



1,098

Equity in income (losses) of investees, net


(407)



56



(959)



998

         Income (loss) from continuing operations


(43,000)



4,536



(42,724)



32,878

Discontinued operations:












    Income from  discontinued operations, net of related tax


—



—



—



14

    Gain on sale of a subsidiary in New Zealand, net of related tax


—



—



—



4,336

         Net income (loss)


(43,000)



4,536



(42,724)



37,228

         Net (income) loss attributable to noncontrolling interest


(80)



(78)



(332)



90

         Net income (loss) attributable to the Company's stockholders

$

(43,080)


$

4,458


$

(43,056)


$

37,318













Earnings (loss) per share attributable to the Company's stockholders:












Basic:












    Income (loss) from continuing operations

$

(0.95)


$

0.10


$

(0.95)


$

0.72

    Discontinued operations


—



—



—



0.10

    Net income (loss)

$

(0.95)


$

0.10


$

(0.95)


$

0.82













Diluted:












    Income (loss) from continuing operations

$

(0.95)


$

0.10


$

(0.95)


$

0.72

    Discontinued operations


—



—



—



0.10

    Net income (loss)

$

(0.95)


$

0.10


$

(0.95)


$

0.82













Weighted average number of shares used in computation of earnings (loss) per share
    attributable to the Company's stockholders:












    Basic


45,431



45,431



45,431



45,431

    Diluted


45,431



45,450



45,431



45,452

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of December 31, 2011 and 2010

(Unaudited)










December 31,


December 31,



2011


2010




(In thousands)

ASSETS

Current assets:







    Cash and cash equivalents


$

      99,886


$

      82,815

    Marketable securities



      18,521



             —

    Restricted cash, cash equivalents and marketable securities



      75,521



      23,309

     Receivables:







         Trade



      51,274



      54,495

         Related entity



           287



           303

         Other



        9,415



        8,173

    Due from Parent



           260



           272

    Inventories



      12,541



      12,538

    Costs and estimated earnings in excess of billings on uncompleted contracts



        3,966



        6,146

    Deferred income taxes



        1,842



        1,674

    Prepaid expenses and other



      18,672



      14,929

              Total current assets



    292,185



    204,654

Long-term marketable securities



             —



        1,287

Restricted cash, cash equivalents and marketable securities



             —



        1,740

Unconsolidated investments



        3,757



        4,244

Deposits and other



      22,194



      21,353

Deferred income taxes



             —



      17,087

Deferred charges



      40,236



      37,571

Property, plant and equipment, net



 1,518,532



 1,425,467

Construction-in-process



    370,551



    270,634

Deferred financing and lease costs, net



      28,482



      19,017

Intangible assets, net



      38,781



      40,274

              Total assets


$

 2,314,718


$

 2,043,328

LIABILITIES AND EQUITY

Current liabilities:







    Accounts payable and accrued expenses


$

    105,112


$

      85,549

    Billings in excess of costs and estimated earnings on uncompleted contracts



      33,104



        3,153

    Current portion of long-term debt:







         Limited and non-recourse



      13,547



      15,020

         Full recourse



      20,543



      13,010

         Senior secured notes (non-recourse)



      21,464



      20,990

              Total current liabilities



    193,770



    137,722

Long-term debt, net of current portion:







    Limited and non-recourse



    100,585



    114,132

    Full recourse:







         Senior unsecured bonds



    250,042



    142,003

         Other



      63,623



      84,166

    Revolving credit lines with banks



    214,049



    189,466

    Senior secured notes (non-recourse)



    341,157



    210,882

Liability associated with sale of tax benefits



      69,269



      66,587

Deferred lease income



      68,955



      71,264

Deferred income taxes



      54,665



      30,878

Liability for unrecognized tax benefits



        5,875



        5,431

Liabilities for severance pay



      20,547



      20,706

Asset retirement obligation



      21,284



      19,903

Other long-term liabilities



        4,253



        4,961

              Total liabilities



 1,408,074



 1,098,101








Equity:







     The Company's stockholders' equity:







         Common stock



             46



             46

         Additional paid-in capital



    725,746



    716,731

         Retained earnings



    172,331



    221,311

         Accumulated other comprehensive income



           595



        1,044




    898,718



    939,132

    Noncontrolling interest



        7,926



        6,095

         Total equity



    906,644



    945,227

         Total liabilities and equity


$

 2,314,718


$

 2,043,328








Ormat Technologies, Inc. and Subsidiaries

Reconciliation of EBITDA and Adjusted EBITDA and Additional Cash Flows Information

For the Three and Twelve-Month Periods Ended December 31, 2011 and 2010

(Unaudited)


We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate Adjusted EBITDA to include depreciation and amortization, interest and taxes attributable to our equity investments in the Mammoth complex. EBITDA and Adjusted EBITDA are not measurements 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 flows 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 three and twelve-month periods ended December 31, 2011 and 2010:




Three Months Ended December 31,


Year Ended December 31,



2011


2010


2011


2010
















(in thousands)


(in thousands)

Net cash provided by operating activities


$

34,220


$

21,759


$

132,734


$

101,403

Adjusted for:













Interest expense, net (excluding amortization













     of deferred financing costs)



13,874



9,544



65,920



37,590

Interest income



(138)



89



(1,427)



(343)

Income tax provision (benefit)



49,261



(7,107)



48,535



908

Adjustments to reconcile net income to net cash 













 provided by operating activities (excluding













 depreciation and amortization)



(52,083)



5,077



(79,060)



22,586

EBITDA



45,134



29,362



166,702



162,144

Interest, taxes, depreciation and amortization













  attributable to the Company's equity interest













  in Mammoth-Pacific L.P.



—



—



—



2,115

Adjusted EBITDA


$

45,134


$

29,362


$

166,702


$

164,259

Net cash used in investing activities


$

(102,816)


$

(50,800)


$

(341,002)


$

(203,820)

Net cash provided by  financing activities


$

109,405


$

62,616


$

225,339


$

138,925

Depreciation and amortization


$

25,137


$

22,300


$

96,398


$

86,761














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)

[email protected]

[email protected] / [email protected]

SOURCE Ormat Technologies, Inc.

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