Ormat Technologies Reports Record 2009 Year End and Fourth Quarter Results
Annual net income increased to $68.6 million
Annual revenue increased 20.4% to $415.2 million
Q4 2008 and full year 2008 restated
RENO, Nevada, Feb. 24 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE: ORA) today announced results for the fourth quarter and full year ended December 31, 2009. Highlights of the Company performance include.
- Revenues increased 20.4% for the year to $415.2 million and remained consistent with the fourth quarter of 2008.
- Annual net income increased to $68.6 million and fourth quarter net income increased to $16.1 million (in each case, after giving effect to the restatement described below).
- Earnings per share (diluted) increased to $1.51 per share of common stock for the year and to $0.35 per share of common stock in the quarter (in each case, after giving effect to the restatement described below).
- Total generation increased by 14% to 3.4 million MWh during 2009.
- The Product Segment backlog as of today is approximately $90 million.
Commenting on the annual results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "Ormat reported record revenues for the year and Product Segment revenue was exceptionally strong during 2009. While we do not expect revenues and corresponding margins in the Product Segment to continue at this level in 2010, the improving global economy combined with funding and regulatory benefits in the United States should contribute to our future revenues in this segment.
We had success in improving the performance of our existing power plants. Generation in our Electricity Segment increased year-over-year by 14% from improved performance of existing power plants and new power plants that came on-line in 2009. Revenue for the segment was stable even when taking into account that the Puna power plant experienced lower availability due to maintenance related issues.
We are in varying stages of exploration and development on land where we have been acquiring rights to use the geothermal resource over the past few years. Results from several sites are encouraging and should yield several commercial projects over the next few years. Closing of the purchase of the Hot Sulphur Springs ("HSS") project is expected by the end of the first quarter 2010. This acquisition includes a project in an advanced stage of development and is expected to come online in 2012 and sell its output under a long-term PPA that we recently signed with NV Energy."
2008 Restatement
Through the third quarter of 2009, we accounted for exploration and development costs using an accounting method that is analogous to the full cost method used in the oil and gas industry. Under that method, we capitalized costs incurred in connection with the exploration and development of geothermal resources on an "area-of-interest" basis. Each area of interest included a number of potential projects in the state of Nevada that were planned to be operated together with the same operation and maintenance team. Impairment tests were performed on an area-of-interest basis rather than at a single site. Under this methodology, costs associated with projects that we have determined are not economically feasible remained capitalized as long as the area-of-interest was not subject to impairment.
Following a periodic review performed by the Securities and Exchange Commission ("SEC") Staff, we concluded that this accounting treatment was inappropriate in certain respects. Accordingly, on February 23, 2010, our Audit Committee and Board of Directors, based on management recommendations, concluded that our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2008 require restatement and should no longer be relied upon.
The impact of the restatement is a decrease of approximately $6.2 million in net income (or $0.14 per share) during the year end and the fourth quarter ended December 31, 2008. This decrease represents a reduction of 12.6% from our originally reported net income of $49.5 million in 2008 and a reduction of 53.6% from our originally reported net income of $11.6 million in the fourth quarter of 2008. The Company is filing a Report on Form 8-K and intends to effect the above mentioned restatement in its annual report on Form 10-K for the year ended December 31, 2009. The Company also plans to revise its financial statements as of and for the three and nine months ended September 30, 2009 to reduce net income by approximately $1.5 million (or $0.03 per share). In connection with the filing of its Annual Report on Form 10-K for the year ended December 31, 2009, the Company will revise the third quarter unaudited financial information included in the notes to the financial statements to reflect the expensing of such costs in that interim period.
Annual Results
For the year ended December 31, 2009, total revenues were $415.2 million, an increase of 20.4% from $344.8 million for the year ended December 31, 2008, consisting of a 72.2% increase in Product Segment revenues and a 1.4% increase in Electricity Segment revenues.
Net income for the year ended December 31, 2009 was $68.6 million, or $1.51 per share of common stock (diluted), compared to $43.3 million, or $0.98 per share of common stock (diluted), for the year ended December 31, 2008 (as restated), which represents an increase of 58.4% in net income. The increase in net income is primarily attributable to our Product Segment and to a $13.3 million gain from the extinguishment of a liability associated with the sale of equity interests in OPC LLC, as a result of our acquisition of Class B membership units from Lehman Brothers.
Electricity revenues for the year ended December 31, 2009 were $255.9 million, an increase of 1.4% from $252.3 million for the year ended December 31, 2008. Revenues in our Electricity Segment in the year ended December 31, 2009 were impacted by a decline in the average revenue rate from $86 to $76 per MWh due to the effect of lower oil prices on the Puna power plant's energy rates, as well as a decline in production due to the enhancement and repair of the geothermal well field which we are undertaking to increase availability at the plant.
Revenues from the Product Segment for the year ended December 31, 2009 were $159.4 million, compared to $92.6 million for the year ended December 31, 2008, an increase of 72.2%. The increase in product sales was primarily attributable to engineering, procurement and construction (EPC) contracts for the construction of three large binary geothermal projects in Nevada, New Zealand and Costa Rica.
For the year ended December 31, 2009, the Company's gross margin was 29.5%, compared to 29.6% for the year ended December 31, 2008. Operating income for the year ended December 31, 2009 was $68.8 million, compared to $50.8 million for the year ended December 31, 2008 (as restated), an increase of 35.4%. The increase in operating income is primarily attributable to an increase in revenues and gross margin of our Product Segment.
Adjusted EBITDA for the year ended December 31, 2009 increased to $167.0 million compared to $121.9 million for the year ended December 31, 2008 (as restated). Adjusted EBITDA includes consolidated EBITDA and the Company's share in the interest, taxes, depreciation and amortization related to the Company's unconsolidated 50% interest in the Mammoth complex in California. As further described in "Reconciliation of EBITDA and Adjusted EBITDA and Additional Cash Flows Information" below, we changed the method for calculating EBITDA and adjusted EBITDA beginning in the third quarter of 2009.
Cash and cash equivalents as of December 31, 2009 increased to $46.3 million from $34.4 million as of December 31, 2008. In addition, as of December 31, 2009, we have available committed lines of credit with commercial banks aggregating $362.5 million, of which $175.0 million is unused.
On February 23, 2010, Ormat's Board of Directors approved the payment of a quarterly cash dividend of $0.12 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 25, 2010, to shareholders of record as of the close of business on March 16, 2010. The Company expects to pay a dividend of $0.05 per share in the next three quarters.
Commenting on the outlook for 2010, Ms. Bronicki said, "We expect our 2010 Electricity Segment revenues to be between $275 million and $285 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 Product Segment, we expect that our 2010 revenues will be between $75 million and $85 million."
Fourth Quarter Results
For the fourth quarter of 2009, total revenues were $95.3 million, consistent with the fourth quarter of 2008. Net income for the quarter was $16.1 million, or $0.35 per share of common stock (diluted), compared to $5.4 million, or $0.12 per share of common stock (basic and diluted) for the same quarter last year (as restated).
Revenues attributable to our Electricity Segment for the fourth quarter of 2009 were $63.9 million, an increase of 2.9%, compared to $62.1 million for the same quarter last year. Product Segment revenues for the fourth quarter of 2009 were $31.4 million, a decrease of 6.1%, compared to $33.4 million for the same quarter last year.
Adjusted EBITDA for the fourth quarter of 2009 increased to $41.8 million compared to $20.1 million in the same quarter last year (as restated). Adjusted EBITDA includes consolidated EBITDA and the Company's share in the interest, taxes, depreciation and amortization related to the Company's unconsolidated 50% interest in the Mammoth complex in California. As further described in "Reconciliation of EBITDA and Adjusted EBITDA and Additional Cash Flows Information" below, we changed the method for calculating EBITDA and adjusted EBITDA beginning in the third quarter of 2009.
Conference Call Details
Ormat will host a conference call to discuss its financial results and other matters discussed in this press release from 10:00 a.m. to 12:00 p.m. U.S. EST today, Wednesday, February 24, 2010. 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 1:00 pm EST on February 24, 2010 through 11:59 p.m. EST, March 3, 2010. Please call: (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (International) and enter the code 53390852.
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 75 U.S. patents. Ormat has built over approximately 1,200 MW of plants half for its own account and half as supplies to utilities and developers. Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Heber, Mammoth, Ormesa, Puna, Steamboat, North Brawley, OREG 1, OREG 2 and Peetz; 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 March 2, 2009.
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 / Marybeth Csaby |
|
CEO |
KCSA Strategic Communications |
|
775-356-9029 |
212-896-1215 / 212-896-1236 |
|
Ormat Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three and Twelve-Month Periods Ended
December 31, 2009 and 2008
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
---------------- -------------------
2008 2008
(As Restated) (As Restated)
2009 (1) 2009 (1)
---- ------- ---- --------
(in thousands, (in thousands,
except per except per
share amounts) share amounts)
Revenues:
Electricity $63,940 $62,126 $255,855 $252,256
Product 31,352 33,373 159,389 92,577
------ ------ ------- ------
Total revenues 95,292 95,499 415,244 344,833
------ ------ ------- -------
Cost of
revenues:
Electricity 46,920 45,129 180,156 170,053
Product 25,185 25,271 112,450 72,755
------ ------ ------- ------
Total cost of
revenues 72,105 70,400 292,606 242,808
------ ------ ------- -------
Gross margin 23,187 25,099 122,638 102,025
Operating expenses:
Research and development
expenses 3,351 1,220 10,502 4,595
Selling and marketing
expenses 3,675 2,699 14,584 10,885
General and
administrative
expenses 6,858 6,399 26,412 25,938
Write-off of
unsuccessful
exploration
activities - 9,828 (2) 2,367 9,828 (2)
--- ----- -------- -----
Operating income 9,303 4,953 (2) 68,773 50,779 (2)
Other income (expense):
Interest income 54 383 639 3,118
Interest expense, net (4,178) (2,291) (16,241) (14,945)
Foreign currency
translation and
transaction gains
(losses) (222) (5,151) 1,107 (7,721)
Impairment of auction
rate securities - (1,822) (279) (4,195)
Income attributable to
sale of
tax benefits 3,112 4,959 15,515 18,118
Gain from
extinguishment
of liability 13,348 - 13,348 -
Other non-operating
income
(expense), net (446) 443 479 771
---- --- --- ---
Income before
income
taxes and equity
in income of
investees 20,971 1,474 (2) 83,341 45,925 (2)
Income tax
benefit
(provision) (5,485) 3,513 (2) (16,924) (4,358) (2)
Equity in
income of
investees, net 640 406 2,136 1,725
--- --- ----- -----
Net income 16,126 5,393 (2) 68,553 43,292 (2)
Net loss attributable to
noncontrolling
interest 62 79 298 316
--- --- --- ---
Net income
attributable to
the
Company's
stockholders $16,188 $5,472 (2) $68,851 $43,608 (2)
======= ====== ======== =======
Earnings per share
attributable to the
Company's
stockholders:
Basic $0.36 $0.12 (2) $1.52 $0.99 (2)
===== ===== ======== =====
Diluted $0.35 $0.12 (2) $1.51 $0.98 (2)
===== ===== ======== =====
Weighted average
number of shares
used in computation
of earnings per
share attributable
to the Company's
stockholders:
Basic 45,426 45,347 45,391 44,182
====== ====== ====== ======
Diluted 45,623 45,423 45,533 44,298
====== ====== ====== ======
Ormat Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
As of December 31, 2009 and December 31, 2008
(Unaudited)
December 31,
--------------------------
2008
2009 (As Restated) (1)
---- -----------------
(in thousands)
Assets
Current assets:
Cash and cash equivalents $46,307 $34,393
Restricted cash, cash equivalents and
marketable securities 40,955 24,439
Receivables:
Trade 53,423 49,839
Related entities 441 338
Other 7,884 15,654
Due from Parent 422 1,085
Inventories 15,486 13,724
Costs and estimated earnings in
excess of billings on uncompleted
contracts 14,640 6,982
Deferred income taxes 3,617 3,003
Prepaid expenses and other 12,080 16,222
------ ------
Total current assets 195,255 165,679
Long-term marketable securities 652 1,994
Restricted cash, cash equivalents and
marketable securities 2,512 2,951
Unconsolidated investments 35,527 30,559
Deposits and other 18,314 16,876
Deferred income taxes 22,532 13,965
Property, plant and equipment, net 998,693 940,635
Construction-in-process 518,595 394,224 (2)
Deferred financing and lease costs,
net 20,940 19,240
Intangible assets 41,981 44,853
------ ------
Total assets $1,855,001 $1,630,976 (2)
========== ==========
Liabilities and Equity
Current liabilities:
Accounts payable and accrued
expenses $73,993 $103,336
Billings in excess of costs and
estimated earnings on uncompleted
contracts 3,351 15,670
Current portion of long-term debt:
Limited and non-recourse 19,191 6,676
Full recourse 12,823 -
Senior secured notes (non-
recourse) 20,227 20,085
Due to Parent, including current
portion of notes payable to Parent 10,018 16,616
------ ------
Total current liabilities 139,603 162,383
Long-term debt, net of current portion:
Limited and non-recourse 129,152 7,814
Full recourse 77,177 -
Revolving credit lines with banks
(full recourse) 134,000 100,000
Senior secured notes (non-recourse) 231,872 252,060
Notes payable to Parent - 9,600
Liability associated with sale of
equity interests 73,246 113,327
Deferred lease income 72,867 74,427
Deferred income taxes 44,530 29,627 (2)
Liability for unrecognized tax
benefits 4,931 3,425
Liabilities for severance pay 18,332 17,640
Asset retirement obligation 14,238 13,438
Other long-term liabilities 3,358 -
----- ---
Total liabilities 943,306 783,741 (2)
------- -------
Equity:
The Company's stockholders' equity:
Common stock 46 45
Additional paid-in capital 709,354 701,273
Retained earnings 196,950 138,241 (2)
Accumulated other comprehensive
income 622 645
--- ---
906,972 840,204 (2)
Noncontrolling interest 4,723 7,031
----- -----
Total equity 911,695 847,235 (2)
------- -------
Total liabilities and equity $1,855,001 $1,630,976 (2)
========== ==========
(1) Amounts have been reclassified to reflect the implementation of the
new accounting guidance for noncontrolling interests in consolidated
financial statements.
(2) As described above, the 2008 financial statements have been restated
to write-off unsuccessful exploration and development costs for sites
where we determined not to pursue further development during 2008.
The effect of the restatement on our results of operations for the
three-months period and the year ended December 31, 2008 and the
balance sheet as of December 31, 2008 is as follows:
Consolidated Statements of Operations:
Three Months Ended December 31, 2008
------------------------------------------------------------
As
Restated
Before
Application
As of New Application of
Originally Restatement Accounting New Accounting As
Reported Adjustment Standard Standard (1) Restated
---------- ----------- ------------ --------------- --------
(In thousands)
Write-off of
unsuccessful
exploration
activities $- $(9,828) $(9,828) $- $(9,828)
--- ------- ------- --- -------
Operating
income 14,781 (9,828) 4,953 - 4,953
------ ------ ----- --- -----
Other income
(expense):
Interest
income 383 - 383 - 383
Interest
expense, net (348) - (348) (1,943) (2,291)
Foreign
currency
translation
and
transaction
losses (5,151) - (5,151) - (5,151)
Income
attributable
to sale of
equity
interests - - - 4,959 4,959
Other non-
operating
expense, net (1,379) - (1,379) - (1,379)
------ --- ------ --- ------
Income
before
income
taxes
and
equity
in
income
of
investees 8,286 (9,828) (1,542) 3,016 1,474
Income tax
benefit
(provision) (91) 3,604 3,513 - 3,513
Minority
interest 3,095 - 3,095 (3,095) -
Equity in
income of
investees,
net 406 - 406 - 406
--- --- --- --- ---
Net income 11,696 (6,224) 5,472 (79) 5,393
Net loss
attributable
to
noncontrolling
interest - - - 79 79
--- --- --- --- ---
Net
income
attributable
to the
Company’s
stockholders $11,696 $(6,224) $5,472 $- $5,472
======= ======= ====== === ======
Year Ended December 31, 2008
------------------------------------------------------------
As
Restated
Before
Application
As of New Application of
Originally Restatement Accounting New Accounting As
Reported Adjustment Standard Standard (1) Restated
---------- ----------- ----------- --------------- ---------
(In thousands)
Write-off of
unsuccessful
exploration
activities $- $(9,828) $(9,828) $- $(9,828)
--- ------- ------- --- -------
Operating
income 60,607 (9,828) 50,779 - 50,779
------ ------ ------ --- ------
Other income
(expense):
Interest
income 3,118 - 3,118 - 3,118
Interest
expense,
net (7,677) - (7,677) (7,268) (14,945)
Foreign
currency
translation
and
transaction
losses (7,721) - (7,721) - (7,721)
Income
attributable
to sale of
equity
interests - - - 18,118 18,118
Other non-
operating
expense,
net (3,424) - (3,424) - (3,424)
------ --- ------ --- ------
Income
before
income
taxes
and
equity
in
income
of
investees 44,903 (9,828) 35,075 10,850 45,925
Income tax
provision (7,962) 3,604 (4,358) - (4,358)
Minority
interest 11,166 - 11,166 (11,166) -
Equity in
income of
investees,
net 1,725 - 1,725 - 1,725
----- --- ----- --- -----
Net
income 49,832 (6,224) 43,608 (316) 43,292
Net loss
attributable
to
noncontrolling
interest - - - 316 316
--- --- --- --- ---
Net
income
attributable
to
the
Company’s
stockholders $49,832 $(6,224) $43,608 $- $43,608
======= ======= ======= === =======
Consolidated Balance Sheet
December 31, 2008
------------------------------------------------------------
As
Restated
Before
Application
As of New Application of
Originally Restatement Accounting New Accounting As
Reported Adjustment Standard Standard (1) Restated
---------- ----------- ------------ --------------- --------
(In thousands)
Assets
Construction
-in-process $404,052(2) $(9,828) $394,224 $- $394,224
Deferred
financing
and lease
costs, net 16,127 - 16,127 3,113 19,240
------ --- ------ ----- ------
Total
assets $1,637,691 $(9,828) $1,627,863 $3,113 $1,630,976
========== ======= ========== ====== ==========
Liabilities
and
equity
Liability
associated
with sale
of equity
interests $- $- $- $113,327 $113,327
Deferred
income
taxes 33,231 (3,604) 29,627 - 29,627
------ ------ ------ --- ------
Total
liabilities 674,018 (3,604) 670,414 113,327 783,741
------- ------ ------- ------- -------
Minority
interest 117,245 - 117,245 (117,245) -
Equity:
The Company's
stockholders'
equity:
Common stock 45 - 45 - 45
Additional
paid-in
equity 701,273 - 701,273 - 701,273
Retained
earnings 144,465 (6,224) 138,241 - 138,241
Accumulated
other
comprehensive
income 645 - 645 - 645
--- --- --- --- ---
846,428 (6,224) 840,204 - 840,204
Noncontrolling
interest - - - 7,031 7,031
--- --- --- ----- -----
Total equity 846,428 (6,224) 840,204 7,031 847,235
------- ------ ------- ----- -------
Total
liabilities
and
equity $1,637,691 $(9,828) $1,627,863 $3,113 $1,630,976
========== ======= ========== ====== ==========
(1) We adopted the new accounting guidance for noncontrolling interests in
a subsidiary on January 1, 2009.
(2) Reflects a reclassification of $17.2 million of up-front bonus lease
costs from property, plant and equipment to construction-in-process as
of December 31, 2008.
Ormat Technologies, Inc. and Subsidiaries
Reconciliation of EBITDA and Adjusted EBITDA and Additional Cash Flows Information
(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 flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America. EBITDA and adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a Company's ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and adjusted EBITDA differently than we do. The following table reconciles net cash provided by operating activities to EBITDA and adjusted EBITDA, for the three and twelve-month periods ended December 31 2009, and 2008 (after giving effect to the restatement):
Three Months Ended Year Ended
December 31, December 31,
---------------------- ---------------------
2008 2008
2009 (As Restated) 2009 (As Restated)
------ ------------- ---- -------------
(in thousands)
Net cash provided by
operating activities $33,076 $27,052 $110,772 $116,949
Adjusted for:
Interest expense, net
(excluding amortization
of deferred
financing
costs) 3,422 1,849 13,623 13,590
Interest income (54) (383) (639) (3,118)
Income tax provision
(benefit) 5,485 (3,513) 16,924 4,358
Adjustments to reconcile
net income to net cash
provided by operating
activities (excluding
depreciation and
amortization) (1,132) (5,849) 22,392 (13,529)
------ ------ ------ -------
EBITDA 40,797 19,156 163,072 118,250
Interest, taxes,
depreciation and
amortization attributable
to the Company's
equity in Mammoth-
Pacific L.P. 1,048 900 3,891 3,636
----- --- ----- -----
Adjusted EBITDA $41,845 $20,056 $166,963 $121,886
======= ======= ======== ========
Net cash used in
investing activities $(37,155) $(95,289) $(286,036) $(398,991)
======== ======== ========= =========
Net cash provided by
financing activities $30,117 $64,565 $187,036 $269,286
======= ======= ======== ========
We previously calculated EBITDA to exclude equity income of investees and other non-operating expense (income) and adjusted EBITDA to exclude other non-operating expense (income). In addition, we now reconcile EBITDA and adjusted EBITDA to our net cash provided by operating activities for each of the periods shown, rather than net income amounts we have used for reconciliation in prior periods. Accordingly, the information in the tables below is not directly comparable to similar reconciliation information we have reported for prior periods not reflected in the tables below. The change in the way we now calculate EBITDA and adjusted EBITDA results in higher EBITDA and adjusted EBITDA for each of the periods shown above than we would have reported using our prior method for calculating EBITDA and adjusted EBITDA. The following table shows, for each period reported above, the differences in our reported EBITDA and adjusted EBITDA resulting from the change in our method for computing these amounts.
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
2008 2008
2009 (As Restated) 2009 (As Restated)
---- ------------- ---- -------------
(in thousands)
EBITDA, as previously
calculated, giving
effect to the
restatement $37,916 $20,321 (1) $144,114 $109,552 (1)
Adjusted for inclusion:
Equity in income of
investees 640 406 2,136 1,725
Other non-operating
income (expense) 2,241 (1,571) 16,822 6,973
----- ------ ------ -----
EBITDA, as currently
calculated $40,797 $19,156 $163,072 $118,250
======= ======= ======== ========
Adjusted EBITDA, as
previously calculated,
giving effect to
the restatement $39,604 $21,627 (1) $150,141 $114,913 (1)
Adjusted for inclusion:
Equity in Mammoth-
Pacific L.P.
Other non-operating
income (expense) 2,241 (1,571) 16,822 6,973
----- ------ ------ -----
Adjusted EBITDA, as
currently calculated $41,845 $20,056 $166,963 $121,886
======= ======= ======== ========
(1) As a result of the restatement, previously reported EBITDA and
Adjusted EBITDA decreased by $9,828,000.
This comparative non-GAAP information is provided to assist investors in evaluating the impact of the change in the way we calculate these amounts in performing their financial analysis of our operations for the periods presented. This information should not be considered in isolation or as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP or other non-GAAP financial measures.
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SOURCE Ormat Technologies, Inc.
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