Ormat Technologies Reports First Quarter 2012 Results
Record quarterly revenues of $132.4 million and cash flow from operations of $41.9 million;
RENO, Nev., May 8, 2012 /PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the first quarter of 2012.
Quarterly highlights and recent developments:
Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "We had a very good first quarter. Total revenues increased 35 percent year-over-year, while our combined gross margin almost doubled from the same period last year. Net income significantly improved and we continued to invest in our long-term growth strategy.
"The good results of the quarter are a testament to the continued progress that we have made in both our electricity and product segments. On the electricity side, we see the result of the well field and equipment improvement which increased generation and reduced operating costs. On the product side, we have successfully translated our technological leadership and proven execution abilities into a substantial backlog."
Operating income for the three months ended March 31, 2012 increased by $22.6 million to $25.7 million from $3.1 million for the three months ended March 31, 2011. 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 quarter, the company reported net income of $8.0 million, or $0.17 per share (basic and diluted), compared to net loss of $9.0 million, or $0.20 per share (basic and diluted), for the same quarter a year ago. The increase is principally attributable to the $22.6 million increase in operating income.
EBITDA for the first quarter of 2012 was $51.5 million, compared to $27.2 million in the same quarter last year. The reconciliation of GAAP net cash provided by operating activities to EBITDA and additional cash flows information is set forth below.
As of March 31, 2012, cash, cash equivalents and marketable securities were $100.3 million. In addition, as of March 31, 2012, the company has available committed lines of credit with commercial banks aggregating $420.0 million, of which $52.6 million is unused.
On May 8, 2012, Ormat's Board of Directors approved the payment of a quarterly dividend of $0.04 per share pursuant to the company's dividend policy, which targets an annual payout ratio of at least 20% of the company's net income. The dividend will be paid on May 30, 2012 to shareholders of record as of the close of business on May 21, 2012. The company expects to pay a dividend of $0.04 per share in the next two quarters.
Commenting on the outlook for 2012, Ms. Bronicki said, "We currently expect our 2012 product revenues to be $165 to $175 million. We are maintaining our electricity forecast of $315 to $330 million. The wide range is due to the uncertainty around natural gas prices."
Conference Call Details
The webcast will be available approximately two hours after the conclusion of the live call. A replay will be available from 12 p.m. EDT on May 9, 2012. Please call: (877) 258-8832 (U.S. and Canada) (404) 537-3406 (International) and enter the Reply code: 72895260.
About Ormat Technologies
Ormat's Safe Harbor Statement
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.
SOURCE Ormat Technologies, Inc.
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