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:

• Total revenues increased 35 percent to $132.4 million;
• Cash flow from operations of $41.9 million;
• Operating income of $25.7 million and EBITDA of $51.5 million;
• Gross margin percentage 30.1 percent compared to 15.3 percent during same period last year; and
• Robust product backlog of $207 million as of May 8, 2012.

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."

Financial Summary
For the three months ended March 31, 2012, total revenues increased 35.3 percent to $132.4 million from $97.8 million in the first quarter of 2011.  Product revenues more than doubled to $50.1 million, from $19.6 million in the three months ended March 31, 2011.  Electricity revenues increased 5.1 percent to $82.2 million, up from $78.3 million in the three months ended March 31, 2011.

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
Ormat will host a conference call to discuss its financial results and other matters discussed in this press release at 9:00 A.M. EDT on Wednesday, May 9, 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.

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 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 1,430 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, Tuscarora, OREG 1, OREG 2, OREG 3, and OREG 4; 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 29, 2012.

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.